Major International Business Headlines Brief ::: 06 May 2025

[Bulls n Bears]

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Major International Business Headlines Brief :::  06 May 2025 

 


 


 


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ü  Nigeria: Fresh Oil Spill in Rivers Community, As Group Alleges Massive
Destruction

ü  Ethiopia, Israel Reinforce Historic Ties Through High-Level Talks

ü  Nigeria Announces New Policy to Prioritise Local Manufacturing

ü  Nigeria: $122m Laundering Allegation - Bank Asks Court to Halt House,
Police's Probe

ü  Nigeria: Discos Bill Nigerians N496.14bn in Two Months, Record 25%
Collection Deficit

ü  Nigeria: Shell Considering Acquisition of BP in Landmark Deal - Report

ü  Nigeria: Fuel Ban - Respite As More Petrol Stations Get Waivers in Ogun
Border Area

ü  Nigeria: Govt Sets July Deadline to End Cash Transactions in Post Offices

ü  Nigeria Leads Electrification of 300m Africans By 2030 - Speaker Abbas

ü  Nigeria: Dangote Visits Tinubu, Hails President's Key Changes in Oil
Sector

ü  Nigeria: FEC Okays Nigeria First Economic Policy to Prioritise Local
Industries

ü  Ethiopia's Sea Quest for Shared Prosperity

ü  Car giant Ford and Barbie maker Mattel warn over tariffs costs

ü  India worried about Chinese 'dumping' as trade tensions with Trump
escalate

ü  Trump considering 100% tariffs on movies not made in the US

 

 


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Nigeria: Fresh Oil Spill in Rivers Community, As Group Alleges Massive
Destruction

Port Harcourt--A fresh oil spill has been reported in Ikata community,
Ahoada East Local Government Area of Rivers State with attendant massive
destruction of crops in the surrounding environment.

 

The spill occurred in the early hours of yesterday, on a 14-inch pipeline
right of way operated by Renaissance Africa Energy Company Ltd, RAEC.

 

RAEC is the company that is alleged to have recently acquired the assets of
Shell Petroleum Development Company, SPDC, of Nigeria Ltd in a $2.4 billion
divestment deal.

 

The oil spill was confirmed by the Youths and Environmental Advocacy Centre,
YEAC-Nigeria, in a statement by its Executive Director, Dr. Fyneface
Fyneface, obtained by Vanguard.

 

Fyneface said members of Advocacy Centre's One Million Youth Volunteers
Network of Human Rights Defenders and Promoters in Niger Delta, as well as
those under the auspices of its Crude Oil Spill Alert System, COSAS, in the
area, reported the spillage to the centre.

 

 

He said the spill point, suspected to be "a third-party interference, is
seriously spilling crude oil into the environment and destroying the
ecosystem in the surrounding area."

 

The group said a visit by its volunteers in the area to the spill site
showed that the vandals allegedly excavated the ground and vandalised the
14-inch pipe along the Okordia-Rumuekpe pipeline right of way, which is
currently spewing crude oil into the environment.

 

Fyneface called on National Oil Spill Detection and Response Agency, NOSDRA,
to carry out a joint investigation visit (JIV) to the spill site with a view
to determining the actual cause of the spill and invoke the relevant section
of the Petroleum Industry Act (PIA), 2021, to hold the alleged perpetrators
to account.

 

Several calls to the Police Public Relations Officer of the state police
command, Grace Iringe-Koko, for confirmation of the incident, were not
responded to.

 

Read the original article on Vanguard.

 

 

 

Ethiopia, Israel Reinforce Historic Ties Through High-Level Talks

Prime Minister Abiy Ahmed (PhD) held productive discussions with Israeli
Minister of Foreign Affairs, Gideon Sa'ar, marking a significant milestone
in the ongoing efforts to strengthen Ethiopia-Israel relations.

 

In a social media post following the meeting, Prime Minister Abiy stated,"I
had productive discussions today on Ethio-Israeli relations with Israeli
Minister of Foreign Affairs, Gideon Sa'ar, during his visit to Ethiopia."

 

Underscoring the enduring relationship between the two nations, the Premier
added that Ethiopia and Israel share historical roots and ancient ties that
have evolved into broad cooperation in the economic, political, diplomatic,
and social spheres.

 

 

The Israeli Foreign Minister also held high-level talks with Ethiopia's
Minister of Foreign Affairs, Gedion Timothewos, during his official visit.
Their meeting marked a renewed diplomatic push to expand collaboration
across critical areas such as agriculture, technology transfer, and regional
security.

 

Both ministers reaffirmed their countries' commitment to a strategic
partnership rooted in shared values and mutual interests. FM Gedion
highlighted Ethiopia's interest in learning from Israel's world-class
expertise in agricultural innovation and water-saving technologies--an area
where Israel has emerged as a global leader.

 

Minister Sa'ar praised Ethiopia's strategic significance in the Horn of
Africa and its growing role in promoting regional peace and stability. He
expressed Israel's readiness to enhance economic and technical cooperation,
particularly in sectors aligned with sustainable development.

 

Upon arrival at Bole International Airport, Minister Sa'ar was welcomed by
Ambassador Berhanu Tsegaye, State Minister for Foreign Affairs. His official
working visit includes a series of engagements with senior Ethiopian
government officials aimed at fostering stronger bilateral ties.

 

The visit comes at a pivotal moment for both countries, signaling a mutual
interest in advancing longstanding relations into new frontiers of
partnership.

 

BY WAKUMAN KUDAMA

 

THE ETHIOPIAN HERALD TUESDAY 6 MAY 2025

 

Read the original article on Ethiopian Herald.

 

 

 

Nigeria Announces New Policy to Prioritise Local Manufacturing

The Nigerian government expects that with the new policy, local
manufacturers will get priority in supply of goods.

 

The Federal Executive Council (FEC) has approved a "Nigeria First Policy"
aimed at prioritising the use of locally made goods and services in all
government procurements.

 

The Minister of Information, Mohammed Idris, made the announcement on
Monday, saying the policy seeks to domesticate all government processes. The
Nigerian government expects that with the new policy, local manufacturers
will get priority in the provision of goods and services.

 

"No procurement of foreign goods or services already available locally shall
proceed without justification, and where there is an exceptional need for
these services to procure from outside, there must be a waiver to be
obtained, written waiver to be obtained by the Bureau of Public Procurement
(BPP)," Mr Idris said.

 

 

"Where no viable local option exists, contracts must include provisions for
technology transfer, local production or skills development. For example,
the provision of portal allocations under the sugar master plan should take
into consideration participants' backwards integration plans and investment
in Nigeria and ensure compliance with the Master Plan.

 

"The MDAs have also been directed to immediately conduct an audit of all
procurement plans and submit revised versions in line with these directives.
Breaches will attract sanctions, including cancellation of procurement
processes by such MDAS, and indeed disciplinary action against responsible
officers," the minister noted.

 

 

The federal cabinet approved these proposals on Monday and the office of the
Attorney General of the Federation has been directed to prepare an Executive
Order to be issued by President Bola Tinubu.

 

This is a major shift in government policy, Mr Idris added. "It puts Nigeria
- not foreign companies, not imports - at the heart of our national
development."

