Major International Business Headlines Brief::: 20 September 2024

[Bulls n Bears]

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Major International Business Headlines Brief:::  20 September 2024 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Kenya Coffee Prices Defy Global Decline

ü  Africa's Plane Fleet to Double By 2043, Leading Global Growth - Boeing

ü  Africa: Women in Low-Income Countries Bear the Brunt of Ovarian Cancer

ü  Egypt Announces End to Year-Long Load Shedding Program

ü  Nigeria: Again, Another Multinational to Ditch Nigeria, Other African
Countries

ü  Sudan: World's Dams At Risk From Climate Change and Conflict - Report

ü  South Africa's Central Bank Cuts Rates for First Time in Four Years

ü  Africa: AGOA, Agoing, Agoner? Risks of U.S. Trade Policy for Africa

ü  Uganda: MPs Sound Alarm Over Education Quality Amid Staffing Crisis

ü  Malawi: Fresh Hope Grows for Malawi Banana Farmers After Virus Attack

ü  Nigeria to Import Ugandan Milk and Coffee

ü  Namibia: New Vehicle Sales Show Ongoing Decline in Passenger and
Commercial Demand

ü  America through the looking glass: The crypto bros crowdfunding a new
country

ü  Nike boss steps down as company veteran returns

ü  Consumer confidence tumbles ahead of Budget

 


 <mailto:info at bulls.co.zw> 

 


Kenya Coffee Prices Defy Global Decline

Kenya's coffee prices remained resilient in the latest auction, bucking a
global downtrend in the futures market as a result of increased supply
following a strong harvest in Brazil.

 

Arabica coffee prices came under slight pressure this week after projections
indicated that global 2024/25 coffee production would climb by +2.2 percent
year on year to 174 million bags.

 

The East African nation's Arabica prices rose to $245 per 50-kilo bag this
week from $239 in the previous sale, supported by strong demand for its
top-grade beans.

 

December Arabica coffee futures dropped by 0.04 percent, pushing down the
value. Arabica forms Kenya's largest coffee variety of which 95 percent is
sold to the global market.

 

 

These large export volumes make the country highly sensitive to fluctuations
in international prices.

 

The current drop in global coffee prices is largely attributed to a 26
percent year-on-year increase in Brazil's green coffee exports in July,
reaching 3.4 million bags.

 

Further downward pressure on prices stemmed from favourable weather in
Brazil, where the absence of frost spared coffee crops from potential
damage. Previously, the prices rallied on fears of frost that could have
reduced supply.

 

In 2021, Kenya benefited from high international prices after severe frost
in Brazil significantly impacted supply.

 

The Kenyan government is now pushing for coffee sector reforms aimed at
boosting farmers' earnings by cutting out intermediaries in the value chain.

 

Business Day Africa.

 

 

 

 

Africa's Plane Fleet to Double By 2043, Leading Global Growth - Boeing

Africa's commercial airplane fleet is set to see substantial growth by 2043,
with Boeing forecasting that 82 percent of the new aircraft deliveries will
be for expansion rather than replacement, marking the highest growth rate of
any region worldwide.

 

The US plane maker says Africa's expanding and youthful population is
driving a surge in air travel, with the continent's commercial airplane
fleet expected to more than double by 2043.

 

According to Boeing's 2024 Commercial Market Outlook (CMO), the freighter
fleet is expected to triple, driven by increased demand in export markets
and the rise of e-commerce across the continent.

 

 

Alongside fleet growth, the aviation services sector is projected to expand
at an annual rate of 5.7 percent, supported by the doubling of the region's
aircraft numbers.

 

Furthermore, Africa's airlines will require a significant boost in
personnel, with the need to recruit and train 76,000 new pilots, maintenance
technicians, and cabin crew members, effectively tripling the existing
workforce to accommodate the rising demand.

 

The report projects the delivery of over 800 new single-aisle jets, which
will make up the majority of the growth.

 

"As demand for air travel rises, African airlines will need more
single-aisle airplanes to efficiently serve major routes within Africa and
key markets such as Europe and the Middle East," said Shahab Matin, Boeing's
managing director for Commercial Marketing in the Middle East and Africa.
"This builds on Boeing's nearly 80-year relationship with African airlines,
with over 60 carriers currently operating around 500 Boeing aircraft."

 

The CMO anticipates passenger air traffic in Africa will increase by 6.4
percent annually, more than tripling the region's traffic by 2043. This
growth rate ranks Africa as the third highest among 10 global regions
tracked by Boeing.

 

Business Day Africa.

 

 

 

 

Africa: Women in Low-Income Countries Bear the Brunt of Ovarian Cancer

"But conversely, when it comes to healthcare dollars spent per capita on
ovarian cancer, middle- to lower-income countries spend significantly more."

 

"Current estimates suggest that by 2040, 70% of all cancer mortality will
occur in lower and middle-income countries. These numbers serve as a call
for action. We cannot let it stand," said Jeff Dunn, President of the Union
for International Cancer Control (UICC) at the opening of the 2024 World
Cancer Congress in Geneva.

 

The burden of ovarian cancer goes beyond health concerns and extends to
economic strain, where obtaining advanced treatments is extremely difficult.
This is often due to a lack of resources and inadequacy in the healthcare
systems of these regions to handle the complex needs of cancer patients. The
high cost of diagnosis and care can be catastrophic for families already
struggling with poverty, exacerbated by this inadequacy.

