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</o:shapelayout></xml><![endif]--></head><body lang=EN-ZW link="#0563C1" vlink="#954F72"><div class=WordSection1><div align=center><table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=916 style='width:687.2pt;border-collapse:collapse'><tr><td width=910 colspan=4 valign=top style='width:682.8pt;padding:0cm 5.4pt 0cm 5.4pt'></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=910 colspan=4 valign=top style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:solid #D9D9D9 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='text-indent:33.35pt;line-height:106%'><span lang=EN-US><a href="https://bullszimbabwe.com/"><span lang=EN-ZW style='font-family:"Verdana",sans-serif;color:windowtext;mso-fareast-language:EN-ZW;text-decoration:none'><img border=0 width=246 height=120 id="Picture_x0020_5" src="cid:image001.png@01DB6750.159C6FE0"></span></a></span><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=910 colspan=4 valign=top style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='margin-left:32.1pt;text-indent:7.5pt;line-height:105%'><b><span lang=EN-US style='font-family:"Verdana",sans-serif;color:#002060'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:32.1pt;text-indent:7.5pt;line-height:105%'><span lang=EN-US><a href="http://www.bullszimbabwe.com"><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0;text-decoration:none'>Bullszimbabwe.com </span></b></a></span><b><span lang=EN-US 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style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0;text-decoration:none'> </span></b></span><span lang=EN-US><a href="https://chat.whatsapp.com/CF6wllAfScU9Wr6dXxoQnO"><b><span style='color:#70AD47;mso-fareast-language:EN-ZW;text-decoration:none'>WhatsApp</span></b></a></span><span class=MsoHyperlink><b><span lang=EN-US style='color:#70AD47;mso-fareast-language:EN-ZW;text-decoration:none'> </span></b></span><span lang=EN-US><a href="mailto:bulls@bullszimbabwe.com?subject=Unsubscribe"><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0;text-decoration:none'>Unsubscribe</span></b></a></span><span class=style30><span lang=EN-US style='font-size:8.0pt;line-height:105%;color:#00B050'><o:p></o:p></span></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> </span><span lang=EN-US><o:p></o:p></span></p></td></tr><tr><td width=910 colspan=4 valign=top style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoSubtitle style='margin-left:32.1pt;text-indent:7.5pt;line-height:105%'><span class=style30><b><span lang=EN-US style='color:black'><o:p> </o:p></span></b></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> </span><span lang=EN-US><o:p></o:p></span></p></td></tr><tr><td width=910 colspan=4 valign=top style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='margin-left:32.1pt;text-indent:7.5pt;line-height:105%'><span class=style30><b><span lang=EN-US style='font-family:"Verdana",sans-serif'>Major International Business Headlines Brief::: 15 January 2025 </span></b></span><b><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p></o:p></span></b></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=910 colspan=4 valign=top style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><span class=style30><b><span lang=EN-US> <o:p></o:p></span></b></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> </span><span lang=EN-US><o:p></o:p></span></p></td></tr><tr style='height:3.0pt'><td width=910 colspan=4 valign=top style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:3.0pt'><p class=MsoNormal style='text-indent:33.35pt;line-height:105%'><span lang=EN-US><a href="mailto:info@bulls.co.zw"><span lang=EN-ZW style='color:windowtext;mso-fareast-language:EN-ZW;text-decoration:none'><img border=0 width=804 height=268 id="Picture_x0020_4" src="cid:image002.jpg@01DB6750.159C6FE0"></span></a><span class=style30><b><o:p></o:p></b></span></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:3.0pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> </span><span lang=EN-US><o:p></o:p></span></p></td></tr><tr style='height:10.05pt'><td width=910 colspan=4 valign=top style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr style='height:10.05pt'><td width=910 colspan=4 valign=top style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:10.05pt'><p class=MsoListParagraphCxSpFirst style='mso-margin-top-alt:auto;margin-left:54.0pt;mso-add-space:auto;line-height:115%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:72.0pt;mso-add-space:auto;text-indent:-18.0pt;line-height:115%;mso-list:l0 level2 lfo1;background:white'><![if !supportLists]><span style='font-family:Wingdings;color:#222222;mso-fareast-language:EN-ZW'><span style='mso-list:Ignore'>ü<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>South African Rescue 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style='font-family:Wingdings;color:#222222;mso-fareast-language:EN-ZW'><span style='mso-list:Ignore'>ü<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Africa: AfDB, World Bank, AU to Host Africa Energy Summit in Tanzania<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:72.0pt;mso-add-space:auto;text-indent:-18.0pt;line-height:115%;mso-list:l0 level2 lfo1;background:white'><![if !supportLists]><span style='font-family:Wingdings;color:#222222;mso-fareast-language:EN-ZW'><span style='mso-list:Ignore'>ü<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Liberia: LEC to Reduce Power Outage<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:72.0pt;mso-add-space:auto;text-indent:-18.0pt;line-height:115%;mso-list:l0 level2 lfo1;background:white'><![if !supportLists]><span style='font-family:Wingdings;color:#222222;mso-fareast-language:EN-ZW'><span style='mso-list:Ignore'>ü<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Mali: Barrick Gold Halts Operations in Mali After Government Gold Seizure<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:72.0pt;mso-add-space:auto;text-indent:-18.0pt;line-height:115%;mso-list:l0 level2 lfo1;background:white'><![if !supportLists]><span style='font-family:Wingdings;color:#222222;mso-fareast-language:EN-ZW'><span style='mso-list:Ignore'>ü<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Benin Eyes $750m Eurobond Amid Tightening Market Conditions<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:72.0pt;mso-add-space:auto;text-indent:-18.0pt;line-height:115%;mso-list:l0 level2 lfo1;background:white'><![if !supportLists]><span style='font-family:Wingdings;color:#222222;mso-fareast-language:EN-ZW'><span style='mso-list:Ignore'>ü<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>US markets watchdog sues Musk over Twitter stake disclosure<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpMiddle style='mso-margin-top-alt:auto;margin-left:72.0pt;mso-add-space:auto;text-indent:-18.0pt;line-height:115%;mso-list:l0 level2 lfo1;background:white'><![if !supportLists]><span style='font-family:Wingdings;color:#222222;mso-fareast-language:EN-ZW'><span style='mso-list:Ignore'>ü<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>UK inflation unexpectedly dips to 2.5% in December<o:p></o:p></span></b></p><p class=MsoListParagraphCxSpLast style='mso-margin-top-alt:auto;margin-left:72.0pt;mso-add-space:auto;text-indent:-18.0pt;line-height:115%;mso-list:l0 level2 lfo1;background:white'><![if !supportLists]><span style='font-family:Wingdings;color:#222222;mso-fareast-language:EN-ZW'><span style='mso-list:Ignore'>ü<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Meta cuts 5% of jobs to lose 'lowest performers'<o:p></o:p></span></b></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:10.05pt'><td width=910 colspan=4 valign=top style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:10.05pt'><p class=MsoNormal style='mso-margin-top-alt:auto;line-height:115%;background:white'><span lang=EN-US><a href="mailto:info@bulls.co.zw"><span lang=EN-ZW style='color:windowtext;mso-fareast-language:EN-ZW;text-decoration:none'><img border=0 width=804 height=268 id="Picture_x0020_3" src="cid:image003.jpg@01DB6750.159C6FE0"></span></a></span><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p></o:p></span></b></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:10.05pt'><p class=MsoNormal align=center style='text-align:center;line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:10.05pt'><td width=910 colspan=4 rowspan=3 valign=top style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:10.05pt'><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>South African Rescue Operation Brings Illegal Miners, Bodies, to Surface<o:p></o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Johannesburg — Rescue operations were underway at a gold mine in South Africa's North West province where hundreds of illegal miners have been underground for months.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>More than 50 bodies were brought to the surface at the mine, police confirmed on Tuesday, as operations to rescue those still trapped underground continued. More than 100 people were brought up alive.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The illegal miners, known in South Africa as "zama zamas," or "those who take a chance," have been down the unused mine shaft for more than two months, after police launched an operation to crack down on the illegal activity.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>At first, authorities said the miners were refusing to resurface to avoid arrest, but civil society groups say they are unable to get back to the surface as they are too weak from starvation.