 

Once signed into law, Mr Idris said, the legislation will "foster a new
business culture that will be bold, confident, but also very, very Nigerian,
and it aims at making the government invest in our people and our industries
by changing how the government spends money, how we procure and how we also
build our economy."

 

"Going forward, Nigerian industry will take precedence in all procurement
processes," the minister said.

 

Where local supply falls short, contracts will be structured to build
capacity domestically, according to Mr Idris. "Contractors will no longer
serve as intermediaries sourcing foreign goods where local factories die. I
take the example of the sugar industry."

 

"For example, we still have so much importation of sugar coming into this
country, yet we have the Nigerian sugar council that was set up to look
inward to see how sugar production can be produced, you know, for the
benefit of Nigerians.

 

"President Tinubu has proposed that we will no longer just sit there and
allow importation to come into this country where there is the capacity for
production of these commodities locally. Now, as I said, the president has
proposed the following directives, and all of them have been approved by the
Federal Executive Council."

 

The legislation will address the following resolutions:

 

The Bureau for Public Procurement, BPP, has been directed to revise and
enforce procurement guidelines to prioritise locally made goods and
homegrown solutions.

 

The BPP will create a local content compliance framework for all government
procurements.

 

The BPP has been directed to maintain a register of high-quality Nigerian
manufacturers and service providers regularly engaged by the federal
government.

 

The BPP has also been directed to deploy all procurement officers from the
MDAs. All the procurement officers posted to MDAs will be reverted to the
Bureau of Public Procurement as a line agency without jeopardising the
possibility of efficiency.

 

Read the original article on Premium Times.

 

 

 

Nigeria: $122m Laundering Allegation - Bank Asks Court to Halt House,
Police's Probe

Lagos — A Federal High Court in Lagos has adjourned till July 18, 2025, to
hear the suit by Sterling Bank Limited and its affiliates challenging the
authority of the House of Representatives to investigate the management of
funds in the accounts of two of its customers, Dr. Innocent Usoro and Miden
Systems Limited.

 

Trial judge in the matter is Justice Daniel Osiagor.

 

The plaintiffs in the suit, Sterling Bank, Sterling Financial Holdings
Company Plc, and senior executives, Yemi Odubiyi, Abubakar Suleiman, Lekan
Olakunle and Dele Faseemo, are seeking a perpetual injunction restraining
the House and its Public Petitions Committee Chairman, Michael Etaba, from
acting on a police report that alleged financial misconduct involving the
customers' accounts.

 

 

Also joined in the suit are Dr. Innocent Usoro, Miden Systems Limited, and
the Inspector General of Police.

 

Filed by rights activist and lawyer, Mr. Femi Falana, SAN, the plaintiffs
argued that the National Assembly lacks the constitutional power to conduct
investigations into the bank's internal dealings with its customers or
revisit a consent judgment previously delivered by the Federal High Court in
2021.

 

In response, the defendants, through their counsel, Rowland Uzoechi, claimed
that the suit is a calculated attempt to obstruct justice and avoid
scrutiny.

 

They argued that the questions raised by the plaintiffs were academic and
hypothetical, insisting that the court lacked jurisdiction to hear the
matter.

 

The defendants further alleged that the plaintiffs used fraudulent means,
including the use of forged documents and questionable ex-parte orders, to
secure a prior court judgment favourable to them.

 

In a 40-paragraph counter-affidavit, Dr. Usoro (3rd defendant) alleged that
the bank falsified documents to suggest a $30 million loan transaction that
never occurred.

 

He claimed he was in the United States on the day the alleged documents were
executed and that signatures of non-existent or unauthorized personnel were
used in the process.

 

According to him, the Inspector General of Police's January 2025
investigation report revealed suspicious inflows totaling over $122 million
into Miden Systems' accounts, with significant sums unaccounted for and
withdrawn under questionable narrations.

 

Usoro contends that the bank's actions were a deliberate scheme to launder
money and that forged documents, including board resolutions, personal
guarantees, and lease agreements, were used to deceive the court and obtain
a Mareva injunction.

 

The case, which touches on issues of constitutional law, banking oversight,
and public accountability, is also scheduled for hearing on April 30, 2025.

 

Read the original article on Vanguard.

 

 

 

 

Nigeria: Discos Bill Nigerians N496.14bn in Two Months, Record 25%
Collection Deficit

Abuja — The electricity Distribution Companies (Discos) operating in Nigeria
sent a bill worth N496.14 billion of total power consumed to Nigerians in
January and February this year, but were only able to recover N370.43
billion, representing 75 per cent of the total amount invoiced.

 

Data released by the Nigerian Electricity Regulatory Commission (NERC)
analysed by THISDAY showed that for the two months under consideration, the
power distributors recorded a deficit collection of N125.71 billion or
roughly 25 per cent of total amount charged customers.

 

Although there has been an improvement recently, for years Nigeria's
electricity revenue collection challenge has been rooted in systemic
inefficiencies, weak collection infrastructure, and a lack of consumer
confidence.

 

 

Aside from power theft, one of the major issues in the sector, is the low
collection rate by electricity distribution companies, which often struggle
to recover payments for electricity consumed. This problem is exacerbated by
inadequate metering, leading to widespread use of estimated billing that
many consumers view as unfair or inflated.

 

As a result, many customers either underpay, delay payment, or refuse to pay
altogether, citing distrust in the billing process. These further lead to a
ripple effect that undermines power supply reliability and discourages
further investment in infrastructure and a vicious cycle of poor service
delivery, customer dissatisfaction, and illiquidity.

 

However, the two-month data indicated that while in January, total billing
by the 12 Discos was N250.21 billion, the amount collected was N178.68
billion, whereas in February, the electricity distributors billed a total
amount of N245.93 billion, but got a revenue of N191.75 billion.

 

 

Besides, the Discos received 2,793.42Gwh of power, with total billed being
2,260.34Gwh in January, with billing efficiency in terms of electricity
received being 80.92 per cent, compared to the 2,583.19Gwh received in
February and 2,137.00Gwh total energy billed during the month.

 

Eko Disco led the pack with the highest actual collection for both months,
which was N72.61 billion, divided into N36.01 billion in January and N36.60
billion in February respectively, followed by Ikeja Disco, with actual
collection of N32.81 billion and N33.35 billion in January and February
respectively, to hit a N66.16 billion target for the two months.

 

They were followed by Abuja Disco, which received N24.82 billion in the
first month of the year and N31.76 billion in the second month of this year,
with cumulative revenue for both months being N56.58 billion.

 

Conversely, in January, Kaduna Disco had the least collection efficiency of
39 per cent, getting a paltry N3.06 billion for the entire month, but
improved in February to 64 per cent, collecting N4.5 billion during the
month, to total N7.56 billion during the period under consideration.

 

Another seemingly underperforming Disco during both months was Yola Disco,
which collected N2.34 billion in January and N2.89 billion in February, with
its total revenue for the period being N5.28 billion.

 

The opposing takes on liquidity in the power sector by the electricity
customers and the operators has been interesting. On one side, many
Nigerians argue they are paying too much for electricity, often pointing to
high monthly bills despite irregular or poor power supply.

