Major International Business Headlines Brief::: 07 July 2021

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Major International Business Headlines Brief::: 07 July 2021

 


 

 


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ü  Covid: Heathrow to trial fast-tracking vaccinated arrivals

ü  Pentagon cancels $10bn 'Jedi' contract

ü  Global chip shortage: Samsung forecasts 53% jump in quarterly profit

ü  Didi shares plunge amid China tech crackdown

ü  Hong Kong defends privacy law after Big Tech raises concerns

ü  Public finances vulnerable to shocks after Covid, says watchdog

ü  France in a fizz over Russia's champagne label law

ü  Lotus launches the Emira as its 'last hurrah' conventional petrol sports car

ü  Vauxhall UK plant safe with electric vehicle plan

ü  State pension predicted to rise by 8%

ü  Analysis: Limited capacity, logistics to slow Chinese bitcoin miners' global shift

ü  Inflation, COVID-19 and debt top central bank worries -UBS survey

ü  Solarwatt flexes muscles in home energy storage fight with Shell, Tesla

ü  Nigeria: Mambilla Power - Senate Queries Govt Over N812m for Land Surveying, Demarcation

ü  Nigeria: Oil Producers Seek End to Rising Cost of Doing Business, Others

ü  Ethiopia: HPR Approves Over Half Trillion Birr Budget for Upcoming Ethiopian Fiscal Year

ü  South Sudan's Oil Industry Remains Dependent On Foreign Help

 

 

 

 

 

 

 

 


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Covid: Heathrow to trial fast-tracking vaccinated arrivals

Two of the world's biggest airlines will trial fast-track lanes at Heathrow airport for fully-vaccinated arrivals.

 

Under the scheme passengers from some countries will be able to upload their vaccination status before boarding.

 

The trial by British Airways and Virgin Atlantic comes as the aviation industry calls for quarantine-free travel to the UK from lower-risk amber list countries.

 

Transport Secretary Grant Shapps is set to announce such a scheme this week.

 

The move comes just days after the UK government announced that most lockdown measures in England would be eased from 19 July.

 

Earlier this week, Health Secretary Sajid Javid said Mr Shapps would update MPs on international travel and removing "the need for fully-vaccinated arrivals to isolate when they return from an amber list country".

 

However, as cases continue to rise in the UK, health experts have highlighted that no vaccines are 100% effective.

 

Most popular holiday destinations are currently on the amber list, meaning that people must isolate for up to 10 days on their return to the UK.

 

The trial, due to start this weekend, will allow passengers who are fully vaccinated and are travelling on selected flights to Heathrow from Athens, Los Angeles, Montego Bay and New York to show proof of their vaccination status.

 

People taking part will be able to use a dedicated arrivals lane at the UK border.

 

It is hoped the trial will "reassure" the government that airlines and airports can check vaccine status away from the border, which would reduce pressure on UK immigration halls.

 

The trial will accept internationally recognised vaccination credentials including the NHS app, CDC card, US state-level digital certification and the EU digital Covid certificate.

 

John Holland-Kaye, chief executive of Heathrow Airport, told the BBC's Today programme: "At the moment the main barrier to people who have been doubly vaccinated travelling being allowed to do that, is being able to demonstrate to the government that we can check that they've had the vaccination already.

 

"The trial that we're starting later this week will allow us to demonstrate we can do that safely with 100% checks on double vaccination before people get on the plane."

 

Sean Doyle, British Airways chief executive and chairman, added he was "confident" the trial would be successful.

 

"We look forward to providing the data that proves it's simple for fully vaccinated status to be verified and to the Government meeting its commitment to get the country moving again," he said.

 

Shai Weiss, Virgin Atlantic chief executive, said the trial would demonstrate the industry's readiness to "rapidly operationalise the new policy, and work with government and authorities to ensure it is smoothly implemented at pace, supporting the reopening of the transatlantic corridor, without which £23 million is lost each day from the UK economy".

 

In a joint statement, the companies said the UK had "led the world with its successful vaccine programme", but added it was "failing to reap the economic and social rewards" of other countries which are accepting fully-vaccinated people without the need to quarantine.

 

Rule-change 'carnage'

Meanwhile a self-isolation rule change for fully vaccinated people in England has been delayed until 16 August, provoking concern from some Tory MPs and firms.

 

>From that date, people in England who have had two doses of a coronavirus jab will no longer have to self-isolate if a close contact tests positive for Covid.

 

Industry group UK Hospitality said the move did not come soon enough - and highlighted the "carnage" caused by the current system, which forced pub and restaurant staff to self-isolate "unnecessarily".

 

Former Tory leader Sir Iain Duncan Smith told the Telegraph: "Why would you even go to a pub (after step four of the lifting of lockdown)? This makes it worse."

 

"I wouldn't go to a pub that wasn't still having six around a table and social distancing, otherwise you run the risk of everyone in the pub being pinged and locked down."

 

On Tuesday, another 28,773 cases were reported across the UK, as well as 37 deaths within 28 days of a positive test.

 

According to Health Secretary Sajid Javid, the numbers of new infections could rise to 100,000-a-day over the summer,--BBC

 

 

 

Pentagon cancels $10bn 'Jedi' contract

The Pentagon is scrapping a multibillion dollar cloud computing contract, which sparked a row between Microsoft and Amazon.

 

The US Department of Defense said the $10bn contract no longer met its current needs due to the "shifting technology environment".

 

Microsoft was awarded the contract, but Amazon claimed President Trump had influenced the decision.

 

Amazon and Microsoft will both have the opportunity to bid for a new contract.

 

After Microsoft won the massive Joint Enterprise Defense Infrastructure (Jedi) contract, it drew complaints and a legal challenge from tech rival Amazon, which claimed that the choice was politically motivated.

 

The Department of Defense (DoD) said in a statement on Tuesday: "With the shifting technology environment, it has become clear that the Jedi Cloud contract, which has long been delayed, no longer meets the requirements to fill the DoD's capability gaps."

 

It added that it would seek new proposals "from a limited number of sources", including both Amazon and Microsoft.

 

Pentagon to reconsider Jedi $10bn cloud contract

Jeff Bezos steps down as Amazon boss

The two tech giants are the only suppliers it said would be capable of meeting the brief, although it would consider other firms.

 

The Jedi system was designed to replace the DoD's ageing computer networks with one single cloud system, which would have hosted classified secrets and provided artificial intelligence-based analysis to the military.

 

But after the work was awarded to Microsoft in 2019, Amazon - which was seen as the favourite for the project - filed a legal challenge to object.

