Major International Business Headlines Brief::: 20 March 2025
Bulls n Bears
info at bulls.co.zw
Thu Mar 20 11:17:31 CAT 2025
<https://bullszimbabwe.com/>
<http://www.bullszimbabwe.com> Bullszimbabwe.com <mailto:info at bulls.co.zw?subject=View%20and%20Comments> Views & Comments <https://bullszimbabwe.com/category/blogs/bullish-thoughts/> Bullish Thoughts <http://www.twitter.com/BullsBears2010> Twitter <https://www.facebook.com/BullsBearsZimbabwe> Facebook <http://www.linkedin.com/pub/bulls-n-bears-zimbabwe/57/577/72> LinkedIn <https://chat.whatsapp.com/CF6wllAfScU9Wr6dXxoQnO> WhatsApp <mailto:bulls at bullszimbabwe.com?subject=Unsubscribe> Unsubscribe
Major International Business Headlines Brief::: 20 March 2025
<mailto:info at bulls.co.zw>
ü South Africa: Big Oil Find in Limpopo? or Just False Hope?
ü South Africa: More Than 100 Law Firms Defrauded the Road Accident Fund
ü Uganda: Museveni Breaks Ground for Construction of Bunyoro University
ü Rwanda: MPs Raise Concerns Over Proposed 15% Fuel Levy
ü Southern Africa: African Commission Calls for Guidelines to Adapt African Media Policy to Digital Era
ü Rwanda: MPs Raise Concerns Over Proposed 15% Fuel Levy
ü South Africa: Extreme Heat Warning for Western Cape
ü Nigeria: Fuel Price Hike Looms As Dangote Stops Sale of Petroleum Products in Naira
ü Malawi's Economic Crisis Pushes Prices Beyond the Reach of Struggling Population
ü Africa: French Billionaire Bolloré Targeted in African Ports Corruption Case
ü Greenpeace ordered to pay more than $660m for defaming oil firm in protests
ü Fed cuts US growth forecast as tariff fears increase
ü Will Trump's tariff war spark big-bang reforms in India?
ü Tesla's challenges run deeper than 'toxic' controversy around Elon Musk
<mailto:info at bulls.co.zw>
South Africa: Big Oil Find in Limpopo? or Just False Hope?
Social media has been abuzz in recent weeks with reports that massive oil and gas deposits have been discovered on the eastern side of Limpopo bordering the Kruger National Park.
It was claimed that drilling to explore these reserves had been completed and that significant hydrocarbon deposits were discovered. But is it true?
At first, many local residents dismissed it as just another hoax. But a quick fact-check revealed that while there is some truth to the reports, the extent of the oil and gas deposits is uncertain.
The claims originate from press releases issued three months ago by Booi Holdings, a company that has been exploring gas and oil deposits in the region for several years.
In December Booi Brothers Petroleum (BBP), a subsidiary of Booi Holdings, announced it had made a "significant hydrocarbon discovery". The company successfully drilled the country's first officially recognised hydrocarbon (gas and oil) well near Vhurivhuri village, roughly 50 km northeast of Thohoyandou.
In an "update from the project manager" it is claimed that drilling, carried out by operator Torque Africa Group, had reached a depth of 1,100 metres. The target depth was 1,300 metres. The project was driven by a team of experts, including geologists, geophysicists and remote sensing specialists, all with international experience, states the website.
"The crew has detected substantial hydrocarbon reserves, aligning with initial expectations," the statement said. It also promised that once Well D-512 was fully drilled, BBP would release a comprehensive report detailing the discovery. "Based on the results, a decision will be made regarding future operations," it stated.
Who is Booi Brothers Petroleum?
Booi Holdings, which describes itself as a "family-managed business", was registered in May 2006. It lists its activities as "project management, planning and scheduling; civil/building services, recruitment and labour broking". Its clients include Eskom, Anglo American and the De Beers Group of Companies.
BBP, its subsidiary, was only established in 2013, with Phindulo Peter Booi listed as chief executive. On 22 July 2014, BBP was granted exploration rights in the Mutale and Malamulele districts, covering an area of just over 30,000 hectares.
On 1 November 2017, just before its exploration permit expired, BBP applied for a renewal, which was granted. But little exploration appears to have taken place and, at the end of 2021, the company applied for a second renewal of what is referred to as a Principal Right. This was granted in February 2022, but with slightly modified conditions. The area BBP was allowed to explore was reduced to 19,547 hectares, specifically excluding areas such as the Mphaphuli Nature Reserve.
The second renewal was valid for only two years, ending on 2 December 2023. It appears that BBP applied for a third (and final) renewal, but no such records are available.
A Bankable Feasibility Study (BFS) was completed in mid-2021, reportedly confirming the presence of a "functional petroleum system" in the Limpopo Soutpansberg Basin. While the specific details were not made publicly available, the study suggested the presence of organic-rich source rocks capable of generating hydrocarbons, as well as reservoir rocks capable of storing them.
Peter Booi was quoted in a September 2021 interview with Weekly SA Mirror as saying that the gas and oil find in Limpopo would help ease South Africa's power challenges and create thousands of jobs.
Booi invited more investors to come on board, claiming that about 3.1 trillion cubic metres of recoverable gas were available in the area.
In June 2024, BBP began drilling in an area identified as ER262. A December 2024 update on its website indicated that drilling would soon be completed, which aligns with reports from Vhurivhuri residents that the project is nearing completion.
Local residents left out
When Booi Brothers representatives first arrived in the rural village of Vhurivhuri a few years ago, telling the community about the gas and oil deposits, they sparked optimism and excitement. The poverty-stricken community believed the development would bring job opportunities, improved education for young people and a better quality of life for all residents.
But based on recent developments, their expectations have not been met.
Tshamano Simba, a concerned community member, said in an interview last week that things were not being handled properly.
"When this mining project was launched, we were made to believe it would change our lives for the better, as we would gain employment and the village would be developed, but we are beginning to doubt if this will ever happen," he said.
Simba said they were told to register companies and encouraged young people to pursue studies that would be useful for the project. "With the drilling, we understood that we did not have the expertise, so we were not worried when a company from outside was hired for the job," he said. But tensions rose when a security company from Gauteng was brought in to do work that locals could have done.
"This was the first sign that we were not getting a piece of the pie. There are many local security companies here, yet they were not given work. As a community, we were shocked again when the surrounding wall was constructed using only foreign labourers. When we enquired, we were told they were working on a voluntary basis," he said.
Simba called for transparency and greater community involvement. "Things are not being done the right way, and as a community, we may be forced to stop the whole project and start over. This is our project, and we should have a say in every step," he said.
The local traditional council echoed concerns about a lack of transparency.
Tsumbedzo Sumbana, secretary of the local traditional council, said they were unhappy with the way the project was being run.
"We were very excited when Booi Brothers presented the project. As a village, we saw development coming, we saw jobs for locals, and we hoped for vast improvements in education and quality of life. But now, we are starting to doubt that this will happen in our lifetime," he said.
Sumbana said they had called for an urgent meeting of representatives of the Department of Mineral Resources and Energy, their senior traditional leader Thovhele Gole Mphaphuli, Booi Brothers, and others "to iron out all outstanding matters".
Concerns over transparency
Attempts by Limpopo Mirror to contact a BBP spokesperson proved difficult. Two weeks ago, questions were sent to the only email address listed on Booi Holdings' website. Despite follow-up emails, no response was received. The website provides no other contact details, such as an office phone number. A message sent via BBP's Facebook page also went unanswered.
One of the questions posed to BBP concerned the environmental impact of its operations. The project manager's December update mentioned that the drilling site had to be relocated due to "environmental considerations". It also noted that the new location "presented its own geological challenges, including multiple water encounters that slowed the drilling process".
BBP was asked what these environmental considerations were and whether the drilling activities posed any risk of contaminating underground water resources.
Another update on its website states that the discovery of hydrocarbons "has prompted additional safety measures, including mandatory gas mask usage". The company was asked how it managed the risk of dangerous gases escaping into the atmosphere.
The lack of communication from BBP has not gone unnoticed.
Booi Brothers features in the 2024 report of the Centre for Economic Rights (CER) on onshore gas financing in South Africa. The CER, a South African civic organisation, describes itself as "activist lawyers who defend the right of communities and civil society organisations to an environment that is not harmful to health or wellbeing, for present and future generations".
BBP was listed as one of the companies the CER struggled to contact to access details of its granted rights. Promotion of Access to Information Act (PAIA) applications to Petroleum Agency SA (PASA) also failed to yield results.
"This lack of transparency raises concerns about the accessibility of information regarding onshore gas activities in South Africa," the report stated.
One of the CER's attorneys, Paul Lado, responded to a question last week and said that the CER had since received some of the information, such as BBP's exploration rights, from PASA. He added that they are awaiting the Environmental Authorisation documents from PASA and documents about the third renewal of the exploration rights.