 

Their major complaint stems from estimated billing, where many unmetered
customers receive inflated charges not based on actual usage. Even those
with prepaid meters sometimes feel costs are high relative to the unreliable
service they receive. On the other side, the federal government insists that
consumers are not paying enough to cover the real cost of generating,
transmitting, and distributing electricity. It argues that low,
state-regulated tariffs and massive subsidies have created a financially
unsustainable system.

 

This has led to over N4 trillion in debt owed to generation companies,
discouraging investment and limiting infrastructure upgrades. According to
the government, without cost-reflective tariffs, the sector cannot improve
reliability or expand access.

 

The Minister of Power, Adebayo Adelabu, has always strongly advocated for
the implementation of cost-reflective electricity tariffs in the sector as a
necessary step to ensure its financial viability.

 

He argues that the long-standing system of government subsidies on
electricity are no longer sustainable, urging Nigerians to brace up for
higher tariffs.

 

Read the original article on This Day.

 

 

 

Nigeria: Shell Considering Acquisition of BP in Landmark Deal - Report

Abuja — Shell Plc is working with advisers to evaluate a potential
acquisition of rival BP Plc, though it is waiting for further stock and oil
price declines before deciding whether to pursue a bid, Bloomberg News has
reported, citing people familiar with the matter.

 

The oil major has been more seriously discussing the feasibility and merits
of a takeover with its advisers in recent weeks, the report said, adding
that any final decision will likely depend on whether the rival's stock
continues to slide.

 

For several years, BP and Shell were almost equal in size, but over the past
few years Shell has grown to almost twice the size of BP, with a market
value of about £149 billion. At the weekend, when asked about a possible
takeover bid for BP, Shell's Chief Executive, Wael Sawan, told the Financial
Times he would rather buy back more Shell stock. A Shell spokesperson
confirmed the comments to Reuters.

 

 

When asked on an earnings call about Shell's capacity to launch sizable
acquisitions, he said "we have to have our own house in order" and have
"more work to do" despite progress over the last couple of years.

 

A takeover of its cross-town London rival would make Shell an even bigger
force in the global energy industry, giving it scale to rival the likes of
Exxon and Chevron. A merger would also likely certainly invite regulatory
scrutiny, considering the size of the deal.

 

Shell last week reported strong first-quarter results surpassing profit
expectations and launched a $3.5 billion share buyback. Shell may also wait
for BP to reach out or for another suitor to make a first move, and its
current work could help it get prepared for such a scenario, some of the
people told Bloomberg News.

 

Read the original article on This Day.

 

 

 

Nigeria: Fuel Ban - Respite As More Petrol Stations Get Waivers in Ogun
Border Area

The federal government has granted waivers to additional five petrol
stations to resume the sale of fuel in some border communities of Ogun State
after a prolonged restriction of petroleum products to the border areas.

 

The five petrol stations -- two in Imeko and one each in Ilara, Oja Odan and
Ohunbe communities, all in Yewa North and Imeko/Afon LGAs of the state --
are now granted permission to resume operations.

 

The lawmaker representing the Yewa North/Imeko-Afon federal constituency in
the House of Representatives, Gboyega Nasir Isiaka, disclosed this in a
statement on Monday.

 

 

The statement, made available to Daily Trust by Isiaka's Media Aide, Femi
Peters, said the waivers were granted after a sustained pressure from major
stakeholders led by the Rep member.

 

Daily Trust reports that in November 2019, the federal government, through
the Nigeria Customs Service (NCS), had directed that petroleum products
should not be supplied to fuel stations within 20km of the borders.

 

The government said the move was in strict obedience to the desire to
safeguard the economy of the nation. It was alleged that filling stations in
the border areas were used to smuggle petroleum products out of the country.

 

Rep Isiaka had, on July 11, 2023, moved a motion on the floor of the House,
urging the federal government to lift the controversial restriction that had
crippled socioeconomic activities of the border communities since 2019.

 

It was gathered that the lawmaker formally wrote a letter to the leadership
of the Nigeria Customs Service (NCS) seeking waivers for additional petrol
stations within the constituency to cushion the hardship people are facing
in buying petroleum products.

 

Following the engagement with the NCS, security agencies and industry
stakeholders, Isiaka joined the House Committee on Customs and Excise on
April 9, 2025, for an oversight visit to the NCS Ogun 1 Area Command in
Idiroko.

 

In a statement on Monday, Isiaka said five petrol stations have now been
granted permission to resume operations.

 

"This represents more than just a policy shift; it is a restoration of
dignity, a rekindling of hope, and a step towards economic justice," Isiaka
said.

 

The lawmaker applauded President Bola Ahmed Tinubu for his "statesmanship
and empathy", as well as the Comptroller-General of Customs, Bashir Adewale
Adeniyi, whose cooperation, he said was "instrumental in the breakthrough."

 

Meanwhile, residents of the areas have expressed joy over the development,
with many describing it as a "lifeline" in the face of years of economic
strangulation.

 

Read the original article on Daily Trust.

 

 

 

 

Nigeria: Govt Sets July Deadline to End Cash Transactions in Post Offices

The federal government has set a July 1, 2025 deadline for end of cash
transactions in post offices across the country.

 

This is contained in an announcement issued by Nigerian Postal Service
(NIPOST) on Monday where it unveiled a series of reforms aimed at
transforming the organization into a more innovative, efficient and
digitally driven institution.

 

"A major highlight of the reform package is the transition to a fully
cashless system. Beginning July 1, 2025, all post offices counters
nationwide will no longer accept cash payments for their services. Customers
will be required to use approved electronic channels for all transactions.

 

 

"This is a crucial step in our modernisation journey -- one that ensures
safer, faster, and more transparent service delivery," NIPOST said.

 

Through these initiatives, according to the statement signed by NIPOST's
spokesman Frankly Alao will position NIPOST as a dynamic, technology-driven
player at the center of Nigeria's digital transformation -- "Connecting
Nigeria, Delivering Solutions, and Improving Lives."

 

It said these initiatives mark a new strategic direction for NIPOST under
the vision titled "Change of Renewed Hope Berths at NIPOST Shores".

 

The reforms are designed to align the agency with global best practices, the
needs of Nigeria's evolving digital economy and the Renewed Hope Agenda of
President Bola Ahmed Tinubu.

 

At the heart of this transformation is NIPOST's commitment to becoming a
modern postal service -- one that is driven by innovation, accountability,
value, and service excellence. "We are assuring Nigerians of a revitalised
NIPOST that delivers superior service and embraces the future," the
organisation stated.

 

NIPOST expressed deep appreciation to the Minister of Communications,
Innovation and Digital Economy, Dr. Bosun Tijani, for his support and
leadership. The organisation also commended the new Chairman of the NIPOST
Board, Barr. Isaac Kekemeke for his passion and strategic foresight since
his appointment, and the Postmaster General/CEO, NIPOST, Tola Odeyemi for
her relentless efforts in championing institutional reforms, improving staff
welfare, and driving capacity development.

 

Read the original article on Daily Trust.

