Major International Business Headlines Brief::: 17 September 2024

Bulls n Bears info at bulls.co.zw
Tue Sep 17 12:57:04 CAT 2024


	
 


 <https://bullszimbabwe.com/> 

 


 

 <http://www.bullszimbabwe.com> Bullszimbabwe.com
<mailto:info at bulls.co.zw?subject=View%20and%20Comments> Views & Comments
<https://bullszimbabwe.com/category/blogs/bullish-thoughts/> Bullish
Thoughts        <http://www.twitter.com/BullsBears2010> Twitter
<https://www.facebook.com/BullsBearsZimbabwe> Facebook
<http://www.linkedin.com/pub/bulls-n-bears-zimbabwe/57/577/72> LinkedIn
<https://chat.whatsapp.com/CF6wllAfScU9Wr6dXxoQnO> WhatsApp
<mailto:bulls at bullszimbabwe.com?subject=Unsubscribe> Unsubscribe

 


 

 


Major International Business Headlines Brief:::  17 September 2024 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  South Africa: Stellenbosch Shuts Down Controversial Wilgenhof Residence

ü  Uganda: Kampala Mushroom Growers Applaud Museveni for Farming Inspiration

ü  Uganda: Kampala Mushroom Growers Applaud Museveni for Farming Inspiration

ü  Nigeria: Rains Worsen State of Roads Nationwide

ü  Nigeria: 134 Illegal Oil Refineries Demobilised, 63 Illegal Pipelines
Uncovered in One Week - NNPC

ü  Nigeria: No Respite As NNPC Increases Petrol Pump Price - Dangote

ü  Tanzania: Govt Stresses Timely Repair of Roads Damaged By Rains

ü  Nigeria: Okonjo-Iweala to Seek Second Term As WTO DG

ü  Zambia: Electricity in Short Supply As Zambia Deals With Drought-Driven
Energy Crisis

ü  South Africa: TikTok Exposé Leads to Restaurant Raid 

ü  Nigeria's Health Migration Policy to Address Brain Drain Aims to Boost
Local Expertise

ü  Rwanda Economy Grows By 9.8% in Second Quarter of 2024

ü  Facebook owner bans Russian state media networks

ü  Amazon tells staff to get back to office five days a week

ü  TikTok says US ban would have ‘staggering’ impact on free speech

 


 <mailto:info at bulls.co.zw> 

 


South Africa: Stellenbosch Shuts Down Controversial Wilgenhof Residence

Stellenbosch University (SU) has announced the closure of the controversial
Wilgenhof men's hostel in its current form, with plans to replace it with "a
reimagined and rejuvenated male residence," according to News24. The
university said, "The new residence will build on the positive aspects of
Wilgenhof while decisively distancing itself from the unacceptable and
secretive practices of the past." The upgrade is scheduled for 2025 to align
with the higher education department's standards for student housing at
public universities. The residence is expected to reopen in 2026 as a male
residence. One of the rooms, Hool 88, was where Wilgenhof's internal
disciplinary committee, known as the Nagligte, conducted its disciplinary
activity at night, while the other room, "Toe Argief", contained a trove of
Nagligte costumes, shoes, and paraphernalia. In its report dated June 10,
the panel recommended the permanent closure of Wilgenhof, saying that it is
perceived by many, particularly among black staff and students, as a symbol
of SU's troubled and racist history rather than as a representation of
change and progress.

 

 

Babel and Ocean Basket Restaurants Found in Wage Violation

 

The joint inspection at Menlyn's upscale Babel Restaurant and Ocean Basket
uncovered over R1.3 million in unpaid wages owed to workers, according to
IOL. The operation, conducted by the Hawks, Home Affairs, the Department of
Labour, and Bargaining Council officials, revealed significant
non-compliance by both establishments. Babel Restaurant and Ocean Basket
were found in violation of the National Minimum Wage Act. Employment and
Labour Minister Nomakhosazana Meth said that Babel Restaurant owed R271,984
to cleaners and R295,547 to waitstaff in underpaid wages. Workers reportedly
endured 12- to 15-hour shifts, violating the rest periods mandated by the
Basic Conditions of Employment Act. At Ocean Basket, the waitstaff were paid
only through tips and commissions, without a basic salary, with R813,969
allegedly owed to the employees.

 

Retail Giant Pulls Hummus Products Off Shelves

 

Retail giant Checkers has issued a recall for its 125g and 300g Deli hummus,
reports IOL. The company announced that routine quality testing revealed
microbiological contamination in three batches of Deli-branded hummus this
morning. As a precaution, the affected batches and related products are
being recalled. Production at the supplier, which holds an FSSC 22 000
certification for food safety management, has been suspended. Customers who
have purchased these products are advised not to consume them but to return
them to the nearest Checkers supermarket or OK Foods for a full refund.

 

-South African news

 

 

 

 

 

Uganda: Kampala Mushroom Growers Applaud Museveni for Farming Inspiration

A section of mushroom growers in Kampala metropolitan area have appealed to
President Yoweri Kaguta Museveni to assist them acquire a collection centre
for easy market access and value-addition materials to enable them increase
their income base.

 

Princess Pauline Nassolo , a Senior Presidential Advisor toured different
mushroom farmers around Kampala Metropolitan area many of whom were inspired
by President Museveni after visiting his demonstration farm in Kawumu,
Luwero district.

 

According to Princess Nassolo, mushroom farming, an increasingly popular
venture, is offering the urban poor a sustainable and profitable way to
improve their economic situation with minimal capital investment.

 

 

Abubaker Kiirya of Looks Good Farm located in Bulindo Kira municipality in
Wakiso district started his business in 2017 after realising that mushrooms,
a versatile and nutritious food source, rich in protein, vitamins and
minerals had a huge market yet scarce.

 

He said mushroom cultivation is uniquely suited to urban environments which
do not require large tracts of land or direct sunlight unlike traditional
crops.

 

They can be grown in small spaces such as basements and garages, making them
ideal for urban dwellers with limited space.

 

"You don't need a very big space. At the backyard of your house, you can
start with 200 gardens of mushrooms costing about shs600,000. Use papyrus
and poles which are easily accessed. You only need water to irrigate the
mushrooms two or three times a day depending on the weather. You don't need
chemicals to spray. Mushrooms are purely organic," Kiirya said.

 

 

He added that if one can construct a sizable structure of about 15 feet and
put shelves or strings, it can accommodate over 1000 gardens of mushrooms.

 

According to Kiirya, mushrooms grow quickly with some varieties ready for
harvest in as little as four weeks and each of the 200 gardens on average
will give you 1.5kgs of fresh mushrooms in its lifetime of three to four
months, selling them at a minimum of shs 5,000 a kilogram.

 

"This can give you about shs 1.5 million for those 3 to 4 months.Because of
this rapid turnaround that allows for multiple harvests per year, providing
a steady source of income, many urban dwellers have embraced the initiative
which now requires collective efforts to ensure quality and easy access to
the market."

 

"We request President Museveni to help us acquire the required machinery
like dryers and a collection centre where mushroom farmers can gather their
produce in large quantities to access bigger markets."

 

 

Livingstone Bossa , a resident of Masajja in Makindye Saabagabo informed
Princess Nassolo that he used the shs.1 million acquired from the Parish
Development Model to establish a mushroom business which he says is doing
well.

 

>From mushrooms, Bossa also produces organic soap, lotion and charcoal
lighters.

 

"We have seen you support coffee farmers, but you can also support us
because mushrooms have a good market in East Africa especially in the DRC,"
Mr. Arnold Ssekulima, a mushroom grower in Nansana appealed to President
Museveni.

 

Yona Bahimbwomugisha at Kijjabijo in Wakiso learnt about the venture after
visiting President Museveni's demonstration farm in Kawumu in 2018.

 

He says mushrooms need a controlled environment with proper temperature,
humidity, and ventilation.

