Major International Business Headlines Brief ::: 04 August 2025

[Bulls n Bears]

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Major International Business Headlines Brief :::  04 August   2025 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Nigeria: Nurses' Strike - Govt to Improve Scheme of Service, Review
Allowances

ü  Rwanda: First-Ever Electric Buses Roll Out in Secondary Cities

ü  Rwanda: What to Know As Rwanda Explores Digital Currency

ü  South Africa Detains 1,000 Foreign Illegal Miners

ü  South Africa: Hundreds of Unemployed Youths March to Nigel Factories for
Jobs

ü  North Africa: Number of Ships Transiting Suez Canal Declines From 80 to
35 Vessels Per Day Due to Houthis' Attacks - Sca Chief

ü  Nigeria: Lagos Govt Warns Event Centres Against Traffic Obstruction

ü  Nigeria: As the World's Largest Garment Factory Berths in Ogun...

ü  Ghana: Road Minister Vows to Retrieve $30m From Foreign Contractor for No
Work Done

ü  After a blown deadline, what next for US-Canada trade?

ü  Why Trump's global tariffs 'victory' may well come at a high price

ü  How South Korea's K-beauty industry is being hit by Trump tariffs

 


 <mailto:info at bulls.co.zw> 

 


Nigeria: Nurses' Strike - Govt to Improve Scheme of Service, Review
Allowances

The federal government has committed to implementing key structural reforms
aimed at improving the welfare and professional standing of nurses across
the country as the National Association of Nigerian Nurses and Midwives,
NANNM, suspended its 7-day warning strike weekend.

 

The strike, which disrupted healthcare services across the country as nurses
and midwives downed tools in protest of unresolved issues concerning their
welfare, professional recognition, and working conditions, was called off
after extensive deliberations that led to mutual agreements and key
resolutions by the parties involved.

 

A Memorandum of Understanding, MoU, reached at the end of a reconciliation
meeting held on Friday August 1, 2025, between the federal government and
the NANNM at the instance of the Minister of Labour and Employment,
Muhammadu Maigari Dingyadi, finalised reconciliation moves to end the
industrial dispute.

 

The 7-point agreement obtained by Vanguard was signed by Comrade Haruna
Mamman, President of NANNM; Comrade T.A. Shettima, General Secretary of
NANNM; Dafeta T. Tetshoma, Director of Human Resources at the Federal
Ministry of Health & Social Welfare; and Falonipe Amos O., Director of Trade
Union Services and Industrial Relations at the Federal Ministry of Labour
and Employment.

 

A highpoint of the agreement was the assurance by the federal government to
gazette the Nurses' Scheme of Service which was approved by the National
Council on Establishments in 2016.

 

The Federal Ministry of Health and Social Welfare will liaise with the
Office of the Head of Civil Service of the Federation to expedite the
process, even as the Director of Nursing and the Secretary General of NANNM
were tasked with following up with the Head of Service to ensure completion
within four weeks.

 

The Scheme outlined the career structure and professional framework for
nurses in Nigeria and its gazetting is expected to bring long-awaited
clarity and recognition to the nursing profession within the public service.

 

On professional allowances, the federal government acknowledged the union's
proposals, which included a 30 per cent consolidated shift duty allowance, a
20 per cent annual specialist allowance and an upward review of uniform
allowance to ¦ 300,000 per annum.

 

A 4 per cent consolidated call duty allowance, 35 percent teaching
allowance, and the introduction of allowances for excess workload, burnout,
and retention were also agreed upon.

 

It was also agreed that within a fortnight, the federal ministry of health
and social welfare would engage in further discussions with major health
professional unions, alongside the National Salaries, Incomes and Wages
Commission, the Federal Ministry of Finance, the Budget Office, the Head of
Civil Service, and the Ministry of Labour and Employment, to determine the
way forward.

 

Concerning the centralization of internship placements for graduate nurses,
the Nursing and Midwifery Council of Nigeria was directed to finalise
modalities for centralized placement, similar to other professional groups,
while ensuring equitable distribution across states to avoid concentration
in Abuja and Lagos.

 

The union was assured of fair representation of nurses in the Boards of
Tertiary Health Institutions, in line with the Acts establishing those
institutions.

 

Additionally, the statutory Governing Board of the Nursing and Midwifery
Council of Nigeria will be constituted as soon as possible.

 

On employment and infrastructure, the Ministry of Health and Social Welfare
disclosed that waivers had been granted for the recruitment of over 14,000
health workers in 2024, with nurses making up approximately 60 percent of
the total.

 

"The recruitment process for 2024 had been completed, while preparations for
the 2025 waiver process have commenced," the MoU stated.

 

Following the signing of the MoU, NANNM agreed to immediately call off its
strike action, with both parties in agreement that no nurse would be
victimised for participating in the industrial action.

 

Read the original article on Vanguard.