 

The Pentagon press release said a lot of things.

 

It talked of how technology had "evolved", about "cloud conservancy", and industry "advances".

 

But it omitted one crucial detail - that Amazon had accused Donald Trump of exercising undue influence over the decision.

 

The former president didn't exactly hide his distaste for Amazon boss, Jeff Bezos.

 

Mr Trump referred to the Washington Post (which Mr Bezos owns) as 'Amazon Washington Post' and penned tweets about him calling him 'Jeff Bozo'.

 

When Amazon pitched for a lucrative government cloud computing contract, many analysts believed they were the ones to beat.

 

However, they didn't win that contract. Amazon has since been arguing that Mr Trump exercised undue influence in the procurement process.

 

The Pentagon faced extended legal challenges by Amazon, and it seems likely that, too, was a factor in this decision.

 

2px presentational grey line

An Amazon Web Services spokesperson told the BBC: "We understand and agree with the DoD's decision.

 

"Unfortunately, the contract award was not based on the merits of the proposals and instead was the result of outside influence that has no place in government procurement."

 

They added that they "look forward" to supporting the department's modernisation efforts.

 

Microsoft said in a statement on Tuesday: "It's clear the DoD trusts Microsoft and our technology, and we're confident that we'll continue to be successful as the DoD selects partners for new work."-BBC

 

 

Global chip shortage: Samsung forecasts 53% jump in quarterly profit

Tech giant Samsung Electronics has said it expects its quarterly profit to rise by 53% amid a global chip shortage.

 

The world's biggest memory-chip and smartphone maker forecast operating profit of $11bn (£8bn) for the three months to the end of June.

 

It said strong demand for memory chips had offset weaker sales of devices due to the shortage of components.

 

A year ago, in the first few months of the pandemic, Samsung saw sales of products such as phones and TVs slump.

 

Since then demand for electronics components has surged as people shifted more of their lives online, while many chip makers struggled to keep up with demand.

 

The South Korean electronics giant's outlook easily beat analysts' expectations, signalling continued strength for the technology industry.

 

If the figures are confirmed later this month, it would be Samsung's biggest second quarter profit since 2018.

 

In recent months, computer chip makers in particular have had much greater power to increase their prices during the historic supply crunch.

 

In March, Samsung's co-chief executive and mobile chief, Koh Dong-jin told shareholders: "There's a serious imbalance in supply and demand of chips in the IT sector globally."

 

He also said that the company was working with overseas partners to meet demand as global shortages caused supply disruptions.

 

Chip shortage: What other industries have been hit?

The chip shortage has also hit car makers hard, with major motor manufacturers around the world being forced to halt production at various times.

 

In recent months, auto brands including Ford, General Motors, Volkswagen and Jaguar Land Rover have all suspended their production lines.

 

Last month, US President Joe Biden and European commissioner Margrethe Vestager unveiled plans to manufacture more computer chips in Europe and the US.

 

The initiative is one of the key focuses of a new trans-Atlantic technology alliance known as The Trade and Technology Council.

 

A statement on a summit between President Biden and Commissioner Vestager included a pledge to build "an EU-US partnership on the rebalancing of global supply chains in semiconductors".

 

The European Union wants to increase its share of the global chip-manufacturing market from 10% to 20% and has promised $150bn towards the effort. Meanwhile, the US has allocated $52bn to domestic chip manufacturing.-BBC

 

 

 

Didi shares plunge amid China tech crackdown

China's Didi Chuxing's share price has tumbled amid a crackdown on tech firms listing overseas.

 

Shares in the ride-hailing company plunged nearly 20% the first day of US trade after the 4 July break.

 

It comes after China's internet regulator ordered online stores not to offer Didi's app, saying it illegally collected users' personal data.

 

The tech giant began selling shares on the New York Stock Exchange just last week.

 

At one point on Tuesday, its share price slid by 25% to $11.58, well below the $14-per-share price offered at its initial public offering (IPO).

 

Its removal from app stores does not affect existing users, but will stop new users registering on the country's biggest ride hailing platform.

 

 

Didi, a platform similar to Uber or Lyft, gathers vast amounts of real-time data every day, which is used to analyse traffic patterns and for autonomous driving technology.

 

The Cyberspace Administration of China (CAC) announced last week it was investigating the firm to protect "national security and the public interest".

 

"After checks and verification, the Didi Chuxing app was found to be in serious violation of regulations in its collection and use of personal information," it said in a statement.

 

"The company will strive to rectify any problems, improve its risk prevention awareness and technological capabilities, protect users' privacy and data security, and continue to provide secure and convenient services to its users," Didi said in a response on Monday.

 

Tech crackdown

In addition, the Chinese cabinet has said it will step up supervision of Chinese firms listed off-shore.

 

It set out new guidelines on Tuesday saying that watchdogs must improve cross-border co-operation over audits, and update rules "on data security, cross-border data flow and other confidential information management."

 

Shares in other Chinese parent companies listed in the US such as truck-hailing firm Full Truck Alliance (FTA) and job-seeking platform, Kanzhun, also tumbled after the announcement.

 

The update follows regulatory crackdowns by China on various tech firms, from Alibaba to food delivery service Meituan.

 

On Monday, the CAC also said that it plans to investigate FTA. Like Didi, FTA recently made its debut on the New York Stock Exchange, raising $1.6bn (£1.1bn).

 

Didi raised $4.4bn in its own IPO last week, in what was the biggest listing in the US by a Chinese company since retail giant Alibaba's debut in 2014.

 

But Shifara Samsudeen, an analyst at LightStream Research warned that the company's revenues will likely be affected by the tech crackdown.

 

"Didi's app ban will hurt its user growth and at the same time, the existing users of Didi's app will also have a certain level of reservation over using the company's app due to fear of compromising their personal data," she said.

 

"So, it is obvious that Didi's top line will be affected."

 

Founded in 2012, the ride-hailing company is particularly popular in China's urban cities. More than 20 million rides are arranged through the app in China every day, on average.-BBC

 

 

 

Hong Kong defends privacy law after Big Tech raises concerns

Hong Kong has defended planned changes to privacy laws, brushing off concerns raised by a technology industry body.

 

The new law targets "doxxing" - the malicious act of publishing people's personal information online.

 

But an industry group says technology giants may pull out of the city over fears that they could become liable for user content.

 

Hong Kong's leader, Carrie Lam said officials would meet companies that are concerned about the changes.

