Major International Business Headlines Brief::: 07 April 2022

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Major International Business Headlines Brief::: 07 April 2022 

 


 

 


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

 


 

 


ü  China lockdowns: Tourism spending plunges over key holiday

ü  Energy strategy: UK plans eight new nuclear reactors to boost production

ü  Oil bosses vow to boost output and deny profiteering

ü  P&O Ferries preparing to restart Dover-Calais route

ü  National Insurance rise starts to hit pay packets

ü  Tanzania: Kigoma Port Rehabilitation Set to Unlock Huge Economic
Potential

ü  Tanzania: Govt Keen On Finalizing Construction of Judges' Homes

ü  Nigeria: Lawmakers Investigate Privacy Breach, Identify Theft of
Telephone Subscribers

ü  Nigeria: Digitalisation Could Boost Commonwealth Trade By $1.2trn -
Report

ü  Nigeria: Govt to Prosecute 1,500 Workers With Fake Employment Letters

ü  Nigeria: Subscribers Count Losses As Govt's Directive to Bar Lines
Subsists

ü  South Africa looking at introducing ‘digital rand’

ü  Sunflower shortage: why cooking oil has become so expensive

ü  Oil major Shell to write off up to $5 billion in assets after exiting
Russia

ü  ‘Zuck Bucks’ are the latest digital currency scheme brewing at Meta,
after Facebook’s cryptocurrency Diem collapsed

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 

China lockdowns: Tourism spending plunges over key holiday

People observe a moment of silence to pay tribute to martyrs at Yuhuatai
Martyrs Cemetery during Qingming Festival.

 

Tourism spending in China plunged during this week's Qingming festival, as
the world's second largest economy battles a rise in infections.

 

The amount tourists spent during the key three-day holiday was more than 30%
lower than the same time last year, official figures show.

 

It comes as travel restrictions in China continue, and Shanghai and other
cities remain locked down.

 

Shanghai is the largest city to go into lockdown to date.

 

The Qingming festival, also known as Tomb Sweeping Day, is usually a time
when people visit the graves of family and friends to pay their respects.

 

This would often mean people travelling from their homes to other parts of
China, which can provide a boost for consumer spending.

 

The festival took place from Sunday 3 April to Tuesday 5 April this year.

 

Local tourists spent 18.78bn yuan ($2.95bn; £2.26bn) over the three days,
according to China's Ministry of Culture and Tourism. That was 30.9% lower
than last year.

 

The ministry also said that there were 75.4m domestic trips during the
festival, which was more than 26% lower than the same time last year.

 

Chinese authorities have extended the lockdown of Shanghai to cover the
whole city after a fresh surge in Covid cases.

 

Shanghai reported 19,982 new infections for Wednesday, which was a new daily
record. However, the numbers are not high by some international standards.

 

The important financial and manufacturing hub has battled a new wave of
coronavirus infections for more than a month.

 

Major businesses, including German carmaker Volkswagen (VW), have scaled
back their operations in Shanghai.

 

The motor industry giant partially closed its factory in the Chinese city
last week, citing supply shortages.

 

Since then production has been suspended and the plant remains closed.

 

"Like before the Qingming holiday we will continue to monitor the situation
day by day," a VW spokesperson said.-BBC

 

 

 

 

Energy strategy: UK plans eight new nuclear reactors to boost production

Up to eight more nuclear reactors could be delivered on existing sites as
part of the UK's new energy strategy.

 

The plan, which aims to boost UK energy independence and tackle rising
prices, also includes plans to increase wind, hydrogen and solar production.

 

But experts have called for a bigger focus on energy efficiency and
improving home insulation.

 

Consumers are facing soaring energy bills after the Russian invasion of
Ukraine pushed gas prices even higher.

 

Under the government's new plans, up to 95% of the UK's electricity could
come from low-carbon sources by 2030.

 

It outlines, for example, the hope of producing up to 50 gigawatts (GW) of
energy through offshore wind farms, which the Department for Business,
Energy and Industrial Strategy (Beis) said would be more than enough to
power every home in the UK.

 

But one of the big points of contention is thought to have been the
construction of onshore wind turbines.

 

Key points of the new energy strategy

·         Nuclear - The government plans to reduce the UK's reliance on oil
and gas by building as many as eight new nuclear power stations, plus two
new reactors at Sizewell in Suffolk. A new body will oversee the delivery of
the new plants.

·         Wind - The government aims to reform planning laws to speed up
approvals for new offshore wind farms. For onshore wind farms it wants to
develop partnerships with "supportive communities" who want to host turbines
in exchange for guaranteed cheaper energy bills.

·         Hydrogen - Targets for hydrogen production are being doubled to
help provide cleaner energy for industry as well as for power, transport and
potentially heating.

·         Solar - The government will consider reforming rules for
installing solar panels on homes and commercial buildings to help increase
the current solar capacity by up to five times by 2035.

·         Oil and gas - A new licensing round for North Sea projects is
being launched in the summer on the basis that producing gas in the UK has a
lower carbon footprint than doing so abroad.

Heat pumps - There will be a £30m "heat pump investment accelerator
competition" to make British heat pumps which reduce demand for gas.

 

 

Environmentalists and many energy experts have reacted with disbelief and
anger at some of the measures in the strategy.

 

They cannot believe the government has offered no new policies on saving
energy by insulating buildings.

 

They say energy efficiency would immediately lower bills and emissions, and
is the cheapest way to improve energy security.

 

A Downing Street source said the strategy was now being seen as an energy
supply strategy.

 

Campaigners are also furious that ministers have committed to seeking more
oil and gas in the North Sea, even though humans have already found enough
fossil fuels to wreck the climate.

 

There is a strong welcome, though, for the promise of more energy from wind
offshore with speedier planning consent.

 

The same boost has not been offered to onshore wind.

 

The decision to boost nuclear has drawn a mixed reaction. Some
environmentalists say it's too dear and too dangerous. They ridicule the
idea from some politicians that every city could have its own mini reactor.

 

But other climate campaigners believe nuclear must be part of the energy
mix.

 

The government announced that a new body called Great British Nuclear will
be launched to bolster the UK's nuclear capacity, with the hope that by 2050
up to 24 GW of electricity will come from that source - 25% of the projected
electricity demand.

 

The focus on nuclear will deliver up to eight reactors overall, with one
being approved each year until 2030.