 

 

 

 

Rwanda: First-Ever Electric Buses Roll Out in Secondary Cities

Rwanda's First — ever electric coaches have begun operating in secondary
cities, marking a major milestone in the country's efforts to promote green
public transport and cut greenhouse gas emissions.

 

The expansion follows the launch in May 2025 of the first electric intercity
bus route by the Ministry of Infrastructure, connecting Kigali to Muhanga,
Nyanza, and Huye. This initiative supports the country's climate action
goals, which include reducing national emissions by 38 percent by 2030.

 

The newly deployed fleet of 20 electric buses now serves major upcountry
destinations, including Rubavu, Huye, Nyagatare, Rusumo, and Karongi.

 

ALSO READ: Govt rolls out electric bus service to secondary cities

 

Each bus has a range of 350 kilometers on a single charge--enough for a
round trip from Kigali without recharging outside the capital.

 

"This is a game changer," said Beata Mukangabo, Head of the Transport
Department at the Rwanda Utilities Regulatory Authority (RURA). "These buses
will improve services, protect the environment, and create jobs. Their
impact on the transport sector and broader socio-economic development is
substantial."

 

Mukangabo emphasised the importance of expanding emission-free transport to
regions beyond Kigali, saying, "Electric buses in secondary cities
contribute meaningfully to the fight against air pollution and global
emissions."

 

In Rubavu District, a key tourism and business hub, local officials expect
the electric buses to ease congestion, especially during peak travel
seasons.

 

"With these emission-free buses, the lives of travelers and pedestrians will
improve," said Mayor Prosper Mulindwa. "They will also enhance mobility in
our tourism-rich town, supporting the local economy."

 

ALSO READ: PHOTOS: Inside Rwanda's first full electric public buses

 

Doreen Orishaba, Managing Director of BasiGo, the company leading the
electric bus rollout, said the initiative aligns directly with Rwanda's
national strategy to move away from diesel-powered public transport.

 

"This is a win for those who doubted the capability of electric buses to
travel long distances like Kigali to Rubavu," Orishaba said. "We've proven
they can make the round trip without needing a recharge, offering not only
environmental gains but also financial advantages."

 

Since launching the first two electric buses in December 2023, BasiGo has
expanded its fleet to 34 and plans to reach 100 buses within a year, and 200
within two years.

 

Jean-Claude Nizeyimana, a driver based in Rubavu and Karongi, welcomed the
transition, noting its environmental and health benefits.

 

"People often overlook how dangerous vehicle exhaust is to human health and
the environment," Nizeyimana said. "Electric vehicles help mitigate global
warming and extreme temperatures. We need more of them."

 

Read the original article on New Times.

 

 

 

 

 

Rwanda: What to Know As Rwanda Explores Digital Currency

The National Bank of Rwanda (BNR) is exploring the development of a Central
Bank Digital Currency (CBDC) - a digital version of the Rwandan franc
(e-Franc-Rwandais).

 

On August 1, BNR launched a retail CBDC ideathon, inviting individuals,
fintechs, startups, and innovators to contribute ideas that could shape
Rwanda's digital currency future.

 

ALSO READ: Central bank invites innovators to try Rwanda's upcoming digital
currencyashless economy, by The

 

The ideathon is held in collaboration with Giesecke+Devrient (G+D), a German
tech firm specialising in digital security and currency technology.

 

This initiative falls under the proof-of-concept (PoC) phase of CBDC
development, the second of five stages outlined by the International
Monetary Fund (IMF). These stages are preparation, proof-of-concept,
prototype, pilot, and production.

 

What is a CBDC?

 

CBDC is digital money issued and regulated by a central bank, holding the
same legal status as physical cash.

 

There are two types of CBDC: retail CBDC for public use, similar to cash or
mobile payments, and wholesale CBDC for use by financial institutions for
interbank transactions.

 

A CBDC can be account-based (linked to identity, tracked by a third party)
or token-based (like physical cash, bearer-based, requiring no
intermediaries).

 

Bobson Rugambwa, the Chief Executive Officer of Mvend, a Rwandan fintech
company building payment and banking technologies, told The New Times that
the development of a CBDC should take into consideration the ease of use for
it to be successful.

 

"If there's going to be large scale adoption of the CBDC, there should be
easily accessible technology for anyone to use it. This however holds true
if the use cases chosen are retail and mass-use focused," Rugambwa observed.

 

Rwanda's current CBDC testing phase

 

BNR is currently conducting closed-loop proof-of-concept testing with a
limited number of participants, including commercial banks and merchants.

 

Key features under evaluation include offline payment capabilities, USSD
access for feature phones, and cybersecurity and legal compliance.

 

This proof-of-concept stage helps build understanding of the technology,
user experience and potential risks.

 

The project spans five months, with results expected by October 2025.
However, a launch is not guaranteed as the findings will inform whether to
proceed to a live pilot phase or scale further, according to the central
bank.

