Major International Business Headlines Brief ::: 02 December 2025

[Bulls n Bears]

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Major International Business Headlines Brief :::  02 December  2025 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Fast-fashion firms Shein and Temu face calls for US investigation

ü  Australia won't be intimidated by firms over social media ban, minister
tells BBC

ü  Jamie Laing's Candy Kittens to acquire UK snack brand Graze

ü  Starbucks to pay NYC workers $35m after alleged labour law violations

ü  US and UK agree zero tariffs deal on pharmaceuticals

ü  Car-sharing company ZipCar to end UK operations

ü  Kenya: Rwandair Resumes Direct Flights to Mombasa After Five-Year Hiatus

ü  Nigeria: TotalEnergies Announces Plan to Sell 40% of Nigeria's Assets to
Chevron

ü  Nigeria: NUPRC Targets $10bn Investment, Lists 50 Oil, Gas Blocks in New
Licensing Round

ü  Rwanda: Digital Currency Trial Set for Next Year, Says Governor
Hakuziyaremye

ü  Somalia: UN Cuts Over 680 Jobs in Somalia As Donor Funding Declines

ü  Mozambique: UK Pulls $1 Billion Financing From TotalEnergies' Mozambique
LNG Project

ü  Africa: UN Chief Warns Unpaid Dues Near $1.6 Billion, As Budget Cuts
Deepen

ü  Madagascar Sees Bumper Lychee Harvest As Investigators Probe Trade
Kingpin

 


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Fast-fashion firms Shein and Temu face calls for US investigation

Fast-fashion giants Shein and Temu are facing increased pressure in the US
after two senior politicians pushed for investigations, including into
claims of forced labour and intellectual property theft.

 

In Texas, the state's Attorney General Ken Paxton launched a probe into
Shein, mirroring similar moves targeting the firm in several European
countries.

 

At a national level, Senator Tom Cotton called for a federal investigation
into Shein and Temu, which he labelled "Communist Chinese" platforms and
accused them of intellectual property theft that has "devastated" US firms.

 

Shein said it took concerns raised about its business practices seriously.
The BBC has also contacted Temu for comment.

 

 

"We welcome constructive engagement with Attorney General Paxton," Shein
said in a statement, adding that it will cooperate with the investigation.
The company did not refer directly to Cotton's calls for a national probe.

 

The retailer is headquartered in Singapore but most of the goods sold on its
platform are made in China, where it was founded.

 

In a letter to US Attorney General Pam Bondi on Monday, Cotton - senior
Republican from Arkansas - said that millions of packages from China now sit
in US warehouses after Washington changed its rules on low-cost shipments in
August.

 

US President Donald Trump abolished the longstanding de minimis rule, a
global tariff exemption widely used by buyers of low-cost goods.

 

The change subjected shipments to levies and stricter customs checks.

 

The new regulations gives the Department of Justice and Homeland Security a
"golden opportunity" to act, said Cotton, a key ally of Trump and a vocal
critic of China.

 

Designers and small American brands have accused Shein of systematically
copying their original creations, often just days after launch, and selling
them at a fraction of the price, he said.

 

Cotton also accused Temu of carrying "sophisticated and deceptive fakes" on
its platform, which has hundreds of millions of users.

 

He cited a US investigation which found a significant proportion of items
that its researchers bought on Shein and Temu were likely counterfeits.

 

Separately, Paxton from Texas said that numerous reports have raised serious
concerns about Shein's alleged reliance on forced labour, and claims of the
use of unsafe materials and deceptive marketing.

 

The brand has been under scrutiny over the environmental impact of its
fast-fashion business and the working conditions of the people who make the
products on its site.BBC

 

 

 

 

 

Australia won't be intimidated by firms over social media ban, minister
tells BBC

Australia's Communications Minister Anika Wells has told the BBC she is not
intimidated by technology companies who disagree with the country's
"world-leading" social media ban and is ready if Washington weighs in.

 

>From December 10, ten social media firms including Snapchat, Meta, TikTok
and YouTube will have to take what the government says are "reasonable
steps" to stop children under 16 from having accounts on their platforms.

 

"We stand firm on the side of parents and not on the platforms," Wells said.

 

Companies including Meta have said they agree more is needed to keep young
people safe online, but don't think a ban is the answer, with some experts
raising similar concerns.

 

 

Speaking to the BBC in Brisbane, Wells said the tech companies have had
plenty of time - 15 to 20 years - to improve their practices, in light of
research indicating their platforms cause harm.

 

"I am not intimidated by big tech because I understand the moral imperative
of what we're doing," she said, adding that speaking to parents whose
children have suffered online kept her strong.

 

She said the policy is the envy of many countries around the world, rattling
off a list of leaders she says have contacted her government for advice
emulating it.

 

"We're pleased to be the first, we're proud to be the first, and we stand
ready to help any other jurisdictions who seek to do these things."

 

However, US President Donald Trump has previously said he would stand up to
any country that attacked US tech companies. Australia's e-Safety
Commissioner - who has been charged with overseeing the social media ban -
has also been called to testify in front of US Congress.

 

Wells said the White House and Congress have a right to weigh in, and to
examine Australia's actions, but she and her officials won't be distracted.

 

"We are very much concerned with doing our duty to Australians and
Australian taxpayers who pay us to look after good public policy."

 

She also said tech companies are right to be worried about this legislation
in Australia – to have fears it could be the first of many countries to
restrict social media for teens.

 

"If you don't have a safe operating model and if people are losing their
lives as a result of your operating model, I think you can expect public
policymakers to act."

 

 

Australia's legislation, while popular, has not been without criticism. Some
experts have argued other measures - like greater restrictions, more
parental controls and more robust digital education - would have worked
better.

 

Though the law is being touted as a world-first in terms of its scope, some
other jurisdictions have tried to implement similar policies with little
success and critics worry about enforcement here too. Several states in the
US, for example, have tried to implement similar legislation but have been
pushed back by the courts. In Australia, two teenagers last week launched a
High Court challenge, arguing the ban disregards the rights of children.

