Major International Business Headlines Brief::: 02 December 2022

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Major International Business Headlines Brief::: 02 December 2022 

 


 

 


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

 


 

 


 

ü  BP 'stands to receive blood money’ from Ukraine war

ü  North Korea hit with sanctions after ballistic missile tests

ü  Kanye West no longer to buy Parler social media platform

ü  Brexit: Progress on trade deals slower than promised

ü  India makes big strides in African healthcare

ü  Elon Musk's Starlink to help strengthen internet in remote UK places

ü  Brexit added £210 to household food bills, LSE says

ü  Toyota in £11.3m government deal to develop hydrogen pickup trucks

ü  Gold leaf signwriter has the word on the street

ü  Working from home: 10% Welsh government staff in office each day

ü  BP 'stands to receive blood money’ from Ukraine war

ü  Next rescues fashion chain Joules saving 1,450 jobs

ü  House prices: What happens when they fall?

ü  Egypt Racing to Supply Wind, Solar Energy to Greece, EU Via Submarine Cables

ü  Somalia: The Making of a Global Port, and the Unmaking of a People

ü  Africa's Perfect Energy Cocktail for Power Sufficiency

ü  Africa: Open Skies - African Nations to Pilot Single Air Transport Market

ü  South Africa: Cannabis Sector Has Potential to Eradicate Poverty

 


 

 


 <mailto:marketing at willdale.co.zw> 

BP 'stands to receive blood money’ from Ukraine war

BP stands to receive "blood money" through its investments in Russia, a leading adviser to Ukraine's president has warned.

 

Oleg Ustenko said BP is entitled to hundreds of millions of pounds from its stake in Russian energy giant Rosneft.

 

BP said it was no longer receiving any profits from Rosneft.

 

It still planned to sell its shareholding in Rosneft, a move it announced immediately after Russia's invasion of Ukraine, it added.

 

Russian energy firms have made bumper profits this year, despite sanctions against the country, because the invasion of Ukraine, and subsequent sanctions, have pushed up the price of oil and gas on the global market.

 

Rosneft is one of the country's largest energy producers. Its chairman, billionaire industrialist Igor Sechin, is considered by the UK government to be a "particularly close and influential ally" of Russian President Vladimir Putin.

 

Mr Ustenko, who advises President Zelensky on economic affairs, has written to BP's chief executive, Bernard Looney, urging him to set out a plan to ensure his business does not profit from the war.

 

In his letter he wrote: "This is blood money, pure and simple, inflated profits made from the murder of Ukrainian civilians."

 

Prior to Russia's invasion of Ukraine, BP had a 19.75% shareholding in Rosneft.

 

In the early days of the conflict BP announced plans to get rid of that stake, gave up its two seats on the Rosneft board, and wrote off the value of the investment in its accounts.

 

However, BP remains a shareholder in Rosneft. Insiders argue that the divestment process is ongoing, but has been far from simple due to the political situation.

 

'Historic mistake'

Last month, Rosneft announced plans to pay a dividend of 216bn roubles (£2.9bn) to investors, covering the first nine months of the year.

 

The campaign group Global Witness said that meant BP should be entitled to £580m - a sum it claims is equivalent to more than a third of the direct financial assistance so far provided by the UK to Ukraine.

 

In his letter to the BP chief executive, seen by the BBC, Mr Ustenko cited this figure and pointed out that because BP is still a Rosneft shareholder, it is owed the money.

 

"BP will receive this money into a restricted Russian bank account, a clear indication of the historic mistake your company has made - but all the same, BP will receive the dividend," he wrote.

 

Mr Ustenko said BP's strategy appeared to be to "wait out the storm, returning to business as usual when the war is over".

 

He calls on BP, if it does receive those profits, to establish a fund dedicated to Ukrainian victims of the war.

 

No return

In a statement, BP said it still planned to leave Russia, and had no intention of returning to "business as usual".

 

It stressed that it had already written off investments worth more than $24bn (£20bn), and no longer reported any income from Rosneft, reducing its stated earnings by some $2bn a year.

 

"Since our decision, BP has not received any dividends from the Rosneft shares," BP added.

 

"It is our understanding that, under Russian regulations, any payments to a company in an 'unfriendly state' such as the UK would go into a highly restricted Russian bank account, from which money could not be transferred without Russian government approval."-BBC

 

 

 

 

North Korea hit with sanctions after ballistic missile tests

The US and its Asian allies have imposed sanctions on three North Korean senior officials associated with the country's recent missile tests.

 

Pyongyang launched a record number of ballistic missiles more than 60 - this year, and tested several intercontinental ballistic missiles.

 

Jon Il Ho, Yu Jin, and Kim Su Gil allegedly "played major roles" in developing the weapons.

 

Japan, South Korea, and the EU have also imposed sanctions.

 

North Korea has faced tough sanctions imposed by Western countries for years. Under these new sanctions, all US-based assets of the North Korean officials will be frozen. They will be barred from any transactions with any business or individual in the US.

 

"Today's actions have been taken in close coordination with the Republic of Korea and Japan and further align our policies with our EU partners on the global DPRK threat," a statement from the US State Department. said.

 

"These steps also underscore our sustained resolve to promote accountability in response to Pyongyang's pace, scale, and scope of ballistic missile launches."

 

The last missile test happened on 18 November when Japan's defence minister said North Korea launched an intercontinental ballistic missile with enough range to hit the US mainland. It landed in the sea roughly 210km (130 miles) west of Hokkaido, Tokyo said.

 

Pyongyang conducted six nuclear tests between 2006 and 2017, and has reportedly completed preparations for a seventh test. Experts believe it may use the opportunity to test a compact nuclear device. They also say North Korea is working to improve its short-range missiles and conventional military capabilities.

 

The country has become more assertive under Kim Jong-un who has overseen much of the recent development of its weapons programme, and four of the six nuclear tests so far.

 

"Recent launches demonstrate the need for all countries to fully implement UN Security Council resolutions, which are intended to prevent the DPRK from acquiring the technologies, materials, and revenue Pyongyang needs to develop its prohibited WMD and ballistic missile capabilities," according to a US Treasury statement.

 

However, some American analysts say sanctions like these are symbolic and have not changed Pyongyang's behaviour.

 

"We (US) can sanction North Korea all we want. But to have a real impact, we should also suspend US dollar correspondent bank access of those mainland Chinese institutions handling Kim's regime cash," said Sean King, a consultant at Park Strategies.-BBC

 

 

 

Kanye West no longer to buy Parler social media platform

Kanye West is no longer buying the right-wing social media platform Parler, the firm said, just a month after the tie-up was first announced.

 

Parler's chief executive announced on social media decision was made "in the interest of both parties".

 

The rapper, who has changed his name to Ye, has been widely criticised after making a series of anti-Semitic remarks.

 

Firms including Adidas and Gap have stopped working with him.

 

 

The BBC is not responsible for the content of external sites.

View original tweet on Twitter

"The company has mutually agreed with Ye to terminate the intent of sale," Parlement Technologies said in a statement.

 

The firm said the decision was made in mid-November.

 

West had his Instagram and Twitter accounts restricted last month over the anti-Semitic content of his posts.

 

Twitter recently reinstated his account after Elon Musk took over the social media platform. However, Mr Musk suspended Ye's account today after his latest post saying he "again violated rule against incitement to violence."

 

Parler, which is a much smaller platform, is popular with conservatives and the far right, and styles itself as a "free speech" alternative to mainstream platforms.

 

"Parler will continue to pursue future opportunities for growth and the evolution of the platform for our vibrant community," the firm said in its statement.-BBC

 

 

 

Brexit: Progress on trade deals slower than promised

The government is set to miss its target for securing post-Brexit trade agreements, as figures show a 15% fall in the number of UK exporters.

 

At the 2019 election the Conservatives promised to get agreements covering 80% of UK trade by the end of this year.

 

The most recent figures suggest it will be just 63%.

 

A government source said a trade deal with the US had been crucial to meeting the target, but the Biden administration was not prioritising it.

 

The government also set a target this year to agree a free trade deal with India by Diwali, on 12 November, which was missed.

 

Deals have been signed with the EU and 71 countries including Australia, New Zealand and Japan.

 

The Japanese deal was criticised earlier this year after government figures showed exports in UK goods and services had fallen to that country in the past year.

 

Former Environment Secretary George Eustice also criticised the Australia deal, arguing it was "not actually a very good deal for the UK".