 

In a letter, the Singapore-based Asia Internet Coalition (AIC) - which counts Facebook, Google, Twitter and Apple amongst its members - said the proposed legislation was too broad.

 

"The local staff of overseas platforms in Hong Kong are not responsible for the operations of the platforms; neither do they…have access right or control to administer the online platform contents," the AIC said.

 

"The only way to avoid these sanctions for technology companies would be to refrain from investing and offering their services in Hong Kong, thereby depriving Hong Kong businesses and consumers, whilst also creating new barriers to trade," the letter added.

 

The letter, which was written on 25 June and made public on Monday, was addressed to Hong Kong's Privacy Commissioner for Personal Data.

 

In response, the government department reiterated that the changes to the law would only concern unlawful doxxing.

 

The AIC has told the BBC that the letter does not mention individual companies or that any one member is planning to leave Hong Kong.

 

When asked about the warning on Tuesday, Hong Kong's chief executive dismissed the concerns.

 

"We are targeting illegal doxxing and empowering the privacy commissioners to investigate and carry out operations, that's it," Ms Lam told reporters at a weekly news briefing.

 

She also signalled that her government would continue to fast-track the new legislation.

 

What are the proposed privacy law changes?

In May, Hong Kong's government announced plans to change data privacy laws after doxxing was widely used during pro-democracy protests in 2019.

 

The tactic was used to name police officers and court officials who had helped to crack down on protests online or worked on legal cases in which activists were prosecuted. Journalists and protestors were also targeted.

 

The proposed changes to the laws would ban doxxing and give authorities the power to force social media companies and websites to remove personal information from their platforms.

 

In 1997, the former British colony of Hong Kong was returned to Chinese rule with guarantees of continued freedoms.

 

Pro-democracy activists say those freedoms are being eroded by Beijing, especially in the wake of a controversial national security law which was introduced last year. China denies these allegations.

 

Google and Apple did not immediately respond to requests for comment from the BBC. Facebook and Twitter referred the BBC to the AIC's original letter.-BBC

 

 

 

Public finances vulnerable to shocks after Covid, says watchdog

The government faces an "increasingly risky" situation as debt has soared and the cost of Covid mounts, the fiscal watchdog says.

 

The Office for Budgetary Responsibility said government debt now stood at some £2.2 trillion or 99.2% of GDP - a rate not seen since the early 1960s.

 

Meanwhile, there were no plans to fund about £10bn a year of Covid spending on things like health and transport.

 

OBR boss Richard Hughes said chancellor faced a "difficult trade-off".

 

"[He must decide where] to spend now to prevent the risks and threats that he knows about versus keeping his powder dry, keeping debt low, keeping borrowing low so that he can deal with the threats he can't anticipate," Mr Hughes told the BBC's Today programme.

 

The UK economy contracted sharply last year as swathes of businesses closed in lockdown, but it is now recovering strongly.

 

Government borrowing eases in May

Where does the government borrow billions from?

However, the government bill for emergency measures such as the furlough scheme continues to climb, pushing up its debt pile by about 20%.

 

In its Fiscal Risks report, the OBR said Chancellor Rishi Sunak was trying to tackle this by cutting future non-Covid public spending and increasing corporation tax from 19% to 25%.

 

But it said there were no plans to cover ongoing pandemic-related costs such as:

 

·         Reducing a backlog of 3.5 million procedures in the NHS

·         Maintaining a test and trace capacity

·         Funding catch-up schooling

·         Supporting public transport after a sharp fall in passenger numbers.

Addressing these spending pressures could require cuts to other government departments, tax rises or looser rules on government borrowing, it added.

 

The report also warned of the rising costs of servicing the government's debt, noting that it was "exposed" to future shocks such as rising inflation or interest rates.

 

The Bank of England has slashed the UK's benchmark interest rate to 0.1% during the pandemic to support the economy.

 

But inflation is increasing quickly as the economy reopens and some fear the Bank will have to raise rates to control prices.

 

'Once-in-a-century shocks'

Mr Hughes said the OBR expected inflationary pressures to be temporary, but the risks remained.

 

"We are two decades into the 21st Century and governments have already faced two once-in-a-century shocks - the 2008 financial crisis and the 2020 coronavirus pandemic," he added.

 

"There are reasons to believe that these kind of shocks are becoming more frequent and more severe. And also that government finances are becoming increasingly exposed to these kinds of shocks."

 

In its report, the OBR noted that cutting carbon emissions would also put pressure on the public finances, but it added that delaying action would be more costly.

 

It said its baseline scenario of early action to achieve net zero by 2050 would leave the UK's debt mountain at 21% - or £469bn - of economic output (GDP) by 2050-51.

 

However, postponing action would leave that figure at 23%.

 

"While unmitigated climate change would spell disaster, the net fiscal costs of moving to net zero emissions by 2050 could be comparatively modest," it said.-BBC

 

 

 

France in a fizz over Russia's champagne label law

France has hit back at a new Russian law ordering French champagne makers to label their bottles as sparkling wine.

 

France has strict rules protecting its bubbly, meaning to be called champagne it must be from the French region that shares the name.

 

But under Russia's new law, only local producers can call their drinks "shampanskoye" - the Russian equivalent of champagne.

 

France's main champagne industry group called the law "unacceptable".

 

Under the new legislation - signed by Russian President Vladimir Putin on Friday - foreign producers of sparkling wine are ordered to describe their products as such on the back of the bottle.

 

French producers are still allowed to use the word champagne on the front of bottles, but the use of "shampanskoye" is allowed only on local produce.

 

 

Moët Hennessy, France's most well-known champagne-maker, suspended deliveries to Russia over the weekend before adding the "sparkling wine" label on bottles it shipped there to comply with the law.

 

On Tuesday, French Agriculture Minister Julien Denormandie weighed in on the debate, insisting that only Champagne's vineyards can truly use the name.

 

Why France's champagne bubble has burst

Were the English first to invent bubbly?

"You can imagine the reaction of the French authorities," Mr Denormandie told Sud Radio.

 

"The word champagne comes from that beautiful region of France where champagne is produced," he said.

 

France produces around 231 million bottles of champagne a year. It makes around €2.5bn (£2.1bn; $2.9bn) from exports, with the UK and US the biggest customers.

 

Russia imports almost 50m litres of sparkling wine every year. French champagne represents 13% of this market and Moët Hennessy 2% of this.

 

French media have suggested Moscow's move could be part of an effort to revive the shampanskoye sparkling wine industry in its Soviet-era home of Crimea, which Russia annexed from Ukraine in 2014.

