Major International Business Headlines Brief::: 29 April 2022

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Major International Business Headlines Brief::: 29 April 2022 

 


 

 


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

 


 

 


ü  Amazon posts loss as online sales falter

ü  Elon Musk sells almost $4bn worth of Tesla shares

ü  German energy firm Uniper ready to meet Russian pay demand

ü  Energy-intensive firms to get electricity bill help

ü  Number of firms in critical financial distress rises sharply

ü  US economy contracts as Ukraine war hits trade

ü  Brexit import checks delayed for fourth time

ü  Twitter adds 30 million new users in run up to Musk sale

ü  Biden proposes $33bn to help Ukraine in war

ü  Tanzania: CRDB Dishes Out 769bn/ - for Agribusiness Loans

ü  Kenya Protests Move By U.S. to List It as Signatory to Declaration
Promoting Free Internet

ü  Kenya: The Rise of Green (Sustainable) Buildings in Kenya

ü  Nigeria: As Travellers Lament Poor Air Conditioning At Lagos Airport

ü  Nigeria: Excitement As Domestic Air Travel Picks Up After Passenger
Traffic Slump

 

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 

Amazon posts loss as online sales falter

A drop in online sales and rising costs have helped to push Amazon to its
first loss since 2015.

 

Online sales at the e-commerce giant slipped 3% in the first three months of
the year, as the boom to its business from the pandemic starts to fade, the
firm said on Thursday.

 

Growth in other parts of its business, including cloud computing and
advertising, remained strong.

 

But it is wrestling with the impact of rising costs and the Ukraine war.

 

Overall, Amazon reported a loss of $3.8bn, much of which was driven by a hit
from its investment in electric carmaker Rivian.

 

It forecast sales growth of as little as 3% in the coming months - a marked
slowdown from the double digit growth it has enjoyed in recent years, even
before the pandemic.

 

"The pandemic and subsequent war in Ukraine have brought unusual growth and
challenges," Amazon chief executive Andy Jassy said.

 

He added that the company was also facing increased costs, with "ongoing
inflationary and supply chain pressures".

 

The firm's overall sales continued to rise, up 7% year-on-year to $116.4bn,
powered by Amazon Web Services (AWS) - the company's cloud-computing
division and reliable profit driver.

 

AWS revenues were up 37% year-on-year, while advertising revenue was also
strong, rising 23%.

 

But elsewhere growth showed marked slowdown - especially in its
international business, where sales sank 6%.

 

Expenses are also rising rapidly. Inflation added $2bn in expense in the
quarter, while costs more within the firm's control also hurt, executives
said.

 

The company has increased wages to attract staff in the face of labour
shortages and is also facing a widening unionising drive in the US.

 

Meanwhile, higher fuel prices have made delivery costs more expensive for
the online retailer.

 

It comes after Amazon said it was raising the price of its Prime service,
which gives subscribers access to benefits like faster shipping, for US
customers, citing increased wage and shipping costs.

 

Shares in the firm sank more than 10% in after-hours trade. And concerns
spread to other online retailers, adding to the fears in US markets, which
have headed down in recent weeks.

 

Strong results from Apple initially appeared to help relieve some of those
worries.

 

The iPhone maker said sales rose 9% year-on-year, to $97.3bn, and profits
climbed more than 10% to $25bn.

 

But executives struck a less optimistic tone in a call with analysts to
discuss the results, describing success despite a "challenging macroeconomic
environment".

 

"We are not immune to these challenges but we have great confidence in our
teams, in our products and service and in our strategy," chief executive Tim
Cook said.

 

Covid-related shutdowns in China and chip shortages are limiting the firm's
ability to meet demand for its products, Mr Cook said. He added that he was
more concerned about those supply issues than that buyers will cut spending.

 

Companies making Apple products have been affected by rising Covid cases in
China, with several temporarily suspending production in recent weeks due to
lockdown restrictions.

 

On Wednesday Facebook owner Meta reported its slowest revenue growth in a
decade, as businesses pull back on advertising amid rising costs and
economic uncertainty.

 

Last week, Netflix also warned its revenue growth had slowed considerably
after it lost subscribers due to stiff competition from rivals and the
rising cost of living.-BBC

 

 

 

Elon Musk sells almost $4bn worth of Tesla shares

Tesla chief executive Elon Musk has sold almost $4bn (£3.2bn) worth of
shares in the electric car maker, just days after he agreed to buy Twitter.

 

The sale has led to speculation that it will help to finance his planned
$44bn buyout of the social media platform.

 

Twitter's board agreed on Monday to accept a takeover offer from Mr Musk.

 

Shares in Tesla fell sharply earlier this week over worries that Mr Musk
would sell part of his stake in the carmaker to fund the deal.

 

However, he tweeted that he had no plans to sell any more of his shares in
the carmaker.

 

Filings to the US Securities and Exchange Commission showed that Mr Musk
sold a total of 4.4 million Tesla shares on Tuesday and Wednesday.

 

 

The electric car-maker's share price was 2.6% lower in after-hours trade.

 

It was his first sale of Tesla shares since he offloaded $16.4bn worth of
stock in November and December last year.

 

That came after he asked his 83 million Twitter followers whether he should
sell 10% of his stake in the electric car maker.

 

Tesla's shares have fallen by around 20% since Mr Musk revealed earlier this
month that he had bought a 9.2% stake in Twitter.

 

On Tuesday alone, more than $125bn was wiped off the car maker's stock
market value after the social media firm's board accepted his takeover
offer.

 

Mr Musk said he would commit $21bn of his assets to help finance the $44bn
deal.

 

Investors were concerned that he may have to sell Tesla shares to help fund
the takeover.

 

Mr Musk is the world's richest person, with an estimated net worth of almost
$250bn, mostly due to his Tesla stake.