 

 

 

 

Nigeria Leads Electrification of 300m Africans By 2030 - Speaker Abbas

The Speaker of the House of Representatives, Abbas Tajudeen has stated that
Nigeria is leading an initiative to electrify Africa, a continental plan to
help provide electricity to 300 million Africans by the year 2030.

 

He stated this in a keynote address at the opening of the First Legislative
Conference and Expo on Renewable Energy organized by the House of
Representatives Committee on Renewable Energy, in collaboration with the
United Nations Development Programme (UNDP), in Lagos on Monday.

 

He commended President Bola Ahmed Tinubu's approval of a $1 billion
financing initiative for the Rural Electrification Agency in December 2024.

 

 

Speaker Abbas said Nigeria's involvement in the Mission 300 Initiative, a
collaborative effort with the World Bank and the African Development Bank,
exemplifies its commitment to advancing clean and inclusive energy access
across Africa.

 

Abbas said this initiative is a strong demonstration of Nigeria's leadership
on the continental stage.

 

He said, "On the continental stage, Nigeria has assumed a leadership role.
Through our participation in the Mission 300 Initiative with the World Bank
and the African Development Bank, we are working to provide electricity to
three hundred million Africans by 2030.

 

"While progress has been made, the road ahead requires sustained effort. The
success of this transition depends on coherent actions across all
institutions. Legislators must establish sound legal foundations. The
executive must implement it with integrity and urgency.

 

"The private sector must invest in innovation and scale. Civil society must
foster awareness, inclusion and accountability. This conference, therefore,
provides an opportunity to reaffirm our shared commitment".

 

The speaker said of the $1 billion approved by the President Tinubu, $750
million is earmarked for expanding solar access in underserved areas,
resulting in the deployment of 124 mini-grids and over 25,000 solar home
systems, benefiting more than 200,000 Nigerians.

 

Chairman of the House Committee on Renewable Energy, Rep. Afam Victor Ogene,
called for urgent action adding that Nigeria's continued reliance on fossil
fuels, despite its vast reserves, has failed to provide reliable
electricity, stifling economic growth and productivity.

 

On his part, Speaker of the Parliament of Ghana, Hon Alban Sumana Kingsford
Bagbin, who was represented by the First Deputy Speaker of Parliament, Hon.
Bernard Ahiafor, said the conference was not just a testimony to the
increasing urgency to address energy challenges but a call to policymakers,
legislators, investors, community and innovators to take action towards
shaping a sustainable energy future.

 

The UNDP Resident Representative, Ms. Elsie Atafuah, said the cost of
inaction was too high.

 

She informed that the world is reorganising around energy, minerals, and
climate security, adding that the next superpowers will be those who master
the green value chain.

 

Read the original article on Daily Trust.

 

 

 

Nigeria: Dangote Visits Tinubu, Hails President's Key Changes in Oil Sector

President of the Dangote Group, Aliko Dangote, at the weekend visited
President Bola Tinubu in Abuja, lauding him for what he described as his
recent 'revolutionary changes' in the oil and gas sector, geared towards
saving the country.

 

Africa's richest man also praised Tinubu for assembling a 'capable'
leadership team at the Nigerian National Petroleum Company Limited (NNPC),
highlighting the fitting appointments of Mr Bayo Ojulari as Group Chief
Executive Officer and Mr Ahmadu Musa Kida as Non-Executive Chairman of the
national oil company.

 

Dangote, whom THISDAY learnt visited the Nigerian leader on Sunday, said he
went to see the president to commend him for putting together a formidable
and professionally competent team, that is eminently qualified to take NNPC
to a greater heights.

 

 

A statement from the company quoted the billionaire businessman as saying
that the new management team brings a wealth of technical expertise, noting
that all of them have managerial experiences that are essential for
revitalising Nigeria's most strategic public enterprise.

 

The new team, according to Dangote, under the leadership of Ojulari and
Kida, reflects the president's strategic intent to drive reform and
innovation across the energy sector.

 

"We are confident that this team will address systemic challenges, align
with the president's vision of a $1 trillion economy, and reposition NNPC
Limited for operational excellence and long-term sustainability," the
president of the Dangote group stated.

 

Reacting to questions from select media over the weekend on his statement
that he is still fighting for the survival of his $20 billion refinery, and
that he is determined to fight the cabals in the oil sector to a standstill,
Dangote said his statement was not in any way connected to the new
leadership of the NNPC.

 

He noted that the new leadership at the NNPC, has been so far supportive in
terms of meeting the company's needs.

 

He revealed that the cabals he was referring to are some major oil marketers
and traders who were bent on frustrating the efforts of the president in
revamping the nation's economy.

 

The businessman noted that the recent activities and structural reforms
introduced by the NNPC serve as strong indicators of the organisation's
renewed focus on transparency, efficiency, and accountability.

 

"The calibre of individuals at the helm, and their deliberate, reform-driven
agenda, demonstrate a commitment to fostering a culture of performance and
professionalism," he added.

 

While expressing optimism, Dangote pointed out that he was confident that
the new leadership of NNPC will propel the country's energy industry to new
heights and reaffirmed his group's commitment to supporting the collective
vision of a prosperous, energy-secure Nigeria.

 

Read the original article on This Day.

 

 

 

Nigeria: FEC Okays Nigeria First Economic Policy to Prioritise Local
Industries

The Federal Executive Council (FEC) rose from its meeting at the State
House, Abuja, yesterday, and approved a sweeping new policy framework tagged
the 'Renewed Hope Nigeria First Policy.'

 

This serves as a major government decision aimed at strengthening Nigeria's
domestic economy and promoting local content.

 

Also yesterday, the Minister of Power, Chief Adebayo Adelabu, disclosed that
the federal government had formally ratified and adopted a new roadmap for
the Nigerian Electricity Supply Industry (NESI), with the approval of the
National Integrated Electricity Policy( NIEP). It replaces the National
Electric Power Policy of 2001.

 

Briefing newsmen on the outcome of the meeting presided over by President
Bola Tinubu, Information and National Orientation Minister, Mohammed Idris,
described the policy, which appears to mirror US President Donald Trump's
America First doctrine, as a bold shift in the country's economic approach.

 

He explained: "There is a major policy decision that was taken by the
cabinet today, and this is a proposal by President Bola Tinubu on what he
calls the Renewed Hope Nigeria First policy, meaning that Nigeria is going
to be at the center, going forward of all business activities relating to
this country.

 

"If there are any businesses to be done by anybody, the priority will be
Nigeria first of all, if you have any local content, there is no reason for
you to go outside this country to import now this is in the form of an
executive bill that will soon be issued by Mr. President. Already, Council
has approved a set of those proposals and the Office of the Federal Attorney
General of the Federation has been directed to prepare an executive order to
be issued by Mr. President."

 

 

Speaking further, he said: "Now this seeks to foster a new business culture
that will be bold, confident, but also very, very Nigerian, and it aims at
making government to invest in our people and our industries by changing how
government spends money, how we procure and how we also will build our
economy."

 

According to Idris, the following decisions were approved by the Council and
will be enforced immediately: "The Bureau of Public Procurement (BPP) is to
revise and enforce procurement rules that prioritise Nigerian-made goods and
homegrown solutions across all Ministries, Departments and Agencies (MDAs).

