Major International Business Headlines Brief::: 23 September 2024

[Bulls n Bears]

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Major International Business Headlines Brief:::  23 September 2024 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Africa: What Does Russia Trade With Africa?

ü  Nigeria: Lagdo Dam - Taraba Residents Flee As Water Submerges Farmlands

ü  Liberia: Senate Calls for Revision or Rejection of Over U.S.$10m Medtech
Scientific Liberia Limited Agreement

ü  Kenya: Solicitor-General Calls for Settlement of Ex-Kcc Workers Terminal
Dues

ü  Tanzania: USA Commends Tanzania for Leveraging ICT to Drive Development

ü  Angola: Diplomat Highlights Angola's Economic Reforms

ü  Uganda: Women-Owned Firms Get Shs 1.6bn Deals

ü  Uganda: Govt to Investigate Telecom Racket

ü  Ethiopia: Chinese Investors Desirous to Invest in Ethiopia Specially in
Agricultural Technology, Trade

ü  Ethiopian Airlines Launches Three Additional Flights From Addis Ababa to
Guangzhou

ü  Kenya: Farmers to Get Licenses to Grow and Sell Fruits, Vegetables

ü  South Africa: Government Welcomes Repo Rate Cut

ü  British Airways cancels summer flights from UK airport

ü  Will the US presidential election define the future of crypto?

ü  Australia supermarkets sued over fake discount claims

 


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Africa: What Does Russia Trade With Africa?

Moscow — After two symbolic African leaders' summits, Russia's trading is
steadily increasing but significantly in exports of military weapons and
equipment. According to Kremlin reports, Russian President Vladimir Putin
said the trade turnover between Russia and African countries had increased
by almost 35% in the first half of 2023 despite international sanctions.

 

During the first summit, Putin promised to double trade with African states
within five years as he sought to win new friends with offers of nuclear
power plants and fighter jets. He fixed the expected figure at $40 billion,
which he repeated in several speeches until the last summit held in July
2023 in St. Petersburg.

 

According to the Russia Today (RT) report, under the headline "Russia
expanding African defence partnerships" issued 5th Sept. 2024, Russia's arms
exporter Rosoboronexport has outlined plans for joint ventures regarding
military equipment with the continent. That report indicated that the
Russian arms export agency Rosoboronexport has been advancing multiple
cooperation projects with African countries, quoted Aleksandr Mikheev, the
agency's head.

 

Mikheev, speaking on the sidelines of the Egypt International Airshow,
further said his agency was working on several industrial cooperation
projects with African countries, focusing on the licensed production of
small arms, ammunition, armoured vehicles, and fast combat boats.

 

The head of the Russian arms export agency also noted the increasing
importance of Africa and the Middle East in the company's overall business.
"The combined share of Middle Eastern and African countries in
Rosoboronexport's order portfolio exceeds 50%, which translates to over $25
billion," he said.

 

Mikheev revealed that over 40 African nations are actively engaged in
military-technical collaboration with Russia. "There is a very significant
share of signed and executed contracts in the order portfolio. Mostly, of
course, it is equipment, air force, air defence, helicopters, small arms,
electronic warfare."

 

Last December for instance, the Rosoboronexport head said that African
countries bought more than 30% of the weapons systems exported by Russia in
2023. The Stockholm International Peace Research Institute (SIPRI) reported
last year that Russia had overtaken China as the leading arms seller in
sub-Saharan Africa, with market share growing to 26% as of 2022. According
to the report, Algeria, Angola, Egypt, and Sudan were the top importers of
Russian weapons on the continent.

 

Business& Financial Times also reported that Putin had promised to double
trade with African states within five years as he sought to win new friends
with offers of nuclear power plants and fighter jets. Moscow remains the
biggest exporter of arms to Africa.

 

The most successful pillar of Russia's conventional trade with Africa is
arms, managed mainly by state-controlled Rosoboronexport. Between 2010 and
2021 Russian arms exports to Africa dwarfed those of every other supplier
and were three times greater than those of China, the second-biggest over
the period, according to SIPRI.

 

Other Russian companies with significant operations in Africa include
Alrosa, which operates diamond projects in Angola and is exploring in
Zimbabwe; Rusal, which mines bauxite in Guinea; and Rosatom, which is
building a nuclear power plant in Egypt.

 

As years move on, few of those promises have concretely materialized and yet
Russian influence on the continent is growing faster than at any point since
the end of the Cold War. But this trend has fallen short of the Kremlin's
promise to African leaders.

 

African exporters are not trading in Russia's market due to multiple reasons
including inadequate knowledge of trade procedures, rules and regulations as
well as the existing market conditions. Until now, African entrepreneurs
have struggled pathways to explore Russia's market as trade preferences also
mentioned several times failed to be implemented.

 

Multiple challenges still grossly remain and stand in the pathways to
ultimately realize the economic cooperation goals set by the two summits.
Foreign Minister Sergey Lavrov plans to hold the first Foreign Ministerial
Conference in November 2024 to strategize some aspects of strengthening
economic cooperation between Russia and Africa.

 

Some experts think that the ongoing crisis between Russia and the West is
stimulating Russia's leadership to look for new markets, and besides
Asia-Pacific countries, Africa has become its choice. Quite recently,
Russian Foreign Minister Sergey Lavrov wrote in his article: "We attach
special significance to deepening our trade and investment cooperation with
the African States. Russia provides African countries with extensive
preferences in trade."

 

The minister went on: "At the same time, it is evident that the significant
potential of our economic cooperation is far from being exhausted and much
remains to be done so that Russian and African partners know more about each
other's capacities and needs. The creation of a mechanism for the provision
of public support to business interaction between Russian companies and the
African continent is on the agenda."

 

Reports further showed that Russia has started, after the second summit in
July 2023, strengthening its economic cooperation by opening trade missions
with the responsibility of providing sustainable business services and plans
to facilitate import-export trade in some African countries.

