Major International Business Headlines Brief::: 20 December 2020

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Major International Business Headlines Brief::: 20 December 2020

 


 

 


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ü  737 Max: Boeing 'inappropriately coached' pilots in test after crashes

ü  Tesla to join key share index as it defies critics

ü  Shell shocked: 'Lobster capital' braces for Brexit

ü  Lloyds Banking Group cancels bonuses after profit drop

ü  Cyberpunk 2077: Sony pulls game from PlayStation while Xbox offers
refunds

ü  Ethiopia: Tanneries Shut Down Due to Foreign Currency Shortage

ü  Kenya: KQ, Air France KLM Group Mutually Terminate Their Africa Europe
Joint Venture Cooperation

ü  Nigeria: Lagos Light Rail - 17 Years After, Failed Promises, Rot, Neglect
Trail Project

ü  Namibia: Fishcor Temporarily Moves Workers to Tunacor

ü  Namibia: 200 Border Officials Live in Squalor

ü  Angola: President João Lourenço Reaffirms 'Deep Changes' in Angola

ü  Nigeria: House Passes N453 Billion NDDC 2020 Budget

ü  U.S. shoppers grab last-minute holiday gifts, pick up online orders
in-store

ü  'Kick in the teeth'- UK business groups raise concern over new COVID
restrictions

ü  U.S. lawmakers make push for airplane certification reforms

ü  Apple temporarily shuts California stores in virus surge, some in UK
after new curbs

 


 

 


737 Max: Boeing 'inappropriately coached' pilots in test after crashes

US Senate investigators say that Boeing officials "inappropriately coached"
test pilots during efforts to recertify the company's 737 Max aircraft.

 

The planes were grounded in March 2019 following two deadly crashes.

 

Investigators accused Boeing and Federal Aviation Administration (FAA)
officials of "attempting to cover up important information".

 

Boeing said it was reviewing the findings and took them "seriously", while
the FAA defended its conduct.

 

The FAA said the Senate Commerce Committee's report contained "a number of
unsubstantiated allegations", and that its review of the 737 Max had been
thorough. It said it was confident that safety issues with the aircraft had
been addressed.

 

The crashes in Indonesia and Ethiopia came within five months of each other
and together killed 346 people. They have been attributed to flaws in
automated flight software called MCAS, which prompted the planes to nosedive
shortly after take-off.

 

A simulator test was conducted as part of the FAA's efforts to ensure that
the aircraft could be made safe to fly again. The test was designed to see
how quickly pilots could react to the faulty software.

 

In its report on Friday, the Senate committee said that based on
"corroborated whistleblower information and testimony during interviews of
FAA staff", it concluded that FAA and Boeing officials involved in the test
had "established a pre-determined outcome to reaffirm a long-held human
factor assumption related to pilot reaction time".

 

"Boeing officials inappropriately coached test pilots in the MCAS simulator
testing contrary to testing protocol," it said. "It appears, in this
instance, FAA and Boeing were attempting to cover up important information
that may have contributed to the 737 Max tragedies."

 

The report cited a whistleblower who claimed that Boeing officials prompted
test pilots to use a particular control immediately before an exercise.

 

It comes after the FAA last month cleared Boeing's 737 Max plane to fly
again. It said existing aircraft would need to be modified before going back
into service, with changes to their design, while pilots would need
retraining.

 

The FAA said the design changes it had required had "eliminated what caused
these particular accidents".

 

Earlier this month Brazil's Gol became the first airline to resume
commercial flights with the Boeing 737 Max. American Airlines said it
expected its first 737 Max flights in the US to resume on 29 December.--BBC

 

 

 

Tesla to join key share index as it defies critics

Tesla is poised to join America's benchmark S&P 500 stock index on Monday,
giving millions more investors a stake in the electric car-maker.

 

Analysts say the financial milestone is a validation of a string of good
news for Elon Musk's firm this year.

 

Demand for its cars was resilient this year despite the coronavirus
pandemic.

 

But adding Tesla - the most frequently traded name on Wall Street - to the
S&P could mean a bumpier ride for investors in funds that track the index.

 

"If Tesla continues to be as volatile as it has been, then we can expect the
index to be a little more volatile," says Garrett Nelson, senior equity
analyst at CFRA Research.

 

'Stamp of legitimacy'

Tesla has hit its fair share of bumps since its founding in California in
2003.

 

The company has flirted with bankruptcy, seen boss Elon Musk clash with
authorities over everything from self-driving technology to virus shutdowns.

 

Mr Musk has courted controversy with defamation lawsuits, using drugs live
on a web chat show and mulling over Twitter whether or not to take the
electric vehicle maker private.

 

Its shares have also endured ups and downs - though this year, they have
seen mostly the former, rising more than 700%, as the firm appeared to put
its manufacturing and financial challenges in the rear view mirror.

 

They popped almost 6% to a new record on Friday night, as funds tracking S&P
bought up stock worth an estimated $80bn (£60bn) ahead of the firm's
inclusion.

 

With a market capitalisation of more than $600bn, Tesla now ranks as the
most valuable car maker in the world and the sixth most valuable company on
Wall Street, behind tech giants such as Apple and Amazon.

 

It claims that distinction despite selling a fraction of the vehicles of
rivals such as Toyota, General Motors and Volkswagen.

 

"I'm quite surprised at the place they're at today - I think everyone is,"
says Nick Shields, senior analyst at Third Bridge, who has tracked the firm
for years.

 

Symbolically, he adds, the addition to the index, which tracks 500 of the
biggest US companies and weights them by market value, is a "big stamp of
legitimacy".

 

What does the addition mean?

The meteoric rise in Tesla's share price this year has made Mr Musk one of
the world's richest people, with a fortune worth nearly $150bn, behind only
Amazon's Jeff Bezos, according to Forbes' real-time ranking of billionaires.

 

Some of the rise, however, has little to do with Tesla's sales prospects -
instead reflecting anticipation that the firm would join the S&P, forcing
funds that follow the index to buy shares.

 

After months of speculation, index manager S&P Dow Jones Indices announced
the decision last month, after Tesla reported five quarters in a row of
quarterly profit.

 

Since then, Tesla shares have jumped roughly 60%.

 

More swings were expected on Friday, as index funds bought Tesla and sold
other holdings to create the proper balance for their investors ahead of the
firm's inclusion on Monday.

 

For the financial world, "it's very exciting because of the trading activity
we expect to take place prior to the closing bell," Mr Nelson says. "The
street is popping the popcorn and is going to sit back and watch the show."

 

Is Tesla over-valued?

Tesla's large market value means it is expected to account for more than 1%
of the index when it joins on Monday, replacing property firm Apartment
Investment, which is worth 0.02% of the index.

 

The company's heavy weight should worry investors, says Vitali Kalesnik,
partner and head of research for Europe at Research Affiliates, which
believes Tesla shares are over-valued - and due to fall.

 

"If Tesla keeps going up, then it's not a problem, but stocks just as well
go down as they go up," he says. "If this is a bubble - and we think it is -
then investors would be quite disappointed."

 

Tesla clearly has growth potential, he adds, but "the problem is the
valuation."