 

The four 'sweet spots'

 

BNR has identified 15 potential opportunities, narrowing in on four "sweet
spots," which are high-impact, feasible benefits that align with national
priorities, according to a research paper on Rwanda Central Bank Digital
Currency (CBDC) based on a 2023 study.

 

Let's look at the sweet spots and the reasoning behind them, as explained by
the central bank.

 

1. Resilience against disruptions

 

While Rwanda has improved electricity reliability, power outages still
affect parts of the country, especially rural areas, disrupting digital
payment systems.

 

A well-designed CBDC could function offline, even during power or network
outages, enable secure peer-to-peer transfers without intermediaries or
connectivity, and ensure continuous payment services during natural
disasters or emergencies.

 

The CBDC's potential for consecutive offline transactions could improve
financial inclusion, especially in remote or underserved communities.

 

2. Innovation and competition

 

Rwanda's cashless ecosystem is dominated by mobile money, particularly
services by MTN and Airtel, which together accounted for 70 per cent of
transfers as of 2022. This duopoly leads to high transaction fees (for
instance 0.5 per cent merchant fees), and limited competitive pressure on
pricing or service improvements, according to the BNR study.

 

A digital currency could serve as a low-cost payment alternative, spurring
competition and innovation. By offering a universally accessible and secure
digital payment, the central bank argues that the CBDC could level the
playing field for new market entrants.

 

3. Cheaper, cashless system

 

Despite the growth of mobile money systems, cash transactions remain
widespread, while the country continues to incur cash handling costs.

 

Cash in circulation in Rwanda increased by over 50 per cent to about Rwf305
billion between 2019 and 2022, authors of the research paper said.

 

ALSO READ: Cashless economy: Is Mobile Money too expensive?

 

Cash withdrawals and deposits surged by over 70 per cent, while cash
processing costs reached over $30 million between 2018 and 2022. These costs
are projected to reach $35 million between 2023 and 2027.

 

ALSO READ: Why Rwanda does not print its own currency

 

The CBDC could help reduce cash printing and minting expenses, as well as
infrastructure for cash storage, transport, and destruction of worn-out
banknotes which require significant investment in machines and come with
associated operational and administrative expenses.

 

It would also cut reliance on physical money, supporting the national
cashless agenda.

 

Mvend's Rugambwa said that a CBDC is likely to fast-track the full adoption
of cashless payments, which would remove the cost of handling cash for
businesses as well as the central bank's cost of printing and maintaining
bank notes and coins.

 

"Retail use of the CBDC should be the focus to be able to bring in as many
users as possible. This helps to learn fast and iterate on what works and
what doesn't," he said, indicating that person-to-person and
person-to-business use cases should be the priority.

 

4. Faster, cheaper, transparent remittances

 

According to a 2022 brief prepared by the Global Knowledge Partnership on
Migration and Development for the World Bank, Sub-Saharan Africa remained
the costliest developing region to which remittances are sent. For example,
the authors said, a Ugandan migrant sending $200 in remittances from
Tanzania to neighbouring Uganda pays 29.7 per cent of the amount.

 

Sending remittances from Tanzania to Rwanda is among the top three most
expensive corridors.

 

Retail CBDC could enable faster and cheaper remittance services, promote
greater transparency in cross-border transactions, simplify integration
within regional payment systems such as the East African Monetary Union.

 

A common regional CBDC, backed by multiple central banks, could eliminate
currency conversion needs and reduce foreign exchange risks.

 

Is CBDC meant to replace cash or cards?

 

The central bank says that the digital currency will not replace cash. A
CBDC is intended to complement existing payment methods such as mobile
money, credit or debit cards, and physical cash.

 

It adds another layer of convenient, inclusive, and more secure payment
options for consumers, the central bank noted.

 

Key differences from cryptocurrency

 

Cryptocurrencies are another form of digital tokens. They allow people to
make payments directly to one another through an online system. However,
cryptocurrencies have no legislated or intrinsic value as they are not
regulated and are only worth what people want to pay for them. They are also
prone to speculation.

 

Although a CBDC uses cryptographic security, it differs from
cryptocurrencies in that it is centrally issued and managed by the central
bank.

 

It is backed 1:1 by legal tender, implying no volatility, nor speculation.
It has guaranteed merchant acceptance and legal status.

 

Read the original article on New Times.

 

 

 

 

South Africa Detains 1,000 Foreign Illegal Miners

Authorities said a week-long operation led to the arrests. Thousands of
abandoned mines have become hotspots for illegal activity in South Africa.

 

Nearly 1,000 undocumented migrants working illegally at a gold mine in
northeastern South Africa have been arrested, police said on Friday.

 

Public broadcaster SABC reported that police had launched an operation
titled Operation Vala Umgodi at the Sheba Gold Mine in Barberton, Mpumalanga
province.

 

What do we know so far about the arrests? 

