Major International Business Headlines Brief::: 06 April 2022
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Major International Business Headlines Brief::: 06 April 2022
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ü Twitter confirms it is working on an edit button
ü Ukraine war: Chanel restricts sales of goods to Russians abroad
ü Flight cancellations continue due to staff shortages
ü Ex-P&O Ferries chef sues for unfair dismissal
ü Ukraine war: More than 60% of Putin's war chest frozen, Truss says
ü Cost of living: National Insurance rise starts to hit pay packets
ü Businesses face perfect storm as tax rise kicks in
ü Liberia: Sinkor Old-Timers Embark On Fundraising to Construct Own Sports Pitch
ü Liberia: World Bank Country Director Terms U.S.$40 Million 'Lift Project' As a Game-Changer
ü Liberia: The Freeport of Monrovia Turns Into a Brick Wall for Young Liberian Entrepreneurs and Businesses
ü Nigeria: Russia Invasion - Nigeria May Resort to More Borrowings, Ex-UN Envoy Warns
ü Tanzania: Zanzibar Embraces Social, Emotional Learning
ü Tanzania: Govt Commits to Attract More Investors in Mining
ü East Africa: CRDB Bridgestrading Gap in Three EAC Countries
ü Nigeria Identifies Over 1,500 Civil Servants With Fake Employment Letters
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Twitter confirms it is working on an edit button
Twitter has confirmed that it is working on an edit button that would allow users to change tweets after they have been posted.
It comes after new board member, Tesla boss Elon Musk, asked his followers in a Twitter poll whether they wanted the feature.
Many users have long called for an edit button but there are concerns about how to execute it.
Twitter said it would start testing the idea in the coming months.
The social media firm's communications team tweeted: "Now that everyone is asking… yes, we've been working on an edit feature since last year!
"No, we didn't get the idea from a poll 😉," it added.
"We're kicking off testing within @TwitterBlue Labs in the coming months to learn what works, what doesn't, and what's possible."
Users of Twitter Blue, the platform's subscription service, get early access to features it is testing.
Under an edit function users could be able to fix typos or errors in a tweet without losing any replies, retweets or likes it has already gained.
Jay Sullivan, the company's vice president of consumer product, said it had been "the most requested Twitter feature for many years" in a thread on Tuesday.
What are Elon Musk's plans for Twitter?
Elon Musk becomes Twitter's biggest shareholder
However, he said the company was exploring how to build the feature "in a safe manner".
"Without things like time limits, controls, and transparency about what has been edited, Edit could be misused to alter the record of the public conversation," he said. "Protecting the integrity of that public conversation is our top priority when we approach this work."
During a talk in 2018, former Twitter boss Jack Dorsey said the firm would "probably never" add the feature amid concerns about transparency.
But rival social media platforms Facebook and Instagram already allow users to edit their posts, and Twitter's new boss Parag Agrawal appears open to the idea.
Elon Musk started a poll on Monday after disclosing that he owned a 9.2% stake in Twitter, which made him the firm's biggest shareholder.
On Tuesday it was announced that he had been appointed to Twitter's board.
The poll has already attracted over four million votes.
Twitter initially said it was exploring an edit button on 1 April but it was widely interpreted as an April Fool's joke.
Twitter says it was already working on an edit button before Elon Musk was appointed to its board.
But it does certainly look like the Tesla boss has moved the process along.
Twitter polls are notoriously unscientific - yet Mr Musk appears to make real-life decisions based on their results.
In November last year, he asked his 80 million followers whether he should sell 10% of his Tesla stock. The poll concluded he should, and he did.
Mr Musk's poll on whether there should be an edit button on Twitter is being taken seriously by the chief executive of Twitter. "The consequences of this poll will be important. Please vote carefully," Parag Agrawal said.
It certainly suggests that Twitter will now look to change its policy in this area as a consequence of the poll result.
Mr Musk overnight has generated huge influence over Twitter - and he seems to be giving his followers the ability to choose what approach he takes.
This was day one remember, who knows what else he might do in this new powerful position.-bbc
Ukraine war: Chanel restricts sales of goods to Russians abroad
French luxury giant Chanel has stopped selling its products to people who intend to take them to Russia, after shutting its stores in the country.
Moscow and some customers have accused the firm of being anti-Russian, and threatened to boycott the brand.
Chanel says it is just complying with European Union (EU) sanctions, which ban the sale to Russia of luxury goods priced at more than €300 ($327; £250).
Many Western firms halted operations in Russia after the Ukraine war started.
Chanel told the BBC that sanctions, imposed by the EU, as well as Switzerland, also prohibit the sale of luxury items to individuals who intend to use them in Russia.
The company said it "complies with all laws applicable to our operations and employees worldwide, including trade sanction laws".
"This is why we have rolled out a process to ask clients for whom we do not know the main residency to confirm that the items they are purchasing will not be used in Russia," Chanel said in a statement.
"We are currently working on improving this approach and we apologise for any misunderstanding this may have caused," the company added.
"Welcoming all our clients, regardless of where they come from, is a priority for Chanel."
Some Russians have said that they have been turned away from Chanel stores around the world.
Influencer Anna Kalashnikova said on Instagram that she was stopped from buying Chanel products in Dubai.
Ms Kalashnikova posted: "Since I often come to Dubai as the host of Fashion Week, the managers of Chanel recognised me, approached me and said: We know that you are a celebrity in Russia. We know that you will go there, so we can't sell you our brand items."
"Western boutiques ask for identification data, and when you [give] a Russian number, the salesmen say, now we sell things to Russians only under the promise that they will not take them to Russia and that they will not wear them there," Ms Kalashnikova said.
"Russiaphobia in action. I experienced it myself," she added.
In an Instagram video, Russian model Victoria Bonya cut up what appears to be a black quilted Chanel bag.
"Bye bye" Ms Bonya said as she threw the pieces aside.
"If Chanel house does not respect their clients, why do we have to respect Chanel house?" she said.
Earlier this week, Russia's foreign ministry spokesperson Maria Zakharova said "A number of bloggers reported that official Chanel brand stores abroad refused to sell their products to Russian citizens".
Ms Zakharova accused Chanel of joining "the Russophobic campaign to cancel Russia".
Many Western brands have halted their operations in Russia. Early in March, luxury retailers Chanel, LVMH, Hermes and Kering said they would temporarily shut their shops in the country.
