Online Reporter Energy and Power Development Minister Edgar Moyo has said there are plenty of investment opportunities in Zimbabwe’s energy sector. Minister Moyo was speaking at the inaugural Zimbabwe-Zambia (Zim-Zam) Energy Projects Summit that is currently underway in Victoria Falls. He said the country has created a conducive environment for investments through a cocktail of legislation, including the National Energy Policy, the Renewable Energy Policy that has a compendium of incentives, the Biofuels Policy, the National Energy Efficiency Policy and the Rural Electrification Fund Act, among others. “There are incentives for those who want to invest or have partnerships with us and we have tax holidays for projects, duty-free importation of capital goods for energy projects and prescribed asset status to allow access to funding,” said Minister Moyo. His Zambian
Category Archives: BUSINESS-FINANCE
Nov
TikTok ’s fate in the US has improved immensely after the election of Donald Trump to a second presidential term, according to industry observers and insiders, as the valuation of the app’s Chinese owner ByteDance swells. The future of the embattled short-video platform is “a lot brighter than it was” after Trump’s win, said Cameron Johnson, senior partner at consultancy TidalWave Solutions and an American with over 20 years of business experience in China. While the new administration may demand certain concessions from TikTok, such as data and management localisation, “they may not outrightly ban TikTok because it helped them too much in the election”, Johnson said. Saving TikTok may give Trump a point of leverage during bilateral negotiations with the Chinese government, Johnson added. President Donald Trump at an
Nov
Getty Images Domestic energy prices are expected to edge up again in the New Year, according to consultancy Cornwall Insight. A household using a typical amount of gas and electricity will pay £1,736 a year from January, according to the forecaster, which is widely regarded for its accurate predictions. That would be a £19 a year rise, or a 1% increase, compared with the current typical annual bill of £1,717, with prices forecast to stay high for the rest of winter. Energy regulator Ofgem will announce the next official quarterly price cap on Friday, with some charities concerned about how less well-off households and pensioners will cope during the colder months. The energy cap limits the maximum price that can be charged for each unit of gas and electricity, rather
Nov
Alibaba Group Holding is planning to sell bonds denominated in US dollars and Chinese yuan to help repay debt and fund stock repurchases, as the e-commerce leader bets on declining interest rates to replenish its capital. The principal amount, interest rates, maturity dates and other terms of the notes would be determined at the time of pricing of the offering, the company said in a Hong Kong stock exchange filing on Monday. Alibaba, owner of the South China Morning Post, aims to raise US$5 billion, according to a Reuters report, citing unnamed sources. The dollar bonds will mature in 5.5 years, 10.5 years and 30 years, while the yuan bonds will have tenors of 3.5 years, 5 years, 10 years and 20 years, the report said. Low interest rates in
Nov
Kansenseli Gold Mine Reopens a Golden Opportunity for Youth and Technology The reopening of Kansenseli Gold Mine marks a pivotal moment in Zambia’s mining history and its broader economic agenda. President Hakainde Hichilema deserves commendation for his leadership and strategic vision in revitalizing this critical asset. His commitment to ensuring the mine operates sustainably and inclusively reflects a broader national agenda aimed at empowering communities and fostering equitable development. Kansenseli Gold Mine, located in Mwinilunga District, had previously faced significant challenges that led to its closure. The decision to suspend operations in 2021 followed concerns over illegal mining activities, environmental degradation, and inadequate regulatory oversight. The unregulated extraction not only caused deforestation and soil erosion but also deprived the state of essential revenues, leaving local communities without tangible benefits. The
Nov
By Friday Simbaya Reporter Mwananchi Communications Limited What you need to know: The Ministry of Minerals announced that the revoked areas will now be redistributed to small-scale miners, known locally as MBEREMA. Chunya. In an effort to empower small-scale miners, the government has revoked 1,505 mining licenses in Chunya District, Mbeya Region, citing neglect and abandonment of allocated plots. The Ministry of Minerals announced that the revoked areas will now be redistributed to small-scale miners, known locally as MBEREMA. Chunya, rich in gold deposits, is crucial to the economic growth of both the region and the country. However, many mining plots had been left underutilized by wealthy operators, known as ‘Madigala’, depriving small-scale miners of opportunities. Chairman of the Mbeya Small-Scale Miners Association (MBEREMA), Saddam Kyando, praised the government’s decision
Nov
About 10 food crop enterprises have been selected by the Ministry of Agriculture to spearhead climate smart agriculture in 69 rural districts across the country. The crops which include, hass avocado, mangoes, cassava, coffee, cocoa, cashew nut, citrus/oranges, sorghum, soya bean and maize among others are listed under the Uganda Climate Smart Agricultural Transformation project ( UCSATP). The initiative with an overall financing of Shs354.7m aims at empowering farmers to adopt climate-smart practices, improving productivity, resilience and food security in the face of climate change. The Acting Principal Agricultural officer in charge of Horticulture at the Ministry Mr Kizito Odongo said, “The project will require that farmers contribute about 20 percent and the government will contribute 80 percent of the matching grant. We will support farmers with financial, marketing and quality inputs
Nov