 

Champagne is designated under France's Appellation d'Origine Controlee (AOC) system, which is supposed to give them exclusive use of the word in countries that follow EU laws on distinctive geographical indications.

 

Greek Feta, Italian Parmesan and British Stilton blue cheese are also protected by such rules.-BBC

 

 

 

Lotus launches the Emira as its 'last hurrah' conventional petrol sports car

The sportscar maker Lotus has launched its new Emira model which it calls its "last hurrah" petrol car.

 

It follows a £100m investment at Hethel, near Norwich, the headquarters of the manufacturer.

 

Lotus said the new model was "inspired" by its electric Evija hypercar, which is due to go into production at the end of this year.

 

Managing director Matt Windle said Lotus wanted to become a "truly global performance car brand".

 

In 2017, the business was taken over by Zhejiang Geely Holding Group and Malaysia's Etika Automotive, with Geely holding a controlling stake.

 

Geely said an investment programme, worth more than £2bn, would see production in the UK tripled, as well as expansion abroad.

 

The Emira aimed to increase Lotus' global appeal, particularly in south east Asia.

 

It described the car as a "Lotus' last hurrah with internal combustion engines, before fully embracing electrification".

 

Mr Windle previously told the BBC: "In 10 years' time, we will be an electric vehicle-only company."

 

Natalie Sauber, market intelligence lead at engineering consultants Arcadis, said Lotus "going straight to electric is fantastic news".

 

She said: "Electric powertrains [the set of components that generate power] are so much better suited to sports cars, and it could also mean a major boost in its customer base."

 

Ms Sauber said the car maker producing its last petrol car was a "huge opportunity to refocus and reinvent" as an electric vehicle manufacturer.

 

But she warned that due to changes in EU rules, there needed to be a "local" source of batteries, from so-called gigafactories, for exports to Europe.

 

"That means that car manufacturers such as Lotus need to invest in the UK in order to continue to enable its UK cars to be exported to the EU," she added.-BBC

 

 

Vauxhall UK plant safe with electric vehicle plan

Vauxhall owner Stellantis has announced plans to build electric vans at its Ellesmere Port plant in Cheshire.

 

The £100m investment, which the UK government will contribute to, will safeguard more than 1,000 factory jobs.

 

The future of the plant has been in doubt after Vauxhall's parent company scrapped plans to build its new Astra model there.

 

The Ellesmere Port plant will also make electric passenger car models for Vauxhall, Opel, Peugeot and Citroën.

 

Production of an all-electric van will start in 2022, the carmaker said.

 

The government has held talks with Stellantis about options for the Cheshire factory and ministers are understood to have offered about £30m in financial support.

 

'Global race'

Carlos Tavares, head of Stellantis, had previously warned that the company would no longer invest in pure diesel or petrol cars at the plant, and said a decision on where it would build electric vehicles would depend on the UK government's support of the car sector.

 

Mr Tavares said: "Performance is always the trigger for sustainability and this £100m investment demonstrates our commitment to the UK and to Ellesmere Port."

 

Prime Minister Boris Johnson said: "It's a huge vote of confidence in our economy, in the people of Ellesmere Port, and in our fantastic post-Brexit trading relationships."

 

Business Secretary Kwasi Kwarteng said: "Ellesmere Port's proud tradition in auto manufacturing will continue for many years to come thanks to today's investment."

 

He said that the investment will also "secure thousands of jobs across the region in the supply chain".

 

"In this global race to secure electric vehicle production, we are proud to support Britain's auto sector in this crucial transition as we work to build back better," Mr Kwarteng added.

 

Sales of vans have been booming during the pandemic, as a result of growing home delivery sales.

 

Vauxhall's Luton plant is currently operating at full capacity so Stellantis wants to expand production at Ellesmere Port to serve the UK market.

 

Like other manufacturers it is also preparing for an all-electric future. The UK will ban the sale of new petrol and diesel cars from 2030, with other European countries setting similar targets.

 

Last week, Japanese carmaker Nissan announced an expansion of electric vehicle production at its car plant in Sunderland which will create 1,650 new jobs.

 

Hollie Hughes, 24, an engineer at the Ellesmere Port plant, who started as an apprentice nearly eight years ago, said the plans were "so exciting", especially the electric vehicle aspect.

 

"It's a massive highlight for Ellesmere Port," she said, adding that her team will be "heavily involved" in implementing the plans.

 

Oliver Holden, 27, a manufacturing engineer at the plant, said the employees had waited a long time for the announcement.

 

"From today, everyone will be pleased - the mood will be lifted, I believe," he said. "Everyone now can focus on the next challenges and move towards the future."

 

Short-term fix?

Professor David Bailey, an economist at Birmingham Business School, told the BBC's Today programme that Vauxhall's plans would support jobs in the short term, but there was a question over how sustainable they would make Ellesmere Port.

 

"There is there is no [Stellantis electric vehicle] battery plant being built in the UK... so if batteries are being brought in from France and elsewhere, that's going to add to costs and it's going leave Ellesmere Port as a relatively high-cost location," he said.

 

"[Building one in the UK] would really anchor vehicle production at Stellantis at Ellesmere Port and Luton in the UK.

 

"Longer term we're going to need a lot of batteries in the UK and we will need battery plants to keep mass car and vehicle production here."

 

Stellantis is currently building two battery plants, one in France and one in Germany, and is looking to establish a third, rumoured to be in Italy.

 

The two "gigafactories" at Douvrin in France and Kaiserslautern in Germany will get French and German government support of €1.3bn (£1.1bn).

 

The Ellesmere Port plant will have a new body shop and investment in general assembly and on site battery pack assembly. Work will begin on potential wind and solar farms at the site.

 

Stellantis will also consult on the creation of a UK parts distribution centre which will require further investment.

 

The outlook for the British automotive industry is certainly a lot rosier now than it was just a few months ago.

 

Without investment in new products every few years, car plants die; and the ageing factory at Ellesmere Port has long been regarded as particularly vulnerable.

 

Earlier this year Carlos Tavares, the acerbic chief executive of Vauxhall's parent company Stellantis, made it very clear that investment would only arrive if the government itself were prepared to support the industry.

 

It appears the government has done just that, with both Nissan and Stellantis, pledging to spend serious amounts of money developing electric vehicles here as a result.

 

But there's a long way to go to secure the future of car manufacturing, as it prepares for an all-electric future. After years of uncertainty over the outcome of Brexit, which made carmakers reluctant to commit to new plans, the UK is still playing catch-up.