 

He also has a more than 40% stake in the rocket company SpaceX, which is
estimated to be worth $100bn.-BBC

 

 

 

German energy firm Uniper ready to meet Russian pay demand

One of Germany's biggest energy firms has said it is preparing to buy
Russian gas using a payment system that critics say will undermine EU
sanctions.

 

Uniper says it will pay in euros which will be converted into roubles,
meeting a Kremlin demand for all transactions to be made in the Russian
currency.

 

Other European energy firms are reportedly preparing to do the same amid
concerns about supply cuts.

 

Uniper said it had no choice but said it was still abiding by EU sanctions.

 

"We consider a payment conversion compliant with sanctions law and the
Russian decree to be possible," a spokesman told the BBC.

 

"For our company and for Germany as a whole, it is not possible to do
without Russian gas in the short term; this would have dramatic consequences
for our economy."

 

Germany's biggest energy supplier RWE declined to comment on how it would
pay for Russian gas.

 

In late March, Russia said "unfriendly countries" would have to start paying
for its oil and gas in roubles to prop up its currency after Western allies
froze billions of dollars it held in foreign currencies overseas.

 

Under the decree, European importers must pay euros or dollars into an
account at Gazprombank, the Swiss-based trading arm of Gazprom, and then
convert this into roubles in a second account in Russia.

 

The European Commission said last week that if buyers of Russian gas could
complete payments in euros and get confirmation of this before any
conversion into roubles took place, that would not breach sanctions.

 

However there are different views among countries on how to interpret its
initial guidance, and this week EC boss Ursula von der Leyen sparked
confusion when she said firms could still be breaking the rules.

 

On Thursday, an EU official confirmed that any attempt to convert cash into
roubles in Russia would be a "clear circumvention of sanctions" as the
transaction would involve Russia's central bank.

 

"What we cannot accept is that companies are obliged to open a second
account and that between the first and second account, the amount in euros
is in the full hands of the Russian authorities and the Russian Central
Bank, and that the payment is only complete when it is converted into
roubles."

 

On Tuesday, Poland and Bulgaria both refused to pay for gas in roubles
leading to Russian state gas firm Gazprom shutting off supplies.

 

Both countries had already planned not to renew their contracts with Gazprom
when they expired later in 2022.

 

Poland - one of the staunchest advocates of tougher sanctions on Russia -
said the EU should penalise countries that used roubles to pay for Russian
gas.

 

Climate minister Anna Moskwa singled out Germany, Hungary and Austria as
resisting a gas embargo.

 

"We are counting on there being consequences for these countries [which pay
in roubles] and that as a result they will cease paying in roubles," she
said.

 

Russia gas exports

The move by Russia - which has not given countries the same deadline to
begin paying in roubles - is seen as an attempt to divide Western allies in
their response over Ukraine.

 

The majority - 97% - of EU companies' gas supply contracts with Gazprom
stipulate payment in euros or dollars.

 

Hungary and Slovakia have both said they will use Russia's conversion
payment method, while German economy minister Robert Habeck said on
Wednesday that it was "the path that the EU marked out for us".

 

"It's the path that is compatible with sanctions, and as far as I understand
the German companies that are doing it this way are in compliance with their
contracts," he said. "Most EU countries are taking this approach."

 

Europe gets about 40% of its natural gas from Russia, but it is much higher
for some countries and sudden supply cuts could have a huge economic impact.

 

"A lot of European companies will say OK, we'll pay into a euro-denominated
bank account and there will be a back-to-back trade so they stay within the
limits of the EU sanctions," said Nathan Piper, an energy analyst at
Investec.

 

"But there are two sides of this - those firms need to supply gas to
consumers and in Germany there is no alternative to supplies of Russian gas
right now."

 

According to the Financial Times, Austrian energy giant OMV is also planning
to adopt the mechanism while Italy's Eni is considering the move.

 

Eni declined to comment while OMV denied it was opening a Swiss account with
Gazprom. It told the BBC: "We have analysed the Gazprom request about
payment methods in light of the EU-sanctions and are now working on a
sanctions-compliant solution."-BBC

 

 

 

Energy-intensive firms to get electricity bill help

Businesses that use high levels of energy are to get more support from the
government for electricity costs.

 

Ministers said an Energy Intensive Industries Compensation Scheme will be
extended for a further three years and its budget will be more than doubled.

 

The support comes as firms and households are being hit by higher energy
bills, driven by soaring global wholesale gas prices.

 

UK Steel said the extension of the support was "much needed".

 

As well as steel manufacturers, other energy-intensive industries such as
paper factories will also receive the cash.

 

The government said the extended support would be on top of the £2bn it has
already provided since 2013 to support such businesses with the price of
electricity bills.

 

Firms call for urgent help with energy bills

The Department for Business, Energy and Industry has not confirmed how much
the extended support will cost, but Industry Minister Lee Rowley said the
government was "offering a greater level of compensation to eligible firms".

 

He said the government wanted to "keep the UK at the forefront of
manufacturing" and said the bill would help energy-intensive industries
employing thousands of people "remain competitive and sustainable for the
long term".

 

The scheme provides businesses with relief for the costs of the UK Emissions
Trading Scheme and Carbon Price Support mechanism in their electricity
bills, and will now offer support for companies that manufacture batteries
for electric vehicles.

 

UK Steel director general Gareth Stace said the three-year extension of the
compensation scheme and the increase in the level of relief "delivers on a
long-standing industry ask and gives the UK steel sector a much-needed
reduction in electricity costs".

 

In January, five business groups wrote to Chancellor Rishi Sunak urging
support for businesses and consumers as energy costs started to rise, and
before they rose further as a knock-on effect from Russia's invasion of
Ukraine.

 

The five groups - the British Chambers of Commerce, the Confederation of
British Industry, the Federation of Small Businesses, the Institute of
Directors and Make UK - said businesses were likely to be faced with further
costs as existing fixed tariff contracts come to an end.

