Major International Business Headlines Brief::: 21 January 2021

Thu Jan 21 07:41:56 CAT 2021

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Major International Business Headlines Brief::: 21 January 2021

ü  Ben & Jerry's maker Unilever to insist suppliers pay 'living wage'

ü  China's telecom giants ask for Wall Street relisting

ü  Social media giants grilled on hate content

ü  Burberry pins hopes on Marcus Rashford as sales fall

ü  Biden rolls back Trump policies on wall, climate, health, Muslims

ü  Asian stocks at record highs as Biden inauguration lifts stimulus hopes

ü  Tesla fourth-quarter registrations in California jump 63%: data

ü  IndiGo tightens grip in India and targets growth abroad

ü  Oil rises on U.S. stimulus hopes, tighter market under Biden

ü  Tanzania: Tigo Revamps Its E-Wallet Payment Arrangement

ü  Nigeria: Govt to Pay 24 Million Poor Nigerians N5,000 Each

ü  Kenya: China Offers Kenya Sh27 Billion Debt Break Until June

ü  Uganda: Internet Shutdown Forces Govt to Postpone Arrival of New Airbus

ü  Malawi: NBS Bank Enhances Its Digital Offering, Partners Network International

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Ben & Jerry's maker Unilever to insist suppliers pay 'living wage'

Unilever has said that by 2030 it will refuse to do business with any firm that does not pay at least a living wage or income to its staff.

The consumer goods giant defined a living wage as one that covered a family's basic needs "and helped them break the cycle of poverty".

It said it wanted to raise wages for people outside its own workforce in order to promote economic inclusion.

It is one of the first big companies to make such a commitment.

Oxfam called the move a "step in the right direction".

Unilever, whose products include Ben & Jerry's ice cream and Dove soap, said it was committed to helping to build "a more equitable and inclusive society".

"Our ambition is to improve living standards for low-paid workers worldwide," it said.

"We will therefore ensure that everyone who directly provides goods and services to Unilever earns at least a living wage or income, by 2030."

The wage should be enough to cover food, water, housing, education, healthcare, transport and clothing, and also include a provision for unexpected events, Unilever said.

The firm said it was working with partners to establish exact rates of pay in the 190 countries where it operates.

However, Unilever's chief human resources officer Leena Nair said it would pay twice as much as the minimum wage in some countries.

Unilever said it already paid its own employees at least a living wage, but it wanted to secure the same for more people beyond its workforce, specifically focusing on the most vulnerable workers in manufacturing and agriculture.

'Millions to benefit'

"We will work with our suppliers, other businesses, governments and NGOs - through purchasing practices, collaboration and advocacy - to create systemic change and global adoption of living wage practices," it added.

It has more than 60,000 direct suppliers worldwide, from smallholder farmers to major companies.

All of them will be covered by its commitment, it said, with millions of people set to benefit.

Unilever already audits its suppliers over climate change commitments, and will use these existing arrangements to make sure workers are being paid a living wage.

Suppliers not willing to sign up may lose their contracts with the firm, Ms Nair said.

Ethical initiatives

Also by 2030, Unilever said, it would equip 10 million young people with essential job skills.

Additionally, it committed to spending €2bn (£1.8bn) with suppliers owned and managed by people from under-represented groups by 2025 in an effort to improve diversity.

"The two biggest threats that the world currently faces are climate change and social inequality," said Unilever chief executive Alan Jope.

"The past year has undoubtedly widened the social divide, and decisive and collective action is needed to build a society that helps to improve livelihoods, embraces diversity, nurtures talent, and offers opportunities for everyone."

The move is the latest in a series of ethical initiatives by Unilever, including promoting vegan food products and experimenting with a four-day working week.

Gabriela Bucher, executive director at Oxfam International, welcomed Unilever's announcement, calling it "an important step in the right direction".

She said: "Unilever's plan shows the kind of responsible action needed from the private sector that can have a great impact on tackling inequality and help to build a world in which everyone has the power to thrive, not just survive."

Laura Gardiner, director of the Living Wage Foundation, said commitments such as Unilever's show how some employers "are leading the way in spreading the living wage through both their business networks, and across their global operations".

