Major International Business Headlines Brief::: 23 March 2022

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Major International Business Headlines Brief::: 23 March 2022 

 


 

 


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

 


 

 


ü  US rolls back Trump-era tariffs on UK steel

ü  Inflation hits new 30-year high ahead of Sunak statement

ü  South Korea sued to stop deep-sea gas pipeline

ü  Tesla: Elon Musk opens delayed 'gigafactory' in Berlin

ü  P&O Ferries offers £100,000 to some sacked staff

ü  The global music market was worth $26bn in 2021

ü  Petrol prices stabilise after weeks at record highs

ü  Nigeria: Apapa Gridlock - Motorists Groan As Lagos Govt Calls for Calm

ü  Tanzania: Mwanga to Triple Irrigation Areas By June

ü  Tanzania: Govt Devises Programme to Create More Jobs for Youth

ü  Tanzania: Sat Establishes Milk Processing Factory in Mvomero

ü  Nigeria: Grid Collapse - Lawmakers Lambast Power Minister, Demand Improved Electricity Supply

ü  Nigeria to Witness Agric Boom With Dangote's $2.5bn Fertiliser Plant - Buhari

ü  Nigeria: Emefiele Replies IMF, Says CBN Credit Expansion Programme in Order

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 

US rolls back Trump-era tariffs on UK steel

The US has agreed to ease Trump-era tariffs on UK steel and aluminium shipments, resolving an issue that had strained relations between the allies.

 

The move follows earlier deals with the European Union and Japan over the controversial taxes, which were imposed by former President Donald Trump in 2018 in the name of national security.

 

In exchange, the UK will suspend extra taxes it had put on US products such as bourbon and Levi's jeans.

 

Business groups welcomed the decision.

 

Under the agreement, the US will replace the 25% tariffs on steel with a quota system.

 

The policy will let UK metal imports into the country duty-free up to a certain level - the quota - before taxes kick in again.

 

The deal will go into effect 1 June.

 

International Trade Secretary Anne-Marie Trevelyan said the deal had removed a "very frustrating irritant", calling the agreement "good news for the steel and aluminium sectors, which support the jobs of over 80,000 people across the UK".

 

"It means our manufacturers can now enjoy a high level of tariff-free access to the US market once again," she said.

 

"Hopefully we can now move forward and focus on deepening our thriving trading relationship with the US."

 

Free trade deal next?

US officials also welcomed the suspension of the UK retaliatory tariffs, which they said affected about $500m (£377m) worth in annual trade.

 

"The historical deal announced today delivers on President Biden's vision to repair relationships with our allies while also helping to ensure the long-term viability of our steel and aluminium industries," said Ambassador Katherine Tai.

 

However, in an interview with the BBC, Ms Tai, the top US trade negotiator, refused to be drawn as to when or if discussions for a formal free trade agreement might start.

 

"I think the issue is what kind of collaboration is going to be fit for the purpose of addressing the challenges that we have today," she said. "I'm not going to exclude any options."

 

The Biden administration has prioritised domestic goals ahead of trade, said economist Chad Bown, senior fellow at the Peterson Institute for International Economics.

 

While that could change as the US seeks stronger relations with allies in the context of Russia's invasion of Ukraine, he said there's no evidence of that happening yet.

 

"The US administration has not made any signs that they want to do trade agreements with anybody anytime soon," he said. "That would be a big change."

 

Trump tariffs

The Biden administration's low prioritisation of trade matters marks a major shift from former president Donald Trump, who made it a signature area of focus, using tariffs as bargaining chips in diplomacy.

 

He set off a firestorm of criticism in the US and abroad when he announced the 25% tax on foreign steel shipments and 15% tax on foreign aluminium, citing a need to preserve America's manufacturing base and rejecting concerns that tariffs raise prices.

 

After allies, including the UK, hit US products such as Harley-Davidson motorcycles in retaliation, Mr Trump backed off the duties for certain countries, including Canada, opting for quotas instead.

 

US President Joe Biden later reached similar deals with the European Union and Japan.

 

The approach has won praise in the US, including from groups like United Steel Workers for responding to the concerns of allies while still providing protection for US manufacturers.

 

With many steel plants located in key election states, maintaining support from those workers is important for Mr Biden.

 

On Tuesday the union praised the new deal for measures it said would help safeguard against unfairly subsidised steel production, such as mandatory annual audits of British Steel, which has a Chinese parent company.