 

 

Ovarian cancer is the eighth most commonly diagnosed cancer in women around
the world. The World Ovarian Cancer Coalition reports that ovarian cancer
accounts for 324,000 new cases each year and 207,000 deaths from cancer
among women worldwide.

 

"Despite recent advances in the treatment of ovarian cancer, it remains one
of the most lethal of women's cancers. Globally, more than 900,000 women
have been diagnosed with ovarian cancer in the last five years, with around
7 out of every 10 women diagnosed in advanced stages," said Clara MacKay,
CEO of the World Ovarian Cancer Coalition.

 

"By 2050, the number of ovarian cancer diagnoses is expected to increase by
more than 55% and deaths by more than 70%," said MacKay.

 

"This is a global concern," she said. "If current trends continue, nearly 8
million women will die from ovarian cancer by 2050, with the heaviest
burden, falling on low and middle-income countries where 70% of those
diagnosed live."

 

 

Ovarian cancer imposes a major burden on society, disrupting lives, health
systems, and national economies.

 

Globocan projections indicate a significant increase in ovarian cancer
incidence by 2050, with 70% of cases expected to be diagnosed at advanced
stages, adversely affecting survival rates. These rises are due to aging
populations and shifts in risk factors linked to socioeconomic development.
It is estimated that ovarian cancer will cost 11 countries $70 billion in
lost income by 2023 as a result of ovarian cancer.

 

"This study is the first of its kind to quantify the socioeconomic impact of
ovarian cancer across multiple countries, in this case, 11 countries. This
study quantifies the overall societal cost of ovarian cancer using the value
of a statistical lifetime," said MacKay. "It quantifies the healthcare
expenditure for diagnosis, treatment, and palliative care. It quantifies the
loss to national economies through productivity losses when you take women
out of the workforce due to ovarian cancer. And importantly, it quantifies
the unrecognized cost of unpaid caregiving time."

 

 

"RTI International, a U.S.-based agency, commissioned the study, which we
conducted in collaboration and with a significant amount of support from the
WHO, who provided significant input and data access," says Mackay. "This
study provides insight into ovarian cancer's true burden, a burden that
extends far beyond healthcare expenditures."

 

The countries studied for their socioeconomic burden of ovarian cancer
included Australia, Canada, Colombia, India, Kazakhstan, Kenya, Malawi,
Malaysia, Nigeria, the United Kingdom, and the United States. The countries
were selected based on their population size to ensure a geographical spread
across all continents and a mixture of income groups, as defined by the
World Bank.

 

"Middle- to lower-income countries spend significantly more per capita on
ovarian cancer, indicating that diagnosing and treating ovarian cancer
places a greater burden on countries with the least available healthcare
resources," she said.

 

There is a higher financial burden associated with ovarian cancer in
wealthier countries, according to the study. For example, in the U.K.,
costing 0.24% of gross domestic product. In contrast, in lower-income
countries, they face a smaller financial impact. For example, Malawi has
just 0.02% of GDP. This difference is partly because newer, advanced cancer
treatments are more available in richer countries, and there's a higher
emphasis on the value of worker productivity and statistical lives.

 

"Diagnosing and treating ovarian cancer places a greater per capita burden
on countries with the least available healthcare resources, as specialist
treatments like chemotherapies are significantly more costly compared to
basic healthcare services. We also found that women spend nearly 3,700 years
traveling to or receiving treatment," says MacKay.

 

"Patients in low- and middle-income countries spend almost twice as much
time traveling compared to receiving treatment, resulting in a labor
productivity loss equivalent to 2.5 million workdays and leaving over 9,400
women missing from the workforce."

 

"We need to ensure that in low- and middle-income countries, where ovarian
cancer treatments are often unaffordable, we improve global access to
affordable care. We must also recognize the significant contribution of
caregivers and align strategies with existing global women's health
initiatives to enhance outcomes for those living with ovarian cancer,
enabling them to make a more substantial contribution to society," said
MacKay.

 

 

 

 

Egypt Announces End to Year-Long Load Shedding Program

Prime Minister Mostafa Madbouly announced the conclusion of the load
shedding program, which started in July 2023 across Egypt, as he addressed
citizens in a press conference on Thursday 19/9/2024.

 

Madbouly stated that power outages will not reoccur as the necessary
shipments have been secured to ensure uninterrupted supply.

 

Madbouly announced the allocation of LE 7 billion to the Ministry of
Electricity to ensure the implementation of energy projects.

 

The prime minister mentioned the prosecution of around 513,771 electricity
theft cases, saying: "If half of these thefts did not exist, there would be
no [electricity supply] problems again."

 

Since last summer, Egypt has implemented a load shedding program amidst
unprecedented local consumption due to the consequent heatwaves across the
country.

 

Madbouly said in July that the daily consumption rate exceeded 37.5
gigawatts, up by more than 12 percent compared to the previous year.

 

The government has halted power cuts since 21 July for two months and
pledged to resolve the crisis by the end of this year.

 

Madbouly said Egypt will be able to restore normal gas production rate from
the Zohr field as before the global economic crisis before the end of June.

 

Egypt Online.

 

 

 

 

Nigeria: Again, Another Multinational to Ditch Nigeria, Other African
Countries

PZ Cussons currently holds a 73.3 per cent stake in its Nigerian unit.