 

But these Russian trade centres can also embark on a 'Doing Business in
Africa' campaign to encourage Russian businesses to take advantage of
growing trade and investment opportunities, to promote trade fairs and
business-to-business matchmaking in key spheres in Africa.

 

China, India and Russia are members of the BRICS association with the common
goal of fighting against Western domination in Africa. However, the three
have different distinctive individual economic interests in Africa. China
entered Africa immediately after Russia created the vacuum following the
Soviet's collapse, China has developed its economic tentacles across Africa.

 

For some time, Russia has been concerned with China's growing presence in
Africa. And that points to the fact that Moscow has to step up its
activities, whether between governments or private enterprises, more
strategically in African countries.

 

Many Russian and African analysts and policy observers believe that a
public-private partnership (participation) strategy in promoting trade will
help significantly to polish part of the soft power image both in Russia and
Africa.

 

According to the African Development Bank, Africa's economies are growing
faster than those of any other continent. Nearly half of African countries
are now classified as middle-income countries, the number of Africans living
below the poverty line fell to 39 per cent in 2023 as compared to 51 per
cent in 2021, and around 380 million of Africa's 1.4 billion people are now
earning good incomes - rising consumerism - that makes trade profitable.

 

Of course, there are various ways to open the burgeoning market for Africa.
One of the surest ways is to use the existing rules and regulations. The
preferential tariffs for agricultural products exist but only a few African
exporters use them, mainly from South Africa, Kenya, Morocco and Egypt.
Russian authorities should make it possible for more individual African
countries to negotiate for their products to enter the market.

 

The African regional economic blocs can be useful instruments for
facilitating trade between Africa and Russia. In addition, the Russian
Foreign Affairs Ministry posted an official report on its website that
traditional products from least-developed countries (including Africa) would
be exempted from import tariffs. The legislation stipulates that traditional
goods are eligible for preferential customs and tariff treatment.

 

Most of the experts interviewed for this story expressed skepticism and
wondered if Russian authorities were seriously prepared to open the market
for Africa, while others suggested, that with the context of current global
competition, Russian authorities have to provide trade incentives.

 

An academic researcher at the African Studies Institute in Moscow told me
the trade preferential for only traditional African goods would really not
promote a large scale trade, unfortunately, Russia's trade with Africa has
mostly concentrated in weaponry and military hard-wares. Simple products
such as African tea and coffee trade would face keen competition from other
global brands.

 

As China and India are currently doing, Russia should similarly embark on
trade facilitation measures, including simplifying import-export procedures
(customs, warehousing and transportation) to encourage trade with African
countries.

 

Some say it's probably both a mix of negative perception and inadequate
knowledge about the emerging business potentials that might have an impact
on trade development between Russia and Africa. Trade facilitation focusing
on lowering the cost of doing business by minimizing regulations and
procedures required to move goods and services across borders.

 

Russia can change the equation that way, and the authorities can even shift
focus and transfer their technology to agriculture, and oil and gas in
Africa which is booming these days. The experts believe that new trade
alliances are emerging and have great potential for growth amid the economic
sanctions. Russia has to capitalize on the historical connection between
Moscow and those African elites who had been educated in the Soviet Union.

 

As it was during the Soviet times, Russia could only offer a few
manufactured goods that would successfully compete with Western-made
products. African nations will probably continue to acquire Russian-made
arms, but otherwise, there are a few prospects for diversification of
cooperation in the near future.

 

While Russia's trade still straddles with Africa, China and other external
players are navigating the single African Continental Trade Area (AfCFTA)
which offers huge opportunities, an initiative by the African Union (AU).
Russia can build on the historical and time-tested friendly ties with Africa
but has to review and take concrete measures to work jointly with African
countries in strengthening economic and trade cooperation, an essential
pillar of the multipolar world.

 

A complete departure away from mere rhetoric will be an encouraging step
forward, and enhance economic relations between African States and the
Russian Federation. With the current geopolitical situation, Russia and
African countries could now use the chance to strengthen their trade
relations and take further decisive actions from both sides to drive foreign
policies in a more qualitative manner in this emerging multipolar world.

 

Kester Kenn Klomegah focuses on current geopolitical changes, foreign
relations and economic development-related questions on Africa with external
countries. Most of his well-resourced articles are reprinted in several
reputable foreign media.-IPS.

 

 

 

 

Nigeria: Lagdo Dam - Taraba Residents Flee As Water Submerges Farmlands

Residents of towns and villages along river Benue in Taraba State have
started relocating and harvesting their crops as water begins to submerge
farms following the release of water from Lagdo Dam in Cameroon Republic.

 

Findings revealed that the volume of water has started increasing in River
Benue as farms located close to the river are being submerged.

 

Jalo Ibbi, a boat operator in Ibbi town which is located by the River Benue,
told Daily Trust in a telephone interview that volume of water in the Rivers
had started increasing in the last 20 hours.

 

He said rice farms which were about to mature had been submerged by water,
causing panic among residents of the riverine areas in the state.

 

 

Jalo stated that owners of houses located by the river had started packing
out of their houses to safer areas in the town while others were adamant.

 

He said the volume of water in the river wqs gradually increasing and
farmers whose Maize farms had matured were using canoes to harvest in an
effort to avoid destruction of the produce.

 

At Amar and Kambari towns in Karim-Lamido Local Government Area, both
located by River Benue, residents were said to be packing their belongings
out of their houses following increase in the volume of water in the river
which has a direct link to Lagdo Dam.

 

At Zip, Alhaji Gambo told Daily Trust that farms and houses close to River
were being submerged.

 

He said residents started noticing increase in the volume of water in the
river midnight Thursday.

 

He said some of the residents were relocating to an area called Jigawan Zip
where the residents normally relocate during flooding.