 

It also confirmed advanced plans to approve two new reactors at Sizewell in
Suffolk during this parliament.

 

Tom Greatrex, boss of the Nuclear Industry Association, said the plans
marked a "vital step forward" for the UK to meet its climate goals, and
could create thousands of jobs.

 

"The ambition and determination to do much more and quicker is very
welcome," he said.

 

How much nuclear power does the UK use?

How high could my energy bills go?

The government said it would reform planning rules to cut approval times for
new offshore wind farms.

 

For onshore wind, the strategy commits to consulting on developing
partnerships with "a limited number of supportive communities" who want to
host wind turbines in exchange for guaranteed lower energy bills.

 

Although it is one of the cheapest forms of energy, new onshore wind
projects have been declining since 2015 when the government ended subsidies
and introduced stricter planning rules in response to some complaints that
wind turbines were an eyesore and noisy.

 

There are also plans to accelerate oil and gas production with a new
licensing round for North Sea projects to launch in the summer.

 

The government said it recognised the importance of these fuels to energy
security "and that producing gas in the UK has a lower carbon footprint than
imported from abroad".

 

'Opportunity missed'

Green Party co-leader Adrian Ramsay said the new strategy "did not serve the
needs of people or the climate".

 

Mr Ramsay suggested that if the government was "concerned about energy bills
and taking real climate action, it would be going even further on onshore
wind."

 

Former Ofgem boss Dermot Nolan said: "Most of these decisions will take a
long time to have an impact and in the short run we will continue to be
dependent on fossil fuels.

 

He said the lack of focus on energy efficiency, on insulation, on improving
the quality of people's homes "is an opportunity missed".

 

Ed Miliband, Labour's shadow climate change and net-zero secretary, said:
"The government's energy relaunch is in disarray. This relaunch will do
nothing for the millions of families now facing an energy bills crisis."

 

Liberal Democrat leader Sir Ed Davey also described the plans as "utterly
hopeless", while the SNP's Stephen Flynn called it a "missed opportunity".

 

Dr Simon Cran-McGreehin, head of analysis at the Energy & Climate
Intelligence Unit said: "This is an immediate problem that needs solutions
now, and this doesn't do anything on prices.

 

"It tries to do some things on energy supply, but they're all medium to
long-term measures. So it does seem to fail the exam question," he said.

 

Prime Minister Boris Johnson said in a statement that the strategy would
"reduce our dependence on power sources exposed to volatile international
prices we cannot control, so we can enjoy greater energy self-sufficiency
with cheaper bills".

 

Business and Energy Secretary Kwasi Kwarteng added: "Scaling up cheap
renewables and new nuclear, while maximising North Sea production, is the
best and only way to ensure our energy independence over the coming
years."-BBC

 

 

 

Oil bosses vow to boost output and deny profiteering

The bosses of some of the world's biggest energy firms vowed to increase
production this year as they defended themselves from accusations of
profiteering from the war in Ukraine.

 

Chiefs at ExxonMobil, Chevron and others said in Washington that they had
little power over oil prices, which have soared after Russia's invasion.

 

Prices remain more than 15% higher than they were at the end of January.

 

The increase has raised energy costs for households around the world.

 

In the US, where mid-term elections will be held in November, it has also
become a major political issue, weighing on President Biden's support.

 

The US and other members of the International Energy Agency (IEA) have
repeatedly tapped reserves to alleviate the crisis.

 

Just last week, the US pledged to release 180 million barrels of oil over
the next six months, while the IEA announced on Wednesday that other members
would release a further 60 million barrels from storage.

 

But energy executives at the congressional hearing warned that there was "no
quick fix" to the problem.

 

They said their investments, many already in the works, will raise output
this year, but warned that staffing and supply issues stemming from the
pandemic meant it is taking longer to start new production.

 

"What can be done to ensure vital energy products remain available and
affordable?" asked Darren Woods, chief executive of ExxonMobil.

 

"While there is no quick fix, the answer in the near-term, until there are
more widely available and affordable alternatives, is straightforward. We
need to increase the supply of oil and natural gas."

 

How much have oil prices gone up?

Energy prices were already increasing before Russia's invasion, as firms
struggled to respond to disruption from the pandemic, which prompted a
dramatic collapse in demand in 2020, followed by a faster-than-expected
rebound.

 

Following Russia's invasion, Western allies hit the country with severe
sanctions, disrupting oil markets and raising concerns about their supplies.

 

The country is the world's second-largest exporter of crude oil, accounting
for about 10% of global output.

 

Oil prices are up roughly 70% from a year ago, accelerating in recent
months.

 

New Yorker Doreen Aniakor says the dramatic rise in petrol prices means her
car now costs $100 (£76.50) to fill. In response, she has stopped filling
her tank in one go and started cutting off the engine at red lights to save
fuel.

 

The 36-year-old, who works as a dental assistant and for hospitals, also
recently picked up a fourth part-time job. She now delivers groceries for
Instacart in an effort to cover the extra costs.

 

"In this day and age, you just do what you got to do," she said, "I have to
figure out sometimes how to eat... It's ridiculous."

 

 

At the hearing, Democrats said oil firms were "lining their own pockets" as
petrol prices have not fallen as rapidly as oil, noting the rise in profits
since 2022.

 

"At a time of record profits, Big Oil is refusing to increase production to
provide the American people some much needed relief at the gas pump," said
Rep. Frank Pallone, a Democrat from New Jersey.

 

Democrats pressed energy firms to halt stock buybacks and said the energy
crisis should spur a faster turn to greener energy sources.

 

Republicans blamed policies backed by President Joe Biden for the higher
costs, accusing him of an "assault" on the US energy industry with actions
such as halting oil and gas leases on public lands.

 

"High gas prices are a feature of President Biden's policies, not a bug,"
said Rep Cathy Morris, a Republican from Washington. "Why? They want to
usher in a green revolution."

 

After questioning by Republicans, some executives said in their testimony
that Mr Biden's push for green energy alternatives was chilling investment.

 

But some executives said over the long-term, investing in green energy was a
key way to stopping these kinds of energy shocks in the future.-BBC

 

 

 

P&O Ferries preparing to restart Dover-Calais route

P&O Ferries has said it is preparing to get its Pride of Kent and Spirit of
Britain ships back in action on the Dover-Calais route "by next week".

 

The ferries will need to pass inspections by the Maritime Coastguard Agency
(MCA) before services can resume.