 

British consumer goods group PZ Cussons Plc is at the warm-up stage of
completely or partially quitting operations in Africa, where Nigeria and
Kenya are the main manufacturing hubs.

 

The continent accounts for 28.7 per cent of the group's revenue, with
Nigeria being its largest and most diverse single market

 

We "have received a number of expressions of interest for our African
business, recognising the potential of our brands and people, which could
lead to a partial or full sale," the parent company was quoted as saying in
a Thursday statement by PZ Cussons Nigeria, its local subsidiary.

 

 

PZ Cussons Nigeria stated in the regulatory filing at the Nigerian Exchange
it will make relevant information about the move public once a formal
notification from its parent company is in place.

 

The 2024 financials of the Manchester-based group, released in London on
Wednesday and seen by PREMIUM TIMES, showed net profit plunged 39.7 per cent
after a 57 per cent slide in the naira against the sterling during the
review period.

 

It forced the maker of popular brands including Canoe, Premier Cool and
Devon Kings to scale back dividend by as much as 44 per cent in a mark of
the sweeping reverberations that naira devaluation are having beyond the
local operations of multinationals doing business in Nigeria.

 

PZ Cussons holds a 73.3 per cent stake in its Nigerian unit.

 

 

"Our FY24 reported results fell short of our initial expectations, primarily
due to the macroeconomic developments in Nigeria which, as we indicated last
year, would significantly affect our results," the group disclosed in its
earnings report.

 

"The 70% currency devaluation over the course of the financial year has,
therefore, caused a significant impact not only on our local business but
also on the profitability and financial position of the Group."

 

The Nigerian division reported its first annual loss (N76 billion) in years
in August, following a surge of 3,000 per cent in foreign exchange loss

 

PZ Cussons Nigeria's share price is down by 40.8 per cent this year, and
trails the NGX Consumer Goods Index, the stock index tracking the
performance of the consumer goods sector, which has yielded 40.3 per cent so
far.

 

PZ Cussons' deal to buy out the minority shareholders of its Nigerian
division and take the company private earlier this year collapsed after the
capital market regulator refrained from approving the bid.

 

The Securities and Exchange Commission said what PZ Cussons offered to
acquire the minority shares was lower than the market price of the shares at
the time.

 

Premium Times.

 

 

 

 

Sudan: World's Dams At Risk From Climate Change and Conflict - Report

Delft, the Netherlands — When the Arbaat Dam, 38 kilometres northwest of
Port Sudan, collapsed catastrophically in August, following the unusually
heavy rains that have hit Sudan this year, it left a swath of death and
destruction in its wake, with more than 100 dead and entire villages washed
away, affecting more than 50,000 people. The collapse of the Arbaat Dam has
been cited in a new report published by the IHE Delft Institute for Water
Education* this week, which cautions that with the frequency and severity of
extreme weather events increasing due to climate change, many of the 70,000+
dams in the world are aging, and at a higher risk of failure. This is
increased in conflict zones, where dams have been 'abandoned'

 

 

The report is co-authored by Micha Werner (associate professor in drought
and flood management), and Yasir Mohamed (associate professor of water
resources management) at the IHE Delft Institute for Water Education, based
in Delft, the Netherlands, which is the largest international graduate water
education facility in the world, and operates under the auspices of UNESCO.
Werner and Mohamed warn that "in conflict zones, where maintenance may be
absent, or where as in the case of Jebel Aulia dam in Sudan, operators have
abandoned dams due to these being in rebel-held territory, there is an
increased risk of further collapses, with catastrophic impacts."

 

In addition to the Arbaat and Jebel Aulia dams in Sudan, the report
underscores that "earlier this year, a dam collapsed in Kenya, and this week
marks the first anniversary of the collapse of two dams upstream of the
coastal town of Derna in Libya, devastating the town and causing an
estimated 6,000 to 20,000 casualties."

 

The authors underscore: "Dams can also be very effective in reducing floods
when well operated. Recent research shows that the world's dams can reduce
the number of people exposed to projected increases of global flood risk due
to climate change by 13-21 per cent."

 

The report explains that "the cause of the collapse of the Arbaat dam was
excessive rainfall due to the current heavy monsoon season in the Sahelian
region including Sudan, with the capacity of the spillway likely being
exceeded and subsequent overtopping and failure of the dam. The dams
upstream of Derna also collapsed as a result of extreme rainfall, due to
Storm Daniel, a Mediterranean cyclone. Dams are built to withstand extreme
floods, with spillways and emergency outlet structures designed to pass
these safely. Still, there is always a small probability of floods larger
than those the dam builders designed for. This could lead to the dam being
overtopped, and subsequent dam burst."

 

 

Werner and Mohamed warn: The situation is worse in marginalised regions and
conflict areas... The situation in war-torn Sudan is particularly dire.
There the country's dams are divided, with some in rebel-held territory,
including the Jebel Aulia dam just upstream of the capital city of Khartoum.
This dam is now abandoned and its gates are essentially not operated.
Coordination of flood operations of other major dams is increasingly
difficult due to displacement of staff and communication challenges.
Coordinated operation of these dams is essential, particularly given the
ongoing heavy monsoon season, which already led to the collapse of the
Arbaat dam."

