Major International Business Headlines Brief::: 15 October 2021

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Major International Business Headlines Brief::: 15 October 2021

 


 

 


 <https://www.nedbank.co.zw/> 

 


 

 


ü  French finance minister: Brexit made UK supply chain crisis worse

ü  100,000 workers take action as 'Striketober' hits the US

ü  Covid-19: Cheaper travel tests to start on 24 October

ü  Microsoft shutting down LinkedIn in China

ü  Overseas abattoir workers to get temporary visas

ü  Bitcoin: Bank deputy calls for urgent crypto regulation

ü  Shoppers start to use new £100 contactless payment limit

ü  Ikea warns stock shortages to last into next year

ü  Price of chicken set to rise, UK's largest supplier warns

ü  Daligas: Another energy supplier folds over soaring prices

ü  Africa's Farmers Click With Digital Tools to Boost Crops

ü  Rwanda: Why Kigali's Central Sewerage System Delayed

ü  Southern Africa: Domestic Debt At 63.2 Percent Breaches SADC Benchmark

ü  Africa: Why Banning Financing for Fossil Fuel Projects in Africa Isn't a Climate Solution

ü  Tanzania: Dar Commits to Fully Explore AfCFTA Trade Opportunities

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

French finance minister: Brexit made UK supply chain crisis worse

French finance minister Bruno Le Maire has told the BBC that leaving the single market after Brexit has made the supply chain crisis worse for the UK.

 

"We are facing the same situation," he said at the G7 meetings in Washington.

 

"But the fact that we are a member of a very important single market helps us facing these bottlenecks."

 

UK retailers have warned this week of potential shortages in the run-up to Christmas due to a logjam at UK ports and a lack of lorry drivers.

 

"I think it's helping us because we can have access to other job markets, when you are asking for some more people in restaurants, in hotels, for truck drivers, for instance, you have access to other labour markets," Mr Le Maire said.

 

His comments came as several British retailers have said they risk shortages during the Christmas shopping season due to supply problems.

 

 

Speaking at the same event earlier this week, UK Chancellor Rishi Sunak, told the BBC that shoppers can be reassured ministers are doing "absolutely everything we can" to fix supply chain issues.

 

Mr Sunak pointed to global factors for delays seen at ports such as Felixstowe but said "I'm confident there'll be a good amount of Christmas presents available for everyone to buy."

 

A pig looks on while in a barn at Belle Vue Farm in Preston, England.

 

Mr Le Maire also said Europe, not the UK, will be one the world's three key economic powers.

 

"I don't want to criticise the British approach because this is the sovereign choice made by the British people," Mr Le Maire said.

 

"But you know, when you have a careful look at the current world situation, you have in the right side, the United States, on the other side, the rise of China, then there is one single place left - and this will not be for the UK. This will be for Europe. Let's be clear about that."

 

Mr Le Maire said G7 finance ministers also discussed a new plan to permanently reduce dependence on east Asia and China especially by sharing each other's supply chains and factories.

 

"We share the same values within the G7, within the European countries, we share the same approach on the economic issues on trade, so building these new value chains, among partners and among friends might be one of the solutions," he said.

 

Mr Le Maire also highlighted his view that countries have to work together on major projects.

 

"You need to gather efforts - you need huge financial investments that no country can make alone," Mr Le Maire said, giving the example of how expensive it is to invest in new technologies like hydrogen, artificial intelligence or the cloud.

 

"When you are talking about being more independent on the production of semiconductors, you need to put €50bn (£42.4bn) on the table just to build new plants for the production of chips, which means that between China and the United States once again, there is one single place left and I think it will be for Europe."

 

G7 finance ministers agreed on Wednesday to work closely together to address the crisis by ensuring supply chains are more resilient.

 

The G7 (Group of Seven) is an organisation of the world's seven largest so-called advanced economies. They are Canada, France, Germany, Italy, Japan, the UK and the US. Ministers and officials from the member countries hold meetings, form agreements and publish joint statements on global events.-BBC

 

 

 

100,000 workers take action as 'Striketober' hits the US

More than 100,000 US workers will strike, or have threatened to in October, as a wave of industrial action dubbed "Striketober" hits America.

 

On Thursday, 10,000 workers at farm equipment maker John Deere walked out over pay and conditions.

 

Some 60,000 TV and film crew workers are set to strike on Monday, while 24,000 nurses could also protest.

 

It follows a rise in US union activity after decades of decline, as staff demanded better rights in the pandemic.

 

Employers have also found themselves on the back foot amid a labour shortage that has forced them to push up wages for the lowest paid.

 

Thousands of other workers were already on strike in October, including 700 nurses in Massachusetts, 2,000 New York hospital workers and 1,400 Kellogg factory workers in Michigan, Nebraska, Pennsylvania and Tennessee.

 

Some 6,500 lecturers in California are also on the brink of a walkout.

 

On Thursday, left wing Democratic Congresswoman Alexandria Ocasio Cortez voiced her support for the action using the hashtag #Striketober which has gone viral.

 

10,000 Deere & Company workers based mainly in Iowa and Illinois walked out on Thursday, in what is the largest US strike since 2019.

 

They have rejected a new contract they say insufficiently increases wages and weakens pension rights. Deere said it was determined to reach an agreement that "put every employee in a better economic position".

 

In addition, more than 24,000 nurses and other healthcare workers in California and Oregon voted on Monday to allow a strike, after pay negotiations with the private hospital group Kaiser Permanente stalled.

 

Among other things, they want a 4% annual pay rise and longer breaks to tackle pandemic-related burnout. Kasier says it hopes to resolve the matter swiftly.

 

Meanwhile, many US TV and film studios will stop work on Monday as 60,000 film and crew workers go on strike. It would be the biggest labour walkout in Hollywood since World War Two.

 

Their union - the International Alliance of Theatrical Stage Employees - accuses Hollywood giants such as Warner Bros and Netflix of failing to give workers proper breaks. Employees frequently work 12-hour days - often without meal breaks, it says.

 

The Alliance of Motion Picture and Television Producers (which represents the big media firms) says it continues "to negotiate in good faith".

 

Richard Bensinger, an organiser at Workers United, a union, said the wave of strikes was reminiscent of the 1930s, when industrial action was commonplace in the US.

 

"Similarly back then the vast divide between the wealthy and the working class became intolerable," he told the BBC. "The decades-long decline of living standards for workers is not sustainable."

 

But Gary Burtless of the Brookings Institution is more cautious about the impact of the strikes.

 

"The proportion of the American workforce that belongs to a union remains very low... The number of work days lost as a result of strikes has remained near historical lows since 2002."

 

'Pro-union president'

About a third of all US workers were in a union in the late 1960s, but that has declined over the decades because of anti-union laws and corporate crackdowns on organising.