 

One of the biggest criticisms of the ban, however, has been the exclusion of
online gaming, which parents and online safety researchers say also cause
significant harm. The platform Roblox has been singled out by many as a
concern.

 

"The safety e-Commissioner definitely has her eye on Roblox and you would
have seen that Roblox even in recent weeks has had to take steps to make
their platform safer," said Wells.

 

Over the next two years, the government will review the ban. "This isn't a
cure, it's a treatment plan, and treatment plans will always evolve as we
can adapt and address harm and see what works and what doesn't," Wells said.

 

She has repeatedly sought to manage expectations, saying rollout of this
policy might be messy, but the social change will ultimately be worthwhile.

 

"In the same way that people under 18 aren't allowed to drink alcohol in
Australia, there will be people today under 18 that drink alcohol... they
may even be supported in doing that by their parents.

 

"That still doesn't mean that we shouldn't have a law that prevents under
18s from drinking alcohol in Australia because the public health evidence
tells us that is a good and proper thing to do."-BBC

 

 

 

 

 

 

Jamie Laing's Candy Kittens to acquire UK snack brand Graze

British TV personality Jamie Laing's vegan sweets brand Candy Kittens is set
to acquire snack company Graze in a deal between the former's parent company
and packaged goods giant Unilever.

 

The upcoming deal with German firm Katjes International is expected to be
completed in the first half of 2026 for an undisclosed sum.

 

The sale of Graze, a popular nuts and snack bar brand in the UK, marks
Unilever's latest effort to offload under-performing brands in its line-up
and prioritise its personal care and beauty products.

 

Unilever said on Monday that it will focus on producing condiments and other
packaged products to "sharpen" its catalogue of goods, which will mean
"pruning the portfolio where relevant".

 

 

Graze was founded in 2005 as an internet-based snack delivery service
selling healthy and often nut-based treats. It gradually began to sell in
supermarkets and retailers.

 

In 2019, it was acquired by Unilever, reportedly for around £100m ($132m),
but has under-performed, with sales falling in recent years.

 

Now, its future will be "better realised under new ownership" by Katjes and
Laing's Candy Kittens Group, given their expertise in consumer goods, said
Unilever in its statement.

 

Laing said that Graze has changed the way the UK thinks about healthier
snacking and is "perfect" for Candy Kittens' plans for growth.

 

Laing has hosted programmes on the BBC and is known for his participation in
the reality show Made in Chelsea and Strictly Come Dancing.

 

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The deal is a "massive moment" for his eco-conscious firm, which sells vegan
treats, Laing said online.

 

"When we started out, the thought of a company like Unilever buying our
business was the dream. Today we're the ones buying a business from them.
The tables have turned," he said.

 

Unilever chief executive Fernando Fernandez outlined plans to divest the
firm's food brands as part of efforts to fund the company's turnaround,
after he stepped into the role in March.

 

Among the other food brands the UK-based consumer goods giant has sold off
this year is The Vegetarian Butcher. It acquired cosmetics companies like
Wild.

 

The Marmite- and Dove soap-owner is also set to spin off its ice cream
division which carries well-known brands like Magnum, Ben & Jerry's and
Walls as part of its overhaul.-bbc

 

 

 

 

 

 

Starbucks to pay NYC workers $35m after alleged labour law violations

Starbucks has agreed pay more than $35m (£26m) to thousands of workers in
New York City, to settle the city's claims that the company denied them
stable schedules and arbitrarily slashed their hours.

 

Over 15,000 hourly workers are set to receive $50 for each week they worked
during from July 2021 through July 2024, city officials said.

 

Vilda Vera Mayuga, commissioner of the New York City Department of Consumer
and Worker Protection, cited alleged violations of city law requiring
predictable schedules for workers.

 

The settlement, announced on Monday, comes as the coffee chain faces
pressure to improve working conditions nationwide.

 

 

Starbucks said in a statement that it is "committed to creating the best job
in retail and to ensuring our practices follow all laws". It added that it
has recently outlined plans to invest $500m to improve coffeehouse staffing
and training.

 

Officials in New York City started investigating Starbucks in 2022 - a probe
that began with dozens of worker complaints and grew to encompass all
Starbucks locations across the city.

 

The city's worker protection department found "a pattern of systemic
violations", officials said in a statement. Starbucks broke the city's Fair
Workweek Law more than half a million times since 2021, they said, calling
the agreement announced on Monday the largest worker protection settlement
in the city's history.

 

"All workers deserve to be treated with dignity, and we are proud to stand
up for our neighbors when a multibillion-dollar company like Starbucks
chooses to systematically violate their employees' rights," Mayuga said in a
statement.

 

Under the terms of the agreement, Starbucks will also be forced to comply
with the city's worker protection laws moving forward, which require fast
food employers to give employees regular schedules and opportunities to take
on extra shifts.

 

The company noted that New York City's worker protection laws are "complex".

 

"We support the intent of the law and remain committed to compliance, but
its complexity creates real-world challenges," Starbucks said. Compensation
to employees in New York City will be for legal compliance, not unpaid
wages, the chain said.

 

New York City Mayor Eric Adams called it a "landmark settlement" that will
"put tens of millions of dollars back into the pockets of hard-working New
Yorkers and reinforce every New Yorker's right to a reliable schedule, full
hours, and basic dignity".

 

Starbucks has in recent years faced consumer boycotts, a wave of new
competitors and a customer backlash over high prices, as well as turmoil in
its leadership ranks.

 

The chain, under chief executive Brian Niccol, has been working to bring
back customers, promising faster service and a return its coffeehouse roots,
with ceramic mugs and hand-written notes. In October, Starbucks reported 1%
growth in sales at global stores open at least one year - its first
quarterly increase in almost two years. But in the US, sales were flat.

 

Despite some recent progress in boosting sales, the company is still
wrestling with a years-long labour fight that threatens to hamper its
turnaround. It remains at odds with the Starbucks Workers United union over
pay, staffing and hundreds of unresolved charges of unfair labour practice.

 

Last month, workers represented by Starbucks Workers United went on a strike
in their latest bid to pressure the coffee chain for better pay and staffing
after negotiations stalled.