 

In conclusion, the report cautions the wider international community that
"with the frequency and severity of extreme weather events increasing due to
climate change, many of the 70,000+ dams in the world are at a higher risk
of failure. Additionally, the majority of the world's dams are now aging.

 

"The impacts of a dam collapsing are catastrophic. Arbaat and Derna were
both small dams. Seventy-three percent of the world's dams are larger. The
increasing risk of failure due to climate change calls for increased
attention and investment. Particularly where that risk is aggravated further
by conflict and instability, more effort is needed. The collapse of a dam
and the suffering this causes can be averted, but appropriate action needs
to be taken."

 

Jebel Aulia

 

As reported by Radio Dabanga in September, experts are warning of the state
of the Jebel Aulia dam in the White Nile south of Khartoum as maintenance
has not taken place since the end of last year. The failure of the dam to
raise the water level of the White Nile may lead to a failed agricultural
season. A collapse of the dam also threatens people in Khartoum.

 

The Jebel Aulia dam, 44 kilometres south of central Khartoum, was
established in 1937. The reservoir, with a capacity of 3,500 million cubic
metres, was originally designed to benefit Egypt by augmenting the supply of
summer flow to Aswan. Since the construction of the High Aswan dam, Egypt
did not longer need the Jebel Aulia dam and officially handed it over to
Sudan in 1977.

 

The main function has become to raise the water level in the areas south of
the dam on the east and west banks of the White Nile for the mechanic
irrigation of agricultural projects. However, the required maintenance has
not occurred since the Rapid Support Forces (RSF) took control of the area
in November last year, which has led to serious concerns about the
possibility to irrigate White Nile state farms in the upcoming agricultural
season this winter.

 

In an open appeal to both the governor of White Nile state and the RSF
command earlier this week, Yousef El Hasani, the head of the White Nile
Farmers Association warned that the state's farms and agricultural projects
depending on irrigation during the winter season are threatened due to the
low level of the Nile water.

 

The dam operating system needs to be manned permanently to maintain the
water levels in the White Nile. "The raised water level is supposed to serve
the many agricultural projects in White Nile state, including national
sugarcane plantations, and the damage will be large when the engineers
cannot return to their jobs soon," El Hasani explained in the letter.

 

Read the complete IHE Delft Institute for Water Education report here

 

*The IHE Delft Institute for Water Education is the largest international
graduate water education facility in the world. Based in Delft, the
Netherlands, IHE Delft confers fully accredited MSc degrees and PhD degrees
in collaboration with Dutch partner universities. The Institute conducts
research and supports capacity development to address the world's water
challenges.

 

Since the start in 1957, the Institute has provided water education and
training to more than 25,000 professionals from over 190 countries, the vast
majority from Africa, Asia and Latin America. Institute staff work with
partners in cutting-edge research and capacity-development projects with a
worldwide impact. IHE Delft aims to make a tangible contribution to
achieving all Sustainable Development Goals in which water is key.

 

UNESCO, UN & Water

 

IHE Delft operates as a foundation under Dutch law. As a Category 2 centre
under the auspices of UNESCO, IHE Delft is a member of the UN-Water network.
As such, the Institute is involved in high-level discussions on global water
problems. At the same time, we work with partners to apply solutions
locally.

 

IHE Delft contributes expertise to the UNESCO Intergovernmental Hydrological
Programme (IHP) and its research, education and capacity work contributes to
the global water agenda.

 

(Source: un-ihe.org)

 

Dabanga.

 

 

 

 

South Africa's Central Bank Cuts Rates for First Time in Four Years

South Africa's central bank reduces benchmark interest rate by 25 basis
points to 8% in response to global easing expectations.

Governor Lesetja Kganyago announces the rate cut during a press briefing,
aligning with most economists' predictions.

Inflation in South Africa has moderated below the central bank's target
range of 4.5%, allowing policymakers to commence easing after keeping rates
high for 15 years.

South Africa's central bank lowered its benchmark interest rate by 25 basis
points to 8%, marking the first rate cut in over four years. This move
follows the U.S. Federal Reserve's 50 basis-point reduction the previous day
and reflects expectations of further global financial easing.

 

Governor Lesetja Kganyago announced the decision during a press briefing on
Thursday. It aligned with the predictions of most economists. Only one
analyst had forecast a larger 50 basis-point cut.

 

The cut comes as inflation in South Africa has moderated, falling below the
midpoint of the central bank's target range of 4.5%. This gives policymakers
room to begin easing after maintaining rates at a 15-year high.

 

You can follow Daba's reporting on Africa on WhatsApp. Sign up here

 

Key Takeaways

 

The South African Reserve Bank's 25 basis-point cut reflects growing
momentum for global monetary easing, following the Fed's recent move. With
inflation cooling and a stable rand, South Africa joins other central banks
in reducing borrowing costs. This shift may bolster investor confidence in
emerging markets, leading to more favorable financial conditions and capital
inflows. Further rate cuts could follow as global financial conditions
continue to ease, benefiting South Africa's economic growth and asset
markets.

 

Daba Finance.

 

 

 

 

Africa: AGOA, Agoing, Agoner? Risks of U.S. Trade Policy for Africa

AGOA expires in 2025, and Washington's political climate suggests a
'business-as-usual' approach is unlikely to suffice.