On Tuesday, the EU, along with the US and G7, said it would propose further sanctions against Russia, following allegations of Russian war crimes in Ukraine.
European Commission head Ursula von der Leyen said the planned measures included an import ban on coal and a ban on Russian ships and road operators.
The G7 (Group of Seven) is an organisation of the world's seven largest so-called "advanced" economies, which dominate global trade and the international financial system. They are Canada, France, Germany, Italy, Japan, the UK and the United States.
Earlier measures have targeted individuals including Russian President Vladimir Putin and hundreds of Russian politicians and oligarchs, as well as the country's financial and energy sectors.-BBC
Flight cancellations continue due to staff shortages
British Airways has cancelled 78 flights scheduled at Heathrow Airport today, four of them due to continued high levels of staff absence.
The airline had previously given notice it was axing many of the flights following a decision to reduce its schedule until the end of May.
EasyJet has cancelled about 30 flights at Gatwick Airport on Wednesday.
Passengers have faced disruption ahead of Easter, the first holiday since the end of Covid travel restrictions.
BA withdrew six flights at the last minute on Tuesday, as a result of Covid absences.
On Monday, it cancelled 62 flights, 12 of them at the last minute.
Thousands of holidaymakers have seen their Easter getaways delayed or cancelled because airlines and airports do not have enough staff to meet the recovery in demand.
Covid-related absences are compounding staff shortages at airports and airlines and the industry is struggling to recruit staff after thousands of jobs were lost and many workers left the during the pandemic.
It's led to long delays at security and check-in at some airports, with travellers complaining of "chaos".
EasyJet has said its staff absences were double their normal levels due to Covid.
The airline said the main routes affected by cancellations were to Amsterdam, Krakow, Bologna and Berlin.-bbc
Ex-P&O Ferries chef sues for unfair dismissal
A former P&O Ferries chef is suing the company and its chief executive, claiming unfair dismissal, racial discrimination and harassment.
John Lansdown is the only seafarer to take legal action after 800 staff were sacked without notice last month.
In his tribunal claim he accuses P&O of treating him unfavourably as he is British and eligible for minimum wage.
P&O Ferries said job cuts were "categorically not based on race or the nationality of the staff involved".
The company "needed fundamental change to make it viable - we knew this decision was the only way to save the business", P&O said in a statement.
Mr Lansdown is seeking financial compensation as well as exemplary damages of up to £76m to "deter" P&O Ferries or its parent company DP World from acting the same way in future.
He would use the money to create a new trust to campaign for improved wages and terms and conditions for seafarers and to outlaw "fire and hire" practices in the industry and more widely in the UK, according to his claim.
Mr Lansdown, 39, told the BBC he wanted to get "justice" for all his former colleagues who felt they had "no choice" but to settle their cases.
"This is not just about me," he said. "799 of my seafaring family have lost their livelihoods, their way of life, their homes for half the year and it's about the bigger picture."
P&O confirmed to the BBC that "all but one" employee had accepted a settlement and therefore forfeited their right to any legal action as a result.
Mr Lansdown said he joined P&O Ferries as a 16-year-old trainee and was working as a sous chef on The Pride of Canterbury when he was sacked three weeks ago.
He was working on the ship and had to leave his belongings behind when he was notified "out of the blue, and without any prior consultation" about his instant dismissal, he said.
In his legal papers, seen by the BBC, he claimed private security staff, carrying handcuffs and wearing balaclavas, were hired to remove workers who refused to disembark ferries.
"I was devastated by the brutal summary dismissal after many years of loyal and diligent service," his claim states. "The manner of the dismissal was harassing."
In a statement to the BBC, P&O said: "No staff involved in the redundancies wore balaclavas nor were they directed to use handcuffs or force.
"Staff remained professional, sympathetic and calm in a challenging situation for everyone, trying to ensure the safety of all the people on board the ships. There was no harassment," it said.
Mr Lansdown alleges the redundancy was a "sham" and unlawful because there was no fair selection process, no diminished need for his job, and P&O Ferries' parent company, Dubai Ports World (DP World), is very profitable, the document adds.
Mr Lansdown's British nationality was also a significant influence on the decision to sack staff and replace them with non-British crew paid below the minimum wage of up to £5.50 per hour, it further claims.
P&O Ferries boss Peter Hebblethwaite previously admitted to MPs that a decision to sack 800 workers without notice or union consultation had broken the law but said he would make the decision again if he had to.
At the time, he said of his decision that no union would have accepted the plan and it was easier to compensate workers "in full" instead.
'Violating his dignity'
In his legal claim, Mr Lansdown accused the company of "violating his dignity and creating an intimidating, hostile, degrading, humiliating environment".
He told the BBC: "At the end of the day, it was the essence of Brexit what happened to us, This could give a green light to other companies to do the same."
P&O Ferries has previously said that all 800 staff made redundant would be offered £36.5m in total - with around 40 receiving more than £100,000 each.
The Insolvency Service has launched criminal and civil investigations into the controversial mass redundancies.-BBC
Ukraine war: More than 60% of Putin's war chest frozen, Truss says
More than 60% of Putin's war chest has been frozen by sanctions but more needs to be done, Liz Truss has said.
The foreign secretary said "crippling" sanctions are pushing the Russian economy back "into the Soviet era".
More than $350bn (£266bn) of Russia's $604bn foreign currency reserves are unavailable to the regime, she added.
Her call for more to be done comes amid condemnation after images of bodies in the streets of Bucha, near Kyiv, emerged after Russian troops withdrew.
Ukrainian President Volodymyr Zelensky has warned he believes the worst atrocities committed by Russian forces are yet to be discovered, but Russia has denied killing civilians - claiming, without evidence, that Ukraine has staged such scenes.
Prime Minister Boris Johnson has released a video on social media, addressed to the Russian public, in which he accuses Russian troops of committing atrocities, including the massacre of civilians and the raping of women.
Speaking in Russian at the close of the video, he says: "Your president stands accused of committing war crimes. But I cannot believe he's acting in your name."
Ms Truss, who spoke after talks with her Polish counterpart Zbigniew Rau, urged G7 countries to go further in their sanctions ahead of G7 and Nato meetings this week.