 

"When this company cuts our hours, understaffs our stores and busts our
union, it makes it harder for us to do our job and create that great
experience for customers," Kai Fritz, a union barista, said in a statement
on Monday after New York City officials announced their agreement with the
company.

 

"This settlement is a step in the right direction."

 

The worker walkout is ongoing and has expanded to more than 120 stores
across 85 cities, Starbucks Workers United said. The union has won elections
at roughly 5% of the chain's company-owned US locations since launching four
years ago.

 

Thousands of workers remain on strike - in New York City and beyond - to
demand a "fair union contract that memorializes job protections, better
staffing, and higher pay", Lynne Fox, Workers United's international
president, said in a statement.

 

"For too long, Starbucks has acted with impunity: manipulating schedules,
disrespecting workers, and ignoring legal protections put into place by New
Yorkers to protect working people from unfair business practices," Ms Fox
said.-BBC

 

 

 

 

 

 

US and UK agree zero tariffs deal on pharmaceuticals

The UK and the US have agreed a deal to keep tariffs on UK pharmaceutical
shipments into America at zero.

 

Under the agreement the UK will pay more for medicines through the NHS in
return for a guarantee that US import taxes on pharmaceuticals made in the
UK will remain at zero for three years.

 

This is the first time the amount that the NHS pays for medicines is due to
increase in more than 20 years.

 

The deal comes after US President Donald Trump threatened to raise tariffs
to as high as 100% on branded drug imports, one of the UK's biggest exports
to the US.

 

 

Business and Trade Secretary Peter Kyle said the deal "guarantees that UK
pharmaceutical exports – worth at least £5bn a year - will enter the US
tariff free, protecting jobs, boosting investment and paving the way for the
UK to become a global hub for life sciences."

 

The UK exported £11.1bn worth of medicines to the US in the 12 months to the
end of September, making up 17.4% of all goods exports in that period,
according to the Department for Business and Trade.

 

Pharmaceuticals were not included in the wave of tariffs US President Donald
Trump had announced earlier this year.

 

But he has repeatedly threatened to raise tariffs on medicines, citing
concerns about America's reliance on medicines made overseas and a desire to
increase manufacturing in the US.

 

He has also argued that US consumers effectively subsidise medicines for
other developed countries by paying premium prices for those drugs and
pushed for other countries to pay more.

 

Under the terms set out on Monday, the UK will increase the price threshold,
at which it deems new treatments to be too expensive, by 25%.

 

The UK will also increase the overall amount the NHS spends on medicines,
with a target to increase that spending from 0.3% of GDP to 0.6% of GDP over
the next 10 years.

 

The amount drug companies must pay back to the NHS to ensure the health
system does not overspend its allocated budget will be capped at 15% - last
year, drug companies had to pay back more than 20%.

 

In exchange, UK medicine exports will be protected from tariff increases for
the next three years.

 

White House spokesman Kush Desai said the agreement with the UK was a
"historic step towards ensuring that other developed countries finally pay
their fair share".

 

Getty Images Gloved hands hold a tray of yellow tablets, above rows of
yellow tablets on a conveyor belt.Getty Images

 

The pressure from the US had intensified a long-running row in the UK
between the government and the pharmaceuticals industry over drug approvals
and the cost of medicines to the NHS.

 

Health Secretary Wes Streeting said in August that he was not prepared to
let drug companies "rip off" the UK, after talks between the government and
pharmaceutical firms over the cost of medicines broke down.

 

But subsequently Science Minister Sir Patrick Vallance told the BBC he
accepted that the NHS needed to spend more on medicines after seeing its
spending on drugs shrink as a percentage of its budget over the last 10
years.

 

The NHS advisory body NICE said the changes were likely to lead to an extra
three to five medicines a year being approved - currently it assesses around
70 a year and approves 90% of them.

 

It is not clear what this will cost the NHS - drugs currently account for
around 10% of the health budget.

 

But Sally Gainsbury, of the Nuffield Trust think tank, said the agreement
could lead to an extra £3 billion being spent on drugs, which was "bad news"
given how stretched budgets were.

 

"The extra cost will need to be fully-funded by the Treasury," she said,
adding that it would be better to invest extra money into areas such as GP
services or tackling the hospital backlog instead of new drugs.

 

In announcing the new agreement, the UK government said it was the only
country in the world to have secured a zero percent tariff rate for
pharmaceutical shipments.

 

European officials have previously said they believed their drugs exports
would be protected by terms agreed over the summer, which would cap tariffs
on most goods at 15%.

 

It follows pressure on the government after the cancellation or pause of
several large pharma investments in the UK over the last 18 months, as firms
shift attention to the US.

 

In mid-September, British pharmaceutical giant GSK pledged to invest $30bn
(£22bn) in research and manufacturing in the US over the next five years.

 

A week before GSK's US investment announcement, US pharmaceutical company
Merck - which is called MSD in Europe – revealed it was scrapping its
planned £1bn expansion of its UK operations.

 

Shortly after, AstraZeneca also announced it was pausing a planned £200m
investment in a Cambridge research facility. In July, AstraZeneca said it
would invest $50bn on medicine manufacturing and research and development in
the US.

 

William Bain, head of trade policy at the British Chambers of Commerce, said
he was pleased to see that the protections from US tariffs that UK officials
had promised earlier this year had been delivered.

 

"This deal is a real win. It will promote exports, boost investment, and
enhance UK competitiveness as a production and innovation base for
world-leading medicines and treatments," he said.

 

US pharmaceutical company Bristol Myers Squibb said it now anticipated being
able to invest more than $500m over the next five years in areas including
research, development and manufacturing.

 

"This agreement is a sign of progress and one that creates an environment
conducive to our continued presence in the UK," chief executive Chris
Boerner said.-BBC

 

 

 

 

 

 

 

Car-sharing company ZipCar to end UK operations

Car-sharing platform Zipcar has said it is to close its UK operations by the
end of the year.

 

The US-based company, which is owned by car rental giant Avis Budget, told
customers it would temporarily suspend new bookings after 31 December,
pending the outcome of a consultation with its 71 staff members.