 

"The BPP will create a comprehensive compliance mechanism to ensure all
government procurements adhere to local content requirements. A regularly
updated database of high-quality Nigerian suppliers will be maintained by
the BPP and used as a reference for all procurement decisions.

 

 

"Procurement officers currently deployed to various MDAs will be reverted to
the BPP to ensure compliance and reduce undue influence or corruption. No
MDA will be allowed to procure foreign goods or services already available
locally without a written waiver from the BPP.

 

"Where foreign contracts are unavoidable, they must include provisions for
technology transfer, local production, or capacity development in Nigeria.
All MDAs are to immediately review and resubmit their procurement plans to
align with the new policy directives.

 

"Breaches will result in disciplinary action and possible cancellation of
the procurement process."

 

The minister cited Nigeria's sugar industry as an example of local capacity
being neglected.

 

"We continue to import sugar despite the existence of the Nigerian Sugar
Council and several local producers. This policy will change that," he
stressed.

 

He added that moving forward, "Contractors will no longer be mere
intermediaries sourcing foreign goods while Nigerian factories lie idle.
Government money must now work for the Nigerian people."

 

The Nigeria First policy comes amid economic reforms being pushed by the
Tinubu administration, including subsidy removals, a new foreign exchange
regime, and efforts to restore investor confidence.

 

By making local content central to government spending, the administration
hopes to drive job creation, industrial growth, and sustainable economic
development.

 

While the policy would likely face implementation challenges and resistance
from entrenched procurement interests, officials say the administration was
determined to enforce compliance at all levels.

 

According to the Minister: "Now to all MDAs, the following decisions have
been taken. Number one, no procurement of foreign goods or services already
available locally shall be shall proceed without justification.

 

"No procurement of foreign goods or services already available locally shall
proceed without justification, and a written waiver from BPP.

 

"Number two, where no viable local option exists, contracts must include
provisions for technology transfer, local production or skills development,
by way of example, the provision of Portal allocations under the sugar
master plan should take into consideration participants' backward
integration plans and investment in Nigeria and ensure compliance with the
Master Plan. This is a major decision taken by the Federal Executive Council
today.

 

"Number three, the MDAs, have also been directed to immediately conduct an
audit of all procurement plans and submit revised versions in line with
these directives.

 

"And number four, breaches will attract sanctions, including cancellation of
procurement processes by such MDAS, and indeed disciplinary action against
responsible officers.

 

"Now what this seeks to do is to domesticate our processes, in other words,
where there is the possibility of getting local manufacturers to supply any
kind of goods or procure any kind of services, there will be no need for
MDAS to now procure these goods or services from outside this country, and
where there is an exceptional need for these services to procure from
outside.

 

"There must be a waiver to be obtained, a written waiver to be obtained by
the BPP. This is a major shift in government policy, aiming to put Nigeria
at the heart of all businesses in this country.

 

"This is a major shift in government policy. It puts Nigeria - not foreign
companies, not imports - at the heart of our national development."

 

The Renewed Hope Nigeria First Policy is expected to take effect as soon as
the Executive Order is signed by President Tinubu.

 

According to the Minister, the policy places Nigeria at the center of all
public procurement and business activity, with a strong emphasis on
empowering local industries and reducing dependency on foreign imports.

 

He said: "This policy seeks to foster a new business culture that is bold,
confident, and very Nigerian. It aims at making government investment
directly benefit our people and industries by changing how we spend, how we
procure, and how we build our economy."

 

Idris disclosed that the Attorney General of the Federation and Minister of
Justice has been directed to draft an Executive Order to give full legal
effect to the new framework.

 

He added that the policy was expected to become the cornerstone of the
administration's economic strategy, especially as the government pushes
forward with its industrialisation agenda and import-substitution goals.

 

Meanwhile, FEC also approved Nigeria's subscription of 50 shares valued at $
5 million in the Asian Infrastructure Investment Bank (AIIB), after
ratifying the nation's membership of the multilateral institution.

 

Nigeria's membership of the AIIB has grown the number of African countries
in the Bank to 20, including 11 full members and nine prospective members.

 

AIIB approved Nigeria's membership of the Multilateral Development Bank in
2021 at its sixth annual meeting, an action that needed the ratification of
the nation's highest policy-making body, FEC.

 

Reports indicate that AIIB's approved African members are responsible for
over 60 percent of the continent's gross domestic product and represent over
46 percent of Africa's population.

 

Minister of Finance and Coordinating Minister of the Economy, Wale Edun,
told reporters at the post-FEC press briefing that Council approved for
Nigeria to subscribe 50 shares at an earning power value of $100,000 per
share, in the multilateral investment Bank.

 

He said: "You have 50 shares, at an earning power value of $100, 000 a share
totaling $ 5 million. The approval was that we should subscribe up to 50
shares of the capital stock within AIIB.

 

"It is a major requirement by the AIIB that once admitted, prospective
members are expected to complete the required membership procedures and
deposit the first capital installment with the Bank.

 

"With the full ratification of membership of the AIIB, Nigeria stands a good
chance to benefit from a broad plan by the bank, which recently announced to
allocate $1 billion to projects across Africa aimed at enhancing
connectivity and stimulating growth."

 

Meanwhile, the Minister of Power, Adelabu,disclosed that the federal
government had formally ratified and adopted a new roadmap for the power
sector, with its approval of the National Integrated Electricity Policy(
NIEP).

 

The policy which had been ready since December 2024, earlier submitted to
President Bola Tinubu was ratified at the weekly FEC meeting, according to a
statement by the Special Adviser, Strategic Communications and Media
Relations to the minister, Bolaji Tunji.

 

The policy is a comprehensive framework designed to transform Nigeria's
electricity sector in alignment with National development objectives and
international best practices as mandated by Section 3(3) of the revised
Electricity Act 2023.

 

Adelabu stated that the policy implementation had already started and will
now gain momentum with the president's approval while the impact would soon
be felt nationwide.

 

He added that the Electricity Act 2023 requires the federal government
through the ministry of power to initiate the process for the preparation
and publication in its gazette, an integrated National Electricity Policy
and Strategic Implementation Plan, within one year of the commencement of
the Electricity Act.

 

He said: " The roadmap policy addresses critical challenges in Nigeria's
electricity sector through a comprehensive framework for sector
transformation with clear guidelines for sustainable power generation,
transmission distribution as well as integration of renewable energy
sources, its promotion, energy efficiency and enhancement of sector
governance."

 

Adelabu described the passage of the Electricity Act 2023 as a pivotal
moment for the electricity sector as it signals a transformative change
which has laid the foundation for NESI, thus enabling exponential
socio-economic growth.

 

"This NIEP is a comprehensive roadmap developed to guide all stakeholders -
the federal and state governments, market participants, investors, and
indeed all Nigerians, through this transition," the minister added.

 

Adelabu said the preparation of the policy represented the collective
efforts of the ministry in collaboration with a wide cross-section of
stakeholders across the public and private sectors at national and state
levels.

 

According to him, they also included civil society organisations, academic
institutions, captains of industry, donor partners, development
institutions, private sector participants and consumer advocacy groups.