 

Bahimbwomugisha who had Shs 600,000 by then bought 200 gardens of mushrooms
which he started with and he's now able to harvest 20kgs of mushrooms per
week, fetching shs.100,000 after selling at shs.5000 per kilo.

 

"I thank President Museveni for the initiative to teach us the youths about
mushroom growing. It has worked well and youths like me have greatly
benefited and no longer spend our time politicking than it was before," he
said.

 

Racheal Najjuuko, the CEO Saci Innovations Uganda Limited which deals in
Mushroom value addition, says apart from having a collection centre and
packaging house, farmers need more training to learn the basics of mushroom
cultivation.

 

Enid Kalinte of Bunga in Wakiso says she started with 80 gardens but has now
doubled production due to the growing demand for mushrooms.

 

She says by investing a small amount of capital, women and housewives who
often have limited access to economic opportunities can create themselves a
sustainable source of income which can help cover basic needs such as food,
education, and healthcare hence breaking the cycle of poverty.

 

According to Princess Nassolo, through coming together, mushroom farmers
will have easy market access and improved quality controls for better
exports.

 

-Nile Post.

 

 

 

Uganda: Kampala Mushroom Growers Applaud Museveni for Farming Inspiration

A section of mushroom growers in Kampala metropolitan area have appealed to
President Yoweri Kaguta Museveni to assist them acquire a collection centre
for easy market access and value-addition materials to enable them increase
their income base.

 

Princess Pauline Nassolo , a Senior Presidential Advisor toured different
mushroom farmers around Kampala Metropolitan area many of whom were inspired
by President Museveni after visiting his demonstration farm in Kawumu,
Luwero district.

 

According to Princess Nassolo, mushroom farming, an increasingly popular
venture, is offering the urban poor a sustainable and profitable way to
improve their economic situation with minimal capital investment.

 

 

Abubaker Kiirya of Looks Good Farm located in Bulindo Kira municipality in
Wakiso district started his business in 2017 after realising that mushrooms,
a versatile and nutritious food source, rich in protein, vitamins and
minerals had a huge market yet scarce.

 

He said mushroom cultivation is uniquely suited to urban environments which
do not require large tracts of land or direct sunlight unlike traditional
crops.

 

They can be grown in small spaces such as basements and garages, making them
ideal for urban dwellers with limited space.

 

"You don't need a very big space. At the backyard of your house, you can
start with 200 gardens of mushrooms costing about shs600,000. Use papyrus
and poles which are easily accessed. You only need water to irrigate the
mushrooms two or three times a day depending on the weather. You don't need
chemicals to spray. Mushrooms are purely organic," Kiirya said.

 

 

He added that if one can construct a sizable structure of about 15 feet and
put shelves or strings, it can accommodate over 1000 gardens of mushrooms.

 

According to Kiirya, mushrooms grow quickly with some varieties ready for
harvest in as little as four weeks and each of the 200 gardens on average
will give you 1.5kgs of fresh mushrooms in its lifetime of three to four
months, selling them at a minimum of shs 5,000 a kilogram.

 

"This can give you about shs 1.5 million for those 3 to 4 months.Because of
this rapid turnaround that allows for multiple harvests per year, providing
a steady source of income, many urban dwellers have embraced the initiative
which now requires collective efforts to ensure quality and easy access to
the market."

 

"We request President Museveni to help us acquire the required machinery
like dryers and a collection centre where mushroom farmers can gather their
produce in large quantities to access bigger markets."

 

 

Livingstone Bossa , a resident of Masajja in Makindye Saabagabo informed
Princess Nassolo that he used the shs.1 million acquired from the Parish
Development Model to establish a mushroom business which he says is doing
well.

 

>From mushrooms, Bossa also produces organic soap, lotion and charcoal
lighters.

 

"We have seen you support coffee farmers, but you can also support us
because mushrooms have a good market in East Africa especially in the DRC,"
Mr. Arnold Ssekulima, a mushroom grower in Nansana appealed to President
Museveni.

 

Yona Bahimbwomugisha at Kijjabijo in Wakiso learnt about the venture after
visiting President Museveni's demonstration farm in Kawumu in 2018.

 

He says mushrooms need a controlled environment with proper temperature,
humidity, and ventilation.

 

Bahimbwomugisha who had Shs 600,000 by then bought 200 gardens of mushrooms
which he started with and he's now able to harvest 20kgs of mushrooms per
week, fetching shs.100,000 after selling at shs.5000 per kilo.

 

"I thank President Museveni for the initiative to teach us the youths about
mushroom growing. It has worked well and youths like me have greatly
benefited and no longer spend our time politicking than it was before," he
said.

 

Racheal Najjuuko, the CEO Saci Innovations Uganda Limited which deals in
Mushroom value addition, says apart from having a collection centre and
packaging house, farmers need more training to learn the basics of mushroom
cultivation.

 

Enid Kalinte of Bunga in Wakiso says she started with 80 gardens but has now
doubled production due to the growing demand for mushrooms.

 

She says by investing a small amount of capital, women and housewives who
often have limited access to economic opportunities can create themselves a
sustainable source of income which can help cover basic needs such as food,
education, and healthcare hence breaking the cycle of poverty.

 

According to Princess Nassolo, through coming together, mushroom farmers
will have easy market access and improved quality controls for better
exports.

 

-Nile Post.

 

 

 

 

Nigeria: Rains Worsen State of Roads Nationwide

The current rainy season has further worsened Nigeria's severe road
infrastructure deficit.

 

The consequences of the poor road conditions are dire and have far-reaching
effects on the nation's economy, social life, and environment.

 

In Kaduna State, the stretch of road between Jere and Katari on the
Kaduna-Abuja Expressway epitomises the deteriorating infrastructure crisis.

 

Despite the Federal Ministry of Works and Housing recently mobilising Julius
Berger, the contractor who initially abandoned the project, to resume work,
the road remains a major hazard. Motorists often face heavy gridlock, with
travel times extending to three or four hours for a two-kilometre stretch,
particularly during heavy rains.

 

 

The Kaduna State Government has reported numerous fatalities due to
accidents on this stretch.

 

Mark Shima, a driver at Kaduna Command Junction Motor Park, highlighted the
urgent need for repairs, lamenting that the road's condition has claimed
many lives, especially in the area after Jere.

 

In Sokoto State, the road from Sokoto to Kebbi, though not dualised, is
relatively passable. However, the Sokoto-Gusau corridor presents significant
challenges. Palliative works undertaken by government agencies have improved
some sections, yet many areas remain in poor condition. Notable problematic
sections include Tureta, Dange-Shuni, and Talata Mafara. The Dange-Shuni
axis is being expanded into a dual carriageway, with concrete pavement
starting from the Sokoto end, but progress is slow. Motorist Sani Auwalu
recounted frequent vehicle maintenance due to the road's poor state,
emphasising that every return journey necessitates checking for loose or
missing bolts.

 

 

In Kano State, the situation is equally dire. The Sabon Titi road, a vital
junction linking Ring Road with towns such as Gwarzo Madobi and Dorayi, has
become notorious for extortion by local youths who "guide" motorists through
deep potholes. Mustapha Niga, a driver living nearby, decried the road's
poor state, urging the government to expedite repairs to prevent worsening
conditions. Additionally, the road leading from Maiduguri Road junction to
Farm Centre Market has been neglected, with a dual carriageway constructed
in the middle, yet the overall road remains in disrepair.

 

Zamfara State faces severe challenges due to the rainy season, especially on
federal roads undergoing construction. The Funtua to Gusau (97 km), Gusau to
Sokoto (225 km), and Gusau-Magami-Dansadau (105 km) roads are particularly
in bad shape. The ongoing construction has exacerbated travel difficulties,
with potholes, erosion, and damaged sections making movement tedious.

 

 

Malam Abubakar, a motorist from Gusau, lamented the hazardous conditions,
describing the roads as dotted with potholes and on the verge of collapse.