 

Mr Nelson says he thinks there's still room for the firm's shares to rise,
given the expected increase in demand for electric vehicles, in part thanks
to climate-friendly policies embraced by incoming US president Joe Biden.

 

He predicts the price of a Tesla share could hit $750 over the next 12
months, up from the roughly $695 closing price on Friday.

 

"It's one of the market's best earnings growth stories at the moment," he
says.--BBC

 

 

 

Shell shocked: 'Lobster capital' braces for Brexit

Live shellfish exporters in England have warned a wave of form-filling,
certification and tariffs will hit the industry in 2021.

 

Traders who sell live crabs and lobsters into the EU expect delays caused by
bottlenecks and new rules.

 

Fisheries remains a problem for post-Brexit trade talks, but even if a deal
is done, trading across the Channel will not be as seamless as it is now.

 

More than 80% of crabs and lobsters from East Yorkshire are sold in Europe.

 

On a typically blustery morning on Bridlington Harbour the lobster lorry
arrives from France.

 

It makes stops all along the East Yorkshire coast, loading freshly caught
lobsters into sea water tanks to transport and sell back on the continent.

 

Exporting live shellfish to France and Spain will become much more
challenging when the UK enters into a new relationship with the European
Union from 1st January 2021.

 

Lobster to get more luxurious?

Hundreds of shell fisherman and exporters rely on frictionless trade, so a
no deal is their worst-case scenario.

 

"The cost of everything will rise with all the extra tariffs businesses will
have to pay on goods going in both directions," according to Jo Ackers, the
company secretary of one of the largest shellfish wholesalers in
Bridlington.

 

"We are looking at extra tariffs of 8% on lobster and 7.5% on crab with EU
countries having similar import tariffs. It is the fishermen and the end of
line customers that would get hit with these costs in the long term," she
said.

 

Ms Ackers runs the Independent Shellfish Cooperative alongside her husband
in Bridlington.

 

The pair act on behalf of 31 vessels, selling their fresh catch of lobsters,
crab and whelks for both processing and the live market.

 

Much of it driven by lorry from harbours in Yorkshire to southern ports like
Dover or Plymouth and then onwards to markets on the Mediterranean.

 

Shellfish receives the highest prices when shipped live to the EU, and so
any delays and congestion at the ports will likely hit profits.

 

Ms Ackers is not only worried about tariffs being slapped on exports, but
higher taxes coming the other way too.

 

Costs rising

She fears the cost of the material the fishermen need to do their work with
rise too.

 

"A lot of rope and twine is made in Portugal, the most popular clothing
manufacturer is French and the most popular wellies are made in the
Netherlands. The fishermen are therefore faced with the prospect of
increasing prices on the goods they buy while the value of their catch is
decreasing," she says.

 

>From Flamborough Head to Spurn Point, the East Yorkshire coast is home to
the UK's largest crab and lobster fishing industry, landing almost £10m
worth of shellfish every year.

 

This is an economic success story in an area that has often struggled. Many
working the shellfish boats are veterans of the 1970's cod wars which
finished off the UK trawler fleet.

 

Any deal brokered by government is only part of the challenge here. Ms
Ackers says in the New Year there will be a bureaucratic mountain to climb.

 

"I think it's getting more confusing and complicated the closer we get, it's
almost information overload, everybody is trying to tell us what we should
be doing, and it quite difficult to sift through it all,' said Ms Ackers.

 

Some of the new requirements for live shellfish exports from 1st January
2021 include an export animal health certificate that must be signed by a
fish health inspector who will need at least five working days notice.

 

It's an official document that confirms your export meets the health
requirements of the country it's destined for.

 

The importer must then notify an EU Border Control Point. Shellfish must be
then checked at a Border control point and UK Customs forms should also be
completed.

 

40-year-old accord gone

With just two weeks until this new system begins, frustration is building
300 miles south in Devon amongst the south west fishing fleet.

 

Beshlie Pool, the Executive Officer of South Devon and Channel
Shellfishermen's Association, warns the logistical challenges ahead are
'very significant and concerning.'

 

The association has 75 shellfish boats that land around £5m worth of crab
and lobsters at the ports of Salcombe and Dartmouth every year, and like
Bridlington, much of it is exported.

 

"Our exporting members remain extremely distressed about difficulty with
logistics related to the exports from January 1st onwards including issues
with the design of government systems and processes, availability of staff
needed to sign off exports and a massive increase in paperwork burdens with
significant associated costs," said Ms Pool.

 

Fishing has always been an emotional issue in the UK's relationship with the
European Union, and is at the centre of ongoing negotiations regarding a
future trade deal.

 

"Parts of our South West fishing fleet are facing the breakdown of a
40-year-old accord with our French and Belgian colleagues, and the
associated loss of fishing grounds and therefore revenue," said Ms Pool.

 

'Unworkable'

Exporters says they are working through exceptionally difficult times. Mark
Moore, from the Dartmouth Crab Company, warned that 'lack of clarity from
Government is impacting our day to day business, as we try to prepare to
export in the new year.'

 

The company has a fleet of nine lorries and exports live crabs to France and
Portugal. Over the decades the shellfish industry has relied on a smooth
supply chain delivering seafood from catch to plate within 24 hours.

 

Mr Moore is worried about the news rules and regulation could slow things
down, which is a major concern when dealing live products.

 

"The catch certification requirements remain unworkable, the issuing of
European Health Certificates is still in a state of confusion and we are
significantly concerned about the additional costs related to these, there
is no real guidance available on how tariffs will operate.

 

"Frankly, it's a mess''.--BBC

 

 

 

Lloyds Banking Group cancels bonuses after profit drop

Staff at Lloyds Bank won't be receiving bonuses for this year after the
pandemic hit profits at the lender.

 

It said the decision was not a reflection of the work its employees had done
this year and that lower-paid staff will get pay rises above inflation.

 

Bankers were told in a memo on Thursday first reported by the Financial
Times.

 

The bank will not meet the minimum threshold of profit for 2020 to make the
payouts.

 

The bank has said before that if profit for 2020 was more than 20% below its
target bonuses would be cancelled.

 

The lender will announce 2020's earnings on 24 February.

 

"In 2021 we're making above-inflation pay increases for most of our people
and these will be geared toward those colleagues on lower pay," the bank
said in a statement.

 

"Given our expected levels of profitability for 2020, we are unable to pay
group performance share (or bonus) awards to our people for this year.

 

"This decision on bonuses in no way reflects the hard work and commitment
our people have made throughout this extraordinary year to keep our
businesses operating strongly and to provide support and help to our
consumer and business customers."--BBC

 

 

 

Cyberpunk 2077: Sony pulls game from PlayStation while Xbox offers refunds

Sony has pulled Cyberpunk 2077, one of the year's most-anticipated games,
from its store and offered refunds to all players.

 

The unprecedented move follows complaints that the game has been riddled
with bugs and glitches, and is prone to crashes.

 

Microsoft later said it would also refund any dissatisfied Xbox players.

 

Developer CD Projekt Red has promised to issue patches to improve the game
for those who do not return it.

 

It’s unclear when Sony Interactive Entertainment (SIE) plans to return the
game to the PlayStation Store.