 

They said price rises on the horizon could push millions of people into fuel
poverty.

 

"Small and medium-sized businesses are the most at risk. Many companies will
be left with little other choice than to pass costs on to their customers,
adding further inflationary pressure," the group said.

 

Inflation is running at its fastest rate for 30 years, pushed up by surging
food costs and energy bills.-BBC

 

 

 

Number of firms in critical financial distress rises sharply

A growing number of UK businesses are at risk of going under, as costs
spiral and Covid loan repayments come due, a report has found.

 

Construction and hospitality are the sectors struggling most, according to
insolvency firm Begbies Traynor.

 

Loan repayment schedules should be extended to ease the pressure, it said.

 

The government said it had given businesses an "unprecedented package of
support" and increased flexibility in paying back Covid loans.

 

In the first three months of this year there was a 19% rise in businesses in
critical financial distress compared to the start of 2021, the report by
Begbies Traynor said.

 

Julie Palmer, a partner at the insolvency and restructuring specialist firm,
said without further action to help struggling businesses there would be a
wave of business failures.

 

"It's just a case of when the dam holding it back finally bursts," she said.

 

Begbies Traynor, which publishes regular health checks on the state of
British businesses, said its "Red Flag Alert" research reflected the strain
two years of extraordinary financial pressures have had on thousands of
companies. It said 1,891 firms now fell into the category of critical,
suggesting their outlook is precarious.

 

Although Covid restrictions have been lifted, some firms are still feeling
the impact of disruptions to supply chains and the price of energy and other
inputs have risen sharply.

 

Firms are finding it hard to recruit staff in some sectors, and wage costs,
including the minimum wage and National Insurance payments, have gone up.

 

With the cost of living rising, many UK households are looking for ways to
save money, putting further pressure on businesses that rely on
discretionary spending, like bars and restaurants.

 

"Inflation... gets referred to as the silent thief of the economy, I think
it's actually becoming a bit of an armed robber, with real inflation
probably running much higher than the [official figure] of 7%," Ms Palmer
said.

 

There is also a "post-Brexit hangover" and these factors combined are "a
perfect storm" of pressures on businesses, she said.

 

Begbies Traynor's research highlights a sharp rise in County Court
Judgements (CCJs), an early sign of future insolvencies, because they show
creditors are making legal claims.

 

CCJs were up 157% compared to a year ago, the report said.

 

Courts were effectively closed for business for creditors to take action
during the pandemic, Ms Palmer said, and the logjam of court cases due to
Covid meant the current level of CCJs was likely to be the tip of the
iceberg.

 

She added that from Saturday landlords will be able to start making legal
claims against businesses.

 

"We think the landlords, who are a very impatient lobby, will swell those
figures," she said.

 

Government insolvency figures for March also illustrate the trend towards
more insolvencies. They show creditors voluntary liquidations, the most
common way for firms to be wound up, had more than doubled compared to a
year earlier.

 

During the acute phase of the pandemic many firms relied on state support.
But that support was now gone while firms were now facing a perfect storm of
rising wage, energy and borrowing costs, Begbies Traynor said.

 

Ms Palmer said the government faced a choice: "Do they rush to recover funds
handed out during the pandemic to ensure there was a functioning economy
afterwards? Or [do they] look for ways to control the number of businesses
that fail?

 

"Having put so much money into protecting businesses over the past two
years, ministers won't want to see it wasted as companies collapse, unable
to repay their debts," she said.

 

She said leniency, or taking a longer-term view of repayments of the
Coronavirus Business Interruption Loan Scheme, would help embattled
businesses.

 

A government spokesperson said support offered to businesses during the
pandemic included VAT cuts, business rates holidays and government-backed
loans worth around £400bn.

 

"We have given businesses increased flexibility in repaying their Covid-19
loans, with borrowers under the Bounce Back Loan scheme able to extend their
repayment term by ten years, as well as apply for repayment holidays," the
spokesperson added.-BBC

 

 

 

US economy contracts as Ukraine war hits trade

The US economy contracted in the first three months of the year partly due
to trade disruption from the Ukraine war.

 

Figures from the Commerce Department showed that gross domestic product fell
at an annualised rate of 1.4%.

 

Slower growth had been expected but the figure was worse than forecast,
marking the first fall since the coronavirus-induced recession in 2020.

 

Analysts said a surge in imports, as exports fell, made the economy look
worse than it was.

 

"This is noise; not signal," said Ian Shepherdson, chief economist at
Pantheon Macroeconomics. "The economy is not falling into recession."

 

Though inflation is running at a four decade high, households have not yet
pulled back purchases.

 

 

Consumer spending - the engine of the US economy - remained healthy, rising
at an annual rate of 2.7% in the quarter, up from the end of last year.

 

But businesses faced new supply disruptions in the first three months of the
year, making trade figures more unpredictable than usual.

 

Figures this week showed the US trade deficit in goods reached a record high
last month, as coronavirus cases triggered shutdowns in China and the war in
Ukraine upended key industries, including agriculture and oil.

 

Analysts said the unexpectedly large surge in imports, which count against
US output in calculations of GDP, was probably due to businesses
accelerating purchases.

 

Meanwhile exports fell, hurt in part by lower demand abroad.

 

A decline in government spending also weighed on growth.

 

Recession risk

Until now, recovery from the pandemic has largely been faster than expected,
helped by government spending, including pandemic relief cheques to
households.

 

In the last three months of 2021, the US economy expanded at an annualised
rate of 6.9%.

 

Analysts said they did not see recession as imminent, despite the
contraction, but they warned that rising prices mean that households will
not be able to keep spending at their current pace.

 

"Consumers have been able to maintain positive rates of real spending by
reducing their savings rates. But if inflation continues to erode purchasing
power, then consumers may eventually decide to retrench," Wells Fargo
economists wrote in a recent note.