 

A Department for International Trade source said: "We've set our sights high but recognise to meet this ambition we need a deal with the US, and it is clear the Biden Administration are not prioritising negotiating trade deals with other countries.

 

"We're ready to progress talks when the US are, and in the meantime are working hard to secure trade wins for British firms such as removing barriers to American markets worth millions of dollars, resolving disputes like the steel and whisky tariff issues, and pursuing agreements with individual US states."

 

Separately, HM Revenue and Customs data shows the number of UK firms classed as exporters fell from 149,443 in 2020 to 126,812 in 2021.

 

David Overton runs SplashMaps, who produce fabric maps including OS and Michelin maps that are waterproof.

 

They sell to consumers, but also to the military.

 

Mr Overton said they have always sold to other countries - predominantly the US, but also to Europe.

 

Their third biggest export destination was Germany, but Mr Overton says the company has ceased all trade with Germany now because of changes since Brexit, resulting in a 2-5% drop in turnover.

 

He told the BBC he noticed all his exports to Germany were being "bounced back" to the UK.

 

He realised this was due to an EU directive on plastics and waste in packaging, which Germany requires exporters to sign up to through a register called LUCID.

 

"We didn't know there was a registration process," he said.

 

"I think what the government could really do is pay for expertise to get these messages out."

 

line

Exporters fell in every nation and region of the UK, but the decline was steepest in the South East of England (23%) and the North West of England (15%), with the lowest decline being in Northern Ireland (4%), the figures show.

 

Northern Ireland is the only part of the UK that has remained in the EU's single market, which was agreed to prevent a hard border on the island of Ireland but has led to checks on some goods travelling from Great Britain to Northern Ireland.

 

Tina McKenzie, of the Federation of Small Businesses, said firms were seeing a "sustained suppression of exports" since the UK's trade deal with the EU came into force.

 

Labour's shadow international trade secretary Nick Thomas-Symonds said the data highlighted a "worrying future trend" and showed the government had "failed to provide the support necessary for exporters".

 

He said Labour would remove barriers to trade with the EU, but ruled out seeking to re-join the single market or customs union - or return to freedom of movement.

 

Instead, the party would seek a veterinary agreement to reduce barriers for agricultural exports, and "sort out" the Northern Ireland protocol that has increased checks between Great Britain and Northern Ireland, he told the BBC.

 

Labour would also seek mutual recognition of professional qualifications to allow more service industries to trade with the EU, seek "equivalent" data protection rules to enable digital services to compete, and find "flexible labour mobility arrangements" for musicians and artists seeking short-term visas to tour in the EU.

 

On Wednesday, International Trade Secretary Kemi Badenoch said the UK "should be doing better" on trade, but was recovering from global factors such as Covid and the war in Ukraine.

 

She told a Commons committee the UK had fully left the EU only at the beginning of 2020, and that "the full impact of what we're going to see post-Brexit and all of the free trade agreements is yet to be seen".

 

Ms Badenoch's department said exports were "bouncing back" after the pandemic and had reached £748bn in the last 12 months, an increase of £132bn.-BBC

 

 

 

India makes big strides in African healthcare

Like many African doctors, Peter Mativo had to travel overseas to complete his training.

 

In 2007 he left Kenya for Bangalore to pursue his goal of becoming a neurologist. After 18 months in India, he returned to Kenya and now works at the Aga Khan University Hospital in Nairobi.

 

"Most of us train in India, as Africa is not a developed continent. We have a very poor economy with no medical infrastructure in place nor specialised training," he says.

 

"I would have never been able to get a specialised degree if I would have not opted for India," Mr Mativo says.

 

India is keen to strengthen such ties with Africa. It has identified the healthcare sector as one area where trade between the continents can flourish.

 

So young African doctors are encouraged to finish their training in India, meanwhile Indian healthcare firms are expanding all over Africa.

 

"The African market is a natural fit for Indian pharmaceutical companies, as India is the largest provider of generic medicine in the world," says Nisht Dubey.

 

Generic drugs made in India can sell at a quarter of the price of a branded equivalent, which makes them a popular choice in less well-off parts of the world.

 

"There is a big gap between demand and supply of medicines in Africa, with a huge disparity among rich and poor," says Mr Dubey.

 

Spurred by a shortage of medicine and hospital equipment in Kenya during the Covid crisis, Mr Dubey set-up Goodstrain Pharma in 2020. It imports medicine and medical products from all over the world into Kenya.

 

Goodstrain's warehouse and corporate offices are in Nairobi, but Mr Dubey wants it to expand across East Africa.

 

"Africa is the only pharmaceutical market where genuinely high growth is still achievable," says Mr Dubey, who is originally from Uttar Pradesh in northern India.

 

But getting a firm going in Kenya has not been easy. Goodstrain's very first shipment to Kenya was held up at customs for weeks - a major setback for the young firm.

 

Mr Dubey says they were not ready for the web of regulations covering imports. Now a third party, which specialises in clearing imports, handles that for them.

 

A medical officer is seen preparing to administer a covid-19 vaccine jab to a man at The Nakuru County Referral and Teaching Hospital. In May 2022

 

 

Africure Pharmaceuticals, has gone one step further than Goodstrain, by manufacturing pharmaceuticals in Africa.

 

The company, only founded in 2017, already has nine manufacturing facilities in Africa, employing 300 people across Cameroon, Namibia, Botswana and Côte d'Ivoire, with plans to build plants in Ethiopia and Zimbabwe.

 

Africure's factories make medications to treat pain, fever, inflammation, malaria, diabetes andhypertension, as well as a wide range of antibiotics.

 

"Africa over the years has been dependent on imports of medication from Europe, India, and China, which has resulted in the draining of precious foreign exchange, non-creation of job opportunities, and suffering the vagaries of supply and demand," says Sinhue Noronha, founder and chief executive of Africure Pharmaceuticals.

 

Originally from Mumbai, Mr Noronha, hopes his firm will help tackle some of the problems in African healthcare.

 

"Our primary objective is to solve the persistent issues such as affordability, availability, low quality, technological dependence, and reliance on imports.

 

"All of our plants and distribution setups are engaged primarily to provide an uninterrupted supply of essential medicines."

 

Mr Noronha says that Indian firms have a head start over rivals from elsewhere in the world.

 

"Indian manufacturers and importers are able to understand the African market because of our large diaspora presence in Africa."

 

Even with those connections, Mr Noronha, has found building a business in Africa a bumpy experience.

 

"The biggest challenge is political instability. I may get a permission today to set up a manufacturing unit, and tomorrow the government or the health minister may resign. One has to be ready for any kind of eventuality," he says.

 

He also says that personal safety is a consideration.

 

"Security is another big concern. murder and kidnapping are common in Africa. We Indians have to be very careful," he says.

 

Broadly, Indian healthcare firms have a good reputation in Africa, but that hard won image has recently suffered significant damage.

 

Police in The Gambia are investigating the deaths of 66 children, which have been linked to four brands of imported Indian cough syrup.

 

In October, the World Health Organization (WHO) issued a global alert over the cough syrups - warning they could be linked to acute kidney injuries and the children's deaths in July, August and September.

 

"The Gambia incident is an aberration and we should feel bad about it," says Udaya Bhaskar, director general of Pharmexcil, which promotes the export of Indian pharmaceuticals.

 

"This incident will certainly be a dent in our exports and the image of Indian pharma," he says.

 

But he thinks the reputational damage will be short-lived.

 

"The important factor is that Africa is very dependent on other countries and India produces very good quality medicine, so the Gambia impact will be short-term."

 

Back in Nairobi, Dr Mativo says the problem is the lack of testing facilities in Africa.

 

"The Gambia incident is sad. The biggest problem is we are not financially strong, nor do we have facilities which can check the standards of medicine supplied to us."

 

He would like to see more products produced locally.

 

"In Africa most of the population cannot afford branded medicine... what we need is training and setting up manufacturing units in Africa."-BBC

 

 

 

 

Elon Musk's Starlink to help strengthen internet in remote UK places

Elon Musk's satellites are to be part of a UK trial to get high-speed internet to remote homes and companies.

 

The enhanced package of connectivity - operated by his Starlink technology - is part of government plans to ensure everyone can access reliable coverage.

 

It will test how more than 3,000 low-Earth orbit small satellites can be used to help more than a dozen "very hard to reach" places.

 

The rollout will initially be trialled at three remote locations.