 

Yet in 2020 the union membership rate edged up for the first time in years to 10.8%. Gallup also estimated 65% of all Americans approved of unions, the highest in over two decades.

 

It's coincided with a swell of industrial action over the last 18 months, as Amazon warehouse staff to New York museum curators sought to unionise for the first time. There have also been months-long strikes by coal miners in Alabama and grocery workers at food giant Mondelez International.

 

They've been buoyed by the tacit support of Joe Biden - who has promised to be the most "pro-union president you've ever seen" - and a more left-leaning Democratic party.-BBC

 

 

 

Covid-19: Cheaper travel tests to start on 24 October

New rules allowing travellers returning to England to take lateral flow tests instead of more expensive PCR tests will come into force on 24 October.

 

The government says the changes will take effect in time for families returning from half term breaks.

 

Fully vaccinated passengers will be told to upload photos of their Covid-19 tests for verification.

 

Transport Secretary Grant Shapps said it would make travel easier and simpler.

 

The travel industry had said it was vital to make the changes to the Covid travel tests in time for the half term holiday.

 

Tim Alderslade, chief executive of Airlines UK, said: "This is great news and we're pleased to get it over the line in time for the crucial half term period, which will be a massive relief to families desperate to get away this autumn."

 

Along with last week's reduction of the travel red list and the recognition of vaccinations administered in more foreign countries, the change is "a major step forward that will support the desperately needed recovery of our sector," he said.

 

The changes come as the UK continues to record the highest level of Covid-19 infections and deaths in western Europe, with another 45,066 cases recorded on Thursday - the largest number since late July.

 

A further 157 deaths were also recorded.

 

Policy on travel is devolved, but Scotland, Wales and Northern Ireland have previously aligned with policy in England, citing the practicalities of the shared border.

 

But Wales criticised replacing PCR tests, which are often described as the gold standard for Covid testing, with lateral flow tests, saying that along with other relaxed measures it would "considerably increase" the risk of new variants coming into the country.

 

Under the existing system, PCR tests taken on day two after returning to England can cost about £75 per person.

 

When the changes come into effect, anyone who receives a positive result from their lateral flow test will be required to self-isolate and to take a free PCR test to confirm it.

 

Travellers will be able to order their lateral flow tests from 22 October, when a list of approved providers will be published on the gov.uk website.

 

NHS Test and Trace tests - which can be ordered for free - cannot be used for international travel, the government said.

 

Health Secretary Sajid Javid said: "We want to make going abroad easier and cheaper, whether you're travelling for work or visiting friends and family."

 

He said the change was made possible by the high levels of vaccination, which means "we can safely open up travel as we learn to live with the virus".

 

Mr Shapps said: "Taking away expensive mandatory PCR testing will boost the travel industry and is a major step forward in normalising international travel and encouraging people to book holidays with confidence."-BBC

 

 

 

Microsoft shutting down LinkedIn in China

Microsoft is shutting down its social network, LinkedIn, in China, saying having to comply with the Chinese state has become increasingly challenging.

 

It comes after the career-networking site faced questions for blocking the profiles of some journalists.

 

LinkedIn will launch a jobs-only version of the site, called InJobs, later this year.

 

But this will not include a social feed or the ability to share or post articles.

 

LinkedIn senior vice-president Mohak Shroff blogged: "We're facing a significantly more challenging operating environment and greater compliance requirements in China."

 

And the firm said in a statement: "While we are going to sunset the localised version of LinkedIn in China later this year, we will continue to have a strong presence in China to drive our new strategy and are excited to launch the new InJobs app later this year."

 

'Gross appeasement'

LinkedIn had been the only major Western social-media platform operating in China.

 

When it launched there, in 2014, it had agreed to adhere to the requirements of the Chinese government in order to operate there, but also promised to be transparent about how it conducted business in the country and said it disagreed with government censorship.

 

Recently, LinkedIn blacklisted several journalist accounts, including those of Melissa Chan and Greg Bruno, from its China-based website.

 

Mr Bruno, who has written a book documenting China's treatment of Tibetan refugees, told Verdict he was not surprised the Chinese Communist Party did not like it but was "dismayed that an American tech company is caving into the demands of a foreign government".

 

US senator Rick Scott called the move a "gross appeasement and an act of submission to Communist China", in a letter to LinkedIn chief executive Ryan Roslansky and Microsoft boss Satya Nadella.

 

It's hard to pinpoint whether LinkedIn's move was driven by the pressure from China, or that from the US. It could be both, as the Chinese government has been tightening its grip over the internet, and meanwhile, LinkedIn has drawn growing criticism in America for bowing to Beijing's censorship rules.

 

LinkedIn launched its Chinese version in 2014, hoping to tap into the country's huge market.

 

Seven years on, it has struggled against local competitors and run into regulatory problems. In March, LinkedIn was reportedly punished by the Chinese regulator for failing to censor political content, resulting in a suspension of new user registration for 30 days. Other than controversy over censorships, the platform has been used by Chinese intelligence agencies as a recruitment tool.

 

In a letter to the platform's users in China today, President of LinkedIn China Lu Jian pledges that the site will continue to "connect global business opportunities".

 

But LinkedIn's shutdown in China shows an opposite trend. The country's heavily controlled internet has drifted further away from the rest of the world, and it's increasingly challenging for global business operating in China to bridge the deep divide.-BBC

 

 

 

Overseas abattoir workers to get temporary visas

The government is to allow 800 foreign abattoir workers into the UK on temporary visas, after warnings from farmers of mass culls.

 

It previously said businesses should pay higher wages and invest in skills.

 

The shortage of butchers has already seen farmers destroy 6,600 healthy pigs due to a backlog on farms, the National Pig Association (NPA) said.

 

The government also announced plans to allow thousands more HGV deliveries to address a chronic driver shortage.

 

The meat industry blames the butcher shortage on factors including Covid and Brexit.

 

Thousands of healthy pigs have been culled since last week, when the tally was about 600.

 

 

Last week, the National Farmer's Union (NFU) warned that pig farmers were "facing a human disaster" due to the shortage of butchers.

 

It said that "empty retail shelves and product shortages are becoming increasingly commonplace and Christmas specialities such as pigs in blankets are already under threat".

 

Butcher scheme

The government is temporarily extending its seasonal workers scheme to pork butchers, it said.

 

Up to 800 pork butchers will be eligible to apply until the end of the year for six-month visas.

 

Environment Secretary George Eustice said: "A unique range of pressures on the pig sector over recent months, such as the impacts of the pandemic and its effect on export markets, have led to the temporary package of measures we are announcing.

 

"This is the result of close working with industry to understand how we can support them through this challenging time."