Unilever joins food services giants Sodexo and Compass Group on the Living Wage Foundation's list of recognised service providers which have made similar supply chain commitments.--BBC

China's telecom giants ask for Wall Street relisting

Three Chinese telecom giants have asked the New York Stock Exchange (NYSE) to review its decision to delist them.

The NYSE initially said it would delist China Unicom, China Mobile and China Telecom on 7 January based on a Donald Trump executive order.

After a surprising U-turn in which the US stock exchange changed its mind it eventually settled on delisting them.

Following Mr Trump's departure from the White House, the three companies have now requested a review from the NYSE.

In near-identical statements the telecoms firms, which are state-backed in China, said they "had complied strictly with the laws and regulations, market rules as well as regulatory requirements".

The executive order from former President Trump barred Americans from investing in public companies the US government says has links with the Chinese military.

Incoming president Joe Biden has already started overturning some of Mr Trump's executive orders although its is unclear if he will address the many that have concerned Chinese companies.

Dramatic U-turn

The NYSE agreed to delist all three on 31 December, but within days it reversed the decision based on "further consultation" with regulatory authorities.

But that reversal was short lived, with the NYSE announcing just days later that it would press ahead with its initial decision to delist based on "new specific guidance" from the US Treasury Department.

Stock market index providers MSCI, FTSE Russell and S&P Dow Jones Indices all removed the telecoms firms from benchmarks this month, wiping a combined $5.6bn (£4.1bn) off the value of their Hong Kong-traded shares.

The three companies earn all of their revenue in China and have no significant presence in the US.

Like many other large Chinese companies, they have a dual listing in the US and Hong Kong.

There are currently more than 200 Chinese companies listed on US stock markets with a total market capitalization of $2.2tn (£1.6tn).

Shares of all three companies edged slightly lower on the Hong Kong stock exchange on Thursday.--BBC

Social media giants grilled on hate content

Social network executives have been grilled by MPs on the role their platforms played in recent events in Washington which saw a mob break into Congress.

All said that they needed to do more to monitor extremist groups and content such as conspiracy theories.

But none had any radical new policies to offer.

The government has recently set out tough new rules for how social media firms moderate content.

Facebook said it had removed 30,000 pages, events and groups related to what it called "militarised social movements" since last summer.

"We have a 24-hour operation centre where we are looking for content from groups... of citizens who might use militia-style language," said Facebook's vice president of global policy management, Monika Bickert.

She added: "We had teams that in the weeks leading up to the [events in Washington] were focused on understanding what was being planned and if it could be something that would turn into violence. We were in touch with law enforcement."

Despite its efforts, half of all designated white supremacist groups had a presence on Facebook last year according to a study from the watchdog Tech Transparency Project.

Julian Knight MP, who chairs the Digital, Culture, Media and Sport committee, which is also scrutinising the big tech firms, asked Google's global director of information policy Derek Slater what it was doing to fight conspiracy theories.

"Do you think that it would be wise for you to adopt a new policy where you kept money on your platforms in escrow prior to its distribution so that any cause in which disinformation to found to have taken place... you could perhaps withhold that money?" he asked.

Mr Slater replied that it was an "interesting idea" and that Google was always "re-evaluating its policies", but he made no commitment to the idea.

MPs also quizzed Twitter on its decision to permanently ban President Donald Trump.

The firm's head of public policy strategy Nick Pickles was asked if doing so undermined its insistence that it was a platform rather than a publisher.

It was, he said, time to "move beyond" that debate to a conversation about whether social networks were enforcing their own rules correctly.

Questioned why it had banned Mr Trump while still allowing other politicians to "sabre-rattle" on its platform, Mr Pickles added: "This is the complexity and challenge of these issues but generally content moderation is not a good way to hold governments to account."

Mr Trump's tweets were inciting violence "in real-time", he added.

TikTok's director of government relations Theo Bertram said that the video-streaming app had played less of a role in the violence in Washington and hosted fewer banned groups.

But that view was challenged by Yvette Cooper, the chair of the Home Affairs Committee.

