Major International Business Headlines Brief::: 02 November 2020

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Major International Business Headlines Brief::: 02 November 2020

 


 

 


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ü  New coronavirus lockdowns lead to oil price slump

ü  Business borrowing from banks 'up fivefold' amid coronavirus

ü  Mortgage holidays extended for up to six months

ü  U.S. will 'vigorously defend' TikTok executive order despite ruling

ü  Asian shares rebound on strong China data, oil on slippery slope

ü  JPMorgan takes 71% in China securities business

ü  Future Retail says Amazon dispute order not binding on company

ü  Australia's AMP says Ares buyout offer values it at $4.5 billion

ü  Nigeria: Poor Returns Force Farmers to Abandon Food Crops in North-West -
Survey

ü  Nigeria: NNPC's Staff Receive N357bn As Salary in One Year

ü  Nigeria: 2021 Budget Projections and the Revenue Challenge

ü  Ethiopia: Chinese Prominent Steel Industry Firm to Explore Investment
Possibilities in Ethiopia

 

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

New coronavirus lockdowns lead to oil price slump

Oil prices hit a five-month low on Monday following fresh virus-induced
lockdowns.

 

More economies have tightened social restrictions including the UK, France
and Germany as they battle rising infection rates.

 

The fear is that the new lockdown measures will further dent economic growth
and demand for oil will slump.

 

Commodities and share markets are also on edge with the US election looming
this week.

 

In Asia trading hours, the price of Brent crude fell to a low of $35.74 per
barrel, a level not seen since late May.

 

The price of Brent, the main benchmark for oil prices, is down 45% from the
start of the year.

 

The virus-induced slump has weighed heavily on energy companies with BP and
Shell announcing thousands of job cuts this year.

 

BP plans to cut 10,000 jobs after a slump in demand while Royal Dutch Shell
has said it expects to cut 7,000 to 9,000 jobs.

 

Election fears

The price of US crude oil has also been hit hard, falling 7% on Monday to a
low of $33.64 a barrel.

 

Fears of a tightly contested presidential election this week and the absence
of continued US fiscal stimulus have led to a gloomy economic outlook.

 

"Whichever way you look at it, this coming week will be huge for US and
global markets," said Simon Ballard, chief economist at First Abu Dhabi
Bank.

 

"We see the potential for a sharp rise in volatility around these events and
all in the context of a still deteriorating Covid-19 situation across much
of the US, Europe and elsewhere."

 

Commodities markets are on edge with the US election looming this week.

 

China hopes

China remains the most upbeat market for economic growth this year.

 

The world's top crude oil importer said on Monday it will raise its quota
for 2021 by 20% for non-state owned companies.

 

This came after activity in China's factory sector accelerated at the
fastest pace in nearly a decade in October as domestic demand surged.

 

This was according to the Caixin/Markit Manufacturing Purchasing Managers'
Index (PMI) - a private survey which focuses on smaller to medium-sized
companies.

 

Last month, China continued its recovery from the pandemic with strong
economic growth during the third quarter, according to its official figures.

 

The world's second-biggest economy reported growth of 4.9% between July and
September, compared to the same quarter last year.--BBC

 

 

 

 

Business borrowing from banks 'up fivefold' amid coronavirus

Businesses borrowing from banks will leap more than fivefold in 2020
compared to last year, according to analysis from the EY Item Club.

 

The economic forecaster found that net borrowing from banks rose to £43.2bn
between January and August from £8.8bn for 2019.

 

Firms have been adding to their borrowing in order to survive the pandemic
as many have seen sales slump.

 

Government-backed loans led the expansion, the researchers found.

 

It expects the total stock of loans from banks to businesses to increase 11%
to £493bn by the end of the year.

 

The figures excluded lending to other lenders and financial companies and
included repayments.

 

"Financial Services Firms entered the pandemic in a position of capital
strength and have supported the economy and business to unprecedented levels
since March," Omar Ali, UK Financial Services Managing Partner at EY said.

 

"However, rising unemployment and the ongoing challenges faced by small
businesses mean the outlook for the sector is testing."

 

The lending splurge peaked in March and net lending fell in the summer
months as stronger businesses paid back money borrowed as a precaution, said
the forecasters, who use a similar economic model to the Treasury.

 

"However, for the vast majority of firms the loans appear to have been
critical, and it is forecast they won't start to repay debt, and reduce
their borrowing, until 2022 or even later," the analysis said.

 

The rise in lending to business contrasts with a dip in consumer borrowing,
the analysis found. Consumer loans will probably fall about 6%, the biggest
drop since 2011.

 

It expects write-off rates on consumer credit to rise from 1.3% this year to
2.5% in 2021.--BBC

 

 

 

 

Mortgage holidays extended for up to six months

Mortgage payment holidays are being extended for homeowners financially
affected by the pandemic.

 

The scheme had been due to come to an end on Saturday.

 

Borrowers who have not yet had a mortgage holiday can request from their
lender a pause in repayments, that can last up to six months.

 

Those who have had their payments deferred already, can extend their
mortgage holiday until they reach the six-month limit.

 

During this period interest will still accrue on what borrowers owe.

 

The changes form part of a new package of financial support measures
announced by the government as England heads into a second coronavirus
lockdown on Thursday.

 

Last week, a study by the Joseph Rowntree Foundation found that 1.6 million
households - or a fifth of all British mortgage-holders - were worried about
paying their mortgage over the next three months.

 

Borrowers who have already reached the maximum six-month mortgage holiday
and are still facing difficulty making repayments, are being advised by the
FCA to speak to their lender about a tailored support plan.

 

What help is being made available to businesses in lockdown?

Analysis box by Katy Austin, Business correspondent

The announcement the furlough scheme would be extended provided great
relief.

 

However, there's been no fresh announcement about financial support for the
self-employed.

 

Groups representing the self-employed are asking for previously announced
winter support grants - meant to cover three-month periods - to be increased
from covering 40% of profits to something on parity with the support on
offer for employees.