 

Another motorist, Hamisu Magami, reported similar difficulties, particularly
on the road from Gusau to Magami and Dansadau, which has worsened during
this year's rainy season.

 

Katsina State's roads, such as the Gida Mutun Daya route to the state
capital, are in a deplorable state. Mallam Zuberu Sani, a resident, noted
that the road, initially meant to be dualised, was abandoned midway,
resulting in a challenging travel experience for motorists.

 

In Borno State, the situation is compounded by the combination of
dilapidated roads and flood damage. This has contributed to frequent attacks
and abductions by Boko Haram.

 

Sadiq Haruna, a commercial driver plying the Maiduguri-Damaturu-Biu route,
described the Biu to Damaturu section as particularly nightmarish due to
frequent stoppages and inadequate road portions.

 

Secretary of the National Union of Road Transport Workers (NURTW), Borno
State chapter, Ahmadu Musa, confirmed that several federal roads in the
state, including the Bama-Madagali-Mubi, Mafa-Dikwa-Gamboru Ngala,
Dikwa-Monguno-Marte, and Damboa-Chibok-Askira Uba roads, have become death
traps requiring urgent intervention.

 

In Niger State, nearly all federal roads are impassable during the rainy
season. The Suleja-Minna, Agaie-Baddegi-Bida, Kontagora-Rijau-Zuru,
Kontagora-Bangi, Minna-Tegina, Tegina-Bokani-Mokwa, and Tegina-Kalgara-Birni
Gwari roads are in particularly poor condition. Mr Samson Alfa noted that
the poor state of these roads has significantly increased transportation
costs, exacerbated by the combined effects of flooding and erosion.
Abdullahi Ndanusa highlighted the difficulty of travelling during the rainy
season due to the severe state of the roads.

 

In Kwara State, the Ilorin-Omu-Aran-Egbe-Kabba and Share-Patigi roads pose
considerable risks to commuters. Mal. Ganiyu Adigbongbo, chairman of the
NURTW Gambari-Ilorin branch, described the harrowing daily experiences faced
by transporters. Hon. Abdullahi Bello, a commuter, echoed these concerns and
urged both state and federal governments to address the road conditions to
ensure public safety.

 

In Imo State, the Owerri-Umuahia road is the primary concern for commuters.
Rivers State's East-West Road, which connects all three senatorial districts
in the state and the Niger Delta region, has two notably bad sections: the
Mbiama stretch in Ahoada-East and the Akpajo-Onne section in Eleme. Both
sections are undergoing rehabilitation by the Niger Delta Development
Commission (NDDC) and the Federal Ministry of Works, but significant
challenges remain.

 

 

In Abia State, roads such as Umuahia-Ikot Ekpene and Aba-Ikot Ekpene have
become infamous for their poor condition. Usoro Akpan, a driver for Akwa
Ibom Transport Company, described the Abia section of the Umuahia-Ikot
Ekpene road as hellish. Similarly, Edna Iloabuchi, a student at Michael
Okpara University of Agriculture Umudike, expressed her dread of travelling
the road during rainy weather due to severe flooding and damage.

 

In Cross River State, the Calabar-Itu road, which connects the state capital
with Akwa Ibom State and extends north to Ogoja, Ikom, and Benue, is
particularly problematic. Motorists often face traffic jams lasting up to
three hours due to poor road conditions, with trouble spots in the Eteghe
Ntem, Akwaobio Ekem, and Usung Esuk communities. The Ikom-Obudu road also
presents difficulties, with problematic sections in the Ikom and Etung local
government areas.

 

Delta State's roads, including the Asaba-Onitsha, Sapele-Benin, Sapele, Eku,
Abraka, Obiaruku, Abavo, and Agbor routes, are in a poor state, impacting
all local government areas. Notably, roads leading to Osubi, the hometown of
Governor Sheriff Oboreveori, have been particularly problematic.

 

In Enugu, the roads connecting Aguata to Awka South are fraught with
difficulties. The condition of roads connecting Ekiti State to neighbouring
areas, such as Ado-Ijan-Ikare, Ado Ekiti-Igede-Aramoko, Ikole-Omuo-Kabba,
and Ado Ekiti-Ikere-Akure, is similarly concerning. Protests by students and
workers from Afe Babalola University and Federal Polytechnic Ado Ekiti have
highlighted the need for urgent repairs, especially on the Ado
Ekiti-Ijan-Ikare road, which has remained in a deplorable state despite
calls for intervention.

 

...Lokoja-Benin Road: FG Fails To Meet 6-month Completion Target

 

The federal government has failed to meet the September 2024 deadline it
earlier set to complete the construction/dualisation of Abuja-Lokoja-Benin
road.

 

The minister of works, Engr. David Umahi, had on 22nd March, 2024, set six
months' completion period for the dualisation of the 30km Benin-Lokoja
highway whose funding it had approved under the Tax Credit Scheme for the
BUA Group.

 

The minister disclosed this during a meeting with all contractors handling
the highway alongside stakeholders from the area.

 

The approval followed the N775bn funding gap in the construction of the road
which was first awarded in 2012.

 

Umahi had on 26th April, 2024, issued two weeks' ultimatum to contractors
handling the project to either deploy in three sections or face termination
of contract.

 

On 1st July 2024, the minister terminated the contract, citing "inordinate
delay" on the part of the contractors.

 

The Lokoja-Benin project is being executed under the NNPCL Tax Credit Scheme
for N122bn. The project, according to the minister, has a funding gap of
N775bn to complete.

 

He explained, "This project was first awarded in 2012 and later the last
administration decided to review it. They reviewed it and dualised it. They
also reviewed the project to N879bn, but under the NNPCL Tax Credit Scheme,
the cost of the property is different from the commitment of NNPCL. NNPCL
commitment was just N122bn and so, there is a great problem.

 

"There is a funding gap of N775bn and I don't see where that money is coming
from. So, presently we have over N2.7trn funding that project from NNPCL,
whereas NNPCL has a commitment of N2.58trn. We have a funding gap of N2.7trn
to complete all NNPCL projects."

 

LEADERSHIP reports that the project which was billed to be completed to ease
traffic has failed to meet the September deadline set by the Minister.

 

When contacted, the special adviser on media to the Minister of Works, Barr.
Orji Uchenna Orji, promised to get back to our reporter on Monday afternoon
but later asked for more time/ for him to provide update report on the
project on Tuesday.

 

-Leadership.

 

 

 

 

Nigeria: 134 Illegal Oil Refineries Demobilised, 63 Illegal Pipelines
Uncovered in One Week - NNPC

Abuja — As part of Nigeria's fight against oil theft, the Nigerian National
Petroleum Company Limited (NNPC) has disclosed that 134 illegal refineries
were destroyed in seven days.

 

In its weekly audio-visual on the progress made so far, it noted that 63
illegal pipeline connections were also uncovered during the period, with a
joint team of security agents discovering a large wooden boat illegally
loading stolen crude oil from barge AGS01 within the OML 18 operating area.

 

According to the national oil company, based on credible intelligence, the
large wooden boat was caught receiving crude oil from the barge.

 

 

It explained that while the barge was towed away with a tugboat in custody,
five speedboats used in towing the large wooden boat to the illegal loading
site were detained.

 

It noted that the particulars of the tugboats and barge used for the
operation were seized for further investigation, adding that in Rivers
state, two barges involved in illegal bunkering activities were also seized
and the crewmembers were arrested.

 

In addition, wooden boats transporting stolen crude oil, the NNPC said, were
confiscated in Rivers, Delta, Bayelsa State and Abia States.

 

In Bayelsa and Abia States, it noted that repairs were executed on pipelines
while illegal connections were detected and removed, pointing out that it
was not just the pipelines that were under the siege of vandals and oil
thieves.

 

According to the NNPC, across the swamps and waterways, illegal refineries
with toxic sites of crude oil refining were destroyed in states like Rivers,
Abia and Bayelsa, describing illegal refineries as shadowy operations that
pollute the environment and bleed the economy.