 

They are the 12th-Century Rievaulx Abbey in North York Moors National Park, Wasdale Head in the Lake District and within Snowdonia National Park.

 

After the trials, the government will consider the viability of using the technology.

 

Recent tests have shown that in many locations, Starlink satellites can deliver internet speeds of up to 200 megabits a second - four times faster than the current UK average of just over 50Mbps, said the Department for Digital, Culture, Media and Sport.

 

Digital Secretary Michelle Donelan said satellites could "be the answer" to getting isolated places connected and that it was "crucial" to the government's Levelling Up plan.

 

"These trials aim to find a solution to the prohibitively high cost of rolling out cables to far-flung locations," she said.

 

Broadband signals beamed down by relatively low-flying satellites can be an effective way for remote areas to get high-speed internet access, especially when they cannot be reached by copper cables.

 

Parts of Ukraine, for example, have had free access to the Starlink service to help people there stay connected after Russia's invasion.

 

Mr Musk made the commitment to continue funding the project, despite it running at a loss.

 

"Even though Starlink is still losing money and other companies are getting billions of taxpayer dollars, we'll just keep funding Ukraine government for free," he tweeted.

 

Starlink has been vital for Ukraine's military and people to stay online.

 

This is the latest announcement in the government's £5bn Project Gigabit initiative, with the ambition of getting rid of the UK's notspots - areas where there is no internet. There are still many more than you may think.

 

Satellite broadband is a decent option where operators can't get cables or it simply isn't economically viable to install them - but it's also the most expensive for consumers.

 

It's not clear how much the government will be paying Starlink, but it costs about £89 per month for ordinary customers, after the £529 fee for the equipment.

 

What has raised eyebrows is that it has chosen not to use OneWeb, the British satellite broadband firm in which it invested hundreds of millions of pounds just two years ago to save it from bankruptcy.

 

That firm is now being taken over by French company Eutelsat. The UK said it went with the technology which was "available and ready" to use - which does not sound like a huge vote of confidence in its own stake.-BBC

 

 

 

 

Brexit added £210 to household food bills, LSE says

Brexit added £210 to the average household food bill in the two years to the end of 2021, new research suggests.

 

Academics at the London School of Economics (LSE) found that the cost of food imported from Europe went up because of extra red tape and checks.

 

They said that rule changes for items going across the border had pushed food prices up by 6%, or £5.84bn overall.

 

A government spokesperson said that it was cutting costs and reducing red tape for firms.

 

The research noted that UK food producers had faced reduced competition since Brexit.

 

Researchers at the LSE's Centre for Economic Performance (CEP) looked at data tracking the flow of trade and prices of food products between the UK and the European Union (EU) to work out how shoppers were being affected by the UK's exit.

 

It also found that price rises hit poorest households hardest because they spend more of their pay packets on food.

 

Banner saying 'Get in touch'

How is the rising cost of living affecting you? What questions do you have about the increase in food prices? Get in touch.

 

Their calculations sought to isolate the effects of Brexit and separate them out from other supply chain issues that caused disruption during the pandemic.

 

The research found the increase in food prices was due to a rise in "non-tariff barriers" to trade between the UK and the EU, which included things like new customs checks at the borders, new paperwork requirements and broader measures affecting the movement of animals and plants.

 

Although the extra checks didn't come into force until 2021, one of the co-authors of the research, Nikhil Datta, said it was likely firms made "anticipatory" changes around the "hard Brexit" pursued by former prime minister, Boris Johnson.

 

Mr Datta added that these non-tariff barriers should be a "first-order concern" for politicians and policymakers.

 

The paper also looked at the cost of setting up for new systems, such as hiring specialist staff to be able to manage the trade in products that are subject to more checks.

 

The CEP suggested that between 50% and 88% of price rises seen by these EU exporters and UK importers were being passed on to customers.

 

Inflation, which tracks how prices rise over time, has hit its highest rate in 40 years.

 

Richard Davies, a professor at the University of Bristol and co-author of the study, said: "Many factors, affecting both supply and demand for goods and services, are involved. One factor in this high inflation has been the rise in non-tariff barriers for trade with the EU.

 

"In leaving the EU, the UK swapped a deep trade relationship with few impediments to trade for one where a wide range of checks, forms and steps are required before goods can cross the border," he added.

 

The report said that immediately after the December 2019 general election, food prices from the EU spiked as businesses reliant on products and ingredients from the bloc started to pass costs on.

 

The price rises varied according to the type of product, but was generally higher for those products like meat with lots of extra paperwork and checks required, whereas those for vegetables like onions, carrots and broccoli, which might also depend on seasonal availability, was lower.

 

The report said overall that less well-off households had seen bigger price rises as a result, due to the fact they spend a higher proportion of their income.

 

It suggested that one benefit seen from Brexit was that food producers in the UK now faced less competition from farmers and producers in Europe.

 

But it added that overall the gain seen was outstripped by the losses seen by shoppers by more than £1bn.

 

A spokesman for the Department for International Trade said: "We recognise that people are struggling with rising prices due to global inflationary pressures here in the UK, EU and across the world."

 

He added that the government is "protecting millions of the most vulnerable families" through the energy price guarantee aimed at keeping bills down, as well as specific support for lower-income and pensioner households.

 

"Our trade agreement with the EU is the world's largest zero-tariff, zero-quota deal, and by also removing tariffs on £30bn of goods, we are cutting costs and reducing red tape," he added.-BBC

 

 

 

Toyota in £11.3m government deal to develop hydrogen pickup trucks

Toyota has signed an £11.3m deal to help it develop a new range of hydrogen-powered pickup trucks.

 

The agreement could create up to 250 jobs across the UK, according to the government.

 

The funding will allow Toyota to set up a pilot production line for its Hilux FC model at its plant near Derby.

 

Research carried out there could eventually pave the way for trucks to be built at the company's Deeside factory in Wales.

 

The Department for Business, Energy and Industrial Strategy is investing £5.6m in the research scheme, based at Burnaston, with a further £5.7m coming through the Advance Propulsion Centre UK (APC) - an industry body which supports work to decarbonise transport.

 

Hydrogen-powered vehicles do not use electricity stored in a battery but generate it, with zero emissions, through a chemical reaction between hydrogen and oxygen.

 

The government said that hydrogen vehicles were better suited to isolated settings like farms and quarries, where pickup trucks are already commonly used, and the infrastructure for electric vehicle charging is impractical.

 

Business Secretary Grant Shapps said: "Seizing the potential from new technologies will be a key part of its future success, while also making our roads cleaner, greener and more affordable.

 

"This multi-million-pound boost - created by government working hand-in-hand with industry - will put firms in pole position to pioneer these innovations, staying at the cutting edge of the global race for decades to come."

 

Managing director at Toyota Manufacturing UK Richard Kenworthy said: "This exciting project allows Toyota the opportunity to develop a unique fuel cell commercial vehicle on the iconic Hilux platform, in the UK.

 

"This will significantly contribute to the skill base not only within Toyota in the UK but also through the consortium partners and wider supply chain."

 

APC chief executive Ian Constance said: "Supporting vital research and development in the UK, now more than ever, provides an opportunity to invest in transport decarbonisation as well as boost growth in the automotive sector."

 

The Toyota deal is one of five announced on Friday which have a total of £73m of backing from the APC.

 

Other schemes will the development of a new method for manufacturing permanent magnet electric motors in Bridgwater in Somerset, and a hydrogen fuel cell-powered HGV cab and tractor unit in Glasgow.

 

A project to provide lower carbon and lower cost sources of recycled aluminium alloys for the car industry is also being developed in Slough and there is funding to develop methane powered, off-road heavy tractors in Basildon, Essex.

 

-BBC

 

 

 

Gold leaf signwriter has the word on the street

A signwriter whose new, big letters are getting a new, big audience explains how he has left behind the "flounce and nonsense" of his former life in graffiti and found instead freedom and a "kind of magic".

 

Over the last 15 years, signwriter Jim Kerr has become accustomed to producing intricate work with delicate pieces of gold leaf and a steady hand.

 

But the Birmingham-based artist has also been working on a much larger scale by delivering giant slogans at property developments in the city.

 

In all tasks, though, his background in producing type is key.

 

Before turning to signwriting, the father-of-two was a successful street and graffiti artist, exhibiting his work around the world.

 

"I was producing artwork and selling artwork and the direction my artwork was going in was very type heavy," he said.

 

"And a lot of the styles of lettering that I wanted to use, I couldn't find as fonts on the computer because they weren’t fonts, they were hand-painted by signwriters.