Measures she is calling for include banning Russian ships from their ports, cracking down on Russian banks, going after industries "filling Putin's war chest" such as the gold trade, and agreeing a timetable to eliminate imports of Russian oil and gas.
Ms Truss said the only way to end the war is for Russian President Mr Putin to lose in Ukraine and will stress the urgency of stepping up sanctions, as well as giving weapons to Ukraine to defend itself.
"Although Russian troops have been defeated in their initial assault on Kyiv, there has been no change in their intent and ambition," she said.
"We are seeing Putin's forces set their sights on the east and south of Ukraine, with the same reckless disregard for civilian lives and their nationhood.
"So far our sanctions have had a crippling impact on those who feed and fund Putin's war machine."
Both the EU and the US are planning more sanctions on Russia this week, with EU ambassadors meeting on Wednesday to decide what steps to take.
European Commission President Ursula von der Leyen has outlined a fifth wave of sanctions, including an import ban on Russian coal, which she said was worth 4bn euro (£3.34bn) per year.
Earlier, Ms Truss agreed with her equivalent from Japan, a fellow G7 member, that the international community must increase pressure on Russia with further co-ordinated sanctions.
The UK has also announced a £10m fund to support organisations in Ukraine, including those helping victims of conflict-related sexual violence.
The UK will also be providing funding and technical assistance for the International Criminal Court's investigation into reports of rape.
"We have all been shocked by the scenes from Bucha," she said. "These are appalling acts of the kind that we thought we left in the 20th Century."
A satellite image of the town from 19 March appears to show bodies lying in the street nearly two weeks before Russians left Bucha.
The picture directly contradicts Russian Foreign Minister Sergei Lavrov's claim that footage of bodies in Bucha was "staged" after the Russians withdrew.
It shows objects that appear to be bodies in the precise locations where Ukrainian forces subsequently found them when they regained control of the town.
During the foreign secretary's visit she also praised Poland for being on the "front line of helping Ukraine" and for always being "clear-eyed" about "Putin's malign intent".
Ukraine's Foreign Minister Dmytro Kuleba has called for countries to stop buying oil, gas and coal from Russia to avert "new Buchas". He described the move as the "mother of all sanctions", saying it would stop the war in a matter of months.-BBC
Cost of living: National Insurance rise starts to hit pay packets
The burden of tax falling on workers and employers has increased as a hotly-debated rise in National Insurance payments takes effect.
Employees, businesses and the self-employed will pay an extra 1.25p in the pound. The extra tax is earmarked for government spending on social care.
Some MPs opposed the move amid cost of living pressures, but mitigation will instead be introduced in July.
Experts are urging people to check their status as a new tax year starts.
Earnings levels at which people start to pay income tax have been frozen, increasing the chances of employees being dragged into a new band - with a higher rate of tax - if they receive a pay rise.
How National Insurance will change
Employees pay National Insurance on their wages, employers pay extra contributions for staff, and the self-employed pay it on their profits.
In September, the government announced the rise in contributions from 6 April, in part to help ease the burden on the NHS.
It means that, instead of paying National Insurance contributions of 12% on earnings up to £50,270 and 2% on anything above that, employees will now pay 13.25% and 3.25% respectively. The self-employed will see equivalent rates go up from 9% and 2% to 10.25% and 3.25%.
Businesses face perfect storm as tax rise kicks in
What will April's tax changes cost me?
Five reasons why prices and bills are going up
Those of state pension age do not pay the tax at present, and nor do those on very low incomes.
After the announcement last year, the plans were met with disapproval from opposition parties and some backbench Conservative MPs who criticised the timing, as many people face sharp rises in energy bills and prices in general.
Chancellor Rishi Sunak responded in his Spring Statement with plans to allow workers and the self-employed to earn more before they start making National Insurance payments. This will take effect in July.
Chart showing difference made by new NI rate and threshold
Taken together, the measures mean that, over the next 12 months, anyone earning less than about £34,000 a year will pay less in National Insurance than they did the previous year, while those earning more will see their payments rise.
Had the chancellor stuck with his original plan, then all but the very lowest income workers would have paid more in National Insurance.
Many employers will still pay more, and business groups have warned that this may be passed on in higher prices. They also said it would add to the pressures already faced by firms following the withdrawal of Covid support measures.
Among those concerned about the bill is Hanna Gentry, an assistant general manager at George's Bistro in Cleckheaton.
"Personally for me if I look at my wage I think it's not too much, but as a business when you have to pay that on everybody's wages, it adds up really really quickly," she said.
"We are going to try and bring in more custom, that's the only way we can do it - in terms of events, new menus, to try and draw customers in."
Meanwhile James Hipkins, managing director of Emery's Timber and Builders Merchants in Stoke and Telford, told the BBC's Today programme the rise was "another little extra bit" to add to the rising cost of materials, fuel and energy.
"My greater concern is, is it the beginning of a perfect storm? By that I just mean all the little snips going up, is it going to start to stifle industry?"
However, Mr Hipkins said society had a "moral obligation and responsibility to this" to fund social care services, which he added have been "overlooked" for too long.
"We all know it needs sorting out, we all know it needs to be paid for but none of us are particularly keen on paying for it," he added.
"At this stage is it seems a bit wishy washy and woolly as it's coming in. I would feel a lot more confident and a lot more happy when I see it as an actual separate levy and it can be identified for where it's supposed to be going."
The government said it had raised Employment Allowance from £4,000 to £5,000, so smaller firms could claim up to £5,000 off their National Insurance bills. Ministers said it meant 670,000 firms would not pay the tax at all.
Overall, the increases in National Insurance for employers and higher-income workers will raise an extra £10.9bn in a year for the government, according to the Institute for Fiscal Studies.
Prime Minister Boris Johnson described it as "necessary, fair and responsible", adding that it would "provide the health and care system with the long term funding it needs as we recover from the pandemic".
Next year, the extra tax will be rebranded as the Health and Social Care Levy.
Other tax changes
An increase in the tax on dividends is also coming into effect, to add to the funds channelled by the government into the NHS and social care.
It has also gone up by 1.25p in the pound. Many private investors hold shares in an Individual Savings Account (Isa) which protects them from tax. However, some business owners pay themselves in dividends and so will face a tax rise.
Early last year Mr Sunak said the thresholds at which income tax is paid would be frozen at April 2021 levels for five years (although Scotland has different levels). That means pay rises will push more people into higher tax bands.