 

At Mayoreneyo town also located at the banks of River Benue, Alhaji Jidda
said residents were panicking as the water started to overflow its banks.

 

He said farmers in the area were yet to recover from destruction of their
crops by flood which occured two weeks ago when Cameroonian authorities
released water from the Lagdo Dam which may cause more destruction to lives
and properties.

 

He said whenever water is released from the dam, residents of towns and
villages in six local government areas of Taraba State located by the River
Benue encountered serious flood which caused destruction of houses and
farmlands.

 

"We fear what might happen in the next few days as the volume of water in
River Benue is gradually increasing following release of water from Lagdo
Dam in Cameroon Republic," he said.

 

Meanwhile,the state Commissioner for Humanitarian, Savior Noku, has said
that his ministry is collaborating with NIWA, the Red Cross, and other
agencies to patrol areas along the Benue tributaries to monitor situation
regarding release of water from Lagdo Dam in Cameroon.-Daily Trust.

 

 

 

 

Liberia: Senate Calls for Revision or Rejection of Over U.S.$10m Medtech
Scientific Liberia Limited Agreement

Capitol Hill — A 10-year contract signed by the Coalition for Democratic
Change (CDC) led-government of former President George Manneh Weah and
Medtech Scientific Liberia Limited has been characterized by gross
violations of the Public Procurement and Concession Commission (PPCC) and
Public Financial Management (PFM) Laws of Liberia, leading to the unofficial
diversion of the country's share of funds being collected under the
agreement.

 

In July 2021, the immediate past government signed a contract with MEDTECH
to conduct Destination Inspection (DI) of containers and to provide
Verification of Conformity services at the Freeport of Monrovia.

 

The company replaces BIVAC whose contract with the government expired in
July 202, but the leadership of the Senate established an Ad-Hoc committee
to launch a probe into two significant contracts with implications on
commerce and industry, and therefore the economy including the Destination
Inspection (DI) services provided by MedTech Scientific Limited, and the
Container Tracking Notes (CTN) services offered by Global Tracking and
Maritime Solutions (GTMS), Incorporated.

 

The objectives of the review were to ensure transparency by confirming that
all processes related to the contracts were carried out transparently and in
compliance with Liberian laws and regulations, evaluating the service
provider's adherence to the contractual terms and the services'
effectiveness, and reviewing the financial transactions associated with
these contracts to ensure proper management and disbursement of funds,
amongst others.

 

The Senators' action to launch a probe and review the contracts stemmed from
two separate communications from the Committees on Public Accounts and
Commerce and industry signed by Amara Konneh, Alex Tyler, Dabah Varpilah,
Jonathan Sogbie, Edwin Snowe, Nathaniel McGill, Crayton Duncan, Abraham
Darius Dillon and Albert Chie of Gbarpolu, Bomi, Grand Cape Mount, River
Gee, Margibi, Sinoe, Montserrado and Grand Kru respectively.

 

In its findings, the ad-hoc committee, headed by Senator Amara Konneh of
Gbarpolu County highlighted the materiality of the transactions and
processes that characterized the initiation and execution of the procurement
and financial management of the services of MedTech Scientific Limited
during the period under review.

 

It pointed out that there is no evidence of the establishment of the LRA
Concession Committee as called for under Section 77 of the Public
Procurement and Concession Commission (PPCC) Act, but there was only a joint
ministerial meeting minutes attended by authorities of the National
Investment Commission (NIC), Ministry of Justice (MOJ), and the (LRA).

 

It pointed out that it could not also establish evidence of the submission
of a request by the LRA for the initiation of the concession process
according to Sections 87 (3) and 88 (1) of the PPCC Act.

 

It maintained that there was also no evidence of a Public Private
Partnership (PPP) Concession Certificate as stipulated in Section 88 (2) of
the PPC Act.

 

The committee stated that there is evidence of a Letter
(MOS-RL/NFM-COS/0701/2018) dated September 25, 2018, from the Office of the
President establishing an IMCC for the DI Contract negotiations, signed by
former Minister of State Nathaniel F. McGill, fulfilling Section 83 (2) of
the PPCA, but there was also no evidence of LRA's Draft Procurement Plan for
the concession, violating Section 79 of the PPCC Act.

 

It added that during the investigation, there was also no evidence of the
LRA submitting a draft PPP Procurement Plan to PPCC, violating Section 79
(2) of the PPCC Act, and a draft PPP Bidding Document as required under
Section 104 of the PPCC Act.

 

The committee recalled that on January 8, 2019, the IMCC constituted a Bid
Evaluation Committee comprising representatives from the Ministry of Finance
& Development Planning, National Bureau of Concessions, Ministry of Justice,
Liberia Revenue Authority, Ministry of Labor, Ministry of Internal Affairs,
Ministry of Commerce & Industry, National Port Authority, and the National
Investment Commission in fulfillment of the Section 82 (1) (c) and 111 (1)
of the PPCC Act.

 

It stated that evidence of evaluation of bids by predetermined published
criteria and submission of bid evaluation report selected MedTech Scientific
Limited as the most responsive bidder, meeting Sections 112, 113, 114 & 115
of the PPCC Act was not established.

 

"However, it was established during the public hearings by MedTech
Scientific Limited Ghanaian partners that MedTech misled the evaluation
panel by falsely presenting BIVAC's facilities and technical experience in
Beirut and Mali to justify its claims of operational experience."

 

The committee unearthed that there was no evidence of negotiation notes of
the negotiable issues with the exclusion of non-negotiable items, consistent
with Sections 118 (8) and 119 of the PPCC Act.

 

Award and signing of DI Contract

 

The committee reported that MedTech Scientific Limited and the Government of
Liberia (GOL) represented by the late Thomas Doe Nah, Commissioner-General
of the Liberia Revenue Authority (LRA), Molewuleh Gray, Esq., Chairman,
National Investment Commission, Mawine Diggs, Minister of Commerce and
Industry (MOCI), and Samuel D. Tweah, Minister of Finance and Development
Planning (MFDP) signed a DI Contract on July 1, 2021 that was attested to by
Cllr. Frank Musa Dean Jr., Minister Justice.