 

"So in my naivety I thought 'I’ll just learn to signwrite, it can’t take that long'."

 

He explained: "The chap that taught me said there’s only two things you need to do to be the best signwriter in the world - practice and live long enough. It’s one of those.

 

"Even now, 15 years on, I still learn things daily on the job."

 

On a grander scale, Mr Kerr has also worked with a property group to add a splash of colour to its Birmingham developments.

 

“Our focus is on creating developments that bring redundant buildings back to life and get people talking," said Steve Dodd, founder of Elevate Property Group.

 

"Jim understood straight away what we were trying to do and his authentic signwriting style and outstanding artwork lends itself perfectly to the messages we were looking to create. 

 

“There are so many different developers in the West Midlands, and this is a fantastic way of making Elevate and our schemes stand out from the rest.

 

"Even better still if we are helping Jim keep traditional signwriting alive.”

 

The showcase at development projects has promoted the artist's work in front of a far wider audience.

 

"What I fell in love with about signwriting  is there’s a finite end," he said.

 

"When you’re an artist and you're painting, there's no one there saying ‘right that's done now, next’.

 

"And I struggled to finish paintings or leave them alone, if that makes sense.

 

"Whereas with signwriting, it's very much when you’ve painted the letters, you've painted the drop shadow,  you've done the border, you're done. Next. 

 

"And I found that really a massive kind of freedom in that."

 

So how does signwriting differ from painting?

 

"One of the first things you learn with signwriting is that you’re not painting letters," he said.

 

"You're painting a collection of strokes that create that letter. So that when you're doing work like this, it becomes muscle memory. 

 

"So you're not agonising ‘oh that B doesn't look quite right’. If you've got your strokes in order, your letters are going to be in order.

 

"As long as you’ve got that muscle memory dialled in, your letters are going to look fine.

 

"But when you start dealing in kind of three, four, five, 10-metre high letters, it’s a very different beast because you can’t do that brush stroke from top to bottom.

 

"It almost becomes a bit more mathematical than creative, but it’s still applying paint to a surface, still got to look nice, still got to look like the letters on the draft."

 

 

"I definitely get a sense of satisfaction and I love going back and seeing things that I painted 10, 15 years ago that still look as good as they did then.

 

"That's really satisfying to me," he said. 

 

"That whole street art thing was very ego driven, whereas this is a job, it’s my trade.

 

"It can be taught. It takes all that flounce and ego and nonsense totally out of it and you can just enjoy creating without having to justify it.

 

"They say ‘do something you love for a living and you'll never work a day in your life’." -BBC

 

 

 

 

Working from home: 10% Welsh government staff in office each day

Only one in 10 Welsh government staff is currently working in the office every day.

 

With so many civil servants working from home, the Welsh government is aiming to offer space in its 10 offices to other public sector workers.

 

It said its vision is to "maximise the benefits of office, remote and hybrid working".

 

But Welsh Conservatives said the majority of Welsh civil servants should not be working from home.

 

The party's Senedd leader Andrew RT Davies said it was "concerning just how few civil servants are in the office to ensure the smooth running of government operations in Wales".

 

But the government's aim is to have 30% of the Welsh workforce working at or near to home by 2026.

 

As part of its strategy, it hopes to "be an exemplar" for remote working with "no more than 50%" of civil servants working in one of its offices at a time.

 

In September, 10.4% of staff attended the various Welsh government offices on a daily basis.

 

Of the more than 5,200 staff contracted to work for the government, an average of 549 went to the office every day.

 

Attendance was highest in the Caernarfon office (13.8%) and lowest in Merthyr Tydfil (5.9%).

 

The Welsh government said average daily attendance in October reached 11%.

 

Lying empty

Mr Davies said it means that there are huge parts of the Welsh government estate not being used, and some lying empty, with all the cost implications for this.

 

He asked if entire floors of buildings were being heated for one worker.

 

"When circumstances demand it, no one would begrudge civil servants or anybody else working from home," he said.

 

"I don't believe it should form the basis of standard working patterns for the majority of civil servants," he added. "We have exceptional facilities for our public servants to work in.

 

"If they are not being used, where is the value for money for the taxpayer?"

 

For all the talk of Covid-19 ushering in a new normal, the normalisation of working from home, or hybrid working, is perhaps one of the biggest societal changes.

 

It has clearly led to what could be a major and permanent shift in the working culture among Welsh government civil servants.

 

Labour's approach in Wales could not be more different from the Conservatives' at a UK level: the Welsh government is actively encouraging its staff to work flexibly, while ministers in Westminster have been calling for civil servants to return to the office.

 

But with such a significant change in Welsh civil servants' working patterns, it does raise questions around what the government intends to do with its many offices spread across the country.

 

line

Gareth Hills, national officer of the civil service union FDA Cymru Wales, said the current number of staff working from home showed that "the pandemic has changed the world of work and I think that change is permanent.

 

"We're seeing increased hybrid working and that can allow for even more savings for the taxpayer as less office space is needed," he added.

 

He believes hybrid working "opens up opportunities" for people in rural areas to gain employment with the government so that "it can better reflect the public that it serves."

 

The Welsh government is in discussion with other public bodies about whether they could use some of the spare office capacity.

 

Last week, it was announced the Senedd intends to close its office in Colwyn Bay with staff relocating to the Welsh government offices in Llandudno Junction.

 

Who fancies a four-day working week?

Mums in politics want family-friendly Welsh Parliament

Asked if it intends to keep all of its 10 core offices, it said it would assess the need for each office ahead of the leases at the individual sites coming to an end.

 

'Connect and collaborate'

A Welsh government spokesman said: "Having the flexibility of office, remote and hybrid working brings benefits for local economies, businesses, individuals, and the environment.

 

"These flexibilities increase productivity, improve work life balance, and deliver less air and noise pollution.

 

"Our vision is to maximise the benefits of office, remote and hybrid working for our people and organisation," they added.

 

"We want to support our staff to retain the benefits of remote working while also enabling them to come together in an office environment to connect and collaborate in person."-BBC

 

 

 

 

BP 'stands to receive blood money’ from Ukraine war

BP stands to receive "blood money" through its investments in Russia, a leading adviser to Ukraine's president has warned.

 

Oleg Ustenko said BP is entitled to hundreds of millions of pounds from its stake in Russian energy giant Rosneft.

 

BP said it was no longer receiving any profits from Rosneft.

 

It still planned to sell its shareholding in Rosneft, a move it announced immediately after Russia's invasion of Ukraine, it added.

 

Russian energy firms have made bumper profits this year, despite sanctions against the country, because the invasion of Ukraine, and subsequent sanctions, have pushed up the price of oil and gas on the global market.

 

Rosneft is one of the country's largest energy producers. Its chairman, billionaire industrialist Igor Sechin, is considered by the UK government to be a "particularly close and influential ally" of Russian President Vladimir Putin.

 

Mr Ustenko, who advises President Zelensky on economic affairs, has written to BP's chief executive, Bernard Looney, urging him to set out a plan to ensure his business does not profit from the war.

 

In his letter he wrote: "This is blood money, pure and simple, inflated profits made from the murder of Ukrainian civilians."

 

Prior to Russia's invasion of Ukraine, BP had a 19.75% shareholding in Rosneft.

 

In the early days of the conflict BP announced plans to get rid of that stake, gave up its two seats on the Rosneft board, and wrote off the value of the investment in its accounts.

 

However, BP remains a shareholder in Rosneft. Insiders argue that the divestment process is ongoing, but has been far from simple due to the political situation.

 

'Historic mistake'

Last month, Rosneft announced plans to pay a dividend of 216bn roubles (£2.9bn) to investors, covering the first nine months of the year.

 

The campaign group Global Witness said that meant BP should be entitled to £580m - a sum it claims is equivalent to more than a third of the direct financial assistance so far provided by the UK to Ukraine.

 

In his letter to the BP chief executive, seen by the BBC, Mr Ustenko cited this figure and pointed out that because BP is still a Rosneft shareholder, it is owed the money.

 

"BP will receive this money into a restricted Russian bank account, a clear indication of the historic mistake your company has made - but all the same, BP will receive the dividend," he wrote.

 

Mr Ustenko said BP's strategy appeared to be to "wait out the storm, returning to business as usual when the war is over".

 

He calls on BP, if it does receive those profits, to establish a fund dedicated to Ukrainian victims of the war.