 

“SIE strives to ensure a high level of customer satisfaction, therefore we
will begin to offer a full refund for all gamers who have purchased
Cyberpunk 2077 via PlayStation Store,” the company said.

 

A Microsoft spokesperson said Xbox players would also get refunds - but is
not pulling the game from sale.

 

"We know the developers at CD Projekt Red have worked hard to ship Cyberpunk
in extremely challenging circumstances," a spokesperson said.

 

"However, we also realise that some players have been unhappy with the
current experience on older consoles."

 

To rectify the situation it said it was issuing refunds to customers who
have already requested one and would be expanding refunds to "anyone who
purchased Cyberpunk 2077 digitally from the Microsoft Store, until further
notice".

 

To request an Xbox refund, users needed to follow the steps listed on the
Xbox refund page .

 

Some Sony users reported being unable to request the refund, even after the
announcement - something Sony said it was working "to get up and running as
soon as possible".

 

It can still be bought on PCs - and gamers who do not want be reimbursed for
their copies can still play the game and receive updates.

 

Older consoles

 

In Cyberpunk 2077, players live in a criminal world where they can pay to
upgrade their bodies with technology.

 

The action role-playing game was originally "announced" in 2012, but then
re-announced in 2018 and then showcased with huge fanfare - and an
appearance by Keanu Reeves - in June 2019.

 

The game reviewed well, with critics praising its gameplay and visuals -
despite many visual glitches and bugs, which are common in large open-world
games and often patched after launch day.

 

But on release it became clear that versions of the game for older consoles
like the PS4 and Xbox One ran poorly, with hitching, visual quality drops
and slowdown that many players said made the game unplayable.

 

Those with the newest versions of consoles, or a high-end gaming PC, have
not experienced the same level of issues.

 

CD Projekt Red, which traditionally has focused on the PC market, had
already acknowledged it "should have paid more attention to making it play
better" on those consoles.

 

The company says it will release patches to solve the problems in January
and February.

 

“They won’t make the game on last-gen look like it’s running on a high-spec
PC or next-gen console, but it will be closer to that experience than it is
now,” the company said in a statement on its website.

 

Refund confusion

It also encouraged users to use refund systems on the Sony and Xbox stores
if they were unhappy.

 

However, PlayStation's policy is to usually not offer refunds if the game
has been downloaded and played, "unless the content is faulty".

 

That led to much confusion among players seeking refunds as directed by CD
Projekt Red, who were refused such refunds by Sony.

 

It is not clear if the removal of the game from the PlayStation store means
that Sony has decided the game is "faulty" under its rules.

 

Hours after PlayStation's announcement that it was pulling Cyberpunk 2077
from sale, CD Projekt Red said the game was "temporarily" suspended
"following our discussion with PlayStation".

 

It said the game would "return as soon as possible" - but gave no date.

 

Xbox users also reported trouble with refunds, with many saying refund
requests have been refused, despite an apparently flexible refund policy.

 

Microsoft says that while it considers all sales final, "we understand there
may be extenuating circumstances" and it considers several factors for
refund requests.

 

But the firm announced it was expanding its refund to cover all digital
sales of Cyberpunk 2077 about half a day after Sony.

 

media captionWATCH: Marc Cieslak meets Cyberpunk 2077's creators and
explores its world

CD Projekt Red also came under fire from fans when it announced staff would
have to work overtime to finish the game - a process known in the industry
as "crunch".

 

It had previously promised not to impose that kind of demand on its
staff.-BBC

 

 

Ethiopia: Tanneries Shut Down Due to Foreign Currency Shortage

Leather industries and Tanneries are shutting down their processing
facilities due to foreign currency shortages, The Reporter learnt from the
sector's association which represents dozens of manufacturers.

 

According to the Ethiopian Leather Industries Association (ELIA), the sector
has been facing complex challenges as most factories have been unable to get
major inputs including salt, chemicals as well as spare parts and
accessories.

 

Even though this sector has been designated by the government as a priority
sector, ELIA noted, Commercial Bank of Ethiopia's (CBE) failure to avail
foreign currency has affected the supply of most of these products.

 

ELIA President Tattek Yirga - who is also the owner of Kangaroo Shoe and its
sister company Batu Tanneries - told The Reporter that at least four to six
factories were already forced to shut down their factories while others are
already running on less than 10 percent of their capacity due to input
shortages.

 

He said while more than 90 percent of the product is destined to foreign
markets bringing a considerable amount of foreign currency to the country,
the CBE had repeatedly failed to deliver the required foreign currency to
manufacturers.

 

He pointed out that manufacturers who apply for foreign currency are forced
to wait from seven months to a year, while it takes more than four months to
open a Letter of Credit.

 

He added, for example, tanneries have abandoned hides and skins procurement
due to salt and chemical shortage as they are not able to preserve the raw
hides and skins for long periods without these inputs.

 

Gizawe Assefa, the General Manager of Bahir Dar Tanneries and Glove Factory,
said the government's recent decision to lift duty free imports of
accessories for tanneries and leather factories has worsened the prevailing
challenges coupled with forex shortages. He underlined that the government's
narrative of offering incentives and priority to this sector are empty
promises which are rarely practiced.

 

"This sector brings foreign currency to the country. However, the sector has
not been receiving the proper attention from the government in terms of
accessing foreign exchange. We obviously see that the bank [CBE] serves most
of the service and construction sectors, while the sector is one of the
sources of foreign currency. We deserve a fair share," Gizaw told The
Reporter.

 

It can be recalled that in April this year, the Ministry of Trade and
Industry, in an effort to rescue the sector, lifted the tax imposed on the
export of pickled and wet-blue leather products.

 

But, the manufacturers are wondering what made the Ministry come up with new
decision to scrap the duty-free importation of accessories which served as a
great incentive for local manufactures in their pursuit of value added
products aimed at the foreign market.

 

Tatek, explaining the current status of his own factory, said that the 60
years old factory is faced with the worst hardship in its history.

 

"Our factory is one of the pioneer private factories processing leather,
stitching shoes, sewing cloths and bags, over the past 60 years. I came from
abroad and took over the family business. However, with the current shortage
and complex process of foreign currency, which has already affected our
factory, we are unable to feed it with the required inputs and spare parts.
I am now frustrated with the difficulties of running this factory any longer
in such conditions," Tatek told The Reporter, adding, "Unless the government
supports us, we will be contemplating to shift to other alternative
businesses like ordinary trading or imports."

 

Mesfin Lemma, who is the head of Ethiopian Leather Development S.C., told
The Reporter that currently, local tanneries and leather factories face
critical input shortages.

 

According to him, shortage of salt is one of the critical challenges they
currently face. Among others, the shortage of chemicals, sourced from Derba
cement factory, is also low in supply due to electric power shortages to
that factory.

 

In addition to the association blaming CBE for not showing the willingness
to support the sector in the required form, the association also blames the
Ministry of Trade for failing to solve the problem.

 

"We think the main problem lies at the Ministry [of Trade and Industry]
which shows some kind of reluctance when it comes to enforcing the privilege
accorded to the industry in accordance with the pledges made by the
government," Tatek said.

 

Asked if they had formally lodged complaints or held meetings with senior
officials of the CBE, Tatek said that their requests were ignored.