 

The future of the African Growth and Opportunity Act (AGOA) is increasingly
uncertain as United States (US) industrial policy becomes more nationalistic
and securitised, particularly in response to shifting geopolitical, trade
and domestic priorities.

 

Established in 2000, AGOA offers duty-free access to the US market for
certain products from eligible sub-Saharan African countries, to encourage
economic growth and foster US-Africa relations. However, current and future
US policy trends could affect AGOA's trajectory, potentially damaging
African economies.

 

Several concerns are generating anxiety among African policymakers.

 

The first is the ongoing shift in US industrial and trade policy. Under both
the Trump and Biden administrations, economic nationalism has dominated. US
trade has increasingly focused on reshoring supply chains, reducing reliance
on foreign production and securing critical industries, particularly in
response to competition with China. This could reduce the focus on
initiatives like AGOA, especially if they don't align with US goals of
boosting domestic production and securing supply chains.

 

 

Moreover, US trade policy is increasingly viewed through a security prism,
meaning Africa's positioning is under greater scrutiny. Should African
countries be perceived as drifting into the orbit of China, Russia or other
non-Western powers, that could lead to a reassessment of trade incentives
under AGOA. South Africa's 'Lady R' debacle offers a clear example. AGOA's
future may be linked to how African countries align with US geopolitical
interests.

 

Another subtle shift has been the US preference for bilateral trade deals
under recent administrations, which could undermine regional programmes like
AGOA. The strategic trade and investment partnership with Kenya is a case in
point, aimed at strengthening ties with nations where the US feels it can
exercise more meaningful influence.

 

The second area to watch is the upcoming US election, which will undoubtedly
shape the future of US-Africa trade relations. Under a Trump administration,
with its 'America First' mantra, trade policy would likely be insular and
transactional. Given Trump's scepticism of multilateral frameworks, AGOA's
continuation could be legitimately under threat.

 

Although Africa might not feature prominently on his agenda, Trump's first
administration did push for trade deals with select African countries,
suggesting a preference for bilateral engagement. He's also explicitly
linked trade to strategic partnerships, so countries not aligned with US
security goals could face reduced support under AGOA.

 

In contrast, under President Joe Biden and potentially Vice-President Kamala
Harris, democracy and human rights would likely remain central to US foreign
policy. The Biden administration has already expelled countries like Niger,
Gabon and Uganda from AGOA for governance issues, reflecting an increasingly
security-driven and rights-based approach to African trade relations.

 

 

AGOA eligibility requires countries to meet certain governance and human
rights standards, and Harris would likely bolster enforcement of these. Her
agenda may also focus on climate action and sustainable development, which
could influence how AGOA is framed or updated, with possible incentives for
African countries to focus on green industries and sustainable trade
practices. Harris may also push for AGOA initiatives that support Africa's
digital infrastructure, with incentives for US tech firms investing in the
continent.

 

Zooming out, Harris might view strengthening African economies through trade
as key to long-term global stability. This could see an expanded or modified
AGOA, ensuring it plays a role in countering violent extremism, instability
and economic fragility in regions of strategic importance to the US.
However, despite these differences, both sides of the political aisle are
guided by the same nationalistic impulses.

 

Where does this leave African countries? With AGOA set to expire in 2025,
its extension is no longer a formality. The act might not be renewed in its
current form, or could be revised to better align with US security and
economic priorities. Whether AGOA is renewed or replaced will depend on how
Africa fits into the US' geopolitical and geo-economic strategy.

 

Several scenarios are worth considering.

 

First, there's the possibility of maintaining the status quo with only minor
changes to the existing policy. However, Washington's political climate
suggests a 'business-as-usual' approach is unlikely to suffice. US lawmakers
have already raised concerns about the eligibility of certain African
countries under the programme.

 

South Africa's foreign policy stances on Russia and China have come under
scrutiny, with some members of Congress, such as Senators Chris Coons and
Jim Risch, questioning its continued inclusion in AGOA. They even lobbied to
move the AGOA Forum away from South Africa and reconsider its benefits.

 

In this context, Washington could adopt a more adversarial stance, imposing
stricter conditions related to governance, security and strategic
positioning. This might result in the withdrawal of preferential access for
African nations aligning too closely with China.

 

Second, rather than renewing AGOA in its current form, there may be a
continued US shift towards bilateral trade agreements with select African
nations, particularly those seen as strategic partners. This could lead to a
more fragmented trade relationship with Africa.

 

Countries whose agendas complement US domestic manufacturing, supply chain
security, and economic resilience will emerge as winners. In contrast, those
with economic policies perceived as incompatible with US priorities could
face adverse consequences.

 

Third, the US perceiving Africa as increasingly under China's influence
could see AGOA being reassessed.

 

On the positive side, an updated and modernised approach might strengthen
US-Africa ties. A new framework focusing on sustainability, innovation and
inclusive development is arguably overdue.

 

Revising AGOA to target sectors representing Africa's future economic
potential - such as clean energy, digital services and value-added
manufacturing - could be constructive. Adding an investment component would
offer a more compelling counterweight to Beijing's influence, tying into
Washington's broader industrial policy.

 

Furthermore, ensuring that smaller or less developed African nations can
take better advantage of trade preferences would address criticisms of the
programme.