"We are uncertain of who the Environmental Assessment Practitioner for Booi Brothers is," he said. He confirmed that CER has also been unable to contact BBP directly and had to get the information via PASA.
Published with the Limpopo Mirror
Read the original article on GroundUp.
South Africa: More Than 100 Law Firms Defrauded the Road Accident Fund
Special Investigating Unit tells Parliament duplicate payments to lawyers amounted to R340-million
The Special Investigating Unit (SIU) on Tuesday updated Parliament's Standing Committee on Public Accounts on its investigations into maladministration at the Road Accident Fund.
The SIU has recovered R318-million from law firms so far.
While most of the duplicate payments have already been recovered, the SIU discovered that some law firms had plundered their trust accounts to pay money back to the RAF.
Using a trust account to pay money owed by the law firm is a criminal offence.
As a result, the SIU has referred 12 of the 102 law firms to the National Prosecuting Authority for using their trust accounts.
The Special Investigating Unit (SIU) is probing 102 law firms who fraudulently received duplicate payments from the Road Accident Fund (RAF), amounting to more than R340-million as of 1 March 2021.
These law firms, as well as sheriffs who allegedly enabled the duplicate payments, form part of the SIU's investigations. The unit has been looking into the Road Accident Fund since receiving a mandate to dig into serious maladministration there following a proclamation issued in 2021.
Updating Parliament's Standing Committee on Public Accounts (SCOPA) on findings thus far, SIU head Andy Mothibi on Tuesday explained how the duplicate payment fraud worked.
Mothibi said the RAF made payments 180 days (approximately six months) after a successful claim was finalised by way of settlement or court order. Attorneys would then file a writ of execution against the RAF bank account, which would be served by the sheriff. This would cause the RAF's bank to effect payment at the end of the 180-day period. Because the same claim would have already been loaded on the RAF system, it would be paid again after the 180-day period.
The sheriffs, said Mothibi, would also benefit from funds received when executing the writs on behalf of the instructing attorney.
He said "several legal practitioners" had cooperated with the SIU and signed acknowledgments of debt amounting to R71-million so far.
The SIU civil litigation unit is considering legal action against law firms that have failed to pay their acknowledgements of debt, said Mothibi.
Pillaging trust accounts
Mothibi told MPs that almost R318-million of the R340-million in duplicate payments had been recovered from law firms so far. However, some law firms had repaid the RAF out of their trust accounts.
Trust accounts are supposed to be used to safeguard clients' funds and kept separate from the law firm's operating funds.
Using a trust account to pay money owed by the law firm is a criminal offence. As a result, Mothibi said that the SIU has referred evidence against 12 law firms to the National Prosecuting Authority (NPA). Referrals are currently with the Directorate for Priority Crime Investigation (the Hawks) for further investigation.
He said some attorneys who received duplicate payments had been struck off the roll, while others had since been suspended or died. The SIU is also working with the Legal Practitioners Council (LPC) to recover monies from these attorneys.
The SIU has also referred evidence of misappropriation of trust funds by law firms or practitioners to the LPC to "take appropriate action".
Failure to appoint attorneys
The SIU was also investigating the RAF's 2020 decision to allow its contract with a panel of attorneys who represented the RAF in court on claim disputes to lapse without any backup plan.
Mothibi said the contract had ended in May 2020, and a six-month extension was requested. The reason given was that the RAF was busy evaluating the tender, and it was taking longer than expected to finalise. However, the tender was subsequently cancelled. The RAF then decided to use state attorneys.
The first batch of 62 state attorneys were appointed. But there was no signed agreement between the RAF and the Solicitor General who controls and supervises the Office of the State Attorney. It took a further six months before the state attorneys had the right to represent the RAF in court.
The lack of legal representation for a year resulted in an increase in default judgments against the RAF.
The amount racked up by default judgments for the period April 2020 to May 2021 (the period when the RAF had no panel of attorneys) is not specified, but the default judgments between 2018 and October 2023 amounted to R4.8-billion.
One claimant was awarded R11.2-million from a default court order, which the RAF failed to pay on time, resulting in interest to the amount of R500,000 before it was paid in January 2023.
By doing away with the panel of attorneys without any plan in place, the CEO and the board appeared "to have acted irrationally", stated Mothibi.
He said the SIU is "preparing the necessary evidence packs for referrals relating to disciplinary/administrative action/civil litigation against all members responsible for causing loss, damages and/or contraventions of the relevant law".
Further investigations
Mothibi listed a number of completed investigations which will be referred for civil litigation at the end of the month. One of them is Project Siyenza which originated as a 2013 tender for help with administering claims to reduce the RAF's backlog.
In adverse findings in its 2023/24 audit of the RAF, the Auditor-General found that R362-million of the R440-million in irregular expenditure that year, mainly related to Project Siyenza.
In his presentation, Mothibi stated that the RAF had changed the criteria used to determine which files would be outsourced, including new claims rather than backlogged claims only.
He said that among the problems with the procurement, the Bid Evaluation Committee members had no standard evaluation criteria set out, and it was unclear how competitors would be scored, contributing to the award not complying with the Public Finance Management Act and preferential procurement regulations.
He said two service providers had been appointed, one of which only successfully processed 96 of the 2,472 files it had been given. Additionally, one of the service providers was not BBBEE compliant.
Following the SIU's presentation, RAF CEO Collins Letsoalo, Transport Department deputy minister Mkhuleko Hlengwa, and board chairperson Lorraine Francois also answered questions by MPs on the Auditor-General's report presented to the committee last week.
Some of the questions asked by MPs touched on the SIU investigations, but SCOPA chair Songezo Zibi said the committee would coordinate with the SIU, RAF, and the ministry to return to SCOPA to deal with the SIU's presentation.
"There are some matters from their (SIU) processes which need to go through one more step then they're able to give us the full story," said Zibi.
Read the original article on GroundUp.
Uganda: Museveni Breaks Ground for Construction of Bunyoro University
President Museveni has presided over the groundbreaking ceremony for Bunyoro University, emphasizing the need for free education in government schools and the eradication of household poverty to ensure ordinary children benefit from higher education.
Speaking at the event in Kikuube District, the president urged leaders to implement free Universal Primary Education (UPE) and Universal Secondary Education (USE) to prevent school dropouts, particularly among children from poor families.
"Insist on free education for children in government schools and implement it. The rich can take their children to private schools, but those from poor families should have no excuse for dropping out," he said.
He warned that without free education and economic empowerment at the household level, local children may not access Bunyoro University.
"If families are still poor, children will drop out of school. If they drop out, who will attend this university? You will find students from other regions because local children didn't complete primary or secondary education. A university is not a marketplace, you must go through the education system to qualify," he noted.
The president highlighted the need for families to support their children's education beyond the limited government scholarships available.
"Even where free education has been implemented, only a limited number of high-performing students receive government sponsorship. The rest rely on family support, which means we must focus on developing homesteads economically," he explained.
President Museveni also advised university planners to prioritize courses that create employment opportunities.
He shared lessons from establishing Mbarara University of Science and Technology, where he insisted on starting with medicine.
"A medical doctor cannot fail to get a job, whether here or abroad. That is why we started Mbarara University with medicine before adding science education and ICT," he said.
He cautioned against offering courses with limited job prospects, especially for students from peasant families.
"It's unfair to educate a child from a poor family in conflict resolution while others pursue fields that guarantee employment. Be careful about the courses you recommend for our children," he advised.
President Museveni reminded leaders that when the NRM government took power, Uganda had only one public university Makerere which was producing just 80 doctors annually.
"According to the WHO, one doctor should serve 500 people. With Uganda's population at 46 million, we need more doctors, he said, reaffirming the government's commitment to establishing a public university in each of the country's 18 zones.
He also referenced Uganda's stability compared to neighboring countries experiencing turmoil, attributing it to the government's strategic prioritization.
"Some people claim that NRM has forgotten them, but they don't understand prioritization. When we were fighting, we knew what to handle first. Today, because the economy has grown, we are addressing more issues, including expanding public universities," he said.
The president assured Bunyoro that with petroleum revenues expected next year, more development projects will be realized.
"A Munyankole proverb says, Engabo yakyeli togyihera mwana mubazi: You don't give a heavy shield to a weak child. We started Mbarara University when people opposed me, saying we should consolidate
Makerere. But the concept of public universities is mine, and we shall continue expanding," he emphasized.
He appreciated the First Lady and Minister of Education and Sports, Janet Museveni, for patience and dedication to managing Uganda's education sector.
The Education Minister thanked the stakeholders led by the Prime Minister, Robinah Nabbanja for their efforts in ensuring that the university dream becomes a reality.
"Your Excellency, the stakeholders of Bunyoro have keenly followed up the development of a public university for this region, especially in the process of identifying suitable land to establish the campus. In a special way, also let me recognize Canon Dr. Henry Wamani and his family who have sacrificially gifted this public university with the 100-acres of land upon which the campus for the university is to be established," she said.