 

SABC cited a police spokesperson as saying those arrested were working
underground at the mine, close to the borders of Eswatini and Mozambique.

 

The spokesperson said they would be charged with breaking immigration laws
and possibly for illegal mining.

 

A police statement posted to Facebook said some of those arrested were
likely "underage."

 

The operation to round up the miners took nearly a week, AFP news agency
reported, citing an unnamed police spokesperson. The police said more
arrests could follow.

 

Mine owner Barberton Mines welcomed the arrests, saying "illegal mining will
not be tolerated."

 

What is the Sheba gold mine?

 

Sheba was founded in the 1880s and is one of South Africa’s oldest and
richest gold mines.

 

It played a key role in the country's early gold rush, attracting
prospectors and shaping the region’s mining legacy.

 

Today, the mine remains operational, but faces high costs and a massive
issue with gold theft, prompting the owner to restructure operations to stay
viable.

 

South Africa's Illegal mining problem

 

South Africa has around 6,000 abandoned mines, many of which have become
hotspots for illegal activity.

 

Illegal miners in South Africa are known as "zama-zamas" ("take a chance" in
the Zulu language), who work in abandoned or operational mines using basic
tools and methods.

 

Many come from neighboring countries; the rest are made up of unemployed
South Africans who turned to illegal mining after the decline of the formal
mining sector.

 

A police operation to root out illegal miners took place in 2024 when police
surrounded the abandoned gold mine near Stilfontein, southwest of
Johannesburg. The police had cut off supplies to force illegal miners to
surrender.

 

The standoff lasted months and, in January, police raided the mine, leading
to the discovery that dozens of miners had died.

 

Nik Martin with AFP, Wesley Dockery

 

Edited by: Jenipher Camino Gonzalez

 

 

 

 

 

 

South Africa: Hundreds of Unemployed Youths March to Nigel Factories for
Jobs

On Friday, about 300 community members from Kwa-Thema, Springs, Nigel,
Duduza and Tsakane marched from Dunnottar to the Chinese-owned Chung Fung
Metal & Steel Company factories in Nigel to demand jobs for local young
people.

 

The march was organised by the Greater Nigel United People's Parliament
(GRNUPP) and Kwatsadusa (Kwa-Thema, Tsakane and Duduza) community forums.

 

Protesters said it has been two years since they first approached Chung Fung
Metal & Steel to demand that more young people from the surrounding
communities be afforded opportunities to work at its factories.

 

Some people were upset over a job advertisement recently published in a
local paper, claiming that the job required many years of experience, which
most young people in the area do not have.

 

The marchers accused the company of employing people from outside the
community.

 

In their memorandum, they expressed concern over the high rate of poverty,
economic inequality and youth unemployment in their community. They also
raised concerns about disinvestment by private companies in Ekurhuleni,
exacerbating unemployment and related issues.

 

They demand that the company meet with them to discuss their concerns.

 

Representatives from the company met the marchers to sign and acccept the
memorandum. They were given a week to respond.

 

"The company needs to make adjustments to its job requirements to cater for
unskilled youths and to provide skills training as promised. To date it has
not shown any interest in providing jobs to young people," said Sphiwe
Mabanga from Tsakane.

 

Zweli Gule, from Dunnottar, said he has been struggling to find a job since
he matriculated some years ago. Despite submitting his CV to companies in
the area, he is yet to be called for an interview.

 

"Many young people like me are struggling to find jobs. Our march today is a
silent call for help, for companies to hear us and give us jobs," he said.

 

We have sent the company a request for comment. Its response will be added
once received.

 

Read the original article on GroundUp.

 

 

 

 

 

 

North Africa: Number of Ships Transiting Suez Canal Declines From 80 to 35
Vessels Per Day Due to Houthis' Attacks - Sca Chief

Houthi attacks in the Red Sea have severely disrupted maritime navigation
through the Suez Canal, with the number of transiting ships dropping from
70-80 vessels per day to just 30-35, said Admiral Osama Rabie, Chairman of
the Suez Canal Authority (SCA), during celebrations marking the 69th
anniversary of the Canal's nationalization.

 

Despite daily challenges, Admiral Rabie emphasized that the Suez Canal
remains one of the world's most vital maritime routes. He stressed that the
Canal's long history of overcoming adversity is a testament to its
resilience and the professionalism of those managing it--a reputation that
has earned the Suez Canal numerous international accolades in recent years.

 

The SCA Chairman also urged insurance companies to reconsider the elevated
premiums imposed on vessels transiting the Red Sea. He called for sending
reassuring messages to global shipping lines to encourage the resumption of
normal traffic through the Red Sea and Suez Canal.

 

As a result of the ongoing tensions in the Red Sea and the Bab al-Mandeb
Strait, the Suez Canal's revenues plummeted by 61% in 2024, falling to
$3.991 billion from $10.25 billion in 2023. On March 9, 2025, President
Abdel Fattah El-Sisi announced that Egypt is currently losing approximately
$800 million per month in Suez Canal revenues due to regional instability.