 

The US central bank has started increasing interest rates to try to curb
inflation, but that brings economic risks as well, as such moves typically
slow activity. Wells Fargo said it saw a 30% chance of recession in 2023.

 

"Although the US economy does not appear to be on the cusp of another
downturn, the probability of recession next year is not insignificant, in
our view," they said.

 

The days of extraordinary growth associated with the reopening of the
economy may be over. But the latest figures suggest that underlying growth
in the American economy remains strong, at least for now.

 

Towards the end of 2021, companies rushed to build up inventories to avoid
any supply chain disruptions. Firms wanted to make sure there were no empty
shelves over the holiday period. The knock on effect was that they didn't
have to do as much restocking at the start of this year.

 

America's growing trade deficit also subtracted 3.2 percentage points from
overall GDP growth. Exports fell sharply and imports soared, a reflection of
strong demand in the US and weaker economic growth abroad.

 

Meanwhile, America continues to add jobs, and businesses and consumer
spending remain robust.

 

There are plenty of risks to be worried about - inflationary pressures, new
Covid variants, the war in Ukraine and lockdowns in China. But the takeaway
from this initial GDP report is that the challenges have hurt more abroad
than here in the US.-BBC

 

 

 

Brexit import checks delayed for fourth time

The government has delayed introducing more checks on EU goods entering the
UK over fears it will disrupt supply chains and add to rising inflation.

 

New import controls on EU food products had been due to begin in July.

 

The government said "it would be wrong to impose new administrative burdens
and risk disruption at ports" at a time of higher costs due to the war in
Ukraine and rising energy prices.

 

It is the fourth time it has delayed EU import checks since the UK left the
EU.

 

Brexit opportunities minister Jacob Rees-Mogg said the government was
reviewing how it would implement checks on EU goods and "the new controls
regime will come into force at the end of 2023".

 

He claimed that the delay would save British businesses up to £1bn in annual
costs.

 

Mr Rees-Mogg said it would have been "an act of self-harm" if the government
had decided to go ahead with the import controls.

 

He said the checks would have brought "quite significant" price increases
for people at a time when the government was "trying to reduce costs."

 

These would have included a "71% increase - maximum level - on the retail
price" of small deliveries like cheese.

 

He said: "You would have been adding potentially £500 of costs on a shipment
of fish fingers, that then falls through to the consumer."

 

Business groups welcomed the move.

 

"We are dealing with significant supply chain stress and inflationary costs
this year and this would have made a bad situation much worse," said Shane
Brennan, chief executive of the Cold Chain Federation.

 

The Federation of Small Businesses said: "Imposition of full import controls
this summer would have meant yet another burden for small firms which are
already wrestling with new trade rules and spiralling operating costs."

 

'White elephants'

However, ports, which have spent millions of pounds gearing up for the
checks, said they had been "landed with the bill of the government Brexit
border U-turn".

 

They have been building border control posts that would allow checks on
imports of EU food and animals.

 

But those checks have not only been delayed, but may not be needed if a
"light touch" regime is brought in, potentially meaning that the new
infrastructure will be "useless", the British Ports Association said.

 

"This announcement is a major policy change, meaning the facilities will
effectively become white elephants, wasting millions of pounds of public and
private funding, not to mention the huge effort there has been to get things
ready in time," the association's chief executive Richard Ballantyne said.

 

He said ports were looking for "clarification from policy makers if there
will be any type of financial assistance or compensation for ports and also
if operators can start to bulldozer the facilities and use the sites for
other purposes".

 

The Major Ports Group, which represents major UK ports and freeports, said
they had been "working incredibly hard and have invested over £100m of their
own money" in new border posts which could be "highly bespoke white
elephants".

 

Meanwhile, the National Farmers' Union (NFU) said the decision was "another
blow to farm businesses that are already struggling with enormous
inflationary costs and ongoing labour shortages".

 

"Our producers have to meet stringent controls to export their own products
abroad, all while being left at a continued competitive disadvantage to our
EU competitors, who are still enjoying an extended grace period which gives
them access to the prized UK market relatively cost and burden free," NFU
president Minette Batters said.

 

She added that checks on agricultural food imports were "absolutely critical
to the nation's biosecurity, animal health and food safety".

 

The British Veterinary Association also criticised the move, saying it
"flies in the face not only of common sense, but also of the government's
commitment to preserving high levels of animal and human health in the UK".

 

James Russell, the association's senior vice president, said it had
repeatedly warned that delaying veterinary checks further "could weaken
vital lines of defence" against diseases.

 

This is more than just yet another delay on the post-Brexit system for
imports.

 

It is, says the government, a significant change of policy that could mean
wide-ranging laborious physical checks on food imports from the EU might
never be introduced.

 

Such checks were originally thought to be the inevitable consequence of the
distant harder Brexit deal struck by Boris Johnson.

 

What is certain is that such checks are in the long grass, and that will
come as a huge relief to many in the logistics industry and in particular
the supermarkets.

 

The government's plan is that a new digital trade border, applying to the
whole world, will be in place at least in trial form by the end of 2023.

 

This will mean that only a tiny proportion of the physical checks on food
imports due to have rolled out from this July will be needed.

 

For Mr Rees-Mogg, agreeing lower trade barriers than had been planned is
good policy.

 

But it is an about-turn to lower barriers to provide an incentive for the EU
to reduce its equivalent stringent checks on UK food exports.

 

For now, the supermarkets will be happy to avoid what could have been an
acute source of further supply chain and inflationary pressure.

 

But some UK food exporters face the triple whammy of marathon length haulage
queues in Kent, dozens of pages of red tape for sales in Europe, and no
equivalent restrictions on competition from abroad for the UK market.-BBC

 

 

 

Twitter adds 30 million new users in run up to Musk sale

Twitter, which this week agreed to be bought by billionaire Elon Musk, has
said its user numbers grew faster than expected over the past year.

