Business Roundup: Zimbabwe Goes Electric

The Zimbabwe Energy Regulatory Authority (ZERA) is crafting regulations to promote the usage of electric vehicles, seeking to join Kenya, Rwanda, Uganda, Nigeria and South Africa in providing EV transport options.

“This is a new area we're venturing into and there's need to come up with a framework which will guide in terms of the type of vehicles we are going to accept into this country, the types of infrastructure we're going to install in terms of providing charging systems, and the type of maintenance which will be required,” ZERA CEO Edington Mazambani told OZY.

With Zimbabwe facing foreign currency constraints and struggling to procure enough fossil fuels, EVs seem like a favorable option. What's more, the country has lithium mines with the potential each year to produce millions of tons of ore that can be processed into the mineral, a main component of EV batteries.

Stressing the importance of using such natural resources domestically, Shantha Bloemen, a representative from a local firm called Mobility for Africa, told OZY, “One of the critical things we need to note, as Africans, is to make sure we are not just selling our natural resources [to foreign nations]. ”

African Development Bank Group President Dr. Akinwumi Adesina concluded a three-day official visit to Washington, D.C. The visit's purpose was to strengthen financial support for the African Development Fund, the AfDB's concessionary lending arm. During the visit, U.S. Assistant Treasury Secretary Alexia Latortue assured Adesina that President Biden’s administration remained a strong and proud supporter of the development fund. (Source: AfDB)

Following Elon Musk’s offer to buy Twitter for about $44 billion last week, the social media firm’s board – fearing extreme right-wing political content on its platform – tried to look for alternatives, such as seeking other investors or convincing existing investors to increase their shareholdings. However, both plans failed, forcing the Twitter board on Monday to accept Musk's offer. Musk then took to the online platform to say, “Twitter is the digital town square where matters vital to the future of humanity are debated.” (Sources: Bloomberg, NYT, WSJ, Twitter)

Meta, formerly known as Facebook, will open its first store next month to sell virtual reality hardware, part of a larger goal of owner Mark Zuckerberg to promote the “metaverse,” a social network of 3D virtual worlds. The store's opening will bring Zuckerberg’s dream closer to reality by offering people the chance to take the “blue pill” and enter the “matrix.” But with Facebook’s Oculus Quest VR headset retailing at $300, the metaverse may be an expensive gamble, even for Zuckerberg. (Sources: Bloomberg, NYT)

Mexican President Andrés Manuel López Obrador will present a plan next week aiming to make food prices less vulnerable to foreign shocks. Ever since Russia's unprovoked invasion of Ukraine in late February, food prices have spiked across Latin America, intensifying hunger for the poorest families. Obrador said “it’s fundamental to plant corn, to plant beans, to plant rice, and to not be dependent.” (Sources: Bloomberg, FT)

Following his re-election on Sunday, French President Emmanuel Macron is expected to honor his campaign promise to restore the purchasing power of the euro in France. According to The New York Times, Macron's administration seeks to restore purchasing power by boosting pensions, increasing subsidies for households most affected by inflation, and offering tax breaks for companies that provide employee bonuses. European markets have so far shown support for Macron, as the euro rose briefly on Monday. (Source: NYT)

Several top auditing firms that promised to exit Russia in protest of the invasion of Ukraine are struggling to withdraw. The Big Four (Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers) still remain in Russia, seemingly unable to extricate themselves from complex financial relationships and obligations. However, pressure to leave Russia continues to mount, and the firms could face severe penalties by remaining in the country. (Source: WSJ)

British multinational bank Barclays PLC made £500 million ($644 million) in revenue from emerging-markets trading last quarter, amid volatility related to the Russia-Ukraine conflict. According to Bloomberg, Barclays traders capitalized on shaky currency markets and credit default swaps stemming from uncertainty due to the conflict. Last quarter's emerging-market trading was up 25% from the previous quarter. Roughly half of last quarter's trading came from bets on currencies from central and eastern Europe, the Middle East and Africa. (Source: Bloomberg)

on The Carlos Watson Show, season 4!

China's recent lockdowns are threatening supply chains, alarming investors and companies, and causing fears of worldwide inflation. Among other locations, the major port city of Shanghai has been locked down for about a month under the country's zero-COVID strategy. (Sources: NYT, Bloomberg)

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