 

Business lobby UK Steel also praised the deal, saying it would be "felt by steel companies and their employees right across the UK and is immensely welcome".

 

But with the quotas in place, consumers are unlikely to see benefits like lower prices, said Phil Levy, economist for Flexport.

 

"Replacing tariffs with a system of quotas is actually moving away from transparency on these things and it does not get you the benefits of free trade," he said.

 

American spirits exporters toasted the deal, which should make their bourbon whiskeys cheaper for UK shoppers. "Distillers throughout the United States are cheering the end of this long tariff nightmare," Distilled Spirits Council President Chris Swonger said.

 

The US and UK traded more than $260bn worth of goods last year, of which the majority were exports from the US such as metals, aircraft parts, oil and gas.

 

While America accounts for nearly one fifth of total UK trade, the UK market represents just 5% of US exports.

 

Mr Bown said the US imports too little British steel for a deal to have significant impact on prices. For UK consumers of American products, the impact on prices is also likely to be marginal, he said.

 

"It can't hurt the consumer, so it will make them better off, but by how much is I think unclear," he said.

 

With America buying £1 in every £6 of British exports, the cooling of tensions over steel has raised hopes of a reheating of the wider transatlantic trade relationship.

 

Levi's jeans, Harley Davidson motorbikes, steel bars and bourbon whiskey became unlikely weapons in a painful battle that has waged since 2018, with their producers and consumers paying a hefty price. For them this ceasefire will be welcome, if overdue.

 

At the heart of the dispute was the protection of American jobs. And if - and it's by no means certain - these developments are the first step towards the resumption of wider free-trade talks, that theme will continue to loom large, even if the man in the White House has changed.

 

The Biden administration struck a deal with the EU over steel almost five months ago. There's been speculations that the UK was made to wait due to unease over the way Boris Johnson's government has handled post-Brexit trading arrangements in Ireland.

 

The UK is keen to demonstrate its Brexit-era agility by notching up more trade agreements - but the US will be keen to continue showing it's calling the shots-BBC

 

 

 

Inflation hits new 30-year high ahead of Sunak statement

The cost of living continued to soar last month, laying bare the challenge the chancellor faces ahead of his spring spending statement on Wednesday.

 

Prices rose by 6.2% in the 12 months to February - the fastest for 30 years - as fuel, energy and food costs surged.

 

Chancellor Rishi Sunak faces growing calls to offer more support as household budgets are squeezed.

 

Prices are rising faster than wages and the Bank of England thinks it could hit double digits this year.

 

There is speculation Mr Sunak could cut fuel duty, boost benefits and raise the threshold for national insurance when he shares his spending plans at midday today.

 

Inflation is the rate at which prices rise. If a bottle of milk costs £1 and that rises by 5p, then milk inflation is 5%.

 

 

Grant Fitzner, chief economist at the Office for National Statistics (ONS), said prices had risen for a wide range of goods and services, from food to toys and games.

 

"Clothing and footwear saw a return to traditional February price rises after last year's falls when many shops were closed.

 

"Furniture and flooring also contributed to the rise in inflation as prices started to recover following new year sales," he added.

 

Since December last year, prices have been rising at their fastest rate since the 1990s. Inflation is expected to accelerate in April when the energy price cap is lifted.

 

This will push up the average household fuel bill up by £693 a year in England, Scotland and Wales, while a planned rise in National Insurance will also put pressure on household budgets.-BBC

 

 

 

South Korea sued to stop deep-sea gas pipeline

Aboriginal people from northern Australia have filed a lawsuit aimed at stopping South Korea funding a proposed deep-sea gas field.

 

They say a 300km gas pipeline threatens their way of life and risks harming turtles near their Tiwi Islands home.

 

The Barossa gas field, located in seas north of Darwin, was partially approved by Australia's offshore energy regulator last week.

 

The gas giant Santos plans to begin drilling wells in the next few months.

 

If the project is given full approval, Santos wants to construct an undersea gas pipeline alongside Bathurst Island, the western-most island in the Tiwi archipelago. At its closest point, the pipeline will be 6km from shore.

 

Aboriginal groups from the Tiwi Islands, located in the Timor Sea north of Australia, say they were not properly consulted about the project.

 

The legal challenge aims to prevent South Korea from lending approximately A$950m (£530m) to Santos via the state-owned Export-Import Bank of Korea and the Korea Trade Insurance Corporation.