 

Advertising revenue has also been rising, but by less than was forecast.

 

Some observers have questioned Mr Musk's commercial judgement in buying
Twitter, a platform that despite its high profile has not consistently made
high returns.

 

In the latest quarter it made a profit of $513m (£412m) on revenues of
$1.2bn.

 

Daily active users of the platform rose to 229 million, up from 199 million
a year earlier, the company said, publishing its latest financial results.

 

New users grew faster outside the US, by 18.1%, than in its home market
where numbers were up 6.4% over the 12 months to the end of March.

 

This week Twitter's board agreed a $44bn sale to Tesla boss, Mr Musk, the
world's richest person, and a prolific user of the platform.

 

In publishing its results, the firm said it was withdrawing all previously
provided guidance over its immediate commercial outlook.

 

However, it did say revenues had been affected by "headwinds associated with
the war in Ukraine".

 

Mr Musk's purchase is likely to take several months to complete, after which
the company will be owned privately.

 

While Mr Musk has not made clear his precise plans for the platform, he has
spoken about reducing advertising, and cracking down on "bot" or automated
accounts. He has also prompted controversy by suggesting there may be a new
approach to how Twitter moderates free speech.-BBC

 

 

 

Biden proposes $33bn to help Ukraine in war

President Biden is asking Congress for $33bn (£27bn) in military, economic
and humanitarian assistance to support Ukraine - although he insisted that
the US was not "attacking Russia".

 

Mr Biden said it was "critical" for US lawmakers to approve the deal, which
he said would help Ukraine defend itself.

 

The proposal includes more than $20bn in military aid, $8.5bn in economic
aid and $3bn in humanitarian aid.

 

"It's not cheap," Mr Biden said on Thursday.

 

"But caving to aggression is going to be more costly if we allow it to
happen."

 

Although the US has already announced help for Ukraine, the proposals are a
significant ramping up of aid.

 

President Biden said US military support to Ukraine has so far amounted to
10 anti-tank weapons for every tank that Russia has deployed to Ukraine.

 

But despite his strong rhetoric, he said the US was not attacking Russia.
"We are helping Ukraine defend itself against Russian aggression," he
insisted.

 

On Thursday, a spokesperson for Russia's Foreign Ministry said Western
military support for Ukraine threatens "the security of the continent".

 

President Biden is asking Congress to authorise an enormous sum of money for
Ukraine - more than twice as much as the US has already spent on providing
military equipment and humanitarian aid.

 

The US president wants to show he is undeterred by vague threats about the
possible use of nuclear weapons, and a warning from Vladimir Putin that
there could be retaliatory strikes against countries that intervene in
Ukraine.

 

He shrugged off those comments - saying they show the desperation Russia is
feeling about their abject failure to do what they set out to do.

 

Explaining to Americans why this money is needed - at a time when many are
suffering from rising living costs - he said it was not cheap, but doing
nothing was more costly.

 

An additional plan to allow US authorities to not just freeze but liquidate
the assets of Russian oligarchs is bold - and it has raised concerns among
civil liberties groups in America. But it is likely to gain bipartisan
support in Congress.

 

Yet it will not begin to cover cost of the additional sums of money the
White House wants to spend supporting Ukraine's war efforts.

 

In his speech on Thursday, Mr Biden also addressed concerns over a nuclear
confrontation. On Wednesday, Russian Foreign Minister Sergei Lavrov warned
of a "serious" risk of nuclear war over Ukraine which "can't be
underestimated".

 

"No one should be making idle comments about the use of nuclear weapons," Mr
Biden said.

 

Additionally, Mr Biden took aim at what he termed Russian "gas blackmail" to
threaten European energy supplies. This week, Russia cut off gas supplies to
Poland and Bulgaria.

 

"We will not let Russia intimidate or blackmail their way out of these
sanctions," he said. "We will not allow them to use their oil and gas to
avoid consequences for their aggression."

 

The announcement of the new Ukraine package comes at a difficult time for
the US economy.

 

Data released by the Bureau of Economic Analysis on Thursday shows that the
US economy shrank in the first quarter of 2022, with gross domestic product
declining 1.4% between January and March.

 

But the package is likely to be approved by lawmakers, said BBC North
America correspondent Anthony Zurcher.

 

"At a time when Biden is struggling to get congressional funding for his
domestic priorities, Congress seems to have an unlimited willingness to
bankroll military support for Ukraine," he said.

 

"Thirty-three billion is a significant amount, but if the past is any guide
it should be approved with relative ease - as long as Democrats don't try to
attach unrelated spending provisions to the legislation."

 

Mr Biden's first funding request after the war began, which was approved by
Congress last month, was less than $14bn.

 

Last week, President Biden authorised a second $800m (£642m) military aid
package in as many weeks, as well as $500m (£401m) in direct economic
assistance.

 

The US has moved quickly to help Ukraine since the war began in late
February. That includes:

 

Releasing $3.7bn in military and security assistance

Deploying more than 100,000 troops to Nato member countries in Europe

Imposing economic sanctions, asset freezes and travel bans on hundreds of
Russian oligarchs and politicians

The White House on Thursday also proposed making it easier for the US to
seize and sell Russian oligarchs' assets, and transfer their proceeds to
Ukraine.

 

Western allies, including European Union member states, have been working
together since March to track down the assets of Russian elites, from
artwork and real estate to helicopters and yachts.

 

According to the White House, the US has now sanctioned and blocked vessels
and aircraft worth over $1bn, while the EU has collectively frozen over
$30bn.

 

Thursday's sanctions would allow the US to use the funds from confiscated
assets "to remediate harms of Russian aggression in Ukraine".