If a pay rise takes somebody from below £12,570 a year to above, then they will start paying income tax at 20% on the amount above £12,570. A shift in salary from below £50,270 to above means paying the higher rate of 40% on the amount above £50,270. The next threshold is at £150,000, when the additional tax rate of 45% kicks in.
Adrian Lowery, personal finance spokesman at investing platform Bestinvest, urged people to check their tax code, which is issued by HM Revenue and Customs and can be found on a pay slip.
"A tax code of 1257L is currently used for most people who have one job or pension. If yours is different, make sure you understand why, so you're not paying too much tax," he said.
At last month's Spring Statement, Mr Sunak pledged to reduce the basic rate of income tax by 1p in the pound before the end of the Parliament in 2024.
For this new tax year, the personal allowance of capital gains tax has also been frozen at £12,300, so this much profit can be realised from assets in a year before tax is paid.
The threshold for inheritance tax - a levy on estates when somebody dies - has also been frozen again at £325,000, as it has since 2009.-bbc
Businesses face perfect storm as tax rise kicks in
"This is worse than Covid or the 2008 crash. There isn't a day that goes by when you aren't hit with another rising cost."
Adrian Hanrahan is the managing director of Robinson Brothers - a chemicals manufacturer in the West Midlands - and he says that his confidence and that of his customers is beginning to evaporate.
"I'm usually an optimistic person but that has been zapped. I just got off a call with a customer who wants to hold less stock so that means we are holding back on production and investment ourselves."
He says the £6bn rise in employers' National Insurance that comes in on Wednesday will add £90,000 to his own 250-person payroll - equivalent to the wages of three graduate chemists - and it couldn't come at a worse time.
"It's another kick in the teeth at a time when everything is going up. We use nickel as a catalyser - that's tripled. Plastics, transport, you name it. The sheer volume of price increases is incredible and we can't pass it all on as my customers - and my customers' customers - can't afford it."
And yet Adrian said it could have been much worse for his company.
"If we hadn't hedged some of our energy costs we would be looking at £1.75m extra a year in bills and that would have probably finished the company."
Energy prices surge
Businesses that haven't bought gas in advance or whose deals are ending are seeing energy cost rises averaging 250% as they are not protected by a price cap.
Many have already gone under.
The number of company insolvencies in February was 23% higher than the same month last year with county court judgements against firms (an early sign of financial distress) doubling. There is growing concern that thousands more firms who made it through the pandemic will not survive the cost onslaught at the same time as the withdrawal of many Covid support measures.
Julie Palmer, partner at insolvency experts Begbies Traynor, said: "Businesses that have bravely battled through the pandemic could now start to fail as the pressures they face become too much.
"Support from the government such as furlough payments, tax reliefs and a moratorium on landlords being able to evict businesses due to rent arrears are due to expire. It's a perfect storm and there are signs the dam is beginning to break."
Five reasons why prices and bills are going up
Inflation hits new 30-year high in February
So far the government has focused its efforts to cushion the energy blow on consumers. The eyes of company owners now turn hopefully to the government's long awaited energy strategy due to be published on Thursday.
It's expected to include new and accelerated investments in nuclear, renewables and UK oil and gas production but that will not provide immediate relief to businesses facing crippling bills.
Insiders at the Department for Business pointed towards recent comments from the prime minister in the House of Commons that specific help may be forthcoming for intensive energy users such as steel, ceramics and glass makers.
For them and thousands of other manufacturers, chip shops, restaurants, care homes, and pubs who won't qualify for that help - this is a "cost of doing business" crisis to rival anything in living memory.
The Treasury said nearly half a million UK businesses will benefit from a £1,000 tax cut when it raises the Employment Allowance on Wednesday.
It means smaller firms will be able to claim up to £5,000 off their employer National Insurance Contributions (NICs) bills, up from £4,000.
Chancellor Rishi Sunak said: "This tax cut for half a million businesses will help them thrive and grow to help drive our economic recovery.
"It comes on top of a suite of wider tax cuts available to firms, including 50% business rates relief, a record fuel duty cut and the super-deduction, the largest two-year business tax cut in our history."-BBC
Liberia: Sinkor Old-Timers Embark On Fundraising to Construct Own Sports Pitch
Monrovia — Old Timers teams in Sinkor are seeking funds to build a mini stadium where most of their games would be played. They say the stadium would complement the limited number of sports stadiums in the country.
Sinkor Old Timers over the weekend embarked on an ambitious project where they look to have their stadium built in the soonest possible time.
Speaking at the fundraising program for the construction of a playing pitch for SOTSA, its president J. Emmanuel Simoke said they have struggled to have a playing pitch and at many times they were forced out of the venues they used as practice ground.
He said as a result, in 2012/2013 they got ten acres of land in Margibi for US$20,000 but the land has not been developed up to present. According to him, it is time for them to develop the land and make the area their home.
"Everyone in Sinkor Old-Timers didn't have a car but most people have now because we have grown to be a better organization now, so we think it's proper we move to our own property and in moving there, it will help the community because we will help to take the kids off the street, they will have a place to play.
"We want to help the government, help ourselves and the community because if we fix that field we can even help the Football Association to play some of their games there, so this is the reason why we have come to ask for your support," Simone said.
He added that if they construct a field on the land it will give them their own home for the Liberia Old-Timers National Association league.
According to him, he at times envies other Old Timers teams that have their own home ground.
He said the dream of the association is to have a team in the LFA league when they shall have completed their project.
Serving as keynote speaker at the fundraising event, River Gee Senator and former Liberian international striker Jonathan Boye Charles Sogbie appreciated SOTSA for such a decision to have their own playing pitch.
Speaking on the topic, "Uplifting Our Communities through Sports" Senator Sogbie said the Old-Timers team has names associated with communities and called on them to be more developmental in other various areas.
He said it is time LONA think about having relegation in their league and also have another league for teams that will not perform well or don't show up for four games.
According to him, it will bring about competition in the league but have 28 teams with no relegation the competition will not be high.
"The idea of having your own field should go beyond Sinkor, I will encourage you all to have the community involved.
"Since everyone will benefit from the field let the community be involved and I can give you my full support for this project," Senator Sogbie said as he pledged US$1,000 to the project.
For his part, Musa Bility said there is a need for a law to be on the book that every community should have a playing ground that will include a football field and other sporting disciplines.