 

"Of course we have made a formal request and met with officials.
Unfortunately, we were told that let along the humble manufacturers, the
Minister himself could not be prioritized access to get USD," Tatek said.

 

Manufacturers have called on the government to contemplate on devising
alternative solutions or a "plan B" to support the sector.-Reporter.

 

 

 

Kenya: KQ, Air France KLM Group Mutually Terminate Their Africa Europe Joint
Venture Cooperation

Nairobi — Kenya Airways and Air France KLM Group have agreed to mutually
terminate their Africa-Europe joint venture partnership from 1st September
2021.

 

The airlines had previously suspended the Joint Venture cooperation for the
calendar year 2020 mainly due to the COVID-19 pandemic and subsequent
unpredictability of return to normalcy in operations.

 

Kenya Airways will continue to serve the Europe market through its gateways
of London, Paris, Amsterdam with Rome slated for resumption from 2021.

 

These routes will be served by onward codeshares from the Air France KLM
group and additionally with our ever-expanding network of European carriers
including Alitalia, British Airways, Lufthansa, and Swiss International
Airlines amongst others.

 

"This development allows Kenya Airways to offer additional options and
convenience to our customers connecting through our European gateways in
line with our goal of supporting the recovery of international tourism in
Kenya and connecting Africa to the World, and the World to Africa," said
Kenya Airways CEO, Allan Kilavuka.

 

Kenya Airways is a member of the SkyTeam alliance, and the loyalty program
will continue to apply on all the partner flights.

 

Frequent Flyers will therefore continue earning and redeeming miles, while
Elite Plus travelers are benefiting from SkyPriority services.

 

Kenya Airways is a leading African airline operating over 70 flights a day
and flying to over 53 destinations worldwide, 43 of which are in
Africa.-Capital FM.

 

 

 

 

Nigeria: Lagos Light Rail - 17 Years After, Failed Promises, Rot, Neglect
Trail Project

More than a decade since the construction of the Lagos Light Rail has
commenced, it has failed to see the light of the day.

 

The poor state of the road, occasioned by the neglect of the 27km-long
Marina-Okokomaiko section of the Lagos light rail project, mirrors the rot
that is beneath the façade of "excellence" which successive governments in
Lagos have continued to pride themselves with since 1999. While similar
projects elsewhere have since been built and expanded beyond their original
corridors, the Lagos light rail has suffered neglect after 17 years of
failed promises. Again, apart from the accountability issue raised in
connection with the discrepancies in the funding costs, the failure of the
government to complete the rail project in almost two decades has had
negative effects on the socio-economic life of Lagos residents.

 

The rickety vehicle huffed and puffed for the umpteenth time at the
Iyana-Iba section of the Lagos-Badagry Expressway. The driver, a middle-aged
man dressed in African wax fabric, struggled to negotiate his ways through
contortions, craters and ditches. At the open market located some metres
away from Volkswagen bus-stop, the driver wrestled with the steering to
maintain balance, maneuvering his way through a ditch with one hand and
wiping off beads of sweat running across his forehead with the other.
Passengers who have had to endure the pain-inducing journey from the Agbara
end of the road screamed in frustration. Others lashed out at the government
for abandoning the road.

 

It was in the autumn of March and the rains had not begun to pour. There
were no signs of flooding on the road yet, neither were there muddy sections
on either side. But commuters and car owners groaned and cried over the
pathetic state of the road, occasioned by an abandoned rail project.

 

The poor state of the road, occasioned by the neglect of the 27km-long
Marina-Okokomaiko section of the Lagos light rail project, mirrors the rot
that is beneath the façade of excellence that successive governments in
Lagos have continued to pride themselves with since 1999.

 

While similar projects elsewhere have since been built and expanded beyond
their original corridors, the Lagos light rail has suffered neglect after 17
years of failed promises. And apart from the accountability issue raised in
connection with the discrepancies in the funding costs, the failure of the
government to complete the rail project in almost two decades has had
negative effects on the socio-economic life of Lagos residents.

 

In December 2003, when the contract for the construction of the Lagos light
rail network was flagged off by the Bola Tinubu administration, commuters
and motorists jumped for joy. The $135 million proposal was part of the
greater Lagos Urban Transportation Project, which was to be handled by the
Lagos Metropolitan Area Transport Authority (LAMATA).

 

LAMATA initially planned to establish a Bus Rapid Transit (BRT) system, to
run from Mile 12 to Lagos Island. In 2008, the agency chose to focus on a
seven-line network codenamed Red, Blue, Green, Yellow, Purple, Brown and
Orange lines. The Blue Line is expected to be 27km long, connecting
Okokomaiko to Marina, with an estimated completion date of 2011.

 

Dotted along the densely populated Okokomaiko-Mile 2 axis of Lagos are
important economic markers such as the Tradefair Complex and the Alaba
International market. The axis also plays host to the road that leads to
Nigeria's border with neighbouring Benin Republic - Seme Border. Many
Lagosians residing on the corridor also work and own businesses in far-flung
places in Lagos, including Victoria Island and Ikeja.

 

The rail project was, therefore, expected to open up that axis of Lagos to
the West African market, with ripple effects on the local economy. But years
after the award, the pains of commuters and transport workers have remained.

 

"From Under-Bridge to Barracks, you can spend three hours on a very good
day," Cynthia, a student of the Lagos State University, LASU, lamented.

 

Cynthia told this newspaper that transport fares along the road have always
been on the high side due to its poor state, but commuters' troubles have
doubled since the ban on commercial motorcycles (Okada) took effect earlier
in the year in strategic parts of the state.

 

"People trek most often on this road," she said, adding that from Abule-Osun
through Barracks, it is a common sight to see people alight from vehicles
and resort to trekking to Iyana-Iba.

 

"Robbers also use the opportunity to rob commuters and car owners of their
belongings at night on this road," Kelechukwu Ogu, a trader at the famous
Alaba International Market, added. "At least, I know of two people who have
witnessed robbery on this road, especially at Volks bus-stop. And some other
people have died."

 

Some commuters lamented the hardship they go through on the road. They also
called on the government to look into the speedy completion of the rail
project to ease their stress.

 

For Banji Alade, a private estate developer, the cost of transport and poor
return on investment on real estate projects are his major headaches.

 

"If you want to go from Ajangbadi to Mile-2, you should prepare to spend
about a thousand naira or more," he said. "It wasn't this bad before now;
there were days we spent less than N400 to get to Mile-2. But over the
years, the decay on the road has brought more hardship on residents. It's
why properties around here attract very little value; the road is a major
hindrance."

 

Other commuters who spoke with PREMIUM TIMES maintained that the pains they
go through on the road would have been minimal had the Lagos State
Government completed its abandoned rail project, a part of which is the road
construction.

 

Lagos Rail Project

 

The Lagos Rail Mass Transit (LRMT) network is a major component of the
Strategic Transport Master Plan (STMP) which has been developed as a compass
for the development of public transport infrastructure in the state.
According to the Lagos Metropolitan Area Transport Authority (LAMATA), the
STMP is a 30-year plan put together under series of intensive researches,
studies, and analyses of future transportation demands and needs of Lagos
State as Nigeria's commercial and economic hub and one of the world's
fastest growing mega cities.