 

There has not yet been any confirmation that the inspections, which can take
days, have been booked in.

 

Holiday-makers and lorry drivers have faced queues near Dover in recent
days.

 

Bad weather and the disruption to P&O services had caused long queues of
traffic as the Easter holidays started for some.

 

P&O Ferries had confirmed yesterday that all of its Dover-Calais routes
would remain suspended this weekend, and that another ferry operator, DFDS,
would not be able to take P&O customers.

 

The company expects the Pride of Kent and the Spirit of Britain will be
sailing next week.

 

'Vital routes'

A P&O Ferries spokesperson said: "From this weekend, P&O Ferries are getting
ready to resume services across a number of vital routes.

 

"P&O has been working closely with regulators to ensure our ships are safe
to sail. P&O is looking forward to welcoming back vital services and we
expect to have two of our vessels ready to sail on the Dover-Calais route by
next week, subject to regulatory signoff," they added.

 

They also apologised to customers whose journeys had been cancelled or
disrupted.

 

Following the no-notice sacking of 786 seafarers by P&O Ferries, passengers
hoping to cross the channel have been left with fewer travel options.

 

The company said on Wednesday it was providing refunds to all passengers
booked to travel with them who cannot get on alternative services.

 

Two P&O Ferries boats have been detained so far after failing to pass
inspections by the MCA - including the Pride of Kent.

 

Safety concerns have been raised over the replacement of employees with less
experienced agency workers paid less than the UK minimum wage.

 

The Pride of Kent was detained for a mix of reasons including failures on
documentation, crew training and emergency equipment not working properly.

 

Media caption,

"How do you sleep at night?" - MSP Monica Lennon questions P&O Ferries boss

P&O Ferries hit out at the time, saying in a statement that inspections of
its ships had reached "an unprecedent level of rigour" after interventions
by ministers.

 

Another P&O Ferries vessel, the European Causeway - which runs between Larne
and Cairnryan - failed an MCA Port State Control inspection in March. It is
among the services P&O is getting ready to resume, along with the Pride of
Hull, which runs services between Hull and Rotterdam.

 

In total, eight P&O Ferries need to be inspected so that the MCA is
satisfied they are safe to carry passengers and freight.

 

The government recently announced a package of measures aimed at forcing P&O
Ferries to "fundamentally rethink" its decision, which drew outrage from
politicians, trade unions and the public. They included plans to create new
laws giving ports the power to block ferries from docking in the UK if they
do not pay their crew the national minimum wage.

 

Ferry industry groups, however, hit out at the transport secretary's plans,
with the UK Major Ports Group saying they should not have to "be the police
for the labour practices of ferry companies".

 

P&O's chief executive, Peter Hebblethwaite, has insisted that a U-turn on
the redundancies would cause the company's total collapse, leading to a loss
of an additional 2,200 jobs.

 

The company also faces criminal and civil investigations into the
circumstances around the redundancies.-BBC

 

 

 

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 government says it will spend it on health and social care.

 

Opposition MPs said it exacerbated cost of living pressures, but mitigation
will 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 is changing

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

Javid defends NI tax hike for NHS funding

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.

 

The National Insurance rise will - ministers like to say - provide a much
needed boost to health and social care.

 

They claim it will pay for the care cap and boost NHS capacity to help
tackle the backlog in England - it is up to the rest of the UK to decide how
they spend the proceeds.

 

But the truth is it will only contribute to that. Rising inflation, staff
shortages and ageing equipment and buildings, means the health and care
system is going to suck up the £39bn raised over the next three years by the
hike and then some more.

 

It is also worth bearing in mind the government had already committed to
rises for the NHS up until 2024 under a funding settlement agreed by the May
government.

 

This had brought the increases to something close to the 4% health has
historically got - although the rising inflation that is being seen will
whittle that away from now on.

 

And that came after a decade of the budget rising by little more than 1% -
an unprecedented squeeze for the health service.

 

The National Insurance rise is not quite all it seems.

 

>From now, employees will pay National Insurance contributions on earnings
above £9,880 a year. From July, it will be paid on earnings above £12,570 a
year.

 

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.

 

Health Minister Sajid Javid said the levy was necessary because it would be
"morally wrong" to let "our children pay for our healthcare and our adult
social care".

 

The Labour Leader Keir Starmer has condemned the NI rise saying that the UK
now has the highest rate of taxation in 70 years.

 

Calling it the "wrong tax at the wrong time" he said: "In the middle of
worst cost of living crisis for decades today the government chooses to
increase taxes on working people."

 

Liberal Democrat leader Sir Ed Davey said the NI rise "puts all the burden
on working people".

 

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

 

 

 

Tanzania: Kigoma Port Rehabilitation Set to Unlock Huge Economic Potential

TANZANIA'S Third Five Year Development Plan (FYDP III), now under
implementation, has lined up the blue economy as one of the priority areas,
with the government determined to fully utilize the country's strategic
geographical position to spur economic growth.

 

The FYDP III, 2021-2026, envisages robust investment and trade promotion by
tapping into regional and international marketing and business
opportunities.

 

Similarly, the plan seeks to stimulate a competitive and participatory
economy by, among other key interventions, developing infrastructure for
water transport and ports.

Boasting an inland water surface area of 62,000 square kilometers,
comprising the four main water basins of Lake Victoria, Nyasa, Tanganyika
and Rukwa, Tanzania has enormous potential in the blue economy. And the
government, cognizant of the sector's economic prospects, has strengthened
exploitation of the blue economy by putting in place institutional systems,
policies, laws, procedures and guidelines. The country has made considerable
investment in water infrastructure particularly port expansions and
acquisition of ships in the great lakes and under the FYDP III, the
government looks to further encourage and increase investment in the blue
economy.

 

As part of this drive, the government, through the Tanzania Ports Authority
(TPA) with the support of Japanese International Cooperation Agency (JICA)
will from July, this year, commence the implementation of the Project for
the Rehabilitation of Kigoma Port on Lake Tanganyika.

 

On 4 February2022, the Tanzanian government signed a grant agreement with
JICA in Dar es Salaam to provide grant aid of up to 36,000 US dollars for
the much-needed project. Kigoma Port is currently the largest terminal in
eastern Tanzania, serving as a hub for the Central Corridor connecting
Tanzania, Rwanda, Burundi, DRC and Zambia.