The former LFA president served as a chief launcher for the fundraising program US$5,000 toward the project.-FrontPageAfrica.
Liberia: World Bank Country Director Terms U.S.$40 Million 'Lift Project' As a Game-Changer
Monrovia — The World Bank Country Director to Liberia Khwima Nthara has hailed the signing of the US$40 million International Development Association (IDA) Financing Agreement for the implementation of the Liberia Investment Finance and Trade (LIFT) project.
The project aims to improve the investment climate, expand sustainable access to finance, and increase the efficiency of trade in Liberia. Importantly, the project incorporates features that seek to address the identified gaps between men and women with respect to their participation in economic activities in the country, especially around differential constraints, and performance between women-owned and men-owned firms.
The LIFT project that was signed by Liberia and the World Bank on Monday amounts to US$40 million. US$20 million is an IDA grant and the other US$ 20 million is a concessional IDA credit. The financing was approved by the World Bank on February 9, 2022.
Speaking at the signing ceremony, the World Bank Country Director said the event marked another important milestone in the development of the partnership between the World Bank and Liberia.
"This is the first time the World Bank is providing such a significant amount of financing to support programs for improving the investment climate for the private sector," he said.
Mr. Nthara added: "As you can see, the LIFT project will be a game-changer for Liberia. It sends a loud and clear message that Liberia is open for business and that it will be the investors' destination of choice."
The World Bank Country Director furthers that the LIFT project is in recognition of the significant progress that the Weah-led government has made in stabilizing the macro-economy of the country over the past three years.
This, he sais, has resulted in Liberia being removed from the World Bank list of countries categorized as fragile and conflict-affected situations after an improvement in the country's overall rating under the World Bank's Country Policy and Institutional Assessment (CPIA).
Despite the improvement in the macroeconomics, the World Bank Country Director said the improvement should translate into tangible benefits for the Liberian people by improving their living standards.
He said, providing jobs is the most sustainable pathway to improving people's living standards. He added that better jobs are best provided by the private sector.
"The role of the government, therefore, is to create a conducive investment climate for the private sector, whether domestic or foreign, large or small," he said.
Mr. Nthara added that establishing a conducive investment climate requires the government to focus on stabilizing the macroeconomic environment where inflation is under control and the exchange rate is stable adding that the private sector does not like what he terms as a volatile environment.
Another requirement he said is investing in critical infrastructures such as road and energy infrastructure. According to him, without good infrastructure, it becomes too expensive to produce anything or to access markets.
Also, the World Bank Country Director stressed that creating a conducive climate for the private sector entails the improvement of government systems and processes that make it easier for investors to start and operate a business including facilitating access to finance and markets.
"This project we are signing today finds its premise through the LIFT project, the government will create a non-stop-shop for business registration and licensing and automate the process so that it becomes easy to start a business in Liberia, through the LIFT project," he said.
Mr. Nthara added: "The government will simplify and automate the process of exporting and importing goods by creating a National Single Window for Trade, through the LIFT project, the government will establish a new National Electronic payments switch system that will connect and improve the efficiency of various elements of the financial system, including banks, micro-finance banks, mobile money agents through the LIFT project."
Through the LIFT project, he added that the government will provide a line of credit for small and medium enterprise (SMEs), as well as build their capacity to access markets over the next five years.
"The project will directly support over 750 SMEs by providing a customized suite of services, including coaching, training, market linkages, investment facilitation and finance through the LIFT project," Mr. Nthara said.
The World Bank Has Listened to the Government
The Minister of Finance Samuel Tweah said the LIFT project from the World Bank come after a discussion with the government and officials of the World Bank.
"What it means is that the World Bank has listened to the government," Minister Tweah said.
The Minister of Finance also disclosed that in one of the meetings held with the President and the World Bank Country Director and the Regional Manager in the President's office by then at Foreign Affairs -the President stressed told the bank representatives that whether in agriculture, in trade, whatever the project the bank is doing, the government wants to move faster.
"In response to the meeting, we have seen the exemplary extraordinary movement of the bank in the whole host areas that are including today. And so, let's thank the President for pushing the bank, for realizing many of the things we are seeing coming from the bank today," he said.
Adding up, the Minister of Commerce Mawime Diggs said the signing ceremony of the LIFT project is a plus for not only the government but the Liberian people especially people who are involved in the SMEs.
She praised the World Bank Country Director and his team for the corporation and support to Liberia and looked forward to enhancing their partnership as the country takes a step forward to the next stage of the LIFT project.
"When we took over the Ministry of Commerce, we stressed and made a commitment of ensuring that the President vision as laid out in the PAPD -and so, today we have gone beyond not just that commitment to taking a potential step in making the lives of our people better following a disruption of the trade as a result of the COVID-19," Madam Diggs said.
She added: "We look forward to fulfilling the commitment of the LIFT project and other projects that the ministry is planning to rollout."-FrontPageAfrica.
Liberia: The Freeport of Monrovia Turns Into a Brick Wall for Young Liberian Entrepreneurs and Businesses
In my article, I will be providing some facts about the strangulation of young Liberian Entrepreneurs and Businesses by the Freeport of Monrovia. James Markhan said "Don't let taxes scare away future investors". Is the Freeport of Monrovia scaring young Liberians who want to break out of poverty and lead a generation to prosperity? Read this paper and give me an answer.
In every country Government levy taxes on products imported into their country. The levying of tariffs on imported products is prudent by national governments; this measure helps governments to protect infant companies, industries, consumers and finance government's operations.
The seaport taxes or tariffs on imported products in any country is likely to determine seventy percent of its sale cost because the tariffs on product in most cases constitute a huge amount for cost of sales. In our country consumers complain many times that entrepreneur's profit motive drives up product acquisition costs; ignoring the fact that these people are business people and their two primary objectives is to survive and make profit. Entrepreneur's will never want to bear a cost therefore every high tariff impose on them by the Freeport of Monrovia will be paid by the final consumers.
Entrepreneurs are individuals who are always looking for ways to break barriers, open a new market, redefine something and create income. These individuals are willing to take on the risk, borne the pain and harvest the fruits of their ideas later.
Entrepreneurs are considered to be innovators, inspiration to a new generation, an employer and founders for new beginnings. Entrepreneurs play a pivotal role in a country's economy, the better ones are considered an asset to the country and sometimes given preferential treatments. In our world today entrepreneurs have change the way we cook, communicate, travel, sell products, bath, learn new things etc.