She added that the breaking of ground for the construction of a public university in Bunyoro Region is a testament to President Museveni's vision of establishing a public university in each zone based on the old colonial districts at the time.
"This vision will continue to be fulfilled - one zone at a time in a phased manner as resources become available. The establishment of a public university in the Bunyoro region will see this institution join the already existing and operational ten public universities," the First Lady said.
"Through the Ministry of Education and Sports, the government has been supporting the process of establishing a public university in Bunyoro region since July 2022 when a taskforce led by Professor
Samuel Kyamanywa was constituted."
She revealed that to date, the government has invested Shs.6.4 billion in the preliminary processes of establishing a public university in Bunyoro region.
"These funds have enabled the Taskforce led by Professor Kyamanywa to develop eighteen academic programs for the university to utilize once the institution becomes operational. I am glad to note that all the programs developed are in the sciences," she said.
"These 18 programs have already been approved by the National Council for Higher Education - the government agency that is responsible for quality assurance of the academic programs in all universities and other tertiary institutions in the country. The only obstacle still in the way is the availability of infrastructure and other supportive facilities that will then qualify the institution as an accredited public university by the National Council for Higher Education."
She called upon the stakeholders of Bunyoro university to continue extending the support they have been giving to the government to see the realization of this institution as another outstanding public asset in Bunyoro region.
"Today's milestone of breaking ground for the construction of the campus for a public university in Bunyoro region has been allocated Shs15 billion this financial year. Therefore, I call upon Prof. Kyamanywa and his team to ensure that no time is wasted in starting the procurement process for a competent contractor to undertake this construction work."
The Chairperson of Bunyoro University Task Force that is overseeing the realization of the first public university in that area, Professor Samuel Kyamanywa explained that the university has been the long-awaited game changer to improve higher education for learners in the entire sub region.
The Kikuube District LC 5 chairperson, Mr. Peter Banura called for unity among the people of Bunyoro, especially leaders and rallied them to support government interventions regardless of their personal differences.
President Museveni has presided over the groundbreaking ceremony for Bunyoro University, emphasizing the need for free education in government schools and the eradication of household poverty to ensure ordinary children benefit from higher education.
Speaking at the event in Kikuube District, the president urged leaders to implement free Universal Primary Education (UPE) and Universal Secondary Education (USE) to prevent school dropouts, particularly among children from poor families.
"Insist on free education for children in government schools and implement it. The rich can take their children to private schools, but those from poor families should have no excuse for dropping out," he said.
He warned that without free education and economic empowerment at the household level, local children may not access Bunyoro University.
"If families are still poor, children will drop out of school. If they drop out, who will attend this university? You will find students from other regions because local children didn't complete primary or secondary education. A university is not a marketplace, you must go through the education system to qualify," he noted.
The president highlighted the need for families to support their children's education beyond the limited government scholarships available.
"Even where free education has been implemented, only a limited number of high-performing students receive government sponsorship. The rest rely on family support, which means we must focus on developing homesteads economically," he explained.
President Museveni also advised university planners to prioritize courses that create employment opportunities.
He shared lessons from establishing Mbarara University of Science and Technology, where he insisted on starting with medicine.
"A medical doctor cannot fail to get a job, whether here or abroad. That is why we started Mbarara University with medicine before adding science education and ICT," he said.
He cautioned against offering courses with limited job prospects, especially for students from peasant families.
"It's unfair to educate a child from a poor family in conflict resolution while others pursue fields that guarantee employment. Be careful about the courses you recommend for our children," he advised.
President Museveni reminded leaders that when the NRM government took power, Uganda had only one public university Makerere which was producing just 80 doctors annually.
"According to the WHO, one doctor should serve 500 people. With Uganda's population at 46 million, we need more doctors, he said, reaffirming the government's commitment to establishing a public university in each of the country's 18 zones.
He also referenced Uganda's stability compared to neighboring countries experiencing turmoil, attributing it to the government's strategic prioritization.
"Some people claim that NRM has forgotten them, but they don't understand prioritization. When we were fighting, we knew what to handle first. Today, because the economy has grown, we are addressing more issues, including expanding public universities," he said.
The president assured Bunyoro that with petroleum revenues expected next year, more development projects will be realized.
"A Munyankole proverb says, Engabo yakyeli togyihera mwana mubazi: You don't give a heavy shield to a weak child. We started Mbarara University when people opposed me, saying we should consolidate
Makerere. But the concept of public universities is mine, and we shall continue expanding," he emphasized.
He appreciated the First Lady and Minister of Education and Sports, Janet Museveni, for patience and dedication to managing Uganda's education sector.
The Education Minister thanked the stakeholders led by the Prime Minister, Robinah Nabbanja for their efforts in ensuring that the university dream becomes a reality.
"Your Excellency, the stakeholders of Bunyoro have keenly followed up the development of a public university for this region, especially in the process of identifying suitable land to establish the campus. In a special way, also let me recognize Canon Dr. Henry Wamani and his family who have sacrificially gifted this public university with the 100-acres of land upon which the campus for the university is to be established," she said.
She added that the breaking of ground for the construction of a public university in Bunyoro Region is a testament to President Museveni's vision of establishing a public university in each zone based on the old colonial districts at the time.
"This vision will continue to be fulfilled - one zone at a time in a phased manner as resources become available. The establishment of a public university in the Bunyoro region will see this institution join the already existing and operational ten public universities," the First Lady said.
"Through the Ministry of Education and Sports, the government has been supporting the process of establishing a public university in Bunyoro region since July 2022 when a taskforce led by Professor
Samuel Kyamanywa was constituted."
She revealed that to date, the government has invested Shs.6.4 billion in the preliminary processes of establishing a public university in Bunyoro region.
"These funds have enabled the Taskforce led by Professor Kyamanywa to develop eighteen academic programs for the university to utilize once the institution becomes operational. I am glad to note that all the programs developed are in the sciences," she said.
"These 18 programs have already been approved by the National Council for Higher Education - the government agency that is responsible for quality assurance of the academic programs in all universities and other tertiary institutions in the country. The only obstacle still in the way is the availability of infrastructure and other supportive facilities that will then qualify the institution as an accredited public university by the National Council for Higher Education."
She called upon the stakeholders of Bunyoro university to continue extending the support they have been giving to the government to see the realization of this institution as another outstanding public asset in Bunyoro region.
"Today's milestone of breaking ground for the construction of the campus for a public university in Bunyoro region has been allocated Shs15 billion this financial year. Therefore, I call upon Prof. Kyamanywa and his team to ensure that no time is wasted in starting the procurement process for a competent contractor to undertake this construction work."
The Chairperson of Bunyoro University Task Force that is overseeing the realization of the first public university in that area, Professor Samuel Kyamanywa explained that the university has been the long-awaited game changer to improve higher education for learners in the entire sub region.
The Kikuube District LC 5 chairperson, Mr. Peter Banura called for unity among the people of Bunyoro, especially leaders and rallied them to support government interventions regardless of their personal differences.
Read the original article on Nile Post.
Rwanda: MPs Raise Concerns Over Proposed 15% Fuel Levy
Members of Parliament (MPs) on Wednesday, March 19, raised concerns over the government's proposal to introduce a 15 percent fuel levy, warning that it could drive up the cost of goods and services for consumers.
The proposal is part of a draft law aimed at expanding the existing fuel levy framework by introducing an annual levy on motor vehicles.
ALSO READ: What you need to know about Rwanda's new tax reforms
The bill seeks to replace the current fixed charge of Rwf115 per litre of fuel with a percentage-based levy calculated on the cost, insurance, and freight (CIF) value of petrol and diesel imports.
Godfrey Kabera, Minister of State for National Treasury at the Ministry of Finance and Economic Planning (MINECOFIN), defended the proposal, stating that the fixed Rwf115 levy--unchanged since 2016--has not kept pace with rising fuel prices and increasing road maintenance needs.
"This levy accounted for 15 percent of the price of petrol in 2016, but fuel prices have since increased, while the levy remained unchanged. The proposed adjustment ensures the levy reflects current market realities," Kabera explained.
The government argues that additional revenue from the levy will support road infrastructure improvements, reduce traffic congestion, and ensure sustainable funding for road maintenance.
ALSO READ: Fuel prices rise as RURA announces new tariffs
MP Jean Claude Ntezimana cautioned that raising the levy could undermine Rwanda's competitive fuel pricing, which has traditionally been kept relatively low despite the country's landlocked status.
He warned that the increase could have a ripple effect on transport costs, ultimately burdening consumers.
"If this levy is increased while prices are already high, won't that place an even greater financial strain on citizens?" he questioned.
MP Beth Murora echoed similar concerns, highlighting that higher fuel levies could make locally produced goods less competitive compared to imported alternatives.
"There are already products sourced from abroad that arrive at lower prices than those produced domestically. How do we ensure that this tax does not further disadvantage locally made goods?" she asked.