 

Lawyers filed an injunction in the Seoul Central District Court on Wednesday under a law known as the Korean Civil Execution Act.

 

It seeks to prevent potential damage - either to the environment or to South Korea's future financial position if the investment fails - by prohibiting the financing from going ahead.

 

If the legal action is successful, lawyers say the financial viability of the entire project is at risk.

 

Jikilaruwu Tiwi Island clan leaders Francisco Babui and Daniel Munkara have accused Santos and the previous owner of the project, ConocoPhillips, of disregarding the islanders' concerns.

 

"Under Australian law and in accordance with Aboriginal tradition, the Jikilaruwu clan is the owner of the sea country where that gas pipeline will go through. We are the decision makers for that sea country," Mr Munkara said in a statement released by the Stop Barossa Gas Campaign group.

 

"We were told briefly about the pipeline in 2018 and we said 'no' to the project. They said it wasn't happening. Now we find out Santos wants to lay the pipeline through our sea country without our consent."

 

Santos declined to comment.

 

'Wild frontier'

Environmental campaigners in Australia have long criticised the Barossa plan.

 

They say the proposed gas field and pipeline will damage the unique marine environment in the Timor Sea, including turtle nesting areas.

 

"You've got this massive continental shelf that extends off northern Australia, and that continental shelf is covered in big drowned river valleys, which means there's a real diversity of habitat," said marine biologist Jason Fowler from the Environment Centre Northern Territory, which is supporting the legal fight.

 

"The Timor Sea is quite warm and shallow and muddy - it's dominated by sponges, not corals," he said.

 

"There are over 900 species of sponges out there, some of them are undiscovered. We've only mapped about 10% of this area. So it's very much a wild frontier, that we are only just beginning to understand."

 

The pipeline Santos proposes would pass through an area designated as as a "habitat protection zone" in the Ocean Shoals Marine Park.

 

Under Australian government rules for the management of marine parks, gas pipelines can be constructed within such zones under license.

 

Those rules were approved by Australian Treasurer Josh Frydenberg when he was the minister for energy and environment in 2018.

 

Mr Fowler said he lobbied Mr Frydenberg at the time, and asked him to introduce stronger protections for marine parks, but that the minister had "ignored the science and listened to the oil and gas industry".

 

"When you build a gas pipeline across the sea floor, it's like building a railway line across the country," he said.

 

"You've got to build bridges over valleys, you've got to dredge out areas of high ground, you've got to try and make it as flat and even as possible, because you don't want your pipeline going up and down. So there's a lot of habitat modification."

 

Tiwi Islander Francisco Babui echoes those concerns.

 

"The pipeline is too close to Cape Fourcroy [on the islands' western tip]. There is a reef there with lots of turtles and dugongs," he said. "The turtles lay their eggs on that beach and we go hunting in that area. We use that coastline for camping and fishing.

 

Other critics of the Barossa plan have questioned the viability of drilling for gas that contains a relatively high proportion of carbon dioxide.

 

John Robert, a chemical engineer with 40 years' experience in the oil and gas sector, said that means carbon emissions from Barossa will be especially high.

 

"The Barossa project would produce about one and a half tonnes of CO2 for every tonne of Liquefied Natural Gas (LNG) it produces, so it would in fact be a CO2 factory with an LNG by-product," he said.

 

"And that's before you transport it, turn the LNG back into natural gas, and then burn it in a power station. So it's going to be about the dirtiest LNG around. But unfortunately Santos seems very determined to move ahead with it."

 

Mr Frydenberg and ConocoPhillips declined to comment.

 

Australia's offshore energy regulator, the National Offshore Petroleum Safety and Environmental Management Authority, said a range of environmental and safety approvals need to be granted before gas extraction or production can begin at the Barossa field.-BBC

 

 

 

Tesla: Elon Musk opens delayed 'gigafactory' in Berlin

Tesla boss Elon Musk has opened a huge electric car "gigafactory" near Berlin which is the first European hub for the firm.

 

The plant was delayed for eight months after local authority licensing problems.

 

The more than €5bn (£4bn) factory is the biggest investment in a German car plant in recent history.

 

Tesla said more than 3,000 of the factory's expected 12,000 workers had been hired so far.

 

Mr Musk said: "This is a great day for the factory," describing it as "another step in the direction of a sustainable future".