 

In an email to members, UK boss James Taylor said the firm had launched a
formal consultation with employees and bookings due to finish by the end of
the month were being honoured.

 

An Avis Budget spokesperson confirmed that it was planning to close Zipcar
UK, but said "all other markets remain unaffected".

 

 

Zipcar members would still be able to use the fleet over Christmas and until
31 December, it said.

 

The company has about 650,000 members in the UK who rent cars by the hour or
day from an app and collect the vehicles from parking spaces, making it the
UK's largest car-sharing operator.

 

An Avis Budget spokesperson said the decision to cease trading in the UK
from 2026 was part of a plan "to streamline operations, improve returns, and
position the company for long-term sustainability and growth".

 

Zipcar closed its operations in Oxford, Cambridge and Bristol last year to
focus on its core London market, where it has more than 550,000 members.

 

In its most recent company accounts for 2024, Zipcar blamed the "cost of
living crisis", which was affecting UK customers, for revenues falling to
£47m from £53m the year before, while its after-tax losses had widened to
£11.6m.

 

According to the same accounts, Zipcar membership fees cover the cost of
fuelling or charging the vehicle and, as energy costs continued to rise last
year, it has added to financial pressures on the company.

 

The company would also be liable for the incoming congestion charge in
London that is expanding to include electric vehicles from 26 December,
although this was not referenced in Zipcar's email to membership or company
accounts.-BBC

 

 

 

 

 

Kenya: Rwandair Resumes Direct Flights to Mombasa After Five-Year Hiatus

Nairobi — RwandAir on Monday officially resumed direct flights to Mombasa,
marking its return to Kenya's coastal city for the first time since 2019.

 

The relaunch, celebrated at Moi International Airport (MIA), signals renewed
momentum in regional connectivity, tourism, and trade across East Africa.

 

Speaking during the ceremony, RwandAir Chief Commercial Officer Fouad
Caunhye described the occasion as a significant milestone for the airline
and the region.

 

"As we approach the festive season and the excitement of holiday travel and
a new year ahead, it gives me great pleasure to say: we are officially back
in Mombasa," Caunhye said.

 

 

"Today, we are not just reopening a route--we are reconnecting with Kenya's
coast and strengthening our East Africa corridor."

 

RwandAir last operated the route in 2019.

 

The renewed service will now offer four weekly flights--every Monday,
Wednesday, Friday, and Sunday--providing travellers with more flexibility
for leisure and business.

 

Caunhye noted that the return to Mombasa strengthens the airline's presence
in Kenya, now its second destination after Nairobi.

 

He emphasised that the move reflects RwandAir's long-term commitment to
expanding seamless connectivity across the region.

 

"Mombasa holds deep importance for East Africa. It is where families
reunite, where people come to unwind, and where culture and commerce meet.
Over the years, the growing demand reaffirmed something we always knew: this
route matters," he said.

 

 

He added that the relaunch is about more than restoring flights: "It is
about strengthening connections, expanding opportunities, and building a
future of greater mobility across East Africa."

 

The Kenya Airports Authority (KAA) termed the resumption a "landmark moment"
for Moi International Airport and the wider region.

 

KAA Chairman Caleb Kositany, who led the reception ceremony, hailed
RwandAir's return as a strong vote of confidence in Kenya's aviation
infrastructure and coastal tourism market.

 

"RwandAir's return is a reaffirmation of partnership, shared vision and
opportunity," Kositany said.

 

"Mombasa's airports are ready to support growth in tourism, trade and
investment, and KAA will continue to provide the safe, efficient and
world-class services our partners expect."

 

Kenya's High Commissioner to Rwanda, Ambassador Janet Mwawasi Oben,
travelled aboard the inaugural flight and joined the celebrations on
arrival.

 

 

"This route is very important to Kenya," she said.

 

"We have been looking forward to having a direct route to Mombasa because
Mombasa is one of our biggest tourist destinations. It will increase tourism
and trade."

 

As the festive season approaches, the airline expects strong demand from
travellers seeking convenient access to Kenya's coast.

 

RwandAir says the resumed service will enhance mobility across East Africa,
support local economies, and open new opportunities for collaboration.

 

"We see Mombasa not just as a destination we are returning to, but as a
gateway to even greater possibilities," Caunhye said, thanking Kenyan
authorities, tourism stakeholders, and partners for their support.

 

RwandAir's return marks a renewed chapter in regional aviation--and a
promising boost for Mombasa's position as a leading tourism and business
hub.

 

Read the original article on Capital FM.

 

 

 

 

Nigeria: TotalEnergies Announces Plan to Sell 40% of Nigeria's Assets to
Chevron

Abuja — TotalEnergies yesterday announced that it planned to sell a 40 per
cent stake in two offshore exploration licenses in Nigeria to Chevron in a
move aimed at strengthening collaboration between the French and U.S. energy
giants.

 

TotalEnergies said it will remain the operator of the site with 40 per cent
participation, alongside Chevron, also with 40 per cent, and South Atlantic
Petroleum at 20 per cent.

 

Nigeria accounts for more than a third of TotalEnergies' African oil and gas
production and 8.5 per cent of its global hydrocarbons, though its output in
the country has declined by a quarter over the past two decades.

 

 

It is now streamlining its African portfolio, focusing on assets it operates
while seeking new sources of supply.

 

In June, Chevron sold Total a 25 per cent interest in a portfolio of 40 U.S.
federal offshore leases for an undisclosed amount, as part of an exploration
partnership between the majors.

 

" Further to an ongoing discussion of global exploration opportunities
between TotalEnergies and Chevron, TotalEnergies EP Nigeria has signed a
farmout agreement to sell to Star Deep Water Petroleum Limited, a Chevron
company, a 40 per cent participation in the PPL 2000 and PPL 2001
exploration licenses, offshore Nigeria.

 

"Located in the prolific West Delta basin, the PPL 2000 & 2001 licenses
cover an area of approximately 2,000 square kilometers and were awarded to a
consortium of TotalEnergies and South Atlantic Petroleum following the 2024
Exploration Round organised by the Nigerian Upstream Petroleum Regulatory
Commission (NUPRC).