 

The package will "establish new authorities for the forfeiture of property
linked to Russian kleptocracy, allow the government to use the proceeds to
support Ukraine and further strengthen related law enforcement tools," the
White House said in a statement.

 

Canada's government also proposed legislation this week that would allow it
to seize and sell off Russian assets.

 

Under pressure to expand its sanctions actions, the ruling Liberals are
pushing for "any type of property" including money, digital assets and
virtual currency to be subject to seizure.-BBC

 

 

Tanzania: CRDB Dishes Out 769bn/ - for Agribusiness Loans

The CRDB Bank Plchas issued loans amounting to 769bn/- during 2021/2022
financial year to agribusiness entrepreneurs in the country for purposes of
improving their businesses, it has been disclosed.

 

Mr Michael Jacob, the CRDB Bank Relationship Manager for Agribusiness for
Lake Zone disclosed this during a recent agricultural value-chain
stakeholders' meeting held in Bukoba Municipal Council.

 

"During 2021/2022 financial year the CRDB Bank Plc dished out loans
amounting to 769bn/- to agribusiness entrepreneurs for purposes of improving
their businesses. This amount was equivalent to 43 per cent of all
agricultural loans in the country," he said.

He explained that the beneficiaries channel their loan application through
the Private Agricultural Sector Support (PASS) Trust, adding that the
beneficiaries are drawn from farmer groups, SACCOS, cooperatives, farmers'
associations, companies, individuals and women groups involved in
agribusiness activities.

 

Meanwhile, PASS Trust Managing Director, MrYohaneKaduma explained that since
its inception in 2000, PASS has been supporting Tanzania's agricultural
finance landscape by assisting entrepreneurs to borrow from commercial banks
and other financial institutions feasibly and profitably for purposes of
improving their businesses.

 

"Tanzania has enough land for adequate production of cash and food crops.
The problem is financial support to ensure investment in the entire value
chain. Lack of capital was among key challenges facing the farmers in the
country.

 

"In reaching out to beneficiaries along the entire agricultural value chain
spread across Tanzania, PASS offers partial credit guarantee cover to
collaborating banks as a means of topping up inadequate collateral to enable
clients get loans," he said.

 

According to MrKaduma, about 1.7 million agribusiness entrepreneurs have
benefited from PASS Trust credit guarantee schemes over the years, of whom
more than 45 per cent were women.

 

He explained that PASS provides banks with guarantees ranging from 20 to 60
per cent (up to 80 per cent for women) of the loan amount. The beneficiaries
represent various sub sectors including livestock, crop production,
processing, mechanization, and irrigation infrastructure, transportation of
agricultural commodities, bee keeping, fish farming and inputs trading.

 

"I commend some of the financial institutions that have taken action to
address the problem including the CRDB BankPlc which recently pushed down
the lending rates from the normal 20 per cent to 9 per cent. This is a
commendable step," he said.

 

CRDB Bank Chief Executive Officer (CEO) and Managing Director,
MrAbdulmajidNsekela recently announced in Dar es Salaam that the lender had
slashed lending rates from the normal 20 per cent to nine per cent to boost
lending to the key economic sector that employs over 75 per cent of the
country's workforce.

 

The bank also slashed the lending rate for salaried employees to 13 per cent
from the normal 16 per cent.-Daily News.

 

 

 

Kenya Protests Move By U.S. to List It as Signatory to Declaration Promoting
Free Internet

Nairobi — The government has protested a move by the United States to list
Kenya as a signatory to Declaration for the future of internet terming it as
erroneous.

 

Government Spokesperson Cyrus Oguna said Thursday protocol was not followed
in the signing of the declaration that is aimed to protect an open, safe
internet.

 

"While we are listed as a signatory to the declaration, we wish to state
that, as a country, we have not gone through our processes and laws for
endorsing this declaration. As per our laws, Kenya can only be a signatory
to any international instrument after Cabinet approval, and ratification by
the National Assembly," he said.

According to White House, Kenya is among the 55 countries which were listed
to have joined the effort in promoting an open, free, global, interoperable,
reliable, and secure internet for the world.

 

"The said declaration is going through review and based on the outcome of
the process, Kenya will be able to state her position on the matter," Oguna
said.

 

Other nations include: Australia, Britain, Canada, France, Germany and
Japan, along with others like Argentina, Cyprus, Montenegro and Slovenia, as
well as Ukraine.

 

Labeled the Declaration for the Future of the Internet (DFI), the White
House said the aim is to reclaim "the immense promise" of the internet,
pushing back against "rising digital authoritarianism" to ensure it
reinforces democracy, protects privacy and promotes a free global economy.

 

Pointing to Russia's invasion of Ukraine, a senior administration official
said in recent months Moscow "has aggressively promoted disinformation at
home and abroad, censored internet news sources, blocked or shut down
legitimate sites" and attacked internet access in Ukraine.

 

"Russia, however, is hardly alone," the official said, citing China as well.

 

While not legally binding, the declaration establishes "fundamental
principles" and "commits governments to promoting an open, free, global,
interoperable, reliable, and secure internet for the world," another senior
administration official said.

 

The effort aims to combat the splintering of the internet, but will "respect
regulatory autonomy" of each country, the official said.

 

The declaration also points to the need ensure affordable access for
underserved groups.-Capital FM.

 

 

 

Kenya: The Rise of Green (Sustainable) Buildings in Kenya

Nairobi — The effect of climate change has been felt majorly across the
globe in recent years with increased impacts that have taken a toll on the
day-to-day activities of human beings.

 

Several activists and organizations have taken lead in encouraging humans to
adopt environmentally friendly activities and initiatives that will reduce
carbon emissions and lower the impact of climate change.

 

In a bid to be part of the green initiative, several developers within
Nairobi have opted for green buildings whose design, construction, or/and
operations reduce or eliminate negative impacts, and can create positive
impacts, on the climate and natural environment.