 

German Chancellor Olaf Scholz said the plant was a sign of progress and the future of the car industry.

 

 

But outside, environmental groups protested over concerns ranging from the plant's water use to the trees felled to build it.

 

Tesla will deliver its first 30 German-made Model Y Performance cars on Tuesday. The firm says the cars have a 514km (320 mile) range and cost €63,990 (£53,000).

 

At full capacity, the plant will produce 500,000 cars annually - more than the 450,000 battery-electric vehicles that German rival Volkswagen sold globally in 2021.

 

It will also generate 50 gigawatt hours (GWh) of battery power.

 

The new plant, officially called the Gigafactory Berlin-Brandenburg, produces the Model Y and electric car batteries.

For now, Volkswagen still holds the upper hand in Europe's electric vehicle market, with a 25% market share to Tesla's 13%.

 

Mr Musk has said ramping up production will take longer than the two years it took to build the plant.

 

Tesla received the final go-ahead from local authorities on 4 March to begin production, provided it met several conditions, covering issues such as water use and air pollution control.

 

The carmaker had come close to losing its water supply contract when local environmental groups filed a complaint against the environmental ministry challenging the licence it granted to Tesla's water supplier.-BBC

 

 

 

P&O Ferries offers £100,000 to some sacked staff

P&O Ferries has said 800 redundant staff will be offered £36.5m in total - with around 40 getting more than £100,000 each.

 

The firm has also denied that it broke the law when it sacked the workers without warning last week.

 

However, unions said the compensation package being offered was "pure blackmail and threats".

 

Ministers had questioned whether the move was legal - but P&O said those affected were employed outside the UK.

 

The company said some employees are set to get 91 weeks' pay and the chance of new employment, and no employee would receive less than £15,000.

 

The video message in which the company sacked workers last Thursday prompted widespread outrage, with unions claiming some staff would be replaced by Indian seafarers on £1.81 an hour.

 

Ministers had threatened the firm with "unlimited fines" but in a letter to Business Secretary Kwasi Kwarteng, its chief executive Peter Hebblethwaite said the 786 sacked workers were employed by three Jersey-based arms of P&O Ferries.

 

The eight ships they worked on, which service routes including Dover-Calais and Larne-Ciarnryan, are all registered in Cyprus, the Bahamas or Bermuda.

 

Sacked staff had told the BBC about their experience of being "treated like criminals" - but in the letter Mr Hebblethwaite denied "rumours" that security staff who boarded vessels to manage the situation wore balaclavas or were directed to use handcuffs or force.

 

"The teams accompanying the seafarers off our vessels were totally professional in handling this difficult task," he said.

 

The company said its settlement with its workers is believed to be "the largest compensation package in the British marine sector," and more than 40 staff would get severance packages of more than £100,000 each.

 

The transport and freight company said 575 seafarers affected were in discussions to progress with the severance offers.

 

However, the RMT union, which has been organising protests over the redundancies said "the pay in lieu of notice is not compensation".

 

"If staff do not sign up and give away their jobs and their legal right to take the company to an employment tribunal they will receive a fraction of the amount put to them," general secretary Mick Lynch said.

 

P&O Ferries had until Tuesday at 17:00 to respond to the letter from Mr Kwarteng - in which he said that P&O Ferries "appears to have failed" to follow the correct process for making large-scale redundancies, by not consulting with unions and notifying the government in time.

 

Mr Kwarteng pointed out that failure to notify is "a criminal offence and can lead to an unlimited fine".

 

Government officials will now review Mr Hebblethwaite's latest response.

 

Separately, Business Minister Paul Scully said the government was reviewing all of its contracts with P&O ferries and its owner DP World, including a £25 million subsidy to DP World to help develop London Gateway as a freeport.-BBC

 

 

 

The global music market was worth $26bn in 2021

Global music revenues grew at the fastest rate in more than two decades last year, with help from artists like BTS, Taylor Swift and Adele.

 

Revenues surged by 18.5% to $25.9bn (£19.5bn) in 2021, the highest level since records began in the 1990s.

 

The growth was driven by streaming, with 523 million paid subscribers, up from 443 million in 2020.

 

Streaming now accounts for 65% of total revenues, with CDs, vinyl and cassettes making up 19% and downloads 4%.

 

The remaining 11% comes from a mixture of royalty payments and licensing music to films, TV shows and adverts.