It was, she said, in contrast to the Anti-Defamation League which found a significant amount of anti-Semitic content on the platform when it studied it last summer.--BBC

Burberry pins hopes on Marcus Rashford as sales fall

Luxury fashion group Burberry saw its sales dive almost 40% in Europe in the run-up to Christmas amid the pandemic.

But it said advertising partnerships with the likes of footballer Marcus Rashford were helping attract new customers to the brand.

In the 13 weeks to 26 December, the British label said it was hit by shop closures and a drop-off in tourism.

About 15% of its stores worldwide are currently closed with a third facing restrictions.

Boss Marco Gobbetti said the brand faced an "uncertain trajectory" in 2021 given the spread of new variants of Covid-19.

But the label said there had been high points, including Burberry's festive campaign partnering with Mr Rashford - who has taken a prominent role against child poverty during the pandemic.

It said the consumer response to the campaign was "exceptional" on social media, with imagery featuring Mr Rashford becoming "our most liked Instagram post of all time".

Burberry said it had helped attract a "new, younger clientele" to the brand, who splashed out on outerwear and handbags designed by its creative director Riccardo Tisci.

Overall, like-for-like sales around the world fell by a more modest 9% in the period, with revenue standing at £688m.

That was in part due to strong growth in mainland China and Korea.

Digital sales at the group also surged by 50%, making up for some of the sales lost at stores.

Mr Gobbetti said: "Our localised plans and digital capabilities helped drive growth in rebounding markets and we implemented our planned reduction in markdown.

"While the short-term outlook remains uncertain due to Covid-19, we are well placed to accelerate when the pandemic eases."--BBC

Biden rolls back Trump policies on wall, climate, health, Muslims

WASHINGTON (Reuters) - U.S. President Joe Biden signed 15 executive actions shortly after being sworn on Wednesday, undoing policies put in place by his Republican predecessor, Donald Trump, and making his first moves on the pandemic and climate change.

Signing several actions in front of reporters in the Oval Office on Wednesday afternoon, Biden said there was “no time to waste” in issuing the executive orders, memorandums and directives.

“Some of the executive actions I’m going to be signing today are going to help change the course of the COVID crisis, we’re going to combat climate change in a way that we haven’t done so far and advance racial equity and support other underserved communities” said Biden. “These are just all starting points”

Aides said the actions the Democratic president signed included a mask mandate on federal property and for federal employees, an order to establish a new White House office coordinating the response to the coronavirus, and halting the process of withdrawing from the World Health Organization.

Biden signed a document to begin the process of re-entering the Paris climate accord and issued a sweeping order tackling climate change, including revoking the presidential permit granted to the contentious Keystone XL oil pipeline.

Among a raft of orders addressing immigration, Biden revoked Trump’s emergency declaration that helped fund the construction of a border wall and ended a travel ban on some majority-Muslim countries.

The Day One plans were just the start of a flurry of executive actions Biden would take soon after entering office, said his press secretary, Jen Psaki.

“In the coming days and weeks, we will be announcing additional executive actions that confront these challenges and deliver on the president-elect’s promises to the American people,” Psaki said.

Further actions would include revoking the ban on military service by transgender Americans, and reversing a policy that blocks U.S. funding for programs overseas linked to abortion.

On the economic front, Biden asked the U.S. Centers for Disease Control and Prevention to extend a moratorium on evictions until the end of March, and the Department of Education to suspend student loan payments until the end of September.

Asian stocks at record highs as Biden inauguration lifts stimulus hopes

SHANGHAI/NEW YORK (Reuters) - Asian stocks rose to new record highs on Thursday, tracking U.S. markets as investors hoped for more economic stimulus from newly inaugurated U.S. President Joe Biden to offset damage wreaked by the COVID-19 pandemic.

Republicans in the U.S. Congress have indicated they are willing to work with the new president on his administration’s top priority, a $1.9 trillion U.S. fiscal stimulus plan, but some are opposed to the plan’s price tag. Democrats took control of the U.S. Senate on Wednesday, but will still need Republican support to pass the program.