 

So while the news from Nissan and Vauxhall has been widely welcomed, people within the sector agree that much more is needed.

 

line

Stellantis is the world's fifth-largest carmaker and also owns Peugeot, Fiat and Chrysler.

 

Ellesmere Port, acquired by Vauxhall Motors in 1957 from the Royal Auxiliary Air Force, initially developed the site as a sub-assembly and engine production line for its Dunstable and Luton factories.

 

It produced its first car, the Vauxhall Viva, in 1964, and produced the Viva, Chevette, and Vauxhall and Opel Astra.

 

Employment peaked at the site in 1975, with 12,000 people on staff.-BBC

 

 

 

State pension predicted to rise by 8%

Retired people could see a bumper rise in the state pension next year, according to official forecasters.

 

Predictions suggest that the link with earnings growth could mean an 8% rise in the amount paid from April 2022.

 

That would cost the government £3bn more than previously expected, according to the Office for Budget Responsibility (OBR).

 

But UK state pensions remain less generous than much of Europe, and are vital for millions of people.

 

At present:

 

The new flat-rate state pension (for those who reached state pension age after April 2016) is £179.60 a week

The old basic state pension (for those who reached state pension age before April 2016) is £137.60 a week

The rise in pensions each year is one of the most hotly-debated policy decisions for the government and the Treasury.

 

It is governed by what is known as the triple lock - a Conservative manifesto promise until at least 2024.

 

This means the state pension increases in line with the rising cost of living seen in the Consumer Prices Index (CPI) measure of inflation, increasing average wages, or 2.5%, whichever of those three is highest.

 

Extra £3bn cost

Near the end of each year, the government sets the level of state pension to be paid from the following April. It makes the judgement based on data from the Office for National Statistics.

 

The most relevant for the next rise in state pension will be the highest of the three elements of the triple lock, which is likely to be the increasing level of average wages.

 

Public finances at risk after Covid, says watchdog

The OBR is the government's official, but independent, forecaster. Late last year, and early this year, it predicted wages would rise by 4.6%.

 

Now, it is expecting the increase to be higher. The Bank of England has suggested it could be an 8% rise.

 

"If earnings growth… were 8%, that would add around £3bn a year to spending [on the state pension] relative to our forecast," the OBR said in its Fiscal Risks Report.

 

So the cost to the taxpayer would be £3bn more than what was already predicted to be a significant rise. The effect continues into subsequent years.

 

However, that does not mean all pensioners are going to be laughing all the way to the bank.

 

The UK state pension is one of the less generous in Europe.

 

Former pensions minister Sir Steve Webb said it was still "far from a King's ransom".

 

In addition, lots of low-paid workers have lost their jobs during the pandemic, the OBR points out. The effect of that trend is that it skews the comparison of wages, meaning that average wages are driven by higher paid workers and rising faster.

 

That means the people who are losing their jobs now, are the very same people who are more likely to rely on the state pension in the future. They will not have built up additional private or workplace pensions.

 

'Security' for pensioners

When asked in October whether the triple lock was safe, Chancellor Rishi Sunak said: "Yes, our manifesto commitments are there and that is very much the legislative position.

 

"We care very much about pensioners and making sure they have security and that's indeed our policy."

 

The government does have an option in law to decide how the calculations are made. If the rise in average wages is considered to be an anomaly, then it could decide to break the link and give a smaller rise to pensioners.

 

The age at which people receive the state pension has been increasing as people live longer. It is currently 66 for men and women, and the government has plans for the increase to 68 to be brought forward.-BBC

 

 

 

Analysis: Limited capacity, logistics to slow Chinese bitcoin miners' global shift

(Reuters) - Large bitcoin miners fleeing China to escape a state crackdown will take many months to start operating again, as data centres from Texas to Siberia scramble to secure space and power for them, while many smaller players may struggle to move at all.

 

Bitcoin is created or "mined" by high-powered computers usually at data centres in different parts of the world, competing to solve complex mathematical puzzles in a process that makes intensive use of electricity.

 

The industry in China, which accounted for as much as 70% of the world's capacity, is in disarray after the State Council, or cabinet, announced a crackdown on bitcoin trading and mining in late May targeting financial risks. read more

 

Miners in China are now shutting down or looking to move out, seeking tolerant authorities, low temperatures lest machines overheat and cheap electricity - ideally surplus power from hydro plants or oil fields that would be wasted.

 

The power consumed by bitcoin mining globally in early July equates to an annual consumption almost as large as Austria's, according to estimates from researchers at the University of Cambridge, even after falling 50% since May.

 

While the move is set to fuel the emergence of new mining centres in the longer term, for now the miners are running into limited data centre capacity overseas and logistical challenges.

 

"None of these guys are getting online in June or July," said Thomas Heller, chief business officer of Compass Mining, explaining miners needed to collect machines scattered around China, test, clean and pack them, ship them abroad, and get through customs before installation.

 

The logistics are harder for smaller Chinese miners with less cash on hand to pay for shipping, and who are also unfamiliar with operating overseas so may struggle to find hosting centres they can trust, miners say.

 

Nonetheless Compute North, which runs data centres hosting bitcoin miners in Texas, Nebraska and South Dakota, for example, is accelerating expansion plans slated for next year to meet "a massive influx of inquiries" from China.

 

"There's no doubt in my mind that we're going to see a lot of computers sitting in warehouses for the next six, nine, 12 months as the infrastructure catches up," said Compute North Chief Executive Dave Perrill.

 

"We are targeting the first and second quarter of 2022 for large scale deployments ... (but) it's not a simple switch, it takes a lot of complex engineering, procurement and construction."

 

Moscow-based BitRiver, which operates data centres in Siberia hosting bitcoin miners, has accelerated plans to build new facilities and expand existing ones to meet some of the demand from those leaving China.

 

BitRiver estimates demand for space in its facilities will rise to 1.5 million mining machines requiring up to 2.5 gigawatts of power, dwarfing its current three data centres' 125 megawatts.

 

"We know companies are leaving China because they are running straight to us," BitRiver spokesperson Roman Zabuga said.

 

SPACE SHORTAGE

 

China's ban on bitcoin mining may see up to 90% of all mining in the country go offline, according to an estimate by Adam James, a senior editor at OKEx Insights. Some miners are dumping machines in despair. read more

 

Kazakhstan-based hosting centre Hive Mining is receiving about four inquiries daily from Chinese potential clients, asking about prices, availability and regulations, said co-founder Didar Bekbauov.