 

The government added that the temporary visas "are not a long term solution and businesses must make long term investments in the UK domestic workforce to build a high-wage, high-skill economy, instead of relying on overseas labour".

 

Alongside the temporary visas, the government announced a package of measures for the industry, including:

 

Animals being slaughtered and processed on a Saturday

Longer working days in the meat industry, where possible

A "private storage aid scheme" which will allow processors to store slaughtered pigs for three to six months

Suspending nearly £1m of tax on pig farmers and producers in November

It said there had been "a suspension of approval to export to China for some UK pork establishments" and that it was working with the Agriculture and Horticulture Development Board to identify other export markets.

 

The extension of visa requirements for butchers follows the announcement of temporary visas for lorry drivers and poultry workers, as the government seeks to limit disruption in the run-up to Christmas.

 

But the first foreign HGV drivers brought in on the new visa scheme may not arrive for another month, sources told BBC transport correspondent Carrie Davies.

 

The visa scheme for HGV drivers to deliver food, opened for applications on Monday.

 

The Home Office has not confirmed the number of visas that have been applied for so far, but several agencies that are recruiting the drivers told the BBC that they were yet to apply for them.

 

A chronic shortage of lorry drivers, which the haulage industry has said is due to factors that include Covid and Brexit, has affected businesses including petrol stations and supermarkets.

 

The government announced on Thursday that it planned to temporarily allow lorries from the EU to make more deliveries, as part of efforts to address the shortage.

 

At the moment, EU lorries can only make two "cabotage" trips per week.

 

Cabotage refers to loading or unloading goods in one country when a vehicle is registered in another country.

 

The government wants to relax this rule to temporarily allow EU lorries to make unlimited pick-ups and drop-offs within a two week period.-BBC

 

 

 

Bitcoin: Bank deputy calls for urgent crypto regulation

Cryptocurrencies need regulation as a "matter of urgency", according to Bank of England deputy governor Sir Jon Cunliffe.

 

Crypto technologies do not pose a risk to financial stability at the moment, he said.

 

But there are "very good reasons" to think that this might not be the case for much longer, Sir Jon said in a speech.

 

A future cryptocurrency collapse could spread through markets, he warned.

 

A severe fall in the value of crypto-assets - for example, to zero - could force investors who have taken on debt with brokers to have to find cash to pay them.

 

"Similarly, there is the possibility of contagion," he said. "A large fall in crypto valuations could affect investor risk sentiment more broadly, causing investors to sell other assets that are judged to be risky and those perceived to have a similar investor base."

 

"Interconnectedness creates the possibility that shocks are transmitted through the financial system," he added.

 

US leads Bitcoin mining as China ban takes effect

In the past year, crypto-assets have grown around 200% in value from just under $800bn (£580bn) to $2.3tn (£1.7tn).

 

While this is relatively small in the context of the $250tn global financial system, the 2008 financial crisis was triggered by the sub-prime sector which was valued then at $1.2tn, Sir John said.

 

Most crypto-assets, such as Bitcoin, are not backed up in the real world by assets or commodities.

 

They are essentially strings of computer code, and make up 95% of the $2.3tn. As a result, they are volatile, he said.

 

Connections between cryptocurrencies and the traditional financial system are also growing as big investors, hedge funds and banks become more involved, Sir Jon said.

 

"Bringing the crypto world effectively within the regulatory perimeter will help ensure that the potentially very large benefits of the application of this technology to finance can flourish in a sustainable way," he added.-BBC

 

 

 

Shoppers start to use new £100 contactless payment limit

The spending limit on each use of a contactless card has now risen from £45 to £100 - but not every shop will accept the new payment threshold.

 

Retailers say it could take months to update terminals before every shopper can spend up to £100, without the need to enter a four-digit Pin.

 

The move aims to make purchases such as grocery shopping more convenient.

 

But some warn it could lead to a rise in theft and one bank boss questioned whether shoppers want a higher limit.

 

Some 60% of debit and credit card transactions in the UK were contactless in the first seven months of the year. These accounted for a total of 6.6 billion payments with a value of £81bn.

 

Why is the limit going up?

The decision to increase the threshold was taken by the Treasury and the City regulator, the Financial Conduct Authority (FCA). Chancellor Rishi Sunak said the decision would bring convenience for shoppers and a boost to the High Street following Covid lockdowns.

 

 

When contactless card payments were introduced in 2007, the transaction limit was set at £10 and designed as an alternative to small change.

 

The limit was raised gradually, to £15 in 2010, to £20 in 2012, and then to £30 in 2015. It was hurriedly increased to £45 last year as the pandemic accelerated a move away from cash.

 

Contactless payment

As the limit has increased, so has the frequency of its use. Despite sudden drops of all transactions during national lockdowns, the general trend has been continuing growth. That has come as consumers have been less likely to use banknotes and coins.

 

Why won't all retailers be ready?

The huge number of terminals which need to be updated means that Friday marks the first day of a gradual introduction of the new limit.

 

"It may take days, weeks, or even months for some retailers to make the necessary changes in their systems so that the new limit can take effect," said Andrew Cregan, payments policy adviser at the British Retail Consortium.

 

"Furthermore, some retailers may choose not to adopt the new contactless limit. As a result, customers will need to take care when making payments to check what the maximum contactless limit is for individual stores."

 

Rural vacuum for getting hold of cash

Cash access as vital as running water, says Age UK

Campaigners have been concerned that as card and digital payments become more prevalent, it could affect access to cash for those who still rely on it.

 

FCA research found that a greater proportion of consumers were finding it difficult to cope with fewer retailers accepting cash during the pandemic. However, it found that eight out of 10 small and medium-sized businesses said they were "very likely" to accept cash over the next five years.

 

What are the crime risks?

Graham Farrell, professor of crime science at the University of Leeds, has warned about the "huge increase" in attractiveness of bag snatches and pickpocketing by teenage thieves, who could then spend more on a stolen card.

 

Graham Farrell

Image caption,Academic Graham Farrell says there are risks of rising crime

He co-authored a paper pointing out that these young criminals could then go on to long-term criminal careers.

 

A thief will now be able to spend more on an unreported stolen card before a Pin is demanded. FCA guidance suggests a cumulative £300 needs to be spent on contactless before a purchase is checked by a Pin, up from the previous recommended level of £130.

 

Prof Farrell told the BBC a halfway house was needed.

 

"A solution that would balance both sides would be tap-and-Pin. You would have contactless tapping of the card on a machine, without the trouble of putting it in and out of the machine. You would use Pin codes to ensure security, therefore making the theft of the card - as the thieves do not have the Pin - less attractive," he said.

 

Authorities have sought to allay any concerns about an increase in fraud, pointing out that there was no rise in the crime after the last increase in the payment limit.