But after record high closes on Wall Street overnight, markets in Asia reflected relief over an orderly transition of power and strong expectations that U.S. stimulus will provide continued support for global assets.

Kay Van-Petersen, global macro strategist at Saxo Capital Markets, said that Democratic control of the Senate “increases not just the probability of more fiscal (stimulus), but the magnitude.”

“That means that this market should be way, way, way higher as a whole and we’re going to get there. We’re entering this regime of even more accelerated asset class inflation,” he said.

MSCI’s broadest index of Asia-Pacific shares outside Japan touched record highs and was last up 0.85%, with markets across the region posting gains.

Chinese blue-chips added 1.2%, Australian shares climbed 0.69% and Hong Kong’s Hang Seng breached the 30,000 level, rising 0.31%.

Japan’s Nikkei was up 0.72%, less than 1% off three-decade highs reached last week.

The rises in Asia followed fresh record highs on Wall Street overnight. The Dow Jones Industrial Average rose 0.83%, the S&P 500 gained 1.39% and the Nasdaq Composite added 1.97%. On Thursday, e-mini futures for the S&P 500 ticked up to new records, and were last up 0.26%

“The market is still taking a sanguine view to tighter regulatory/tax risks given the narrow Senate majority, while still expecting additional fiscal stimulus,” Tapas Strickland, an economist at National Australia Bank, said in a note.

Tech shares stood out after Netflix Inc said it would no longer need to borrow billions of dollars to finance its TV shows and movies, prompting its shares to surge nearly 17%.

Along with Netflix, the rest of the FAANG group, scheduled to report results in the coming weeks, jumped. Google parent Alphabet Inc rose 5.36%.

As equity gauges rose, U.S. stimulus hopes weighed on the greenback, pushing the dollar index down 0.1% to 90.319.

The dollar was flat against the yen at 103.52 and the euro gained 0.2% on the day to $1.2124.

Benchmark U.S. 10-year Treasury notes yielded 1.0836%, down slightly from a U.S. close of 1.09% on Wednesday.

In commodity markets, oil prices eased on an unexpected rise in U.S. crude stocks. U.S. West Texas Intermediate crude dipped 0.56% to $53.01 a barrel. Brent crude fell 0.4% to $55.85 per barrel.

Spot gold was flat at $1,871 per ounce. 

Tesla fourth-quarter registrations in California jump 63%: data

(Reuters) - Tesla Inc's vehicle registrations in the U.S. state of California jumped nearly 63% during the fourth quarter compared with last year, largely due to the success of the company's Model Y, according to data from Cross-Sell here, a research firm that collates title and registration data.

The automaker reported better-than-expected 2020 vehicle deliveries earlier this month, driven by a steady rise in electric vehicle adoption, even though it narrowly missed its ambitious full-year goal of half a million deliveries during a punishing year for the global auto industry.

The report released on Wednesday showed registrations in California, a bellwether for the electric carmaker and its largest U.S. market, recovered from a third-quarter low of about 16,200 vehicles to around 22,117 vehicles in the three months ended December.

At about 11,417, registrations in the state for Tesla’s Model Y compact crossover utility vehicle surpassed those for the Model 3. California registrations for Tesla’s Model 3 mass-market sedan fell 34% on a yearly basis to 7,044.

Total fourth-quarter vehicle registrations in the 23 states, where data was collected, stood at 44,749, with Model Y accounting for nearly half the registrations.

Registration figures might not accurately reflect the number of vehicle deliveries during the quarter as registrations in the United States typically take about 30 days from the time of sale.

Tesla, whose shares surged over 700% in 2020, is expected to report fourth-quarter results after market close on Jan. 27.

IndiGo tightens grip in India and targets growth abroad

NEW DELHI/SYDNEY (Reuters) - India’s IndiGo has emerged as one of the world’s biggest airlines by capacity, aided by a swift recovery in the domestic aviation market to nearly 80% of pre-pandemic levels and the financial strength to boost market share as rivals struggle.

The airline is now the world’s seventh biggest by capacity and the largest outside the United States and China, according to data firm OAG. It is a rare bright spot in a battered global aviation industry, providing a lifeline to squeezed lessors and aircraft manufacturers by paying bills on time and in full.