 

Besides, the NNPC stated that 25 suspects were arrested and handed over to
government security agencies for further investigation.

 

It said: "Between August 31 and September 6, 2024, a total of 302 incidents
were identified across various locations in the Niger Delta from several
incident sources."

 

It listed the sources as Tantita Security Services, Shell Petroleum
Development Company (SPDC), Pipeline Infrastructure Nigeria Limited (PINL),
Maton Engineering Company, Heirs Energies Limited, Oando Plc, NNPC Limited's
Command and Control Centre and government security agencies.

 

"There is no backing down on the war on crude oil theft until the menace is
eradicated," the state-owned firm said.

 

-This Day.

 

 

 

Nigeria: No Respite As NNPC Increases Petrol Pump Price - Dangote

Nigerians' hopes of some relief from the cost of living crisis in the
country have been dashed as petrol from the newly launched Dangote Refinery
is being sold at prices higher than expected, as the Nigerian National
Petroleum Company Limited (NNPC) fixed new estimated petrol pump prices
across all states.

 

The NNPC said that after completing the loading of Premium Motor Spirit,
popularly known as petrol, from the Dangote refinery, petrol prices for
September 2024 would range from approximately N950 to over N1,000 per litre,
depending on the region.

 

Recall that NNPC stated it paid N898 per litre for the 16.8 million litres
of petrol purchased from the Dangote refinery on Sunday, September 15.

 

 

A breakdown of the pricing showed that Borno State will pay N1,019.22 per
litre; Sokoto State - N999.22 per litre; Kano State - N999.22 per litre;
Kaduna State - N999.22 per litre; Federal Capital Territory (FCT) - N992.22
per litre; Rivers State - N980.22 per litre Oyo State - N960.22 per litre;
and Lagos State - N950.22 per litre.

 

NNPC explained that the new prices for September are based on figures
obtained from the Dangote refinery and not set by the federal government.

 

RELATED: NNPCL, Dangote Disagree Over Price Of Petrol

 

The company's spokesman, Olufemi Soneye, in a statement on Monday, said
these prices are for September 2024.

 

The NNPC also stressed that the petrol loaded from the Dangote Refinery was
priced in dollars as the Naira sale of petrol will commence in October.

 

 

Initially, there were hopes that local production would significantly lower
fuel costs, thus lowering the cost of transportation, and prices of food
items.

 

According to the NNPC, it purchased petrol from the Dangote Refinery at N898
per litre, while distribution costs and regulatory fees contributed to the
final retail prices. The company emphasised that these prices are determined
by market forces, as mandated by the Petroleum Industry Act (PIA), rather
than government regulation.

 

To this end, other petroleum products marketers are expected to sell higher
as they adjust to the new price regime as announced by NNPC.

 

The executive secretary of the Major Energy Marketers Association of
Nigeria(MEMAN), Clement Isong, while reacting to the situation when
LEADERSHIP put a call across to him yesterday said, he is not aware of the
adjustment but will get the clearer picture and revert to our Correspondent.

 

 

The price hike caught many off guard, especially as it came shortly after
the refinery's launch. NNPC's pricing reflects a significant increase from
previous rates, with petrol prices rising from N568 to N896 per litre on the
same day. This has led to calls for transparency regarding the refinery's
pricing structure and production costs, with some stakeholders questioning
why locally produced petrol is not cheaper than imported alternatives.

 

The situation has sparked debates about market dynamics and regulatory
practices in Nigeria's petroleum sector, with many citizens feeling that the
anticipated relief from high fuel prices has not materialised.

 

Many Nigerians are understandably shocked that petrol being pumped out of
the Dangote refinery will not be selling at a relatively affordable price at
the pumps, or a little cheaper than the imported variety.

 

Long conditioned to subsidised products, Nigerians had expected that locally
produced petrol would offer a huge relief from the cost-of-living crisis
currently in the country.

 

Hope was heightened when the government announced recently that Dangote will
buy Nigerian crude oil in Naira and sell his products within the country in
the same currency.

 

In many social media platforms and talk shows, Nigerians have been busy
analysing the refinery's production economics and explaining why we should
be buying cheap fuel soon.

 

The Independent Petroleum Marketers Association of Nigeria expressed
concerns over the pricing of petrol from the Dangote Refinery, urging the
NNPC to ensure it is not sold at a higher price than imported fuel.

 

IPMAN argued that such a disparity would be counterproductive to the
nation's drive for energy self-sufficiency and could negatively impact
consumers and marketers alike.

 

According to IPMAN on Monday, the pricing strategy for locally refined
petrol should reflect the advantages of domestic production, offering
Nigerians a more affordable option.

 

The association emphasised that maintaining competitive pricing is crucial
for the success of the Dangote Refinery and for fostering a sustainable fuel
market in the country.

 

IPMAN national welfare officer John Kekeocha stated this on Channels
Television's The Morning Brief breakfast programme on Monday.

 

"If NNPC can sell Dangote products higher than the imported products then it
doesn't make sense. What is the celebration we are having all these while
then?" he queried.

 

An energy analyst, Etim Etim, while commending NNPCL for these disclosures,
noted that these prices are only obtainable for the month of September when
NNPC is buying in dollars from the refinery.

 

"For October, when crude would be sold in Naira, the prices may change,
depending on a few variables like the exchange rate and the crude oil price
in the international market.

 

He said that the downstream market is now fully deregulated, and for the
first time in our history, subsidy is truly gone.

 

He urged Nigerians to brace up for a market-determined pricing structure
that would be influenced by a few factors: the price of crude oil, the
exchange rate, the cost of refining, overheads, borrowing costs, and
insurance.

 

 

"Crude oil price will continue to be a major determinant of petrol price.
Even when NNPC sells crude in Naira to Dangote, the pump price would still
be determined by the prevailing exchange rate. If the naira continues to
slide, petrol prices will increase, even if other factors remain unchanged.

 

He further said, "This morning, crude oil is selling at about $72, and at
the exchange rate of N1,600/dollar, Dangote would be buying a barrel of
crude oil at about N115,200. Although there are many other products that are
obtained from a barrel of crude oil, petrol will not come cheap because of
other inherent costs in the production process.

 

"Dangote is highly indebted to Nigerian banks, and even before his refinery
began production, he was already repaying and servicing his debts.

 

"He had told the media in July that he had incurred huge interest charges
due to failed attempts at land acquisition in Ogun State and delays in
construction in Lagos State due to communal issues. The accumulated interest
charges and other interest costs will count in the pricing of his gasoline.

 

Etim noted that Dangote's production costs must also be very high, which
will heavily impact the pricing of its products.

 

"The refinery provides everything for itself, including building three ports
within the complex for its use in bringing in heavy equipment and building a
huge 400 MW power plant to provide its own electricity. In addition, DR has
over 8,000 people on its payroll. During construction, 29,000 Nigerians and
11,000 expatriates worked at the site. The huge wage bill would have to be
taken care of by the selling prices of the products."

 

Etim expressed hope that the refinery's purchase of crude oil in Naira would
ameliorate the impact on the exchange rate.

 

"The only reason petrol will sell cheap is if crude oil goes for as low as
$40 per barrel or if the dollar exchanges for N800 or less. Both have
significant implications for the economy, of course. But with tension
mounting in the Middle East, cheaper crude oil is not likely soon.

 

"I have taken note of the assurance from the Finance Minister, Wale Edun,
that petrol prices will fall as the refinery scales up production.

 

Speaking at the refinery on Sunday, Edun said, "We're expecting that as this
refinery, and even others, ramp up production scale, and achieve economies
of scale, there should be the opportunity--and there is definitely the
potential--to reduce their costs, which should be passed on to consumers".

 

Nigerians have taken to social media to express their dismay at the current
situation.

 

One X user queried, "Why would Dangote not sell his petrol cheap or cheaper
than imported product when he is not bearing the cost of shipping, LC
charges, wharf charges, insurance, and other costs borne by importers?"