 

According to the committee, the revenue sharing ratio was 20 percent for the
GOL and 80 percent for MedTech Scientific Limited.

 

It disclosed that the MedTech Scientific Limited contract is well above the
US$10 million threshold and subject to the granting of investment incentives
(tax exemptions).

 

"Section 10.2 of the signed DI Contract grants tax and duties exemptions to
MedTech Scientific Limited under Section 9 of the Liberia Revenue Code of
2000, necessitating Legislative ratification. The Committee could not
establish that the National Legislature ratified the contract. However, in a
Ministry of Justice's Legal Opinion issued on November 19, 2020, the
Attorney General opined that "There are no general legal requirements for
the ratification of concession agreements valued above 10 million United
States Dollars." See the MOG's opinion in the exhibits."

 

Financial Management

 

Section 9 of the DI Contract calls for the establishment of a Transitory
Account (TA) by GOL and MedTech Scientific Limited jointly through which
payments of all fees will be made by importers and exporters.

 

The opening of the TA is consistent with Section 34(4) of the Public
Financial Management Act of 2009 which states, "The Minister may, in
agreement with the Central Bank of Liberia, authorize the opening of
additional bank accounts and other accounts other domestic and foreign
commercial banks, to act as transitory bank accounts to facilitate the
collection of revenues and processing of payments."

 

The committee recalled that on July 1, 2021, the GoL, represented by the
LRA, MFDP and CBL, and MedTech Scientific Limited entered into a Memorandum
of Understanding (MOU) with Ecobank Liberia Limited for the opening of the
TA consistent with the DI Contract.

 

Contrary to Section 9 of the Contract and the MOU, the committee disclosed
that the LRA instructed MedTech Scientific Limited, in a letter dated
February 2, 2022, signed by the former Commissioner-General to open a
separate bank to manage the GOL's 20 percent revenue on its behalf to fund
LRA's capacity building activities outside of established GOL public
financial management framework.

 

"This is a violation of the Contract, the MOU, and PFM Act 2009 and Amended
2019, which states that "All funds in Revenue Transitory Accounts be
transferred daily, and bank reconciliations be done once every month to
avoid errors in transmitting these transitory accounts." The risks
associated with not transferring and reconciling the transitory account, in
this case of MedTech, are non-detection of errors, omissions, misstatements
of transactions, misappropriation of GOL funds, and potential fraud that
could lead to MedTech Scientific and LRA's management failure to fully
account for all transactions."

 

No financial report

 

The Committee reported that it was unable to receive a detailed financial
report for the execution of the DI Contract and received no evidence of
payment of GOL's 20 percent share to the Transitory Account.

 

It added that it was also unable to receive performance reports for the
period since the DI Contract was consummated, and no administrative note
from LRA regarding the procurement process.

 

Ownership Transparency

 

The Committee maintained that it could not also establish the domestic
ownership of MedTech Scientific Dubai from their representatives in Liberia.

 

"MedTech, in their response through their law firm HPA (attached) , referred
us to its parent company MedTech Scientific Dubai, a registered company in
the United Arab Emirates."

 

However, the committee stated that MedTech Scientific Dubai is a foreign
company, and it is stated in the contract that they would utilize a local
Special Purpose Vehicle (SPV), MedTech Scientific Liberia Ltd, as operator
of the contract in Liberia.

 

"This would then be the local company that is operating the contract.
MedTech did not provide business registration documents for MedTech
Scientific Liberia Ltd. The Committee was, however, able to obtain the
ownership information for MedTech Scientific Liberia Ltd, the SPV for the
execution of the DI Contract in Liberia, through the Liberia Business
Registry, which caused significant delays in our investigation."

 

According to the committee, one of the documents submitted only established
that MedTech Scientific Liberia Ltd. was incorporated on August 3, 2018,
with 100% ownership by Abdodakpi Agnes, a Ghanaian national with code N8299
(other business support service activities) and Business Registration Number
052109795.

 

The committee disclosed that it later discovered that another company was
incorporated at the Liberia Business Registry (LBR) by the name of MedTech
Scientific Inspection Services Ltd for the sole purpose of executing the DI
Contract while the owners of MedTech Scientific Liberia Ltd were going
through arbitration to settle a dispute on financial management in Liberian
courts.

 

"MTS Inspection Services is located at Eid Compound, Mamba Point,
Montserrado County, Liberia on the 17th of November 2022 under the same
business code N8299 (other business support service activities) Business
registration number 051459094 with 100% ownership of MedTech Scientific
Limited located in Dubai owned by a British National to perform the same
function as MedTech Scientific Liberia Ltd. without a note of dissolution of
the contract of the previous company awarded to perform the same services as
stated in the contract. This is the point of departure from the DI Contract
in addition to all the violations of Liberian laws in the contracting
process and financial management."

 

It noted that the relevance of establishing the ownership of MedTech
Scientific Liberia Ltd, the SPV, was to help the Committee understand the
company's corporate governance structure as well as why the operating
company was changed from MedTech Scientific Liberia Ltd to MTS Inspection
Services in clear violation of the terms of the contract.

 

The Committee pointed out that it repeatedly reached out to Mr. Ramsi
Abou-Hassan, owner of MedTech Scientific Dubai, a shareholder in MedTech
Scientific Liberia Limited which is the primary party responsible for
executing the agreement with the Government of Liberia.

 

Despite numerous efforts, the committee recalled that, the individual
remained uncooperative and unavailable, citing medical reasons and making it
impossible to obtain critical testimony and documentation necessary for a
comprehensive review., noting that, "Mr. Abou-Hassan's action obstructed the
Committee's work, causing delays in concluding our work."-FrontPageAfrica.