 

"The NIEP is a very significant evolution from the National Electric Power
Policy of 2001, which has been long overdue for replacement. The Policy
outlines various initiatives to aid the growth and development of State
Electricity Markets (SEMs).

 

"It fosters a decentralised but collaborative approach to energy management
and resource planning. This policy is a living document that will evolve
with the Industry's needs and challenges. It underscores the importance of
collaboration, innovation, and a steadfast commitment to consumer protection
and engagement," Adelabu explained.

 

Besides , he emphasised that the policy is structured across eight chapters
which comprehensively address the historical perspective of the Nigeria
electricity sector, focus on key features of the Electricity Act 2023 as
well as Nigeria's electricity policy objectives.

 

Furthermore, he stated that the document covered electricity market design,
value chain analysis, stakeholders roles and responsibilities, climate
change and low carbon economy initiatives.

 

He also listed gender equality and social inclusion, local content
development--including research and development, commercial, legal and
regulatory frameworks as some of the key areas covered by the document.

 

Read the original article on This Day.

 

 

 

 

Ethiopia's Sea Quest for Shared Prosperity

Ethiopia, a country with a population of over 130 million people, has always
been a land of history, culture, and beauty. Yet, for all its potential,
Ethiopia faces one major challenge -- its lack of access to the sea. Unlike
many other countries near and far, Ethiopia is a landlocked nation, which
makes it arguably the most economically and strategically disadvantaged
country in the Horn of Africa. Despite its natural resources and growing
economy, Ethiopia is cut off from one of the most important enablers of
modern trade: access to a seaport.

 

Historically, Ethiopia had access to the Red Sea. The country's ports in
Assab and Massawa allowed it to engage in trade with other nations, bringing
in goods and services from all over the world. But all that changed in 1993,
when neighboring Eritrea gained independence, and Ethiopia lost its coastal
territories. The loss of these vital ports meant Ethiopia no longer had
direct access to the sea, forcing the country to be a landlocked one. This
situation has remained unchanged for over three decades, with the Ethiopian
government still striving to find a way back to the sea.

 

 

For many Ethiopians, losing access to the sea was not just a territorial
loss; it was a blow to their economic ambitions. Without a seaport, the
country has been forced to rely on the port of Djibouti for its import and
export trade. While Djibouti has been a helpful partner, this arrangement is
far from ideal. Ethiopia, a large and growing country, has had to pay around
1.5 billion dollars every year in fees to Djibouti just to use its port.
This is a massive financial burden for a country that is still grappling
with poverty. The fact that Ethiopia must pay such high fees to a
neighboring country each year is not only costly, but it is also
unsustainable in the long run. It limits the country's ability to invest in
other critical areas such as healthcare, education and infrastructure.

 

 

The high cost of using a foreign port also makes Ethiopia's goods more
expensive to transport, which affects businesses and daily life. Imported
goods are priced higher, and deliveries are often delayed, causing
disruptions in local markets. The country's industries, unable to rely on
its own ports, are less competitive on the international stage. This added
financial burden makes it harder for Ethiopia to keep up with the global
economy and build the kind of self-sufficient infrastructure needed to
develop.

 

Ethiopia's landlocked status might be less of a problem for smaller, less
populated countries. But Ethiopia is different. With a population of over
130 million people, it is one of the most populous nations in Africa. The
country's economic needs are vast, and the demand for both imports and
exports is enormous. Ethiopia has the potential to be a major player in
regional and global trade. However, its inability to access the sea
restricts its growth and development. The country is home to many valuable
resources that could be used to help build the economy, but without access
to the sea, these resources remain underutilized.

 

The loss of its ports and the subsequent economic disadvantages are seen by
many Ethiopians as an unfair and unjust situation. Ethiopia's loss of its
coastline was not a result of natural events but the product of political
decisions. The boundaries that were drawn during the colonial era, as well
as the independence of Eritrea, left Ethiopia without direct access to the
sea. This was a harsh blow, and many Ethiopians have felt the weight of this
loss ever since.

 

Despite these challenges, the Ethiopian government has worked hard to
address the issue. Over the years, Prime Minister Abiy Ahmed and his
administration have made efforts to restore Ethiopia's access to the sea.
Ethiopia has engaged in diplomatic talks with neighboring countries, seeking
a peaceful and mutually beneficial solution. In particular, Ethiopia has
reached agreements with Djibouti to make use of the country's port
facilities, but this is still not a perfect solution. Djibouti's port is
operating near its capacity limits, and Ethiopia's growing needs require a
more sustainable arrangement.

 

Ethiopia's diplomatic efforts are commendable. The country is not seeking to
engage in military conflict to regain access to the sea. Instead, it is
focusing on peaceful negotiations and building stronger relationships with
its neighbors. Through dialogue, Ethiopia hopes to find a solution that is
beneficial to all parties involved. By doing so, Ethiopia shows that it
values peace and cooperation over conflict, which is important for long-term
stability in the Horn of Africa.

 

The benefits of Ethiopia regaining access to the sea would not only help the
country but also benefit the entire region. Ethiopia's economic growth would
provide new opportunities for its neighbors. Regional trade could be
expanded, and countries in the Horn of Africa could become more
interconnected. This would bring about more stability and peace in the
region, reducing the likelihood of conflicts that often arise due to
economic disparities and political tensions. Furthermore, the development of
ports in Ethiopia could ease the pressure on Djibouti's port, which is
currently operating near its capacity limits.

 

If Ethiopia is able to regain access to the sea, it could also help other
landlocked countries in the region, such as South Sudan and Uganda, by
providing them with better trade routes. Shared access to the sea would make
the region more integrated, both economically and politically; creating a
stronger and more united Horn of Africa. Regional cooperation would lead to
shared prosperity and a reduction in the competition for resources.

 

On the other hand, continuing the current landlocked status quo poses risks
to the region's stability. As Ethiopia's population grows and its economy
demands more resources, the frustration over being landlocked could lead to
political instability. If Ethiopia is unable to secure its own port,
tensions could rise both within the country and across the region. The
longer Ethiopia remains without access to the sea, the greater the risk of
instability becoming a regional issue. This is why it is in the interest of
all neighboring countries, as well as the international community, to
support Ethiopia's quest for maritime access.

 

The international community also has an important role to play in supporting
Ethiopia's efforts. While Ethiopia has taken the initiative in diplomatic
negotiations, international backing could speed up the process. Countries
and organizations such as the United Nations, the African Union, and
international development banks can offer assistance and diplomatic support
to help resolve the issue. This would send a strong message to the region
that the international community is committed to promoting peace, stability,
and development.

 

The Ethiopian government's approach to the maritime issue is both visionary
and practical. Rather than pursuing aggressive tactics, Ethiopia has chosen
to engage in dialogue and seek peaceful solutions. This shows maturity in
leadership and a deep commitment to ensuring the country's long-term
stability. The government is not just focusing on the immediate benefits of
regaining access to the sea but is also looking at the broader picture of
regional integration and shared prosperity.

 

By facing the issue head-on and seeking solutions through diplomacy and
cooperation, Ethiopia is setting a positive example for other nations facing
similar challenges. The quest for maritime access is a critical issue, not
only for Ethiopia, but for the entire Horn of Africa region. Achieving this
goal would be a major step forward for the region, bringing about economic
growth, political stability, and improved relations between neighboring
countries.