 

They also want eligibility criteria reviewed to help those who have been
left out of support so far.

 

After the prime minister's address came news from the Treasury that there
would be grants for businesses in England who are required to close. Linked
to the rateable value of properties, they'll be between £1,334 and £3,000
per month.

 

However it is another nervous time for firms in the worst-hit sectors, who
have already taken on debt and seen their cash reserves drained by the
crisis. For many, paying rent remains a big concern.

 

And for retailers who had invested heavily in making their premises
Covid-secure, the timing of the shutdown before Christmas is a worst-case
scenario.

 

Exactly how much of a hit the economy will take is unclear. Under the first
lockdown the UK economy shrank by a fifth in April, but an exact repeat is
not expected. Some industries like construction should carry on, while
others have adapted - for example by boosting online ordering capacity.

 

Presentational grey line

The government says mortgage payment holidays will not be recorded on
borrowers' credit file, however some people have told the BBC they found it
hard to access other loans once they disclosed to lenders they had put off
mortgage repayments.

 

Some 2.5 million people have taken a payment break on their mortgage since
the start of the pandemic, according to figures from UK Finance.

 

The Financial Conduct Authority (FCA) says it's also considering a possible
payments holiday for people struggling to pay off debts such as credit cards
and personal loans.

 

"We are working quickly with industry to determine whether a similar
approach should be adopted for consumer credit products," it said.

 

But the FCA says borrowers who can afford to do so, should continue making
repayments.

 

It will announce further details about the extended mortgage holiday scheme
tomorrow.--BBC

 

 

 

 

U.S. will 'vigorously defend' TikTok executive order despite ruling

WASHINGTON (Reuters) - The U.S Commerce Department said on Sunday it would
“vigorously defend” an executive order that seeks to bar transactions with
Chinese-owned short video-sharing app TikTok after a federal judge halted
the action.

 

U.S. District Judge Wendy Beetlestone on Friday blocked the Commerce
Department order set to take effect on Nov. 12 that would have effectively
barred ByteDance-owned TikTok from operating in the United States.

 

The Commerce Department said on Sunday it would “comply with the injunction
... but intends to vigorously defend the (executive order) and the
Secretary’s implementation efforts from legal challenges.”

 

Beetlestone enjoined the agency from barring data hosting within the United
States for TikTok, content delivery services and other technical
transactions.

 

President Donald Trump’s administration contends that TikTok poses national
security concerns as personal data collected on 100 million Americans who
use the app could be obtained by China’s government. TikTok denies the
allegations.

 

Beetlestone wrote that the “government’s own descriptions of the national
security threat posed by the TikTok app are phrased in the hypothetical.”

 

On Sept. 27, U.S. District Judge Carl Nichols in Washington issued a
preliminary injunction in a suit brought by ByteDance that stopped the
Commerce Department from ordering Apple Inc and Alphabet Inc’s Google app
stores to remove TikTok for download by new users. That order had been set
to take effect later that day.

 

Nichols is set to hold a hearing on Wednesday on the other aspects of the
Commerce Department order that Beetlestone blocked on Friday.

 

Beetlestone’s order, in a suit brought by three TikTok content creators,
also blocks the app store download ban.

 

Talks have been ongoing to finalize a preliminary deal for Walmart Inc and
Oracle Corp to take stakes in a new company, TikTok Global, that would
oversee U.S. operations. Trump said last month the deal had his “blessing.”

 

 

 

 

Asian shares rebound on strong China data, oil on slippery slope

SYDNEY (Reuters) - Asian shares bounced off one-month lows on Monday on
solid data from China showing factory activity expanded at its fastest pace
in a decade while oil prices skidded as many Western countries slid back
into coronavirus-driven lockdowns.

 

MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS
climbed 0.5% to 573.04, as China's Caixin/Markit Manufacturing Purchasing
Managers' Index offered hope the region's success in containing the
coronavirus could spare it the economic pain being inflicted on Europe and
the United States.

 

All major indexes except New Zealand were up on Monday.

 

Australian shares .AXJO rose 0.4%.

 

Chinese shares were higher with the blue-chip CSI300 .CSI300 rising 0.8%
with the country's vast industrial sector steadily returning to levels seen
before the COVID-19 pandemic paralysed huge swathes of the economy.

 

Japan's Nikkei .N225 jumped 1.5%.

 

E-Mini futures for the S&P 500 ESc1 added 0.1%, with investor focus turning
to the U.S. Presidential elections on Tuesday.

 

The global outlook is dimming as many Western countries battle still rising
COVID-19 infections and go back into virus lockdowns.

 

Global coronavirus cases surpassed 500,000 last week with Europe crossing
the bleak milestone of 10 million total infections. The United Kingdom is
grappling with more than 20,000 new cases a day while a record surge of U.S.
cases is killing up to 1,000 people a day.

 

Fresh coronavirus-induced lockdowns have raised concerns over the outlook
for fuel consumption, sending Brent crude LCOC1 to a low of $35.74 per
barrel, a level not seen since late May. U.S. crude went as low as $33.64.
[O/R]

 

Underwhelming outlooks and results from some of Wall Street's largest
companies last week, including Apple AAPL.O and Facebook FB.O, further
soured the mood and dragged U.S. stocks lower last week. [.N]

 

“Markets are looking ahead of Q4 and early 2021 where the growth outlook
looks clouded given the move to stricter lockdowns in Europe,” Perpetual
analysts wrote in a note.

 

They said a -1% hit to European growth would send global gross domestic
product down by 0.5% over the subsequent 12 months.

 

“The key question here is how long are the lockdowns needed to get the virus
under control.”

 

Ahead of the last campaign weekend, Republican President Donald Trump trails
Democratic challenger Joe Biden in national opinion polls partly because of
widespread disapproval of Trump’s handling of the coronavirus.

 

Opinion polls in the most competitive states that will decide the election
have shown a closer race, still favouring Biden.