 

The master plan gave birth to the Lagos Urban Rail Network (LURN), a network
of urban rail-based systems covering seven major corridors of high commuter
traffic demand within and beyond the metropolitan Lagos extending to border
areas with states like Ogun and Oyo. The Urban Rail Network consists of six
railway lines planned along priority and high commuter demand corridors
within the Lagos metropolis and farther. The six lines link the major
population and activity centres in the state, as well as taking advantage of
existing transport corridors.

 

The lines are Blue Line (Okokomaiko to Marina); Orange Line (Redeem to
Marina); Brown Line (Mile 12 to Marina); Purple Line (Redeem to Ojo); Green
Line (Marina to Lekki); Yellow Line (Otta to Iddo) and Red Line (Agbado to
Marina via Iddo and Muritala Mohammed International Airport).

 

LAMATA says that the types of trains proposed for the Blue Line Rail Project
are Electric Multiple Units (EMUs). EMUs are emissions-free and therefore do
not pose problems of environmental pollution usually associated with
conventional diesel locomotives.

 

However, more than a decade since the construction of the rail line has
commenced, it has failed to see the light of the day. The failure has
equally subjected residents to suffering, especially on the Lagos-Badagry
corridor, as well as other parts of the state.

 

>From Jakande to Sanwo-Olu: A history of failed targets

 

At about 1:00pm on July 16, 1983, the flag-off of the N689 million Lagos
metroline project was done in Lagos. The project was aimed at easing the
traffic jam in Lagos and the first phase was projected for completion in
July 1986.

 

Although criticised in some quarters as a waste of resources, the project
was conceived during the tenure of Lateef Jakande, Lagos state governor
between 1979 and 1983. Mr Jakande vigorously defended the project, conceived
to have 30 trains, each running 28.5 kilometres on raised concrete tracks
from Marina to Agege.

 

However, in 1985, the project was terminated by the military administration
of Muhammadu Buhari. Analysts said that decision, taken two years after the
project started and a year to the completion of the first phase, came at a
loss of over $78 million to Lagos taxpayers.

 

In the early 2000s, almost two decades after Mr Buhari's military junta
scrapped the project, the then governor of the state, Bola Tinubu, reviewed
the plan for the state to have a functional rail system. A formal
announcement was made in December 2003.

 

The first two lines of the urban rail project were estimated to cost $1.4
billion. The Blue line was designed to be 27km long, connecting Okokomaiko
to Marina. However, up until Mr Tinubu left office in 2007, little progress
was made on the project.

 

In 2008, the then newly elected governor, Babatunde Fashola, promised to
revive the project, with a completion date of 2011. In 2009, the project
kicked off effectively and was handled by China's state-owned China Civil
Engineering Construction Corp (CCECC).

 

>From Iddo, the Blue line running on an elevated platform would move along
the National Theatre station and make a descent at Iganmu to join the
Lagos-Badagry Expressway. This was ostensibly conceived to ease link between
Nigeria and neighbouring West African countries, including Benin and Togo.
It would run through Alaba Suru, Mile 2, Agboju-Amuwo, Alakija, Trade Fair
station, Volkswagen, Iyana-Iba, LASU, PPL and terminate at Okokomaiko
station.

 

A number of rail crossings with elevated road structures were also conceived
to be built along the lines. Pedestrian bridges will be constructed over the
Nigerian Railway Corridor. Cable ducts and walkways, in addition to drainage
system with two walls will be built along different sections of the lines.

 

When the 2011 target failed, Mr Fashola said that June 2013 was the
completion date for the first phase of the project. But the projection
failed yet again. Thereafter, Mr Fashola said it would be completed before
he left office in 2015 but, again, this promise could not be fulfilled.

 

Speaking to Guardian newspaper on why the targets failed, Mr Fashola's
spokesperson, Hakeem Bello, said: "Let me draw your attention to the fact
that when the governor said that (rail will be completed in June 2013), he
also mentioned that all these will be subject to availability of funds. So,
if the World Bank loan is still being held up by the Federal Government and
there are still issues, definitely it would be impossible to do magic."

 

Immediately the immediate past governor of the state, Akinwunmi Ambode, came
into office in 2015, he promised that by December 2016, the first phase
would be commissioned. Asked about a start date for the line in an interview
conducted in November 2015, Mr Ambode told Reuters: "By December 2016, that
should be delivered."

 

But Mr Ambode left office four years after in 2019 without completing the
project.

 

Last December, the incumbent governor, Babajide Sanwo-Olu, said the blue
line rail project will be completed in 2020 and become operational in 2021.
Mr Sanwo-Olu spoke after inspecting the five-kilometre- long beam bridge
constructed from Iganmu to Marina, as part of the fourth phase of the
project. He claimed that the completion of the sea-crossing track indicated
his administration's commitment towards finishing the state-funded track
started in 2009.

 

"The aim of this rail project is to reduce the travel time through an
effective and efficient inter-modal transport system. It is also key to the
building of a 21st Century economy, which is central to the vision of a
greater Lagos. We are committed to delivering this project next year and
ensuring its operation starts in 2021," he explained.

 

Blurry prospects

 

Despite the promises made over the years by successive governments, there
are very little indications that the project would be completed as and when
promised.

 

In February, the CCECC took to social networking site Twitter to announce
the completion of the beam bridge of the sea-crossing for the project.
"Constructed by CCECC, the continuous beam bridge of the sea-crossing for
the Lagos Blue Line Light Rail project has been completed. It is the first
sea-crossing bridge in West Africa," it tweeted.

 

But when PREMIUM TIMES went on an inspection of the Blue line rail project
in March, it was observed that there were still numerous aspects of the
project crying for attention.

 

For instance, from the Okokomaiko end of the road through to Abule-Ado, via
Volks, Barracks, Under-Bridge, Tradefair and Abule-Osun, there are no
visible signs of works being done on the project. However, one of the two
bridges being built for the Blue line has been completed at Mile 2.

 

Although now abandoned, the track has equally been laid from Mile-2 through
Suru Alaba to Orile.

 

Similarly, a five-kilometre- long beam bridge has been constructed from
Iganmu to Marina, but many Lagosians continue to wonder when the project
would finally be completed to ease the transport mess across the city.

 

When this reporter visited the track yet again in November, the various
stops reeked of faeces, trash, and urine. Several stops along the lines had
heaps of trash and refuse on them. Between Mile 2 and Orile, commuters
dumped refuse on different sections of the rail track with reckless abandon.
At Suuru Alaba, the tracks have been taken over by thick grasses and fecal
material.

 

Although there were barricades at strategic parts of the track in Orile
Iganmu, people defied the barricade to defecate and urinate on the track.

 

However, from Orile to CMS, the track remains suspended in the sky, passing
through the Lagos Lagoon, with its columns and bridges erected.

 

In November, the CCECC said the Mile-2 to National Theatre section which is
Phase II and III of the Lagos Blue Line Rail project, is now over 98 per
cent complete.

 

Similar Projects

 

Meanwhile, decades after Lagos has failed to complete its rail network, the
Cairo Metro, a project initiated around the same period as Lagos', has been
built and expanded. The construction of the project's Line 1 began in 1982
and was completed in 1989. Made up of 33 stations with a total length of 43
km, of which 4.7 km was underground, it connected Helwan with El Marg.