 

The port, which was constructed in 1922 and commissioned five years later,
is the main gateway for traffic flow originating from Tanzania and/or the
Port of Dar es Salaam. Cargo may be road-hauled or railed from Dar es Salaam
to Kigoma, then transshipped onto lake vessels to the port of Mpulung
(Zambia), various destinations in the Democratic Republic of Congo (Uvira,
Kalemie, Baraka, Moba), and the Port of Bujumbura in Burundi.

 

Mr Manga Gassaya, the Port Manager for Lake Tanganyika ports in Tanzania,
hails the impending rehabilitation of Kigoma Port as a significant move by
the Tanzanian government, saying the project will unlock economic potentials
of western regions and the country at large.

He says the project will enhance the capacity of this second longest-serving
port on Lake Tanganyika through construction of the passenger terminal
building, rehabilitation of the passenger wharf, and improved access roads.

 

"Upon completion, the project will massively enhance our port's capacity,
and will provide reliable and stable people and commodities transportation
along the coastal areas of Lake Tanganyika in Tanzania and neighbouring
nations, the Democratic Republic of Congo, Burundi, and Zambia.

 

Gassaya says the improvement in transportation of people and distribution of
cargoes in the coastal area of Lake Tanganyika and its hinterland, will
further promote trade between Tanzania and its landlocked neighbours and
boost other economic activities.

 

"Traffic performance of cargo will be enhanced by the construction of the
pavement access road which will reduce operation cost of vehicles," says Mr
Gassaya, adding that the project is expected to reduce cargo handling
duration to less than three days. "The project will improve the operability
of cargo trucks and will mitigate congestion due to the expansion of a wharf
area.

 

This will massively shorten cargo handling time," he noted. The
rehabilitation of Kigoma Port will significantly contribute to peace and
stability in the Great Lakes region with the vitalization of trade and
economic activities as well as the timely and stable distribution of
humanitarian aid commodities around Lake Tanganyika.

 

JICA sees the project as a viable intervention towards realization of
Sustainable Development Goals (SDGs) 8 and 9 which underline decent work,
economic growth, industry, innovation and infrastructure development.

 

The Kigoma Port project will go hand in hand with the upgrading of Bujumbura
port in Burundi. Burundian Ambassador to Tanzania, Dr Tilly Maleko, speaking
during a tour of Kigoma Region recently, said the two port projects will
increase economic ties and boost the economies of the two East African
nations.

 

Dr Maleko argued that transporting goods through the lake would be easier
than using surface transport, insisting that the renovation of the Kigoma
Port and Bujumbura Port will make freight charges affordable to ordinary
citizens from the two countries. Kigoma Port is the only port in Tanzania
that has a functioning railway connection which is a direct link to the
seaport at Dar es Salaam.

 

The ongoing construction of the Standard Gauge Railways (SGR), will only
guarantee a solid link between Dar es Salaam Port and Kigoma Port to the
neighbouring nations bordering Lake Tanganyika. Last year, the sixth-phase
government under President Samia Suluhu Hassan unveiled a plan to build a
new larger ship capable of carrying 600 passengers comfortably in addition
to 400 tons of Cargo to help improve freight and passenger transportation on
Lake Tanganyika.

 

According to the Government Spokesperson, Gerson Msigwa, the government
would invest 105 billion/- (USD 45 Million) for the project, and that
another cargo vessel will be constructed at a cost of 100 billion/- at
Kigoma with the capacity to ferry 2,700 tons of goods. The contracts to
build the new vessels were inked back in June 2021.

 

The completion of ships construction projects and the impending
rehabilitation of the Port of Kigoma will be key to unlocking huge economic
potentials in Tanzania and neighbouring countries along Lake
Tanganyika.-Daily News.

 

 

 

 

Tanzania: Govt Keen On Finalizing Construction of Judges' Homes

THE government is keen on finalizing the construction of institutional
accommodation for judges, magistrate's and deputy registrars at the
country's capital. Chief Court Administrator, Prof Elisante Ole Gabriel said
here on Monday that 48 units for Judges homes will be complete by December
this year.

 

Professor Ole Gabriel who was speaking during the launch of the second
five-year Judiciary Strategic Plan (2020/21 - 2024/25) disclosed that some
6.2bn/- had already been paid as part of the 42.3bn/-, a move which will see
Judges, Magistrates and Deputy Registrars take up their new accommodation
facilities.

"Everything is going according to plan and we expect the project to be
complete in December this year," explained the Chief Court Administrator.

 

In the same vein, Professor Ole Gabriel said the judiciary would have saved
up to 3bn/- in the construction of Integrated Justice Centers (IJC) around
the country.

 

This goes along with the rehabilitation of dilapidated High Court buildings
in Ruvuma, Kilimanjaro and Mtwara regions, according to the Chief Court
Administrator. In his remarks, Chief Justice Professor Ibrahim Juma said the
country's judicial system was worth emulating by other countries as far as
reforms were concerned.

 

"Such reforms are bent on improving service delivery in the public sector,
and therefore let's not get caught up in them," challenged the CJ.

 

According to Professor Juma, the five-year roadmap not only builds on the
successful implementation of the vision and mission of the first Five Year
Strategic Plan (2015/6--2019/20); but also gives the Judiciary a further
vision, mission and strategic direction for the coming five years
(2020/2021- 2024/25).

 

He further challenged the Judiciary of Tanzania to have a sense of ownership
of the strategic plan. "Besides being a reflection of top leadership
commitment to implement prioritized interventions for the next five years,
it also serves as a vehicle for resource mobilization and a guide on
resource allocation," he noted.

 

The second five-year Judiciary Strategic Plan (2020/21 - 2024/25) has been
developed in the context of the best experiences and lessons learned from
the implementation of the just concluded plan that the Judiciary implemented
in the last five years; setting in motion excellent innovations the country
has experienced in the justice delivery in the recent history.

 

The Judiciary takes into cognizance the fact that justice delivery
excellence is assessed in areas of efficiency, accessibility and
transparency.-Daily News.

 

 

 

Nigeria: Lawmakers Investigate Privacy Breach, Identify Theft of Telephone
Subscribers

The House of Representatives has mandated its Committees on
Telecommunications and Banking and Currency to look into the cases of
telephone subscribers who have fallen victims to breach of their privacy and
identity theft to identify inadequacies in the relevant regulatory
frameworks and proffer solutions.