 

 

 

 

Kenya: Solicitor-General Calls for Settlement of Ex-Kcc Workers Terminal
Dues

Nairobi — Solicitor-General Shadrack Mose has called on the Treasury to
expedite the long-overdue payment of terminal dues owed to former employees
of Kenya Co-operative Creameries Limited (KCC).

 

In a response to the Senate's Standing Committee on Labour and Social
Welfare, Mose emphasized the urgency of clearing the payments, noting that
the case falls under the Treasury's purview.

 

"We considered Treasury to advise that there be a need to request the
National status of the schedule of payments initially produced by KCC in the
Industrial Cause No. 24 of 1998, awarded by the court," Mose stated in part
of his response to the Senate.

 

 

He further affirmed that the judgment, which mandated the payment, was never
contested and urged the Senate to be guided accordingly.

 

The former KCC employees have been in a long-standing battle for their
terminal benefits, years after the company was wound up and restructured
into what is now known as New KCC.

 

In 1998, the petitioners filed a claim in the Employment and Labour
Relations Court, which ruled in their favor, awarding them Sh109 million in
terminal dues.

 

Despite the ruling, the employees have yet to receive their payments.

 

The Senate's invitation to the Attorney General's office to discuss the case
came after continued legal efforts by the former employees, who have
expressed frustration over the delay.

 

They argue that the restructuring and rebranding of the company into New KCC
was a strategic move to avoid liability for their dues.

 

"The company's operations and assets remained unchanged, and the government
retained ownership," the petitioners stated in their submission to the
Senate, accusing the government of evading responsibility.

 

KCC, once a key player in Kenya's dairy industry, faced liquidation after
Kenya Commercial Bank (KCB) appointed a receiver to recover outstanding
debts.

 

Although the government eventually intervened, purchasing KCC's assets and
reviving the company as a state corporation, the issue of the former
employees' unpaid benefits has persisted.

 

The matter is still under review at the Court of Appeal, and the petitioners
continue to push for Senate intervention to ensure their long-awaited dues
are finally paid.-Capital FM.

 

 

 

 

Tanzania: USA Commends Tanzania for Leveraging ICT to Drive Development

DAR ES SALAAM — The United States Ambassador to Tanzania, Dr Michael Battle,
has praised the country for capitalising on Information and Communication
Technology (ICT) to promote social and economic development.

 

Speaking at a gala organised in Dar es Salaam to announce the top three
winners of the US-Tanzania Tech Challenge on Thursday night, the diplomat
emphasised the importance of ICT, stating that "everything is online."

 

The envoy encouraged the winners to leverage their ICT skills and use
digital platforms to inform the public about available online resources for
the betterment of the country.

 

 

"This is the possibility in front of you, a dream I challenge you to pursue.
Don't settle for small dreams. If you have small dreams, find someone with
big dreams to motivate you, and together you can change the world. Aim to
transform the world; you have the power to make that change," he said.

 

On his part, Innovation and Technology Manager Dr. Gerald Kafuku noted that
the government is increasingly investing in this sector to support ICT
innovators and unlock economic opportunities.

 

He highlighted that the Commission for Science and Technology (COSTECH) is
collaborating with development partners to support young innovators, with
the goal of driving positive changes across various sectors.

 

Over 100 participants showcased their innovative ICT projects in the Tech
Challenge, with eight advancing to the finals.

 

Jamii Forums emerged as the winner, receiving $100,000, while Smart Foundry
came in second with $80,000, and LaunchPad Tanzania took third place,
walking away with $70,000.-Daily News.

 

 

 

 

Angola: Diplomat Highlights Angola's Economic Reforms

Luanda — Angola's permanent representative to the United Nations and other
International Organizations based in Geneva, Margarida Izata, highlighted,
on Thursday, Angola's commitment to reforms in the economic and social
sectors, with the 2023/2027 National Development Plan.

 

Margarida Izata highlighted that these measures are fully in line with the
UN 2030 Agenda, within the scope of the global partnership, based on mutual
responsibility, which puts people at the center of development.

 

The diplomat addressed this issue during the debate on the mechanism on the
development rights, within the framework of the Human Rights Council (HRC),
ongoing in Geneva, since September 9.

 

 

Angola supported the suggestions of Surya Deva, United Nations special
rapporteur on development rights, regarding prioritizing "the five pillars
of action" to invest in child development, nurture responsible leadership
and enable participation.

 

Also part of the pillars are, ensuring safety and facilitating remediation,
which could quickly impact the development, as well as the preparation of
children and future generations.

 

The diplomat recalled that the multifaceted crises, which have ravaged the
world recently, continue to negatively affect and accelerate the global
partnership, as well as the erosion of progress made in the right to
development, which is central to the achievement of the Sustainable
Development Goals (SDGs) for future generations.

 

She congratulated and thanked the special rapporteur on the rights to
development, Surya Deva, for his commitment to the term and for presenting
the report to address this issue, since he took office in May 2023.-ANGOP.

 

 

 

 

Uganda: Women-Owned Firms Get Shs 1.6bn Deals

Eight women-owned businesses have emerged as the first beneficiaries of the
Advancing Women Entrepreneurs initiative launched by MTN Uganda in
collaboration with several partners, including ATC Uganda.

 

The initiative aims to empower more women to take up more significant
businesses in the telecom sector space and draw women entrepreneurs into its
supply chain. The program focuses on growing the supply base, building
powerful partnerships, enhancing business capacity, and cultivating
sustainable ecosystems.

 

The eight include Solar Nation, Fireside Ltd., Tass, Spectrum Technologies
Ltd., Pavicon, Nubly Technology Ltd. and others. ATC Uganda has taken a
leading role in this initiative by offering business opportunities to women
entrepreneurs in engineering projects such as solar and fibre-to-the-tower
installations.