The reason why we have aircrafts today is because someone got tired of the mode of traveling; riding trains or buses and thought on another way that becomes faster and easier and today we have all kinds of aircrafts.
The first airplane that flew on December 17, 1903 was a barrier breaker and a foundation for new innovations of air crafts. Someone got tired driving slow today we have supercars (fast cars). Today we enjoy using several social media platforms for different reasons and the only reason why trillions of us are enjoying these things because an entrepreneur saw something a trillion other persons couldn't see. Today these social media platforms have provided information for millions, increase government revenue, boost self-confidence and have created a new way for one to gain access to the whole world.
Entrepreneurs are problem solvers, change makers and a major reason many people love to live in certain places of the world, but the question is how do they get the money to fund these ideas? Is it that every entrepreneur has the money for their idea? Can an entrepreneur only be a rich person?
Entrepreneurs have the ideas, the plans, the talents and technical skills, but most times don't have the money to fund their ideas. Even if they do; a good entrepreneur will never want to use his own money to start a business or fund an experiment. Entrepreneurs depend on commercial banks or other financial institutions for loans to fund their endeavors. Therefore, if they are in a country like ours who is building a brick wall at the port of entry, the country's major sea port, "Freeport of Monrovia" which many young Liberian entrepreneurs depend on to do business and make ends meet Liberia will continue to experience high unemployment rate, poverty and nonperforming loans because we live in a country whose economy is hugely driven by imports which is not good for our balance of trade. However, let's keep our unfavorable balance trade for another day discussion.
The government may think that they are generating revenue for the state to be used to finance government operations, improve citizen's livelihood not knowing their revenue generation is malicious to young Liberian entrepreneurs who wants to change the narrative and rewrite our history.
Today in Liberia the Freeport of Monrovia is collecting revenue at the detriment of many young Liberian entrepreneurs.
The revenues generated at Freeport has harmed a good chunk of small Liberian businesses, thereby making them not to be credit worthy, increasing unemployment and creating a barrier for many young Liberian entrepreneurs to get out of poverty.
I asked entrepreneurs in Liberia this question: Don't we have leaders we elect to seek our interest and understand the plights of the people? Their responses were almost ninety percent the same. "They said my brother these people only pretend that they understand our pain during elections but they really don't care. Why should they when their containers are duty free at the Freeport of Monrovia and many of them front for other businesses in clearing their containers. Our people don't like us as long as they and their family are not affected by this malicious tax regime. They just don't care."
In April of 2018 the Acting Chairman of the Patriotic Entrepreneurs of Liberia (PATEL) in an interview with a local newspapers called the Freeport of Monrovia "a Slaughter Zone for local businesses". The Freeport of Monrovia has been imposing high tariffs on young Liberian entrepreneurs for the past eight to nine years but many government officials don't see it as a problem because they buy into this notion that reducing the tariffs at the Freeport of Monrovia could have a negative impact on their pay checks and other benefits.
Factors that are harming young Liberian Entrepreneurs:
Freeport of Monrovia charges are always fluctuating. Today you will bring a product and pay $20,000 USD to free your container, tomorrow that same worth of product and the port will be asking you to pay $25,000 USD or $30,000 USD on grounds that they just added a new fee that they didn't even had the courtesy to communicate with customers to have them informed of these changes through social media, local radio stations or their website.
In April of 2016 Dr. Alex Otti, former managing Director of Diamond Cmpany told the governors of South East Nigeria to refrain from using contractors in their revenue drive because these contractors will want to make more profit when collecting revenue at the expense of the common citizens that elected the governors to seek their interest. His statement is very debatable because most times government may not have the ability and technical skills to do certain work making them to outsource a service.
Liberia contracted its revenue drive of the Freeport of Monrovia under former President Madam Ellen Johnson Sirleaf in a controversial concession agreement signed with APM Terminals in 2011. This agreement has caused many young Liberian Entrepreneurs and businesses to be listed bad creditors by banks and other Financial institutions. The agreement gives APM terminals more right and even permitting them to increase tariffs on products per their discretion when necessary. In October of 2014 a representative from Bong County Hon. George Mulbah wrote a communication to plenary about the deplorable condition of the Freeport of Monrovia under the APM terminal stewardship. During that hearing of this complain by the Joint special committee on concessions, investments, state enterprise and public accounts the Managing Director of the Freeport of Monrovia at the time, Madam Matilda Parker told the committee that she has had several heated arguments with APM Terminal management on the increment of tax levied on containers but admitted that her hands were tied due to the terms and conditions of the Concession agreement.
Then I ask myself where were the members of the national legislature when the concession was signed? Where were the people that each District and County elected to seek their interest? Where were the people that are given the rights by the constitution to perform the duty of oversight during the signing of these kinds of concessions? Where they doing their jobs or selling out their birth rights?
Many young Liberians abroad and home want to contribute to the growth and development of Liberia, but how can this happen when it seems like concessions agreements like the APM terminals concession are signed to harm the citizens instead of benefiting them. The Freeport of Monrovia has turn into "A Brick Wall" for many young Liberian Entrepreneurs and Businesses. This brick wall that I think is taller and stronger than the wall of Jericho and I don't know if God can still give us some trumpets to bring it down.
Until these barriers at the Freeport of Liberia are removed, Liberia's economy will continue to struggle, while other countries in the region economy is appreciating. Let's take a moment to ponder why other investors would prefer shipping their cars and other goods through the Guineans Port of entry and then get them, travel by road to come into Liberia and sell their commodities rather than through Liberia's Freeport? Think about this.
"If you do not take interest in the affairs of your government you are doomed to live under the rule of fools."-FrontPageAfrica.
Nigeria: Russia Invasion - Nigeria May Resort to More Borrowings, Ex-UN Envoy Warns
A former Nigerian Ambassador to Ukraine, Ambassador Frank Isoh, yesterday, warned that the ongoing Russia/Ukraine war will have negative impacts on global affairs, particularly in Africa and Nigeria as a whole.
The ex-UN envoy raised concerns over the ripple effects of the war which has paved the way for an increase in the prices of goods and food, particularly wheat of which both Russia and Ukraine are substantial exporters.