 

The resolution of the lawmakers was sequel to the adoption of a motion on
the, 'Need to protect telephone subscribers from breach of privacy, fraud
and loss of money,' sponsored by Hon. Olusola Fatoba at yesterday's plenary.

 

Moving the motion, Fatoba noted that by standard practice, telephone numbers
and email addresses are usually required to open a bank account.

He also noted that in line with the regulations of the Nigerian
Communications Commission on dormant or inactive lines, telecommunication
companies have the right and may reassign SIM cards and phone numbers once
they are inactive for some time without recourse to the previous owners, so
long as they remain inactive for a set period.

 

He expressed concerns that in spite of the regulatory frameworks in
existence, the occurrence of a breach of privacy, cases of fraud and
consequently financial losses are on the increase.

 

He also expressed concerns that many Nigerians had fallen victims to illegal
and unauthorised deductions of funds from their bank accounts because their
financial institutions keep sending their bank account transaction details
to their hitherto phone numbers which had been reassigned to new
subscribers, thus opening a dangerous window for fraudulent activities.

 

The lawmaker said, "Aware that the Nigeria Data Protection Regulation (NDPR)
seeks to safeguard the rights of natural persons to data privacy and foster
safe-conduct for transactions involving the exchange of personal data, among
others.

 

"Also aware that pursuant to the Central Bank of Nigeria Act, the Consumer
Protection Framework was enacted with provisions that prohibit financial
institutions from disclosing customers' personal information and further
require that financial institutions have appropriate data protection
measures and staff training programs in place to prevent unauthorised
access, alteration, disclosure, accidental loss and or destruction of
customer data.

 

"Cognisant that it is the responsibility of bank account owners to ensure
that their linked phone numbers are changed with the financial institutions
whenever their phones get lost or when they stop using the linked phones.

 

"Further concerned that a large number of bank account owners and telephone
subscribers in Nigeria are not aware about privacy issues and data
protection, and as such are vulnerable and could easily fall prey to
identity theft and other nefarious activities of fraudsters."

 

Adopting the motion, the House gave the Committees four weeks to carry out
the investigation and report back for further legislative action.-This Day.

 

 

 

 

Nigeria: Digitalisation Could Boost Commonwealth Trade By $1.2trn - Report

Exports from the 54 Commonwealth nations, including Nigeria could increase
by as much as $1.2 trillion in the next five years if trade reaches full
digitalisation, according to a new report by the Commonwealth Secretariat.

 

In its Quantitative Analysis of the Move to Paperless Trade, the secretariat
stated that if the 54 Commonwealth nations implement policies to facilitate
digital trade across borders, exports could increase by around $90 billion,
while the reform of laws to support electronic records in trade could
unleash a further $1.1 trillion by 2026.

 

The report also stated that the cost of trade would fall by an average of 75
per cent, therefore making it easier for more exporters to access trade
routes.

The report added that digital trade documents would improve access to
finance, which has the effect of creating markets, especially for small and
medium enterprises (SMEs) which are largely unable to access traditional
forms of financing because of the due diligence costs involved.

 

The research, produced by Coriolis Technologies, aims to provide a business
case in support of the Commonwealth's Connectivity Cluster Agenda, an
initiative that targets digital trade facilitation.

 

It follows a similar report from the International Chamber of Commerce
(ICC), published in October last year, that found trade across the G7 could
increase by $9 trillion in the next five years if the industry reaches full
digitalisation.

 

While the Commonwealth's potential trade increase in dollar terms is smaller
than that of the G7's, the developmental impact of digital trade
facilitation in its countries is markedly more pronounced.

Of the world's 42 small states, 32 are Commonwealth members, and of these,
25 are small island developing states.

 

The Commonwealth also comprises some of the world's poorest countries, with
14 of its members classified as least developed countries by the United
Nations.

 

These countries are especially vulnerable to global shocks, and - as the
report points out - could benefit the most from trade digitalisation.

 

"The most striking finding is that at present, the average costs of
international trade for some island economies and some nations in Africa are
higher than the average revenues received.

 

This makes trade untenable in those countries," the report stated, pointing
to four economies for which costs are higher than 100 per cent of the
revenues received from trade.

 

The countries include Vanuatu, Tonga, Gambia and Papua New Guinea.

 

It added that the gains from digitalisation present, "a compelling
background case to the process of legal reform and should be a wake-up call
to heads of state."

 

Some Commonwealth members have already reformed their laws. Last year saw
Singapore implement the UNCITRAL Model Law on Electronic Transferable
Records (MLETR) into domestic legislation and then go on to carry out the
first ever MLETR-enabled transaction with Abu Dhabi.

 

In February this year, Papua New Guinea signed its new electronic
transactions act into law, which enacts MLETR along with other UNCITRAL
texts on e-commerce.

 

Meanwhile, the work currently underway in the UK to achieve legal
equivalence for electronic versions of trade documents in English law is
expected to help pave the way for the rest of the Commonwealth's
jurisdictions.-This Day.

 

 

 

Nigeria: Govt to Prosecute 1,500 Workers With Fake Employment Letters

The federal government will prosecute the 1,500 workers caught with fake
employment letters for fraud related offence.

 

The Permanent Secretary Career Management Office, Dr Marcus Olaniyi Ogunbiyi
dropped this hint yesterday when he briefed the media after addressing
participants of Class A of Directorate level Structured Mandatory
Assessment-Based Training Programme (SMAT-P) held at the Public Service
Institute of Nigeria (PSIN), Abuja.

 

He said the Independent Corrupt Practices and Other Related Offences
Commission (ICPC) was already handling the matter according to the law,
particularly as some top grade civil servants had been fingered in the job
scam.

"The law will take its course. Anybody who has a fake appointment letter
will be sent home and will also be prosecuted," Ogunbiyi said while
providing updates on the disclosure by the of the Head of the Civil Service
of the Federation, Dr. Folasade Yemi-Esan on the discovery of employment
scam in her remarks at the 4th National Policy Dialogue organised by the
ICPC.

 

He warned that attendance of the SMAT-P was mandatory for all six batches of
directorate cadre officers, saying sanctions would be meted against those
who failed to attend.