 

In conclusion, Ethiopia's journey from highlands to harbors is a significant
one, filled with challenges, but also with hope. Regaining access to the sea
is not only a matter of national pride; it is a crucial step for Ethiopia's
economic development, regional stability, and global competitiveness. As
Ethiopia continues to work towards this goal, the support of its neighbors
and the international community is essential. It is time for Ethiopia to
reclaim its rightful place in the world, a place that will benefit not only
the country but the entire Horn of Africa.

 

BY ERMIAS WASSIHUN

 

THE ETHIOPIAN HERALD TUESDAY 6 MAY 2025

 

Read the original article on Ethiopian Herald.

 

 

 

 

Car giant Ford and Barbie maker Mattel warn over tariffs costs

Barbie maker Mattel says it will put up the prices of some of its toys in
the US as President Donald Trump's tariffs increase its costs.

 

The firm also says it will cut the number of products it makes in China for
the American market.

 

At the same time, car making giant Ford says the levies will cost it about
$1.5bn (£1.13bn) this year.

 

They join a growing list of big businesses warning about the impact of US
tariffs on their companies and the wider economy.

 

 

"Given the volatile macroeconomic environment and evolving US tariff
landscape, it is difficult to predict consumer spending, and Mattel's US
sales in the remainder of the year and holiday season," Mattel said as it
updated investors on its financial performance.

 

The US accounts for about half of Mattel's global toy sales. It imports
around 20% of its goods sold there from China.

 

The company said it plans to reduce those Chinese imports to the US to below
15% by next year.

 

Since returning to the White House in January, Trump has imposed new import
taxes of up to 145% on goods from China.

 

His administration said last month that when the new tariffs are added on to
existing ones, the levies on some Chinese goods could reach 245%.

 

China has hit back with a 125% tax on products from the US.

 

Apart from China, Mattel imports products – including Barbie dolls and Hot
Wheels cars – from Indonesia, Malaysia and Thailand.

 

The three countries were also hit with steep tariffs by Trump in April,
before they were paused for 90 days.

 

Last week, Trump acknowledged the potential impact of tariffs. American
children might "have two dolls instead of 30 dolls", he said, but added that
China would suffer more than the US.

 

Trump considering 100% tariffs on movies not made in the US

India worried about Chinese 'dumping' as trade tensions with Trump escalate

Talks or no talks: Who blinks first in US-China trade war?

 

Carmaker Ford said it expected tariffs to add $2.5bn to its overall costs
this year, mainly due to the increased expense of Mexican and Chinese
imports.

 

But the firm said it had cut about $1bn of those added costs by taking
various measures, including transporting vehicles from Mexico to Canada to
avoid US tariffs.

 

The firm also suspended its annual earnings guidance to investors because of
uncertainty around Trump's trade policies.

 

In April, firms including technology giant Intel, footwear makers Adidas and
Skechers, and consumer goods group Procter & Gamble detailed the impact of
tariffs on their businesses.

 

"The very fluid trade policies in the US and beyond, as well as regulatory
risks, have increased the chance of an economic slowdown with the
probability of a recession growing," Intel's chief financial officer David
Zinsner said during a call with investors.

 

Sportswear giant Adidas warned tariffs would lead to higher prices in the US
for popular trainers, including the Gazelle and the Samba.

 

The finance chief of footwear firm Skechers, David Weinberg, told investors:
"The current environment is simply too dynamic from which to plan results
with a reasonable assurance of success."

 

And Procter & Gamble – which makes Ariel laundry detergent, Head & Shoulders
shampoo and Gillette shaving products – said it was considering changes to
its prices to make up for the extra cost of materials sourced from China and
other places.-BBC

 

 

 

 

India worried about Chinese 'dumping' as trade tensions with Trump escalate

The pace at 64-year-old Thirunavkarsu's spinning mill in southern India's
Tamil Nadu state has noticeably slowed down.

 

The viscose yarn – a popular material that goes into making woven garments –
he produces, now sits in storage, as orders from local factories have
dropped nearly 40% in the last month.

 

That's because Chinese imports of the material have become cheaper by 15
rupees ($0.18; £0.13) per kilo and flooded Indian ports.

 

With Donald Trump imposing tariffs of up to 145% on Chinese goods going into
the US, manufacturers in China have begun looking for alternative markets.

 

India's textiles makers say they are bearing the brunt of the trade tensions
as Chinese producers are dumping yarn in key production hubs.

 

While China is the leading producer of viscose yarn, India makes most of the
viscose yarn the country needs locally with imports only bridging supply
gaps.

 

Mill owners like Thirunavkarsu fear their yarn won't survive the onslaught
of such competition.

 

"We can't match these rates. Our raw material is not as cheap," he says.

 

Jagadesh Chandran, of the South India Spinners Association, told the BBC
nearly 50 small spinning mills in the textile hubs of Pallipalayam, Karur
and Tirupur in southern India are "slowing production". Many say they'll be
forced to scale down further if the issue isn't addressed.

 

China's Ambassador to India, Xu Feihong, has sent assurances to India that
his country will not dump products and in fact wants to buy more
high-quality Indian products for Chinese consumers.

 

"We will not engage in market dumping or cut-throat competition, nor will we
disrupt other countries' industries and economic development," he wrote in
an opinion piece for the Indian Express newspaper.

 

But anxieties about dumping are spread across sectors in India, as China -
Asia's biggest economy - is the world's largest exporter of practically all
industrial goods, from textiles and metals, to chemicals and rare minerals.

 

While pharmaceuticals - and later phones, laptops, and semiconductor chips -
were exempted from steep tariffs, large chunks of Chinese exports still run
into Trump's 145% tariff wall. It is these goods that are expected to chase
other markets like India.

 

Their sudden inflow will prove "very disruptive" to emerging economies in
Asia, according to Japanese broking house Nomura, whose research earlier
revealed that China was flooding global markets with cheap goods even before
Donald Trump took office earlier this year.

 

In 2024, investigations against unfair Chinese imports rose to a record
high. Data from the World Trade Organization (WTO) shows nearly 200
complaints were filed against China at the forum - a record - including 37
from India.

 

India, in particular, with heavy dependencies on Chinese raw materials and
intermediate goods, could be hit hard. Its trade deficit with China - the
difference between what it imports and exports - has already ballooned to
$100bn (£75bn). And imports in March jumped 25%, driven by electronics,
batteries and solar cells.

 

In response, India's trade ministry has set up a committee to track the
influx of cheap Chinese goods, with its quasi-judicial arm probing imports
across sectors, including viscose yarn.

 

India also recently imposed a 12% tax on some steel imports, locally known
as a safeguard duty, to help halt an increase in cheap shipments primarily
from China, which were pushing some Indian mills to scale down.

 

Despite such protections - and a loud marketing campaign by Prime Minister
Narendra Modi's government to boost manufacturing locally - India has found
it hard to reduce its reliance on China, with imports rising even when
border tensions between the two neighbours peaked after 2020.