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>A court last week ordered the government to launch a rescue operation, which started Monday. But Mzukisi Jam, an activist who has been involved in rescue operations, said it was too little too late.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"Our volunteers confirmed with us yesterday that there are more than 400 live illegal miners who are still trapped, and our own volunteers confirmed -- who went down there -- that there are more than 100 dead bodies," Jam said.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Police have not confirmed how many miners, living or dead, remain trapped. But Jam said the tragedy could have been prevented.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"We literally begged the government to say, 'Could you please just save them? Take them and put them to the surface?' Then, you can further process them in terms of [the] criminality you're saying they've committed."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>But the police minister and minister of mineral resources and energy, who visited the rescue site on Tuesday, defended the government's actions.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"I've not changed my views that illegal mining is a criminal activity," said Gwede Mantashe, mineral resources minister. Mantashe said illegal mining was an "attack on the economy," with the illicit precious metal trade estimated at over $3 billion in 2024.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"While there's a criminal activity, there's a crime scene. ... It should be intensifying the fight against illegal mining," Mantashe said.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>But for Zinzi Tom, whose 26-year-old brother is still down the mine, all that matters is that he comes out alive.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"They told us that he's not in good condition -- the guy who was with him was saying that he last saw him two weeks ago. It's a very sad moment, but one thing that I told myself is that I pray to God to give me strength," Tom said. "I have to make sure that he's OK, and pray to God."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Illegal miners like her brother are forced to eke out a dangerous living underground because of high unemployment, she said.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Some are South African, but many others are from neighboring countries like Lesotho and Mozambique.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Experts say that while the actual zama zamas taking the risks make little money, the criminal syndicates who run illegal operations are getting rich.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The rescue operation is expected to take 10 days.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'> VOA.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Sudan: Drone Strikes Hit Dam Causing Power Cuts Across Northern Sudan<o:p></o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Merowe / Atbara / Port Sudan — Drone attacks on the hydroelectric Merowe Dam in Sudan's Northern State yesterday, have damaged power transformers for the second time in a week, leaving the surrounding areas without electricity. The Sudanese Armed Forces accused the paramilitary Rapid Support Forces (RSF) of targeting the dam, calling it part of a campaign to cripple vital infrastructure.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Videos shared online show fires at the dam's conversion plant, a key hub for Sudan's national grid. Power outages have affected cities including Merowe, Atbara, and Port Sudan, paralysing markets and threatening essential services.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Residents report widespread disruption, with power cuts starting in the early morning. An engineer at the dam said damage to reactors has severed transmission lines, warning repairs could take weeks as replacement parts must be imported.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The RSF has not commented on the incident, though it has previously denied involvement in similar attacks.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Activists and legal groups condemned the strikes, calling them a violation of international law, which prohibits targeting civilian infrastructure.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The Merowe Dam, a critical source of power and water regulation, generates 1,250 megawatts and supports agriculture.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Its strategic location has made it a repeated target in Sudan's ongoing conflict, further straining essential services and deepening the country's humanitarian crisis.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'> Dabanga.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Uganda Moves to Start Storing Some of Its Gold Reserves in Local Vaults<o:p></o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Government has said it has started a process that will see some of the country's gold reserves stored in local vaults.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The State Minister for Foreign Affairs, Henry Okello Oryem said on Tuesday that this will be finalized soon.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"We are now in the process of studying, and a paper is being developed for Bank of Uganda to start procuring gold so that we have gold reserves in this country and not only gold reserves abroad. We have about US$4 Million of foreign reserves vis-as-vie our GDP. We stand the risk of United States imposing sanctions of freezing all that money and we are finished as a country," said Oryem.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>He was speaking in parliament.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Oryem also defended the move by Bank of Uganda to start purchasing gold from local miners, saying it is intended to shield Uganda from threats from United States in case the nation unceremoniously freezes Uganda's gold reserves.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Bank of Uganda last year announced it had started buying gold from the local market to beef up its foreign reserves.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"The BOU, in consultation with relevant key stakeholders, has initiated a Domestic Gold Purchase Program with the objectives of building the country's foreign reserves and minimizing risks on reserves investments," BoU said in the State of the Economy report for June 2024.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"The gold purchase program will help in accumulating foreign currency reserves and address the associated risks in the international financial markets."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The Central Bank also noted that by purchasing gold directly from the artisanal miners, it would also be supporting the livelihoods of artisanal and small-scale miners, "and this has positive spill-over effects on other sectors of the economy in line with the Bank's mission to support socio-economic transformation."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>BoU recently introduced stringent guidelines for purchasing gold from the local market that it said aimed at safeguarding the integrity of its gold acquisition program.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The initiative is part of the Central Bank's broader strategy to boost foreign reserves, diversify risks, and reduce reliance on traditional foreign currency reserves.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>In a presentation to Parliament's Committee of Commissions, Statutory Authorities, and State Enterprises (COSASE), BoU outlined the guidelines, which emphasize direct sourcing from artisanal, small, medium, and large-scale miners.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The approach aims to ensure traceability and authenticity, avoiding the inclusion of gold from other nations. A pre-qualification process will also be instituted for gold suppliers and refineries to meet quality and purity standards.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>BoU's Deputy Governor, Michael Atingi-Ego, highlighted the significance of gold as a stable asset during global economic instability.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"Gold's liquidity, safety, and historical performance as a store of value make it a vital reserve asset. By diversifying Uganda's reserves, we enhance financial resilience," he said.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'> Nile Post.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Djibouti: Ethiopia-Djibouti Railway Achieves First Profit Milestone Since Launch, Says CEO<o:p></o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Takele Uma, CEO of Ethiopia-Djibouti Railway S.C., announced that for the first time since the company's operational launch, it achieved profitability in the last quarter of 2024.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The announcement followed a comprehensive evaluation of the 2024 performance of the Ethio-Djibouti railway, conducted on 14 January, 2025.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"This achievement sets the stage for our upcoming three-year strategic plan aimed at transforming the company into a profitable venture," Takele stated on social media. "With a solid foundation of profitability now established, we are well-positioned to embark on a journey towards even greater successes in the future."