 

Egypt Today

 

Read the original article on Egypt Online.

 

 

 

Nigeria: Lagos Govt Warns Event Centres Against Traffic Obstruction

The Lagos State Government has warned social event venues against
obstructing traffic flow within the state through unauthorised use of public
roads.

 

The warning was issued by Mr Olalekan Bakare-Oki, General Manager of the
Lagos State Traffic Management Authority (LASTMA), in a statement on Sunday.

 

Bakare-Oki gave the caution during on-the-spot inspections at several
traffic-prone corridors across Lagos.

 

He expressed concern over the growing trend of lavish events encroaching on
public roads, which causes avoidable gridlock and hinders emergency access
routes.

 

He said such actions subject motorists and commuters to unnecessary hardship
and must be addressed decisively.

 

Bakare-Oki affirmed that the Gov. Babajide Sanwo-Olu-led administration
remains committed to maintaining discipline, fairness, and order on all
roads in Lagos.

 

He stated that the state would no longer tolerate the illegal conversion of
public roads into event parking or overflow spaces.

 

"No person or organisation, regardless of status, has the right to annex
public roads for private or entertainment use," he said.

 

He added that any club, hall, or social venue found guilty of blocking
access roads or roadside encroachment will face penalties and legal action.

 

To enhance enforcement, Bakare-Oki directed all LASTMA units to improve
intelligence gathering and increase patrols, especially on weekends and
during festive seasons.

 

He urged venue owners to act responsibly by hiring certified traffic
personnel or working with LASTMA to create event-specific traffic plans.

 

Vanguard News

 

Read the original article on Vanguard.

 

 

 

 

 

Nigeria: As the World's Largest Garment Factory Berths in Ogun...

LOVERS of good things would have been extremely delighted hearing the latest
news emanating from Nigeria's Gateway State, indicating that a $2bn garment
factory is set to birth in the state. The news, thrilling and predictive of
a bright future for the state and Nigeria as a whole, is that the Dapo
Abiodun-led government, in a groundbreaking partnership with Arise
Integrated Industrial Platform (IIP), an Indian-headquartered multinational,
is set to establish the world's largest garment manufacturing facility in
the state. The gist: with a financial outlay of between $2 billion and $2.25
billion, this transformational initiative is poised to alter the landscape
of Nigeria's textile sector, resuscitate cotton farming, and place Ogun at
the center of Africa's industrial map. Visit the Special Agro Processing
Zone at the Ogun Airport City in September this year, and see the factory
taking shape.

 

And what will this $2 billion garment factory do? It will produce an
estimated 4.4 million garments daily and employ between 120,000 and150,000
people directly and indirectly. It is immediately evident that the project,
with Ogun State dedicating 10 hectares of land for cotton growing, will
boost cotton farming and textile production in Nigeria. It has the beautiful
prospect of turning the Gateway State into a garment hub in Africa. The
investment will resuscitate Nigeria's textile industry, which has declined
in recent years.

 

And talking about the big decline in Nigeria's textile industry, don't we
all remember that with deep pain? Don't we all remember with nostalgia, the
good old days when almost everyone in Nigeria bought and used Nigerian
fabrics with pride, and without apology? Those were the days, you no doubt
recall, when the uniforms used in hospitals, hotels and other places were
produced in Nigeria. For those resident in the South-West, surely the
memories of the textile factories in Ikorodu, Ikeja, Ado Ekiti, and other
places has not completely faded from memory. In those days, you saw and
lived Nigeria wherever you turned, and textile factories were everywhere.
Take Kano, for instance. It was known for its big textile industry and some
of today's big political names, including Adams Oshiomhole, made their names
there protecting the interest of the organised labour. The industry arguably
accounted for more than 10 percent of the total employment coverage in
Nigeria in those days. And then came the military incursion that ravaged
many things..

 

Today, if you go to some places that used to be industrial estates, you will
discover that they have now been overtaken by churches and supermarkets. As
a result of the terrible downturn in Nigeria's textile industry,
foreign-made clothes, even of local fabrics like ankara and adire,
constantly flood the Nigerian market. Foreigners and foreign goods dominate
our markets and the money we ought to make as IGR is not generated. Because
of bad leadership, we lost thousands of jobs. Those who ought to be employed
in the textile value chain roam the streets in search of nonexistent jobs.

 

This is why the latest development in Ogun State should excite all
Nigerians. As you are no doubt aware, there are several layers in the
textile value chain, from raw material production of cotton, synthetic
fibers or other materials, to ginning and processing into fibers, and the
spinning of fibers into yarn. Then there is weaving or knitting, dyeing and
finishing, cutting and sewing of fabric into garments or textiles, and the
distribution of finished products to retailers, who then sell to the final
consumers. You are looking at an extensive chain involving farmers (planters
and harvesters),ginners and processors, spinners, weavers and knitters,
dyers and finishers, manufacturers, wholesalers and distributors, and
retailers; suppliers who provide machinery, chemicals, and other inputs,
designers who make patterns for textiles and garments, traders in textiles
and garments, and even the government regulators.