Isoh stated this in his paper presentation at the Diplomatic Dialogue organised by the Department of International Relations and Diplomacy, Afe Babalola University, Ado-Ekiti, ABUAD, in Ado-Ekiti, with the theme 'Russia's Invasion of Ukraine and the Emerging Global Dynamics: Implications for Africa and the World.'
He said: "For Nigeria, there is likely to be used in fiscal deficit as a result of mounting subsidy payment on petrol. To meet these mounting subsidy payments the country may result in more borrowings and more debts."
Afe Babalola calls for cease fire
Similarly, the Founder and Chancellor of ABUAD, Aare Afe Babalola urged the Federal Government to appeal to the African Union to join forces in calling for a cease-fire.
Babalola described the actions of Russia as uncalled for despite Ukraine's court action calling for a cease-fire before the International Court of Justice which has been reduced to a 'toothless bulldog.'
He said: "I take this opportunity to appeal to the Federal Government to influence African Union to join the Pope as well as other religious leaders to appeal to Putin and Ukraine to cease-fire so that this matter can be settled.
"Ukraine rightly filed an action before the International Court of Justice, ICJ, demanding that the court should order a cease-fire. The court ordered Russia to stop the war but Russia declined to do so and the war therefore continues. You can see that the ICJ is no more than a toothless bulldog."
Vanguard News Nigeria
Tanzania: Zanzibar Embraces Social, Emotional Learning
ZANZIBAR has embraced social and emotional learning (SEL), with the country's education and vocational training ministry establishing an inclusive education and life skills department to nurture youth morally and intellectually.
Blue Economy and Fisheries Minister Suleiman Masoud Makame said here yesterday that through the department, the government is determined to equipping the youth with the key tools to grow and adapt their environment productively.
"Life skills are central to proper fostering of our children to become productive and resourceful members of the society," Minister Makame told the social skills trainees.
Speaking on behalf of Education Minister Lela Muhammed Mussa, Mr Makame said Zanzibar youth need to undergo thorough training and preparations for the demands of work and life. "Soft skills are just as important for development as are academic qualifications," he said.
The minister reminded the trainees who will later participate in the assessment of life skills and values in the country to perform the task professionally and diligently to produce the envisaged outcome. "Unless you apply professionalism, integrity and honesty in data collection, there is a risk of arriving at an erroneous conclusion," warned the minister.
Milele Zanzibar Foundation (MZF) Head of Programmes Khadija Ahmed Shariff whose organisation implements the project in Zanzibar said the multi-country initiative that targets youth at the 13-17 age bracket is planned to reach 44,000 youth in Tanzania, Kenya and Uganda. All 11 districts in Zanzibar will be covered through the 120 assessment areas, she said.
ALiVE, the brainchild of Regional Education Learning Initiative (RELI), responds to the "Growing recognition of the value life skills transference as an education outcome against inadequate system attention to these competencies."
According to Ms Shariff, the programme focuses on respect, collaboration, self-awareness and problem-solving as key soft skills that youth need to survive the competitive labour market.
ALiVE Project Coordinator Samson Sitta said the project that champions values and life skills seeks to address systemic challenges through development of the first East African open source assessment tools, generation of contextually relevant evidence and SEL knowledge, fostering a coalition of education community members and influencing policy through advocacy.
The project complements the government efforts to overhaul education sector under its plan to enhance quality through competency-based curriculum and speed up social and economic development.
President Hussein Mwinyi has already announced massive changes in the education system, from nursery to tertiary levels, with high quality learning being the key target.-Daily News.
Tanzania: Govt Commits to Attract More Investors in Mining
THE government has pledged to continue improving investment climate in order to attract more investors for mutual benefits.
Minerals Deputy Minister, Dr Steven Kiruswa said that the government has been improving laws, policies and regulations so that investors can conduct their activities smoothly.
Dr Kiruswa made the remarks during the signing of an agreement on research and analysis between the University of Dar es Salaam (UDSM) School of Mines and Geoscience (SoMG) and Rocket Tanzania Limited in Dar es Salaam yesterday.
He said improvement of laws, policies and regulations also aimed at making the government and e communities in respective areas to benefit.
Dr Kiruswa said that Rocket Tanzania Limited will do modern mining which will have less impact on environment.
"I questioned them about the long-term and short-term impact, especially on the environment.... they assured me that these are minerals that are safe and free from pollution and the system they will use is not that of excavating a large area that can distract the surface," said Kiruswa.
He advised a joint meeting between Rocket Tanzania Limited and mining stakeholders to train them on the type of mining and ways of excavating without affecting the environment.
"I call on these experts from UDSM, State Mining Corporation (STAMICO) and the Geological Survey of Tanzania (GST) as well as investors to join hands so that everyone can acquire knowledge," he said.
He commended the Rocket Tanzania Limited for cooperating with UDSM experts in conducting research and services including the study of helium gas.
Dr Kisurwa said the project is beneficial to the nation since it will provide direct employment to more than 100 people, improving infrastructure and boost economies.
The UDSM Vice Chancellor, Prof William Anangisye said the university recognizes its role in community development especially in the production of knowledge that helps to solve various challenges.
"UDSM has expanded the scope of research funding and innovation to increase collaboration with stakeholders in various sectors," said Prof Anangisye.
On his part, the SoMG Acting Dean, Dr Emmanuel Kazimoto said in 2017 Tanzania received preliminary information regarding the presence of helium gas in Lake Rukwa.
"Since then, about five years ago, UDSM through the former Department of Geology in collaboration with Oxford University focused on research into the presence and origin of helium gas in the Rukwa basin.
He said UDSM has extensive experience of helium gas resources in Africa where they use a rare device to explore the resource in East, Central and southern Africa.
"Due to our commitment, UDSM has been able to acquire a special natural gas exploration device including helium called 'Min Ruedi' thus making it a major African experience in the exploration of the Helium gas resource," said Kazimoto.
Rocket Tanzania Ltd, Chief Executive Officer (CEO), Justyn Wood said they had a long-term partnership with Tanzania so they will partner with UDSM to conduct research using the geological, geochemical and geophysical methods that were also available in the Geoscience department in UDSM.
Mr Wood said the SoMG will also be involved in the company's projects which include study on helium gas in the soil in the Rukwa basin, to develop a geological map of the Rukwa basin, especially areas believed to have helium gas.