 

Kazakhstan simply doesn't have enough ready-to-use space in data centres to host all those miners, he said.

 

The ructions in Chinese bitcoin mining, however, are not bad news for everyone.

 

"Our revenue automatically increased after several hundreds of thousands of bitcoin mining machines suddenly went offline in China," said Dale Irwin, president of Greenidge Generation, a New York-based bitcoin mining and power generation facility.

 

The algorithm governing bitcoin keeps production at a regular pace, adjusting roughly every two weeks to require more computing power to generate bitcoin if many machines are mining, or less if fewer.

 

Since China's crackdown, the computing power mining bitcoin hit a six-month low.

 

Kevin Zhang, vice president for business development at U.S.-based Foundry, a crypto mining, financing and advisory firm, said the crackdown could drive geographical diversification in the longer term.

 

"A lot of countries previously untapped by bitcoin miners, like in Southeast Asia, South America or Australia will be incentivised to use their stranded renewable power," he said, "These energy markets weren't needed before."

 

The Thomson Reuters Trust Principles.

 

 

Inflation, COVID-19 and debt top central bank worries -UBS survey

(Reuters) - Inflation has emerged as one of the top concerns for central bank reserve managers, alongside a failure to end the COVID-19 crisis and soaring debt levels, showed the results of a UBS survey released on Wednesday.

 

Fears about inflation and uncontrolled rises in long-term yields, a risk not flagged by participants at all in last year's Annual Reserve Manager Survey, were raised by 57% of respondents this year as a main risk to the global economy.

 

Failure to end the pandemic was cited as a worry by 79% of respondents, with 71% flagging government debt levels.

 

Reflecting angst about the gravity of COVID-19, half of participants in the survey believe the virus will be over only after 2022.

 

Reserve managers from close to 30 global central banks responded to the survey, conducted during April and June.

 

"Inflation is back at the top of concerns for central bankers," Massimiliano Castelli, UBS's head of strategy and advice, global sovereign markets, told Reuters.

 

"The majority is saying they expect a rise, but not sort of moving to very high levels of inflation. So it seems there is a sort of view among the central banking community that the current rising inflation that we are experiencing is transitory."

 

In terms of risks specifically related to the investment of FX reserves, the top concern, cited by 86% of respondents, remained lower and negative yields within fixed income.

 

More than two-thirds of participants expect the U.S. Federal Reserve to raise interest rates in 2023, while 30% expect the Fed to do so in 2022.

 

In contrast, participants expect a later hiking cycle for the European Central Bank, with 33% expecting the first interest rate increase in 2023, 41% in 2024 and only 26% later than 2024.

 

Asked how far leading central banks might go to support markets and the economy if needed, 58% of respondents think the Fed could turn to yield curve control.

 

The trend towards more diversification of reserves across asset classes continued, the survey showed. Equities is an eligible asset class for over 40% of central banks and emerging market debt for 54% of respondents, while there was a shift towards more assets protecting against inflation.

 

Nearly 40% of respondents expect wholesale central bank digital currencies to be launched within the next three years.

 

The Thomson Reuters Trust Principles.

 

 

 

Solarwatt flexes muscles in home energy storage fight with Shell, Tesla

(Reuters) - Germany's Solarwatt, backed by BMW's billionaire shareholder Stefan Quandt, plans to launch a small module that lets homeowners link rooftop solar panels to power storage batteries and electric vehicles to cut costs.

 

The wallbox allows home owners to control when and how much home-produced photovoltaics (PV) power they store, use to charge their electric vehicles (EVs), or sell to the grid.

 

The move takes aim at Shell-owned (RDSa.L) sonnen, China's BYD (002592.SZ), , Germany's E3/DC, EnBW's (EBKG.DE) Senec, LG Chem (051910.KS), Varta (VAR1.DE) and Tesla (TSLA.O), which EuPD Research says dominate the home storage market.

 

"The energy manager is the brain of the home," Peter Bachmann, Solarwatt's Vice President Customer Solutions, told Reuters ahead of a launch planned for Wednesday.

 

"It distributes the power from the roof intelligently."

 

The Manager Flex device, which looks like a wifi router and will go on sale at around 500 euros ($594), allows the integration of energy flows and gadgets at home, such as rooftop panels, batteries, electric heat pumps and EV-charging boxes.

 

It follows a home storage battery deal with BMW (BMWG.DE) last month, and Solarwatt, also active in France, Italy, Spain, the Netherlands, Britain and Australia, aims to be a top five player by the end of 2022, Bachmann said. read more

 

By bringing the power and car sectors closer, Quandt, who owns nearly half of BMW with his sister Susanne Klatten, is taking a page from Tesla's strategy book, with products ranging from solar roof installations to cars.

 

"We are showing that we have a holistic way of thinking in our DNA," Quandt, who owns a majority of Solarwatt, said last month.

 

Germany is an obvious starting point. With 300,000 stationary batteries, it is the world's top home storage market, ahead of the United States, Japan and Australia.

 

Germany's battery market has grown tenfold since 2015 and is set for 60% growth this year, fuelled by its 16 million house owners, of which two million operate solar panels.

 

Energy components and management systems in the home must be digitally linked to allow customers to monitor production, usage and prices, and to engage with the grid.

 

Heating and cooling suppliers such as Viessmann or solar inverter maker SMA (S92G.DE) are also active, developing steering devices and drawing customers into virtual communities.

 

"The decisive factor will be who gets to supply the entire household system from photovoltaics to storage batteries and (EV) wall boxes," said Andreas Radics, partner at Berylls Strategy Advisors.

 

Currently, it costs 7 euro cents to produce a kilowatt hour (kWh) of solar power in Germany, a fifth of grid power.

 

A household installing panels for generation, an electric heat pump to replace oil or gas boilers, and buying an EV instead of a petrol-based car can cut its CO2 emissions by 89%, it said.

 

That is if you can afford it.

 

A PV and battery system together may cost around 15,000 euros, an electric heating system another 10,000 euros, and an electric car 30,000-40,000 euros, although savvy buyers can make use of state support programmes to almost halve the bills.

 

For those not responding to incentives, Berlin has introduced punitive legislation such as a new CO2 tax on heat and car fuels as EV car registrations passed the 1 million mark this week, with up to 10 million expected by 2030.

 

"The ramp-up of EV sales will directly induce a corresponding run on smart energy products in the household sphere," said PricewaterhouseCoopers partner Steffen Apfel.