 

 

The selected women have undergone extensive training to equip them for the
technical demands of their roles, particularly in solar installations at ATC
Uganda sites. This training ensures that they are well-prepared to excel in
traditionally male-dominated fields.

 

"ATC Uganda is proud to lead the way in empowering women entrepreneurs by
integrating them into our supply chain and providing them with opportunities
in engineering and technology," said Dorothy Semanda Kabagambe CEO of ATC
Uganda.

 

Sylvia Mulinge, the MTN Uganda CEO, said, "We are filled with pride as we
witness ATC Uganda hand over contracts to eight remarkable women-owned
companies. These contracts, involving the installation of solar plants at
telecom masts, represent more than just business opportunities; they
symbolise a significant step towards a more sustainable and inclusive
future. This achievement is particularly meaningful as it reflects the
success of our Advancing Women Entrepreneurs (AWE) initiative, which MTN
Uganda spearheads to drive diversity and inclusion by integrating women
entrepreneurs into our supply chain."

 

"We began on a deliberate journey to get a lot more women to come into our
ecosystems. When we started off this journey, taking our baseline statistics
in 2022, we had about 3% of our business going to women today," she said.-
Observer.

 

 

 

 

Uganda: Govt to Investigate Telecom Racket

This announcement follows growing concerns raised by parliamentarians about
mobile money scams and other fraud tactics.

 

The government has vowed to investigate a network of fraudsters allegedly
working in collaboration with telecom companies to swindle politicians,
government officials, and the general public.

 

This announcement follows growing concerns raised by parliamentarians about
mobile money scams and other fraud tactics.

 

During a plenary session chaired by Deputy Speaker Thomas Tayebwa, several
MPs voiced their frustrations over the rise in fraud cases, particularly
involving conmen manipulating mobile money services.

 

Tayebwa revealed to the House that he had been a target of these fraudsters,
who frequently changed their phone numbers to avoid detection.

 

He recounted an incident in which a scammer, pretending to work for the
Ministry of Energy, attempted to extort money from him by claiming a
transformer was ready for supply.

 

"Countries like Nigeria have imposed heavy penalties on telecom companies
for failing to deactivate fraudulent numbers," Tayebwa said.

 

"Here in Uganda, we passed a law requiring all SIM cards to be registered.
What happened to that? Telecom companies should face consequences for
allowing unregistered lines to be used by conmen."

 

Even high-ranking officials, including ministers, have fallen victim to
these fraud schemes.

 

Information minister Chris Baryomunsi shared his own experience, where he
was duped into participating in a fake live radio talk show.

 

"I was conned into what I thought was a live radio debate," Dr Baryomunsi
recounted.

 

"I had informed my personal assistant and security to tune in, only to find
out the station was playing music instead. It was an embarrassing moment."

 

Baryomunsi assured MPs that the government will investigate the situation
thoroughly, promising to engage both telecom companies and the Ministry of
Security to identify and close gaps in the system.

 

"We will hold telecom companies accountable if they are found negligent,
particularly for issuing SIM cards without proper registration," he added.

 

MPs are calling for severe penalties, including the deregistration of phone
numbers belonging to deceased individuals, which fraudsters have been using.

 

Kitgum Municipality MP Denis Onek lit emphasized the need for telecom
companies to stop issuing unregistered numbers and called for compensation
for victims.

 

"These fraudsters are everywhere," said Rubabo MP Namanya Naboth. "One even
called me, pretending to have lost a mother. I offered my ambulance, but he
refused and instead asked for money. It's time the ministers responsible
take action and force telecom companies to deregister numbers used by these
criminals."

 

The government's next steps are being closely monitored, as the public
demands swift action to curb this growing menace.- Nile Post.

 

 

 

 

Ethiopia: Chinese Investors Desirous to Invest in Ethiopia Specially in
Agricultural Technology, Trade

Addis Ababa — The Ethiopian Investment Commission held a discussion with a
delegation from Beijing Municipal Bureau of Commerce to enhance FDI flows
from Beijing, China to Ethiopia to benefit both countries.

 

The business delegation was led by Zhuang Jianrong, Foreign Economic and
Trade Division of Beijing Municipal Bureau of Commerce Division Director.

 

During the discussion, representatives of the Commission highlighted
Ethiopia's investment potential in various sectors and the investment
policies.

 

They further stated that Ethiopia has now become a preferred investment
destination for Chinese investors, and the commission is committed to work
closely with the Beijing Municipal Bureau of Commerce to promote trade and
investment to benefit both parties.

 

The business delegation for its part indicated that understanding Ethiopia's
untapped investment potential, Chinese investors from Beijing are interested
to invest in Ethiopia specially in agricultural technology and trade
sectors.- ENA.

 

 

 

 

 

Ethiopian Airlines Launches Three Additional Flights From Addis Ababa to
Guangzhou

Addis Ababa — Ethiopian Airlines announced the launch of three additional
flights from Addis Ababa to Guangzhou, set to begin on September 27, 2024.

 

The additional flights aim to enhance connectivity and facilitate travel
between Ethiopia and China, reflecting the airline's commitment to
broadening its international footprint.

 

Passengers can look forward to increased options for travel with the new
flights.-ENA.

 

 

 

 

Kenya: Farmers to Get Licenses to Grow and Sell Fruits, Vegetables

Nairobi — Dealers of horticulture in Kenya will be required to get licenses
to grow, handle, and sell fruits, vegetables, and flowers under a new Bill.

 

The 2024 Horticultural Crops Authority Bill, sponsored by nominated MP
Sabina Chege, mandates county governments to keep a list of all marketing
agents, nursery dealers, planting material propagators, and mother block
operators in the domestic market.

 

"The Authority or respective county government shall issue a certificate of
registration to an applicant who fulfills the registration requirements
prescribed in regulations," the Bill read in parts.