 

Fraudsters steal £4m a day as crime surges

"What's more, we have seen no material increase in fraudulent transactions in other countries where the contactless limit increased to the equivalent of £100 or above," a spokesman for the FCA said.

 

Australia and Singapore have contactless limits of the equivalent of about £100, and Canada's is close to £150.

 

Can I cancel the contactless function on a card?

Customers of a variety of banks can switch off the contactless function, or request a non-contactless card.

 

Some - notably Lloyds Banking Group and Starling - will allow customers to set their own contactless limit via the banks' apps.

 

Anne Boden, chief executive of Starling Bank, questioned whether consumers really wanted to be able to spend more on Pin-free transactions.

 

"Analysing our spending data we can see that there appears to be little demand for the increased contactless limit and that many would like to retain the same contactless limit or even reduce it," she said.

 

Shoppers can spend more than £100 without a Pin using payment services on smartphones, although they include in-built security on the devices such as fingerprint authorisation.-BBC

 

 

 

Ikea warns stock shortages to last into next year

Ikea, the Swedish furniture giant, says it expects the disruption to global supply chains to continue for at least another year.

 

Chief executive Jesper Brodin said while there had been some improvement, there was still congestion at ports which has led to supply problems.

 

"We need to live with disturbances for the year to come," he said.

 

The owner of Poundland has also predicted that pressure from supply chain problems will last into 2022.

 

Andy Bond, chief executive of PepCo, which owns Poundland, said that its shipping costs had soared. "There are some times where we have had to pay 10 times our normal rates," he said.

 

"That's not to say every day but that has been the impact."

 

Mr Bond said the retailer had good levels of stock for Christmas and did not expect to increase prices to cope with rising shipping costs. But he said: "I think that we see the next 12 months remaining challenging."

 

'No easy fix'

Mr Brodin, chief executive of Ingka, which operates the majority of Ikea's stores, told the BBC that the UK and other countries were suffering with "congestion in ports and disturbances in supply chains".

 

"There is no easy fix to any of this even if people are working hard across not only Ikea but also across the world," he said.

 

Last month, Ikea said it was struggling to supply 10% of its stock, or around 1,000 product lines including mattresses, to its 22 stores in the UK and Ireland amid the continuing shortage of HGV drivers.

 

Meanwhile, earlier this week, it emerged that the key British commercial port of Felixstowe was suffering from logjams of shipping containers because of the busy Christmas period and a deficit of lorry drivers to shift them.

 

Ikea has been forced to purchase additional shipping containers and charter vessels to address product shortages.

 

A spokeswoman for Ikea told the BBC last month: "We have also sent goods by train from China to Europe and we have invested in temporary intermediate warehouses in China, Vietnam, India, Indonesia, and Thailand to support production."

 

Mr Brodin said: "One thing we have learned is it is difficult to predict. You need to be on it every day and find the best solutions.

 

"At the same time from a realistic point, we need to live with disturbances for the year to come but things will gradually get better, I'm sure."

 

Port delays

On Wednesday, shipping giant Maersk told the BBC it was re-routing some of its biggest ships away from the Port of Felixstowe, due to a logjam of shipping containers.

 

Lars Mikael Jensen, head of global ocean network at Maersk, told BBC Radio 5 Live's Drive programme that some of its largest 20,000-container ships were waiting outside Felixstowe, the UK's biggest container port, for between four to seven days.

 

"We've taken those measures because we saw, because of the big ships, there is a limit to how many berths they can call in Felixstowe, and because its slower, it took longer to handle every ship," he said.

 

"Instead of wasting time waiting, we progressed to the next stop, and arranged that the boxes are relayed from that port rather than wait for a week and then discharge."

 

But on Thursday afternoon, the BBC understands that Maersk apologised to the government for the comments, which led to widespread concern about Felixstowe's capacity to receive and process goods.

 

The BBC has seen details of a conversation between the government and the shipping company.

 

It's understood that Maersk told the government that Lars Mikael Jensen, head of Maersk's east-west network, had said in a press briefing that Felixstowe was experiencing congestion.

 

Mr Jenson had mentioned that one ship was diverted to Rotterdam where the cargo was offloaded to a smaller ship.

 

Maersk said that there is not a specific plan to divert ships from Felixstowe now or in the near future and that traffic is managed dynamically. The company also said they are making decisions for other European ports.

 

Maersk is also understood to have said that they are bringing in 25% more boxes to the UK between July to September, than the same period last year.

 

Rising sales

Ikea revealed that, over the year to 31 August, sales rose by 6.3% to €37.4bn (£31.6bn).

 

Mr Brodin said that when the Covid pandemic first hit last year, the group was forced to speed up a plan to invest in a strategy to meet customer needs and take on "the new competition", in particular ramping up its online operation.

 

He said that what the company had planned as a two-year transformation was rolled out in two months.

 

Mr Brodin said dealing with the pandemic "is definitely a challenging time in so many ways".

 

He said the increase in annual sales was the one he was "most proud of" during his 25 years with the company.

 

"We have experienced the demand on life at home like never before in every market, since, of course, people have been in the same situation - confined to the four walls of their home."-BBC

 

 

 

Price of chicken set to rise, UK's largest supplier warns

The UK's largest poultry seller has warned that the price of chicken is set to rise because of supply chain problems.

 

The chief executive of 2 Sisters Food Group, Ronald Kers, said that "in reality food is too cheap".

 

Mr Kers told the BBC that the price of chicken, the UK's most popular meat, should be higher to reflect the extra costs the business is facing.

 

The firm has 600 farms and 16 factories across the UK.

 

Mr Kers told the BBC's Today programme that the company has had to cope with additional costs because of Brexit, Covid, labour shortages and logistics issues.

 

He added that the "significant" inflated costs of packaging, energy and CO2 were also "bulking up the price of food".

 

On Wednesday, the founder of 2 Sisters Food Group, Ranjit Boparan, warned that chicken prices would rise by 10%.

 

"How can it be right that a whole chicken costs less than a pint of beer?" he said.

 

Mr Boparan said the days of low prices were "coming to an end" and that "transparent, honest pricing" was needed because of mounting costs.

 

The company has seen its CO2 costs rise by more than 500% in three weeks, while energy costs have increased by more than 450% from a year earlier.

 

It also said feed costs at farms have risen by 15%, with commodity costs in the farming process also up by around 20%.

 

Speaking to the BBC, Mr Kers said: "If you look at the price of chicken now it is £3.50, while a decade ago it was £5 - it should have gone up.

 

"People on farms are struggling - we don't have enough people on our factories, farms or enough HGV drivers and as a result we're seeing empty shelves and reduced choice," he continued.

 

"There's no margin in the whole supply chain".

 

The government's visa scheme for short-term workers meant the company was able to bring in an additional 700 people to secure the volume they needed for Christmas, but Mr Kers said the scheme came "a little too late and a little too short".