 

Another person noted on X, "Anything above N766 per litre from Dangote is
back to square one".

 

One other commentator wrote, "Queuing for fuel is not our problem. If
Dangote's fuel is not cheaper than what we have now, then the whole thing is
not worth it".

 

The NNPC began loading the first batch of petrol from the Dangote Refinery
on Sunday, saying it got N898 per litre from the private refinery.

 

Before lifting petrol from the Dangote Refinery on Sunday, NNPC retail
outlets in Lagos sold petrol for around N855, but a litre of Dangote petrol
now sells for N950 per litre in Lagos and N1,019 in Borno.

 

However, Dangote Refinery denied selling petrol to the NNPCL at N898. In a
statement late Sunday, a spokesman for the refinery, Anthony Chiejina
described the claim by the NNPCL as "misleading and mischievous".

 

"It should also be noted that we sold the products to NNPCL in dollars with
a lot of savings against what they are currently importing. With this
action, there will be petrol in every local government area of the country
regardless of their remote nature," Chiejina said.

 

However, the NNPCL insisted that it got petrol from Dangote Refinery at N898
per litre and challenged the latter to release the price at which it sold
petrol.

 

The NNPCL further released a breakdown of pricing it sells Dangote petrol at
its filling stations nationwide.

 

Last December, Dangote, Africa's leading industrialist, commenced operations
at his $20bn facility in Lagos with 350,000 daily barrels.

 

The refinery, initially bogged by regulatory battles, hopes to achieve its
full capacity of 650,000 barrels per day by the end of the year.

 

-Leadership.

 

 

 

 

Tanzania: Govt Stresses Timely Repair of Roads Damaged By Rains

DEPUTY Minister for Works, Engineer Godfrey Kasekenya (pictured), has
emphasised the importance of ensuring that the re-construction of roads
damaged by previous El-Nino rains reflect value for money and are completed
on time.

 

Eng Kasekenya argued that timely completion of such projects would make
members of the public get benefits of the projects in time.

 

Engineer Kasekenya made statement during his recent tour in Lindi, Mtwara
and Coast Regions to inspect the progress of road and bridge construction,
especially those affected by the El-Nino rains and Cyclone Hidaya.

 

 

He said the government has allocated over 830bn/- to rebuild and upgrade
roads and bridges affected by the El-Nino rains and Cyclone Hidaya
nationwide.

 

Kasekenya made these remarks recently, during an inspection of the Nyamwage
- Utete (33.7 km) road, which is being constructed at the asphalt level by
the contractor M/s China Railway Seventh Group (CRSG).

 

ALSO READ: Govt commits to improve rural roads in Lindi

 

"I assure you that the President has allocated these funds, our job at the
Works Ministry and the TANROADS is to ensure competent contractors are
engaged in building this infrastructure affected by the rains," Eng
Kasekenya pointed out.

 

He further stressed the need for precision and speed in the construction of
the Mbambe Bridge, which is 81 metres long and connects the towns of
Ikwiriri and Mkongo, as well as the Nyamwage - Utete (33.7 km) road to
ensure immediate completion to enhance transportation and logistics in
Rufiji District.

 

Additionally, Eng Kasekenya assured the residents of Kilwa in Lindi Region
that the Tingi-Kipatimu road will be constructed at the asphalt level and
paved in phases, while the construction of bridges on this road expected to
begin in early October 2024.

 

On his part, the TANROADS Manager for Coast Region, Engineer Baraka
Mwambage, said that the construction of that road includes a total of 109
culverts, two of which are completed. Daily News.

 

 

 

 

Nigeria: Okonjo-Iweala to Seek Second Term As WTO DG

Dr. Ngozi Okonjo-Iweala, the first woman and first African to head the World
Trade Organization, will seek a second four-year term when her mandate
expires next August, her spokesman Ismaila Dieng has said.

 

"We can confirm that Dr. Ngozi Okonjo-Iweala has officially announced her
intention to seek a second term as Director-General of the WTO," Dieng added
that she had taken into account "the overwhelming and broad-based support
expressed by members".

 

Her current term at the helm of the 166-member WTO ends in August 2025.

 

Her decision to seek another term was officially communicated to WTO chair
Norwegian Ambassador Petter Olberg on Monday.

 

The WTO's African Group formally requested that she make herself available
for a second term at that same meeting, and proposed that the process to
re-nominate her should begin as soon as possible.

 

 

So far no other candidates have come forward.

 

Okonjo-Iweala, who took over in March 2021, has hinged her leadership on
breathing new life into the sclerotic organisation.

 

Fifty-eight of the 164 member states of the World Trade Organisation (WTO)
members have in August voiced support for a proposal from the African Group
backing incumbent Director General, Ngozi Okonjo-Iweala, to serve a second
term.

 

The 58 member countries of the trade association made this known at a July
22 meeting of the WTO General Council, according to a statement by the world
trade body.

 

"The African Group requests that the current Director-General make herself
available to serve a second term, and has proposed that the process of
reappointing the Director-General should be started as soon as possible,"
the statement partly read.

 

"Fifty-eight members, several speaking on behalf of groups of members, took
the floor to comment and express their support for the African Group
proposal. They called on DG Okonjo-Iweala to make her intentions regarding a
second term known as soon as possible. Most of these members praised the
DG's hard work and her achievements during her first term.

 

Okonjo-Iweala, 70, said she was very grateful for the support from members.
"Everything that I've accomplished, we've accomplished together," she said.

 

-Vanguard.

 

 

 

Zambia: Electricity in Short Supply As Zambia Deals With Drought-Driven
Energy Crisis

Lusaka, Zambia — As Zambia deals with its worst drought in 20 years,
businesses and households are going for days without electricity. Experts
say the severe energy crisis could worsen Zambia 's already fragile economy
and lead to massive job losses.

 

On an average day, millions of people across the country are enduring up to
21 hours of power cuts, locally known as load shedding.

 

Taonga Zulu, a Lusaka resident who runs a family farm business, told VOA
that her livelihood has been hurt by the power cuts.

 

"It has been nearly impossible to manage the chicken run properly as we rely
on electricity for various aspects of their care," she said. "The lack of
power has also prevented us from pumping water, which means our farm is
slowly turning into a desert."

 

The Zambia Association of Manufacturers is a business association
representing

 

the interests of the country's factories. Association president Ashu Sagar
said his members have not been spared by the energy crisis. He said big
companies are struggling with the cost of running alternative diesel-powered
generators, while smaller companies have no energy source at all.

 

 

Sagar added that some of the association's members have failed to meet
contractual obligations with buyers due to the drought-induced energy
crisis.

 

"So, the impact on the manufacturing sector is quite big in that small
companies that probably could have no capacity to invest in alternative
energy solutions like diesel generators have had to curtail their
manufacturing operations," he said.

 

Zambia's only public power utility company, the Zambia Electricity Supply
Corporation, or ZESCO, said Monday that it does not have enough power to
supply all hospitals.

 

Media reports say some hospitals are turning patients away due to lack of
electricity and water.

 

 

ZESCO spokesperson Matongo Maumbi said the country's heavy reliance on
hydropower generation has led to a national shortfall of almost 1,300
megawatts as the various water sources are drying up.

 

Economist Emmanuel Zulu says the energy crisis is dragging down the economy
and pushing up unemployment.

 

"There is a slump in output and productivity in the economy and this is
going to affect our GDP as well as employment because most people will be
left with nothing to do," he said.

 

Worsened by climate change and the El Nino weather pattern, the energy
crisis threatens national food security, water and energy supply, Zambia's
President Hakainde Hichilema said earlier this year.

 

In his state of the nation address to parliament Friday, Hichilema said his
government is working around the clock to address the energy crisis.

 

"Government is implementing a number of interventions in a bid to enhance
resilience and reduce our dependence on hydroelectric power," he said. "We
are promoting alternative sources of energy."