 

 

"A certificate of registration issued under this section shall remain in
force from first of July until the thirtieth of June of the following year,
unless earlier cancelled," it added.

 

Individuals contravening the law will be liable for a fine not exceeding Sh1
million or imprisonment of not more than three years or both.

 

Exporters of horticultural products, such as marketing agents, ship
handlers, clearing and forwarding agents, nursery operators and mother block
operators, horticulture associations, as well as packing facilities, will be
registered by the Horticultural Crops Authority as well.

 

"A person shall not process, import or export horticultural produce or
product unless that person is licensed by the Authority," the Bill
continued.

 

"The Cabinet Secretary shall prescribe regulations providing for the
procedure for licensing under this section and the appeal process in case of
refusal or denial of licence."

 

"A licence issued under this section shall remain in force from first of
July until the thirtieth of June of the following year, unless earlier
cancelled."

 

Horticulture is one of the big sources of foreign currencies for Kenya, with
the list also including tourism, tea, and remittances, thus its significance
on the Kenyan economy.

 

Between January and April this year, data from the Central Bank of Kenya
(CBK) shows that exports of vegetables, nuts, fruits, and cut flowers grew
by 15 percent.

 

For instance, CBK statistics show that horticulture earnings grew to Sh46.9
billion in the four months, up from Sh40.7 billion during a similar period
last year.-Capital FM.

 

 

 

 

 

South Africa: Government Welcomes Repo Rate Cut

Government has welcomed the announcement by the South African Reserve Bank
to cut the repo rate by 25 basis points to 8%.

 

The drop means the prime lending rate will also drop to 11.50%.

 

Government Communication and Information System (GCIS) Acting
Director-General, Nomonde Mnukwa, said the cut will come as a relief for
cash strapped consumers.

 

"The reduction in the interest rate and the sustained decline in inflation
provide a welcome reprieve for our citizens. These combined factors are not
only helping to lower the cost of borrowing, but also offer significant
relief to households struggling with high costs of living," she said.

 

 

Mnukwa added that government remains focused on stabilising the economy and
"supporting household income".

 

"It is also inspiring to note that the inflation rate now falls comfortably
within the South African Reserve Bank's target range of 3% to 6%, allowing
more room for economic planning and investment," she said.

 

In his announcement of the repo rate cut on Thursday, SARB Governor Lesetja
Kganyago said the bank's forecasts expect progress in inflation to be
sustained.

 

"In the near term, we continue to see a dip in headline inflation, supported
by the stronger exchange rate and lower oil prices. The implied starting
point of the rand is R18.04 to the US dollar, an appreciation of nearly 2%
relative to our July assumption.

 

"This contributes to fuel price deflation, which helps keep headline
inflation below 4% through the first half of next year. As usual, we will
look through this near-term supply shock, focusing on the medium-term
outlook," Kganyago explained.-SAnews.gov.za.

 

 

 

 

 

Australia supermarkets sued over fake discount claims

Australia's consumer watchdog is suing the country's two biggest supermarket
chains, alleging they falsely claimed to have permanently dropped the prices
of hundreds of items.

The Australian Competition and Consumer Commission (ACCC) claims Coles and
Woolworths broke consumer law by temporarily raising prices before lowering
them to a value either the same as or higher than the original cost.

Coles said it would defend itself against the allegations, while Woolworths
said it would review the claims.

The grocery giants, which account for two thirds of Australia's grocery
market, have come under increasing scrutiny in the past year over alleged
price gouging and anti-competitive practices.

After years of marketing campaigns, Australian shoppers have come to
understand that Woolworths' 'Prices Dropped' promotion and Coles’ ‘Down
Down’ branding mean a sustained reduction in the regular prices of
supermarket products, ACCC chair Gina Cass-Gottlieb said.

But in many cases "the discounts were, in fact, illusory", she added.

The watchdog's investigation - sparked by complaints and the ACCC's own
social media monitoring - found Woolworths had misled customers about 266
products over 20 months, and Coles for 245 products across 15 months.

The products included everything from pet food, Band-Aid plasters and
mouthwash, to Australian favourites like Arnott's Tim Tam biscuits, Bega
Cheese and Kellogg's cereal.

The ACCC estimated that the the two companies “sold tens of millions" of the
affected products and "derived significant revenue from those sales".

“Many consumers rely on discounts to help their grocery budgets stretch
further, particularly during this time of cost of living pressures,” Ms
Cass-Gottlieb said.

"It is critical that Australian consumers are able to rely on the accuracy
of pricing and discount claims."

It is seeking that the Federal Court of Australia impose "significant"
penalties on the two firms, and an order forcing them to fund a charity to
deliver meals to Australians in need - on top of their existing food aid
programs.

In a statement, Coles said the company's own costs were rising which led to
an increase in product prices.

It had "sought to strike an appropriate balance" between managing that and
"offering value to customers though the recommencement of promotional
activity as soon as possible after the establishment of the new
non-promotional prices", it said.

The company takes consumer law "extremely seriously" and "places great
emphasis on building trust with all stakeholders", it added.

Woolworths said in a statement that it would engage with the ACCC over the
claims.

"Our customers are telling us they want us to work even harder to deliver
meaningful value to them and it's important they can trust the value they
see when shopping our stores."-bbc

 

 

 

 

 

 

 

Will the US presidential election define the future of crypto?

The cryptocurrency industry is “rife with fraud and hucksters and grifters”,
one of the United States’ top financial regulators has told the BBC.

 

The chair of the US Securities and Exchange Commission (SEC), Gary Gensler,
says the “investing public around the globe has lost too much money” because
of crypto companies not following the laws his agency tries to enforce.

It comes as the industry is spending millions of dollars on political
donations, trying to influence the outcome of November’s US elections in the
hope of more favourable future laws.

In addition to the presidential battle between Donald Trump and Kamala
Harris, all 435 districts in the House of Representatives are up for
re-election, as well as 33 of the 100 seats in the Senate.