 

"It is a mandatory programme. Anybody who fails to attend the SMAT-P will
have to explain why he or she failed to attend. As I said, there will
sanctions and consequences for not attending. The Office of the Head of
Civil Service of the Federation is very keen to improve the capability of
civil servants such that we can have effective and productive officers in
the service. We are not taking it lightly and have put everything in place
to ensure that officers are well trained. So we can't put all these things
in place and officers will not come and get trained," Ogunbiyi warned.-This
Day.

 

 

 

Nigeria: Subscribers Count Losses As Govt's Directive to Bar Lines Subsists

Telecommunication users whose telephone lines have been barred due to their
inability to link their numbers to a National Identity Number (NIN) have
been counting their losses since Monday, April 2, 2022, following a federal
government directive to that effect.

 

About 72 million subscribers have been barred from using their lines, and as
a result, many subscribers, especially business owners who use their phone
numbers for commercial activities, and who have not linked them to a NIN
have been counting their losses.

 

A subscriber with Airtel, Kamsi Chukwu, who owns a fast food joint in Garki,
Abuja, said he couldn't reach his clients for confirmation of orders, hence
that he had not made any significant delivery since the enforcement of the
directive.

He said, "I have not been able to contact my clients and the delivery people
to send food across because from Tuesday I have not been able to make any
outgoing call.

 

"To make matters worse, I have not been able to do anything at the Airtel
office because the crowd is massive and it's frustrating. My business is
suffering, I have lost almost N100,000 in these two days."

 

A subscriber with MTN, Aisha Muhammad, in Jabi District of the FCT, who
specialises in online skin care products, lamented how her business had been
suffering.

 

She said, "I sell skin care products online, and my main business line has
been barred from outgoing calls. For the past two days I cannot reach my
clients to verify pending orders.

 

"It is frustrating that I am losing money, and because of the impromptu
directive by the federal government, the entire telecommunication officers
are choked with affected subscribers. I am confused and don't know what to
do," adding that, "Even the *785# code that I saw as the number for
self-help has not been going through."

Aisha further, therefore, appealed to the federal government to extend the
date for the linkage so that businesses won't suffer further.

 

Meanwhile, checks by Daily Trust have shown that affected subscribers still
access the internet, send SMS and receive calls.

 

A telecom user with MTN, Naniet Joseph, told this reporter that she still
used her phone to access the internet and receive calls.

 

She said, "I woke up this morning to make a call but realised it didn't go
through, I tried severally to reach different persons but it wasn't
connecting. It was later I was told that the federal government has barred
lines not linked to a NIN.

 

"But as we chat, I use my phone to browse normally, receive calls and also
send SMS."

 

Another subscriber with Globacom, Sani Aliyu, said he did other things with
hiss phone aside outgoing calls.

 

He said, "I can use my phone to do anything aside outgoing calls, and it's
frustrating. In my own case, I don't even have a national identity card. I
tried getting one last year but the two centres I went to were so rowdy,"
adding that, "To access the venue of the registration with this development
is another kettle of fish."

 

Daily Trust observed a crowd at the headquarters of NIMC who want to enroll
for the NIN.

 

Meanwhile, not only subscribers are suffering from the recent hammer of the
federal government, as telecommunication companies are also counting revenue
losses. It is estimated that the losses will run into billions of naira as
the companies rely on the sales of airtime for revenue.-Daily Trust.

 

 

South Africa looking at introducing ‘digital rand’

The South African Reserve Bank (SARB) is actively experimenting with digital
currency and distributed-ledger technology, but this cannot be done in
isolation from the wider financial industry, says governor Lesetja Kganyago.

 

Kganyago was speaking on the findings of Project Khokha 2 on Wednesday (6
April) – a project which aims to explore the use of tokenised money,
blockchains and digital currency in South Africa.

 

A distributed ledger is a digital record of transactions and contracts
maintained in a decentralized form across different locations. The
technology underpins cryptocurrencies such as Bitcoin and is being
experimented with in large parts of the global financial system.

 

DLTs are currently most closely associated with blockchains – the system
underpinning cryptocurrencies like Bitcoin. However, blockchain technology
is only one type of application of DLTs.

 

“We recognise that digital currency innovation cannot be explored in
isolation. The SARB continues to draw on the insights emerging from various
initiatives, including (but not limited to) our ongoing study into the
feasibility, desirability and appropriateness of a retail central bank
digital currency (CBDC), to enrich our understanding of digital currency
implications.”

 

He added that the Reserve Bank’s experimentation during Project Khokha 2,
saw the central bank develop two forms of tokenised money to allow for
settlement:

 

·         The first form of money was a tokenised form of central bank money
which was a liability of the central bank issued onto a specific DLT owned
and operated by the SARB in the PoC. This form of money was used to purchase
SARB debentures in the primary market.

·         The second form of money was issued by commercial banks as a
stable coin and used for purchasing SARB debentures in the secondary market.

·         “The insights gained through practical exploration should lead to
greater regulatory clarity – both for innovators and for regulators – and
should be in the broader interest of ensuring a level playing field for all
market participants, Kganyago said.

 

Regulators should move with caution when considering developments before
amending rules and should be “fully appreciative” that regulated entities
need clarity to commit to distributed-ledger markets, he said.

 

Digital dollar 

 

US federal reserve Chair Jerome Powell outlined four qualities a
hypothetical digital currency in the US must have while adding that no final
decision has been made on whether to proceed with creating one.

 

Speaking at an event in March, Powell said a central bank digital currency
would need to:

 

Ensure user privacy;

·         It would need to be “identity verifiable,” similar to the way US
bank accounts are identifiable to prevent money laundering;

·         It would need to be “intermediated,” or widely embraced by the
current banking system;

·         Serve as a widely accepted means of payment.

·         The Fed chair warned that crypto assets “have been used to
facilitate illicit activity,” and this needs to be prevented. He said some
also present financial stability concerns.

 

US central bankers are conducting research and experiments with digital
currencies though Powell has stopped short of recommending a digital dollar,
saying such a move would need more input from US lawmakers and stakeholders.

 

 

Sunflower shortage: why cooking oil has become so expensive

Whether it’s chips, stir-fry or curry on the menu, the financial shock from
the war in Ukraine is being felt keenly in the kitchen as cooking oil prices
hit record highs.

 

The cost had already rocketed even before Vladimir Putin’s invasion, but now
vegetable oil goes for £1.30 a litre at the supermarket, up 23p, or 22%, on
a year ago. Sunflower oil – of which Ukraine and Russia are major producers
– is up sharply too, by 17p to £1.34 a litre, according to NielsenIQ
Scantrack data.