 

Growth in streaming subscriptions. .  .

The figures mean the industry has enjoyed a seventh consecutive year of growth, according to trade body the International Federation of the Phonographic Industry (IFPI).

 

 

"It's hugely encouraging," chief executive Frances Moore told the BBC. "We lived through that dire period after 1999 where the industry declined by 40%.

 

"We didn't envisage we'd be in a situation [this year] where we report on 60 or 70 countries and every single one is in growth."

 

Although streaming is the engine of the industry's recovery, revenues were up in every format except digital downloads last year.

 

Sales of CDs increased for the first time this millennium, and vinyl revenues were up by 51%.

 

Total streaming - including both paid subscriptions and advertising-supported listening - grew and is now worth $16.9bn (£12.75bn)

 

But while the figures are good news for record labels, the independent sector warned that profits were not being shared equally.

 

"It is good to see continued growth across the global music market... but it serves as an important reminder that not everyone is feeling the benefit," said Paul Pacifico of the Association of Independent Music.

 

Without "clear support" for up-and-coming musicians, he added, "it will remain very difficult to reconcile the positive numbers in the market as a whole with the hard reality of making a life in music at an individual, human level".

 

All of the record labels represented by the IFPI have suspended operations in Russia, the fifth biggest music market in Europe, since the invasion began last month.

 

Although significant, Russia only accounts for 1.3% of global revenues (about $336m), Moore said, meaning the move would have little impact on the global industry.

 

"We just want to get back to a situation where people in Russia and Ukraine can enjoy music in a peaceful, non-violent environment," she added.

 

BTS top the charts

The UK music industry grew at a slightly slower rate than the global average, with revenues up 12.8% to £1.3bn, according to the BPI - but it remains the third biggest music market in the world, behind the US and Japan.

 

Revenues in the US outpaced the rest of the world, rising by 22%; while lockdown-bound Australia was the world's slowest-growing market, on 3.4%.

 

The IFPI report highlighted the increasingly global nature of music consumption, with artists from Latin America, Africa and Asia featuring among the year's top 100 artists.

 

South Korean band BTS were the biggest-selling act for the second year running after topping the US Billboard chart three times and earning a Grammy nomination for their Michael Jackson-inspired single Butter.

 

"Who could have imagined that 20 years ago?" Moore asked. "It's a phenomenon."

 

US songwriter Taylor Swift was the year's second best-seller, the same position she held last year, while Adele came third.

 

Adele's fourth album, 30, was the most popular record overall, selling 4.7 million copies; while The Weeknd's Save Your Tears was the year's biggest single.

 

African artists like Wizkid, Ckay and Burna Boy also had a successful year, encouraged in the UK by the recently-launched Afrobeats chart.

 

"It's an exciting moment for artists from the continent," said Temi Adeniji, managing director of Warner Music South Africa. "I really do deeply believe that this is a transformative moment for the continent."

 

However, she said more needs to be done to reflect the diversity of Africa's musicians.

 

"The continent is... much more than Afrobeats," she said. "There are so many different genres that we can take a look at that have the potential to do exactly what Afrobeats has done."

 

Adeniji cited the global success of Ckay's Love Nwantiti as an example of how other countries are embracing African music.

 

"We really did break this track in non-English-speaking markets," she explained. "France was the first country in which the song went number one and that was definitely a first for us.

 

"It's also been a top three hit in the UK, we've gone platinum in the US as well and it's gone, I think, three times platinum in India. We're hoping to replicate that [with other artists] going forward."-BBC

 

 

 

Petrol prices stabilise after weeks at record highs

Fuel prices have stabilised for the first time this month after Russia's invasion of Ukraine caused a surge.

 

Average fuel prices slipped from record highs on Monday, with petrol at nearly £1.67 a litre and diesel at £1.79.

 

Crude oil surged to $139 per barrel in the first week of March, then slid back the following week.

 

The RAC said the settling of prices could be an indication that retailers may have "finished" passing on their higher wholesale costs to customers.

 

However, it is unclear if and when the cost of fuel will go down.

 

Simon Williams, fuel spokesman for the RAC, said Monday's prices had "steadied with very slight reductions in both petrol and diesel".

 

UK fuel prices have increased at the fastest rate on record in recent weeks, with petrol rising 13p since the start of the month and diesel increasing by nearly 21p.