 

In currencies, the risk-sensitive Australian dollar AUD=D3 slipped 0.4% to
go below 70 U.S. cents for the first time since July. It was last at
$0.7018.

 

The Japanese yen JPY= was flat at 104.66 per dollar, while the British pound
GBP= was last a shade weaker at $1.2931. The euro EUR= was barely changed at
$1.1640.

 

That left the dollar index, which measures the greenback against a basket of
peers, flat at 94.07. =USD

 

A risk-on revival after the U.S. election could however see the dollar
resume its slide from the March highs, analysts said.

 

JPMorgan analysts said the market likely views a Biden win as “short-term
neutral” but “long-term negative” as his expected tax policy outweighs the
benefits from a large stimulus package.

 

“SPX may have upside to ~3400, but it would have larger downside depending
on the details of the package, potentially to ~2,500,” they added.

 

On Friday, the S&P 500 .SPX lost 1.21% to close at 3,269.96. The Nasdaq
Composite .IXIC dropped 2.45% while the Dow .DJI fell 0.6%.

 

 

 

JPMorgan takes 71% in China securities business

HONG KONG (Reuters) - JPMorgan JPM.N will own 71% of its Chinese securities
joint venture after completing the transaction to buy a 20% stake from one
of its local partners, according to an exchange filing on Monday.

 

The deal, which was first flagged in September, will see the Wall Street
bank edge closer to full ownership of the securities business in China as
geopolitical relations between the United States and China remain fragile.

 

It will also position JPMorgan as the foreign bank with the highest
ownership stake in a mainland Chinese securities joint venture.

 

JPMorgan’s purchase was finalised just ahead of the Nov. 3 election in which
the future of China’s relationship with the United States has been a
centrepiece of the campaign.

 

The stake was put up for sale by state-owned Shanghai Waigaoqiao FTZ, a
filing on the Shanghai United Assets and Equity Exchange in September
showed.

 

JPMorgan was the only candidate that could raise its ownership with priority
rights in the securities joint venture, the filing showed, as the remaining
four shareholders had given up their rights to purchase the 20% stake.

 

A filing to the exchange on Monday showed JPMorgan paid 177 million yuan
($26.5 million) for the stake and the deal was completed on Oct. 23.

 

A JPMorgan spokesman declined to comment on the transaction.

 

The securities joint venture houses investment banking, research, equities
and fixed income businesses.

 

The U.S. bank planned to hire at least 12 equity research analysts in China
this year, Reuters reported in May, in its first major mainland hiring push.

 

Major competitors like Morgan Stanley MS.N, Goldman Sachs GX.N and UBS
UBSG.S hold 51% of their securities operations and most banks plan to move
to full ownership.

 

($1 = 6.6866 Chinese yuan renminbi)

 

 

 

Future Retail says Amazon dispute order not binding on company

NEW DELHI (Reuters) - India’s Future Retail Ltd (FRL) said on Sunday that a
Singapore arbitrator’s order in its dispute with Amazon.com Inc is not
enforceable under Indian law and not binding on the company.

 

Amazon on Oct. 25 won an injunction from the arbitrator to halt FRL’s deal
to sell its retail assets to Reliance Industries for $3.4 billion, arguing
the Indian retail group had violated certain pre-existing agreements it had
with the U.S. e-commerce giant.

 

Both FRL and billionaire Mukesh Ambani’s Reliance said in news releases
later they wanted to press on with the deal without delays, setting the
stage for a showdown between the Indian companies and Jeff Bezos-led Amazon.

 

Calling the proceedings before the so-called “emergency arbitrator” void,
FRL told Indian exchanges that any attempt on the part of Amazon to enforce
the order will be resisted.

 

“FRL is also in the process of taking appropriate legal action to protect
its rights,” the company’s regulatory filing said on Sunday.

 

Amazon did not immediately respond to a request for comment.

 

FRL’s filing comes after Reuters on Saturday reported Amazon had separately
complained to India’s markets regulator alleging the Indian company had
misled shareholders by incorrectly saying it was complying with its
contractual obligations, seeking suspension of the deal’s regulatory review.

 

In its Sunday filing, FRL said it had complied with all regulatory
requirements and urged the market regulator and the Indian stock exchanges
to continue to review its deal with Reliance for approval.

 

The dispute centres around FRL’s decision in August to sell its retail,
wholesale and some other businesses to Reliance for $3.38 billion, including
debt.

 

Amazon argues that a separate 2019 deal it had with a Future unit had
clauses saying the Indian group couldn’t sell its retail assets to anyone on
a “restricted persons” list including any firms from Reliance chief Mukesh
Ambani’s group.

 

The deal specified any disputes would be arbitrated under Singapore
International Arbitration Centre rules.

 

 

 

 

Australia's AMP says Ares buyout offer values it at $4.5 billion

SYDNEY (Reuters) - Embattled Australian wealth manager AMP Ltd AMP.AX on
Monday said a conditional buyout offer from U.S.-based Ares Management Corp
ARES.N had an implied value of A$6.36 billion ($4.47 billion), triggering a
jump in its share price.

 

Shares in AMP, which is considering a potential sale or break-up following a
string of scandals, rose 9.8% to A$1.68 on Monday, after the company
revealed the price involved in Ares’ proposal.

 

That was the highest since July, but below the A$1.85 per share in Ares’
offer - which a person with direct knowledge of the matter told Reuters was
the only bid for the whole group so far - indicating investors see quite a
bit of uncertainty on the deal.

 

Other parties have expressed interest in separate parts of the company,
which has banking, fund management and financial planning units, said the
person, who was not authorised to speak publicly on the matter and so
declined to be identified.

 

Simon Mawhinney, chief investment officer of Allan Gray, AMP’s
second-largest shareholder, said the market reaction was somewhat
surprising.

 

“We’ll apply our minds to any offers for AMP in whole or in part when those
offers are firmed up,” Mawhinney said in an email to Reuters.

 

Ares’ indicative offer price represents a premium of 21% to AMP’s closing
price of A$1.53 on Friday, when shares had already surged after AMP
announced receipt of the offer earlier in the day.