 

2 Sisters sells 60% of all turkeys in the country and while Mr Kers said the overall supply chain was "clearly very fragile", he advised shoppers to buy "normally".

 

The firm produces about a third of all the poultry products consumed in the UK and processes more than 10 million birds each week.

 

Chicken and turkey farmer Rod Adlington, owner of Adlington Ltd, shares Mr Boparan's concerns and has already had to raise the price of his chickens by 8%.

 

"We've never ever had to put through a price rise before, but if we don't make these changes we just won't be here in six months," he told the BBC.

 

The company, based in Coventry, sells premium free range chickens retailing at between £15-£20. It sells about 2,000 chickens a week and 10,000 turkeys each Christmas.

 

The price of chicken feed has gone up by 20%, and the business has also been hit by higher energy bills and CO2 prices.

 

To help deal with the labour shortage, the firm has put up wages by 10-15%. But Mr Adlington says there is still not enough staff.

 

"The labour issue is catastrophic at the moment, we just have no people for the factories," he says.

 

"There's an awful lot of pressure on us and we just can't take it. We need to find a way out of the labour problems."

 

Edward Cayton owns Peck and Yard chicken shop, which has two branches in Manchester and sells 550 kilo of chicken per week.

 

He said prices rises have "already had a knock-on effect". The firm, which was Manchester's first Asian chicken shop, has had to pay £4-£4.5 per kilo of chicken breast that would have usually cost £2.

 

Mr Cayton said thigh pieces are also up by a third and wings, which usually cost £2.5 from his supplier, have risen to £3.5 per kilo.

 

"We can't raise menu prices because no one would pay much more for chicken and I can't reduce staff so the cost is having to come out of our margins".

 

"We just have to do more marketing and encourage people to go out to absorb the increases".

 

Foreign HGV drivers

One of the key factors affecting the supply chain recently has been the shortage of HGV drivers.

 

The shortage has been blamed on a combination of factors, including the coronavirus pandemic, Brexit and tax changes.

 

At the end of September, the government announced that it would allow 4,700 visas for HGV drivers to deliver food.

 

However, the first foreign HGV food drivers might not be in the country for another month, according to a source with close knowledge of the process.

 

Under the scheme - which is separate to that for HGV fuel drivers - drivers can work in the UK until 28 February.

 

The visa scheme opened for applications on Monday. The Home Office has not confirmed the number of visas that have been applied for so far, but several agencies that are recruiting the drivers told the BBC that they were yet to apply for them.

 

When the visa was announced there was concern from some in the industry that it was too short and would not attract drivers.

 

"The issue is the shortage of HGV drivers across Europe," said one source. "Offers need to be attractive to encourage drivers to come."-BBC

 

 

 

Daligas: Another energy supplier folds over soaring prices

Another UK energy supplier has ceased trading, regulator Ofgem announced on Thursday, making it the third provider to collapse this week.

 

Daligas supplies gas to 9,000 domestic and non-domestic customers. Ofgem said it would find a new supplier.

 

On Wednesday, Pure Planet and Colorado Energy folded, following a sharp rise in wholesale gas prices this year.

 

It comes as big supplier EDF said it was not ready to take on new customers from more failed firms.

 

Since September, 12 energy firms have collapsed which has affected nearly two million customers.

 

Ofgem said it would protect customers and advised them to do nothing until a transfer to a new provider takes place in the coming weeks.

 

Ofgem appoints companies as a "supplier of last resort" for people whose energy company has ceased trading.

 

So far, EDF has taken on 220,000 customers from Utility Point, which went bust a month ago. In January, it was appointed by Ofgem to take over 360,000 households from Green Network Energy.

 

EDF's managing director for customers Philippe Commaret told BBC Radio 4's Today programme on Thursday the company was already working on moving customers from failed company Utility Point.

 

Mr Commaret said it was now a "big question" whether the regulator can force firms to take these customers on.

 

EDF has taken on 220,000 customers from Utility Point, which went bust a month ago. In January, it was appointed by Ofgem to take over 360,000 households from Green Network Energy.

 

Mr Commaret said the issue of whether Ofgem can force larger energy firms to step into that role is "the big question at the moment across the industry".

 

"What we are seeing is that the supplier of last resort [process] has worked really well until now and we can be very proud that industry has stepped in in order to help the customers who were in distress," he told the BBC's Today programme.

 

"The question is whether or not we will be able to take that any further and I think that for ourselves our top priority is obviously to maintain the quality of service for customers, not to create any detriment to customers."

 

A spokesman for Ofgem said that it can "direct" a company to take on customers from a collapsed supplier but that discussions always take place between the regulator and the new firm.

 

Energy firms collapsed graphic

Energy firms have blamed the price cap on customers' energy bills for the recent spate of collapses.

 

Wholesale gas prices have risen by as much as 250% since January and spiked in August. Domestic customers in England, Wales and Scotland on a standard - or default - tariff are protected from sharp rises in energy costs by the price cap.

 

Mr Commaret said that "all the suppliers are suffering at the moment".

 

Commenting on whether EDF will take on customers from Pure Planet or Colorado, Mr Commaret said: "As you can imagine, on-boarding tens of thousands of customers is a challenge for the operations.

 

"I won't apply to be supplier of last resort for any further customers before we have ended with the on-boarding of the Utility Point customers."

 

Some of the UK's largest energy companies have been appointed as supplier of last resort to failed firms.

 

British Gas has taken on a combined 441,000 customers from MoneyPlus Energy, PFP Energy and People's Energy. Octopus Energy has stepped in to help Avro Energy's 580,000 customers.

 

E.On is supplier of last resort to a total of 233,000 domestic customers from Igloo, Symbio and Enstroga. Shell Energy is looking after 255,000 customers from Green Supplier Ltd.

 

The government has the power to appoint a special administrator - a quasi-temporary nationalisation - to ensure there are uninterrupted energy supplies to domestic customers.BBC

 

 

 

Africa's Farmers Click With Digital Tools to Boost Crops

>From renting tractors to monitoring crops by satellite, a slew of agri-tech innovations have emerged over the last decade to serve Africa's long-neglected small-scale farmers

 

* Smallholder farmers produce one-third of the world's food

 

* Global food production needs to grow by nearly 60% by 2050

 

* Over 400 agri-tech solutions in sub-Saharan Africa

 

Until a year ago, it would take Pamela Auma a whole month to prepare the land on her farm in western Kenya for planting ahead of the rainy season.

 

With hoe in hand, the mother-of-seven spent her days digging up the one-acre (0.4-hectare) plot - roughly the size of a football field - and praying she would finish in time to sow her maize and beans crops before the rains arrived.