 

Sonnen's CEO Oliver Koch said EVs are driving demand for the company's PV systems and batteries: "A third of buyers (of those segments) add a charging device for their EV," he said.

 

Tesla did not respond to a request for comment.

 

Manufacturers, meantime, are eyeing the household sector because of technological dynamics that bring synergy between stationary and EV batteries, but more importantly because that's where their customers are.

 

Like rivals Volkswagen (VOWG_p.DE) and Daimler (DAIGn.DE), BMW faces a loss of revenues tied to combustion engines, forcing it to scout for new areas of future profitability.

 

EV makers have started exploring links between EVs and home power circuits, to morph home and car electricity into one, and between EVs and grids, to offer stability services and recycle used batteries.

 

It is in their interest that wall boxes are supplied with solar power, as this supports the EV's green footprint.

 

If they were filled up from public grids, EVs would necessarily have to absorb a current share of 50% fossil and nuclear fuels.

 

"(Germany's) 10 million EVs target can only be achieved if the industry can make the customer a sustainable offer," a BMW spokesperson said.

 

($1 = 0.8412 euros)

 

The Thomson Reuters Trust Principles.

 

 

 

Nigeria: Mambilla Power - Senate Queries Govt Over N812m for Land Surveying, Demarcation

The Senate Committee on Power yesterday asked the Minister of Power, Saleh Mamman, to account for the N812m the federal government paid to the Taraba State Government for the surveying and demarcation of land where the Mambilla power project would be sited.

 

The committee's chairman, Senator Gabriel Suswam, said the minister must give account of how the money was used since it was given by the federal government.

 

"It's left for you to ask the Taraba government to furnish you with the details of how the N812m was spent," Suswam said.

 

A member of the committee, Senator Yusuf A. Yusuf (APC, Taraba), had expressed concern that paying the money to the state government would make it impossible for the Senate panel to oversight how the money is spent.

"We can't appropriate money for land survey and demarcation for Mambilla power project and the money is given to Taraba government to engage land surveyors. This is make it difficult for the Senate to oversight the usage of the money," Yusuf had said.

 

Responding, the minister said the money was paid to the Taraba State Government based on the agreement between the state and the federal government.

 

"We entered into agreement with the state to support it with money to engage firms, based on the local procurement process, to survey and demarcate the land it donated for the project," he said.

 

Mamman also explained that the government reduced the capacity of the Mambilla hydro power project to 1,500 megawatts to make it bankable and acceptable to foreign lenders.

The $5.8bn power plant in Taraba State, planned for over three decades, was designed to generate 3,050 megawatts of electricity.

 

In 2017, the federal government approved the construction of the project to a Chinese state firm.

 

China's Export-Import Bank will provide 85 percent of the funding and Nigerian government will supply the remaining 15 percent for the joint venture.

 

Mamman said: "We discovered that the 3,050 megawatts is not feasible. We've sent officials to China to review the project and the memo is on the table of Mr President waiting for approval.

 

"The idea of rescoping the project is to make it bankable. The market we're operating today in Nigeria is different from the market that was operated when the Mambilla project was conceived.

 

"Today, we need a project that can be paid for in the market. We are funding the project with loan from a lender who is only interested in funding a project that can pay back the loan.

 

"Most of the issues around the Mambilla power plant are on bankability of the project. What we did was to redesign the project to be bankable and acceptable to the lenders," the minister said.-Daily Trust.

 

 

 

Nigeria: Oil Producers Seek End to Rising Cost of Doing Business, Others

The Oil Producers Trade Section (OPTS) a sub-group within the Lagos Chamber of Commerce and Industry (LCCI) and the Manufacturers Association of Nigeria (MAN) have decried the high cost of doing business in the country, including the challenge of access to foreign exchange.

 

OPTS is made up of both local and foreign-owned companies registered in Nigeria who hold an Oil Prospecting License (OPL) or an Oil Mining Licence (OML) in the country.

 

Speaking on the topic, "Technological Capacity Development and Technology Transfer" on the first day of the Nigerian Oil and Gas (NOG) Conference in Abuja, Chairman of OPTS, Mr. Mike Sangster, who is also the Managing Director of Total Energies, noted that if sorted out, Nigeria's economic potential will be realised.

In addition, Sangster who was represented by the Chairman, Sub-committee on Nigerian Content Development of the OPTS, Mr. Joseph Ofili, stated that importing materials for production remains a problem with the problem of accessing foreign exchange for large scale projects.

 

He stressed that there's also a huge gap in Africa in terms of technology, noting that one of the challenges to technology transfer is the infrastructure value chain which needs to be improved upon.

 

"For funding of projects, for every technology advancement you want to embark upon, you will need some funding, so that's another challenge that we need to overcome.

 

Payment arrears is a challenge in the oil and gas industry technological gap.

 

"For commercial terms, don't forget that it is investors that are coming to put their money here, so if they feel that the commercial terms are not favourable they will hold back their investment.

"Another one is high cost of doing business. There is no point doing a beautiful technology in China and bringing it back to Nigeria and you can't use it because you have not settled the environment," stated.

 

According to Sangster, while efforts to solve the problems are ongoing, there is the need for conscious and concerted moves to attract investment.

 

In his intervention, the MAN representative, Dr. Timi Austen-Peters, who also doubles as the Chairman of Dorman Long Engineering, listed foreign exchange issues, adequate power supply as well as access to funding as some of the problems facing manufacturers in the country.

 

"Forex is a problem, even in our daily lives, not to talk of importing hundreds of thousands of tons of steel to be able to produce something. The developmental role of government cannot be overstated.

"An enabling environment is very important to be able to manufacture effectively. The issue of power, access to funding, IT, R&D are important. These are issues which face all of us. Some of them are being addressed," he said.

 

On the regulatory environment, he noted that with the passage of the Petroleum Industry Bill (PIB), some degree of certainty will be restored to the Nigerian business space.

 

Earlier in his industry address, Deputy Managing Director, Deep Water, Total E & P Nig. Limited, Mr. Victor Bandele, stressed that the company's upstream branch now plays a significant economic and social role in Nigeria, operating nearly 15 per cent of the country's production.

 

"Nigeria, as one of our core areas of activities, is also crucial to the TotalEnergies Group, accounting for 12 per cent of its equity production. In the last few years alone, TotalEnergies has invested approximately $10 billion in the country.

 

"Despite the challenging environment that we operate in as an industry, TotalEnergies remains committed to investing in the country because we strongly believe in the potential of Nigeria and Nigerians," he said.