Wema Bank Plc has announced the appointments of new Deputy Managing Director and an Executive Director following the imminent Retirement of Oluwole Akinleye, the Deputy Managing Director of the Bank. Oluwole Akinleye, Deputy Managing Director, will retire from the Bank with effect from November 30, 2024. The Bank thus announces the retirement of its Deputy Managing Director, Oluwole Akinleye effective 30th November 2024 after ten (10) years of meritorious service on the Board of the Bank. He will be succeeded by Oluwole Ajimisinmi, the Executive Director in charge of the Lagos Business Directorate of the Bank. Oluwole Akinleye was appointed as an Executive Director of Wema Bank Plc. in December 2014 and became the Deputy Managing Director on April 1, 2023. As Executive Director and later the Deputy Managing Director
Nov
Three Hong Kong franchised bus companies have applied to increase fares by between 6.5 and 9.5 per cent, despite two of them reporting profits in the last financial year. KMB and New Lantao Bus both applied to raise fares by 6.5 per cent, while Citybus was seeking an increase of nearly 9.5 per cent for most of its routes, according to a paper submitted to the Legislative Council on Monday by the Transport and Logistics Bureau, confirming an earlier Post report. The paper said KMB carried an average of 2.53 million passengers per day last year, generating a profit after tax of HK$20.2 million (US$2.6 million), compared with a loss of HK$41.2 million in 2022. New Lantao Bus had 90,000 passengers a day in 2023 and made a profit of
Nov
The Uber Eat Merchants Award 2024 recognised the most outstanding restaurants and supermarkets, honouring those who delivered exceptional service The awards spanned various categories, acknowledging excellence in different types of cuisines and retail operations Winners were determined based on consumer votes and Uber Eats’ operational excellence metrics, reflecting high standards of performance Muyela Roberto is a business journalist at TUKO.co.ke with over 9 years of experience in the digital media, offering deep insights into Kenyan and global economic trends. A recent ranking has listed some of the most acclaimed restaurants and supermarkets with delivery options within the Nairobi area. Kui Mbugua, General Manager of Uber Eats Kenya (second from left), presents the People’s Choice Grocery and Retail Champion 2024 Award to the Artcaffe team. Photo: Uber Eats.Source: UGC The establishments
Nov
A senior Taliban diplomat urged the international community to aid Afghanistan’s recovery during a meeting in Kabul on Sunday, emphasising the destruction caused by decades of conflict. Deputy Foreign Minister for Political Affairs Shir Mohammad Abbas Stanekzai called on the United Nations and international NGOs to provide support to Afghanistan in the form of technical help, economic development initiatives and agricultural cooperation. He particularly addressed countries that were previously militarily involved in Afghanistan , claiming they have a moral obligation to help rebuild the country based on the Doha Agreement. 06:51 Taliban attracts Chinese tourists to Afghanistan in an effort to boost the economy Taliban attracts Chinese tourists to Afghanistan in an effort to boost the economy Stanekzai indirectly pointed to Nato countries that took part in US-led operations, claiming
Nov
President-elect Donald Trump sharply criticized the rising price of groceries throughout his campaign, even delivering an address outside his New Jersey home in August alongside a table covered with cereal boxes, coffee grounds and ketchup. A wave of consumer discontent appears to have helped lift him back into the Oval Office, but Trump now faces the task of how to ease voters’ frustration. Food inflation soared to a peak of more than 10% in 2022, but price increases have slowed to about 2%, U.S. Bureau of Labor Statistics data shows. Still, the yearslong bout of rapid inflation has sent food prices soaring more than 25% since President Joe Biden took office. Typically, prices do not fall across the board unless the economy slows or even tips into recession, which would
Nov
Beijing is set to spend 33 billion yuan (US$4.6 billion) building a 12-inch wafer fabrication facility, led by state-owned enterprises and funds, marking another step in China’s efforts to boost domestic semiconductor production Leading firms involved in the new facility include Beijing Yandong Microelectronics (YDME), which is listed on Shanghai’s Star Market, and BOE Technology, China’s top display maker. YDME said on Saturday that it will invest 4.99 billion yuan into Beijing Electronics IC Manufacturing, the subsidiary of state-owned Beijing Electronics Holding that is behind the wafer fab project. The deal will give YDME a controlling position with a 24.95 per cent stake in the project, supported by an acting-in-concert agreement, according to a corporate filing. In a separate filing on the same day, Shenzhen-listed BOE disclosed that it would
Nov
Indonesia is pressing on with a plan to build a new airport in Bali, a development that the government hopes would turn the resort island into a “new Singapore or Hong Kong” but locals are not sold on the idea. The fate of the project, based in northern Bali to complement the existing airport in the south, has been uncertain for years until new President Prabowo Subianto earlier this month vowed to revitalise it. On Wednesday, PT Bandara Internasional Bali Utara (BIBU) Panji Sakti, a local developer that floated the airport plan in 2016, announced it had teamed up with Chinese firm ChangYe Construction Group to develop the project in northern Bali, with the latter investing US$3 billion. “We are very interested in the North Bali International Airport project. In
Nov
Wage hikes and temporary income tax cuts were positive factors for growth in Japan. Photo: Richard A. Brooks / AFPSource: AFP Japan’s growth slowed in the third quarter, official data showed Friday, as Prime Minister Shigeru Ishiba seeks to jumpstart the world’s fourth-largest economy. One of the fiercest typhoons to hit Japan in decades and a government “megaquake” warning weighed on factory production and other economic activity this summer. That dragged on gross domestic product (GDP) and the country saw growth of 0.2 percent between July and September, according to a preliminary reading by the Cabinet Office. The data met market expectations, but marked a slowdown from a revised 0.5 percent in the previous three months. Compared with the same period a year earlier GDP grew 0.9 percent, much slower