 

For a very long time, Nigeria has been relying on foreign textile
industries. Nigerians go to China, India and other countries to bring
clothing into Nigeria. It is as if they no longer remember that the Nigerian
textile industry used to supply all the clothing needed in hotels, including
beddings, curtains, etc. In this regard, it is a good thing that Ogun is
creatively looking backwards in the direction of production. For one thing,
job creation is in the offing: workers in the projected firm will be in
their hundreds, and with time that axis can even become a community on its
own. A factory with a production capacity of 100 tons/hour, 1,000 tons per
day, 40,000 tons per month, and 350,000 tons per year is no joke. The
potential benefits to Ogun State and Nigeria are clearly immense. For some
time now, Ogun has taken a lead role in bringing investors to Nigeria,
creating an enabling environment, giving opportunities to residents and
creating prosperity for all.

 

Read the original article on Vanguard.

 

 

 

 

 

Ghana: Road Minister Vows to Retrieve $30m From Foreign Contractor for No
Work Done

The Minister of Roads and Highways, Mr. Governs Kwame Agbodza, has
registered his displeasure about what he describes as unfair and lopsided
contract terms involving a foreign contractor who was paid $30 million for
road works after no work done.

 

The Minister during at interview at Joy fm, a local radio station in Ghana
said the contract in question was signed under a suppliers' credit agreement
supported by the Indian Exim Bank.

 

He noted that such agreements usually allow foreign companies to bring in
their own contractors and resources, but expressed concern about the
conditions tied to the deal.

 

According to him, Ghana paid about 20 percent of the contract sum as
mobilization to the contractor.

 

However, he claimed that even on the day a public ceremony was held to mark
the start of work, some of the equipment on site did not belong to the
contractor, raising concerns about their readiness.

 

Mr. Agbodza explained that under the agreement, if the contractor raised a
second payment request and the government failed to pay within a specified
time, the contractor could legally terminate the contract and leave with the
funds already paid.

 

"This particular contract was written in such a way that we paid $30
million, but no work has been done so far. If they do not work up to that
value, we will have to get our money back. No amount of meetings or
conferences can change that" he said.

 

The Minister emphasized that while Ghana often entered into turnkey
agreements due to limited financial resources, care must be taken to protect
the country's interests in such deals.

 

He called on professionals involved in the contract process, including
lawyers and engineers, to uphold national interest and ensure that
agreements signed are fair and beneficial to the country.

 

Mr. Agbodza stressed that the government would explore all legal means to
either recover the funds or compel the contractor to deliver work equivalent
to the amount paid.

 

By: Jacob Aggrey

 

Read the original article on Ghanaian Times.

 

 

 

After a blown deadline, what next for US-Canada trade?

EPA Mark Carney and Donald Trump, shown from the shoulders up, walk side by
side. Both are in dark blue suits and stand against an out of focus
background. EPA

A self-imposed deadline for a new US-Canada trade deal came and went on
Friday. So what happens next for these two deeply entwined neighbours?

 

Canada and the US have been locked in a tariff war for six months and,
despite talk of "intense" negotiations in recent weeks, a trade agreement
remains elusive.

 

Both President Donald Trump and Prime Minister Mark Carney have poured cold
water on the idea they will reach a quick, and tariff-free, deal. And
Trump's open criticism of Canada's move to recognise a Palestinian state
dashed hopes for a last-minute agreement earlier this week.

 

The pessimism marks a shift in tone from as recently as June's G7 meeting,
when the two leaders set themselves the summer deadline.

 

Canadian negotiators have come to the conclusion that "it's not the end of
the world" if a quick deal isn't reached and "that quality over speed and a
rushed agreement matters a lot", said Fen Hampson, a professor of
international affairs at Carleton University in Ottawa.

 

Carney - who has been tight-lipped about the negotiation details - has said
as much himself, repeating that just "any deal" won't do.

 

Still, there are pressures on both sides to give businesses a reprieve.

 

Conservative leader Pierre Poilievre said on Friday he shares "Canadians'
disappointment" that a deal was not reached by the deadline. He urged
Carney's Liberals to do more to "take back control of our economic future".

 

Canada is now facing a 35% tariff rate, though there is a carve out for
goods compliant under a current free trade deal. American global tariffs on
steel, aluminium, autos and auto parts are hurting, as the US is a top
market for those sectors.

 

On Sunday, Canada's minister for US-Canada trade Dominic LeBlanc told the
BBC's US partner CBS News that trade talks will continue, and that
negotiations so far have been "informative, constructive and cordial."