Other projects include the exploration of gas in the soil in the Lake Nyasa basin and the formation of land temperature maps in the Rukwa Basin.-Daily News.
East Africa: CRDB Bridgestrading Gap in Three EAC Countries
The entrance of CRDB Bank in Burundi and the Democratic Republic of Congo (DRC) markets is marking significant milestone in efforts to closethe trading and financing gaps in the eastern Africa countries.
The Burundian Prime Minister, Mr Alain Guillaume Bunyoni, said he was pleased to hear that CRDB Bank is opening its subsidiary in Congo DRC with its headquarters in Lubumbashi and wanted the services close to the Burundi-DRC border as well.
"I urge the bank to bring the Congo branches close to Burundi borders in Uvira and Bukavu so that cross border businesses with DRC and Burundi can be smoothened," Mr Bunyoni said while welcoming CRDB Bank delegation in Burundi that paid him a courtesy call late last week.
The delegation was led by Group Chairman Dr Ally Lay and the Group Managing Director and CEO, Mr Abdulmajid Nsekela and was accompanied by Jilly Mareko, Ambassador of Burundi to Tanzania.
"Rest assured that of our government supports and is ready to discuss the financing of big projects on the table since some of them involved even our two countries," Mr Bunyoni said.
He reminded the delegation that the bank was the first to introduce the mobile branch in Burundi, adding that it was really an innovation in the banking industry.
Also was thankful to CRDB Bank for its capacity to mobilise funds on international markets without tough conditions unlike some lenders from Europe.
"It is also important to note that the bank through its endless digital transformation programme is supporting Burundi and Tanzania trade transactions by giving smooth platform access, especially through cross-border transactions and the Port Authority for clearance," he pointed out.
The Chairman, Dr Laay, informed the PM that the bank is deploying digital channels so that customers can save time and be able to expand the banking services in unbanked areas of the country.
"This will support Burundi in its financial inclusions agenda," Mr Laay said adding: "It is in that line the bank is now covering the entire country with agents banking and following deployment of mobile and internet banking platforms."
In line with the 10 years of Burundi's National Development Program, the Chairman said, the bank looks forward to focusing on the development of economic sectors like agriculture, manufacturing, housing, tourism and hospitality, which are crucial in the employment of the youth and the inflows of foreign currency into the country.
Elaborating, CRDB Bank CEO told the Premier that at the moment, the financial institution ranks third in terms of loan portfolio after only 10 years in operations, and 20per cent of its portfolio is financing agriculture to support majority of Burundians.
"Over the last ten years, the bank has continued to support the economy of Burundi by providing innovative products and services to corporates, individuals and institutions customers through tailored savings and lending products," Mr Nsekela said.-Daily News.
Nigeria Identifies Over 1,500 Civil Servants With Fake Employment Letters
"For instance, in the past year, in one ministry alone, over 1,000 individuals bearing fake letters of appointment were detected," a Nigerian official says.
The Federal Government says it has uncovered over 1,500 workers who joined the Federal Civil Service with fake appointment letters.
The Head of the Civil Service of the Federation, Folasade Yemi-Esan, who said this in Abuja on Tuesday, vowed to delist them from the Integrated Personnel and Payroll Information System (IPPIS).
Mrs Yemi-Esan was speaking at the 'National Policy Dialogue on Entrenching Transparency in Public Office Recruitment in Nigeria.'
The event was organised be the Anti-Corruption Academy of Nigeria (ACAN), a research and training arm of the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
She added that over 1, 000 persons were said to have been discovered in one ministry while 500 others were found in other ministries, departments and agencies during a service-wide verification exercise.
The head of service said the Federal Government would spare no effort to remove their names from the IPPIS to serve as deterrent to others.
She stated that with the institutionalisation of the IPPIS, the Federal Government had been able to track fake employments.
She said this has reduced the risk of employing less efficient, unqualified and undependable personnel to handle the affairs of government.
"For instance, in the past year, in one ministry alone, over 1,000 individuals bearing fake letters of appointment were detected.
"It is disheartening to point out that the office recently received a report from the Federal Civil Service Commission forwarding the names of over 500 persons in various MDAs in possession of fake letters of appointment.
"Similarly, following the outcome of the Service-Wide Verification Exercise for officers recruited from 2013 - 2020, the Federal Civil Service Commission has also requested the suspension of the salaries of over 3,000 officers across the MDAs.
"These officers failed to appear for the exercise pending further clearance," she said.
According to her, the government's effort to stop financial leakages in the civil service has created a gap leading to a series of implementation issues.
She added that as of March, over 380,000 officers had been captured on the IPPIS payroll comprising 66,000 and 320,000 for core and non-core MDAs, respectively.
"A report by the UN Office on Drugs and Crime, averred that 32 per cent of Nigerians gave bribes to enable them secure employment into the public service in 2019.
"What is also important to note from the report, which perhaps is fundamental to understanding how corruption thrives in recruitment processes is that an increasing number of the job seekers were in contact with public officials or possibly other entities.
"Hence, the trend underscores the importance of putting in place systems to reduce, to the possible minimum, any form of human contact, " she said.
She, however, explained that the Federal Government through various means would continue to explore possible ways to bridge the unemployment gap in the country.
She said this would be done through: "a multipronged and crosscutting approach, especially through the various social safety net programmes."
"The programmes will drive the government's ambition to achieve the 2030 Agenda for Sustainable Development and to lift more than 100 million Nigerians out of poverty in the next 10 years."
Speaking on global best practices in terms of recruitment, she noted that the Indian public service has one of the best compared to the Nigerian system.
"I visited India recently, and had an interaction with the chairman, United Public Service Commission of the country.
"The discussions were centred on the system put in place for the recruitment of officers into the civil service which is one of the best in the world and involves a decentralised examination aimed at selecting the best candidates.
"I was further informed that the process is void of any form of external interference.
"In addition, India conducts its recruitment once a year through a well-recognised merit-based system, " she added.-Premium Times.
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INVESTORS DIARY 2022
Company
Event
Venue
Date & Time
Dairibord Holdings
2021 Financial Results Presentation
The Venue, Avondale
Wednesday 6 April, 2022 | 3 PM
Companies under Cautionary
ART
PPC
Starafrica
Fidelity
Turnall
Medtech
Zimre
Nampak Zimbabwe
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