Kabera reassured MPs that the levy increase would be gradual and would not significantly impact fuel prices. He noted that if applied to current prices, the levy would rise from Rwf115 to Rwf150 per litre--an increase of just Rwf35.
He further emphasised that road users should primarily contribute to road maintenance rather than shifting the cost to the general population. Additionally, he said the government is prepared to introduce mitigating measures should fuel prices spike unexpectedly.
"We recognize the need to balance revenue generation with economic stability. If fuel prices rise too sharply, the government can step in with interventions to prevent excessive price hikes," he stated.
The bill remains under parliamentary scrutiny as MPs seek further clarity on its potential impact on the economy and cost of living.
Read the original article on New Times.
Southern Africa: African Commission Calls for Guidelines to Adapt African Media Policy to Digital Era
The Commission's resolution highlights the pressing need to update African media policy for the digital age.
The African Commission on Human and Peoples' Rights (ACHPR) has urged the Special Rapporteur on Freedom of Expression and Access to Information in Africa to consult with African stakeholders to evaluate their perceptions of public service content in the modern digital environment.
In a resolution (ACHPR/RES.631[LXXXII] 2025) adopted after its 82nd Ordinary Session, which was held from 25 February to 11 March 2025, the ACHPR mandated the Special Rapporteur to develop guidelines for member states based on the consultations.
The aim is to create future-oriented policy frameworks that guarantee universal access to public service content throughout the African continent.
The Commission's resolution highlights the pressing need to update African media policy for the digital age.
Recognising the profound impact of digital technologies and AI, it emphasises the crucial role of public service content, particularly for vulnerable communities, and highlights the regulatory gaps concerning online platforms.
Cognisant of the accelerating pace of technological change and the delicate balance between regulation and freedom of expression, the Commission thus mandated the Special Rapporteur to develop guidelines for member states.
The Commission called for updated policy frameworks that align with human rights, African development goals, and stakeholder consultation.
Ultimately, the statement is a call to action for governments and stakeholders to ensure accessible, reliable information in the digital era.
The statement comes on the backdrop of critical shifts in Africa's media landscape. Driven by the rapid expansion of digital connectivity and the emergence of new technologies such as generative AI, the Commission observes a significant increase in content production, much of which lacks the public interest focus traditionally associated with broadcast media.
The Commission expresses concern regarding the insufficient regulation of these new online services, which frequently do not comply with public interest standards such as delivering accurate news, educational programming, local content, diverse languages, and unbiased election coverage.
This regulatory gap creates an uneven playing field, where legacy broadcasters, now dependent on intermediary gatekeepers for online distribution, face unfair competition. Furthermore, the growth of subscription-based audio and video content services is now universally accessible to the broader African public.
The Commission acknowledges the importance of existing African media and human rights instruments, such as the Declaration of Principles on Freedom of Expression and Access to Information in Africa and the Windhoek+30 Declaration.
It highlights the necessity of aligning media and content policy with broader African development goals as outlined in Agenda 63, the Sustainable Development Goals, and the African Continental Free Trade Area.
MISA Regional Communique
Read the original article on MISA.
Rwanda: MPs Raise Concerns Over Proposed 15% Fuel Levy
Members of Parliament (MPs) on Wednesday, March 19, raised concerns over the government's proposal to introduce a 15 percent fuel levy, warning that it could drive up the cost of goods and services for consumers.
The proposal is part of a draft law aimed at expanding the existing fuel levy framework by introducing an annual levy on motor vehicles.
ALSO READ: What you need to know about Rwanda's new tax reforms
The bill seeks to replace the current fixed charge of Rwf115 per litre of fuel with a percentage-based levy calculated on the cost, insurance, and freight (CIF) value of petrol and diesel imports.
Godfrey Kabera, Minister of State for National Treasury at the Ministry of Finance and Economic Planning (MINECOFIN), defended the proposal, stating that the fixed Rwf115 levy--unchanged since 2016--has not kept pace with rising fuel prices and increasing road maintenance needs.
"This levy accounted for 15 percent of the price of petrol in 2016, but fuel prices have since increased, while the levy remained unchanged. The proposed adjustment ensures the levy reflects current market realities," Kabera explained.
The government argues that additional revenue from the levy will support road infrastructure improvements, reduce traffic congestion, and ensure sustainable funding for road maintenance.
ALSO READ: Fuel prices rise as RURA announces new tariffs
MP Jean Claude Ntezimana cautioned that raising the levy could undermine Rwanda's competitive fuel pricing, which has traditionally been kept relatively low despite the country's landlocked status.
He warned that the increase could have a ripple effect on transport costs, ultimately burdening consumers.
"If this levy is increased while prices are already high, won't that place an even greater financial strain on citizens?" he questioned.
MP Beth Murora echoed similar concerns, highlighting that higher fuel levies could make locally produced goods less competitive compared to imported alternatives.
"There are already products sourced from abroad that arrive at lower prices than those produced domestically. How do we ensure that this tax does not further disadvantage locally made goods?" she asked.
Kabera reassured MPs that the levy increase would be gradual and would not significantly impact fuel prices. He noted that if applied to current prices, the levy would rise from Rwf115 to Rwf150 per litre--an increase of just Rwf35.
He further emphasised that road users should primarily contribute to road maintenance rather than shifting the cost to the general population. Additionally, he said the government is prepared to introduce mitigating measures should fuel prices spike unexpectedly.
"We recognize the need to balance revenue generation with economic stability. If fuel prices rise too sharply, the government can step in with interventions to prevent excessive price hikes," he stated.
The bill remains under parliamentary scrutiny as MPs seek further clarity on its potential impact on the economy and cost of living.
Read the original article on New Times.
South Africa: Extreme Heat Warning for Western Cape
The South African Weather Service has issued a warning for extremely hot and uncomfortable conditions in the Western Cape, with temperatures expected to reach the high 30s and low 40s on Wednesday, reports EWN. Residents and visitors are urged to take precautions, such as staying in cool areas, staying hydrated, and wearing light clothing, to protect themselves from potential health risks. Weather Forecaster Joew Malebane also said that veld fires can also be expected on the West Coast, Cape Winelands, Central Karoo, Overberg, and the Garden Route districts due to the combination of hot temperatures, dry conditions, and strong winds. The public is advised to take necessary measures to ensure safety and prevent fire outbreaks.
Ex-President Motlanthe Questions Spaza Shop Viability
Former President Kgalema Motlanthe has raised concerns about the viability of informal trading, such as spaza shops, as a solution to South Africa's youth unemployment crisis, reports SABC News. Speaking at the University of Johannesburg, where he received an honorary doctorate, Motlanthe argued that informal trading often represents insecure, survivalist labor rather than sustainable entrepreneurship. He said that there is a need for industrialization, infrastructure development, and stable employment structures to drive meaningful economic growth. Motlanthe talked about the importance of strengthening South Africa's trade relations with key partners like the European Union and the United States, emphasizing their critical role in the country's economic stability and growth.
Gauteng Denies Pretoria North Disease Outbreak
The Gauteng Department of Health has urged the public to remain calm after confirming that there is no disease outbreak in Pretoria North, reports EWN. This follows reports of five patients with suspected myiasis infections at Odi District Hospital in Tshwane. Further testing revealed that two patients had unrelated abscesses, while the other three were discharged. The department investigated claims of a myiasis outbreak and found no evidence to support them, also dismissing false reports of a staphylococcus infection outbreak. Myiasis develops when flies lay eggs on damp clothing, bedding, or unsanitary surfaces and cannot spread from one person to another. Gauteng health spokesperson Motalatale Modiba said that there is no cause for panic, adding that preventive measures include ironing clothes, maintaining hygiene, treating pets for fly infestations, and avoiding drying clothes on the ground.
More South African news
Nigeria: Fuel Price Hike Looms As Dangote Stops Sale of Petroleum Products in Naira
The company said the decision is necessary to avoid a mismatch between its sales proceeds and its crude oil purchase obligations, which are currently denominated in U.S. dollars.
Dangote refinery on Wednesday announced the temporary suspension of sales of petroleum products in Naira.
The company, in a statement signed by its management, said the decision is necessary to avoid a mismatch between its sales proceeds and its crude oil purchase obligations, which are currently denominated in dollars.
"Dear valued customers, We wish to inform you that Dangote Petroleum Refinery has temporarily halted the sale of petroleum products in Naira. This decision is necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in U.S. dollars," the statement said.
The decision implies that marketers of petroleum products like petrol and diesel who want to buy the product from the Dangote refinery will pay in dollars. This will lead to an increase in the pump price of the products across Nigeria.
The company said its sales of petroleum products in Naira has exceeded the value of Naira-denominated crude it has received.
"As a result, we must temporarily adjust our sales currency to align with our crude procurement currency. Our attention has also been drawn to reports on the internet claiming that we are stopping loading due to an incident of ticketing fraud.
"This is a malicious falsehood. Our systems are robust and we have had no fraud issues. We remain committed to serving the Nigerian market efficiently and sustainably.