 

Energy expert Johnstone Chikwanda is optimistic that new measures, like the
removal of bureaucratic hurdles that discouraged private companies from
investing in energy production, will yield results in the near future.

 

"Looking at the extent of the measures which are currently being implemented
and the strong praxis of leadership driving the energy sector reforms, I am
convinced that this crisis is being invested better than how we previously
handled the previous crisis," he said.

 

According to the United Nations, Zambia, Zimbabwe and Malawi are among the
countries in Southern Africa most affected by the regional drought that
began early this year.-OA.

 

 

 

 

South Africa: TikTok Exposé Leads to Restaurant Raid 

Authorities have arrested at least three people at the Babel restaurant in
Menlyn following revelations by a former employee about alleged unfair and
exploitative labour practices at the upscale establishment, according to
IOL.  The three people arrested reportedly include the restaurant's owner
and two undocumented staff members. On Sunday night, a coordinated sting
operation by the police, Home Affairs, and the Department of Labour was
carried out in response to a woman's TikTok post on Saturday, where she
described her troubling experiences at the restaurant. Hired on the spot,
the woman was reportedly shocked to find she was asked to begin work without
a formal contract, cover the cost of her own uniform, and face the absence
of a basic salary. She also said employees were penalized with fines
purportedly to cover cutlery and breakage costs. She also revealed that
staff were required to purchase their own equipment, such as bottle openers,
cigarette lighters, cigar lighters, and cutters, and were only compensated
with tips and a daily non-refundable breakage fee of R200.

 

 

KwaZulu-Natal e-Hailing Drivers Protest Unfair Practices

 

The KwaZulu-Natal e-Hailing Council's protest against unfair labor practices
and pricing is set to begin, potentially affecting passengers and commuters
in four key areas of the province, reports IOL. Sifiso Mabika, representing
the council, said that this protest is in response to several pressing
issues impacting the livelihood and safety of drivers and vehicle owners
using these platforms. He also announced that e-hailing apps will be shut
down in Durban, Pietermaritzburg, Richards Bay, and Port Shepstone. Mabika
explained that the current commission structure is unsustainable, with
drivers and vehicle owners losing up to 40-50% on certain trips. Safety
concerns have been raised, with drivers calling for app users to register
with a valid ID and undergo a facial recognition process to verify their
identity. Lastly, Mabika said drivers want the current age limits on
vehicles to be removed until the vehicles are fully paid off.

 

Two Passengers Die in Separate Airport Incidents

 

Two passengers lost their lives in separate incidents at OR Tambo
International Airport in Gauteng and King Shaka International Airport in
Durban, reports IOL. The Airports Company South Africa (Acsa) reported that
the first incident occurred at 3 pm at OR Tambo, where a person fell from
parking Level 5 to the ground floor. ACSA spokesperson Ernest Mulibana said
that law enforcement and airport health officials from the 24-hour clinic
were immediately notified. Paramedics later arrived at the scene and
declared the unidentified traveller deceased.  In the second incident, ACSA
said an unidentified male passenger collapsed and died at King Shaka
International Airport. Mulibana added that the cause of death in both cases
remains unknown.

 

 

 

 

Nigeria's Health Migration Policy to Address Brain Drain Aims to Boost Local
Expertise

Human mobility has always been an essential aspect of life. Beyond the
essential physiological and psychological motivations to move, the constant
quest for better living conditions, often drives migration. This has
implications for public health policy, highlighting the need to consider
trends in health worker migration in the formulation of health strategies
and interventions.

 

In Nigeria, health worker migration, or 'brain drain', has been a persistent
issue with many Nigerian healthcare professionals seeking better
opportunities in other countries. This has led to a skilled health
worker-to-patient ratio of 1:9,000 patients, far below the World Health
Organisation (WHO) target, creating uncertainty in the country's ability to
attain both Universal Health Coverage (UHC) and Sustainable Development
Goals (SDGs) by 2030. 2030.

 

 

While a well-managed migration of health workers can play a key role in
development, having a framework to manage healthcare worker migration
effectively is critical to minimising the detrimental consequences of health
worker migration. These were part of the recommendations from the 2018
Future of Health Conference themed 'The Diaspora as Nigeria's Brain Gain',
which emphasised the need for sustained government intervention to enhance
the "brain gain" by providing an enabling environment for healthcare workers
to thrive.

 

Recently, President Bola Ahmad Tinubu, took a crucial step towards
addressing the country's brain drain by signing the National Policy on
Health Workforce Migration.

 

The policy document, introduced by Professor Muhammed Ali Pate, Nigeria's
Minister of Health and Social Welfare, highlights the collective commitment
to mitigating the multifaceted challenges posed by health worker migration.
He noted in the policy document that "this policy is born out of a
collective resolve to address the complex dynamics of health worker
migration, ensuring that the exodus of our skilled healthcare professionals
does not compromise the health system's integrity and the well-being of our
citizens."

 

What is the policy is about?

 

The National Policy on Health Workforce Migration attempts to manage health
workforce migration proactively which includes addressing the underlying
issues of shortage of qualified healthcare workers, particularly in rural
and neglected areas in Nigeria.

 

This strategy presents a comprehensive framework to address these
fundamental concerns, with an emphasis on enhancing the quantity and quality
of training, recruiting, and international cooperation.

 

 

These are the major highlights of the policy:

 

The policy also focuses on thematic areas in mitigating the negative effects
of health workforce migration in the country. These include Health Workers
Safety, Capacity Development, Strengthening Health Workforce Education and
Training, Health Diplomacy, Ethical Recruitment, and Equality, Research,
Innovation, and Strategy including Governance and Leadership.

 

Where similar policies have been implemented

 

To effectively implement this policy, Nigeria can draw valuable lessons from
the successful strategies employed in countries like Thailand, Cuba, and
India.

 

Thailand's strategy to reduce the outflow of healthcare professionals
involved providing financial incentives, which improved the economic
well-being of healthcare workers. By increasing salaries, offering bonuses,
and ensuring timely payments, Thailand made the domestic healthcare sector
more conducive, thereby reducing the desire to migrate for better-paid jobs
abroad. This approach not only motivated healthcare professionals to stay
but also enhanced their commitment to the local health sector.

 

Nigeria can implement similar strategies by revising the compensation
packages for healthcare workers, ensuring competitive salaries, and
establishing clear career pathways that include opportunities for training,
promotion, and specialisation within the country.

 

Cuba's success in producing a surplus of healthcare professionals stems from
its strong investment in medical education and training. By establishing a
robust network of medical schools and ensuring high standards of education,
Cuba has not only met its domestic healthcare needs but also created a pool
of professionals who can be deployed internationally. Cuba also has a unique
approach in deploying healthcare professionals abroad as part of medical
diplomacy efforts. This has not only benefited host countries but also
provided economic and diplomatic benefits to Cuba.

 

Nigeria stands to gain immensely by prioritizing substantial investments in
medical education and training, to produce a more skilled healthcare
workforce. This effort should include further expanding medical schools,
offering scholarships to aspiring healthcare professionals, and maintaining
rigorous standards of training.o By embracing this approach, Nigeria can
address its healthcare challenges and expand the supply of health workers
through increased medical training opportunities.

 

India's initiative, the Overseas Indian Facilitation Centre (OIFC), is
designed to harness the resources, expertise, and abilities of Indians
living abroad for the benefit of India's development. By creating platforms
for engagement, offering investment opportunities, and facilitating
collaborations, India has successfully tapped into the potential of its
diaspora.

 

 

Healthcare organisations such as the Association of Nigerian Physicians in
the Americas (ANPA), Canadian Association of Nigerian Physicians and
Dentists(CANPAD), Medical Association of Nigerians Across Great Britain
(MANSAG) play a vital role in harnessing the skills, expertise, and
resources of the Nigerian diaspora to drive national development, with a
focus on transforming the healthcare sector through policy advocacy,
mentorship opportunities for young professionals, educational conferences,
medical missions, and providing hands-on training. At the heart of this is
the creation of an enabling environment by the Government through enabling
policies for healthcare.