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>This development comes five months after Takele pledged to transform the company into a profitable entity within three years. "A three-year strategic plan and a new organizational framework have been developed to drive the necessary changes and achieve profitability," he added.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>In August 2024, Takele voiced concerns about the railway's current state, revealing that only 15 out of 32 freight locomotives were operational. This shortfall has significantly reduced the annual freight carrying capacity. "The capacity should reach 6.3 million tons per year. Instead, we are currently operating at only 2.4 million tons per year," the CEO noted, representing a mere 38% of its full potential.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Spanning over 750 kilometers and connecting Addis Ababa to the port of Djibouti, the railway project is a joint venture between Ethiopia, Djibouti, and China. With a total investment of $4 billion, the project was primarily financed by China Exim Bank, which provided 70% of the funding in the form of credit, while the Ethiopian and Djiboutian governments covered the remaining 30%.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The China Railway Construction Corporation (CRCC) managed the railway's operations from its launch in 2018 until May 2024, when management responsibilities were transferred to the Ethiopian and Djiboutian governments.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>In September 2024, the Ethiopia-Djibouti Railway announced the commencement of its first livestock exports by rail.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'> Addis Standard<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Kenya: Agriculture Is Boring, I Will Make It Cool for the Youth - CS Nominee Kagwe<o:p></o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Nairobi — Agriculture Cabinet Secretary nominee Mutahi Kagwe has emphasized the need to centralize the agriculture sector to maximize farmers' profits and attract the younger generation to invest in it.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Appearing before the National Assembly Committee on Appointments, Kagwe highlighted the sector's declining fortunes, coupled with outdated operational methods, as key factors discouraging youth from embracing agriculture.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"Agriculture, for the youth, must be exciting. As it stands, it's too ordinary and boring. Youth will not engage in the sector the way it is structured today. It needs to be something more exciting, involving technology and new ways of doing things," Kagwe stated.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Responding to a question from National Assembly Deputy Speaker Gladys Shollei, who noted that the younger generation has avoided the agriculture sector despite it being touted as the backbone of the economy, Kagwe pointed out that profitability is the main incentive.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"The youth will only venture into agriculture if it becomes profitable. To achieve this, we must take the necessary steps to make agriculture responsive to profit-making," he said.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The Agriculture nominee told the committee, chaired by National Assembly Speaker Moses Wetangula, that employing advanced technology, including artificial intelligence (AI) and fintech, would transform the sector and incentivize key players.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"The future of agriculture lies in technology. AI, for example, will play a crucial role in the sector's future. The question is whether we are adequately educating our future farmers to deal with these advancements," said Kagwe.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The former Health Cabinet Secretary emphasized the urgency of involving youth in agricultural extension services as part of capacity-building efforts to make the sector attractive to younger generations.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Kagwe also outlined plans to streamline access to land, a critical agricultural asset, by leasing government land and fostering public-private partnerships.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"Many young people don't have access to land. We need to think broadly about how to make land available. There is a lot of idle land owned by organizations like the Agricultural Development Corporation (ADC) and private sector entities that can be utilized," he asserted.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'> Capital FM.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Gambia: Global Hardwood Demand Cuts Deep Into the Gambia's Revenue<o:p></o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Laws and policies against illicit logging exist, but sustainable solutions should also consider the many benefits of ecotourism.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Illegal logging in Africa costs the continent up to US$17 billion annually. A high global demand for African hardwood fuels this environmental crime. By value and by volume, rosewood is the most trafficked wildlife product worldwide.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Africa's share of illegal rosewood exports to China surged from 40% in 2008 to 90% in 2018, says the United Nations (UN) Office on Drugs and Crime. In 2022, an Environmental Investigation Agency analysis revealed that over three million tonnes of rosewood, valued at more than US$2 billion, were illicitly traded between West Africa and China over five years.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The Gambia, a small West African nation known for its rich biodiversity, is severely impacted by this trade. Even though it ratified the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES) in August 1977, most of the 1.6 million rosewood trees exported from The Gambia between 2012 and 2020 violated the convention.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>A former Senegalese rosewood trafficker, now a state forest guard, who requested anonymity, said the trade operated inside a clandestine network in The Gambia and Senegal. Locals fell trees and sell the logs to dealers, who bribe forestry officials to transport the illegally cut logs along backroads and through forests to the country's ports. Traders in Senegal and The Gambia then smuggle the wood in mislabelled containers to China.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The Gambia's border with Senegal is porous, with limited checks on the flow of illegally sourced timber. Alleged corruption involving government officials weakens enforcement of regulations, limiting the number of prosecutions.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>For over 40 years, Senegal's Casamance region - a strip south of The Gambia - has been the primary source of illegally traded rosewood. The region has been embroiled in an insurgency between the separatist Movement of Democratic Forces of Casamance and Senegal's government. The separatists rely on the illicit rosewood trade to fund their insurgency<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The Gambia and Senegal's Casamance regionSource: ISS<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Political elitism has also played a part in this illegal logging. During Yahya Jammeh's rule from 1996 to 2017, The Gambia's wood trade, especially with China, and trafficking from the Senegal side of the Casamance reportedly surged to its highest levels. TRIAL International accused Jammeh and some of his business partners of exploiting the country's timber resources and directly funding the Casamance insurgency through his company, Westwood Gambia.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>From 2014-17, Westwood was the sole timber company licensed for exports and played a significant role in the illegal rosewood trade. In 2019, a United States Justice Department investigation found that Jammeh had misappropriated almost US$1 billion from public funds, including revenue from illegal timber.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>In March 2022, CITES banned felling, transporting and exporting Pterocarpus erinaceus (Senegal rosewood) in all African countries where the species was endemic. The Gambia's government implemented a national ban that year.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>However, Gambian forest guards say traffickers continue to collaborate with Chinese businesspeople and local community members, using back routes to smuggle the timber out of the Casamance and The Gambia.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>One said that although a crackdown in The Gambia made it harder to transport wood to the ports, traffickers colluded with officials to facilitate exports. Poverty and scant economic opportunities in rural areas fuel illegal logging and trafficking, with small operators felling trees on farmlands and in protected forests to sell to dealers.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The Gambia recognises the scale of the problem and the impact on its environment, economy and social fabric. In February 2017, President Adama Barrow permanently revoked all timber permits and banned timber exports. The 2018 Forest Act prohibited the felling and export of several species and criminalised timber export from The Gambia without proper authorisation.