 

In a brief update, the Sydney-based company said talks were at a preliminary
stage between itself and the U.S. asset manager, and that there was no
certainty on a deal eventuating at that price.

 

The veteran manager of Australian retirement savings has lost more than
two-thirds of its value since a public inquiry in 2018 exposed systemic
wrongdoing at the company including charging fees for advice that was never
given, taking insurance premiums from the accounts of dead clients, and
misleading a regulator.

 

The more than 160-year old wealth manager has also recently suffered
multi-billion investment outflows following concerns about the conduct of
the former chief executive of its funds management unit which led to his
demotion.

 

Earlier this year, AMP ceded its position as Australia's largest wealth
manager to IOOF Holdings Ltd IFL.AX after its rival bought National
Australia Bank Ltd's NAB.AX financial advisory arm.

 

 

 

Nigeria: Poor Returns Force Farmers to Abandon Food Crops in North-West -
Survey

A cross section of Nigerian farmers in the North West have stated that poor
returns on investment in the cultivation of food crops is forcing them to
concentrate on cash crops to generate income, a News Agency of Nigeria (NAN)
survey has shown.

 

The farmers and other stakeholders said abandonment of food crops such as
Maize, Sorghum and Millet is largely due to low prices, which is not enough
to cover what is spent during cultivation.

 

They suggest the establishment of commodity boards to protect farmers from
middlemen and ensure better prices for food crops.

 

Malam Abba Muhammad, a large scale farmer in Katsina, said that he abandoned
food crop farming because there is no gain in it.

 

 

 

Muhammad urged government to protect local farmers by finding markets for
their produce, and help to checkmate the activities of the middlemen.

 

"The situation always throws the general populace including the local
farmers into hunger and poverty, because the local farmers are forced by
circumstances to sell their products to middlemen at give-away prices.

 

"I decided to opt for cash crops like cassava, sesame, wheat, ginger,
cashew, orange, among others because manufacturing companies and industries
need these as raw materials and they buy them at exorbitant prices," he
said.

 

However, another farmer in Katsina, Alhaji Bishir Yusuf said prices of food
crops have increased in the current season and farmers are getting good
rewards for their efforts.

 

 

 

"A 100 kg bag of maize sold between N8,000 and N10,000 before, is now sold
between N14,000 to N16,000 depending on the location.

 

"Similarly, a 50 kg bag of local rice sold between N12,000 and N16,000 is
now sold between N22,000 and N24,000.

 

"If the trend continues, more farmers will go into food crops production in
the coming seasons," Yusuf said.

 

Conversely, an agronomist, Malam Isma'il Dahiru told NAN that farmers are
abandoning cultivation of food crops for cash crops because of so many
difficulties and challenges.

 

Dahiru said these include lack of access roads, no access to markets and
bank loans, lack of improved seedlings, absence of mechanization, inadequate
research and extension services, among others.

 

The Chairman of All Farmers Association of Nigeria (AFAN), Katsina State
Chapter, Alhaji Ya'u Gwajogwajo, said President Muhammadu Buhari's
administration has good agricultural policies and programmes for farmers.

 

 

 

Gwajogwajo however, lamented that there is little support from banks in the
country to complement the President's efforts.

 

He advocated that banks should grant one-digit loan to farmers, while
research institutes should support with new seedlings to boost agricultural
production and achieve food security.

 

Prof. Mohammed-Faguji Ishiyaku, Executive Director, Institute of
Agricultural Research (IAR) Ahmadu Bello University, Zaria said the wish of
the institute is for agriculture to be for food and money.

 

According to Ishiyaku, everything a farmer produces today is cash crop,
because everyone would want to have a farm to grow enough rice, maize or
sorghum to feed his family and sell for cash.

 

"Our wish generally is for all our agriculture to be for cash; cash for the
farmer. Farmers should produce what they eat and sell to solve other family
needs," he said.

 

Ishiyaku added that agriculture for cash is in line with the Federal
Government's agenda on agriculture.

 

The director advised that efforts should be geared toward producing more to
meet local consumption and for export.

 

He noted that the only way agriculture will eradicate poverty is by
practising agriculture as a business.

 

"For instance, a liter of groundnut oil is more costly than a liter of
petrol.

 

"This indicates that there are commodities that generate more money than
petrol, which further shows the enormous potentialities of the country to
make more money from agriculture," Ishiyaku said.

 

He reiterated that agriculture is for making food and generating income
towards eradication of poverty.

 

Similarly, Alhaji Ahmed Abubakar, Manager, Maigana Zone of Kaduna State
Agricultural Development Agency said food crops such as rice and maize are
also cash crops because farmers are making money from it.

 

According to Abubakar, farmers are shifting to cash crops because they are
making a lot of money than from food crops.

 

"In a hectare of maize or rice farm, a farmer may realize about 50 bags to
70 bags of the produce which is about N500,000 to N700,000.

 

"Meanwhile, in a hectare of tomato farm, the farmer may get between N1
million naira to N1.7 million," he said.

 

The official noted that cash crops farming is all year round, while food
crops is seasonal, largely during the rainy season.

 

He added that farmers who produce vegetables such as chili, pepper, tomatoes
and others, harvest the produce more than seven times, unlike food crops
such as maize and guinea corn, which are harvested once in a season.

 

Abubakar said the common cash crops produced in the area, are beans, soya -
beans, tomatoes, pepper, carrot, onions and cabbage, among others.

 

He however, warned that abandoning food crops for cash crops will hinder the
achievement of food sufficiency for families and the nation.

 

Abubakar said vegetable farmers in the area are supported by organizations
such as East-West Seed, and the German Government sponsored GIZ.

 

"They support farmers with improved agronomic practices in maize production
and business," he said.

 

As for Malam Dalhatu Aliyu, a farmer in Yaskwake Mai-Dabino, Zaria Local
Government he said he is into mixed farming, cultivating both food and cash
crops.