IndiGo took 44 planes from Airbus SE last year - the most of any customer and topping Delta Air Lines Inc and China Southern Airlines Co Ltd - as it replaced older planes with more fuel-efficient newer models. It is also gearing up to expand its fleet further from 2023.

With a 52% domestic market share in 2020 versus 47% in 2019, and profitability in sight after a loss last fiscal year, IndiGo is expanding its reach to smaller Indian cities such as Ranchi, Patna and Gorakhpur to replace a fall in business travel on larger routes like New Delhi-Mumbai, CEO Ronojoy Dutta told Reuters.

It is also betting that faster growth and higher margins will come from non-stop flights to international destinations like Moscow, Cairo and Manila which it can reach with its narrowbody planes, eliminating the need to complicate its fleet with widebody aircraft.

“As things stabilise, I’m very optimistic that by the end of 2021, I think we’ll be totally back to normal,” Dutta said, referring to the calendar year rather than the financial year ending March 31.

“And I think 2022 will be a great year for us in terms of growth and profitability,” he added.

The COVID-19 pandemic brought global air travel to a halt, plunging airlines into the red. India imposed one of the toughest lockdowns and even now airlines can only fly 80% of their total capacity on domestic routes.

IndiGo already had free cash of 89.3 billion rupees ($1.22 billion) as of March 31, 2020, a week after India went into lockdown, which it bolstered by raising more than 30 billion rupees over the next six months through the sale and leaseback of some assets and other cost-cutting measures.

Once IndiGo can operate at full capacity, it wants to ramp up its utilisation rate to a breakeven level of around 12 hours per day, compared with 10 hours currently, said Dutta, adding it would also be able to fill more seats and reduce unit costs.

Parent Interglobe Aviation Ltd’s shares have doubled from pandemic lows in March 2020 to trade within 10% of their October 2019 record high.

INTERNATIONAL GROWTH

Before the pandemic, IndiGo deployed around 25% of its capacity on international routes, where flights are now often restricted to certain countries or charters. This means it is currently operating only about 20% of international flights.

The international business typically offer margins around 10% higher than the price-sensitive domestic market, Dutta said, adding that for now IndiGo would expand using its narrowbody fleet, meaning places like London, where it has slots, are out.

IndiGo’s strong financial position relative to domestic and regional rivals like SpiceJet Ltd, Malaysia’s AirAsia Group Bhd and Indonesia’s Lion Air should help it dominate flights within a seven-hour radius, some analysts say.

“IndiGo has cleverly identified its bases within India and is now getting ready to spread its tentacles all across the sub-continent,” said Shukor Yusof, head of Malaysia-based aviation consultancy Endau Analytics.

Despite the recent turbulence, Dutta expects the proportion of capacity deployed to international markets to rise a few percentage points each year.

IndiGo has 580 planes on order with Airbus that have yet to be delivered and is receiving them at a rate of around 50 a year. Even so, Dutta feels that, with the growth it is eyeing, it may not have enough planes to fly everywhere it wants to.

“Somewhere around 2024-2025 we’ll probably pause and say could we bring some of the deliveries forward and then order more for later years,” he said.

Oil rises on U.S. stimulus hopes, tighter market under Biden

NEW YORK (Reuters) - Oil edged higher on Wednesday on expectations that U.S. President Joe Biden’s administration will deliver hefty pandemic-related economic stimulus that will lift fuel demand and enact policies that will tighten crude supply.

Biden, who was inaugurated on Wednesday, was set to take immediate measures to curb the U.S. oil industry, including a plan to re-enter the Paris climate accord, cancelling a permit for the Keystone XL crude oil pipeline and pausing planned drilling in the Arctic.

Brent crude settled at $56.08 a barrel, gaining 18 cents. U.S. West Texas Intermediate (WTI) crude settled at $53.24 a barrel, climbing 26 cents.