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>But bans alone won't stem the trade. The Gambia is also helping the UN Food and Agriculture Organization to improve its capacity to monitor illegal logging.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The country's 2022 Agroforestry Strategy doesn't directly address illegal logging, but aims to develop a foundation of natural resources strong enough to endure climate change and support community wellbeing, says Senior Forest Ranger Alfred Mendy.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>In contrast, The Gambia's National Forest Action Plan - in effect since 2018 - tackles the problem head on. The plan aims to ensure that timber is legally harvested and traded and includes strict regulations for logging permits, tracking timber's origin and compliance with sustainable forestry practices. But the results have not been as robust as intended.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Forest Ranger Ibrahima Sow says The Gambia collaborates with Senegal to deal with the illegal trade. In 2018, Barrow and Macky Sall, Senegal's then president, issued a joint declaration committing to intensify joint patrols, establish an independent observatory on border practices, exchange information on timber exports, identify traffickers and bring them to justice. But again, the outcomes of this agreement aren't clear.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Limited financial and technological resources hinder The Gambia's ability to monitor and control illegal logging. The government also needs financial intelligence to track the profits from the illicit trade, and digital traceability systems to disrupt timber laundering.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The Gambia's ratification of CITES requires the government to publish information on timber permits and logging quotas, which has not happened. Doing so would show its commitment to establishing a more accountable forestry sector.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Ecotourism, agroforestry and sustainable agriculture could create sustainable livelihoods for local communities that depend on forests. The UN Food and Agriculture Organization has offered technical support to various countries to establish ecotourism initiatives rooted in sustainable forest management.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Ecotourism can protect endangered forests by balancing conservation and tourism. The Gambia's biodiversity offers potential for nature-based tourism, engaging local communities as eco-guides, lodge operators or artisans.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>This approach not only supports livelihoods but generates revenue for reinvesting in conservation, fostering both environmental protection and economic growth.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'> ISS<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Liberia: Mines Admit Huge Revenue Loss to Illegal Miners<o:p></o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The Inspectorate Division at the Ministry of Mines and Energy has lamented huge losses in revenues to illicit mining in Liberia.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Liberia's Mines and Energy Inspectorate Division says Liberia is losing huge revenues to illegal and illicit miners.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>In an interview over the weekend, the Inspectorate Division told journalists that this is depleting mining resources.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>However, the Inspectorate Division has assured Liberians of a robust and transparent inspection to address the situation.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The Inspectorate Division said this is intended to ensure a full-scale implementation of Liberia's Minerals and Mining Law and to ensure that Liberians benefit from the country's resources.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Mr. Agatius B. Coker, Inspector-General of the Ministry of Mines and Energy, said that the Inspectorate Division remains unbending in implementing the law.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>He stated that the Division will not relent in insisting on the legitimacy of every miner and those with such business aspirations.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>He detailed that the ministry's fiduciary responsibility to regulate all mining activities in the country and hold miners by the law is one of the surest ways the national government can generate revenues to support development priorities.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Mr. Coker was responding to the latest inspection works being done across the country by the Ministry's Inspectors assigned to the six mining districts of Liberia.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Before the just-ended festive season celebrations, some unapproved mining equipment were seized from unlicensed individuals.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>They were caught carrying out illicit activities in towns and villages without regard for the sector's laws and regulations.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>In stronger terms, Mr. Coker condemned such unpatriotic acts, saying the current administration of the Ministry is committed to discontinuing.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Montserrado County's rural towns and Youth Camp, Number-Seven in District #1, have experienced confiscation of contraband mining equipment.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The equipment was confiscated through robust inspection operations.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Persons believed to be implicated in those unlawful practices are being pursued to face attending penalties for their actions as the law provides.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Inspector-General Coker then commended the Minister of Mines and Energy, Wilmot Paye, and his team for a 'high level' of administrative will and technical support towards the functional capacities of the Inspectorate Division.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>With such good leadership shown by Minister Paye, Mr. Coker expressed no doubts in the Inspectors' resolve to get the job done.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Minister Paye has not minced his words against unacceptable mining practices in his public statements.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>To tackle those bad practices, the Minister has spoken about making needed working tools and motorbikes available and establishing county offices to enhance field operations.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Reports say the Ministry is getting closer to actualizing this ambitious plan, which is also seeking to make the Ministry's presence in mining locations more visible.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Another report says the Ministry of Mines and Energy (MME) could achieve this very important plan when the 2025 fiscal budget of the Government becomes operationalized.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'> New Dawn.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Kenya to Grow Steadily Despite Economic Shocks, Cytonn<o:p></o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Nairobi — Kenya's economy is expected to experience moderate growth in 2025, according to Cytonn Investment's latest market outlook.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The firm has forecasted a GDP growth rate of between 5 percent and 5.4 percent, with key sectors such as agriculture, services, and tourism anticipated to drive the expansion.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The report highlights that the agricultural sector, in particular, will play a pivotal role in boosting economic output.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>A rebound in business activity across industries, especially in information technology and accommodation services, is also expected to provide a substantial contribution.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The growth in these sectors is anticipated to be bolstered by a recovery in the tourism industry, which will continue to benefit from the country's appeal as a travel destination.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>However, Cytonn remains cautious about potential headwinds.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The report flags concerns over Kenya's mounting public debt and the possibility of inflationary pressures, which could pose risks to the broader economic environment.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"The key downside to this growth shall be the high risk of debt distress and a possible uptick in inflationary pressures," read the report in part.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The firm has noted the possibility of a rise in inflation, with the annual average expected to reach 5.3 percent, slightly higher than 2024's rate of 4.5 percent.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>While the inflation rate is expected to remain within the government's target range of 2.5 percent to 7.5 percent, the impact of rising inflation remains a key risk factor.