 

In 1999, the New El Marg Station was added to the northern end of the line,
bringing its total length to 44.3 km. Since then, the Egyptian government
has ensured that the line was developed and expanded, leading to the
addition of two other lines---Lines 2 and 3.

 

In August, a report said Alstom, a construction company, has successfully
supplied, tested and commissioned part of the Cairo Metro Line 3 - Phase 4,
which features a total of ten stations from Heliopolis to Adly Mansour.

 

Another similar development was witnessed more recently with the Addis Ababa
Light Rail in Ethiopia. The 17-kilometre (11 mi) line running from the city
centre to areas in the south of the city opened on 20 September 2015, and
service began on November 9, 2015 for the second line (west-east). With a
total length of 31.6 kilometres (19.6 mi) for both lines, it has 39
stations.

 

The project was commissioned in September 2015, and it is the first light
railway in Africa. It was built at a cost of $475 million, with 85 per cent
of funding coming from the Export-Import Bank of China. The rail project was
contracted by the China Railway Group Limited.

 

In December 2011, the Ethiopian Railways Corporation began construction of
the double track electrified light rail transit project, after securing
funds from the Export-Import Bank of China.

 

Reports said trial operations got underway in February 2015, operated by the
Shenzhen Metro Group.

 

Last year, details emerged that the Chinese-built 34-km Addis Ababa Light
Rail Transit (AALRT) network had transported more than 29 million people in
just nine months, according to the Ethiopian Ministry of Transport (MoT).

 

... The Wait, Controversies Linger

 

Meanwhile, despite the delays recorded on the Lagos rail project, there have
been a series of accountability and transparency concerns in the cost and
execution of the project.

 

In January 2019, details emerged of a report by China Railway Construction
Corporation, the company in charge of Lagos light rail project otherwise
known as Lagos monorail, which showed discrepancies in the purported cost of
the project on the part of the government and the contractor.

 

In a 2010 report delivered by China Railway Construction Corporation to its
shareholders, published on the company's website, the company claimed that
the sum of $182 million was earmarked for the completion of the project.
This differed from the one released by the Lagos State Government, which
puts the project cost at $1.2 billion.

 

In its reaction to the infractions, a civic advocacy group, BudgIT, noted
that "... Aside from the monorail, we reiterate our concern about the same
opacity that plaques toll gates operation and large constructions in Lagos.
Same goes to the abject lack of transparency in the procurement process, an
impenetrable system which has ring-fenced public funds around private
interests."

 

Babatunde Gbadamosi, an opposition politician and now chieftain of the
Peoples Democratic Party, also broke down the costs of the Ethiopian rail
project and the Lagos light rail project.

 

"The light rail project is being built at a cost of over $1 billion," he
said at a debate organized ahead of the 2019 general elections. "However, in
Ethiopia, there is a heavy rail project started in 2011 completed in 2016,
it is already in use. Built at the cost of $5.2million per Km, however, in
Lagos, we apparently spend $54 million per Km on that light rail project
that has been on for the past ten years and has not been completed."

 

Lagos has a long history of being opaque about the management of its
finances.

 

On its part, BudgIT called on the government "to put to rest all doubts and
concerns," demanding in a statement that "the Lagos state government should
break the silence and come out clean on this matter."

 

However, the numerous cries for clarity and transparency from different
quarters notwithstanding, the Lagos government has not come out to make any
such clarification on the issue.

 

When PREMIUM TIMES contacted Gbenga Omotoso, the state commissioner for
Information earlier in the year, requests made for clarification were not
responded to. Similar efforts made in November yielded no result.

 

An email message sent to CCECC through an address listed on its website was
also not replied. A similar email to LAMATA was not replied to.

 

In the last week of November, when this reporter spoke to road users along
the Okokomaiko-Mile 2-Marina corridor, they were expectant and indifferent
in equal measure.

 

Like BudgIT and others demanding and expecting transparency about and final
completion of the project, they seem to be asking the same question: "When
exactly will the wait finally end?"

 

(This report is part of the fulfilment for the ATUPA fellowship by Civic
Hive in collaboration with the U.S Embassy).-Premium Times.

 

 

 

Namibia: Fishcor Temporarily Moves Workers to Tunacor

The National Fishing Corporation of Namibia (Fishcor) has sold 4 000 metric
tonnes of its horse mackerel quota to Tunacor Fisheries in exchange for the
temporary employment of 655 former factory workers of Seaflower Pelagic
Processing (SPP).

 

Because Fishcor has only a small staff and has no operational
infrastructure, the interim board went into negotiations with several
fishing companies to absorb the SPP employees who are facing retrenchment
because of little or no quota allocated to their employer.

 

Last month, 425 of the 655 employees of SPP left the company, a few days
before the company was to start processing 4 000 metric tonnes allocated to
them in August, which the company said could not be caught because of bad
weather at sea during the winter months.

 

This is despite the ongoing litigation against Fishcor by SPP.

 

On Thursday, the two parties represented by Peya Hitula, the chief executive
office of Tunacor, and, Milka Mungunda, a member of Fishcor's interim board,
signed an of agreement at the fishing factory's premises.

 

Hitula says his company is conscious that the available quota is not
infinite so they will continue to grow and generate more value without
adding pressure to their existing resources.

 

"We remain confident that the protocol to be signed today with our partners
will cement a future for the employees and provide them with an income to
sustain themselves and their families," he said.

 

Hitula explained that Tunacor is in the process of recruiting the employees,
who will be enlisted on a special payroll as their employment contract is
valid until March 2021.

 

Tunacor currently has no vacancies but Hitula is optimistic that the
employees will be integrated into the company's four processing facilities
and 15 vessels as and when positions become available.

 

"Despite that, the fact is that the employees will still receive
remuneration and an income for the interim period as advised by madam Milka
Mungunda from Fishcor," said Hitula.

 

The two parties agreed on a basic salary of N$2 500 per employee, which
translates to a monthly salary bill of N$1,6 million for the former SPP
workers. The employees will receive their first salary in the next two weeks
although they have not worked.

 

Mungunda says Fishcor went into the relationship with Tunacor as a temporary
measure while they are working out a long-term solution for SPP employees.

 

"We did not favour Tunacor and don't know Tunacor. The four of us (Fishcor
board members) have no interest in the fishing industry and we don't
understand it. But after we did a lot of research and had discussions [... ]
we accepted the offer from Tunacor," said Mungunda.

 

According to the agreement, employees will not be compensated on a no-work
no-pay relationship but they will receive a monthly salary.

 

Mungunda declined to say why they started dishing out quotas to other
companies while there is an ongoing court case between Fishcor and
SPP.-Namibian.

 

 

 

Namibia: 200 Border Officials Live in Squalor

Leaking drains, broken toilets and green, smelly sewage water. These are the
conditions officials at the Omahenene border post live in.

 

The officials work for the ministries of agriculture, finance, health,
police and immigration while some work for Amta and the Namibia Agronomic
Board.

 

They all live in the Omahenene border post accommodation the government
built, and they were accommodated there in 2013.

 

However, the officials told The Namibian this week that they have been
living in deplorable conditions for three years.