 

He emphasised that it was part of the reasons the company has been active in recent years even in the face of understandable uncertainties, completing Egina at the end of 2018 and making progress with the development of Ikike project.

 

"With a capacity of 200,000 barrels of oil per day, Egina has increased Nigeria's oil production by 10 per cent. The Ikike field is being developed as a satellite tieback to Amenam.

 

"Our overall target is to achieve 90 per cent Nigerian content on Ikike with 100 per cent of project management based in-country; 100 per cent of detailed and basic engineering in Nigeria; 100 per cent of procurement by local firms and 3,000 direct jobs," Bandele, who was represented by the Executive General Manager, Government Relations, Mr. Olalere Babalola said.-This Day.

 

 

Ethiopia: HPR Approves Over Half Trillion Birr Budget for Upcoming Ethiopian Fiscal Year

Addis Ababa — The House of People's Representatives (HPR) has approved 561.7 billion Birr budget for the Ethiopian Fiscal Year 2014.

 

Responding to questions posed by members of the House of People's Representatives (HPR) about the budget today, Prime Minister Abiy Ahmed emphasized the need for increasing productivity in key sectors and mobilizing domestic financial resources for better earnings instead of solely depending on the limited budget alloted.

 

The budget allocated for sustainable development programs has doubled from 6 billion Birr to 12 billion Birr while subsidy to regions increased by 15 percent when compared to the closing budget, he added.

 

Revenues, Budget and Finance Standing Committee Chairperson, Yayesh Tesfayehun said the budget bill has focused on mobilizing domestic financial resources, including taxation, with plans to use the obtained finance for prioritized areas.

 

Out of the total 561.7 billion Birr budget, 162 billion Birr is allocated to recurrent budget, 183.5 billion Birr to capital expenditure, 203.95 billion Birr for subsidy to regions and city administrations, and 12 billion Birr to sustainable development, the chairperson explained.

 

The approved budget has shown 18 percent increase as compared to the just concluded fiscal year, she noted.

 

The Council of Ministers approved the budget bill for the 2014 Ethiopian Fiscal Year and referred it to HPR for approval.-ENA.

 

 

South Sudan's Oil Industry Remains Dependent On Foreign Help

Ten years after becoming the world's newest nation, South Sudan is struggling with how to advance, fund and staff a potentially lucrative oil sector that could provide a much-needed economic foothold in the impoverished country.

 

After South Sudan's independence, most of what used to be Sudan's largest oil fields became located in South Sudanese territory. The new nation has lacked the expertise and money, though, to keep much of the oil pumping, and it has become largely dependent on foreign help.

 

South Sudan ranks third in oil reserves in Sub-Saharan Africa with roughly 3.5 billion barrels produced annually. Still, 90% of the gas and oil reserves are untapped, and the government recently said it will begin a licensing bidding process to foreign investors to increase production and revenues.

 

Oil fields were destroyed during the civil war and industry figures show the sector went from producing 350,000 barrels per day to 150,000 barrels.

South Sudan has largely employed Chinese and Malaysian engineers to produce and export the country's crude to Sudan, where it is processed and sent on to the international market.

 

The South Sudan government says it lost more than $4 billion to some 500 oil companies in unpaid taxes since 2011, and the government has enacted measures to recover the money.

 

South Sudan Petroleum Minister Kang Puot Chol insists his country's reliance on foreign manpower is hindering South Sudan's path toward full independence.

 

"Economic freedom is the most difficult," Chol told VOA's South Sudan in Focus. "I will be so happy to see the South Sudanization of the oil sector, and we cannot do it without manpower."

 

When South Sudan took control of the oil fields a decade ago, only a few local engineers worked in them, said Awuou Daniel Chuang, South Sudan's undersecretary for the petroleum ministry.

The government has worked steadily to increase employment of locals, he said.

 

"Over the years, we were able to accumulate knowledge and experience and today we have a good number of engineers, although most of them are fresh and have not enough experience," Chuang said,

 

Chuang said there are enough South Sudanese engineers employed in the oil sector.

 

But a recent study by The Sudd Institute, a Juba-based independent research group, said a significant number of South Sudanese working for oil companies are not qualified for the jobs.

 

"We don't have a system that identifies people on the basis of competency," said Nhial Tiitmamer, the institute's director of environment and natural resources. "The data we have will show you somebody who is not supposed to work in that position doing that position."

Only 26% of the national workforce employed in the oil and gas sector are engineers, geologists, and scientists, according to the institute study, leaving a wide gap between local and foreign expertise.

 

Some South Sudanese petroleum engineers complain that despite being qualified for jobs at oil rigs and oil exploration sites, they are not offered employment at production sites run by oil consortiums operating in the country.

 

John Mayom Akech, 34, who studied petroleum engineering at Uganda's Makerere University, said he has applied for jobs in South Sudan's oil industry for four years with no success.

 

"It is surprising that the most needed skills in the sector are being ignored and most of my colleagues are loitering in the streets as we talk," he said.

 

Mayom said when he registered for petroleum-related courses at Makerere University, he was fairly confident that he would secure a well-paying job in oil-rich South Sudan after completing his studies.

 

But nepotism and tribalism dominate decisions on who gets hired in South Sudan, he said.

 

"In South Sudan there is this saying that it is not all about what you know," he said. "So, it is very difficult if you have the qualification and you don't have the connection."

 

The government's Chuang said companies often recruit people with whom they are familiar.

 

"If you have somebody who is working in the oil field or in the oil company, he may help you to get employed," he said. "I think these things are there, nobody can deny them. But still, whenever recruitment is done, interviews are done, and the best are selected based on that."

 

The Sudd Institutes' Tiitmamer said authorities should stop giving preferential treatment in the oil sector and start hiring the most qualified personnel. He says the country would benefit if it could manage its oil and gas sector without foreign hands.

 

"It is costing us a lot of money to pay foreigners," said Tiitmamer.

 

Chol Garang Reu, 33, is a South Sudanese chemical engineer, who works at the Crude Oil Central Processing Facility in El-Jebeleen near the Sudanese capital, Khartoum.

 

Reu is one of six South Sudanese citizens who received scholarships from the Malaysian oil company Petronas in 2011 to study several courses related to crude oil engineering at a Malaysian university. The scholarships were intended to help build the capacity of South Sudanese so that eventually a homegrown workforce can take over the production and export of South Sudan's crude.

 

"We are ready and South Sudanese engineers are ready," he said of leaving Sudan for his homeland.-VOA.

 


 


 


Invest Wisely!

Bulls n Bears 

 

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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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