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Last year, Kenya's annual inflation rate scaled up in two successive months, with December recording 3 percent, up from 2.8 percent in November.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>It, however, eased at the lower end of the central bank's target range of 2.5 percent to 7.5 percent.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The scale-up was majorly driven by high food prices as well as increased transport costs in defiance of a steadying shilling.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'> Capital FM.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Morocco: Economic Growth in Morocco Reaches 3 Percent in Q4-2024<o:p></o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Rabat — Morocco's national economy progressed by 3% in the fourth quarter of 2024, in annual variation, following a 4.3% growth in the third quarter, according to Morocco's High Commission for Planning (HCP).<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>This moderate growth mainly reflects the return of the secondary and tertiary sectors to more moderate growth rates, in the wake of the readjustment in global demand, explains the HCP in its recent economic outlook.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>This deceleration is driven by non-agricultural activities, whose added value rose by 3.7%, against a backdrop of a further 5.3% decline in agricultural activity.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The extractive industries posted more moderate growth in the fourth quarter of 2024, although still above their medium-term trend rate. In annual variation, their added value rose by 6.8%, driven by an increase in the production of non-metallic ores, the HCP said.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Continued strong external demand for crude products, particularly phosphate rock with exports up 25%, stimulated a 9.5% rise in market output.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'> MAP.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Africa: AfDB, World Bank, AU to Host Africa Energy Summit in Tanzania<o:p></o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The African Development Bank Group (AfDB) is set to host the Mission 300 Africa Energy Summit in collaboration with the World Bank Group, the African Union (AU), and the Tanzanian government. The summit will take place in Dar es Salaam, Tanzania, from 27-28 January 2025, and will address Africa's electricity access challenges.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The event will bring together African heads of state, government leaders, private sector stakeholders, development partners, civil society organizations, and academics to advance the continent's electrification agenda. Central to the discussions is the ambitious Mission 300 plan, which aims to provide electricity to 300 million people in Sub-Saharan Africa by 2030.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Launched in April 2024 by the AfDB and the World Bank, the Mission 300 initiative seeks to combine increased infrastructure investments with comprehensive policy reforms across the energy supply chain. With nearly 600 million Africans lacking access to electricity, representing 83 per cent of the global energy deficit, the summit highlights the urgent need for action.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'> This Day.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Liberia: LEC to Reduce Power Outage<o:p></o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The Liberia Electricity Corporation (LEC) pledges to address persistent power outages and improve electricity reliability under its newly-appointed Interim Managing Director, Thomas Gonkewon.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Addressing a press conference in Monrovia, Mr. Gonkewon outlines a series of initiatives, including an enhanced load management strategy aimed at minimizing outages and ensuring that no community experiences power cuts exceeding eight hours. He emphasizes transparency in load management schedules and strengthening 24-hour customer service to address technical issues promptly.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>He reveals that the corporation has revised a tariff proposal initially submitted to the Liberia Electricity Regulatory Commission (LERC) covering January 1, 2025, to December 31, 2027. The revision aims to ensure the tariff is fair and reflects LEC's operational needs while prioritizing customer interests.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Management announces successfully negotiating a new Power Purchase Agreement (PPA) with Côte d'Ivoire Energies (CI-ENERGIES), securing a 50MW energy supply via the CLSG Transmission Line. An additional 20MW of "Extra Energy" has also been procured for flexibility during peak demand periods.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>However, Gonkewon cautions that unforeseen technical issues might occasionally lead to load adjustments beyond the corporation's control.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The LEC discloses that three of its four turbines at the Mt. Coffee Hydropower Plant in White Plain, Montserrado County, are operational, while repairs are planned for the fourth turbine, which is temporarily out of service due to insulation failure.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The $5.5 million repair project, funded by the World Bank's LESSAP initiative, has been awarded to SINOHYDRO Corporation Limited. Repairs are slated to begin in March 2025 and conclude by March 2026, restoring the plant's 88MW capacity.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Additionally, construction of a $16 million, 20MWp solar power plant at Mt. Coffee, financed by the World Bank's RESPITE Project, is underway and expected to be completed by October 2025.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The expansion of the Mt. Coffee Hydropower Plant, funded with $62 million from the World Bank, will add two new turbines, increasing capacity by over 50%.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Plans are also in motion for a new hydroelectric dam, SP2, to be constructed upstream of the St. Paul River in Bong County. The project, expected to generate 150-200MW, is currently in the feasibility study phase with an estimated cost of about $700 million.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>LEC's management reiterates its commitment to addressing the nation's energy challenges and ensuring a more reliable and sustainable electricity supply for Liberia's future.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The availability of uninterrupted or stable electricity is crucial for vibrant economic activities across the country. Editing by Jonathan Browne<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'> New Dawn.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Mali: Barrick Gold Halts Operations in Mali After Government Gold Seizure<o:p></o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Canadian mining giant Barrick Gold said it will temporarily suspend operations at its Loulo-Gounkoto mining complex in Mali following the government's seizure of approximately three metric tons of gold, valued at $245 million. The gold was transported to the state-owned Banque Malienne de Solidarité in Bamako over the weekend.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The seizure stems from a court order issued last week, with Mali's economy ministry claiming Barrick owes $5.5 billion, a figure significantly higher than previous estimates. The company disputes the claim, citing a long-standing contractual disagreement with the government under new mining rules.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Barrick has filed for arbitration with the International Centre for Settlement of Investment Disputes, further escalating tensions. This dispute adds to previous disruptions, including the detention of Barrick executives and shipment blocks. Jefferies analysts estimate that a prolonged suspension of Loulo-Gounkoto operations could reduce Barrick's earnings before interest, tax, and amortization (EBITDA) by 11% in 2025.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>You can follow Daba's reporting on Africa on WhatsApp. Sign up here<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Key Takeaways<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The seizure of Barrick's gold highlights the growing trend of resource-rich nations like Mali renegotiating mining agreements to capture a larger share of revenues. This comes as gold prices hit record highs, increasing pressure on foreign operators to revise terms. Barrick, which owns 80% of the Loulo-Gounkoto complex, has paid $85 million to Mali in October but denies owing the billions demanded by the government. The company's challenges mirror similar renegotiation efforts across Mali, Burkina Faso, and Niger, signaling a shift in how African nations approach mining contracts. The suspension could exacerbate Mali's economic instability while raising risks for foreign investors. Barrick's arbitration proceedings may set a precedent for disputes in the region, with broader implications for the global mining industry.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'> Daba Finance.