"As soon as we receive an allocation of Naira-denominated crude cargoes from NNPC, we will promptly resume petroleum product sales in Naira. We appreciate your understanding and cooperation during this period," the company said.
In July last year, the Federal Executive Council (FEC) directed NNPC Ltd to engage Dangote Refinery and other local refineries to resolve the dispute over the sale of crude oil to them.
The FEC, presided over by President Bola Tinubu, also directed that crude oil sales to the refineries be made in naira and that the refineries, located in Nigeria, sell their refined products to the Nigerian market in naira.
Last October, the Nigerian government said it had officially commenced the sale of crude oil and refined petroleum products in Naira.
Last week, the Nigerian government said the policy framework enabling the sale of crude oil in naira for domestic refining remains in force.
The Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, who also chairs the technical subcommittee on the presidential initiative on naira for crude sales, made this known in reaction to reports alleging unilateral termination of the crude oil sale agreement between NNPC and Dangote Refinery.
At the time, the government said the reports did not reflect the realities of the ongoing work under the Federal Executive Council Initiative on the domestic sale of crude oil and refined products in Naira.
Read the original article on Premium Times.
Malawi's Economic Crisis Pushes Prices Beyond the Reach of Struggling Population
Lilongwe, Milawi - In Milawi's capital city of Lilongwe, Charles Kabenan desciribed his recent experience when visiting a shop to purchase building materials. The previous day, the total cost of the items had been K1,195,400 (US$681.38), yet within mere hours, it had surged to K1,390,000 (US$792.30).
"As I hurried from shop to shop with my senior welder, who was handling the quotations, desperately seeking any possible savings, a concerned shop attendant discreetly pulled me aside and said 'Just buy what you need as quickly as possible. That's the boss on the phone right now,' he warned, nodding towards a man deep in conversation. 'They're going to raise the prices any moment.'"
"True to his word, by the time I was walking out, the prices of most metals had risen yet again," Kabena wrote on his personal Facebook page.
Shocked by the situation, he observed that some items were running out of stock and that suppliers were 'feeling the pinch of the unstable economy,' as he now faced a 17% increase on his original quotation since the price surge had begun.
"I'm not sure how to approach my clients, some assume you're merely trying to swindle them. As we drove back, my welder was visibly disheartened, but I reassured him that none of this was his fault. Some people have simply abandoned their responsibilities, or they just don't know what to do," he wrote.
Post-election chaos in Mozambique sparks mass exodus to Malawi
Malawi's deepening financial crisis
The experience is a reflection of the Malawian economic picture. The southeastern African nation - the fourth poorest country in the world, where over half of the population lives in poverty and one-fifth in extreme poverty, according to data from the World Bank- is going through an economic downturn that has seen the price of goods and services skyrocket in a matter of months.
The country, like others in the region, is reeling from the aftermath of El Niño and La Niña weather conditions, which has led to drought and severe hunger.
There is also a lack of foreign exchange, making it almost impossible for companies to operate or export raw materials. The result has been a thriving business on the black market, as well as some companies closing down or raising the price of their commodities. A bag of maize, the staple food, costs over MK100,000 (€50), while the country's minimum wage is €45.
Government measures
While presenting the 2025/26 National Budget in parliament, the minister of finance and economic affairs, Simplex Chithyola Banda, announced strategies to revamp the economy, including stabilising foreign exchange by clamping down on the black market, banning the importation of non-essential commodities that can be produced locally, and giving companies and individuals incentives to ramp up local production.
Recently, this was compounced by a wave of protests by street vendors, who accuse the government of failing to control the rise in the cost of goods and subsequently putting them out of business and disrupting livelihoods, has broken out in both the capital, and Blantyre, the commercial city.
Meanwhile, Banda has said the economy will grow by 3.2 per cent this year. He also announced plans to prop up the economy through measures such as cracking down on the black market, prohibiting the importation of non-essential goods that can be produced domestically, and providing businesses and individuals with incentives to increase local output. The government has since applied a 20 per cent salary increase for all civil servants.
Malawi: Protestors take to streets over racist video ridiculing children
Bleak future
However, for small business owners like Eunice Chigoma, 38, who sells groceries such as flour, sugar, salt, soap, and other assorted merchandise in the bustling market of Limbe, the future looks bleak.
"When I started my business about 15 years ago, it was big. But slowly, the rising cost of commodities affected us, and it has now shrunk to this level," she said from a bench where she sells her produce.
"In the early days, I was able to provide for my family and even save to buy iron sheets. But those days are gone. I can no longer do that because of the devaluation.
"Every day, business is getting worse. Right now, we are stuck. The business has gone down, and when I tried to get a loan, the lenders refused. At this rate, things are only getting worse. Malawi is in this situation because of poor leadership. Everything is now expensive," she added.
Death toll in Malawi climbs as citizens clean up after cyclone Freddy
The black market
The President of the Economics Association of Malawi (ECAMA), Bertha Bangara-Chikadza, observed that the country is struggling because of a shortage of foreign exchange in the banks and the speculative behaviour that follows, as well as a poor harvest of maize, which contributes significantly to the food basket. She told RFI, "We are glad that inflation has started going down."
She explained that the disparity between the black market exchange rate and the official financial sector rate typically occurs due to high demand for foreign currency that banks are unable to fully meet. As a result, people turn to the black market to obtain this scarce resource.
Additionally, she added, some individuals are taking advantage of the situation by inflating prices beyond necessary levels, and speculative behavior became evident in the economy.
Furthermore, a drought negatively affected agricultural production, leading to a decline in food and agricultural exports. This, she said, worsened the situation, as rising food prices--especially maize, the staple food for Malawians--added significant economic pressure.
Read or Listen to this story on the RFI website.
Africa: French Billionaire Bolloré Targeted in African Ports Corruption Case
African civil society groups have filed a complaint against French billionaire Vincent Bolloré, his son Cyrille and Bolloré Group for alleged money laundering and concealment of what they claim are ill-gotten gains linked to port operations across Africa.
The complaint was submitted to the National Financial Prosecutor's Office in Paris on Tuesday by "Restitution pour l'Afrique" (RAF), a collective of 11 NGOs from six African countries: Togo, Guinea, Cameroon, Ghana, Côte d'Ivoire and Democratic Republic of Congo.
The collective accuses the French conglomerate of systematically using corrupt practices to secure lucrative port concessions in at least five African nations before selling its African logistics operations for €5.7 billion in 2022 to Swiss-Italian shipping giant MSC.
"We are trying to condemn the Bolloré method, the practices and the system that was put in place to win elections and have interests and dividends by managing ports in Africa," said Jean-Jacques Lumumba, president of the RAF collective.
The complaint represents a new approach by targeting those allegedly paying bribes rather than the traditional focus on African officials receiving them.
"This complaint focuses on the corrupters, that is, those through whom money is injected into territories where it is later laundered," Paris-based lawyer Antoine Vey told the French news agency AFP.
Documented allegations
The complaint details allegations across multiple countries. In Cameroon, a national anti-corruption commission report cited in the complaint claims Bolloré Group withheld €60 million in fees and fines it should have paid to the state for its operations at Douala and Kribi ports.
In Ghana, Bolloré allegedly convinced then-president John Dramani Mahama in 2014 to award a port contract "secretly and without tender" despite 56 companies competing for the project.
The complaint claims this resulted in "a net loss of $4.1 billion for Ghana".
The 2003 no-bid award of the Abidjan container terminal in Côte d'Ivoire by then-president Laurent Gbagbo drew criticism, with the World Bank's country director describing it as "a contract that fundamentally violates principles of good governance".
Nearly 60 percent of African youth want to emigrate because of corruption
This is not the first time Bolloré's African operations have faced legal scrutiny.
French authorities began investigating the company in 2013 over suspicions it used its political consulting subsidiary, Euro RSCG (now Havas), to help presidents Faure Gnassingbé and Alpha Condé win their 2010 election campaigns in Togo and Guinea in exchange for port concessions.
Bolloré settled part of the case in 2021 by paying a €12 million fine. However, in 2024, prosecutors requested a trial for Vincent Bolloré on charges of corruption and complicity in breach of trust.
"The group has already acknowledged that some of these activities took place. Is this the tip of the iceberg?" Vey asked.
Seeking restitution
The collective hopes the case will trigger the application of France's 2021 law, which allows for the reallocation of seized assets from corruption cases to fund development projects in affected countries.
"The goal is to target dirty money taken by the corrupter and return it to the African people who were harmed," Lumumba said.
"This money means fewer hospitals, fewer schools, fewer roads, fewer infrastructure projects. And it's a future that we're taking away from our young people."
Until its 2022 sale to Swiss-Italian shipping giant MSC, Bolloré Africa Logistics employed over 20,000 people across more than 20 African countries and operated 16 port concessions along with warehouses and transportation hubs.
Read or Listen to this story on the RFI website.
Tesla's challenges run deeper than 'toxic' controversy around Elon Musk
"This has been our family car for three years, and it has been an absolute dream," says Ben Kilbey as he shows me his gleaming pearl-white Tesla Model Y.