 

No return

In a statement, BP said it still planned to leave Russia, and had no intention of returning to "business as usual".

 

It stressed that it had already written off investments worth more than $24bn (£20bn), and no longer reported any income from Rosneft, reducing its stated earnings by some $2bn a year.

 

"Since our decision, BP has not received any dividends from the Rosneft shares," BP added.

 

"It is our understanding that, under Russian regulations, any payments to a company in an 'unfriendly state' such as the UK would go into a highly restricted Russian bank account, from which money could not be transferred without Russian government approval."-BBC

 

 

 

Next rescues fashion chain Joules saving 1,450 jobs

Clothing chain Joules has been rescued from administration by retail giant Next and founder Tom Joule.

 

Under the £34m deal, Next says it intends to keep about 100 Joules stores open and save 1,450 jobs.

 

However, 19 stores will be closed with immediate effect with the loss of 133 posts.

 

Joules, known for its premium, brightly-coloured clothes, collapsed into administration last month after failing to secure emergency investment.

 

Like other retailers, the Leicestershire-based firm has struggled against a backdrop of the coronavirus pandemic and cost-of-living pressures.

 

Under the terms of the deal, Next will take a 74% stake in the business, with Tom Joule owning the rest. Next has also paid £7m to buy the current Joules head office.

 

Next will continue to operate Joules' website but will also sell Joules-branded clothing through its own e-commerce platform from 2024.

 

The chief executive of Next, Simon Wolfson, said: "We are excited to see what can be achieved through the combination of Joules' exceptional product, marketing and brand building skills with Next's Total Platform infrastructure."

 

Mr Wolfson said that after completion of the rescue deal, he would "take the lead in re-establishing the clear identity of both brand and product".

 

Warning that stores face a difficult Christmas

Tom Joule, who founded Joules in 1989, said the deal would protect the future of the company for its "loyal customers, its employees and also for the town of Market Harborough, which have been so central to Joules' success".

 

Mr Joule stepped back from designing Joules' products in 2019, but recently returned to be the company's product director.

 

This is a good outcome for Joules. And it's the second business Next has bought out of administration in the space of about a month.

 

Joules had been seen as a success story, valued at £140m when it floated on the stock exchange in 2016. Today though, after tough competition, Next snapped up most of it for £34m.

 

Joules had lost its way. It spent £20m on a new head office less than a year ago and it also bought an online furniture accessories business, adding complexity and cost.

 

Store closures are painful but this swift rescue deal means Joules will survive as a brand on the High Street as well as benefit from Next's online infrastructure to drive sales.

 

Presentational grey line

Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, said the deal was "not without risk" for Next.

 

''The deal with founder Tom Joules will see the distinctive wellies, coats and fleeces sold alongside its directory of other brands at a time when consumer spending power has taken a hit," she said.

 

"Although this is a tried and tested strategy with Reiss, Gap and Victoria Secret... there are niggles of worry that this retail powerhouse could soon be biting off more than it can chew."

 

"Next also has to devote attention to the effect of soaring inflation on its wider business, which is looming large over the group's customer base, and regardless of management's best efforts, it's likely to squeeze margins," she said.

 

Cost of living

Joules is the latest brand to be picked up by Next after getting into trouble.

 

Last month, Next bought furniture retailer Made.com's brand name, website and intellectual property after that company fell into administration.

 

In April, Next took a 44% stake in baby goods retailer JoJo Maman Bebe as part of a deal which saw the rest of the business acquired by a group of finance firms.

 

There are fears other retailers could struggle as the cost of living soars.

 

High Street giant Marks and Spencer has warned of a "gathering storm" of higher costs for businesses and pressure on household budgets, adding that "all parts" of retail will be affected.-BBC

 

 

 

 

House prices: What happens when they fall?

Annual house price growth has slowed, and the latest monthly figures show a fall, according to Nationwide.

 

It follows the Bank of England's decision to increase interest rates to 3%, meaning higher mortgage costs for many. Further rate rises are expected.

 

What is happening to house prices?

In the last two years, prices rose steeply - by about a quarter - across most of the UK.

 

That pace of growth was much faster than that seen after the 2008 global financial crisis, where houses lost about a sixth of their value and it took five years, on average, for prices to recover.

 

House price graphic

However, they have now started to slow.

 

Nationwide's figures show prices fell by 1.4% between October and November - the sharpest monthly drop since the middle of 2020.

 

On an annual basis, it found prices grew by 4.4% compared to 7.2% in October.

 

The building society said the housing market looked set to "remain subdued" in the coming months.

 

Will house prices fall in the UK?

Monthly changes can be blips, but the UK's largest lender, Lloyds, is planning for an 8% price fall next year.

 

In November, the Office of Budget Responsibility (OBR), which advises the government on the health of the economy - predicted that house prices will drop by 9% over the next two years.

 

Big jumps in interest rates put pressure on the amount people can afford to offer for houses, and that means less demand.

 

Mortgage affordability also depends on wider cost-of-living pressures like energy bills, wages and job security. The future of house prices depends on the economy as a whole.

 

What happens when house prices fall?

Falling house prices have the biggest immediate effect on people who want to move.

 

Some sellers may decide to delay putting their homes on the market. Homeowners who are considering moving may find they have less money to spend.

 

There were fewer property sales this year than in the 12 months leading up to last summer's surge in prices before the temporary stamp duty reduction ended.

 

But if interest rates stay high, an increasing number of people will come off fixed-price mortgages (about 100,000 each month) to new, higher rates.

 

Some homeowners will find higher the-BBC

 

 

 

Egypt Racing to Supply Wind, Solar Energy to Greece, EU Via Submarine Cables

Cairo — As Europe braces for an unusual winter due to a global energy crisis, Greece is embarking on one of Europe's most ambitious energy projects by connecting its electricity grid to Egypt's.

 

An underwater cable will transport 3,000 MW of electricity to power up to 450,000 households from northern Egypt to Attica in Greece.

 

In October, the two countries agreed to construct the Mediterranean's first undersea cable to transport electricity generated by solar and wind energy in North Africa to Europe. The project's total length is 1373 kilometres.

 

The Copelouzos Group is in charge of the project, and its executives met with Egyptian leaders in October to speed up the process.

 

The agreement comes at a time when Greece, Cyprus, and Israel want to invest $900 million in constructing a line connecting Europe and Asia that will be the longest and deepest energy cable across the Mediterranean.

 

 

At a ceremony in Athens, Greek Energy Minister Costas Skrickas and his Egyptian counterpart Mohamed Shaker signed a memorandum of understanding on the project.

 

"This connection benefits Greece, Egypt, and the European Union," Skrickas said.

 

He explained that the project would help to build an energy hub in the eastern Mediterranean and improve the region's energy security.

 

Besides boosting the share of renewable energy sources in the energy mix and lowering greenhouse gas emissions in the energy sector, the project is anticipated to enable the export of renewable energy from Egypt to Greece in periods of high renewable energy generation and vice versa.

 

According to Dr Ayman Hamza, spokesman for the Ministry of Electricity, the Egyptian-Greek electrical connectivity project has significant technical, economic, environmental, and social benefits. The project aims to establish a robust interconnection network in the Eastern Mediterranean to increase the security and dependability of energy supplies, as well as to assist in the event of transmission network breakdowns, interruptions, and emergencies, and to raise the level of security of electrical supplies.

 

 

The project, scheduled to start in 2028, is a significant component of the two nations' ongoing strategic relations and cooperation. It will speed up the development of the energy corridor by increasing the supply of electricity to Egypt and Greece while balancing energy demand, encouraging responses to the challenges of climate change, and reducing emissions, all of which will contribute to the corridor's continued growth, Hamza told IPS.

 

"We have 16 memorandums of understanding related to green hydrogen," he explained, adding that "there is a great demand from investors to invest in renewable energy, whether the sun or wind."

 

 

"On the margins of the COP27 climate conference, it is expected that extremely major agreements on the level of green hydrogen and others, with great experience, will be signed," Hamza elaborated.

 

The possibility of Egypt increasing its reliance on renewable energy, he continued, is made possible by a large number of investors pouring money into solar and wind energy. He stated that Egypt would become a regional renewable energy hub.

 

Egypt has electrical interconnection lines with Libya and Sudan, and we are collaborating with other African organizations to take significant steps to connect Africa and Europe through electrical interconnection. Because Africa is a major energy source, this will benefit both continents, the spokesperson continued.