These days, the same job takes her less than two hours, with the help of a tractor she hired through Hello Tractor, a Kenya-based smartphone app that connects small-scale farmers with nearby tractor owners.

 

"The tractor is much better than doing it by hand. It gives a quality job and works very fast," said Auma, 52, by phone from her farm near the city of Kisumu.

 

"Before it was hard to find a tractor to hire and it was very costly. Now, the booking agent can quickly find a tractor owner near me by using his phone."

 

Across Africa, a growing number of smallholder farmers are tapping into digital technologies to access information, services and products to improve efficiency, boost crop yields and increase incomes.

>From Nigeria to Ghana to Kenya, a slew of innovations in agricultural technology - or agri-tech - have emerged over the last decade to serve small farmers, who have long been neglected yet are crucial to the continent's food security.

 

These range from SMS weather alerts and mobile apps offering credit, seeds and machinery to more advanced solutions such as precision farming, which uses satellite, drone imagery and soil sensors to provide real-time data on crop health.

 

Aloysius Uche Ordu, director of the Africa Growth Initiative at the Brookings Institution, a Washington think-tank, said this digitalisation of farming has the potential to transform the sector.

 

"Africa is the world's breadbasket - or should be. It has vast arable land, grows a wide variety of crops and has vast irrigation potential with seven major rivers," said Ordu.

 

"Yet, Africa imported $43 billion worth of food items in 2019. Digital technologies ... are eliminating the traditional inefficiencies of smallholder food production and helping to close the yield gap."

RUSH TO FEED THE WORLD

 

More than 80% of the world's 600 million farming households are smallholders who own less than two hectares of land, says the United Nations' Food and Agriculture Organization (FAO).

 

Taking up 12% of arable land globally, these small growers produce more than one-third of the world's food.

 

But smallholder farmers across the region face a plethora of challenges.

 

Farm work is labour intensive and time-consuming. Most farmers face limited market reach, have little information to improve their output, and cannot access credit or insurance to help them get hold of quality agricultural services and inputs such as seeds, fertilisers and machinery.

 

On top of that, increasingly erratic weather attributed to climate change is hitting crop yields and COVID-19 lockdowns have stifled their ability to access supplies and sell their produce.

 

But while many farmers struggle to grow enough to make a living, the world needs more food, fast.

 

The World Resources Institute predicts the global population will reach close to 10 billion by 2050, and to feed that number of people, food production will need to grow by nearly 60%.

 

'UBER FOR TRACTORS'

 

Digital technologies are key to making sure the world has enough to eat, say agri-tech innovators.

 

Taking advantage of Africa's fast-growing network of mobile phone users, there are now more than 400 digital agricultural solutions in use across sub-Saharan Africa, according to a 2020 report by global telecoms industry lobby GSMA.

 

Hello Tractor, the app Auma uses to help with her farm work, operates in 13 countries including Nigeria, Kenya and Tanzania and is often described as an "Uber for tractors".

 

The app lets tractor owners rent their machines to smallholders in their area and allows farmers to pool together to rent a vehicle at affordable rates.

 

The tractors are fitted with GPS devices so owners can monitor their location and activity.

 

"Mechanisation is so important to be a productive farmer. But, small farmers have labour and time constraints where they have a very short window to plant and if they don't plant on time, they lose yield," said Hello Tractor's CEO Jehiel Oliver.

 

"So this technology is a way to get this expensive equipment to farmers."

 

Since launching in 2014, the company has served about half a million farmers, said Oliver, adding that 55% of the app's customers were using a tractor for the first time.

 

There are also apps, like DigiFarm in Kenya, which act as one-stop shops that let farmers bypass middlemen to access low-cost seed and fertilisers, loans and insurance providers, and bulk purchasers.

 

In Ghana, Farmerline - a voice services and SMS platform - provides farming advice, weather forecasts, market prices and financial tips to about 1 million small growers.

 

Moses Dery Sekyere, 41, who grows beans, maize and millet on a 10-acre farm in southern Ghana's Ashani region, said he subscribed to Farmerline in September.

 

"The information shared with me about harvesting techniques and post-harvest storage has been really beneficial to me this planting season," he said in emailed comments.

 

"Now I know how to better handle my produce after harvesting them."

 

PlantVillage Nuru app can scan a diseased plant and give advice on how to treat it, while more hi-tech solutions like Nigerian start-up Zenvus use sensors to analyse soil data such as temperature and nutrients so farmers know what fertiliser to apply and when to irrigate.

 

DIGITAL DIVIDE

 

Korie Betty Maru, founder of Digital Farmers Kenya, a Facebook group with more than 436,000 members that shares advice and farming technologies, said small-scale farmers are eager to adopt technology and modern ways of farming.

 

"Be it finding new buyers for their produce, seeking advice from agronomists on fighting pests, or trying out more efficient products such as solar pumps for irrigation," she said.

 

Yet despite their abundance, many digital solutions struggle to scale and fail to improve the lives of farmers, researchers have found.

 

A study by Netherlands-based Technical Centre for Agricultural and Rural Co-operation (CTA) shows more than 33 million smallholder farmers in Africa have registered for some form of digital service, but less than a third use them enough to feel the full benefits.

 

Internet access is also still out of reach for most small growers in sub-Saharan Africa, where penetration rates are about 26%, says the GSMA.

 

And women farmers are being left out due to the digital divide - the GSMA reports women in sub-Saharan Africa are 13% less likely than men to own a mobile phone.

 

In a region where 40-50% of smallholder farmers are women, only a quarter are registered users of digital services, according to the CTA.

 

Researchers say major investments need to be made in building information and communication technology (ICT) infrastructure and improving digital literacy in rural areas.

 

Elias Nure, who heads the digital climate-smart agriculture team at the charity Mercy Corps' AgriFin initiative, which provides specialised digital solutions to farmers, said one of the biggest challenges is adapting these tools.

 

"Some of these solutions are unbelievable, such as precision agriculture tools, remote sensing tools, blockchain tools and artificial intelligence," said Nure.

 

"But, a lot of them are not developed for African farmers and may not be 100% tailored for smallholders."

 

Thomson Reuters Foundation.

 

 

Rwanda: Why Kigali's Central Sewerage System Delayed

The project to construct a multibillion central sewerage system in City of Kigali is yet to take shape, which continues to expose urban dwellers to threats stemming from poor waste management.

 

Marie-Solange Muhirwa, Chief of Urban Planning at the City of Kigali, said that city is yet to secure a contractor to implement the project.

 

She was responding to a question from The New Times during a press conference on Wednesday October 13.

 

"We are still in the process of hiring a contractor for the project," she said.

 

L-R: Mérard Mpabwanamaguru, the Vice Mayor in charge of urbanisation and infrastructure; City of Kigali Mayor Pudence Rubingisa; and Nadine Umutoni Gatsinzi, the Vice Mayor in charge of socio-economic affairs during the news briefing in Kigali on Wednesday, October 13. Photo: Craish Bahizi.