 

 

"TotalEnergies will remain operator with a 40 per cent participation
alongside Chevron (40 per cent) and South Atlantic Petroleum (20 per cent),"
the oil giant stated in the statement.

 

This new joint venture, it said, reinforces TotalEnergies' global offshore
exploration collaboration with Chevron, following the June acquisition of a
25 per cent working interest in a portfolio of exploration leases Offshore
U.S. comprising 40 Chevron-operated blocks.

 

"After launching our joint venture in US offshore exploration in June, we're
delighted to now expand our collaboration to Nigeria to unlock new resources
in the West Delta basin," said Nicola Mavilla, Senior Vice-President
Exploration at TotalEnergies.

 

"This new joint venture aims at derisking and developing new opportunities
in Nigeria, in line with the objectives of the country," Mavilla noted.

 

Completion of the farmout transaction with Chevron, the statement said, is
subject to customary conditions, including regulatory approvals.

 

TotalEnergies has been present in Nigeria for more than 60 years and employs
more than 1,800 people across different business segments. Nigeria is one of
the main contributing countries to TotalEnergies' hydrocarbon production
with 209,000 boe/d produced in 2024.

 

TotalEnergies also operates an extensive distribution network which includes
about 540 service stations in the country. In all its operations,
TotalEnergies said it is particularly attentive to the socio-economic
development of the country and is committed to working with local
communities.

 

Read the original article on This Day.

 

 

 

 

Nigeria: NUPRC Targets $10bn Investment, Lists 50 Oil, Gas Blocks in New
Licensing Round

Nigerian Upstream Petroleum Regulatory Commission (NUPRC) yesterday kicked
off the 2025 oil and gas licensing round, announcing that it is targeting
$10 billion in investment tied to the current bid cycle.

 

The upstream regulator also launched an online portal for would-be bidders,
stressing that during the licensing round, expected to last six months from
December 1, 50 oil and gas blocks across onshore, swamp/shallow water and
offshore terrains spanning diverse basins will be up for sale.

 

Addressing journalists in Abuja, Chief Executive Officer of NUPRC, Gbenga
Komolafe, stated that besides the $10 billion investment target, two billion
barrels of oil and an estimated 400,000 barrels per day of production
volumes were expected when the blocks become fully operational.

 

 

Komolafe said the announcement was in line with Section 73 of the Petroleum
Industry Act (PIA) 2021, which prescribes a fair, transparent and
competitive bidding process.

 

Following the approval of President Bola Tinubu, Komolafe stated that of the
50 assets up for bid, 15 were onshore assets; 19 were from shallow water;
frontier assets were 15; while the deep water asset was one.

 

He said the key objectives of the Nigeria 2025 licensing round included to
grow oil and gas reserves through aggressive exploration and development
efforts; increase Nigeria's production capacity and government revenue; as
well as create thousands of direct and indirect jobs, from technical
oil-field roles to supporting services, especially in regions where blocks
were located.

 

 

"The Nigeria 2025 licensing round is, therefore, expected to attract about
$10 billion in investments and add up to two billion barrels of oil output
over the next 10 years with an estimated 400,000 barrels/day of production
volumes when the blocks are fully operational," he stated.

 

According to him, the exercise will lead to expansion opportunities for gas
utilisation and development in Nigeria, in view of energy transition, as
well as reinforce Nigeria's commitment to openness and transparency in line
with the principles of the Extractive Industry Transparency Initiative
(EITI).

 

Komolafe said the licensing round will enhance indigenous participation to
drive skills development, knowledge retention, and effective technology
transfer within the sector, and contribute to long-term global energy
sufficiency.

 

 

He said the commission, as a business enabler, and in line with the
president's approval, had also reduced the applicable signature bonuses in
order to attract investments.

 

In today's volatile global energy landscape, the NUPRC chief executive
stated that certainty and predictability had become the true currencies of
investment, explaining that NUPRC has, therefore, moved to de-risk
exploration.

 

To that end, he stated that through extensive multi-client surveys, the
commission had reprocessed thousands of kilometres of 2D and 3D seismic
data, producing sharper, higher-resolution images of Nigeria's petroleum
systems and reducing the uncertainties that once hindered exploration
decisions.

 

Komolafe stated, "For investors, this means entering a market where
uncertainty is shrinking and where opportunity is backed by the richest,
highest-quality subsurface data available anywhere in Africa. This wealth of
high-quality geo-physical datasets means lower exploration risk, improved
probability of discovery, faster appraisal timelines, reduced entry costs
and accelerated journey from licensing to first oil or gas."

 

He acknowledged that transparency was key to investor confidence, stressing
that to ensure that the bidding process is credible and seamless, the
commission has rolled out guidelines, which are now available on its
website.

 

Besides, he revealed that NUPRC had adopted a two-stage bidding process for
the award of the blocks, comprising a qualification stage and a bid stage.

 

The NUPRC chief executive stated, "The qualification stage involves the
submission and evaluation of applications by interested parties or consortia
in accordance with the regulation and the guidelines. Applicants shall
provide all information required for this stage.

 

"Only applicants who are adjudged qualified and subsequently shortlisted by
the commission shall proceed to the bid stage and will be required to
execute a confidentiality agreement prior to participation.

 

"At the bid stage, shortlisted applicants or bidders shall submit their
technical and commercial bids in accordance with the regulation, the
guidelines, and any other bidding documents issued by the commission.

 

"Given our commitment to transparency and alignment with best practices, the
bid process will be automated and digital. Winners will emerge at the
commercial bid process."

 

Commenting on the last licensing initiatives, including the 2022 mini-bid
round, and the "historic" 2024 licensing round, Komolafe emphasised that
they were conducted with unprecedented levels of transparency, unmatched
global competitiveness, and robust investor engagement and roadshows.

 

He said the year 2024 licensing rounds were concluded remarkably without any
petitions nor litigations, and commended by NEITI and other stakeholders.

 

He stated, "Consolidating on the achievements of the 2024 licensing round,
the NUPRC is proud to formally announce the commencement of the Nigeria 2025
licensing round and the launch of the licensing round online portal
br2025.nuprc.gov.ng.