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Benin Eyes $750m Eurobond Amid Tightening Market Conditions<o:p></o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Benin is preparing to issue $750 million in Eurobonds, aiming to secure external financing as yields near levels that previously stalled African debt sales<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>he bond, expected to have a 16-year maturity and a 15-year weighted average life, could be priced around 8%<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The government has enlisted Citigroup Inc., J.P. Morgan Chase & Co., and Societe Generale SA to arrange investor meetings, starting January 8<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Benin is preparing to issue $750 million in Eurobonds, aiming to secure external financing as yields near levels that previously stalled African debt sales. The bond, expected to have a 16-year maturity and a 15-year weighted average life, could be priced around 8%, with Benin's 2038 dollar bonds recently trading at 8.76%.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The government has enlisted Citigroup Inc., J.P. Morgan Chase & Co., and Societe Generale SA to arrange investor meetings, starting January 8, virtually and in-person in London. The sale comes amid strong emerging-market bond issuance, with $26 billion sold globally in the first week of 2025.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Benin's Finance Ministry says the timing depends on market conditions, while officials seek to capitalize on investor appetite for African issuers. Alongside the Eurobond, Benin is offering a €250 million tender for its euro-denominated bonds due 2032.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Benin's push to tap Eurobond markets reflects its urgent need for external financing amid political and economic uncertainties. Political instability in neighboring Niger, domestic tensions ahead of the 2026 elections, and spillover from Islamist insurgency pose risks. While S&P upgraded Benin's foreign-currency debt outlook to positive in October, the government remains reliant on concessional funds like those from the IMF and commercial loans. The IMF agreement to provide $95 million further strengthens its financing options. The sale's success will depend on investor confidence in Benin's ability to manage rising risks, diversify funding sources, and maintain debt sustainability as global borrowing conditions tighten.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'> Daba Finance.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>US markets watchdog sues Musk over Twitter stake disclosure<o:p></o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The US markets watchdog has filed a lawsuit against Elon Musk alleging he failed to disclose that he had amassed a stake in Twitter, allowing him to buy shares at "artificially low prices."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The Securities and Exchange Commission (SEC) lawsuit alleges that the multi-billionaire Tesla boss saved $150m (£123m) in share purchases as a result.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>According to SEC rules, investors whose holdings surpass 5% have 10 days to report that they have crossed that threshold. Musk did so 21 days after the purchase, the filing says.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>In a social media post, Musk called the SEC a "totally broken organisation."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>He also accused the regulator of wasting its time when "there are so many actual crimes that go unpunished."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"Musk's violation resulted in substantial economic harm to investors," the SEC complaint said.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>In a statement emailed to BBC News, Musk's lawyer, Alex Spiro, described the lawsuit as a "sham" and "a campaign of harassment" against his client.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Twitter's share price rose by more than 27% after Musk made his share purchase public on 4 April 2022, the SEC said.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Musk ended up buying Twitter for $44bn in October 2022 and has since changed the platform's name to X.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The complaint was submitted by the SEC to a federal court in Washington DC on Tuesday.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The lawsuit also asked the court to order Musk to give up "unjust" profits and pay a fine.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The head of the SEC, Gary Gensler, announced in November that he will resign from his role when Donald Trump returns to the White House on 20 January.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>That was after Trump said he planned to sack Mr Gensler on "day one" of his new administration.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Under Mr Gensler's leadership, the SEC clashed with Musk, who is a close ally of the president-elect.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>But Musk had run-ins with the SEC long before Mr Gensler took office.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>In 2018, the regulator charged Musk with defrauding investors by claiming he had "funding secured" to take Tesla, the electric car company he leads, private.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>He later settled the charges, stepping down as chairman of the firm's board and agreeing to accept what was dubbed a Twitter sitter - limits on what he could write on social media about the company.-BBC<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>UK inflation unexpectedly dips to 2.5% in December<o:p></o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>UK inflation unexpectedly dipped in December for the first time in three months as hotel prices fell and tobacco costs eased.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Prices rose 2.5% in the year to December, down from 2.6% the month before, the Office for National Statistics (ONS) said.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Despite the rate of price rises remaining above the Bank of England's target, expectations of an interest rates cut next month have grown.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The latest figures also ease pressure on Chancellor Rachel Reeves, who has faced criticism following a fall in the value of the pound and government borrowing costs hitting the highest level for several years.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Borrowing costs fell back to last week's levels and the pound rose slightly to stand at $1.22 as traders reacted to the unexpected inflation drop.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Easing price rises in restaurants, falling hotel prices, and smaller rises in airfares than usual last month helped the overall inflation rate come down, the ONS said.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Prices for tobacco products, which include cigarettes, pouches, vape refills and cigars, also increased at a slower pace.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>But Grant Fitzner, chief economist of the ONS, said this was offset by the rising cost of fuel and second-hand cars.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Inflation is much lower than its peak in October 2022 when prices soared, pushing up the cost of living for households and leading to higher interest rates, which has made the cost of loans, credit cards and mortgages, more expensive.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Economists had expected inflation to remain unchanged last month, so the falling rate will be welcome news for Reeves.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The chancellor said there was "still work to be done to help families across the country with the cost of living", but added the government had "taken action to protect working people's payslips from higher taxes" and increased the minimum wage.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>But shadow chancellor Mel Stride said economic growth had been "killed stone dead by this government" and called for Reeves to "urgently explain how she will now achieve this".<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>When will interest rates fall?<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Why are prices rising in the UK?<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Line chart showing the UK Consumer Price Index annual inflation rate, from November 2015 to December 2024. In the year to November 2015, inflation was 0.1%. It then rose to around 3% in late-2017 before falling back closer to 0% in late-2020. From there, it began to rise sharply, hitting a high of 11.1% in October 2022, and then fell to a low of 1.7% in September 2024. In the year to December 2024, it rose to 2.5%, down from 2.6% the previous month.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>In response to turbulence in the markets, it is understood the chancellor will bring forward announcements for Labour's industrial strategy.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Jane Sydenham, investment director at Rathbones Investment Management, said a weak pound tended to signal a "lack of confidence" in the UK economy.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>She told the BBC's Today programme investors needed to "see some detail" on the UK's plans. "Are there going to be some tax breaks for certain industries? I think specifics and action is what the market wants to see," she added.