The central sewerage system is a joint project of the City of Kigali and Water and Sanitation Corporation WASAC.

 

The construction of the sewerage system was meant to begin in June 2019 but has been delayed for more than two years.

 

The project was scheduled to be carried out in four years with the completion date set for 2022 to address threats to public health, partly caused by untreated dirt seeping into water systems.

 

The first phase of the over €96 million project is projected to cater for the city's Central Business District (CBD).

 

The wastewater treatment plant at Giti Cy'inyoni is expected to have the capacity to treat 12,000 cubic metres of liquid waste every day.

 

"Once the bidding is complete and the contractor secured we'll start the implementation of the project," Muhirwa said.

 

Informal settlements

 

Meanwhile, Muhirwa said that the city is also still challenged by informal settlements.

 

She disclosed that at least $40 million has been earmarked to upgrade some of the largest informal settlements in Kigali.

 

The informal settlements, she said, are dominant in Nyabisindu in Remera sector, Nyagatovu in Kimironko sector of Gasabo District.

 

The informal settlements to be upgraded also include those in the whole Gatenga sector in Kicukiro District and the ones near Mpazi drain in the sectors of Gitega, Kimisagara and Rwezamenyo.

 

"The approach to improve these informal settlements is to set up infrastructure such as roads, lights, pathways, parking areas, among others. The infrastructures will help increase the value of their properties and pave the way for residents to upgrade their settlements," she said.

 

She said that residents in unplanned and informal settlements will not relocate but rather will be supported and guided on how to upgrade their houses.

 

The project, she said, will benefit 48,924 residents from 11,981 households.

 

"We are also mulling over connecting investors to property owners in these informal settlements so that they help them upgrade their settlements. This means after an investor sets up a decent building, the owner of land can have a share of the building to ensure a win-win situation," she said.

 

Muhirwa said that the study for upgrading the four settlements has been completed, adding that procurement is underway to get contractors for the upgrading works on 384 hectares.-New Times.

 

 

 

Southern Africa: Domestic Debt At 63.2 Percent Breaches SADC Benchmark

Namibia's total debt as a percentage of gross domestic debt (GDP) has breached the Southern African Development Community (SADC) benchmark of 60%.

 

At the end of June 2021, this figure stood at 63.2%. This debt level represents annual and quarterly increases of 6.9 percentage points and 1.8 percentage points, respectively. Generally, government debt as a percent of GDP is used by investors to measure a country's ability to make future payments on its debt, thus affecting the country's borrowing costs and government bond yields.

 

According to the recently released quarterly bulletin by the Bank of Namibia (BoN), going forward, the total domestic debt stock is anticipated to rise to N$159.3 billion over the medium-term expenditure framework (MTEF) period, which represents a staggering 77.3% of GDP.

"The debt stock of the central government rose over the year to the end of June 2021. The total government debt stock stood at N$118.9 billion at the end of June 2021, representing a yearly increase of 17.5% and a quarterly increase of 7.8%. The increases on a yearly and quarterly basis were driven by a rise in the issuance of both Treasury Bills (TBs) and Internal Registered Stock (IRS), coupled with the disbursement of an IMF loan and supplemental financing from the African Development Bank (AfDB) to finance the budget deficit," reads the report.

 

The central bank noted that the central government's budget deficit is estimated to narrow during the FY2021/22, compared to the preceding fiscal year. The deficit as a percentage of GDP is estimated to narrow to 8.6% during the FY2021/22, from a record high deficit of 9.5% registered during the previous fiscal year, which was largely due to an increase in expenditure alongside lower revenue, both induced by the pandemic.

 

It stated that the smaller deficit in the FY2021/22 is due to a reduction in central government expenditure as a result of the resumption of government's fiscal consolidation programme. Central government revenue collection is estimated to decline in 2021/22 due to lower SACU receipts, coupled with an anticipated fall in company taxes. Furthermore, the bank stated that total domestic debt for the period under review rose both year-on-year and quarter-on-quarter during the period under review, to meet the government's financing requirements.

 

Meanwhile, government's total domestic debt rose over the year by 22.3% and 5.3%, year-on-year and quarter-on-quarter, respectively, to N$81 billion at the end of the first quarter of the FY2021/22.

 

"The increase was reflected in both TBs and IRS, mainly on account of increased borrowing to meet the government's financing requirements. Most of the TBs were allotted to the banking sector, while the IRS was mainly allotted to non-banking financial institutions. As a percentage of GDP, domestic debt rose year-on-year by 5.7 percentage points to 43.1% during the period under review but declined on a quarterly basis by 0.4 percentage points from 43.4%," the report stipulated.-New Era.

 

 

 

Africa: Why Banning Financing for Fossil Fuel Projects in Africa Isn't a Climate Solution

Today's global energy inequities are staggering.

 

Video gamers in California consume more electricity than entire nations. The average Tanzanian used only one-sixth the electricity consumed by a typical American refrigerator in 2014.

 

Globally, the top 10% of countries consume 20 times more energy than the bottom 10%. And 1.1 billion sub-Saharan Africans share the same amount of power generation capacity as Germany's 83 million people. At least half have no access to electricity at all.

 

These stark energy inequalities are fueling thorny debates around financing Africa's energy future as world leaders and their negotiators prepare for COP26, the United Nations climate conference in Glasgow, Scotland, in November.

One increasingly common theme from wealthy countries - including those responsible for the majority of greenhouse gas emissions over time - is a vow that they will cease public funding for all (or nearly all) fossil fuel projects in less developed countries, even as they continue financing, and in many cases heavily subsidizing, fossil fuels in their own.

 

It is generally easier for countries that offer overseas development finance for energy projects to make low-carbon rules for others, rather than for themselves. For example, China, Japan and South Korea - some of the world's highest coal-consuming nations - have each recently pledged to stop funding coal projects overseas and increase investments in renewables. But they have made no equivalent commitments at home.

 

The U.S. Treasury and the United Kingdom's development finance institution, CDC Group, have taken a more nuanced approach. They are limiting all coal and oil-based power generation projects and leaving a narrow window available for natural gas projects in poor countries that pass a rigorous screening process. This is roughly similar to the approach of the World Bank.

As experienced clean energy policy researchers, we believe the blunt exclusion of all nonrenewable energy projects from development finance is an inequitable and ineffective climate strategy that gaslights over 1 billion Africans.

 

Tiny climate gains, major development losses

 

Focusing on limiting the emissions of the world's poorest countries while emissions continue to rise in industrialized countries is clearly misdirected in our view. Given stark inequalities in energy use and emissions, this could instead entrench poverty and widen inequality induced by worsening climate change, while simultaneously accomplishing very little to reduce global greenhouse gas emissions.