 

How much would cutting fuel duty on petrol save you?

Petrol prices set to ease after hitting fresh highs

Fuel prices, which were already rising as global economies recovered from the coronavirus pandemic, surged after the war in Ukraine pushed up oil prices.

 

Changes in prices at the pump are mainly determined by crude oil prices and the dollar exchange rate, because crude oil is traded in dollars.

 

Russia is one of the world's major oil exporters and it is being targeted by economic and trading sanctions.

 

After Brent crude oil - a global benchmark for prices - hit a near 14-year high of $139 a barrel during the early stages of the conflict, prices fell back to around $100, but have since risen again to $115 on Tuesday.

 

The most recent increase was driven by the European Union discussing a ban on the purchase of Russian oil, which countries in the bloc rely heavily on.

 

Some countries, such as the US and Canada, have already banned on Russian oil imports, but the EU has so far stopped short of that action.

 

Meanwhile, the UK government has vowed to phase out imports of Russian oil by the end of the year.

 

The UK only imports about 6% of its crude oil from Russia, but is affected by the global shifts in price.

 

Mr Williams said the wholesale price of petrol for retailers currently stands at £1.30 a litre for petrol and £1.48 for diesel.

 

"With prices this high before retailer margin and 20% VAT are added it's clear we are in a tough place when it comes to being able to afford to drive," he said.

 

"This is why it's crucial the chancellor takes decisive and meaningful action in his Spring Statement that helps hard-pressed drivers and businesses."

 

'Supply shock'

More than 50 Conservative MPs have called for a cut in fuel duty, which is currently 57.95p per litre, and has VAT of 20% applied on top.

 

Several newspapers have also reported that Chancellor Rishi Sunak is considering a temporary cut of as much as 5p per litre, but some opposition MPs have questioned whether this would go far enough.

 

Following Russia's invasion of Ukraine, there were warnings of potential global oil supply problems.

 

The International Energy Agency (IEA) has said high commodity prices and sanctions against Russia were "threatening to create a global oil supply shock".

 

It estimated three million barrels per day of Russian oil could be taken out of the global market as a result of international sanctions.

 

The agency warned only Saudi Arabia and the United Arab Emirates have enough spare production capacity to offset the shortfall in Russian output.-BBC

 

 

Nigeria: Apapa Gridlock - Motorists Groan As Lagos Govt Calls for Calm

Lagos State Government, yesterday, urged motorists to be calm and understanding over the current gridlock along Apapa-Oshodi expressway, attributing it on the current road rehabilitation.

 

The situation worsened, yesterday, as tankers and articulated vehicles parked indiscriminately along the route.

 

As a result of the gridlock, impatient motorists resorted to driving against traffic, otherwise known as 'one-way'.

 

Also, commuters alighted from commercial buses held up in the chaotic traffic and trekked long distances to their various destinations.

 

Similarly, truck drivers flouted the order against indiscriminate parking on roads, as they lined up on the Mile 2-Otto Wharf axis, causing congestion.

Other motorists were held in traffic for hours between Sanya to Otto Wharf, also along the axis.

 

Commercial motorcyclists, otherwise called, Okada riders took advantage of the situation to make brisk business as they increased fares.

 

While men of the state traffic management, comprising of Lagos State Traffic Management Authority, LASTMA, seemed overwhelmed by the situation, some military personnel were seen around the Second Rainbow and Mile-2 area, managing traffic to ensure at least minimal flow of traffic.

 

LASTMA officials, the police, Federal Road Safety Corps, FRSC, and other security personnel watched helplessly as truckers blocked the expressway.

 

We're on top of the situation --Govt

 

Speaking on the development, chairman of the Lagos State Special Traffic Management and Special Assistant to the Lagos Governor on Transportation, Oluwatoyin Fayinka, sued for calm and understanding, saying the state government was on top of the situation.

 

Fayinka said: "There is road diversion at Mile-2, motorists are plying signal barracks turning to connect Otto-Wharf and continue their journey to Oshodi. Traffic is on the high side as a result of this.

 

"Massive construction work on-going by the Hitech construction company. They are working on both sides of the service lane, Moreover, tankers from all over the states are coming to Lagos to load supply, this is more reason why tankers should also key into this electronic call-up system, known as "Eto."