According to the United Nations (UN) Environmental Programme, real estate
contributes up to 30 percent of global annual greenhouse gas emissions (GHG)

 

Among the key features that can make a building sustainable include the
efficient use of energy, water, and other resources, the use of renewable
energy such as solar, the use of pollution and waste reduction measures, and
the enabling of re-use and recycling.

 

Located in Parklands, Nairobi, 3408 Belva apartments is one of such projects
which adopted the concept that is represented by the use of solar PV panels
and vertical gardens running across almost twenty floors.

 

The project's developer, Mohammed Dahir told Capital Business that the
project prioritizes the elimination of energy wastages through the adoption
of maximum natural light and solar energy.

 

"Our project s unique, we are a green building, we maximize on natural
lighting, this will also be represented by the use of solar PV panels and
vertical gardens running across almost twenty floors," he said.

 

The project's design ensures full maximizing of the natural light which will
help residents minimize energy waste.

 

"We wanted to do something unique in the market, as much as I want a good
life, I want that for my buyers to feel. We had to design an apartment with
a hotel concept, all facilities and amenities you will find in the
apartment; The vision started with me doing a unit for myself and developing
the concept of a nice home with good unique views which prompted me to opt
for this idea," he said.

 

Ted Otieno, the chairperson of the Kenya Green Building Society (KGBS) in a
separate interview, said that the uptake of such buildings is increasing in
the country.

 

As of 2021, there were 43 certified buildings in the country, a 100 percent
rise from 2020.

 

Other similar projects have been undertaken by Africa logistics partnership,
Acorn holdings, and Executive residency.

 

"Its popularity in the market has risen, we see more people adopting these
buildings and not just ticking the box but many developers are seeing its
benefits in terms of utility costs," he remarked.

 

KGBS which comprises 110 active members has launched its first mobile
application that seeks to promote the adoption of green buildings across the
country.

 

The app, dubbed Jenga Green Library, is a green building material and
services directory for displaying the entire supply chain of sustainable
building materials and services that reduce environmental pollution.-Capital
FM.

 

 

 

Nigeria: As Travellers Lament Poor Air Conditioning At Lagos Airport

In what seems to have become a perennial problem, air travellers have
thumbed down the poor facilities at the international wing of the Murtala
Muhammed Airport, now known as old terminal.

 

Those who travelled through the terminal in the last two weeks have severely
complained about the poor cooling system, forcing some passengers to remove
their clothes while going through the check in process at the airport
terminal.

 

Over the years the facility has been known for power hiccups, which plunges
the whole terminal into darkness even at most critical period in the night
when most of the international airlines are processing their passengers.

THISDAY gathered that airlines have secured recharge lamps always waiting
for the inevitable power outage and even officials of the Federal Airports
Authority of Nigeria (FAAN) have acquired rechargeable fans to augment when
there is outage. But such auxiliary support cannot replace the needed air
conditioning system that ought to be at the airport.

 

An official of FAAN whose office is at the international wing of the
airport, told THISDAY that almost every year new air conditioners are
procured but they break down too often because contractors awarded the
procurement contract usually buy "inferior ones that cannot stand the rigour
of serving the terminal for 24 hours, so they break down too often."

 

When THISDAY visited the terminal, many passengers on the queue to check-in
were fanning themselves with anything they could lay their hands on. The
handling company officials were using support fan tucked at corners in the
counters. A Nigerian Customs official told THISDAY that it was not because
there was no air conditioning, but that the heat was too much and remarked
that FAAN could have envisaged the heat at this period and fortified the air
conditioning system at departures.

 

 

At the public affairs department of FAAN, one of the officials told THISDAY
that the heat was too much because of prevalent hot weather, noting that
even at individual homes, people find the heat unbearable; that sometimes
"air condition and fan blows hot air.

 

"We will continue to upgrade our equipment. This is heat period that even
when you put A/C in your place it brings hot air at some time," the official
said.

 

The FAAN officials confirmed that there was no plan to move all the
operations to the terminal because there are a lot to be done in the new
facility before it could provide comprehensive service, which include
expanding the ramp. Currently only airlines with small body (singe isle)
aircraft that can facilitate passengers from the new terminal and that is
why the big carriers still use the old terminal.

 

 

"I have been travelling through this airport for years and the air
conditioning has remained inefficient. I recall a time I travelled from here
and the air condition was working very well. We commended those managing the
airport and hoped that they would continue to maintain that level of
efficiency. But you know Nigerian government thing, good things don't last
and here we are still complaining of the same thing," the passenger who
craved anonymity, said.

 

However, the General Manager, Public Affairs, FAAN, Mrs. Faithful
Hope-Ivbaze, told THISDAY that work has started to revamp the air condition
system.

 

"I understand that work has started to reinforce the air conditioning. We
hope that the problem will be solved soon," she said, adding that moving to
the new terminal would be a gradual process.

 

THISDAY investigation revealed that the old terminal is characterised by
myriads of problems, which include the absence of charging pots, no enough
seats, no efficient wifi and the most challenging problem besides poor air
conditioning is the dilapidated baggage conveyor belt (carousel).

 

THISDAY also learnt that the baggage conveyor belt is not working. It breaks
down after every two days. Recently passengers waited for a long time before
they could collect their baggage and there were times baggage handlers had
resorted to manual movement of the bags from the aircraft to arrivals, which
was cumbersome.

 

Recently industry expert and Managing Director of Flights and Logistics
Solutions Limited, Amos Akpan, told THISDAY that infrastructure facilities
at the Lagos airport are bad, noting that the airport is not passenger
friendly.

 

He observed that having a functional airport indicates that passengers would
feel comfortable while in the terminal and that many things one could find
at major airports in Africa or elsewhere are lacking at the airport.