Together, the U.S., U.K., European Union, Japan and Russia have almost the same population - 1.1 billion people - as sub-Saharan Africa, but 35 times more gas-fired power plants in operation or under development, and 52 times more coal plants.

 

When it comes to carbon dioxide emissions, sub-Saharan Africa is collectively responsible for barely half a percent of all global emissions over time, while the U.S., U.K., E.U., Japan and Russia are responsible for more than 100 times that amount, or about 57%.

 

The upper bound for Africa's future growth in power sector emissions is also negligible. If the region's electricity demand hypothetically tripled tomorrow, rather than doubling by 2040 as the International Energy Agency recently forecast, and if only natural gas was used to meet the new demand, annual global emissions would increase by only 0.62%, according to one estimate. That's equivalent to the state of Louisiana's annual emissions today.

 

What's more, the share of renewable power in many sub-Saharan African national grids is already higher than for nearly all the big greenhouse gas emitters. In at least six countries - Kenya, Ethiopia, Malawi, Mali, Mozambique and Uganda - renewables make up more than 50% of their annual generation. In 2018, hydropower, geothermal, solar and wind made up about 20% of the continent's total power generated.

 

Most of the region will find renewable power to be the fastest and cheapest way to expand their generation capacity, but some areas may still need to rely on some fossil fuels in various sectors of the economy as they develop.

 

It has been clear for decades that the world needs to rapidly and aggressively cut its greenhouse gas emissions to keep global warming below 1.5 degrees Celsius and avoid the worst impacts of climate change. Many regions in Africa, including the Sahel and Mozambique, are already facing the effects of climate change, including worsening droughts, food insecurity and severe storms. Adapting to climate change and building resilience requires the very energy, economic development and infrastructure currently lacking in some of the most affected regions and those least prepared to adapt.

 

Climate colonialism and legacies of colonization

 

Other experts agree that this direction of climate policy is not just ineffective, it's rooted in the historic inequities of colonialism.

 

The philosopher Olúfẹ́mi O. Táíwò defines climate colonialism as the "deepening or expansion of foreign domination through climate initiatives that exploits poorer nations' resources or otherwise compromises their sovereignty."

 

Colonialism's legacy is a contributing factor to a wide range of issues, from conflict to corruption, and to the poor state of electricity access across much of Africa today.

 

While industrializing nations in the 1900s were building electricity grids through massive public spending campaigns, like Franklin Roosevelt's New Deal in the United States and the Electricity Supply Act of 1926 in the U.K., most of Africa was being actively pilfered of its rich natural resources. Much of the infrastructure built in colonial Africa during that time was built only to facilitate resource extraction operations, such as mined commodities, oil, timber, rubber, tea, coffee and spices.

 

In 1992, a coalition of low-income nations successfully advocated for the U.N.'s climate mitigation pathways to include their right to development, and a "common but differentiated responsibility" to address the dual problems of development and climate change. This language has long been the basis of equity considerations in climate policy, including in the 2015 Paris Agreement, which expects deeper emissions cuts from developed countries based on their "respective capabilities".

 

A transition from what?

 

Nigerian Vice President Yemi Osinbajo recently described "energy transition" as "a curious term" when applied universally, given the energy shortfalls in countries like Nigeria. He has argued for an energy transition in which Africa can develop quickly and grow. Increasing electricity in industrializing regions of sub-Saharan Africa would first power income-generating activities and public services, both drivers of economic growth.

 

Equitable and effective climate negotiations will require nuanced policy considerations that balance the priorities of alleviating energy poverty with urgent climate change mitigation and adaptation. A just energy transition would leave African governments to make and implement policies and deliver on their own national climate commitments under the Paris Agreement rather than shouldering the West's.

 

[Over 115,000 readers rely on The Conversation's newsletter to understand the world. Sign up today.]

 

Benjamin Attia, Non-Resident Fellow, Payne Institute for Public Policy, Colorado School of Mines and Morgan Bazilian, Professor of Public Policy and Director, Payne Institute, Colorado School of Mines

 

 

 

Tanzania: Dar Commits to Fully Explore AfCFTA Trade Opportunities

TANZANIA is committed to use all trade opportunities arising from the African Continental Free Trade Area (AfCFTA) agreement including the acquisition of new markets for agricultural products.

 

Access to markets will stimulate production, strengthen the value chain of agricultural products involving smallholder farmers of sunflower, cotton, cloves, spices, fruits and vegetables.

 

This was stated recently by the Minister for Industry and Trade, Prof Kitila Mkumbo (pictured) when he attended the seventh meeting of the African Council of African Trade Ministers of the AfCFTA held in a traditional and hybrid network.

 

Prof Mkumbo said it would increase employment opportunities for farmers and stakeholders involved in the value chain of agricultural products, access to a large market for goods and services with a population of approximately 1.2 billion people compared to the population of about 522 million people in East Africa Community (EAC) and the Southern African Development Community(SADC) countries.

"Tanzania can access the market of approximately 1.2 billion people compared to the population of about 522 million EAC and SADC," said Prof Mkumbo.

 

In addition, Prof Mkumbo said the agreement will increase productivity and quality of Tanzanian products and services due to increased competition and thus lead to a decrease in commodity prices.

 

Other benefits he mentioned include strengthening business partnerships while developing industries and entrepreneurs of the Small, Medium Entrepreneurs Group (MSMEs) and access to a variety of products in the country including transfers technology. However, the ministers reviewed the progress made on various issues contained in the first phase of discussion which has not yet been finalised.

 

The ministers gave the experts three months to finalise the remaining areas to reach 100 per cent of work. In addition, the ministers agreed that some of the criteria for the origin of the product should reach 88.1 per cent from the current 86.03 per cent including the criteria for the origin of dairy products (cheese and curd), fruit juices and leather goods materials.

 

Tanzania is a member of the AfCFTA which has 38 members satisfied out of 55 African Union member states which commenced on May 30, 2020.

 

A total of 41 countries have submitted tariff offer proposals for starting a business. Among those countries, there are four Customs Union member states which are the EAC, the Central African Economic Community (CEMAC), the Economic Community of West African States (ECOWAS) and the Southern African Customs Union (SACU).-Daily News.

 

 

 

 


 


 


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INVESTORS DIARY 2021

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

National Unity Day

 

December 22

 


 

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December 25

 


 

Boxing Day

 

December 26

 


 

Public Holiday in lieu of Boxing Day falling on a Sunday

 

December 27

 


Companies under Cautionary

 

 

 


 

 

 

 


ART

PPC

 

 


Starafrica

Fidelity

Turnall

 


Medtech

Zimre

Nampak Zimbabwe

 


 

 

 

 


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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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