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Rising borrowing costs have a knock-on effect on the government's tax and spending plans, because it will have to pay more interest to finance its existing debt. That leaves less to spend on public services and investment.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Darren Jones, chief secretary to the Treasury, told the BBC public services would "have to live within their means".<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>When pressed on whether that sounded as though cuts were on the way, he replied: "It's just about prioritisation."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>'You can only charge so much'<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Jonny Gettings, director of operations at Italian restaurant and small hotel Ennio's <o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Jonny Gettings, director of operations at Italian restaurant and small hotel Ennio's in Southampton, told the BBC the hospitality business was being hit by rising costs from produce and ingredients, to staff wages and utility bills.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>He said the outlook for the business appeared "considerably worse" with increases to the minimum wage and national insurance contributions and reductions to business rates relief on the horizon.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Mr Gettings said cutting staff working hours would be the "last scenario", but said the restaurant could look at shrinking its menu size, review its suppliers, or change opening hours.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"As soon as you increase the prices, you've got another bunch of problems to deal with, because then the worry is the customers will vote with their feet and they'll go and eat elsewhere," he added.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"You can only charge so much for a menu item before the guest is going to say, 'well, hang on a minute'."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>'More rate cuts'<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Michael Saunders, a former member of the Bank of England's monetary policy committee which sets interest rates, said the latest inflation figure would be "some help" in trying to ease some of the worries over UK interest rates.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"If it stays like this, we will be on route to slightly more interest rate cuts," he told BBC's Today programme.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The Bank of England decided to hold interest rates at 4.75% last month, after policymakers said the UK economy had performed worse than expected, with no growth at all between October and December.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>It will next set rates in February, but inflation remains above its 2% target.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>However, Ruth Gregory, deputy chief UK economist at Capital Economics said the lower-than-expected inflation figure for December "strengthens the case" for a 0.25 percentage point cut next month. Investors have also increased bets on a cut next month.-BBC<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Meta cuts 5% of jobs to lose 'lowest performers'<o:p></o:p></span></b></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Meta, the owner of Facebook, Instagram and WhatsApp, is preparing to cut about 5% of its global workforce, as the company looks to drop "low performers faster".<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>In a memo to staff, boss Mark Zuckerberg said he had made the decision to speed up the firm's regular performance-based cuts in anticipation of an "intense year".<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>He said the company would "backfill" the roles later in 2025.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The company, which employs about 72,000 people globally, did not say how the cuts would be distributed around the world.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Workers in the US who are affected will know by 10 February, according to Mr Zuckerberg's memo. Those outside the US will be informed "later".<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"This is going to be an intense year, and I want to make sure we have the best people on our teams," he wrote.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"I've decided to raise the bar on performance management and move out low performers faster."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The move comes on the heels of other big decisions by Mr Zuckerberg, including moves to end the company's fact-checking and diversity programmes.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Performance-based job cuts are common in corporate America. At Meta, they would normally unfold over the course of a year, Mr Zuckerberg said, but the process is being accelerated this year.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Facebook and Instagram get rid of fact checkers<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Nick Clegg leaves Meta ahead of Trump's return as US president<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Roughly 3,600 people could be affected this move. They will receive "generous severance", he said.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>The last big cuts at Meta came in 2023, when the company cut about 10,000 positions in a cost-cutting drive after Mr Zuckerberg declared it the "year of efficiency". It cut about 11,000 roles in 2022.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>Mr Zuckerberg also appears to be overhauling his own public image.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>On a recent podcast with Joe Rogan, Mr Zuckerberg said he thought companies needed more "masculine energy" and discussed taking up martial arts, which he said he enjoyed because he felt he could more fully express himself, than in his corporate role.<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"When you're running a company, people typically don't wanna see you being like this ruthless person who's just like I'm gonna crush the people I'm competing with," he said. "But when you're fighting, it's like no."<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'>"I think in some ways when people see me competing in the sport they're like oh no, 'That's the real Mark."-BBC<o:p></o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-right:50.35pt;line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:10.05pt'><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:10.05pt'><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:10.05pt'><td width=910 colspan=4 valign=top style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:10.05pt'><p class=MsoNormal style='line-height:106%;background:white'><span lang=X-NONE style='mso-fareast-language:EN-ZW'> </span><i><span lang=EN-US style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Invest Wisely!</span></i><span lang=EN-US style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><b><span lang=EN-US style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Bulls n Bears </span></b><span lang=EN-US style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span lang=EN-US style='font-size:10.5pt;line-height:106%;font-family:"Courier New";color:black;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span lang=EN-US style='font-size:10.5pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Cellphone: +263 71 944 1674 | +27 79 993 5557 </span><span lang=EN-US style='font-size:10.5pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span lang=EN-US style='font-size:10.5pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Email: </span><span lang=EN-US><a href="mailto:bulls@bullszimbabwe.com"><span style='font-size:10.5pt;line-height:106%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>bulls@bullszimbabwe.com</span></a></span><span lang=EN-US style='font-size:10.5pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span lang=EN-US style='font-size:10.5pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Website: </span><span lang=EN-US><a href="http://www.bullszimbabwe.com"><span style='font-size:10.5pt;line-height:106%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>www.bullszimbabwe.com</span></a></span><span lang=EN-US style='font-size:10.5pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'> <o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span lang=EN-US style='font-size:10.5pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Blog: </span><span lang=EN-US><a href="http://www.bullszimbabwe.com/blog"><span style='font-size:10.5pt;line-height:106%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>www.bullszimbabwe.com/blog</span></a></span><span lang=EN-US style='font-size:10.5pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span lang=EN-US style='font-size:10.5pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Twitter (X): @bullsbears2010<o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span lang=EN-US style='font-size:10.5pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>LinkedIn: Bulls n Bears Zimbabwe<o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span lang=EN-US style='font-size:10.5pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Facebook: </span><span lang=EN-US><a href="http://www.facebook.com/BullsBearsZimbabwe"><span style='font-size:10.5pt;line-height:106%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>www.facebook.com/BullsBearsZimbabwe</span></a></span><span lang=EN-US style='font-size:10.5pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='text-indent:33.35pt;line-height:106%'><span lang=EN-US><img border=0 width=278 height=115 id="_x0000_i1028" src="cid:image004.png@01DB6750.159C6FE0"><!--[if gte mso 9]><xml>