 

The future of cryptocurrency, one of the world’s most hotly-debated
technologies, is an issue where there appears to be a clear dividing line
between Donald Trump and the outgoing Biden administration.

Trump has been courting the votes of crypto enthusiasts by promising to make
America “the crypto capital of the planet”, and creating a “strategic
national bitcoin stockpile” similar to the US government’s gold reserves.

This week he launched a new crypto business called World Liberty Financial,
and although he provided few details, he said “I think crypto is one of
those things we have to do”.

It’s a huge turnaround from three years ago, when he dismissed Bitcoin as
something that “seems like a scam” and a threat to the US dollar.

Trump's new-found enthusiasm is a stark contrast to the Biden
administration, of which Harris is the vice president. The White House has
led a sweeping crackdown on crypto firms in recent years.

In March, Sam Bankman-Fried, the founder and boss of FTX was jailed for 25
years for fraud, after he stole billions of dollars from customers around
the world, many of whom are still trying to recover their money.

Then in April, the founder of the world’s biggest crypto exchange, Binance’s
Changpeng Zhao, got four months in prison, and the company paid a $4.3bn
(£3.2bn) fine. He admitted to allowing criminals, child abusers and
terrorists to launder money on his platform, in a case brought by the US
Justice Department.

The SEC also has a case against Binance going through the courts. It is one
of a record-high 46 enforcement actions the financial regulator took last
year against firms trying to profit from what is still an emerging
technology.

 

Getty Images Sam Bankman-FriedGetty Images

The jailing of crypto boss Sam Bankman-Fried highlighted the worst aspects
of the crypto sector

“This is a field that has come along, and just because they're recording
their crypto assets on a new accounting ledger, they [wrongly] say ‘we don't
think we want to comply with the time-tested laws’,” says Mr Gensler.

He explains that rules that force companies that want to raise money from
the public to “share certain information” with them have been in place to
protect investors since the SEC was created.

This was back in 1934, in the aftermath of the infamous Wall Street crash of
1929 that heralded the Great Depression.

“Crypto is just a small piece of the US and worldwide capital markets, but
it can undermine trust that everyday investors have in the capital markets,”
says Mr Gensler.

Whilst fans argue that crypto offers a fast, cheap and secure way to move
funds, a survey by the US central bank, the Federal Reserve, found that the
number of Americans using it has dropped from 12% in 2021 to 7% last year.

 

 

Harris hasn’t said much about cryptocurrencies, but one of her advisors did
say last month that she would “support policies that ensure that emerging
technologies, and that sort of industry, can continue to grow”.

Recent meetings between her team and industry executives have been trying to
build trust, and given crypto bosses hope of a brighter future whoever wins
in November.

“I can't underscore enough how important this is, not just for the US, but
for the for the world,” according to Paul Grewal, who is chief legal officer
at crypto firm Coinbase. He has been at these meetings.

“Not only is the US an important market for crypto, but so much of the
important technology surrounding has been developed here. And I think it's
also critically important that we not lose sight of the fact that the rest
of the world is not simply waiting for the US to get its act together.”

He adds that given how tight the race for the White House is, “every vote is
going to count, and crypto votes are no exception”.

Getty Images Donald Trump and Kamala HarrisGetty Images

While Trump has been forthright about his views on crypto, Harris' position
is much less clear

 

The clampdown on cryptocurrencies in the US this year has been mirrored in
Europe. In April, the European Union agreed new laws to try to reduce the
risk of crypto being used by criminals.

However, other regulators are being slower to act. The G20 group of leading
economies is working on minimum standards for cryptocurrencies, but they are
not legally binding, and uptake has been slow.

Back in the US, a bill to regulate cryptocurrencies has been passed by the
House, but not the Senate. Its critics argue it will give less protection to
consumers.

Coinbase’s Mr Grewal backs the bill, and says: “This is not an industry that
is shying away from regulation.” He adds that the sector just wants the same
standards applied to crypto as are applied to other assets, “no tougher, but
no weaker”.

With November’s US elections on the horizon, the crypto industry has sensed
an opportunity to help elect lawmakers who take a sympathetic view of the
businesses.

By last month, the sector had already spent an unprecedented $119m on
donations, according to research by the non-profit Public Citizen.

The consumer advocacy organisation’s research director Rick Claypool says
the money is being used “to help elect pro-crypto candidates and attack
crypto critics, this is regardless of political affiliation”.

They’ve spent more than any other industry when it comes to corporate
donations, because they “are attempting to discipline the US congress to
give in to their demands for less oversight, and to weaken protections for
consumers,” he adds.-bbc

 

 

 

 

 

 

 

 

British Airways cancels summer flights from UK airport

British Airways has cancelled all its flights from a UK city airport next
summer.

The airline said in a statement it was "suspending our summer 2025
operations from Southampton Airport".

It did not give a reason behind the decision.

 

An airport spokesperson said the move was "clearly disappointing".

 

Under its subsidiary BA City Flyer, the airline runs flights from the
airport to Bergerac, Dublin, Faro, Malaga and Majorca on weekends during the
summer.

British Airways said affected customers would be contacted with options,
including rebooking on alternative flights - with either British Airways or
another airline - or a full refund.

A spokesperson from Southampton Airport said: "Clearly it’s disappointing
when any route is removed.

"However, we are in constant dialogue with airlines regarding the
introduction of new services and that includes backfilling the routes
withdrawn by British Airways."

It comes almost a year after the airport unveiled its extended runway.

At the time, it said the longer runway was "absolutely critical" to its
viability as a regional airport and to handle a wider variety of
aircraft.-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 

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www.bullszimbabwe.com/blog

Twitter (X):        @bullsbears2010

LinkedIn:           Bulls n Bears Zimbabwe

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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

 


 

 

 

 

 

 

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