 

"It is important to indicate to prospective bidders that our emphasis is not
on date of incorporation or age of companies given the fact that the
development of an asset is based on professionalism, funding and technical
capacity."

 

Komolafe said the commission will effectively publish on the licensing round
portal, the licensing round guidelines, candidate asset and maps, teasers,
activity charts, and other details for proper guidance.

 

He stated that the Nigeria 2025 licensing round was a major window for
investments in Nigeria, as it offered easier participation, transparency and
comprehensive subsurface data, pointing out that it further reflects
Tinubu's charge that "Nigeria must not only be open for business; Nigeria
must be irresistible for investment."

 

Speaking on the impact of the last bid round on Nigeria's overall crude
production, Komolafe said all awardees from last year's licensing round had
paid signature bonuses and were in various stages of exploration and
development.

 

However, he explained that new barrels took time to materialise, saying the
fact that a licensing round was done last year does not immediately
translate into additional barrels.

 

He also dismissed insinuations that briefcase investors - people with no
real capital, proven track record or operational capacity - will hijack the
process, stressing that everything has been done to ensure that the current
bid meets global standards.

 

Read the original article on This Day.

 

 

 

 

 

 

Rwanda: Digital Currency Trial Set for Next Year, Says Governor
Hakuziyaremye

Rwanda is set to take a step toward the future of finance as the pilot phase
of the Central Bank Digital Currency (CBDC) is scheduled to begin next year,
the Governor of the National Bank of Rwanda Soraya Hakuziyaremye has
revealed.

 

ALSO READ: What to know as Rwanda explores digital currency

 

The announcement was made on December 1 during a joint session of both
chambers of Parliamentduring which the Governor presented the Central Bank's
annual report for 2024/2025.

 

She explained that the pilot project will initially focus on employees
within the financial sector, with subsequent phases extending to the public
and commercial traders.

 

 

ALSO READ: Central bank invites innovators to try Rwanda's upcoming digital
currency

 

"Next year, the trial will begin with financial sector staff, and we will
also test cross-border transactions to assess both efficiency and costs,"
Governor Hakuziyaremye told lawmakers.

 

She added that reports from these preliminary tests will inform the launch
of the pilot phase for the general population and traders.

 

The CBDC is expected to open opportunities for Rwandan traders, particularly
those exporting goods to markets such as China, Nigeria, and Ghana.

 

"By enabling seamless transactions across borders, the digital currency
could reduce costs and increase speed, positioning local businesses to
compete more effectively on the international stage," she added.

 

ALSO READ: Rwanda, Ghana launch new cross-border payment infrastructure

 

 

Rwanda's experience with cashless payment systems demonstrates the potential
of digital financial tools.

 

According to the Central Bank, shared mobile money services, such as eKash,
have surged by 301 percent by June 2025, reaching a total value of Rwf37.7
billion.

 

"Digital payments have remained stable and highly efficient, with over 99
percent of transactions successfully completed, while mobile-based payments
rose by 57 per cent in value and 44 per cent in transaction volume; also
online banking services also grew steadily, by 7 per cent in value and 15
percent in volume," added Hakuziyaremye.

 

Move to enhance innovation

 

The CBDC is part of BNR's broader strategy to advance financial innovation
and inclusion.

 

The Central Bank has been developing the digital currency in collaboration
with Rwanda Finance Limited and the Global Finance and Technology Network.

 

 

ALSO READ: Inclusive Fintech Forum: Experts' roundtable discussion on
supporting SMEs, boosting cross-border trade

 

This includes participation in the Inclusive Fintech Forum 2025, which
brought international experts together to share insights on digital finance
and inclusive technology.

 

In August, BNR launched a retail CBDC ideathon, inviting fintechs, startups,
and innovators to contribute ideas that could shape the future of digital
currency in Rwanda.

 

The ideathon, conducted in partnership with German tech firm
Giesecke+Devrient (G+D), is part of the proof-of-concept phase, which is the
second of five stages outlined by the International Monetary Fund (IMF):
preparation, proof-of-concept, prototype, pilot, and production.

 

ALSO READ: Central bank to harmonise all cashless payment systems for
interoperability

 

CBDC will be a digital form of the Rwandan franc that holds the same legal
status as physical cash. It can be retail-focused for general public use or
wholesale-focused for interbank transactions.

 

Unlike cryptocurrencies, which are unregulated and volatile, CBDC is
centrally issued, fully backed by legal tender, and guaranteed for merchant
acceptance.

 

BNR's research highlighted four key benefits of CBDC adoption, including
ensuring resilience by enabling offline transactions during outages,
fostering innovation and competition as a low-cost alternative to mobile
money, reducing cash handling costs projected at $35 million by 2027, and
facilitating faster, cheaper, and more transparent cross-border remittances,
integrating with regional payment systems like East African Payment System
(EAPS).

 

ALSO READ: New fare payment system rolled out to nearly 30 routes

 

Senator Bibiane Mbaye Gahamanyi noted that before the digital currency is
fully in use, cross-border payments would utilize CIPS (Cross-Border
Interbank Payment System).

 

She explained that CIPS is a payment system designed to enhance the
efficiency of transactions in Chinese yuan (RMB).

 

"Unlike SWIFT, which functions as a messaging network, CIPS provides
clearing and settlement services, making RMB transactions faster and more
cost-effective," she said.

 

The Governor indicated that studies are underway to assess how CIPS could
complement existing systems like SWIFT, further facilitating trade and
investment with China and other countries.

 

ALSO READ: Digital currency development process underway - central bank
governor

 

BNR's ongoing CBDC feasibility study also examined the broader financial
ecosystem in Rwanda, which now includes banks, microfinance institutions,
insurance companies, pension funds, and payment service providers.

 

The study evaluated functional, technical, economic, legal, and financial
perspectives, while identifying opportunities and risks.

 

Findings so far suggest that CBDC could reduce costs, enhance efficiency,
and complement existing cashless systems, but public adoption remains a key
factor requiring further research and education.