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</xml><![endif]--></span><span lang=EN-US style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%'><span lang=EN-US><o:p> </o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:auto;margin-left:36.0pt;line-height:115%;background:white'><b><span style='font-family:"Verdana",sans-serif;color:#222222;mso-fareast-language:EN-ZW'><o:p> </o:p></span></b></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr><td width=910 colspan=4 style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='line-height:105%'><strong><span lang=EN-US style='font-family:"Verdana",sans-serif;color:#345883'>INVESTORS DIARY 2025</span></strong><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr style='height:3.25pt'><td width=175 style='width:131.3pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='text-indent:12.6pt;line-height:105%'><b><span lang=EN-US style='font-family:"Verdana",sans-serif'>Company</span></b><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td><td width=207 style='width:155.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><b><span lang=EN-US style='font-family:"Verdana",sans-serif'>Event</span></b><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td><td width=353 style='width:264.7pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><b><span lang=EN-US style='font-family:"Verdana",sans-serif'>Venue</span></b><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td><td width=175 valign=bottom style='width:131.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><b><span lang=EN-US style='font-family:"Verdana",sans-serif'>Date & Time</span></b><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr style='height:3.25pt'><td width=175 valign=top style='width:131.3pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US><o:p> </o:p></span></p></td><td width=207 style='width:155.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif'><o:p> </o:p></span></p></td><td width=353 style='width:264.7pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US><o:p> </o:p></span></p></td><td width=175 valign=top style='width:131.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='margin-left:72.0pt;text-indent:-72.0pt;line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=175 valign=top style='width:131.3pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:106%'><span lang=EN-US><o:p> </o:p></span></p></td><td width=207 style='width:155.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:106%'><span lang=EN-US style='font-size:10.0pt;line-height:106%;font-family:"Trebuchet MS",sans-serif'><o:p> </o:p></span></p></td><td width=353 style='width:264.7pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:106%'><span lang=EN-US><o:p> </o:p></span></p></td><td width=175 valign=top style='width:131.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:106%'><span lang=EN-US style='font-size:10.0pt;line-height:106%;font-family:"Trebuchet MS",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='margin-left:72.0pt;text-indent:-72.0pt;line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=175 valign=top style='width:131.3pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:106%'><span lang=EN-US><o:p> </o:p></span></p></td><td width=207 style='width:155.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:106%'><span lang=EN-US style='font-size:10.0pt;line-height:106%;font-family:"Trebuchet MS",sans-serif'><o:p> </o:p></span></p></td><td width=353 style='width:264.7pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:106%'><span lang=EN-US><o:p> </o:p></span></p></td><td width=175 valign=top style='width:131.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:106%'><span lang=EN-US style='font-size:10.0pt;line-height:106%;font-family:"Trebuchet MS",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='margin-left:72.0pt;text-indent:-72.0pt;line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=382 colspan=2 valign=top style='width:286.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#D9D9D9;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><b><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black'>Companies under Cautionary<o:p></o:p></span></b></p></td><td width=353 style='width:264.7pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#D9D9D9;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><b><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></b></p></td><td width=175 valign=bottom style='width:131.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#D9D9D9;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><b><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></b></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=382 colspan=2 valign=top style='width:286.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=353 style='width:264.7pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=175 valign=bottom style='width:131.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=382 colspan=2 valign=top style='width:286.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>CBZH<o:p></o:p></span></p></td><td width=353 style='width:264.7pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>GetBucks<o:p></o:p></span></p></td><td width=175 valign=bottom style='width:131.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>EcoCash<o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr style='height:3.25pt'><td width=382 colspan=2 valign=top style='width:286.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>Padenga<o:p></o:p></span></p></td><td width=353 style='width:264.7pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>Econet<o:p></o:p></span></p></td><td width=175 valign=bottom style='width:131.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>RTG<o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=382 colspan=2 valign=top style='width:286.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>Fidelity<o:p></o:p></span></p></td><td width=353 style='width:264.7pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>TSL<o:p></o:p></span></p></td><td width=175 valign=bottom style='width:131.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>FMHL<o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=382 colspan=2 valign=top style='width:286.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=353 style='width:264.7pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=175 valign=bottom style='width:131.3pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:99.35pt'><td width=910 colspan=4 style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:99.35pt'><p class=MsoBodyText align=center style='margin:0cm;margin-bottom:.0001pt;text-align:center;line-height:105%'><span lang=EN-US><a href="mailto:info@bulls.co.zw"><span lang=EN-ZW style='color:windowtext;mso-fareast-language:EN-ZW;text-decoration:none'><img border=0 width=804 height=268 id="Picture_x0020_2" src="cid:image005.jpg@01DB6750.159C6FE0"></span></a></span><span lang=EN-US style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:99.35pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=910 colspan=4 valign=top style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#1F497D;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><i><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></i></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=910 colspan=4 valign=top style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#1F497D;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><i><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:white'>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.</span></i><i><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p></o:p></span></i></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=910 colspan=4 valign=top style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><i><span lang=EN-GB style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:white'><o:p> </o:p></span></i></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=910 colspan=4 valign=top style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:106%'><span lang=EN-GB style='mso-fareast-language:EN-ZW'> (c) 2025 Web: </span><span lang=EN-US><a href="http://www.bullszimbabwe.com"><span lang=EN-GB style='mso-fareast-language:EN-ZW'>www.bullszimbabwe.com</span></a></span><span lang=EN-GB style='mso-fareast-language:EN-ZW'> Email: </span><span lang=EN-US><a href="mailto:bulls@bullszimbabwe.com"><span lang=EN-GB style='mso-fareast-language:EN-ZW'>bulls@bullszimbabwe.com</span></a></span><span lang=EN-GB style='mso-fareast-language:EN-ZW'> Tel: +27 79 993 5557 | +263 71 944 1674</span><span lang=EN-US style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=910 colspan=4 valign=bottom style='width:682.8pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr></table></div><p class=MsoNormal><span lang=EN-US><o:p> </o:p></span></p><p class=MsoNormal><span lang=EN-US><o:p> </o:p></span></p><p class=MsoNormal><span lang=EN-US><o:p> </o:p></span></p><p class=MsoNormal><span lang=EN-US><o:p> </o:p></span></p></div></body></html>