 

The future could be bright

 

The newly signed National Policy on Health Workforce Migration emphasises
increasing incentives for health workers, especially those in rural areas.
This is a welcome development as it will enhance healthcare delivery in
underserved regions, leading to improved health outcomes and progress
towards UHC.

 

The policy's emphasis on capacity development and diaspora engagement is
expected to lead to advancements in medical education, training, and
healthcare technology, ultimately benefiting the entire sector.

 

However, the policy's success will depend on effective implementation, which
requires strong governance, adequate funding, and coordination among various
stakeholders, including government agencies, professional bodies, and
international partners.

 

The policy on Health Workforce Migration is a strategic maneuver that aligns
with the Nigerian Health Sector Renewal Investment Initiative (NHSRII) . By
addressing the critical issue of healthcare personnel exodus, the policy
aligns with the four-points of the agenda. Ultimately, the policy's emphasis
on health system governance and leadership, positions it as a cornerstone
for building a resilient and sustainable healthcare system, aligning with
the fourth pillar of the Federal Ministry of Health and Social Welfare
Strategic Blueprint for the Health sector which seeks to address health
security.- Nigeria Health Watch.

 

 

 

 

Rwanda Economy Grows By 9.8% in Second Quarter of 2024

Rwanda's economy grew by 9.8 per cent in the second quarter of 2024, mainly
driven by the services sector which contributed 47 percent to Gross Domestic
Product (GDP), official data shows.

 

According to the latest GDP figures announced on Monday, September 16, by
the National Institute of Statistics (NISR) and the Ministry of Finance and
Economic Planning, the growth at current market prices was estimated at
Rwf4,515 billion, up from Rwf3,972 billion in the same period of second
quarter of 2023.

 

ALSO READ: Rwanda's economy grew 9.7% in the first quarter of 2024

 

Building on the economic performance of 9.7 percent in first quarter and 9.8
percent in second quarter, the statistics body remained cautious in overall
annual growth rate at 6.6 percent. Rwanda's economy grew by 8.2 percent in
2023.

 

 

Yusuf Murangwa, the Minister of Finance, said that the relatively low
economic growth projection factors in uncertainty of global shocks, and it
would be revised considering performance over the next two quarters.

 

"Given all the planning we do and the history of climate shocks, our
position is conservative because of some unpredictable aspects of the
economy, but from the quarterly growth rate, we are very optimistic," he
explained.

 

ALSO READ: Economic Growth momentum expected to continue in 2024

 

While Rwanda's services sector remains a key contributor to the country's
economic growth, increasing by 10 per cent, agricultural performance also
saw an increase of 7 percent, mainly attributed to a strong harvest of
season A of 2024 which increased food crop production by 8 percent.

 

Ivan Murenzi, the Director General of NISR, said that the growth aligns with
consumer prices trend over the past months, "with the good harvest of season
A, the prices of food crops have substantially gone down and if that [food
as a main component of inflation basket] is stable, the general inflation
will go down."

 

Industry also experienced growth of 15 percent, primarily driven by an
increase in construction activities, and manufacturing which increased by 18
percent and 17 percent, respectively.

 

However, mining and quarrying activities declined by 2 percent during the
period under review, with notable reductions in exports of coltan and
cassiterite of 8 percent and 9 percent, respectively.

 

Manufacturing drives industry performance

 

According to the new figures, manufacturing growth was buoyed by 18 percent
increase in food processing, 28 percent in textiles, clothing, and leather.

 

Metal products, machinery, and equipment manufacturing increased by 29
percent while production of chemicals, rubber, and plastic products rose by
20 percent.

 

Murangwa noted that the positive trajectory across sectors should be
maintained and built on to achieve the recently approved second National
Strategy of Transformation (NST2).-New Times.

 

 

 

 

Facebook owner bans Russian state media networks

Facebook owner Meta says it is banning several Russian state media networks,
alleging they use deceptive tactics to carry out influence operations and
evade detection on its platforms.

"After careful consideration, we expanded our ongoing enforcement against
Russian state media outlets. Rossiya Segodnya, RT and other related entities
are now banned from our apps globally for foreign interference activity,"
Meta said.

In a news bulletin, RT newsreader Eunan O'Neill said the broadcaster "and
Russia as a whole denies the accusations that have been coming en masse
against this channel and others in the past number of days".

The bans are expected to come into effect in the next few days.

The Russian embassy in Washington and the owner of the Sputnik news agency,
Rossiya Segodnya, did not immediately respond to BBC requests for comment.

Russian state media outlets have come under increased scrutiny over claims
they have tried to influence politics in Western countries.

As well as Facebook, social media giant Meta owns Instagram, WhatsApp and
Threads.

The move marks an escalation in the world's biggest social media firm's
stance towards Russian state media companies.

Two years ago, Meta took more limited measures to restrict the spread of
Russian state-controlled media, including stopping the outlets from running
adverts on its platforms and limiting the reach of their content.

After the start of the war in Ukraine, Meta - like other social media
platforms - complied with requests from the EU, UK and Ukraine to block some
Russian state media in those regions.

Earlier this month, the US accused state broadcaster RT of paying a
Tennessee firm $10m (£7.6m) to "create and distribute content to US
audiences with hidden Russian government messaging".

An indictment said videos - which often promoted right-wing narratives on
issues such as immigration, gender and the economy - were secretly "edited,
posted, and directed" by two RT employees.

Last week, US Secretary of State Antony Blinken announced new sanctions
against RT, accusing it of being a "de facto arm of Russia's intelligence
apparatus".

The top US diplomat told reporters on Friday that RT was part of a network
of Russian-backed media outlets which have sought to covertly "undermine
democracy in the United States".

He added that the Russian government has "embedded within RT, a unit with
cyber-operational capabilities and ties to Russian intelligence".

RT livestreamed Mr Blinken's remarks on X and declared it the "US's latest
conspiracy theory".-BBC

 

 

 

 

Amazon tells staff to get back to office five days a week

Amazon is ordering staff back to the office five days a week as it ends its
hybrid work policy.

The change will come into force from January, Amazon's chief executive Andy
Jassy said in a memo to staff.

"We’ve decided that we’re going to return to being in the office the way we
were before the onset of Covid", he said, adding that it would help staff be
"better set up to invent, collaborate, and be connected enough to each
other".

Mr Jassy has long been known as a sceptic of remote work, but Amazon staff
were previously allowed to work from home two days a week.

 

Amazon's push to get corporate staff back into the office has been a source
of tension within the firm which employs more than 1.5 million people
globally in full-time and part-time roles.

Staff at its Seattle headquarters staged a protest last year as the company
tightened the full remote work allowance that was put in place during the
pandemic.

Amazon subsequently fired the organiser of the protest, prompting claims of
unfair retaliation, a dispute that has been taken up with labour officials.

In his message on Monday, Mr Jassy said he was worried that Amazon - which
has long prided itself on preserving the intensity of a start-up while
growing to become a tech giant - was seeing its corporate culture diluted by
flexible work and too many bureaucratic layers.

Mr Jassy, who replaced founder Jeff Bezos as chief executive in 2021, said
he had created a "bureaucracy mailbox" for staff to make complaints about
unnecessary rules and the company was asking managers to reorganise so that
managers are overseeing more people.

Amazon said those changes could lead to job cuts

In addition to returning to the office five days a week, Amazon said it
would be hot-desking in the US.

The company said staff could still work from home in unusual circumstances,
such as a sick child or house emergency, as was the case before the
pandemic.

But unless they have been granted an exemption, Mr Jassy said: "Our
expectation is that people will be in the office outside of extenuating
circumstances".