 

ALSO READ: Research crucial to advancing digital payments, says deputy
central bank governor

 

The central bank assured that the digital currency will not replace cash or
cards but will offer an additional, secure, and inclusive payment option.

 

Read the original article on New Times.

 

 

 

 

 

Somalia: UN Cuts Over 680 Jobs in Somalia As Donor Funding Declines

Mogadishu, Somalia — United Nations agencies operating in Somalia have laid
off more than 680 staff since the beginning of 2025, officials said, citing
severe funding shortages.

 

Sources familiar with the situation said the cuts affected 158 international
staff and 522 Somali employees.

 

Major agencies including UNICEF, WFP, FAO, and UNFPA were hit hardest, while
smaller offices such as UNDP also faced reductions.

 

Officials attributed the layoffs to a sharp decline in financial support
from international donors, which has stalled funding for development and
humanitarian programs, including projects previously supported by USAID.

 

"The diversion of donor resources to crises in Ukraine, South Sudan, and
Syria has further strained the funding available for Somalia," one source
said, adding that the cuts are limiting the UN's ability to deliver
essential services and development programs to vulnerable communities.

 

The reductions come at a time when humanitarian needs in Somalia remain
high, raising concerns about the impact on the delivery of aid and ongoing
development initiatives.

 

Read the original article on Shabelle.

 

 

 

 

Mozambique: UK Pulls $1 Billion Financing From TotalEnergies' Mozambique LNG
Project

The UK government has withdrawn more than $1 billion in planned financing
for TotalEnergies' liquefied natural gas project in Mozambique, adding
pressure to a development already delayed by insecurity and rising costs. UK
Export Finance had committed $1.15 billion to the facility, one of eight
export credit agencies backing the project's $14.9 billion financing
package.

 

Business Secretary Peter Kyle said a review concluded that risks around
Mozambique LNG had increased, leading the government to end its involvement.
TotalEnergies halted construction in 2021 after Islamic State-linked
militants attacked the nearby town of Palma. While major assaults have
declined since mid-2024, smaller raids in Cabo Delgado province have picked
up, and the UK continues to warn against travel to the area.

 

The exit follows a similar move by the Netherlands, whose export credit
insurer ended its planned participation after TotalEnergies said it would
proceed without the support. The French company, which owns 26.5% of the
project, has said in the past it could close any financing gap with equity
if needed. In March, the US Export-Import Bank approved a $4.7 billion loan,
the largest tranche of support. TotalEnergies did not immediately comment.

 

 

Key Takeaways

 

The withdrawal underscores the shifting risk appetite among export credit
agencies toward large fossil-fuel projects in fragile states. Mozambique LNG
was once positioned as a transformational investment that could turn the
country into a major gas exporter, but escalating security concerns,
mounting costs, and scrutiny of alleged human rights abuses have complicated
its restart. For TotalEnergies, securing U.S. Exim's backing remains central
to reviving the project, but losing European support narrows its financing
options and increases reliance on equity or commercial lenders. The decision
also has implications for Mozambique's broader economic plans, which depend
heavily on gas exports to stabilise public finances. As security remains
volatile, investors and governments are reassessing timelines and risk
exposure across the LNG value chain.

 

 

Read the original article on Daba Finance.

 

 

 

 

 

 

Africa: UN Chief Warns Unpaid Dues Near $1.6 Billion, As Budget Cuts Deepen

With nearly $1.6 billion in unpaid dues, the UN Secretary-General warned on
Monday that chronic late payments are hampering the world body's ability to
function, even as sweeping cuts move forward through the General Assembly's
main budget committee.

 

António Guterres told the Fifth Committee the UN is facing its most fragile
cash position in years, despite sharp reductions already built into next
year's budget plans.

 

"Liquidity remains fragile, and this challenge will persist regardless of
the final budget approved," he said, pointing to the "unacceptable volume of
arrears" owed by Member States.

 

The UN ended 2024 with $760 million in unpaid assessments, most of it still
outstanding, and has yet to receive $877 million in contributions due for
2025 - bringing total arrears to around $1.586 billion.

 

With less than five weeks remaining in the year, only 145 of UN's 193 Member
States had paid their 2025 dues in full.

 

 

Key contributors such as the United States and Russia have yet to pay what
they owe, although China paid its full assessment on 29 October.

 

"I have repeatedly appealed to Member States to pay their assessed
contributions in full and on time," the Secretary-General said, warning that
cash shortfalls are forcing the organization to operate well below approved
budget levels.

 

Deep spending cuts already built in

 

The warning comes as delegations consider revised estimates for the UN's
2026 regular budget, which already reflect deep structural cuts under the
UN80 reform initiative - a system-wide efficiency drive aimed at modernizing
operations and lowering costs.

 

Under the revised proposal, the UN's regular budget for 2026 would stand at
$3.238 billion, a reduction of $577 million - or 15.1 per cent - compared
with 2025. Some 2,681 posts would be cut, an 18.8 per cent reduction from
current levels.

 

 

Special political missions would also face cuts of more than 21 per cent
compared with 2025 levels, largely due to mission closures and streamlined
staffing.

 

Functions consolidated, jobs relocated

 

As part of the savings drive, the UN plans to consolidate payroll processing
into a single global team across three duty stations and create shared
administrative hubs starting in New York and Bangkok.

 

The Secretariat is also reviewing functions that can be moved to lower-cost
locations. Since 2017, lease terminations in New York have already saved
$126 million, with a further $24.5 million a year in expected savings from
additional closures by 2028.

 

The plan includes one-time separation and relocation costs of $5.4 million,
as voluntary exit programmes are used to limit involuntary job losses.

 

Broadcast of the Fifth Committee session.Delegations weigh in

 

 

The revised estimates have been reviewed by the Advisory Committee on
Administrative and Budgetary Questions (ACABQ) and are now before the Fifth
Committee for negotiations ahead of year-end budget approval.

 

ACABQ Chair Juliana Gaspar Ruas said the body welcomed the reform push,
cautioning that the revised estimates were prepared under tight time
constraints, limiting the ACABQ's ability to fully assess the basis for some
proposed cuts.