Prices, however, turned negative in post-settlement trade after data by industry group the American Petroleum Institute showed U.S. crude oil stocks unexpectedly rose last week, swelling by 2.6 million barrels to about 487.1 million barrels. [API/S]

Weekly government figures are being released on Friday. [EIA/S]

U.S. Treasury Secretary nominee Janet Yellen on Tuesday urged lawmakers to “act big” on pandemic relief spending, which boosted oil prices earlier in the session.

“There’s renewed hopes about the stimulus - there’s just a good mood in the markets overall, a sense of moving forward and that demand is going to be picking up,” said John Kilduff, partner at Again Capital LLC in New York.

Globally, supplies have tightened from a record output cut last year by OPEC and its allies, a group known as OPEC+, helping lift prices from historic lows.

This month, Brent hit an 11-month high of $57.42, helped by Saudi Arabia pledging to make additional, voluntary cuts and most OPEC+ members agreeing to keep output steady in February.

The expected moves to push for carbon reduction, if they restrict supply, could also boost prices.

“I think the Biden administration on day one is making it clear that there’s a new sheriff in town and we’re going to go back to policies that are pro-green energy and anti-fossil fuels,” said Phil Flynn, senior analyst at Price Futures Group in Chicago. “It’s going to mean higher prices and the market is starting to price in that reality.”

Tanzania: Tigo Revamps Its E-Wallet Payment Arrangement

Dar es Salaam — Tigo Tanzania yesterday revamped its merchant payment solution service to accommodate new features.

The service was first introduced into the market in 2014 dubbed Lipa Hapa kwa Tigo.

The revamped service now named "Lipa kwa Simu" comes into the market with advanced features including but not limited to QR codes, number codes and In-App experience for merchants. Lipa kwa Simu is a financial and digital service that enables businesses and institutions to receive payments from customers using their mobile wallets from all Network Operators. It is a convenient and secured service for both businesses and customers.

Speaking at the launch event, the chief officer for Mobile Financial Service (MFS), Ms Angelica Pesha said that, "The local market is characterized by significant population growth, a youthful demographic, and relatively high levels of data and digital adoption. We believe that the revamped Lipa kwa Simu service, coupled with our extensive merchant network across the country,will give Tigo Pesa customers a greater payment experience by enabling them to conduct all their payment transactionsin a secure, seamless and convenient manner at all kinds of merchants, micro, medium and large across the country".

Ms Pesha explained that, "With the introduction of QR codes and number codesin Lipa kwa Simu we are prepared to bring simplicity and sophistication to Tigo Pesa transactions. QR codes offer a quick way to skip several steps,by simply scanning a merchant's QR code".

"As for the merchants, we are introducing In-App experience where they will be able to manage their payment tills through Tigo Pesa App, this will allow simplicity, convenience, and more control of business finances. Alongside the new developments we are also rolling out the service at very competitive pricing to encourage all transactions to be done by phone.We also have special pricing and offers for all our merchants, to make receiving of e-value as convenient as can be,. explained Ms Pesha.

This launch goes hand in hand with a special promotion for all our customers, during this festive season where they will get cashback reward for every payment they will make to our Lipa Kwa Simu merchants.

The Lipa kwa Simu solution will enable all customers to pay conveniently to a diverse group of merchants across all sectors like:

Market places, fuel stations, cinema outlets, restaurants and cafes, pubs, bars, hotels, supermarkets, fuel stations, cinema outlets, pharmacies, hardware stores just to name a few.-Citizen.

Nigeria: Govt to Pay 24 Million Poor Nigerians N5,000 Each

The federal government yesterday said about 24.3 million poor Nigerians would get N5,000 each for a period of six months.

This is coming as Vice President Yemi Osinbajo has said that at least 20 million Nigerians will be lifted out of poverty by the federal government within the next two years.

Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Farouq, disclosed the planned payment of N5,000 at the inauguration of the federal government's emergency intervention database for the urban poor.

A statement issued in Abuja yesterday by her aide, Ms Nneka Anibeze, said the intervention would serve as cushion for those further impoverished by the COVID-19 pandemic.

The statement read in part, "According to records, about 24.3 million poor and vulnerable individuals were identified at the end of 2020 and registered into the National Social Register.

"Each beneficiary will receive N5,000 for a period of six months."