 

LeBlanc added he expects Carney and Trump to speak again in the coming days.

 

"We think there is an option of striking a deal that will bring down some of
these tariffs, and provide greater certainty to investment," he said.

 

The Trump administration has justified those tariffs by claiming a lack of
co-operation on stemming the flow of illicit drugs like fentanyl. Canada
denies that, noting about 1% of US fentanyl imports originate in Canada. It
has also brought in new border protections and a "fentanyl czar" in recent
months in an effort to address Trump's concerns.

 

Threatened tariffs on copper and the expected end of a global tariff
exemption used by shoppers of goods under $800 could also pinch.

 

Canada has responded with C$60bn ($43.3bn; £32.3bn) in counter tariffs on
various American goods - the only country along with China to directly
retaliate against Trump.

 

"It comes as no surprise that businesses are craving certainty after months
and months of tumultuous announcements," said Catherine Fortin-Lefaivre,
vice-president of international policy and global partnership at the
Canadian Chamber of Commerce.

 

"But at the same time, they're not craving certainty at the expense of a
really bad deal."

 

 

Chart showing top countries for Canada/US exports

A few factors give Canada some breathing room.

 

On paper, it looks like the country is facing a severe tariff rate from the
US, but trade is currently more free than the levies suggest at first
glance.

 

In March, Trump announced a tariffs reprieve on goods compliant with the
Canada–United States–Mexico Agreement, known in Canada as CUSMA and the US
as the USMCA.

 

That deal - negotiated during Trump's first term in office - came into force
five years ago.

 

Almost 90% of Canadian exports to the US are ultimately able to cross the
border duty free, if firms file out necessary paperwork, under that
agreement.

 

"That has given us a buffer, no question about it, that other countries
don't have right now," said Prof Hampson.

 

It means Canada is overall paying a much lower tariff rate than many of the
deals already inked with the US, like the EU, South Korea and Japan at 15%,
or Indonesia and the Philippines at 19%.

 

Ottawa has also brought in some relief programmes for affected industries
and has also collected about C$1.5bn more in import duties than in the same
period last year, due to the counter tariffs.

 

 

Why Trump's global tariffs 'victory' may well come at a high price

And while in the US consumer confidence is up and prices there have remained
contained, it helps Canada's negotiating position if they can wait for
Americans to start feeling the pain of tariffs.

 

"It's Americans who are going to squawk," said Prof Hampson.

 

Ms Fortin-Lefaivre predicts US businesses, especially smaller firms that
don't have the same resources to withstand them, will be pressuring
political leaders.

 

"So that pressure could play to our advantage," she said.

 

Canadians also appear willing to give the new prime minister some leeway.
Opinion polls suggest they are generally satisfied with his handling of
trade.

 

Carney "understands that doing what's best for the economy right now is
actually what's best for him politically", Martha Hall Findlay, director of
the University of Calgary's School of Public Policy and a former Liberal MP,
told the BBC.

 

Trump has said he is imposing tariffs to boost domestic manufacturing, open
overseas markets and raise money for the government.

 

He is also using them to push countries like Canada on a range of non-trade
issues, including military spending.

 

In the last few weeks, Ottawa has significantly ramped up its defence
spending, boosted security at the shared border and killed a digital tax
opposed by American tech firms.

 

Those moves show Canada is "doing what the Americans wanted us to do", said
Ms Fortin-Lefaivre.

 

She hopes Canadian negotiators are pushing for tariffs to be as low as
possible, as well as working to ensure the two deeply integrated supply
chains are able to continue working together.

 

Canada is pressing for relief on the 50% steel and aluminium tariffs, which
are squeezing US automakers.

 

And on Thursday, Treasury Secretary Scott Bessent signalled in an interview
with CNBC that is an option on the table.

 

 

Trump meanwhile, has raised a number of longstanding trade irritants besides
fentanyl, including Canada's protections around its dairy industry.

 

Ottawa has previously warned of more countermeasures to come if talks
collapse, though political appetite for that may be waning.

 

Retaliatory tariffs "haven't seemed to have had the kind of impact that we
would hope for", British Columbia Premier David Eby recently told Bloomberg.

 

On retaliation, Prof Hampson said: "The Americans have escalation dominance
here. So you want to be smart about it."

 

 

 

A spokesperson for Carney declined to say whether more countermeasures
remained on the table. Meanwhile, Canadian negotiators have been in
Washington most of this week and keep pushing talks forward, with the
minister responsible for Canada-US trade saying on Friday an acceptable
agreement "was not yet in sight".

 

"We all crave the certainty of a deal," said Ms Fortin-Lefaivre.

 

But research by her business group suggests firms are making contingency
plans. Almost 40% of goods exporters have already diversified suppliers
outside the US, and 28% have diversified buyers.

 

They are also looking ahead to what may be more challenging talks with
CUSMA, which has proven a critical backstop, as it is up for review next
year.