 

The diplomatic and policy dilemma facing the next US administration is
significant. A substantial AGOA reform, rather than dismantling, seems the
most likely outcome. Reforming the programme to better align with US
priorities - while also addressing Africa's aspirations - would ensure that
trade remains a meaningful pillar of US-Africa relations for years to come.

 

Read the full ISS report by Ronak Gopaldas, 'African Growth and Opportunity
Act: mutually assured construction', here

 

Ronak Gopaldas, ISS Consultant and Signal Risk Director

 

ISS.

 

 

 

 

Uganda: MPs Sound Alarm Over Education Quality Amid Staffing Crisis

According to Mbale Woman MP Connie Galiwango, "There is one university
operating at 12%, and Kyambogo is at least at 30%. What products are we
getting?"

 

Members of Parliament are raising concerns about the quality of education in
the country's institutions, following revelations that some public
universities are operating with a mere 12% of the required teaching staff.

 

This shocking statistic has sparked worries about the ability of these
institutions to provide adequate learning experiences.

 

According to Mbale Woman MP Connie Galiwango, "There is one university
operating at 12%, and Kyambogo is at least at 30%. What products are we
getting?"

 

She emphasized that the staffing levels of all public universities are
inadequate, pointing out that primary schools fare even worse, with some
having only seven teachers.

 

Mbale City Women Representative Connie Nakayenze echoed these concerns,
highlighting the crucial role part-time teaching staff play in holding
universities together.

 

"They are the ones doing the donkey work, and if they aren't paid, it's very
sad," Nakayenze stated.

 

Moriku Kaducu, Minister of State for Higher Education, defended Kyambogo
University's decision to let go of some part-time staff, citing a change in
recruitment policy aimed at addressing the 30% shortage of qualified
teaching staff.

 

Nile Post.

 

 

 

 

Malawi: Fresh Hope Grows for Malawi Banana Farmers After Virus Attack

Blantyre, Malawi — Banana farmers in Malawi are beginning to recover from
over a decade of economic hardship after the banana bunchy top virus, or
BBTV, wiped out local banana varieties.

 

Africa's Banana Bunchy Top Disease Alliance said up to 16 countries on the
continent have been hit by BBTV, which renders plants unproductive and
eventually kills them. The disease leads to yield losses of 70% to 90% in
the first season, with subsequent seasons seeing no bananas at all.

 

Agriculture experts in Malawi say the virus destroyed the livelihoods of
nearly 200,000 farmers in 2016, who were entirely dependent on banana
farming.

 

 

Samson Mulenga, one of the affected farmers in Mulanje district in southern
Malawi, told VOA the disease wiped out his entire banana production and left
him destitute. The retired agriculture extension coordinator said a switch
to other crops like cow peas, vegetables and cassava did not earn him as
much as he had earned from banana farming.

 

But now, he said, the situation is slowly returning to normal because of
collaborative programs between the U.N.'s Food and Agriculture Organization
and the Malawi government aimed at revamping the banana industry.

 

Godfrey Kayira, horticulture specialist for the Ministry of Agriculture in
Mulanje district, said that under the Special Agricultural Product and
Kulima programs, farmers were advised to get rid of all infected bananas and
instead plant a BBTV-free variety.

 

"These are the new varieties, but they are also susceptible to disease and
can get the disease," he said. "So, the only way is to manage the disease.
That's why we did some training [for] farmers so that they can manage. But
if the varieties are left unmanaged, they can also get affected by the
disease and also die."

 

Kayira said farmers were told to plant the new varieties 100 meters away
from any banana plantation or orchard, and to immediately uproot and burn
any plant showing signs of the disease, which include severe stunting and
stumpy shoots.

 

However, smallholder farmers say their road to recovery is hindered by an
influx of imported bananas from Tanzania and Mozambique.

 

Those bananas are cheap, but are lower quality, Kayira explained.

 

"Mulanje [district] is getting a lot of bananas from Mozambique," he said.
"The challenge is that the bananas from Mulanje, the quality is good
compared to those from Mozambique. As a result, the price of the bananas
that we have here are much higher than those from Mozambique."

 

Kayira said the situation will normalize once the country's banana
production returns to its former glory.

 

Meanwhile, Malawi is also receiving support from the Chinese government,
which is carrying out a "School Banana Orchard Establishment" initiative
aimed at growing bananas at primary and secondary schools across the
country.

 

In March of this year, the initiative planted more than 100 banana plants at
the Chaminade Marianist secondary school in the capital Lilongwe.

 

VOA.

 

 

 

 

Nigeria to Import Ugandan Milk and Coffee

This development follows a visit by former Nigerian President Olusegun
Obasanjo to President Museveni.

 

Nigeria is set to begin importing milk and coffee from Uganda, marking a
significant step toward strengthening economic ties between the two African
nations.

 

This development follows a visit by former Nigerian President Olusegun
Obasanjo to President Museveni.

 

During the visit, President Museveni hosted Obasanjo at Pearl Dairy Farms
Limited in Mbarara City and facilitated a meeting with farmers from Kiruhura
and Kazo districts.

 

 

H.E. Obasanjo expressed his enthusiasm about Uganda's impressive annual milk
production of 5.7 billion liters, assuring both President Museveni and
Ugandan farmers that Nigeria is eager to purchase Ugandan processed milk and
coffee.

 

"I am here to see how Nigeria can buy Ugandan milk, expand processed milk
production, and coffee," he stated.