 

Aliyu said that he usually begins with onions, thereafter pepper, sweet
potatoes, maize, okra, 'Zobo' and tomatoes.

 

He added that he has so far harvested pepper twice in the current season,
while saying that maize and sweet potatoes can be harvested at any time.

 

Aliyu said mixed farming is giving him more money, adding that he uses the
money realized from the onions to plant other crops and vegetables.

 

Meanwhile, Kano State Emergency Management Agency said that thousands of
hectres of farmlands were lost to flooding in 27 local government areas of
the state.

 

Mr Sale Jili, Executive Secretary, told NAN that

 

the Agency has conducted damage assessment and distributed relief materials
to the affected persons.

 

"SEMA distributed relief materials such as food, non food items and building
materials," Jili said.

 

NAN reports that the flood submerged rice, wheat, maize, sorghum, millet,
beans, tomato and vegetable plantations among others in the affected areas.

 

A rice miller in Kano, Zangina Muhammad, said the flood has exposed farmers
to heavy losses.

 

Muhammad noted that thousands of hectres of rice fields become wilted due to
the flood, a situation that he said will affect overall productivity.

 

He added that most of the farmers affected are beneficiaries of the Anchor
Borrowers' Programme (ABP) and Agro-Processing Productivity Enhancement and
Livelihood Support (APPEALS) project.

 

"The farmers were provided with fertilisers, seeds, chemicals and other
inputs to encourage productivity.

 

"The projects were designed to encourage rice, wheat, tomato, maize, beans
and sorghum production through farmer support services, value addition, as
well as development of farmer enterprising skills," Muhammad said.

 

Aminu Isa, a rice farmer, said farmers prefer cultivation of rice, wheat,
tomatoes, water melon and other cash crops in view of its lucrative nature
and available market.

 

Isa said that most farmers sell their produce before harvest time, adding
that, "there are grain dealers who are willing to buy paddy and other
produce before harvest.

 

"The trend is popular among farmers; it saves cost, you will no longer spend
on preservation and packaging," he said.

 

The farmer, however, said the devastating effects of flooding will make it
difficult to repay loans to the ABP and APPEALS programmes.

 

Abdulkarim Kaita, Managing Director, Dangote Tomato Processing Plant,
Kadawa, said the company in collaboration with the Central Bank of Nigeria
(CBN) has initiated farmer support services to encourage tomato production.

 

Kaita, who spoke at the distribution of inputs to 5,000 tomato growers in
Kura LGA, said farmers received improved seeds to enable them to produce
minimum of 40 tonnes per hectare.

 

He said his company also established a 350 - million - tonne capacity
greenhouse to achieve self sufficiency in tomato production in the country.

 

"There are 12 major tomato producing states. When fully cultivated, Nigeria
will be able to start exporting tomato in the coming years.

 

"It is the largest greenhouse in Africa, set up to provide tomato growers
with high yield seeds to encourage productivity," Kaita said.

 

Sani Yadakwari, Chairman, Kano State chapter of the Tomato Growers
Association of Nigeria, said that each of the association's 5,000 registered
farmers received a total loan package of N551,000.

 

Yadakwari explained that the package include seeds, fertiliser, water pumps
and other inputs.

 

He commended the Federal Government for the inclusion of tomato value chain
in the ABP, adding that the gesture will go a long way to boost tomato
production in the country.

 

In Kebbi State, the State Emergency Management Agency (SEMA) said farmers
lost more than N5 billion worth of farm produce to floods in 2020.

 

Alhaji Sani Dododo, the SEMA Chairman, appealed to the Federal Government to
urgently assist the state in mitigating the effects of the disaster
recorded.

 

"I want to use this medium to call on the Federal Government and
international donor agencies, to come to the aid of Kebbi State Government
and its people.

 

"This is so that we can massively engage in dry season farming to, at least
cushion the effect of the losses incurred during this farming season.

 

"Our assessment showed that damage to rice plantations and other produce due
to the flood could be more than N5 billion.

 

"The flood submerged more than 450,000 hectares of rice plantation in the
lowland, and over 50,000 hectares of millet, sorghum, maize and sugarcane
were also destroyed on the highlands," Dododo said.

 

Badiya Abubakar, a female rice farmer, expressed the fear that the disaster
recorded may scare farmers away next planting season.

 

"You know the secret of farming lies on one's working capital. All
smallholder farmers that constitute the majority of rice farmers in the
state operate under the principle of ploughing back farming business.

 

"That is to say, the proceeds of the previous year is used to finance the
next farming season," Abubakar explained.

 

She said farmers must be re-mobilized to farms as quickly as the flood water
recedes.

 

"Cash support at this time is necessary as that will enable the farmers to
finance all requirements without having to look for a solution elsewhere
which could lead to delay.

 

"Government must be aware that all post - flood support must be prompt as
there is no time to waste," Abubakar said.

 

An agriculturalist, Malam Nasiru Kwaifa, said the abolishing of marketing
boards by government has caused losses to over 2.2 million farmers annually
in Kebbi alone, who have no alternative than to sell their surplus products
at give away prices.

 

"There is lack of agro-industries that will purchase the products to avoid
gluts.

 

"Middlemen usually benefit more than the actual farmers by buying at cheaper
rates from farmers and selling at exorbitant prices thereby causing hike in
prices of foodstuffs," Kwaifa said.

 

On elimination of off-takers, he said, "it is very feasible with a proper
government intervention such as establishment of marketing boards and agro-
allied industries closer to farmers".

 

According to Kwaifa, the off-takers serve as intermediaries between rural
farmers and wholesalers as local farmers do not have to transport their
produce to far places for sale.

 

"The off-takers help farmers to prevent gluts even though they benefit more
than the farmers.

 

"They cause price fluctuations and hike in prices, and some often adulterate
the products after buying from the farmers in their bids to increase
profits," he noted.

 

The agriculturalist, however, asserts that the challenges in eliminating
middlemen are many.

 

"Farmers will have to acquire means of transporting their produce, get
proper storage and processing facilities.