 

Three out of four households buy cooking oil, and in the UK they spend
almost £400m a year on the stuff. Shoppers stock up every eight to 10 weeks,
says NielsenIQ’s Mike Watkins, meaning there could be “shelf shock for many”
when they return.

 

Besides being a cupboard staple, cooking oil is used throughout the food
industry – from biscuits to ready meals to long-life cream – so cost rises
and shortages have knock-on effects.

 

 

This week, the UK’s biggest bottler of sunflower oil warned stocks were
running low with only a few weeks’ worth left, and it emerged manufacturers
of products that rely on it, such as crisps and oven chips, were being
forced to change their recipes and use other types of oil.

 

Home cooks may cope with higher prices by changing their cooking method or
trading down to cheaper supermarket own-label oils. However, for restaurants
and food companies that use huge quantities of cooking oil, shortages and
price increases are adding to the pressure caused by other rising costs.

 

Yawar Khan, who owns Akash Tandoori in Wallington in south London, says last
month a 20-litre drum of vegetable oil cost about £22 at the cash-and-carry,
but today the price is closer to £40. Buyers have also been limited to two
drums each, in a sign of concerns about shortages.

 

So how did the price of this kitchen essential get so high?

 

War

Ukraine and Russia account for about 60% of world production of sunflower
oil, and the conflict has hit supplies hard. In UK stores sunflower oil is
about a fifth of the market by value and 44% by volume, according to
NielsenIQ. It is one of the “big four” vegetable oils, ranked behind palm,
soya bean and rapeseed in that order (oil sold as “vegetable oil” is a blend
of various seeds).

 

 

When the supply of one of the big four is interrupted, it triggers a
scrabble to buy a substitute. The price of sunflower oil jumped 60% after
the invasion of Ukraine, from £1,130 per tonne in February to over £1,800 in
March, according to analysts at Mintec. This had a knock-on effect on prices
for palm, rapeseed and soya bean oil.

 

The war has trapped millions of tonnes of sunflower oil earmarked for
foreign buyers in Ukraine, causing a major supply shock. “Overnight we had a
situation where the market couldn’t offer because supplies weren’t coming
from Ukraine into the EU and being processed, or from Ukraine to other
countries around the world,” says Gary Lewis, of oil importer KTC Edibles.

 

“The big impact in the UK and EU has been on rapeseed oil – as you can
imagine, prices went absolutely crazy.”

 

The next few weeks will be key. Volodymyr Zelenskiy, the Ukrainian
president, has encouraged those farmers not directly affected by the war to
plant as much as possible, with the optimal time several weeks away. “If
there is a ceasefire we will be able to assess what stocks are left in the
country and when they’ll become available,” says Lewis. “The uncertainty is
what has caused the panic-buying.”

 

Covid-19

Plantation workers prepare to unload freshly harvested oil palm fruit
bunches at a collection point

The palm oil harvest in in Malaysia was hit when the country closed its
borders because of the Covid crisis. The pandemic’s rolling lockdowns
fractured a delicately balanced global supply chain. From farmers to
factories, freight handlers and retailers, the crisis caused huge upheaval
and triggered see-sawing levels of demand. One big casualty was the palm oil
harvest in Malaysia, the world’s second largest producer. Yields tumbled to
a near 40-year low after it closed its doors to migrant workers who usually
bring it in.

 

At the start of the pandemic palm oil was changing hands for about £500 a
tonne, according to Mintec. A year in it was up 50%. Today it heads towards
£1,300 a tonne, pushing up the cost of manufacturing everything that uses
it, from cakes and biscuits to cosmetics, shampoo and washing powder.

 

Vito Martielli, senior analyst for grains and oilseeds at Rabobank, says the
“stocks-to-use” ratio – a gauge of the health of the global vegetable oil
market – has been falling for eight years, from about 16% in 2015, the
equivalent of 58 days of supply, to about 12%, or 44 days.

 

Climate crisis

A farmer spraying his rape field near Roederhof with pesticides

Canada’s rapeseed producers had a disastrous growing season last year.
Photograph: Peter Foerster/EPA

Advertisement

 

In the past, the global market would see big supply shocks every five to
seven years, but in the past 10 years these have become much more frequent,
with climatic conditions like drought and frost and sometimes disease
affecting crops more often, says Martielli.

 

In 2021 farmers in Canada, the biggest producer and exporter of rapeseed,
had a disastrous growing season after temperatures soared to almost 50C. The
soya bean oil price is marching up at the moment due to the smaller harvests
expected from growers in Brazil, Argentina, and Paraguay – which account for
more than 50% of world supply – after severe drought.

 

Last year drought in Ukraine and Russia propelled sunflower oil prices to a
12-year high of nearly £1,200 a tonne – although that record has been
obliterated by financial shock of the war.

 

“Over the last couple of years we have seen lots of crop problems around the
world,” adds Lewis. “The high temperatures in Canada had a massive impact on
rapeseed production, which had an impact on EU prices, because these ripples
travel across the world.”

 

Biofuels

Biofuels account for about 15% of global demand for vegetable oil, according
to Rabobank. This use, as countries seek to reduce their reliance on fossil
fuels, has previously been blamed for pushing up food prices.

 

Ariel Brunner, head of EU policy at BirdLife International, an environmental
NGO, recently told New Scientist: “We are literally burning a hell of a lot
of food.” Governments had the power to change this because the biofuel
market was entirely driven by subsidies, he added.

 

The loss of Ukraine and Russia’s sunflower oil could be mitigated by
diverting crops away from fuel tanks. This would help to reduce food prices,
a move that would benefit those on the lowest incomes the most.

 

Lewis says that 50%-60% of the rapeseed grown in Europe, and 60% of the palm
oil imported by the region, goes into biodiesel. “Over the last 20 years the
increase in demand for biodiesel has stimulated production but there is
always going to be a crunch point where you get the debate over fuel versus
food,” he says.

 

There was an argument for temporarily suspending the use of edible oils in
biodiesel due to the current crisis, he said. “This would have a dramatic
impact on the availability for the food industry and alleviate some of the
pressures.”

 

Indian restaurants and curry houses can get through 100 litres of cooking
oil a week, says Yawar Khan, a restaurateur and chairman of the Asian
Catering Federation. Photograph: Natalia Lisovskaya/Shutterstock

“We haven’t put our prices up yet but we are thinking about it,” says Khan,
who says increases of 10% to 15% will be required this month to cover his
restaurant’s higher running costs.