 

According to Dr Farouk Al-Hakim, Secretary-General of the Egyptian Society of Electrical Engineers, Egypt's export of electricity indicates a surplus, which generates a significant economic return, strengthens Egypt's political position, and transforms Egypt into a regional energy hub, in addition to the numerous job opportunities created in operation and maintenance.

 

Al-Hakim told IPS that Egypt has a significant surplus due to the installation of three enormous power stations in the past several years in the administrative capital, Burullus, and Beni Suef, as well as solar plants, including the Benban facility, which is the biggest in Africa and the Middle East.

 

The electrical connection currently offers many benefits, he continued, particularly given that Europe, like most other nations worldwide, is experiencing an energy crisis due to the Russian-Ukrainian conflict. Therefore, it is a good idea to start with two nations that have shared a history with Egypt, such as Greece and Cyprus, he added.

 

IPS UN Bureau Report

 

Follow @IPSNewsUNBureau

 

-IPS.

 

 

 

Somalia: The Making of a Global Port, and the Unmaking of a People

Having survived centuries of successive governments, colonialism and war, have Berbera's dockworkers finally met their match?

 

Somaliland's dockworkers have been part of the unique fabric of the breakaway republic - and the broader Horn of Africa region - for centuries. Known locally as Geelle or Geelaha Dekeda - Somali for "camel" or "camels of the port" respectively - this association of men have carried heavy goods on their backs, moving like a caravan from docks to warehouses under high temperatures and humid conditions, since at least the 19th century.

 

Since then, the Geelle have been an integral part of Somaliland's infrastructure and history. Today, the dockworkers' professional association, in which membership is inherited through kinship, is well known in the de facto sovereign state. Many of the group's hees hawleed ("work songs") - spontaneously composed while loading and unloading ships - have become famous across Somali-speaking regions of the Horn. During the Ethio-Somali war in 1977-78, one such song became notorious for revealing to the people how military officers had secretly ordered the dockworkers to divert sugar to the army. "You are wondering and waiting for a sack of sugar which travelled to Godey [a city in Ethiopia] at midnight wearing a military uniform," it went. More recently, Geelle work songs describing everyday activities and perceived injustices have spread online through platforms like YouTube and TikTok.

 

 

For hundreds of years then, the Geelle have persisted through successive democratic and military governments, colonial rule, and the Somali civil war. However, their toughest challenge may be unfolding today. In 2017, the UAE-based DP World, a leading global port operator and logistics giant, signed an agreement with the Somaliland government to modernise Berbera, the region's main port. This may change everything for the Geelle.

 

As one dockworker told us in May 2022: "We have been doing the work manually, and there is no reason to purge us from the port, but the modernisation of the port puts a great risk to our future."

 

 

The modernisation of Berbera

 

Since taking over Berbera, DP World has expanded the quay by 400m, established a new container terminal, and recently launched 'Berbera Economic Zone', a free zone that exempts traders and business partners from taxation for re-exports and allows them to employ foreign labour.

 

In 2021, the multinational also started managing the port's operations, with the latest in crane models becoming operational that June. Since that shift, just 30% of goods arriving to the port have been unloaded and reloaded by the Gelle.

 

In Somaliland, as elsewhere, containerisation - which allows goods to be transferred across various modes of transport without unpacking - has made much traditional dock work redundant. The majority of manual labour has been replaced by computerised work in cranes and offices. This has increased the turn-around speed of goods and profoundly changed the kind of port work required. Despite the dockworkers' efforts, DP World has declined to hire them, though the company has recruited 500 Salavtore, labourers who arrange goods inside ships before the crane lifts them up. Most of them worked in the port before DP World and now receive regular income and, so far uniquely in Berbera, medical insurance.

 

 

Nonetheless, these overall shifts have integrated Berbera into what anthropologist Anna Tsing describes as "supply chain capitalism" - new and innovative ways of linking labour, capital, and nature into a global network of containerised commodity production and distribution. They are also an illustration of how the "just-in-time" containerised global trade has placed dockworkers in complex technological chains of maritime logistics in which working conditions and power structures have altered.

 

Between aspiration and despair

 

While the dockworkers have been allowed to continue working at Berbera, their status and future remain uncertain. As has happened in other port cities around the world, the Geelle and their families may have to migrate to find work elsewhere before long. This would not only end centuries of history and change the port's job markets, but it could transform the whole urban outlook of Berbera.

 

However, the Geelle are not ready to simply disappear just yet. Their labour union has more than 1,000 members and continues to negotiate with the Somaliland Port Authority. In the last few years, dockworkers have organised several protests, claiming that they are losing their jobs and rights, and demanding regular employment in the port. During these protests, the association itself has faced conflicts, as many members feel the organisation has stopped representing their interests. These splits are hampering the Geelle's negotiation power vis-a-vis both Somaliland Ports Authority and DP World.

 

It should also be noted that not all Geelle are against the port's modernisation. Some believe the new infrastructure will lead to more wealth and comfort. These individuals are resigned to seeing an end to the physically demanding labour of loading and unloading ships manually in extreme weather and imagine a future in which their children operate computers in the air-conditioned offices at the port.

 

While many Geelle despair at the manner and effects of the developments at Berbera, one told us: "Things are now changing; there are cranes loading and unloading ships. We are sticking around now to raise our children to go to school and get better jobs. We don't want our children to replace us".

 

Research in this piece was made possible by a grant from Carnegie Corporation of New York. The statements made and views expressed are solely the responsibility of the authors. The research is part of the project: Port Infrastructure, International Politics, and Everyday Life in the Horn of Africa.

 

Nasir M. Ali is a Lecturer of Political Science and International Relations at the University of Hargeisa, Somaliland. Jutta Bakonyi is a Professor in Development and Conflict at Durham University, UK. May Darwich is an Associate Professor of International Relations of the Middle East at the University of Birmingham, UK.

 

-African Arguments site.

 

 

 

Africa's Perfect Energy Cocktail for Power Sufficiency

For Africa to become energy sufficient, it needs to explore all its options to cater to the needs of its 1.3B people.

 

One of the major roadblocks that have thwarted economic productivity and growth in Africa has been gaping energy deficits.

 

Another of Africa's paradoxes, that whilst the continent is endowed with numerous abundant resources for power generation, it has barely benefited from this advantage. Over 640 million Africans have no access to energy, corresponding to an electricity access rate for African countries at just over 40 per cent. This is the lowest in the world, according to the African Development Bank (AfDB).

 

Additionally, 900 Africans million lack access to clean cooking facilities. According to the World Health Organization (WHO), only 28 per cent of health facilities in Sub-Saharan Africa have access to affordable and reliable power.

 

A report by the AfDB indicates that insufficient energy access manifests itself in innumerable ways. It handicaps the operations of hospitals, compromises educational attainment and drives up the cost of doing business on the continent. Conversely, energy access for all is one of the key drivers of inclusive growth as it unlocks economic potential and creates jobs both in rural and urban areas.

 

 

The crisis has further been aggravated by the Russian-Ukraine conflict, which has disrupted global energy supply chains and Africa has not been left unscathed.

 

Inarguably energy is at the core of Africa's development to drive industrialization and upgrade critical sectors such as health, education, infrastructure and manufacturing. African countries have been striving to address this 'energy trilemma', exploring all options to find balance between security, affordability and sustainability; whilst seeking to build a sustainable market across the continent.

 

Just how can Africa rise up to seal these massive deficits and become energy sufficient in order to steer economic growth?

 

 

Being extremely vulnerable to the adverse effects of climate change, Africa has come under pressure to make a green transition by fully adopting renewable sources. Fossil fuels including oil, coal, and natural gas still supply about 80% of the world's energy. So how can Africa with its massive energy gap just flip a switch and unplug fossil fuels as a key energy source? Undoubtedly, gas needs to be part of Africa's just energy transition to ensure that its 54 economies are not jeopardized at the expense of energy sustainability.

 

For Africa to become energy sufficient, it needs to explore all its options to cater to the needs of its 1.3B people. The AU adopted the 'African Common Position on Energy Access and Just Transition,' during the 41st Ordinary Session of the Executive Council. This is a comprehensive approach that charts Africa's short, medium, and long-term energy development pathways to accelerate universal energy access and transition without compromising its development imperatives.