 

According to them, they have now stopped using showers and toilets in their
houses because they are flooded with the sewage.

"We run to nearby bushes when nature calls," the officials said.

 

The Namibian also saw makeshift showers which the officials now use, as the
showers in their houses are dysfunctional.

 

When The Namibian visited the place this week, green-blackish sewage
discharge could be seen flowing in a narrow trench from a drain into a
nearby hole.

 

Goats drank this water, while pigs played in it.

 

Now, some officials have been forced to leave their houses because of the
stench, and they have built shacks or erected tents.

 

Those who are still staying in the houses say their toilets do not flush
away waste anymore. They described the situation as a ticking time bomb for
hepatitis E.

 

"We are running out of patience," the officials said.

 

They said they have reported the matter to the ministry of works, but their
plight has been ignored.

They alleged that members of a parliamentary standing committee visited the
place twice, and they informed them about their situation, but nothing has
been done.

 

"Officials from the Office of the President also came here in September this
year. They promised to attend to the matter, but until now nothing has been
done. Perhaps that promise was made to canvass votes," the officials said.

 

They thanked the government for building "good accommodation" for them, but
they say it should be maintained.

 

Contacted for comment, Omusati chief regional officer Gervasius Kashindi
said the regional council has reported the matter to the ministry of works,
which is responsible for maintenance.

 

He said the problem has been like that for years but the regional council
cannot do anything since it is not the custodian of the buildings.

 

He also said the place is conducive to the spread of Covid-19.

 

Works and transport ministry's spokesperson Julius Ngweda said the ministry
was not aware of the situation at Omahenene border post.

 

"We will follow up on the matter. We also want to know where this report was
sent to and why we have not done anything for four years.

 

Omahenene border post is port at the border between Namibia and Angola in
Onesi constituency.-Namibian.

 

 

 

Angola: President João Lourenço Reaffirms 'Deep Changes' in Angola

Luanda — The Angolan head of state, João Lourenço, said Friday that "a
process of deep changes" was underway in the country, with priorities for
development in the agriculture, technology, education, transport,
infrastructure, health, pharmaceutical, banking and insurance sectors.

 

João Lourenço, who was participating, by videoconference, in a round table
before the US President's Advisory Council on business in Africa, said that
these sectors may be of interest to US investors, who are predominantly
focused on the oil segment.

 

"The interest in investing almost exclusively in hydrocarbons should be
corrected, taking into account the enormous potential that the Angolan
economy offers," noted President João Lourenço.

 

The Angolan statesman considered the convergence of points of view between
the Angolan government and the future US administration, regarding the issue
of fighting corruption, a matter of national security.

 

"It is in this spirit that we are conducting, in Angola, a process of
correction of bad governance practices and management of public affairs,
with the support of important institutions from friendly countries, of which
I highlight that of the Treasury Department, which has been providing
technical assistance to our Financial Information Unit," he noted.

 

On that occasion, the President of the Republic announced that the law to
combat money laundering was already in force, adding that the Angolan
government had taken measures to bring the country into line with globally
established good practices.

 

In this context he indicated that the Angolan government had started, this
year, the process of joining the Extractive Industries Transparency
Initiative.-ANGOP.

 

 

 

Nigeria: House Passes N453 Billion NDDC 2020 Budget

The House of Representatives yesterday approved N453,200,000,000 2020 budget
for Niger Delta Development Commission (NDDC) to cover the capital,
personnel expenditure and other cost of the commission for the period ending
on 31 March 2021.

 

The approval followed the consideration of the report by the House Committee
on Niger Delta Development Commission at the plenary.

 

Laying the report, the Chairman of the Committee on NDDC, Hon. Olubunmi
Tunji-Ojo, stated that the committee carried out a holistic oversight of the
commission and the report is aimed at placing the commission in the most
optimal position to effectively execute its statutory mandate to Nigerians.

 

He expressed pride at the increase in revenue from the region that gave the
commission a little more percentage revenue to run smoothly.

 

He said: "That the House do consider the Report of the Committee on Niger
Delta Development Commission (NDDC) on the issue from the Statutory Revenue
Fund of the Niger Delta Development Commission (NDDC), the total sum of
N453,200,000,000.

 

"Of which the sum of N27,389,000,000 is for Personnel Expenditure,
N13,937,244,107 is for Overhead Expenditure, N2,793,755,893 is for Internal
Capital, N409,080,000,000 is for Development Projects for the period ending
on 31 March 2021.-This Day.

 

 

 

U.S. shoppers grab last-minute holiday gifts, pick up online orders in-store

NEW YORK (Reuters) -Many U.S. holiday shoppers, wary of spending time in
stores during the latest surge of COVID-19 cases and nervous about packages
not arriving before Christmas, were on a mission on Saturday: snatch up
last-minute gifts fast or pick up online purchases in-store.

 

The “Super Saturday” before Christmas is traditionally the busiest day of
the year for holiday purchases, and this year online retail has been extra
busy. But news reports about high-priority vaccine shipments have many
Americans fretting that gift deliveries could be delayed this week.

 

“If you haven’t ventured out and you haven’t gotten your gifts, you almost
have to,” said Marshal Cohen, chief retail industry adviser at NPD Group.
“Online orders aren’t going to get delivered on time and nobody wants to
risk showing up empty handed.”

 

U.S. retailers are expected to ring in record sales, with over 150 million
American shoppers slated to buy holiday gifts Saturday online or in-store,
up by more than 2 million from last year, the National Retail Federation
said on Thursday.

 

Many last-minute holiday shoppers on Saturday were picking up orders
in-store that they had placed online, four retail experts making checks in a
total of six states said.

 

As states enforce stricter mandates and consumers, by and large, continue to
avoid strolling through the local mall, those who had not already ordered
for pickup were mercenary in their approach and would “pop in and out,
grabbing the one or two gifts they already knew they wanted,” Bill Park, a
partner at Deloitte & Touche LP, said of shoppers at the King of Prussia
mall outside Philadelphia.

 

Craig Johnson, president at retail consultancy Customer Growth Partners,
said the same was true of customers at malls in Massachusetts and Rhode
Island. “This is mission shopping, that’s what this is.”

 

Johnson expects people to spend $36.1 billion this Super Saturday, up from
$34.4 billion last year. That includes in-store and online purchases but
excludes sales at gas stations, restaurants and automobile dealers.

 

RECORD SALES

Curbside business contributed greatly to the traffic at big retail chains
including Walmart and Target on Saturday, according to retail analysts in
Miami, New York City and Chicago.

 

Many retailers have clocked record digital sales during the pandemic,
overwhelming traditional shipping companies including FedEx, UPS and the
USPS. Vaccine shipments are a priority now, and this week, delivery drivers
in the Northeast have had to contend with a major snowstorm.

 

In turn, department stores like Nordstrom and J.C. Penney are dangling perks
such as free gift wrapping and extra discounts for those who “click and
collect” online orders.

 

“It wasn’t going to arrive in time,” Elyse R., 31, said standing at the
curbside counter at Nordstrom’s flagship store in Manhattan. She was
referring to the facial massage tool she ordered online for her sister for
curbside pickup. “I popped into another store and now I’m going to go home.”