 

Khan, who is also the chair of the Asian Catering Federation, says his
restaurant uses 40 litres of oil a week but larger venues could get through
100 litres. The biggest concern of the group’s members, he says, is that
they are reluctant to increase prices to cover the increase in overheads for
fear of “pricing out” would-be diners. “If the eating out bill goes up £10
or £20, how many times are you going to visit your local restaurant or order
takeaway?”

 

His restaurant’s economics are also being affected by the soaring cost of
chicken, spices and spiralling wages, which are up by 15%-20% this year.

 


 we have a small favour to ask. Millions are turning to the Guardian for
open, independent, quality news every day, and readers in 180 countries
around the world now support us financially.

 

We believe everyone deserves access to information that’s grounded in
science and truth, and analysis rooted in authority and integrity. That’s
why we made a different choice: to keep our reporting open for all readers,
regardless of where they live or what they can afford to pay. This means
more people can be better informed, united, and inspired to take meaningful
action.

 

In these perilous times, a truth-seeking global news organisation like the
Guardian is essential. We have no shareholders or billionaire owner, meaning
our journalism is free from commercial and political influence – this makes
us different. When it’s never been more important, our independence allows
us to fearlessly investigate, challenge and expose those in power.

 

 

 

Oil major Shell to write off up to $5 billion in assets after exiting Russia

Shell has announced that it will write off between $4 and $5 billion in the
value of its assets after pulling out of Russia following the country’s
unprecedented invasion of Ukraine.

 

Thursday’s announcement offers a first glimpse at the potential financial
impact to Western oil majors of exiting Russia.

 

“For the first quarter 2022 results, the post-tax impact from impairment of
non-current assets and additional charges (e.g. write-downs of receivable,
expected credit losses, and onerous contracts) relating to Russia activities
are expected to be $4 to $5 billion,” Shell said in a statement Thursday.

 

“These charges are expected to be identified and therefore will not impact
Adjusted Earnings.”

 

Further details of the impact of ongoing developments in Ukraine will be set
out in Shell’s first-quarter earnings report on May 5, the company said.

 

Shell was forced to apologize on March 8 for buying a heavily discounted
consignment of Russian oil two weeks after Russia’s invasion. It
subsequently announced that it was withdrawing from its involvement in all
Russian hydrocarbons.

 

The company said it would no longer purchase Russian crude oil and would
shut its service stations, aviation fuels and lubricants operations in
Russia. The company had already vowed to exit its joint ventures with
Russian gas giant Gazprom and its related entities.

 

 

 

‘Zuck Bucks’ are the latest digital currency scheme brewing at Meta, after
Facebook’s cryptocurrency Diem collapsed

Faced with declining revenue as users switch to newer competitors like
TikTok, Meta is exploring how virtual currencies could help lure users to
its metaverse platform and keep them there, by creating a digital token that
can only be spent on Meta's platforms.

 

And according to the Financial Times, Meta's staff already have a name for
that new virtual currency: Zuck Bucks, named for the group's eclectic CEO.

 

Unlike Diem—the doomed cryptocurrency Meta CEO Mark Zuckerberg tried to
launch in 2019—Zuck Bucks are unlikely to be cryptocurrencies built on the
blockchain. Instead, the FT says, quoting people familiar with the project,
Zuck Bucks would be controlled by Meta directly—much like the in-game
currencies used on games such as Fortnite and Roblox.

 

A spokesperson for Meta said that the company had "no updates to share", but
said Meta was "focused on building for the metaverse and that includes what
payments and financial services might look like.”

 

Zuck Bucks are not the first time Facebook has ventured into digital
currencies. The social media platform launched Facebook Credits in 2009 to
facilitate in-app purchases in games like Farmville. While initially
successful, Facebook shut down the service four years later after overseas
growth made the service too unwieldy, due to costs from foreign currency
conversions.

 

The company’s more recent cryptocurrency efforts collapsed too, after
regulators halted the platform’s bid to launch a stablecoin linked with the
U.S. dollar.

 

Facebook announced Libra—a cryptocurrency to be backed by several government
currencies—in 2019, only to immediately face criticism from politicians and
central bankers that its effort would undermine existing currencies. After
several of its partners abandoned the project, Facebook renamed Libra as
Diem in late 2020 and pegged the virtual currency to the U.S. dollar. But
the rebranding didn’t alleviate regulator concerns, and Diem was wound down
in January this year.

 

Meta’s continued interest in digital currencies appears driven by the
company’s need for new revenue streams. Meta shares are still down 30% from
Feb. 2, when the company revealed that its spending on the metaverse had
caused a decline in its fourth-quarter profit. The company also revealed
lower revenue expectations due to increased competition from new platforms
like TikTok. 

 

While there are no indications yet as to how Zuck Bucks might drive Meta's
revenue, companies like Roblox earn revenue from in-app currencies by
selling them directly to users. Meta may also be hoping that digital tokens
will encourage users to stay on its platform, supporting its $118 billion a
year ad business.

 

Meta is also exploring plans to integrate non-fungible tokens—digital
assets, like artwork, whose ownership is governed by the blockchain—with
Facebook, including ways to allow users to create their own NFTs. The
company is also considering ways to let Facebook groups use NFTs as a
criteria of membership, according to the FT. Internal memos seen by the FT
suggest that Meta is also exploring ways to monetize NFTs via "fees and/or
ads."

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 


 


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Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


ART

PPC

 

 


Starafrica

Fidelity

Turnall

 


Medtech

Zimre

Nampak Zimbabwe

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
constitute an offer to sell or the solicitation of an offer to buy or
subscribe for any securities. The information contained in this report has
been compiled from sources believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
the securities of more established companies. Neither Faith Capital nor any
other member of Bulls ‘n Bears nor any other person, accepts any liability
whatsoever for any loss howsoever arising from any use of this report or its
contents or otherwise arising in connection therewith. Recipients of this
report shall be solely responsible for making their own independent
investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and sourced from third parties.

 


 

 


(c) 2022 Web: <http://www.bullszimbabwe.com>  www.bullszimbabwe.com Email:
<mailto:info at bulls.co.zw> info at bulls.co.zw Tel: +263 4 2927658 Cell: +263 77
344 1674

 


 

 

 

 

 

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