 

"The Hitech promised to open the link towards ascending Mile-2 Oke Bridge, inward Oshodi, to ease the traffic. However, our men will be repositioned to ease the traffic for motorists.

 

"We urge Lagosians to bear with us as we are doing everything to address the situation."-Vanguard.

 

 

 

Tanzania: Mwanga to Triple Irrigation Areas By June

MWANGA district in Kilimanjaro is set to triple the irrigation areas, thanks to a 1.06bn/- boost from the Central Government to complete the decade long project at Kirya ward.

 

The project, Kirya Irrigation Scheme, set up the irrigation area from the current 450 to 1250 hectares when completed in May this year.

 

The Mwanga District Commissioner, Mr Abdallah Mwaipaya, hailed the government for providing funds that enabled the implementation of many projects within the district including the Kirya Irrigation Project which was designed in 2011.

 

"The government fund will enable our district to be one of the country's best food producers through the irrigation scheme," Mr Mwaipaya said during the visit by Kilimanjaro's CCM Regional Political Committee to inspect the implementation of the ruling party's 2020-2025 Election Manifestos.

The project was delayed for almost a decade and had to be redesigned to suit the current status before the implementation began in this fiscal year.

 

The Kirya Irrigation Project Manager, Engineer Romward Robert, said the project will cover 1,250 hectares and its neighbourhoods out of the potential 1,600 hectares which are suitable for irrigation within the ward.

 

"The project is 100 per cent funded by the government through the National Irrigation Commission (NIRC) under the Irrigation Development Fund (IDF)," he said.

 

Mwanga is one of the semi-arid areas in Kilimanjaro. It experiences 400-600 mm of rainfall per annum in low lands and between 800-1200mm in the highlands.

 

There are two distinct rain seasons--short rains from October to December and long rains from March to June.

 

The district has a total surface area of 2641sq kilometres where land area is 2,558.6 sq km and water area is 82.4 sq km of which 56 sq km is covered with waters of Nyumba ya Mungu Dam and 26.4 sq km is covered with waters of Lake Jipe. The Pangani River passes through the district by 32km.

 

Speaking during the visit, the CCM Kilimanjaro Regional Chairman, Mr Patrick Boisafi, said the Kirya Irrigation is a big agricultural project that needs careful management and supervision for the benefit of not only the Mwanga but also Kilimanjaro and the country as whole.-Daily News.

 

 

Tanzania: Govt Devises Programme to Create More Jobs for Youth

THE government is committed to devising a strategy and develop special youths programme that will create more employment opportunities in the country.

 

Speaking in Dar es Salaam over the weekend, Deputy Minister, Prime Minister's Office (Labour, Youth, Employment & Persons with Disability) Patrobas Katambi said the programme will involve all ministries, government institutions and private sector.

 

Mr Katambi was presenting the ministry's way forward after achievements registered in one-year of President Samia Suluhu Hassan leadership.

 

"This programme is intended to address the employment woes in the country and help to meet the target set by 2020-2025 ruling party's CCM election manifesto, which directs the government to create 8 million jobs," he said.

He added that the programme will also focus on major development projects currently being implemented by the government, whereby its execution must generate direct and indirect employment for youths.

 

The objective, he said, is to ensure that any internal government funds as well as funds from donors must be connected to youth's development projects since they command 55 per cent of the national labour force.

 

Explaining the direction of his office, Mr Katambi said that although the ministry has successfully implemented its responsibilities, the next step is to focus on research in coordinating issues of employment among youth and persons with disabilities.

 

He said that the government is planning to continue empowering the private sector as it employs the majority of young people.

 

"We have to enhance the private sector's performance by abolishing several levies and continue reducing bank's lending terms and interest rates among other initiatives.

 

"A total of 145.8bn/- has been allocated countrywide in all councils to support women, youth and people with disabilities, and the ministry will continue to make close follow up to ensure the released funds reaches and benefit the intended people," Mr Katambi added.

 

He also said that all the councils countrywide have been directed to provide loans to approximately 14,134 youths who have undergone apprenticeship programmes, for them to create self-employment. He said the government has spent 9bn/- to provide such trainings.

 

Katambi said the government will also continue to improve sectors that employ a good number of youths. He mentioned the leading sectors which employed many Tanzanian youths as agriculture (63.1 per cent), service sector (28.3 per cent) and industrial sector, which command 8.6 per cent.