 

"The lessons we should learn are, the statistics indicate acute and chronic
levels of poverty among the rural farmers in the country.

 

"Government records low production of most crops and animals annually.

 

"Off-taking leads to rural-urban migration affecting the economy, while
middlemen usually cause prices of goods and services to skyrocket," Kwaifa
said.

 

Alhaji Sani Dahiru, Zamfara Chairman of National Association of Cotton
Farmers in Nigeria (NACOTTAN), also explained why farmers prefer cash crops
farming.

 

"Cotton farming is a business, it is necessary for textile industries and
cotton ginneries to perform effectively.

 

"Over 30,000 cotton farmers were registered to participate in cotton farming
in the state, we are expecting more support from farmers and private
organisations.

 

"As we all know, cash crops production apart from providing raw materials to
industries, also generates employment opportunities, while adding value to
the product and lives of farmers," Dahiru said.

 

A maize farmer, Alhaji Sani Salisu said, "we have no other business than
farming, we embrace cash crops farming because it has more value than only
food crops".

 

"I cultivate soya beans throughout the year, but I sell it to provide for my
needs," Salisu said.

 

A rice farmer, Mustafa Kaura, said the crop serves as food and cash crop.

 

"There is value for money when you cultivate rice," Kaura added.

 

Alhaji Nura Attajidi, the Chairman of Sokoto State chapter of Small and
Medium Scale Rice Millers, said in spite of challenges, the country will get
it right in agriculture.

 

Attajidi expressed optimism that the ongoing government's efforts to
intensify food production in Nigeria will enhance the country's economy.

 

"With the current trend, farming in the country is no longer for subsistence
or hobby, it provides the needed elixir for most Nigerians who were hitherto
mere consumers of foodstuffs, to become producers.

 

"In the same vein, the provision of financial support to Nigerian farmers
via the Anchor Borrowers' Programme of the Federal Government has greatly
boosted food production in Nigeria.

 

"Farmers were provided with inputs and implements such as improved seeds,
assorted fertiliser, herbicides, pesticides," he said.

 

Attajidi however, said agriculture loans should be at very low interest to
enhance production and establishment of agro-industries.

 

He called for support for rice millers to enhance the quality of their
products in line with international standards.

 

"This could be done through the provision of more training and simple
machinery for sorting the commodity, rice graders, and electric dryers.

 

"Moreover, it will further boost local production for domestic consumption
and export hence, boost the country's economy," Attajidi said.

 

An agricultural officer, Malam Kabiru Sani, said International Fund for
Agricultural Development (IFAD) has been supporting rice and wheat farmers
in some local government areas of Sokoto State.

 

Sani said the support is in collaboration with National Agricultural Seed
Council of Nigeria and Green Agriculture West African Company of China.

 

He confirmed that IFAD has distributed about 800 hand pumps to farmers,
constructed 1,078 tube wells, 17 boreholes and 27 livestock drinking
points.-Vanguard.

 

 

 

Nigeria: NNPC's Staff Receive N357bn As Salary in One Year

Staff of the Nigerian National Petroleum Corporation, NNPC, received
N357.098 billion as salaries, wages and other benefits in 2019, according to
the corporation's recently released audited financial statement.

 

The NNPC Group had disclosed that its staff strength, as at April 20, 2020,
stood at 6,621, both at its headquarters and across all its subsidiaries,
division and offices nationwide. The NNPC has 13 divisions and Strategic
Business Units, SBU, nationwide.

 

Though the NNPC recruited 1,050 new employees, February 2020, a number of
senior management staff of the NNPC were also disengaged earlier in the
year.

 

 

 

According to the NNPC, in its 2019 audited financial statement, the
emoluments of the staff in 2019 was an increase of N14.74 billion or an
appreciation of 4.3 per cent from N342.36 billion paid to the staff in 2018.

 

The N357.098 billion, if divided among the 6,621 staff of the NNPC,
translates to an average salary of N53.93 million per employee in 2019.

 

Putting it in context, the N357.098 billion salary of NNPC staff is more
than the 2020 budgets of three south-east states - Enugu, Anambra and Imo
states -- combined, which is N350.3 billion. Specifically, the 2020 budget
of Enugu, Anambra and Imo states is N146.4 billion, N114.9 billion and N89
billion respectively.

 

In addition, the salary of NNPC's staff is higher than Delta State's 2020
budget of N282 billion; Kano, Kaduna, Borno and Sokoto's budgets of N206.27
billion, N259.25 billion, N108.8 billion and N153 billion respectively;
while the 2020 budget of Edo, Rivers and Abia states were N128.8 billion,
N300.37 billion and N102.6 billion respectively.

 

The salary is also higher than the N127.36 billion, N131.74 billion and
N152.77 billion earmarked for capital expenditure in the proposed 2021
budget for the Federal Ministry of Education, Federal Ministry of Health and
Federal Ministry of Water Resources, respectively.

 

It is also higher than the N256.89 billion, N198.28 billion, N89.97 billion
N64.84 billion and N10.19 billion budgeted for capital expenditure in the
proposed 2021 budget for the ministries of Transport, Power, Aviation,
Science and Technology, and Mines and Steel Development, respectively.

 

Furthermore, in the 2019 financials, the NNPC said it paid N91.336 billion
to the government as income tax in 2019; and N74.177 billion as interest on
loans in the same year.

 

However, staff of the NNPC alone -- not including employees of other
subsidiaries -- received N103.7 billion as salaries, wages and other
benefits in 2019, an increase of 13.26 per cent compared with N91.56 billion
recorded in 2018.

 

 

 

The NNPC Group had also stated that 27.2 per cent of its total workforce,
comprising 1,801 staff is currently employed in the Corporate Headquarters.

 

To this end, from the N103.7 billion, an average staff of the NNPC's
corporate headquarters received N57.58 million as salary, wages and other
benefits in 2019.