 

While backing consolidation and efficiency efforts, she also flagged uneven
methodologies across departments and called for clearer criteria on staff
relocations.

 

Several delegations echoed concerns about the compressed timeline, warning
that the late arrival of key documents is constraining full scrutiny.

 

Others cautioned that proposed staff reductions appear uneven across the
UN's three pillars, with proportionally deeper cuts to development-related
programmes.

 

Some diplomats warned that proposed cuts fall more heavily on junior and
general service staff than on senior posts, threatening both geographic
balance and workforce rejuvenation.

 

Final approval will require endorsement by the full General Assembly later
this month.

 

Cash crisis already affecting operations

 

Despite the planned reductions, Secretary-General Guterres said the UN has
already been forced to underspend in 2025 because cash simply is not
available.

 

"Vacancies do not correspond to a strategic priority," he said, "but simply
by the fact that people left and we do not the money to pay for the
replacement."

 

To protect liquidity, the UN has proposed temporarily suspending the return
of budget credits to countries - essentially delaying reimbursements until
cash levels stabilise.

 

"It is difficult to give back money because we didn't receive it," Mr.
Guterres told the committee.

 

He warned that unless payments improve, financial strain will continue to
undermine operations regardless of how lean the approved budget becomes.

 

Read the original article on UN News.

 

 

 

 

 

 

 

Madagascar Sees Bumper Lychee Harvest As Investigators Probe Trade Kingpin

Madagascar has opened its lychee export season with strong harvests and
record prices - even as investigators examine a sector that has for years
been controlled by tycoon Mamy Ravatomanga, now under arrest in Mauritius.

 

Ravatomanga, a close ally of former president Andry Rajoelina, long
dominated the trade through his company Sodiat.

 

At the busy port of Tamatave at the end of last month, workers began loading
the first of three ships bound for Europe. Heavy storms are slowing
operations because pallets cannot be moved in the rain, as exporters say the
cardboard boxes must stay dry to protect the fruit.

 

They also say the crop is unusually good this year - with perfect ripeness,
the desired 28mm fruit size and yields that are above expectations. "The
20,000-tonne lychee mark will easily be reached," one exporter told RFI's
Sarah Tétaud.

 

Prices are climbing too. Payments to collectors and producers in direct
sales now exceed 2,000 ariary per kilo (around 38 euro cents).

 

 

The good news, however, has been somewhat overshadowed.

 

The day before it was due to open, a lychee processing station was destroyed
by a fire that exporters say still has no known cause. Meanwhile,
investigators from the country's Independent Anticorruption Bureau arrived
in Tamatave - which handles about 80 percent of Madagascar's international
maritime cargo - to examine 10 years of financial flows.

 

Exporters say they have been asked to provide contracts, bank statements and
accounting documents.

 

Madagascar's Gen Z uprising, as told by three young protesters

 

'We had no choice'

 

The probe centres on LTC, a Mauritius-based shell company which handled
payments between Malagasy exporters and foreign importers.

 

Exporters say Ravatomanga had strong links to the company. Investigators
want to understand what kind of tax evasion schemes, money laundering
systems or kickbacks might have been used, who was involved and where the
missing money went.

 

 

Under pressure, long-standing tensions are beginning to surface. "Let those
who played pay the heavy price," one exporter said.

 

Another said they had little choice in the past. "Everyone had to
collaborate with Mamy," the exporter said. "We had no choice."

 

Exporters have asked for more time so they can focus on the six key loading
days. "There is a lot of money at stake, for farmers as for us, many jobs
too. These six days are extremely important for Madagascar's east coast,"
one exporter said.

 

Madagascar revokes ousted president Rajoelina's nationality

 

Exporters push back

 

In a separate report on the lychee sector, exporters described how
Ravatomanga dominated the trade for years through Sodiat. Members of the
Lychee Exporters Group said he imposed his rules from 2009 onwards and
claimed the biggest share of quotas.

 

 

On 23 October, the day before his arrest in Mauritius, exporters said he
phoned at least four of them. "Do not try to touch even a single kilogram of
lychees from my quotas," he reportedly warned them.

 

The next day, the Lychee Exporters Group met and voted unanimously to
exclude Sodiat from the trade. Narson Rafidimanana, a member of the group,
said importers no longer wanted to work with the company.

 

"Shipowners and importers no longer want to hear about Sodiat. We do not
want to be linked to all his wrongdoing," Rafidimanana said. He said the
move had lifted a long-standing fear.

 

"It is a new era; it is a liberation because during meetings of the Lychee
Exporters Group no one had the right to speak. Everyone was afraid of him,"
Rafidimanana said. "The risk was having quotas taken away, that he would
decide to push us aside, things like that."

 

Members split Sodiat's quotas among the 27 exporters, favouring smaller
operators. Larger exporters received 25 tonnes and smaller ones 100 tonnes.

 

How Madagascar's new leader Randrianirina rose from prison to presidency

 

Prosecutors suspended

 

The Financial Crimes Commission (FCC) in Mauritius has sought cooperation
from the NGO Transparency Mauritius as part of its investigation into
Ravatomanga's activities, the Mauritian news site L'Express.mu reported.

 

Transparency Mauritius's executive officer, Laura Jayumungal, said: "It is
the FCC leading the investigation. If it needs support or information
exchange, we touch base at that moment."

 

Madagascar's Justice Ministry has suspended two prosecutors from the
country's anticorruption courts after one publicly said that Ravatomanga
faced no judicial proceedings, even though several complaints and
denunciations had been recorded against him.

 

The ministry said the sanctions aimed to preserve the integrity of judicial
institutions.

 

Exporters have reinstated air freight for early lychees, which had been
blocked under Ravatomanga. The first fruit can now leave Madagascar around
10 days before the official maritime campaign.

 

But with an ongoing investigation in Tamatave, a fire at a processing
station and questions surrounding LTC, exporters say this season is unlike
any other. Even with good fruit quality and high prices, they warn the
future of the trade will depend on what investigators uncover in the months
ahead.

 

Read or Listen to this story on the RFI website.

 

 

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2025

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


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