Ben is a staunch electric car advocate. He runs a communications firm that promotes sustainable businesses in the UK. Yet now, he says, the Model Y has to go – because he disapproves vehemently of Tesla CEO Elon Musk's actions, especially the way he has handled firing US government employees.
"I'm not a fan of polarisation, or of doing things without kindness," he says. "There are ways of doing things that don't ostracise people or belittle them. I don't like belittlement."
Ben is part of a wider backlash against the Tesla boss that appears to have been gathering momentum in recent weeks, since Musk was appointed head of the controversial Department for Government Efficiency (DOGE), charged with taking an axe to federal government spending.
Ben Kilbey stands in front of his Tesla Model Y
Ben Kilbey stands next to his Tesla - he says that this 'has to go' because he disagrees with Musk's actions
Musk has also intervened in politics abroad, making a video appearance at a rally for the far-right party Alternative für Deutschland ahead of Germany's parliamentary election, as well as launching online attacks on British politicians, including Prime Minister Keir Starmer.
For some who do not share his views, it has all become too much.
There have been protests outside dozens of Tesla dealerships, not only in the US, but also in Canada, the UK, Germany and Portugal.
Although most of them have been peaceful, there have been cases of showrooms, charging stations and vehicles being vandalised. In separate incidents in France and Germany, several cars were set on fire.
In the US, the Tesla Cybertruck, an angular metallic pickup truck, appears to have become a particular magnet for anti-Musk sentiment. A number of social media videos have shown vehicles daubed with swastikas, covered with rubbish or used as skateboard ramps.
US President Donald Trump was quick to show his support to Tesla, by allowing the company to show off its vehicles outside the White House, and pledging to buy one. He said violence against US showrooms should be treated as "domestic terrorism".
Musk has also been unequivocal in his response. "This level of violence is insane and deeply wrong," he said in a recent interview with Fox News. "Tesla just makes electric cars and has done nothing to deserve these evil attacks."
What is hard to quantify is exactly how much impact all this has had on Tesla as a business - and the extent to which Musk's views and involvement in the Trump administration has affected the brand and alienated some traditional electric vehicle buyers.
And if that is the case, can Tesla really build on its past success with Musk remaining at the helm?
A larger-than-life figurehead
Two decades ago, Tesla was a tiny Silicon Valley start-up, with a handful of employees and big dreams of revolutionising the motor industry. Today it is the best-selling producer of electric vehicles in a growing global market, with giant factories around the world. It is also widely credited with having proven that EVs could be fast, powerful, fun and practical.
Musk, the figurehead of the company, has driven this all forward, since he joined Tesla in 2004 as its chairman and principal funder. He became chief executive four years later, and has held that role throughout the company's rise to prominence.
"Tesla was the pioneer," says Stephanie Valdez Streaty, director of industry insights at car sector marketing and software firm Cox Automotive. "They kind of got EVs into the mainstream, got other manufacturers to start investing, and really created a lot of awareness."
It is easy to forget that electric cars were once derided as slow, uninspiring and impractical, with minimal range between charges. The Tesla Model S, which went on sale in 2012, had sports car performance and a range of more than 250 miles. It played a key role in changing perceptions, and provided a springboard for rapid growth.
Nowadays, Tesla is not just a producer of electric vehicles. It has invested heavily in autonomous driving systems, with the goal of building fleets of driverless "robotaxis". It also has a fast-growing energy-storage business, and is developing a general-purpose humanoid robot, known as Optimus.
Like the late Steve Jobs at Apple, Musk became the embodiment of his brand, ever present as the front man at company events and product launches, with a devoted following among EV enthusiasts.
But recently the champion of sustainable technology has become equally well known for promoting his political views, amplifying them through his own social network, X. At the same time, Tesla itself has been facing mounting challenges.
'Musk's activities have indeed harmed Tesla'
Although its Model Y was the best-selling car worldwide last year, overall sales fell for the first time in more than a decade, dropping from 1.81 million to 1.79 million.
The decline was relatively small, and Tesla retained its position as the world's best-selling maker of electric vehicles, but for a growth-focused business, it raised alarm bells. Profits for the year were also down.
This year has also begun badly, notably in Europe, where there was a 45% fall in new registrations in January compared to the same month in 2024. There were further falls in major European markets in February – although the UK was an outlier, with sales rising 21% – as well as in Australia.
Meanwhile, shipments of Tesla's Chinese-made cars, which are produced for sale both in China and abroad, fell more than 49% in the same month.
In early March, Joseph Spak, Wall Street analyst at Swiss bank UBS, published a research note in which he predicted a decline in Tesla's worldwide sales this year of 5%. That forecast, which countered market expectations of 10% growth, helped to send Tesla's share price tumbling. It fell 15% in a single day – adding to an overall decline of 40% since the start of the year.
Sales can fall for many reasons, but research by brand monitoring firm Morning Consult Intelligence suggests Musk's activities have indeed harmed Tesla, particularly in the EU and Canada – although not in China, which remains one of its biggest markets.
In the US, it says, the situation is more nuanced, with many consumers approving of DOGE cuts in government spending. However it adds: "Musk may be turning off those US consumers most likely to buy a Tesla. Among high-income consumers who say they plan to purchase an EV in the future, Tesla now ranks lower compared with competitors than it did one year ago."
Tesla did not respond to the BBC's questions concerning its fall in sales.
But experts believe Tesla's problems run deeper than simply questions about the public image of the CEO.
'Dated' models and overseas competition
To start with, the current model range, which was once cutting edge, now looks uninspiring. The once ground-breaking Model S has been on sale since 2012, the Model X since 2015. Even the more recent and more affordable Model 3 and Model Y are beginning to look dated in an increasingly competitive market.
"If you look at their product line-up, they haven't had any fresh models recently, except for the Cybertruck, which is really niche," says Ms Valdez Streaty. "They've had a refresh of the Model Y, but it's not a big splash. And there's so much more competition out there."
Prof Peter Wells, director of Cardiff University's Centre for Automotive Industry Research, makes a similar point: "We've not seen the level of innovation in terms of the product range that perhaps Elon Musk should have been looking for. I think that is a big part of their problem."
Competition comes from a number of directions. Traditional manufacturers have invested huge sums in moving towards EV production, with the likes of Korea's Kia and Hyundai building a growing reputation for making good quality battery-powered cars.
At the same time, an array of new EV brands has emerged from China. They include the likes of BYD, which has expanded rapidly by supplying cars with good performance at low prices, as well as the more upmarket Xpeng and Nio, which have focused on luxury and advanced technology.
"China has amazing incentives and subsidies for EVs," says Ms Valdez Streaty.
"You can see how Chinese firms, especially BYD, continue to grow not only in China but in other parts of the world. So that definitely is a huge threat, not just for Tesla but for other manufacturers as well."
The extent of that threat was demonstrated in mid-March, when BYD announced it had developed an ultra-fast charging system that would provide a car with 250 miles of range in just five minutes – significantly faster than Tesla's own supercharger network.
The question of robotaxis
Musk's comments during Tesla's earnings calls suggests his priorities lie elsewhere, particularly in driverless vehicles.
In January, he claimed Tesla would have a robotaxi service operating in Texas by June. But this attracted a cynical response from some commentators who pointed out that Musk has been promising this kind of thing for a long time.
In 2019, for example, he said that within a year there would be a million Teslas on the road capable of acting as robotaxis. Meanwhile Tesla's "Full Self Driving" package, available to Tesla buyers, remains a "hands-on" system that requires the driver to be paying attention at all times.
"Every year we get a new promise from Elon Musk about how his autonomous cars are just around the corner. The trouble is, they never seem to be able to find the corner to emerge from," says Jay Nagley of automotive consultancy Redspy.
Is Musk spinning too many plates?
Arguably, Tesla needs strong leadership right now. But regardless of his politics, the chief executive is spinning a large number of plates. He owns or runs an array of other businesses, notably his social media platform X; the artificial intelligence firm xAI; and the private space firm SpaceX, which has experienced failures on the last two launches of its giant Starship rocket.
Asked in a recent interview with Fox Business how he was combining all of this with his new government role, Musk responded "with great difficulty".
Getty Images Elon Musk standing next to a Tesla CybertruckGetty Images
Musk unveiled the Tesla Cybertruck in 2019
"It's hard to tell exactly how much Tesla is hands-on managed nowadays by Musk," says Prof Wells.
"If he's making the key decisions over things like product placing and where factories are built and so forth, then those decisions have to be correct. And I think you need someone with a hands-on, 100% commitment to understanding the automotive industry, and making those decisions correctly."
Ever since he joined Tesla in 2004, Elon Musk's position has been unassailable. There is no obvious sign at the moment of that changing. He remains the company's largest single shareholder, with a 13% stake – currently worth more than $95bn.