 

NNPC's workforce

 

In addition, the NNPC had stated that 13 per cent of the group's total
workforce were employed in the Nigerian Pipelines and Storage Company
(NPSC); while 758 individuals are currently employed in the moribund Kaduna
Refining and Petrochemical Company, KRPC, representing 11.4 per cent of the
NNPC Group's total workforce.

 

The Port Harcourt Refining Company, PHRC, which is currently shut down and
awaiting revamp, has 655 staff; Nigerian Petroleum Development Company,
NPDC, 550 staff; the moribund Warri Refining and Petrochemical Company,
WRPC, has 485 staff; NNPC's commercial and investment subsidiary, National
Petroleum Investment Management Services, NAPIMS, has 426 staff; while the
corporation's downstream subsidiary, the Petroleum Products Marketing
Company, PPMC, has 255 staff.

 

In addition, the document noted that Nigerian Gas Company, NGC, has 254
staff; Integrated Data Services Limited, 175 staff; Crude Oil Marketing
Division of the NNPC and Nigerian Gas Marketing Company, NGMC, 152 staff
each; while National Engineering and Technical Company Limited (NETCO) has
64 staff in its employ.

 

The NNPC had in its report of compliance to the Extractive Industries
Transparency Initiative's (EITI) Open Data requirements, revealed that 81.7
per cent of its workforce, comprising 5,410 individuals, were male, while
1,211 were women, representing 18.3 per cent of its total staff
strength.-Vanguard.

 

 

 

Nigeria: 2021 Budget Projections and the Revenue Challenge

As in previous years, bridging the revenue gap poses a key challenge in
financing the proposed 2021 Budget. Ndubuisi Francis examines the various
measures explored by the federal government to stem the tide

 

While presenting the 2021 Appropriation Bill to the National Assembly on
October 8, President Muhammadu Buhari emphasised that, "Revenue generation
remains our biggest challenge." This is not strange. Over the years, revenue
shortfalls have continued to be the bane of implementation of government's
fiscal plans.

 

The proposed 2021 budget with an aggregate expenditure, which includes
government-owned enterprises (GOEs) and project-tied loans is projected at
N13.08 trillion. This represents a 21 per cent rise over the revised 2020
budget.

 

 

 

The aggregate revenue available to fund the 2021 budget is projected at
N7.89 trillion, which is 35 per cent more than the 2020 Revised Budget of
N5.84 trillion. In aggregate, 31 per cent of projected revenues is to come
from oil-related sources, while 69 per cent is to be earned from non-oil
sources.

 

Overall, the size of the budget has been constrained by the relatively low
revenues.

 

Measures to Boost Revenue

 

At the recent public presentation of the 2021 budget proposals, the Minister
of Finance, Budget and National Planning, Mrs. Zainab Ahmed, listed a number
of measures to boost revenue generation and block leakages.

 

She said: "Several measures are being instituted to improve government
revenue and entrench a regime of prudence with emphasis on achieving value
for money. The goal of fiscal interventions will be to

 

 

 

keep the economy active through carefully calibrated regulatory/policy
measures designed to boost domestic value-addition, de-risk the enterprise
environment, attract external investment and sources of funding, etc."

 

The minister noted that, among others, the administration would improve the
tax administration framework to optimise government revenue as a major
thrust of the Strategic Revenue Growth Initiative (SRGI), adding that a Tax
Expenditure Statement (TES) had been included as part of documents
accompanying next year's budget to the National Assembly.

 

To enhance independent revenue generation and collection, Ahmed noted that
the government would aim to optimise the potential, operational and
collection efficiency of GOEs with a view to generating significantly higher
revenues required to fund the federal government's budget from this source.

 

 

 

To give practical expression to this with a view to promoting fiscal
transparency, accountability and comprehensiveness, Ahmed disclosed that the
budgets of 60 GOEs are for the first time integrated in the FGN's 2021
Budget proposal.

 

Providing further insight into why greater attention is being focused on the
GOEs, the minister said: "The 60 government owned enterprises are agencies
or businesses that are owned by government. Government provided the capital
to run them. In fact, government in one way or the other is still sustaining
them. But over the years, they have been having their own individual
budgets, not integrated with the national budget.

 

"The fact is that we are not seeing the total government spend by leaving
them sitting on their own as individuals and in service. We have brought
them in so that you see the total revenue performance, the total expenditure
performance, and you see the total debt, and it has helped us in terms of
showing the world the total spending-the total budget of the government. The
agencies will be monitored by the Budget Office of the Federation,
Accountant General of the Federation, the Auditor General also has a
statutory functions to monitor these agencies, the Fiscal Responsibility
Commission (FRC) also has the responsibility to monitor these agencies.

 

"This is in addition to what the revenue directors will be doing on daily
basis. So, we just put in more pressure on these enterprises because
government investment is not yielding much in terms of returns."

 

Before the recent public presentation of the 2021 budget proposals , the
minister had revealed about plans to deploy directors of finance and
accounts to 10 select federal government owned enterprises (FGOEs) to help
improve revenue performance, ensure transparency and prevent further
leakages in accruals.

 

Among the 10 are the Nigerian National Petroleum Corporation (NNPC), Federal
Inland Revenue Service (FIRS), Nigeria Customs Service (NCS), Department of
Petroleum Resources (DPR) and the Federal Airports Authority of Nigeria
(FAAN). Other are the Corporate Affairs Commission (CAC), Nigerian
Communication Commission (NCC), Nigerian Shippers Council (NSC) and Nigerian
Port Authority (NPA).

 

In an interview with THISDAY on the 2021 budget proposals, a financing
expert and President, Capital Market Academics of Nigeria, Prof. Uche
Uwaleke, commended the executive arm for submitting the budget proposal in
good time to allow the National Assembly sufficient period to consider and
pass the appropriation bill.

 

Uwaleke believes the assumptions and budget parameters are realistic except
for the exchange rate of N379 to the dollar that may not hold due to the
ongoing process of unifying exchange rates across all forex windows by the
Central Bank of Nigeria (CBN) consistent with the International Monetary
Fund (IMF) prescription.