 

The former Nigerian President highlighted that many African nations,
including Nigeria, import milk from Europe despite Uganda's capacity to meet
these demands.

 

"It's only recently that I learned Uganda is the leading milk exporter in
Africa," he added.

 

President Museveni thanked Obasanjo for his willingness to partner with
Uganda and emphasized that Uganda is well-positioned to supply milk to both
local and international markets.

 

Accompanied by the First Lady and Minister of Education and Sports, Maama
Janet Kataha Museveni, President Museveni also commissioned the upgraded
Nshwere Church of Uganda, refurbished by Tororo Cement Company Limited.

 

 

During his visit, the President urged Ugandan farmers to shift from
free-range grazing to zero-grazing and adopt silage planting to boost
profitability.

 

He also advised families to register their farms as businesses instead of
dividing family land, reminding farmers that they are producing for the
broader African market, not just Uganda.

 

Uganda's Minister of State for Animal Industry, Bright Rwamirama,
highlighted the country's rising export value, now standing at $264.5
million.

 

He also reassured farmers that the government is making strides to eradicate
ticks, a major challenge to milk production, with a tick vaccine in the
final stages of development.

 

This new partnership between Uganda and Nigeria signals a promising future
for Uganda's agricultural exports, bolstering the economy while providing
Nigeria with high-quality Ugandan milk and coffee.

 

Nile Post.

 

 

 

 

Namibia: New Vehicle Sales Show Ongoing Decline in Passenger and Commercial
Demand

Research and investment company IJG recently released its new vehicle sales
analysis report which shows that 995 new vehicles were sold in August, an
8.2% y/y decrease compared to last year and a 14.3% m/m decline from the
1,161 units sold in July.

 

The report revealed that year-to-date (YTD) 8,472 new vehicles have been
sold, 168 less than the 8,640 sold during the same period in 2023. A total
of 12,361 vehicles were sold over the past 12 months by the end of August,
although this figure has declined by 214 units from the 12,575 sold in the
corresponding period last year.

 

>From the total ytd vehicles sold, 3,778 were passenger vehicles, 4,184 were
light commercial vehicles, and 510 were medium and heavy commercial
vehicles.

 

 

A total of 441 new passenger vehicles were sold in August, representing a
20.3 m/m decline from the revised July figure and an 11.1% drop compared to
the same period last year.

 

The passenger vehicles sales continued to decline resulting in the 12-month
cumulative total falling by 7.3% y/y to 5,656. Toyota and Volkswagen's sales
accounted for 65% of the new passenger vehicles sold in August, although
both saw more than 20% m/m decline in sales.

 

In the commercial vehicle segment, sales totaled 554 in August, a decline of
8.9% m/m and 5.8% y/y. Light commercial vehicle sales fell by 3.4% y/y,
heavy commercial vehicle sales declined by 44.6% y/y while medium commercial
vehicle sales surged by 114.3% y/y.

 

Furthermore, 30 new medium commercial vehicles were sold during the month,
the highest monthly figure since January last year. On a twelve-month
cumulative basis, light commercial vehicle sales are up 5.5% y/y while
medium commercial and heavy commercial vehicle sales are down 13.3% y/y and
8.1% y/y over a year ago respectively.

 

Toyota continued to lead the light commercial vehicle segment, claiming
62.7% of the sales YTD, followed by Ford with 11.2% and Volkswagen with
5.1%.

 

Meanwhile, Hino retained the top spot in the medium commercial vehicle
segment with a 29.4% market share. Scania continues to lead the heavy and
extra heavy commercial segment with 28.3% of the sales YTD.

 

Namibia Economist.

 

 

 

 

 

America through the looking glass: The crypto bros crowdfunding a new
country

Do you look at the possibility of political turbulence ahead of November’s
US presidential election and think: democracy could be in trouble? So does a
group of tech entrepreneurs backed by big Silicon Valley money. And they
love it.

Imagine if you could choose your citizenship the same way you choose your
gym membership. That’s a vision of the not-too-distant future put forward by
Balaji Srinivasan. Balaji – who, like Madonna, is mostly just known by his
first name – is a rockstar in the world of crypto. A serial tech
entrepreneur and venture capitalist who believes that pretty much everything
governments currently do, tech can do better.

I watched Balaji outline his idea last autumn, at a vast conference hall on
the outskirts of Amsterdam. “We start new companies like Google; we start
new communities like Facebook; we start new currencies like Bitcoin and
Ethereum; can we start new countries?” he asked, as he ambled on stage,
dressed in a slightly baggy grey suit and loose tie. He looked less like a
rockstar, more like a middle manager in a corporate accounts department. But
don’t be fooled. Balaji is a former partner at the giant Silicon Valley
venture capital firm Andreessen Horowitz. He has backers with deep pockets.

 

Getty Images/Steve Jennings Tech entrepreneur Balaji SrinivasanGetty
Images/Steve Jennings

Tech entrepreneur Balaji Srinivasan published his book The Network State:
How to Start a Country in 2022

Silicon Valley loves “disruption”. Tech startups have been disrupting
traditional media for years; now they are making inroads into other areas
too: education, finance, space travel. “Imagine a thousand different
startups, each of them replacing a different legacy institution,” Balaji
told the audience. “They exist alongside the establishment in parallel,
they’re pulling away users, they’re gaining strength, until they become the
new thing.”