 

While Elyse waited for her order, she played a contact-free trivia game at a
booth next to the counter that could win her a $25 gift card. Such tactics
have helped lure people in to shop on the spot or return later, a store
associate said.

 

“The goal, even with pickup, is to get you in the store,” NPD’s Cohen said.

 

 

 

'Kick in the teeth'- UK business groups raise concern over new COVID
restrictions

(Reuters) - Business groups expressed concerns over Britain’s new COVID-19
restrictions, with the Confederation of British Industry calling them a
“real kick in the teeth” for many businesses.

 

Matthew Fell, the CBI’s chief UK policy director, told Reuters in an emailed
statement that the move would hit businesses which were already struggling
badly, and the government needed to take a “fresh look” at how to support UK
businesses through to the spring.

 

UK Prime Minister Boris Johnson said on Saturday that London and southeast
England will be placed in a new Tier 4 level of lockdown. Non-essential
retail will close, as will indoor leisure and entertainment.

 

The new restrictions add to uncertainties faced by British businesses amid
the possibility of a no-deal Brexit with less than two weeks left before
Britain leaves the European Union’s orbit.

 

Businesses fear a failure to agree a deal on goods trade would send
shockwaves through financial markets, hurt European economies, snarl borders
and disrupt supply chains.

 

“This third shutdown comes at the worst possible time, as businesses face
close of year challenges as well as uncertainty and upheaval from the Brexit
transition period which ends in just 12 days’ time - with still no deal
agreed”, said Mike Hawes, chief executive of Britain’s car industry body,
the Society of Motor Manufacturers and Traders.

 

The British Retail Consortium added that the consequences of the new
restrictions will be severe and that the government will need to offer
additional financial support to businesses.

 

The London Chamber of Commerce and Industry called for the suspension of
taxes and rates for any companies forced to close their doors.

 

 

 

U.S. lawmakers make push for airplane certification reforms

WASHINGTON (Reuters) - U.S. lawmakers are making a final push in 2020 to win
approval of landmark reforms to how the Federal Aviation Administration
(FAA) certifies new airplanes in the wake of two fatal Boeing 737 MAX
crashes, five people briefed on the matter said Saturday.

 

On Nov. 18, the Senate Commerce Committee unanimously passed a bill to
reform how the FAA certifies new airplanes, grant new protections for
whistleblowers and bolster misconduct investigations and discipline
management at the FAA, among other reforms. The U.S. House of
Representatives unanimously passed a similar bill the same week.

 

Lawmakers hope to attach significant reforms to a massive bill expected to
be voted on in coming days that would provide about $900 billion in COVID-19
relief and fund the government’s operations. One congressional aide said
“House and Senate committee negotiators on that issue have gotten to a good
place on it.”

 

On Friday, Senate Commerce Republicans released a 102-page report that found
Boeing officials “inappropriately coached” test pilots during
recertification efforts after the 737 MAX crashes killed 346 people.

 

The committee said it appeared FAA and Boeing officials “were attempting to
cover up important information that may have contributed to the 737 MAX
tragedies.”

 

Senate Commerce Chairman Roger Wicker said the report found “significant
examples of lapses in aviation safety oversight and failed leadership in the
FAA. It is clear that the agency requires consistent oversight to ensure
their work to protect the flying public is executed fully and correctly.”

 

The FAA said Friday it was “carefully reviewing the document, which the
committee acknowledges contains a number of unsubstantiated allegations” and
added it was confident safety issues in the two fatal Boeing crashes “have
been addressed through the design changes required and independently
approved by the FAA and its partners.”

 

The COVID-19 bill is expected to provide $45 billion in transportation
assistance.

 

Three congressional aides said Saturday funding is likely to include $15
billion for a four-month extension of passenger airlines payroll assistance,
$14 billion for public transit agencies, $10-$12 billion for state
transportation departments, $1 billion for passenger railroad Amtrak, $2
billion for private motorcoach companies and other transportation providers
and $1 billion for airport contractors.

 

It is possible the final measure could include $2 billion for airports,
aides said.

 

The numbers have changed several times in negotiations and are not final.

 

One proposal that appears to have been dropped is an effort to help
aerospace companies with government assistance to avoid new layoffs.

 

 

 

Apple temporarily shuts California stores in virus surge, some in UK after
new curbs

(Reuters) - Apple Inc has temporarily shut all of its 53 stores in
California because of a coronavirus outbreak and 16 stores in the United
Kingdom following restrictions introduced by the government in London, a
spokesman said on Saturday.

 

The company said on Friday it was temporarily shutting some stores in
California following a surge in COVID-19 cases, sending the iPhone maker’s
shares down in trading after the bell. That announcement covered at least 12
stores.

 

“Due to current COVID-19 conditions in some of the communities we serve, we
are temporarily closing stores in these areas. We take this step with an
abundance of caution as we closely monitor the situation and we look forward
to having our teams and customers back as soon as possible,” the spokesman
said in an emailed statement.

 

Customers would still be able to pick up existing orders for the next few
days, the spokesman said. The statement did not mention when Apple expects
the stores to reopen.

 

Coronavirus cases are increasing in the United States and the United
Kingdom, with the U.S. having had over 17.4 million infections and about
314,000 deaths.

 

British Prime Minister Boris Johnson on Saturday imposed an effective
lockdown on over 16 million people in England and reversed plans to ease
curbs over Christmas. The UK’s other nations, whose response to the pandemic
differs from that of England at times, also took action.

 

Johnson said London and southeast England would now be placed in a new Tier
4 level of lockdown and people in those areas will be required to stay at
home except for essential reasons such as work. Non-essential retail will
close, as will indoor leisure and entertainment.

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

Cellphone:      <tel:%2B263%2077%20344%201674> +263 77 344 1674

Alt. Email:       <mailto:info at bulls.co.zw> info at bulls.co.zw  

Website:         <http://www.bullszimbabwe.com> www.bullszimbabwe.com 

Blog:
<https://bullszimbabwe.com/category/blogs/bullish-thoughts/>
www.bullszimbabwe.com/blog

Twitter:         @bullsbears2010

LinkedIn:       Bulls n Bears Zimbabwe

Facebook:
<http://www.google.com/url?q=http%3A%2F%2Fwww.facebook.com%2FBullsBearsZimba
bwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA>
www.facebook.com/BullsBearsZimbabwe

Skype:         Bulls.Bears 



 

 

 


 

INVESTORS DIARY 2020

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


Zimbabwe

National Unity Day

Zimbabwe

22/12/2020

 


 

Christmas Day

 

25/12/2020

 


 

Boxing Day

 

26/12/2020

 


 

New Year’s Day

 

01/01/2021

 


Companies under Cautionary

 

 

 


 

 

 

 


ART

Seed co Int.

Dairibord

 


Starafrica

Medtech

Turnall

 


Seed co

 

 

 


 

 

 

 


 <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 sources 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 sourced from third parties.

 


 

 


(c) 2020 Web: <http://www.bullszimbabwe.com>  www.bullszimbabwe.com Email:
<mailto:info at bulls.co.zw> info at bulls.co.zw Tel: +263 4 2927658 Cell: +263 77
344 1674

 


 

 

 

 

 

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