That is more or less matched by the combined holdings of investment giants Vanguard and Blackrock, while a number of other financial institutions including State Street Bank and Morgan Stanley hold smaller stakes.
For those investors, the recent falls in the share price will have made grim reading. But it is still almost 30% higher than it was a year ago. In fact, the recent decline has simply wiped out the effects of a dramatic surge that occurred immediately after the election, which almost doubled Tesla's market valuation.
Calls for new blood at the top
Today, Tesla is still valued at more than 100 times its earnings – a far higher margin than automotive rivals such as Ford, General Motors or Toyota, which suggests shareholders are continuing to pin their hopes on technological breakthroughs and rapid growth.
"Tesla is being valued as a company that is either going to dominate electric vehicles – which is clearly not going to happen, given the strength of the Chinese manufacturers – or that is going to dominate robotaxis and autonomous vehicles," says Mr Nagley.
None of the major investors appears to be agitating for change at the moment – although in media interviews this week, one long-term shareholder-turned-vocal critic, the investment fund manager Ross Gerber, did call for Mr Musk to step down.
But analysts say the business would benefit from new blood at the top. "A new CEO for Tesla would without question be the best thing for the company right now," says Matthias Schmidt of Schmidt Automotive Research.
"It would address the toxic contagion from Musk, offer a solution for the conflict of interest regarding his DOGE position, and allow a dedicated CEO to focus entirely on the job in hand."
"I think that's the clear direction of travel at the moment." says Prof Wells. "I think they need somebody with strong automotive experience. Someone who knows how to rationalise the business.
"It needs a significant change of direction now."-BBC
Will Trump's tariff war spark big-bang reforms in India?
Ahead of PM Modi's meeting with Trump in February, India cut tariffs on some US products
India has usually turned to economic reforms in times of distress, with the most famous example being 1991, when the country embraced liberalisation in the face of a deep financial crisis.
Now, with US President Donald Trump's tit-for-tat tariff wars and the global trade upheaval that has followed, many believe that India finds itself at another crossroad.
Could this be a major opportunity for the world's fifth largest economy to shed its protectionism and further open up its economy? Will India seize the moment, just as it did more than three decades ago, or will it retreat further?
Trump has repeatedly branded India a "tariff king" and a "big abuser" of trade ties. The problem is that India's trade-weighted import duties - the average duty rate per imported product - are among the highest in the world. The US average tariff is 2.2%, China's is 3% and Japan's is 1.7%. India's stands at a whopping 12%, according to data from the World Trade Organization.
High tariffs increase costs for companies dependent on global value chains, hindering their ability to compete in international markets. They also mean that Indians pay more on imported goods than foreign consumers. Despite growing exports - primarily driven by services - India runs a significant trade deficit. However, with India's share of global exports at a mere 1.5%, the challenge becomes even more urgent.
The jury is out on whether Trump's tariff war will help India break free or double down on protectionism. Narendra Modi's government, often criticised for its protectionist stance, seems to have shifted gears in recent years.
Last month, ahead of Prime Minister Modi's meeting with Trump in Washington, India unilaterally lowered tariffs on Bourbon whiskey, motorcycles and some other US products.
Commerce Minister Piyush Goyal has made two trips to the US to discuss a potential trade deal, following Trump's threatened retaliatory tariffs, looming on 2 April. (Citi Research analysts estimate India could lose up to $7bn annually from reciprocal tariffs, primarily affecting sectors like metals, chemicals and jewellery, with pharmaceuticals, automobiles and food products also at risk.)
Last week, Goyal urged Indian exporters to "come out of their protectionist mindset and encouraged them to be bold and ready to deal with the world from a position of strength and self-confidence", according to a statement from his ministry.
India is also actively pursuing free trade deals with several countries, including the UK and New Zealand, and the European Union.
In an interesting turn of events, homegrown telecoms giants Reliance Jio and Bharti Airtel have teamed up with Trump ally Elon Musk's SpaceX to launch satellite internet services via Starlink in India. The move surprised analysts, especially after Musk's recent clashes with both companies, and came as US and Indian officials negotiate the trade deal.
India's rapid growth from the late 1990s to the 2000s - 8.1% between 2004-2009 and 7.46% from 2009-2014 - was in large part driven by its gradual integration into global markets, particularly in pharmaceuticals, software, autos, textiles and garments, alongside a steady reduction in tariffs. Since then, India has turned inwards.
Many economists believe that protectionist policies over the past decade have undermined Modi's Make in India initiative, which prioritised capital- and technology-intensive sectors over labour-intensive ones like textiles. As a result, it has struggled to boost manufacturing and exports.
High tariffs have also fostered protectionism in several Indian industries, discouraging investments in efficiency, according to Viral Acharya, a professor of economics at New York University Stern School of Business.
This has allowed "cosy incumbents" to gain market power by consolidating their positions without facing much competition. As Mr Acharya, a former central banker, noted in a paper by Brookings Institution, restoring industrial balance in India requires "reducing tariffs to increase the country's share of global goods trade and reduce protectionism".
With India's tariffs already higher than those of most countries, further increases could be especially damaging.
"We need to boost exports and a tit-for-tat tariff war won't help us. China can afford this strategy due to its massive export base, but we can't, as we hold only a small share of the global market," Rajeshwari Sengupta, an associate professor of economics at Mumbai-based Indira Gandhi Institute of Development Research, said. "A trade conflict could hurt us more than others."
High tariffs mean Indians pay more on imported goods than foreign consumers
In light of this, India finds itself at a crossroad. As the world undergoes a major shift, India has a "unique opportunity to shape a new vision" for global trade, says Aseema Sinha, a trade expert at Claremont McKenna College.
By lowering protectionist barriers in South Asia and strengthening ties with Southeast Asia and the Middle East, India has the chance to lead in shaping a new trade vision, positioning itself as a key player in a "re-globalised" world, Ms Sinha, author of Globalising India, says.
"By reducing tariffs, India could become the regional and cross-regional magnet for trade and economic activity, drawing in varied powers in its orbit," she adds.
That could help India create the jobs it desperately needs at home. Agriculture, which makes up 15% of its GDP, accounts for a whopping 40% of employment, reflecting extremely low productivity. Construction remains the second-largest employer, absorbing casual daily workers.
India's challenge isn't in expanding its thriving service sector, which already makes up nearly half of total exports, but in dealing with the large pool of unskilled workers who lack the basic skills needed for service jobs.
"While high-end services are thriving, the majority of the workforce remains uneducated and underemployed, often relegated to construction or informal jobs. To provide meaningful employment to millions entering the workforce each year, India must ramp up its manufacturing exports, as relying solely on services won't address the needs of the unskilled labour force," says Ms Sengupta.
Reuters Indian farmer in UPReuters
Agriculture, which makes up only 15% of India's GDP, accounts for 40% of employment
One concern is that reducing tariffs could lead to dumping, where foreign companies flood the market with cheap goods, potentially harming domestic industries.
According to Ms Sengupta, India's ideal approach to trade would involve a "universal reduction" in import tariffs, as it currently has some of the highest tariffs among its trading partners.
However, there is a caveat: China's trade struggles, particularly with the US due to the ongoing trade war, could lead to Chinese dumping in India in the "short run".
"To protect against this, India can use non-tariff barriers against China but only against this one country and only in cases of proven dumping. Barring that, it is in India's interest to do a wholesale slashing of tariffs," she says.
There's also a growing concern that India may be overcompensating in its efforts to flatter the US.
Ajay Srivastava, founder of the Global Trade Research Initiative (GTRI), believes that India's tendency to soften trade policies "based on rhetoric rather than economic pressure" shows a lack of assertiveness in global trade talks.
If this trend continues, he says, India may end up making even more compromises in its trade deal with the US, further "eroding its bargaining power".
"In comparison to other major economies, India's pre-emptive surrender on multiple trade fronts - without the US imposing a single country-specific tariff - makes it appear exceptionally vulnerable to pressure tactics."
The broader consensus seems to be that India should capitalise on what could be the unintended consequences of Trump's tariff wars. Pranjul Bhandari, chief India economist at HSBC, believes that "potential US tariffs may have become a catalyst for reforms.".
"If supply chains are rejigged again during the second Trump presidency due to higher tariffs on large exporters, and the world looks for new producers, India may get a second chance," she writes.
Creating jobs that manufacture goods for the world won't be easy. India has largely missed the bus on low-end, unskilled factory work - jobs China dominated for decades. Automation is taking over. Without deeper reforms, India risks being left behind.
US tariffs on India will be a bitter pill to swallow-BBC
Fed cuts US growth forecast as tariff fears increase
The US central bank has cut its growth forecast as it warned President Donald Trump's tariffs were "clearly" driving up prices.
The Federal Reserve released its projections for the world's largest economy on Wednesday while keeping interest rates unchanged again, saying it wanted to see how the White House policies unfold.
That decision, which was widely expected, kept the Federal Reserve's benchmark interest rate hovering around 4.3%, where it has stood since December.