 

 

In addition, it stipulates that Africa will continue to deploy all forms of its abundant energy resources, including renewables and non-renewables energy to address demand. Natural gas, green and low carbon hydrogen and nuclear energy, will therefore be expected to play a crucial role in expanding modern energy access in the short to medium term. In the long-term, the uptake of renewables will be enhanced for low carbon and climate resilient trajectory. Into the bargain, AfDB prioritizes renewable energy but acknowledges that fossil fuels will remain an important part of the overall energy mix, as is the case with several developed economies. In response the Bank is financing state of the art technology to minimize emissions.

 

A key ongoing initiative that has been attempting to seal this gap, is the AfDB's 'Light up Africa,' listed among the strategic priority areas of its 'High 5s' initiative, to help the continent achieve universal electricity access by 2025. Power Africa which collaborates with African governments and the private sector is another critical initiative. It aims to expand access to electricity to health facilities across the region. It's an American initiative that was launched in 2013 by the then incumbent US President Barack Obama in Tanzania. It aims to support economic growth and development by increasing access to reliable, affordable and sustainable power in Africa.

 

The Power Africa Off-Grid Project has awarded US$3,070,650 in grant funding, to electrify more than 250 health facilities in ten countries in Sub-Saharan Africa. In October 2021, Power Africa transferred US$500,000 of Maternal Child Health funding, to electrify seven large health facilities in Uganda and Malawi using solar energy installations. During the 2021 UN High-level Dialogue on Energy, Power Africa joined more than a dozen organizations to launch a Multilateral Energy Compact for Health Facility Electrification; with a goal to electrify 25,000 health facilities with clean and reliable power solutions by 2025.

 

To boot, the World Bank project dubbed, 'Lighting Africa Programme', which is part of the Bank's 'Sustainable Energy for All' initiative, a mandate to bring energy to the planet by 2030; has seen 32 million Africans gain access to energy, often through off-grid solar products. Similarly, the bank has supported solar projects and programmes in other countries in West Africa and the Sahel region including Burkina Faso, Togo, Guinea, CAR, Sierra Leone, Niger, Mali, Mauritania, Chad, Cameroon, Cote d'Ivoire, Gambia, and Senegal among others.

 

During the recent Africa Energy Week (AEW) held under the theme, 'Exploring and Investing in Africa's Energy Future while Driving an Enabling Environment' in South Africa, Team Energy Africa launched the Africa Energy Market Dashboard. The chief objective of the dashboard is to provide energy financiers and developers with access to how African energy investments are being utilized.

 

The New Deal on Energy for Africa by AfDB, is built on five inter-related and mutually reinforcing principles which include, raising aspirations to solve Africa's energy challenges; mobilizing domestic and international capital for innovative financing in Africa's energy sector; supporting African governments in strengthening energy policy, regulation and sector governance; establishing a transformative partnership on energy for Africa and increasing the Bank's investments in energy and climate financing.

 

Attaining Africa's energy sufficiency via non-renewables

Harnessing the power of non-renewables is one path that Africa should continue to pursue in order to attain energy security and realize its developmental goals. The ongoing Russia-Ukraine war has put African oil and gas on the global map. The conflict has disrupted energy supply chains across the world and in tandem they have been seeking alternative sources of energy. Europe has especially borne the brunt of its reliance on Russian gas, and has been keen to break this dependence. Consequently, oil and gas producing countries have come under EUs radar. Stalled gas projects have been reopened and the once so -called 'risky' investments have been flowing, to facilitate gas production to seal the gaps in the global energy market. New pipelines are being developed, whilst some ageing ones are being revamped to export oil and gas. Italy signed a US$4 billion gas deal with Algeria in July, a month after Egypt reached an agreement with the European Union and Israel to boost sales of LNG. Angola also has signed a gas deal with Italy.

 

According to a recent Rystad Energy report, African nations are well placed to scale up their exports in gas supplies to Europe. Moreover, it indicates that Africa is likely to reach peak gas production capacity by 2030; at 470Bcm, 75% of Russia's 2022 production capacity. Africa's oil and natural gas-producing countries such as Mozambique, Nigeria, Libya, Egypt, Cameroon, DRC, Angola, Namibia, Algeria, Ghana, Gabon, Mozambique, Equatorial Guinea among others; have an invaluable window of opportunity, to contribute largely to the global energy landscape. Given that Africa is already in possession of existing pipelines connected with the wider European gas grid, across the Mediterranean, the traditional oil and gas suppliers in the continent have an upper hand in tapping into European markets, and well poised to scale up their exports. Pipeline exports to Europe from Africa run through Algeria into Spain and from Libya into Italy.

 

Some key ongoing projects include the Greater Tortue Ahmeyim (GTA) LNG project offshore Mauritania and Senegal whose production is set for 2023,with the GTA LNG cargo targeted for 2024.Between 2014 and 2017,an estimated 15 trillion cubic feet of gas were found in the waters of the two West African nations. The region is a future hub of world LNG production. The figures indicate that production can continue for at least thirty years. Mozambique is bound to become a major LNG exporter. Eni an Italian firm established a platform in the Indian Ocean offshore, away from the violence in Cabo Delgado, making it the first floating facility in the deep waters off Africa, with gas liquefaction capacity of 3.4 million tons per year. According to Africa Energy, the platform is already operational.

 

The proposed construction of the Nigeria-Morocco Gas Pipeline (NMGP) touted as vital for the economic integration of both the West and North Africa, is on course. Both heads of state of Morocco and Nigeria, renewed their commitment to proceed with the construction. The project is a regional onshore and offshore gas pipeline which is projected to transport natural gas resources along the Atlantic Coast, traversing the maritime areas of 15 West and North African countries, and crossing over to Europe. The 5,660-kilometer-long pipeline will ferry Nigerian gas to every West African coastline, ending at Tangiers in Morocco and Cadiz in Spain. It's an extension of the already existing West African Gas Pipeline (WAGP), which has been pumping gas from Nigeria to Ghana, Benin and Togo since 2010.

 

The construction of three multinational oil and gas pipeline systems measuring over 6,500km, is an effort to revolutionize energy access by boosting oil and gas supply. The network will be shared by Equatorial Guinea, Cameroon. Chad, DRC and Angola. Into the bargain, the network is projected to comprise of at least three refineries and gas-fired power plants, liquefied natural gas terminals and storage depots. The East African Crude Oil Pipeline (EACOP), is another planned 1,443 km pipeline that is expected to be built between oil fields in western Uganda, to the port of Tanga in Tanzania.

 

The global demand for thermal coal, especially from Asian and European markets has risen. Most countries in both regions having been dependent of Russia, as the country is the world's third largest supplier of thermal coal used chiefly for power generation. Coal is an energy source that has been frowned upon, for being a major polluting fossil fuel and contributor to climate change. Coal plants that had been scheduled for closure in Europe have been reopened, to fill the deficit in mitigating fuel costs and generating electricity; as the alternative gas, is inarguably more costly.

 

The African coal market is projected to enjoy double its revenue for the next one year. The prevailing energy gap has created a window of opportunity for African coal-producing nations. These countries have doubled profit margins, with the surge in demand from European buyers. Italy, France, Portugal and Spain have been sourcing from Nigeria, whilst Germany has sought Senegal for gas supplies. According to a report by Reuters, South Africa's coal exports rose by 11 folds in the months following the war. Botswana has also projected growth in its coal market. The massive demand far outstrips the available supply, resulting into prices of thermal coal leaping to record levels. Therefore, non-renewables are crucial in attaining energy sufficiency in Africa which will spur development.

 

Achieving Africa's energy adequacy through renewables

Wind power is quickly gaining ground in Africa and many African countries are exploring this energy source to meet a fraction of their energy needs. Both onshore and offshore wind power is capable of delivering lower-cost power, as opposed to fossil fuels. A recent report commissioned by the International Finance Corporation (IFC), on 'Wind Energy; Joining Forces for an African Lift-Off,' indicated that Africa has 59,000 GW of technical onshore and offshore wind potential, which is enough to meet the continent's energy demand 250 times over.

 

The Global Wind Energy Council (GWEC) notes that Africa is only using 0.01 per cent, of the 59,000 GW. In late 2021, GWEC, with support from numerous entities such as International Energy Agency (IEA), the International Renewable Energy Agency (IRENA), IEA, IFC; launched Africa Wind Power (AWP); a regional body representing the wind industry, with a goal to scale up and accelerate wind projects across the continent. Wind power markets in Africa include South Africa, Morocco, Egypt, Kenya and Ethiopia.