If startups could replace all these different institutions, Balaji reasoned,
they could replace countries too. He calls his idea the “network state”:
startup nations. Here’s how it would work: communities form – on the
internet initially – around a set of shared interests or values. Then they
acquire land, becoming physical “countries” with their own laws. These would
exist alongside existing nation states, and eventually, replace them
altogether.

You would choose your nationality like you choose your broadband provider.
You would become a citizen of the franchised cyber statelet of your choice.

There is nothing new about corporations having undue influence in the
affairs of nation states. The term "banana republic" derives from the fact
that a US company, United Fruit, effectively ruled Guatemala for decades
beginning in the 1930s. Apart from owning the majority of the land, they ran
the railways, the postal service, the telegraph. When the Guatemalan
government tried to push back, the CIA helped United Fruit out by
instigating a coup.

But the network state movement appears to have greater ambitions still. It
doesn’t just want pliant existing governments so that companies can run
their own affairs. It wants to replace governments with companies.-BBC

 

 

 

 

Nike boss steps down as company veteran returns

The boss of Nike will step down next month, making way for a company veteran
to take his place as the leader of the world's biggest sportswear company
amid tough competition in the retail sector.

In a statement, Nike said John Donahoe will retire on 13 October, staying on
in an advisory role until early next year to "ensure a smooth transition".

Demand for the company's trainers has been faltering in international
markets like China and the company's stock price had slumped.

Shares rose more than 9% in after-hours trading, however, following the
announcement that Elliott Hill would return to the firm.

 

Mr Donahoe was responsible for boosting Nike's online presence, as well as
driving more sales directly from customers instead of partnering with other
shops on High Streets or in shopping centres.

He joined the company's board in 2014 before taking on the role of chief
executive in 2020.

His tenure has been challenging with huge shifts in the retail landscape
during the pandemic and as inflation spiked in the following years.

The footwear firm has also faced tough competition from the likes of newer
rivals like On and Hoka, which some analysts have described as being more
innovative and on-top of current trends.

Nike had been hoping that new products and a marketing campaign around the
Olympic Games in Paris would help bring shoppers back to the brand.

But in the announcement on Thursday, it said that the board and Mr Donahoe
had "decided he will retire from his role".

“It became clear now was the time to make a leadership change," Mr Donahoe
said, adding that Elliott Hill is the right person for the job and he was
looking forward to seeing his future success.

His successor, Mr Hill, retired from the company just four years ago after
serving in a number of senior leadership roles in Europe and the US.

He said he was "eager to reconnect" with employees he had worked with in the
past.

"Together with our talented teams, I look forward to delivering bold,
innovative products, that set us apart in the marketplace and captivate
consumers for years to come," he added.-BBC

 

 

 

 

Consumer confidence tumbles ahead of Budget

The longest-running measure of consumer confidence fell sharply in
September, raising concerns about whether government rhetoric about Budget
"pain" has spooked people.

GfK's Consumer Confidence Index had been recovering after years of rolling
crises, higher interest rates and inflation gradually creeping up.

But since the end of August, it fell by seven points to -20 overall, which
GfK has said does not provide "encouraging news" for the UK's new
government.

Some economists have linked the drop to officials' warnings of a "painful"
Budget at the end of August, although it is impossible to prove a link.

 

There were "major corrections" - or double digit falls - for consumers'
perception of the general economic situation, as well as how likely they
were to make big purchases.

People's view of their own personal finances in the future has also turned
negative again, down nine points to -3.

Former Prime Minister Rishi Sunak had previously hailed the turn in this
measure positive as a sign of an economic turnaround.

The fall was unexpected as it came in the aftermath of an interest rate cut
from the Bank of England, potentially easing the pressure faced by some
homeowners.

But other measures of consumer confidence have dipped too.

"Despite stable inflation and the prospect of further cuts in the base
interest rate, this is not encouraging news for the UK’s new government,"
said Neil Bellamy, consumer insights director at GfK.

He suggested that following the withdrawal of winter fuel payments and
warnings of "further difficult decisions" to come on tax, spending and
welfare, consumers are "nervously" awaiting the upcoming Budget on 30
October.

Autumn Budget will be painful, warns Starmer

 

Some business leaders, such as the Labour-supporting boss of Iceland,
Richard Walker, have warned the government about "doom-laden prophecies" on
the economy.

When asked if "doom and gloom were overdone" last week, Chancellor Rachel
Reeves told the BBC: "The latest business surveys continue to show a high
degree of confidence in the UK economy because this government has brought
stability back."

She also spoke of how she now wanted to "unlock the huge potential" of the
country.

The Bank of England Governor Andrew Bailey said on Thursday that he thought
underlying confidence was rising but that consumers "want to see evidence
that this is sustained".

He also noted that rising incomes in the wake of inflation spiking had led
to a "sharp rise in savings" in the last year - more than the increase in
consumer spending.

The chancellor and prime minister are expected to outline a more hopeful,
upbeat economic message at the Labour party's conference next week, and at
an important investment summit in mid-October.

But what's clear is that this is not a government that is rowing back on the
message that the Budget will contain tax rises, welfare cuts and government
departmental cuts, which may prove painful for some.-BBC

 

 

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

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

Email:                <mailto:bulls at bullszimbabwe.com>
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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

 


 

 

 

 

 

 

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