 

That's because the government has only had "limited success" with its plans
to turn India into the world's factory through things like the production
linked subsidies, says Biswajit Dhar, a Delhi-based trade expert. And India
continues to depend heavily on China for the intermediate goods that go into
manufacturing finished products.

 

 

The majority of the iPhones bound for the US market in the coming months
will be made in India

While western multi-national companies like Apple are increasingly looking
towards India to diversify their assembly lines away from China, India is
still dependent on Chinese components to make these phones. As a result,
imports in sectors like electronics have risen significantly, pushing up its
trade deficit.

 

India's burgeoning deficit is a "worrying story", says Ajay Srivastava,
founder of the Global Trade Research Initiative (GTRI) think tank, all the
more so because its exports to China have dropped to below 2014 levels
despite a weaker currency, which should ideally help exporters.

 

"This isn't just a trade imbalance. It's a structural warning. Our
industrial growth, including through PLI (production linked incentive)
schemes, is fuelling imports, not building domestic depth," Srivastava wrote
in a social media post. In other words, the subsidies are not helping India
export more.

 

"We can't bridge this deficit without bridging our competitiveness gap."

 

India needs to get its act together quickly to do that, given the
opportunity US trade tensions with China have presented. But also because
countries with a large rise in imports from China generally tend to see the
sharpest slowdown in manufacturing growth, according to Nomura.

 

Akash Prakash of Amansa Capital agrees. A key reason why Indian private
companies were not investing enough, was because they feared being "swamped
by China", he wrote in a column in the Business Standard newspaper. A recent
study by the ratings agency Icra also corroborates this view.

 

With fears of Chinese dumping becoming more widespread and the likes of the
European Union seeking firm guarantees from Beijing that its markets will
not be flooded, pressure is mounting on China - which is now urgently
looking to secure newer trading partners outside the US.

 

China wants to completely shift the narrative, says Mr Dhar, "It is trying
to come clean amidst increased scrutiny".

 

Despite the reassurances from Beijing, Delhi should use thawing relations
with its larger neighbour to kickstart a proper dialogue on its firm stance
about dumping, says Mr Dhar.

 

"This is an issue that India must flag, like most of the Western countries
have."-BBC

 

 

 

Trump considering 100% tariffs on movies not made in the US

Donald Trump says he will talk to Hollywood executives, after his earlier
announcement to hit films made in foreign countries with 100% tariffs sent
shockwaves through the industry.

 

The US president said on Sunday he was authorising the commerce department
to start the process to impose the levy because America's film industry was
dying "a very fast death".

 

But he appeared to soften his stance later on Monday, telling reporters at
the White House he was going to "meet with the industry" to "make sure
they're happy" with his proposal.

 

For years, filmmakers have been leaving Hollywood for destinations including
the UK and Canada to lower costs.

 

 

One non-US union said the tariff plan would be a "knock-out blow" to the
international industry.

 

Trump said on his Truth Social platform: "It is, in addition to everything
else, messaging and propaganda!"

 

"WE WANT MOVIES MADE IN AMERICA, AGAIN!"

 

US Commerce Secretary Howard Lutnick responded to the announcement, saying
"We're on it".

 

But the details are unclear. Trump's statement did not say whether the
tariff would apply to American production companies producing films abroad.

 

White House spokesman Kush Desai told the BBC: "Although no final decisions
on foreign film tariffs have been made, the Administration is exploring all
options to deliver on President Trump's directive to safeguard our country's
national and economic security while Making Hollywood Great Again."

 

Several recent major films produced by US studios were shot outside of
America, including Deadpool & Wolverine, Wicked and Gladiator II.

 

It was also unclear if the tariffs would apply to films on streaming
services, such as Netflix, as well as those shown at cinemas, or how they
would be calculated.

 

The founder of European cinema chain Vue, Timothy Richards, questioned how
Trump would define a US film.

 

Speaking to BBC Radio 4's Today programme, he said: "Is it where the money
comes from? The script, the director, the talent, where it was shot?"

 

What impact might Trump's Hollywood tariffs plan have?

Trump film tariffs to be part of US trade talks

Mr Richards said the cost of filming in southern California had grown
significantly over the last few decades, prompting filmmakers to move
production to locations including the UK, which have increasingly offered
tax incentives and lower costs.

 

"But it's not just the actual financing itself," he added.

 

"One of reasons UK has done so well is we have some of the most highly
experienced and skilled film and production crew in the world.

 

"The devil will be in the details."

 

Meanwhile, UK media union Bectu warned the tariffs could "deal a knock-out
blow" to the industry and its tens of thousands of freelancers, as it
recovered from the pandemic and a "recent slowdown".

 

Union chief Philippa Childs told the BBC: "The government must move swiftly
to defend this vital sector, and support the freelancers who power it, as a
matter of essential national economic interest."

 

The UK government said it was "absolutely committed" to ensuring its film
sector continued to thrive and create jobs, and would set out plans to do so
in its upcoming Creative Industries Sector Plan.

 

It added that talks on an economic deal with the US were ongoing but a
"running commentary" on progress was "not in the national interest". 

 

The British Film Institute said it was working closely with the government
and industry partners in the UK and the US "while we understand the detail
of the proposal".

 

"We want to keep collaboration at the heart of our sectors, so we remain a
constructive partner to our friends in the US and internationally," it said.

 

 

Reuters Cynthia Erivo and Ariana Grande stand in front of a Wicked film
poster on the red carpet.Reuters

It is unclear whether the proposals would affect films like Wicked, which
was filmed in the UK but produced by an American studio

The US remains a major film production hub globally despite challenges,
according to movie industry research firm ProdPro.

 

Its most recent annual report shows the country saw $14.54bn (£10.94bn) of
production spending last year. Although that was down by 26% since 2022.

 

And NPR Radio film critic Eric Deggans warned that the tariffs, should they
be introduced, could further harm the industry.

 

Other countries may respond by placing tariffs on American films, he told
the BBC, making it "harder for these films to make profits overseas".

 

"It may create a situation where the tariffs in America are causing more
harm than good," he added.

 

The Motion Picture Association, which represents the five major US film
studios, declined to comment when contacted by the BBC.

 

 

Countries that have attracted an increase in spending since 2022 include
Australia, New Zealand, Canada and the UK, according to ProdPro.

 

Following Trump's remarks, Australia's home affairs minister Tony Burke
said: "Nobody should be under any doubt that we will be standing up
unequivocally for the rights of the Australian screen industry."

 

Industry body Screen Producers Australia said that while there were "many
unknowns" about the plan, there was "no doubt it will send shock waves
worldwide".

 

New Zealand's Prime Minister Christopher Luxon also said his government was
awaiting further details of the proposed tariffs.

 

"But we'll be obviously a great advocate, great champion of that sector and
that industry," he told a news conference.-BBC

 

 

 

 


 


 


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Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
constitute an offer to sell or the solicitation of an offer to buy or
subscribe for any securities. The information contained in this report has
been compiled from s believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
the securities of more established companies. Neither Faith Capital nor any
other member of Bulls ‘n Bears nor any other person, accepts any liability
whatsoever for any loss howsoever arising from any use of this report or its
contents or otherwise arising in connection therewith. Recipients of this
report shall be solely responsible for making their own independent
investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and d from third parties.

 


 

 


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