 

"If you watch the video of how passengers' bags are thrown about by handling
company workers, you will agree with me that the airport is not passenger
friendly. The checking in system is bad. The infrastructure is totally bad.
Airports are built for the comfort of passengers, their luggage, cargo and
for airlines. Any airport that does not meet this requirement is not worthy
to be an airport. So after safety the next is customer comfort. How
comfortable are the passengers? The Lagos airport is not friendly.

 

"It is only those that enter VIP lounge that have some comfort so the
airport is segregating passenger comfort for a class of passengers. Ideally
avio-bridges should have maintenance calendar but here they have to
breakdown down before you think of replacing or rehabilitating them. FAAN is
still concentrating on kinetic for aviation security when other airports are
concentrating on bio-data, profiling and technology. They are talking of
giving guns to aviation security personnel," Akpan said.-This Day.

 

 

 

Nigeria: Excitement As Domestic Air Travel Picks Up After Passenger Traffic
Slump

There are indications that air travel has picked up again as the low period
of February and March, when airlines barely had full flight, is over, a
development that has brought excitement among industry stakeholders.

 

Airline operators attributed the improvement to the Easter holidays and the
fact that many travellers who shunned the airports when airline increased
base fare to N50, 000, have made a turnaround and have started travelling by
air, as insecurity has made road travel more precarious.

 

Head of Communication, Dana Air, Mr. Kingsley Ezenwa, told THISDAY that
passenger traffic had improved, especially Abuja, Lagos and Eastern
destinations, noting that the airline is attracting passengers with good
service, its loyalty promos, which the airline made flexible for passengers.

With benchmark fare of N50, 000 per ticket, Ezenwa said that each airline
brings in innovation and marketing strategy to attract more customers.

 

Green Africa, last week, introduced special fares for travellers in the
season of Ramadan starting from N27, 500 only across all routes. It
explained that these special fares would be available for bookings between
April 20 and May 4, 2022 and travel between April 21 and June 30, 2022.

 

According to Ezenwa, "There is benchmark in fares but Easter was very good
for us, but the improvement in passenger traffic has continued after Easter
and even two weeks before Easter. People have seen the benefits of loyalty
promos. We made it flexible for our customers; that if you build up your
loyalty you can even get a free ticket. But compared to last year, the
traffic is yet to meet the figures of last year; it has not been
spectacular.

"I must admit that traffic has been good before and after Easter. A month to
Easter we were doing 80/90 per cent load factors and it has continued like
that after Easter. In Dana Miles we give people bonuses, as member of our
frequent flier programme and people are beginning to realise the benefits."

 

Ezenwa said many people shunned the airports after the increase of base
fare, but traffic bounced back almost immediately, but initially they took
it like a shock; now the patronage has increased.

 

"People are getting more enlightened and that makes it easy. If you have
approved point you can fly for less. So it is about strategy now; we have to
apply strategy. Enlightenment and strategy," he further said.

In the same vein, Spokesman of Arik Air, Mr. Adebanji Ola, admitted that
there is slight improvement in domestic air travel but noted that it is
still below that of last year, the same period.

 

He said Easter partly enabled the increase but Easter and Ramadan came at
the same period and ironically during Ramadan people don't travel much.

 

"Yes, traffic has improved but not up to what we witnessed last year at the
same period," Ola said.

 

Former Managing Director of the Nigerian Airspace Management Agency (NAMA)
and the former CEO of Aero Contractors, Captain Ado Sanusi, told THISDAY
that traffic has started picking up, remarking that this was expected
because this is a political period, which demands a lot of travel and others
are travelling for business, noting that government would release funds for
the second quarter and that would trigger a flurry of economic activities.

 

However, Sanusi said airlines were finding it difficult paying for the
leased aircraft because although they are making money, they earn their
revenue in Naira, while they pay for the lease in dollars.

 

"Airlines are making money but you are selling your ticket in Naira but
lease rate is in dollars. This has made lessors to be jittery because they
fear airlines might not be able to pay for the lease, knowing that it is
difficult to source dollars and the fear is heightened when they learn about
foreign airlines' blocked funds, which is about $300 million now. So lessors
have started weighing the country risk.

 

"Until we tackle the problem of foreign exchange in the aviation sector,we
will continue to have challenges. Without tackling this problem,development
and progress of the aviation sector will continue to be hampered; whether
you flow a national carrier or you bring Emirates or Qatar to operate in the
domestic market, they will still face the same problem, the development in
the sector will still be stifled. Leasing aircraft, buying spares, buying
insurance are done with foreign exchange; it is only manpower that is
settled with local currency," Sanusi said.

 

Some Nigerian carriers have been finding it difficult to pay for their
leased aircraft, which they acquired to increase capacity for the high
passenger demand during the Christmas season.

 

The financiers of some of these leased aircraft are finding it difficult to
pay the expected rates, so they are taking the aircraft from airlines that
are unable to pay for the lease as they did with Aero recently when one of
such aircraft was taken from the airline.

 

The Managing Director of Aero Contractors, Captain Abdullahi Mahmood, told
THISDAY that some of the leased aircraft came at high rates and with a slump
in passenger traffic; some airlines could not cope paying for it.

 

"When an airline leases an aircraft, it pays for the agreed hourly
utilisation of the aircraft, which can be some hours per month. You pay for
the minimum agreed hours, irrespective of whether you use up to the agreed
hours or not. Utilisation is usually calculated in block hours not in flight
hours. Block hours mean from the time when the engine starts to when it goes
off and flight hours means from take-off to landing.

 

"One of the reasons why Aero was unable to continue paying for the aircraft
is that there is a slump in passenger traffic, yet, you are paying for the
lease of the aircraft at the rate of $3,000 per block hour. By the time you
make payments for the lease, you would realise that there is nothing left,"
Mahmood said.-This Day.

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2022

 


Company

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.

 


 

 


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