Farouq said the intervention database was needed to develop the capacity for rapid response to any emergency including natural or man-made disasters.

The minister said the Rapid Response Register was designed to rapidly identify, register and provide succour to people who were not previously captured in the social register.

Speaking on the RRR, the Vice President, Prof. Yemi Osinbajo, said the register deployed a wholly technology-based approach, adding that it was primed to achieve an end-to-end digital foot-print in cash transfers for the urban poor.

This, he said, would also help the government to achieve its financial inclusion policy under the Enhancing Financial Innovation and Access programme.

He said, "The groundbreaking success of the RRR now emboldens us to achieve our aspiration of a social security programme for a minimum of 20 million Nigerians in the next two years. This will be the largest of its kind on the continent."

Osinbajo also hinted that the federal government would seek funding for the intervention programmes as the country deserved a social security scheme that would not only alleviate poverty but also create wealth for millions of those waiting for the opportunity.-This Day.

Kenya: China Offers Kenya Sh27 Billion Debt Break Until June

Nairobi — China has offered Kenya a debt break of Sh27 billion that was due for payment between January and June 2021.

National Treasury Cabinet Secretary Ukur Yattani said following talks with authorities in Beijing, Kenya will be required to pay the debt later.

"We are now going to pay in future. This will give us the liquidity that we desire to be able to finance both the National and County Governments," he told Spice FM in a Wednesday morning interview.

With growing concerns on the country's ballooning debt, Yattai siad Kenya's international record is still good.

"We are happy... (the tax breaks) depends on the confidence our partners have in our country. There are those who request for tax relief but did not get because they are considered extremely high risk and are likely to default. We are not defaulting," he said.

Yattani said the national debt is currently at 60 per cent of Kenya's Gross Domestic Product, with the country's economy set to rebound a 5 per cent growth in the second half of 2021, despite a slow start due to the effects of COVID-19 pandemic.

"Most of the development countries are at the range of 110 to 130 of the GDP," he said.

The Chinese Embassy in Nairobi last week assured on the country's willingness to strengthen coordination with Kenya in its efforts to address debt challenges.

"Africa's need is always China's concern," the Embassy said, "We stand ready to strengthen coordination with Kenya and assist Kenya in its efforts to address debt challenges."

China has already signed debt service suspension agreements with 12 African countries and provided waivers of matured interest-free loan for 15 African countries under the G20 framework.

Cumulatively, China has suspended more debt service than any other G20 member.

The China International Development Cooperation Agency and the Export-Import Bank of China have implemented all eligible debt suspension requests of the developing nations.

"China attaches great importance to debt suspension and alleviation in African countries including Kenya and is committed to fully implementing the G20 Debt Service Suspension Initiative (DSSI)," the Embassy said.

Kenya has benefited from infrastructural development funded through loans from China, including the Thika Superhighway, the Mombasa-Nairobi-Naivasha Standard Gauge Railway and the ongoing construction of the Westlands-Jomo Kenyatta International Airport (JKIA) Express Way that is aimed at easing traffic congestion to the main airport.-Capital FM.

Uganda: Internet Shutdown Forces Govt to Postpone Arrival of New Airbus

Government has pushed the date on which it had expected to receive the second Airbus from France.

The postponement, according to Mr Waisswa Bageya, the Ministry of Works permanent secretary, was occasioned by "communication technicalities" that had resulted from the five-day Internet shutdown.

"We postponed the dates [from January 25 to February 2] because of some communication technicalities, which were occasioned by the Internet shutdown," Mr Bageya told Daily Monitor on Monday.

However, he did not explain the kind of technicalities that had occasioned the postponement.

It was not immediately clear how much government would have to spend due to the postponement.

Government, on January 13, shutdown the Internet on claims that it had received intelligence information, pointing to a plan in which certain individuals, had mobilised protests after being defeated in the just concluded elections.

The shutdown has resulted into massive losses for a number of sectors, key among them banking, telecommunications, aviation, financial technology (Fintechs) and e-commerce companies, among others.

However, on Monday the Internet was restored but government has maintained a blockade on social media sites such as Twitter, Facebook and WhatsApp, among others.