 

Africa boasts vast hydroelectric power (HEP) resources, with immense potential for increased power generation to power the continent. South Africa takes the lead, generating 45 per cent of the continent's production, North African countries follow suit at 30 per cent, whilst the rest of the continent cumulatively take up 25 per cent. Cameroon, Guinea, DRC, Sudan, Mozambique and Angola, have noteworthy HEP resources, of which currently only 7 per cent are developed.

 

Africa possesses vast untapped geothermal potential, which if explored could be largely among the renewable solutions Africa needs, to solve the power shortage quagmire. The continent's geothermal potential is said to be in the Great Rift Valley, a geologically active area known to have over thirty active volcanoes and numerous hot springs, extending from Djibouti to Mozambique. Currently, Kenya is the largest geothermal producer in Africa, with an installed capacity of 863MW and ranks ninth in the world, with power production contributing to over 40 per cent of the country's electricity generation.

 

Solar energy has been revolutionary for many users in Africa, with countries across the continent reaping socio-economic benefits pertinently from off-grid electricity, which has been swiftly gaining momentum, with the market growing rapidly. According to GOGLA, the off-grid solar association, in the second half of 2019, 2.43M units of off-grid solar products were sold in East Africa alone. Solar renewable energy is highly recommended to combat climate change as it is carbon free.

 

Africa's green hydrogen sector is growing steadily and could soon be exporting green hydrogen, to meet rising demand in Europe among other markets. Presently, various projects are underway albeit in the early stages of development. Mauritania, Egypt, Morocco, South Africa, Niger and Namibia, have set up plans for hydrogen production facilities. For instance, Egypt has at least five green hydrogen projects in the pipeline, one is feedstock for the production of green ammonia.

 

Renewables are the best option for Africa but on their own, they cannot sustain Africa's energy demands at present. Consequently, what Africa needs is to blend both of the sources, a somewhat 'energy cocktail' if you may to achieve energy security and suffiency.

 

-The Exchange.

 

 

 

Africa: Open Skies - African Nations to Pilot Single Air Transport Market

Dakar, Senegal — Intra-African air travel under the Single African Air Transport Market (SAATM), an initiative of the African Union to create a unified air transport market in Africa, is edging closer to reality, after 17 countries committed to a pilot programme.

 

At a meeting in Dakar on November 14, the ministers of transport and aviation from Cabo Verde, Côte d'Ivoire, Cameroon, Ethiopia, Ghana, Kenya, Morocco, Mozambique, Namibia, Nigeria, Rwanda, Senegal, South Africa, Togo, Niger, Gabon and Zambia launched the Single African Air Transport Market (SAATM) pilot to open their air transport markets to each other. At the meeting - on the 23rd anniversary of the Yamoussoukro Decision - the nations also agreed to streamline their national airline service agreements.

 

 

The Yamoussoukro Decision is a treaty adopted by most members of the African Union establishing a framework for the liberalization of air transport services on the continent. Currently, 35 African countries are signatories of the agreement.

 

Despite the existence of the treaty, most African airlines have remained under protectionist policies.

 

SAATM hs receiving backing from key agencies, such as the African Civil Aviation Commission.

 

According to Adefunke Adeyemi, the secretary general of the African Civil Aviation Commission, "the commission will actively engage and collaborate with stakeholders to proceed with clear actions and timelines to achieve SAATM implementation."

 

The 35 countries signed up to the SAATM Solemn Commitment of unconditional implementation constitute over 80% of the continent's aviation market.

 

 

In a 2020 report, Geopolitical Intelligence Services estimates there are 731 airports in Africa, half of which are internationally served by about 419 airlines.

 

The successful implementation of the Pilot Implementation Project and eventual full take-off of SAATM would have immense benefits for the continent, especially now that there are buzzing trade activities under the African continental free trade area (ACFTA).

 

According to the International Air Transport Association, IATA, "SAATM will open up Africa's skies and promote the value of aviation throughout the continent by boosting traffic, driving economies and creating jobs."

 

A 2014 survey by IATA, Transforming Intra-African Air Connectivity: The Economic Benefits of Implementing the Yamoussoukro Decision, estimates that liberalisation of 12 African air markets would generate an additional 155,000 jobs to the sector and would attract about US $1.3 billion annually to the GDPs of the individual markets.

 

 

An even more recent study commissioned by the African Union dubbed "Continental Study on the benefits of SAATM and Communication Strategy for SAATM Advocacy" indicates that the initiative would amass US $4.2 billion to the GDP, generate 596 000 new jobs besides leading to 27% reduction in air fares while also contributing to the UN Sustainable Development Goals, UN-SDGs.

 

In the short term, the pilot programme presents a lucrative opportunity for airlines from the continent to expand their operations into different markets.

 

Bilateral agreements between different countries that are current signatories to the SAATM programme and some legible members that will take part in the pilot project provide a great starting point for the full realisation of the programme.

 

The Democratic Republic of Congo and the Republic of Cote d'Ivoired'Ivoire are the most recent parties to come out and commit to bilateral agreements that appreciate SAATM guidelines. They will reinforce their cooperation in the air transport sector.

 

Through an agreement signed on 22 November in Abidjan, there were "modifications in accordance with the Yamoussoukro Decision following the commitments made by the two countries for the implementation of immediate measures necessary for the establishment of the single market for air transport in Africa" a joint press statement from the parties read in part.

 

South Africa, a key player in the continental air travel market, is strengthening its capacity by opening up smaller airports and elevating them to meet continental standards.

 

For instance, Kruger Mpumalanga International Airport, located 27km northeast of Nelspruit, will receive intercontinental flights. Flight 4Y142 from Frankfurt, Germany, via Namibia landed in the facility for the first time on 16 November.

 

The tourism-rich city of Mbombela is projected to reap big from the upscaling of Kruger Mpumalanga International Airport.

 

The popular recently-signed bilateral agreements between Kenya and South Africa add to a long list of inter-African aviation agreements that offer a base point for realising a single African air market.

 

Bird Agency

 

-Independent (Kampala).

 

 

 

South Africa: Cannabis Sector Has Potential to Eradicate Poverty

Trade, Industry and Competition Deputy Minister, Nomalungelo Gina says the cannabis sector has a huge potential for development for the small, medium and micro enterprises (SMMEs) located in rural areas where poverty is concentrated.

 

"Government estimates that the cultivation and commercialisation of cannabis production in South Africa can generate an estimated R28 billion and could create between 10 000 to 25 000 jobs across the sector.

 

"Focusing on value chains from cultivation and agro-processing to sales, will increase benefits and job creation," said Gina.

 

The Deputy Minister was speaking at the Agriculture and Land Summit in Bergville, KwaZulu-Natal, on Wednesday.

 

She added that as part of the rural economy, agriculture and agro-processing are at the heart of driving the countryside economy.

 

"Although Bergville has fertile land for various crops, it has a unique climate that is favourable to the growing of cannabis.

 

 

"We are here to nudge you as people of Bergville to focus more in particular on the growing of cannabis, and the agro-processing of cannabis for markets both domestic and abroad," Gina said.

 

The aim of the summit was to identify gaps and explore opportunities in the agricultural sector value chain within the district and the province.

 

The summit was also aimed at promoting and developing the agricultural sector within the municipality for both commercial and small-holder farmers, as well as promoting youth and women participation in the agricultural sector.

 

Gina noted that the Bergville processing plant in Winterton which was built by the Industrial Development Corporation had setbacks which government and stakeholders were currently trying to resolve for both owners and the communities affected.

 

"UKhahlamba and the region of Bergville are sleeping giants in terms of economic prosperity. It is a region full of great history and memorials for tourism.

 

"Located in the Drakensberg Mountains close to Lesotho and QwaQwa in the Free State, the municipality must use the value proposition of tourism to create local economic development and job creation."

 

She also encouraged cooperation between white and black farmers.

 

"Our white farmers, with so much experience, are requested to impart skills to the emerging black farmers through hand-holding exercises. It can only be through sharing of experiences and cooperation that we can build the local economy together, especially the agricultural economy," said the Deputy Minister.

 

-SAnews.gov.za.

 

 

 

 

 

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2022

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

National Unity Day

 

December 22

 


 

Christmas Day

 

December 25

 


 

Boxing Day

 

December 26

 


Companies under Cautionary

 

 

 


CBZH

Meikles

Fidelity

 


TSL

FMHL

Turnall

 


GBH

ZBFH

GetBucks

 


Zeco

Lafarge

Zimre

 


 

 

 

 


 <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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