 

"I also think the real GDP growth rate projected at 3 per cent is a little
ambitious in view of the impact of COVID'19 on the economy expected to
linger till next year. This is why the recent Fitch report on Nigeria
projects a GDP growth rate of 1.3 per cent for the country in 2021.

 

"I wish to note that the budget proposal seems to have set the right
priorities with the bulk of capital spending going to Works and Housing,
Power and Transport. For the first time in many years, the capital
allocation to Education and Health are above that of defense.

 

"I must add however, that new borrowings of over N4 trillion to part-finance
a deficit of over N5 trillion is worrisome given the already huge amount of
over N3 trillion allocated to debt servicing alone.

 

"COVID-19 notwithstanding, the deficit-to-GDP should have been kept within
the 3 per cent threshold stipulated in the Fiscal Responsibility Act 2007. I
hope the National Assembly will consider any amendment within the budget
envelope of N13.08 trillion and not end up jacking up the figure."

 

On the increased role of monitoring GOEs by the Office of the Auditor
General for the Federation (OAuGF) and the Fiscal Responsibility Commission
(FRC) despite the low budgetary allocation to the two agencies, Uwaleke said
their expected roles will be more in the area of monitoring to ensure that
revenue collected by MDAs are remitted to the federal government after
making permissible deductions in line with the Fiscal Responsibility Act of
2007.

 

He said: "This has not been the practice, which is why the government hardly
meets its independent revenue targets. It is for this reason that directors
of finance are being posted to MDAs to monitor revenue collections. The
government has also placed a limit on the ratio of cost to revenue that MDAs
are allowed to incur.

 

"This does not require additional funds per se since the officers are
already in the employ of the government. I think the effective
implementation of these measures will enhance government independent
revenue.

 

"Their expected roles will be more in the area of monitoring to ensure that
revenue collected by MDAs are remitted to the federal government after
making permissible deductions in line with the Fiscal Responsibility Act of
2007.

 

"This has not been the practice which is why the government hardly meets its
independent revenue targets. It is for this reason that Directors of Finance
are being posted to MDAs to monitor revenue collections.

 

"The government has also placed a limit on the ratio of cost to revenue that
MDAs are allowed to incur. This does not require additional funds per se
since the officers are already in the employ of the government. I think the
effective implementation of these measures will enhance government
independent revenue," he said.

 

Also in his reaction, the Lead Director, Centre for Social Justice (CSJ),
Eze Onyekpere, said the revenue challenge "is a serious one which is
compounded by the refusal of the authorities to come clean with the figures
in some instances and in others, deliberate understatement and mischief."

 

According to him, while giving the breakdown of the 2021 budget estimates,
the Minister of Finance indicated that stamp duties collected between
January and September 2020 had yet to be brought into the fiscal account.

 

He stressed: "So, there are no figures for actuals. What exactly does this
mean at a time the government is looking for money to fund the budget and
borrowing excessively? It means nothing short of the fact that the
authorities are withholding fiscal information from Nigerians; that the
books and accounting for stamp duties have not been properly kept and done
and some backroom negotiations and cleaning out are ongoing. "Otherwise, why
is the government not able to account for stamp duties after nine months of
collecting the same? Where is the detailed account of the collection in
previous years?

 

"Check the projection for revenue from minerals and mining for 2020,
N1.90billion was projected and only N1.45 billion is the actual collection.
For 2021, only N2.6 billion is projected for the revenue head and when this
projection is pitched with recent media reports on the gold transaction
between the Central Bank of Nigeria and Governor Matawalle of Zamfara State,
we will realise the massive fraud and shortchanging of the treasury going on
in the sector.

 

"The value and quantum of solid minerals mined in Nigeria on a yearly basis
will be in trillions, if the federal government lives up to its sacred duty
of harnessing public resources to develop Nigeria. This duty should not only
be activated in the pursuit of oil and gas, but also must extend to all
mineral resources, from gold to bitumen, etc."-This Day.

 

 

 

Ethiopia: Chinese Prominent Steel Industry Firm to Explore Investment
Possibilities in Ethiopia

Addis Ababa — The Chinese prominent Steel industry, firm, Chongqing Iron and
Steel Design Institute (CISDI Group Co., Ltd.), expressed interest to look
into the possibility of investment in Ethiopia on Iron and Steel sector.

 

Consul General of Ethiopia to China, Anteneh Tariku, held discussion with
Vice President of CISDI Group, Dr. Zhang Yong, in Chongqing, China.

 

On the occasion, Anteneh briefed the Vice President about Ethiopian current
steel production capacity and the potential of iron ore resources, according
to Ministry of Foreign Affairs.

 

 

 

Both sides would reap a mutual benefit through coupling Ethiopian natural
resources with the company's technology and know-how, the Consul General
added.

 

The government of Ethiopia encourages companies like CISDI Group,
considering the potential of the construction sector in advancing the
country's economy, he said.

 

Dr. Zhang Young on his part stated CISDI Group is looking for possibilities
to invest outside of China, confident of its abundant experience,
technology, and know-how in the field.

 

General Manager of CISDI Group, Liu Yong, noted he had traveled to Ethiopia
two years ago and observed the immense potential of the country in the
sector.

 

Anteneh has also called upon the company to look into the possibility of
investment in Ethiopia on Iron and steel projects and real estate
development projects, for which the CISDI leaders replied positively.

 

CISDI Group is one of the core subsidiaries of Metallurgical Corporation of
China (MCC) under China Minmetals and has opened more than 20 subsidiaries
and branches across the globe.

 

The Group has been the backbone of the Chinese economy for over 61 years
being at the forefront of China's steel modernization.-ENA.

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2020

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


Afdis

AGM

virtual

13/11/2020 | 12:20pm

 


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

 

 

 


 

 

 

 


Bindura Nickel Corporation

 

 

 


Padenga Holdings

 

 

 


Delta Corporation

 

 

 


Meikles Limited

 

 

 


 <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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