The Airbus, whose payment, according to Mr Bageya, had been fully cleared, is expected to arrive in the country on February 2.

It had earlier been scheduled to arrive on January 25.

Mr Bageya also noted that a delegation composed of technical people from Uganda Airlines and Uganda Civil Aviation Authority will be leaving for France early next week ahead of the February 2 planned handover.

The Airbus A330 Neo, will be the second to arrive in the country, adding to another, which arrived on December 22.

The two aircrafts, which cost $145m (Shs536b), will bring the number of Uganda Airlines' fleet to six as government seeks to enhance operations of the national carrier, which was relaunched last year after the airline was liquidated about 20 years ago.

Last year, Uganda Airlines acquired four light flight 72-seater planes for shorter routes, especially within East Africa and some parts of Africa.

The two Airbuses are expected to operate long-haul flights to Dubai - Abu Dhabi, London - UK, Guangzhou - China, Mumbai - India and some routes in southern and West Africa.

At the close of December last year, Mr Perez Ahabwe, the Uganda Airlines chairman, told Daily Monitor, they would begin to fly to Dubai, after the airline was accredited.

He also said they were working on getting accreditation to fly to London (Gatwick or Heathrow), which he noted would hopefully come through at the end of February.

Uganda Airlines currently operates shorter routes to Bujumbura (Burundi), Nairobi (Kenya), Dar es Salaam and Kilimanjaro (Tanzania), Juba (South Sudan), Mogadishu (Somalia) and Kinshasa (DR Congo) is the latest route.

But it has plans to launch new routes to a number of metropolises such as Asmara (Eritrea), Addis Ababa (Ethiopia), Lusaka (Zambia) and Harare (Zimbabwe).

Uganda Airlines

Uganda Airlines was founded in 1976 but was liquidated in 2001 during a broader push to sell struggling state-owned enterprises.

However, government in 2018 yielded to demands from various stakeholders including tourism promoters and players and National Planning Authority that had expressed frustration, especially in marketing Uganda as a tourism destination.

In August last year, Uganda Airlines was relaunched after 20 years of closure, banking on traffic from the country's emerging oil industry and the tourism sector.-Monitor.

Malawi: NBS Bank Enhances Its Digital Offering, Partners Network International

Malawi Stock Exchange-listed NBS Bank plc has launched ab e-commerce platform, powered by Network International (Network.ae), a leading enabler of digital commerce across Africa and the Middle East.

The implementation of Network International's N-GeniusTM Online payment gateway will enable NBS, a leading commercial bank in Malawi, to offer small and medium enterprises (SMEs), large corporations, public institutions and individuals a fast and secure way to enter the rapidly growing e-commerce market in Malawi.

NBS Bank plc chief executive officer Kwanele Ngwenya is quoted in a statement saying that as a first for Malawi, the bank is providing a sophisticated, yet low-cost solution, which will not only help grow, but further engage their customer base and help drive online commerce across many segments in the country.

He said: "By accommodating all payment types, offering the highest levels of safety and security and enhancing the mobile device experience, our online platform will help many businesses and sectors of the economy grow their online presence and help drive a digital and cashless society."

On his part, Andrew Key, managing director of Network International Africa, said: "Network International already enjoys a long-term, successful relationship with NBS Bank plc, having helped the bank deliver many innovative products to their clients over the years, including both local processing and connectivity to international card schemes."

Key said through utilising our proprietary N-Genius platform, "Network is proud to provide NBS Bank the latest cutting-edge technology."

He said NBS Bank plc has always challenged the traditional banking offering through technology-driven innovations.

NBS Bank is a fully fledged commercial bank providing a wide range of financial services to individuals, small and medium businesses, large corporations and public institutions. It was incorporated as a limited company in 2003.-Nyasa Times.

Invest Wisely!

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INVESTORS DIARY 2021

Company

Event

Venue

Date & Time

Companies under Cautionary

ART

PPC

Dairibord

Starafrica

Fidelity

Turnall

Medtech

Zimre

Nampak Zimbabwe

 <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.

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