After the announcement, Trump, who has previously criticised the central bank, called on it to cut rates.
"The Fed would be MUCH better off CUTTING RATES as US Tariffs start to transition (ease!) their way into the economy," the US President said on his platform Truth Social.
"Do the right thing. April 2nd is Liberation Day in America!!!"
Earlier, Fed chairman Jerome Powell said the economy still appeared healthy, despite a sharp downturn in sentiment and "remarkably high" uncertainty.
But he warned tariffs - which are taxes on imports - were likely to slow growth and hinder the bank's efforts to keep prices stable, noting recent data showing a rise in goods prices.
"Clearly some of it, a good part of it, is coming from tariffs," he said, speaking after the Fed's rates announcement on Wednesday.
"Progress is probably delayed for the time being," he added.
Since taking office in January, Trump has announced blitz of new tariffs while also calling for big cuts to taxes, regulation, and government spending.
Economists have long warned that some of those policies could cause prices to rise, at least in the short-term, and raise uncertainty for businesses.
Analysts say the concerns have also helped to drive a sell-off in the stock market, with the S&P 500 falling 10% from February back to levels last seen in September.
Trump has acknowledged there could be "a little disturbance" from his tariffs, but says the policies will lead to long-term growth.
Inflation and economic downturn fears
The dynamic has added to the challenges facing the Fed, which has spent much of the last three years trying to keep prices stable and avoid economic downturn.
Mr Powell said the bank was assuming that tariffs would cause a one-time jump in prices, rather than a more sustained increase, but it is also bracing for a hit to growth.
The forecasts showed policymakers now expect inflation to stand at 2.7% at the end of this year, up from the 2.5% they had predicted in December.
They are also expecting growth of just 1.7% this year, down from the 2.1% previously anticipated.
Though it kept interest rates unchanged on Wednesday, the forecasts suggest the bank still expects to cut rates by the end of the year.
The Fed also said it would slow down selling assets, such as government debt, in a move that effectively offers more support for the economy.
"For the time being, the Fed is in wait and see mode, as it monitors whether the recent growth slowdown develops into something more serious," said Whitney Watson, global co-head and co-chief investment officer of fixed income and liquidity solutions at Goldman Sachs Asset Management.
Leading stock indexes in the US rose after the announcement, with the S&P 500 closing up more than 1%.
Kevin Hassett, director of the National Economic Council, a policy arm of the US government, dismissed concerns about the effect of the tariffs.
"Chairman Powell is clear that if there were a tariff effect, it's a transitory one," he said, adding that he respected the "independence of the Fed, as we all do within the White House".
The Fed hiked borrowing costs significantly starting in 2022, aiming to cool the economy and ease the pressures pushing up prices.
Inflation, the rate of price increases, has since fallen to 2.8% as of February, but remains above the bank's 2% target.
Recent surveys also suggest that public sentiment has sunk, while expectations for inflation have risen, which could make the bank's job stabilising prices more difficult.
Households expecting prices to rise have incentive to buy now. But that can fuel inflation, as firms respond to the increased demand by raising prices further.
"The problem the US faces is that inflation remains a primary risk and is showing signs of consumer expectations becoming unanchored from the 2% target," said Lindsay James, investment strategist at Quilter.
"Leading indicators of demand may be slowing in the US, but inflation persists and risks spiralling if the proposed economic policies continue."
Mr Powell said the bank was closely watching those surveys, but had yet to see evidence in the "hard data" to cause alarm about the economy.
"We're well-positioned to wait for further clarity and not in any hurry," he said. BBC
Greenpeace ordered to pay more than $660m for defaming oil firm in protests
A North Dakota jury has found Greenpeace liable for defamation, ordering it to pay more than $660m (£507m) in damages to an oil company for the environmental group's role in one of the largest anti-fossil fuel protests in US history.
Texas-based Energy Transfer also accused Greenpeace of trespass, nuisance and civil conspiracy over the demonstrations nearly a decade ago against the Dakota Access Pipeline.
The lawsuit, filed in state court, argued that Greenpeace was behind an "unlawful and violent scheme to cause financial harm to Energy Transfer".
Greenpeace, which vowed to appeal, said last month it could be forced into bankruptcy because of the case, ending over 50 years of activism.
Protests against the pipeline near the Standing Rock Sioux Reservation drew thousands, but Greenpeace argued it did not lead the demonstration and that the lawsuit threatened free speech. Instead, it said the protests were led by local indigenous leaders who were opposed to the pipeline.
The nine-person jury reached a verdict on Wednesday after about two days of deliberating.
The case was heard at a court in Mandan, about 100 miles (160km) north of where the protests took place.
Trey Cox, a lawyer for Energy Transfer, said during closing arguments that Greenpeace's actions caused between $265m to $340m in damages. He asked the jury to award the company that amount, plus additional damages.
Construction of the Dakota Access Pipeline gained international attention during President Donald Trump's first term, as Native American groups set up an encampment trying to block it from passing near Standing Rock.
The protests, which saw acts of violence and vandalism, started in April 2016 and ended in February 2017, when the National Guard and police cleared away the demonstrators.
At the peak, over 10,000 protesters were on site. The group included more than 200 Native American tribes, hundreds of US military veterans, actors and political leaders - including current US Health Secretary Robert F Kennedy, Jr.
The 1,172-mile pipeline has been operating since 2017. However, it still lacks a key permit to operate under Lake Oahe in South Dakota, and local tribes have pushed for an extensive environmental review of the project.
During the three-week trial, jurors heard from Energy Transfer's co-founder and board chairman Kelcy Warren, who said in a video deposition that protesters had created "a total false narrative" about his company.
"It was time to fight back," he said.
Energy Transfer's lawyer Mr Cox told the court that Greenpeace had exploited the Dakota Access Pipeline to "promote its own selfish agenda".
Attorneys for Greenpeace argued that the group did not lead the protests, but merely helped support "nonviolent, direct-action training".
In response to the verdict, Greenpeace International's general counsel Kristin Casper said "Energy Transfer hasn't heard the last of us in this fight".
"We will not back down, we will not be silenced," she said.
Carl Tobias, a law professor at the University of Richmond in Virginia, said he believes "the verdict's magnitude will have a chilling effect on environmental and other public interest litigation".
"It may encourage litigants in other states to file similar lawsuits," he told the BBC.
Energy Transfer's legal action named Greenpeace USA, as well as its Washington DC-based funding arm Greenpeace Fund Inc and its Amsterdam-based parent group Greenpeace International.
Greenpeace has counter-sued Energy Transfer in Dutch court, claiming the oil firm is attempting to unfairly use the legal system to silence critics.
The lawsuit, filed earlier this month, seeks to recover all damages and costs.-BBC
Invest Wisely!
Bulls n Bears
Cellphone: +263 71 944 1674 | +27 79 993 5557
Email: <mailto:bulls at bullszimbabwe.com> bulls at bullszimbabwe.com
Website: <http://www.bullszimbabwe.com> www.bullszimbabwe.com
Blog: <http://www.bullszimbabwe.com/blog> www.bullszimbabwe.com/blog
Twitter (X): @bullsbears2010
LinkedIn: Bulls n Bears Zimbabwe
Facebook: <http://www.facebook.com/BullsBearsZimbabwe> www.facebook.com/BullsBearsZimbabwe
INVESTORS DIARY 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 subscribe for any securities. The information contained in this report has been compiled from s believed to be reliable, but no representation or warranty is made or guarantee given as to its accuracy or completeness. All opinions expressed and recommendations made are subject to change without notice. Securities or financial instruments mentioned herein may not be suitable for all investors. Securities of emerging and mid-size growth companies typically involve a higher degree of risk and more volatility than the securities of more established companies. Neither Faith Capital nor any other member of Bulls ‘n Bears nor any other person, accepts any liability whatsoever for any loss howsoever arising from any use of this report or its contents or otherwise arising in connection therewith. Recipients of this report shall be solely responsible for making their own independent investigation into the business, financial condition and future prospects of any companies referred to in this report. Other Indices quoted herein are for guideline purposes only and d from third parties.
(c) 2025 Web: <http://www.bullszimbabwe.com> www.bullszimbabwe.com Email: <mailto:bulls at bullszimbabwe.com> bulls at bullszimbabwe.com Tel: +27 79 993 5557 | +263 71 944 1674
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20250320/51489049/attachment-0001.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.png
Type: image/png
Size: 9458 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20250320/51489049/attachment-0002.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image006.png
Type: image/png
Size: 34378 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20250320/51489049/attachment-0003.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: oledata.mso
Type: application/octet-stream
Size: 65571 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20250320/51489049/attachment-0001.obj>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image003.jpg
Type: image/jpeg
Size: 29356 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20250320/51489049/attachment-0003.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image008.jpg
Type: image/jpeg
Size: 29321 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20250320/51489049/attachment-0004.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image009.jpg
Type: image/jpeg
Size: 29361 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20250320/51489049/attachment-0005.jpg>
More information about the Bulls
mailing list