 

It is all part of a wider push by the country to diversify trade away from
the US, pull down barriers that have hindered trade between provinces, and
press forward more quickly on major projects.

 

The economic links between the two countries will stay strong - Canada will
still be one of the largest trading partners and economic and security
allies of the US.

 

But the irony is that Trump's threats may be "forcing Canada to understand
we have to get our own economic house in order," said Ms Hall Findlay.

 

"It's going to take some really tough decisions. And I do think our current
government gets this."-bbc

 

 

 

 

 

How South Korea's K-beauty industry is being hit by Trump tariffs

Cars and smartphones may rank among South Korea's biggest exports to the US,
but few goods inspire a more devoted following than the Asian country's
beauty products.

 

K-beauty - a term that covers a wide range of skincare, makeup and cosmetics
from South Korea - is lauded for its quality and value, driving soaring
demand in recent years.

 

The global appeal of South Korean culture has also helped propel the
popularity of its cosmetics.

 

US-based Pearl Mak tells the BBC that she was introduced to K-beauty
products by her friends. South Korean serums are better-suited for her skin
compared to some Western brands that tend to be more harsh, the 27-year-old
graphic designer says.

 

Now "95% of my skincare is made up of K-beauty products", she adds.

 

Ms Mak is not alone in her preference for South Korean skincare brands.
Americans spent as much $1.7bn (£1.3bn) on K-beauty products in 2024,
according to industry estimates. That marks a more than 50% rise compared to
the previous year.

 

K-beauty products are often more attractively priced than their Western
counterparts - but also feature ingredients that are not as commonly found
in the West - from heartleaf to snail mucin.

 

US President Donald Trump has now imposed a 15% import tax on South Korean
goods traded between Seoul and Washington.

 

It's less than the 25% levy that Trump had threatened, but many consumers
are not taking any chances.

 

 

The rise of Korean make-up in the West

'Flowerboys' and the appeal of 'soft masculinity'

US K-beauty retailer Santé Brand saw orders spike by nearly 30% in April,
right after Trump unveiled sweeping US import taxes on most of the world.

 

"When the tariff announcements hit, customers got strategic with how they
were going to weather the storm," Santé Brand's founder Cheyenne Ware told
the BBC.

 

"Consumers are preparing against the uncertainty."

 

Another K-beauty retailer, Senti Senti, has been ordering more products
since Trump started his tariff threats, says manager Winnie Zhong.

 

This week, she received alerts from suppliers urging retailers to "stock up
before tariffs".

 

Both retailers said prices of K-beauty products are likely to increase as
the levies push up costs across the industry.

 

"Anyone telling you prices will stay flat through the next two years is
naive," says Ms Ware.

 

Prices are bound to rise, especially for smaller sellers of beauty products
on platforms like Amazon, who operate with slim profit margins, economist
Munseob Lee from the University of California San Diego says.

 

Despite higher prices, the global popularity of South Korean culture means
K-beauty products are likely to remain in demand in the US, he says.

 

"Casual buyers might be turned off by the higher price, but fans won't find
an easy substitute."

 

Ms Zhong agrees. She thinks customers will still want to buy K-beauty
products but price rises may mean they purchase fewer items than before.

 

Higher prices are unlikely to stop Ms Mak buying her favourite products.

 

"It depends on how much the price shoots up, but as of now, I am willing to
pay more to purchase the same products," she says.

 

 

'No easy substitute'

Big K-beauty brands are in a much better position to absorb the cost of
tariffs than their smaller rivals, says South Korea-based business
consultant Eyal Victor Mamou.

 

These larger companies will be able to avoid major price rises for their
customers as they have higher profit margins, he says.

 

But smaller K-beauty firms that make their products in South Korea will
struggle to keep a lid on costs, Mr Mamou adds.

 

"It will take some time to take effect since most goods being sold in the
short-run have already been commissioned at current prices, but we'll see it
play out soon."

 

The global appeal of K-beauty products has been driven by the popularity of
South Korean culture

In recent days, President Trump has struck deals with Japan and the European
Union that will see their exports to the US subject to the same 15% tariffs
as South Korea.

 

That means countries that are home to some of the world's biggest cosmetics
brands face the same levies as the K-beauty industry.

 

Central to Trump's trade policies is his ambition to see more goods being
made in America.

 

But it's yet to be seen whether or not this will mean US buyers switch to
American beauty products.

 

Ms Mak says she doesn't see US-made products as attractive alternatives.

 

"I do search for American-made alternatives often, but I have yet to find
any that are as effective as the ones I use. So I wouldn't go for American
products yet."--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

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INVESTORS DIARY 2025

 


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
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been compiled from s believed to be reliable, but no representation or
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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
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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.

 


 

 


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<mailto:bulls at bullszimbabwe.com> bulls at bullszimbabwe.com Tel: +27 79 993
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