Getty Images Amazon chief executive Andy Jassy sitting down, mid-sentence,
gesturing with his hand. He is wearing a dark blue jacket with lighter
flecks and a light blue shirt.Getty Images

Amazon boss Andy Jassy says it is time for staff to come back to the office
five days a week

Amazon's stance contrasts with the UK government's approach which has
promised to make flexible working a default right from day one as part of a
new employment rights bill due to be published next month.

Jonathan Reynolds told the Times newspaper that the government wants to end
the "culture of presenteeism", and said there were "real economic benefits"
to people working from home.

 

He said there was a balance to be struck, but flexible working arrangements
could help businesses recruit from a wider pool of people.

Remote work peaked during the pandemic. Many companies started recalling
staff in 2022, but the return has been incomplete.

As of this summer, about 12% of full-time employees in the US were fully
remote and another 27% reported having hybrid work policies in place,
according to a monthly survey by economists Jose Maria Barrero, Nicholas
Bloom, and Steven J Davis.

Bank bosses such as JP Morgan's Jamie Dimon have been among the most
high-profile figures critical of remote work and likely to demand full-time
office attendance.

But the attitude has also spread to other industries, with UPS and Dell
recalling staff back to the office full-time this year.

In his memo, Mr Jassy said that Amazon's experience with its move to a
hybrid policy had "strengthened our conviction about the benefits" of
working in person.

But Prof Bloom, a professor at Stanford, said he did not think the
announcements were a sign of a wider shift in work policies, noting that his
data has found time spent at the office has been fairly stable for more than
a year.

"For every high profile company cancelling work-from-home, there's others
that seem to be expanding it - they just don't get picked up in the media,"
he said.=-BBC

 

 

 

TikTok says US ban would have ‘staggering’ impact on free speech

TikTok argued in court on Monday that a US law - which would see it banned
unless it is sold by ByteDance - would have a “staggering” impact on the
free speech of its US users.

The law was prompted by concerns that US users' data is vulnerable to
exploitation by China's government.

TikTok and ByteDance have repeatedly denied links to the Chinese
authorities.

The companies sued to block the legislation in early May, calling it
unconstitutional and an effective ban on the speech of its 170 million US
users.

 

A panel of three judges heard its arguments at an appeals court in
Washington DC on Monday.

"This law imposes extraordinary speech prohibition based on indeterminate
future risks," TikTok and ByteDance's lawyer Andrew Pincus told the court.

Concerns around China came up early, with Mr Pincus stating that the firm
"is not owned" by the country.

"The owner of TikTok is ByteDance Limited, a Cayman Islands holding
company,” he said.

But Judge Sri Srinivasan responded that the firm was "subject to Chinese
control".

Mr Pincus said the US government does not allege any malfeasance has taken
place - and the firm was being punished over the suggestion that there might
be issues in the future.

But he was challenged on his argument that the law would be an unprecedented
ban on a single speaker - and his claim that it would be "unfeasible" to
divest the US arm of the firm.

Judge Ginsberg argued the law is "an absolute bar on the current arrangement
of control" of the company, not the company itself.

He also said it targeted a group of companies controlled by a so-called
foreign adversary, rather than TikTok alone.

When and why could TikTok be banned in the US?

Constitutional right

Jeffrey Fisher, representing creators concerned by the law, said it could
impede their constitutional right to work with the editor and publisher of
their choice – such as TikTok under its current ownership.

TikTok creator Tiffany Cianci, who is not among the creators involved in the
lawsuit, was livestreaming outside the hearing to update viewers on
proceedings.

She told the BBC that 65,000 people tuned into her TikTok Live.

"The American people care about this issue," she said. "They're tuning in
because they're worried about losing something."

 

Getty Images Tiffany Cianci shown holding her smartphone to her ear while
filming herself on a smartphone attached to a ring light outside a
courthouse in Washington, DC.Getty Images

Political and educational content creator Tiffany Cianci livestreaming
outside the E. Barret Prettyman courthouse on Monday.

Ms Cianci added that the platform's use by politicians in the run-up to the
2024 presidential election felt "hypocritical" and made her doubt the
security concerns at the heart of the controversial law.

"If it were dangerous, they wouldn't be there," she said.

Department of Justice lawyer Daniel Tenny argued against TikTok's defence
that the code behind its platform is based in the United States.

"There’s really no dispute here that the recommendation engine is
maintained, developed, and written by ByteDance rather than TikTok US," he
said.

"It is not expression by Americans in America - it is expression by Chinese
engineers in China."

Mr Fisher had claimed posts on the platform in the US were American speech
that was "at most curated by a foreign company".

In addition to data concerns, officials and lawmakers have expressed alarm
at the prospect of TikTok being used by the Chinese government to spread
propaganda to Americans.

However, advocates of America's powerful free speech rights, enshrined in
the First Amendment of the US Constitution, have said upholding the
divest-or-ban law would be a gift to authoritarian regimes everywhere.

Xiangnong Wang, a staff attorney at Columbia University's Knight First
Amendment Institute, said repressive regimes worldwide may use it to
"justify new restrictions on their own citizens’ right to access
information, ideas, and media from abroad."

 

'High stakes'

But according to James Lewis, of the Center for Strategic and International
Studies in Washington, the law was drafted to withstand judicial scrutiny.

"The substance of the case against TikTok is very strong," Mr Lewis said.

"The key point is whether the court accepts that requiring divestiture does
not regulate speech."

Mr Lewis added that the courts usually defer to the president on national
security matters.

Regardless of how the appeals court rules, most experts agree the case could
drag on for months, if not longer.

Gautam Hans, clinical professor of law at Cornell Law School, told the BBC
he believes an appeal is likely either way.

The government's ability to legislate and regulate where national security
is concerned is "paramount," he said.

"They cannot have that limited by the courts."

But the issues are also "existential" for TikTok, he added, with the company
saying it cannot divest and would as such have no choice but to shut down.

Mike Proulx, vice president and research director at analysis firm
Forrester, added the "high stakes" case would likely progress to the US'
highest court, the Supreme Court.-BBC

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

Cellphone:         +263 71 944 1674 | +27 79 993 5557 

Email:                <mailto:bulls at bullszimbabwe.com>
bulls at bullszimbabwe.com

Website:             <http://www.bullszimbabwe.com> www.bullszimbabwe.com 

Blog:                  <http://www.bullszimbabwe.com/blog>
www.bullszimbabwe.com/blog

Twitter (X):        @bullsbears2010

LinkedIn:           Bulls n Bears Zimbabwe

Facebook:           <http://www.facebook.com/BullsBearsZimbabwe>
www.facebook.com/BullsBearsZimbabwe



 

 

 


 

INVESTORS DIARY 2024

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
constitute an offer to sell or the solicitation of an offer to buy or
subscribe for any securities. The information contained in this report has
been compiled from s believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
the securities of more established companies. Neither Faith Capital nor any
other member of Bulls ‘n Bears nor any other person, accepts any liability
whatsoever for any loss howsoever arising from any use of this report or its
contents or otherwise arising in connection therewith. Recipients of this
report shall be solely responsible for making their own independent
investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and d from third parties.

 


 

 


 (c) 2024 Web:  <http://www.bullszimbabwe.com> www.bullszimbabwe.com Email:
<mailto:bulls at bullszimbabwe.com> bulls at bullszimbabwe.com Tel: +27 79 993
5557 | +263 71 944 1674

 


 

 

 

 

 

 

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20240917/e099a032/attachment-0001.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.png
Type: image/png
Size: 9458 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20240917/e099a032/attachment-0002.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.jpg
Type: image/jpeg
Size: 29356 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20240917/e099a032/attachment-0003.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image003.jpg
Type: image/jpeg
Size: 29321 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20240917/e099a032/attachment-0004.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image004.png
Type: image/png
Size: 34378 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20240917/e099a032/attachment-0003.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image005.jpg
Type: image/jpeg
Size: 29361 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20240917/e099a032/attachment-0005.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: oledata.mso
Type: application/octet-stream
Size: 65577 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20240917/e099a032/attachment-0001.obj>


More information about the Bulls mailing list