 

On his part, Director General of Workers Compensation (Fund WCF) Dr John Mduma said that in enhancing the private sector, the government has reduced the rate for contributions by employers' from 1 per cent to 0.6 per cent in efforts to help workers who are exposed to hazards in the course of implementing their duties.

 

The reduction on the employers' luggage from 1 to 0.6 per cent, he said, was one of President Samia's efforts in ensuring that workers were benefiting from their rights.-Daily News.

 

 

 

Tanzania: Sat Establishes Milk Processing Factory in Mvomero

THE Sustainable Agriculture Tanzania (SAT) has, through financing from Switzerland-based Biovision Foundation, established a milk processing factory in Mvomero district, Morogoro region to add value and boost earnings for livestock keepers.

 

The SAT Holistic Group Limited Chief Executive Officer, Mr Alexander Wostry, said at Vihanzi village in Mvomero district that the aim of establishing the plant is to add value to milk produced in the area and enhance cooperation between livestock keepers and farmers.

 

"The establishment of the milk processing factory has helped to bring together livestock keepers and farmers leaving aside their differences and later on they will be made shareholders of the factory," he said.

Mr Wostry said from next month to October this year, they are working on preparing a contract for farmers and livestock keepers cooperative groups to buy shares at the factory.

 

On his part, the Biovision Foundation Director, Frank Eyhorn commended SAT for implementing the project that will bring together farmers and livestock keepers to recognise and depend on each other without conflicts.

 

"SAT has implemented the project thoroughly with intention of reconciling livestock keepers and farmers live together and help each other," he said.

 

He advised farmers in the District to cultivate animal feeds to help livestock keepers produce high quality animal products to make the project sustainable.

 

On his part, the Tanzania Dairy Board (TDB) Marketing Officer Christerbel Swai said the Six Phase Government is supporting investors and stakeholders investing in milk processing industries to add value to animal products.

 

She said currently there are 105 milk processing factories and 221 milk collecting centres.-Daily News.

 

 

 

Nigeria: Grid Collapse - Lawmakers Lambast Power Minister, Demand Improved Electricity Supply

Members of the House of Representatives Committee on Power yesterday criticised the Minister of Power, Abubakar Aliyu mandating him to take concrete actions aimed at solving the current nationwide blackout rather than always presenting theories that do not translate into power supply to Nigerians.

 

The Committee, led by Hon. Magaji Da'u Aliyu at a meeting with the minister, expressed disappointment over the lackadaisical attitude of the ministry towards power issues whenever there was national emergency, saying there was nothing in his presentation to show that the ministry was solving the challenge of increased power outages being experienced by the country.

The minister, who was represented by the Permanent Secretary, Nebolisa Anoka, had enumerated the challenges facing the sector, ranging from low gas supply, low hydro levels, high cost of gas, as well as disequilibrium between power generation, transmission and distribution. This, he said had led to the collapse of the national grid and as well what the ministry was doing to salvage the situation.

 

He explained that in response to the challenges facing power generation, the ministry recently hosted an emergency meeting with key stakeholders in the gas-to-power value chain, during which far-reaching resolutions were arrived at on key measures needed to ameliorate the situation.

 

Reacting to the presentation, Aliyu, who earlier explained that the special interactive session was necessitated by the fact that Nigerians were facing the worst energy crisis in recent times, lamented that the situation had affected businesses, both small and large, which according to him had been attracting huge public outcry.

He called for the return of the Nigeria Bulk Electricity Trading Company (NBET), under the supervision of the Power Ministry, saying that there was not much both the Ministry and the Committee could do if the agency remained elsewhere.

 

According to him, these were part of the sectoral problems affecting the country in terms of power, as the agency which was tasked with the responsibility of evacuating unused electricity and bridging the gap debit gap between Gencos and Discos is not properly supervised.

 

He said, "There is nothing on ground to show that there will be light or generation of up to 5000 megawatts, but we keep hearing about 30,000 megawatts of installed capacity across the power stations.

 

"It may be recalled that Nigerians whom we represent experience one of the worst moment of electricity supply across the country. This development has caused variety of problems affecting peoples' welfare which makes social living condition very uncomfortable.

"It has caused collapse of small businesses whose operations depend on stable electricity supply. The situation has also aggravated increased process in commodities and services especially those that require electricity supply.

 

"The overheated socio-economic environment due to very poor electricity supply attracted huge public outcry for immediate solutions, especially given the contractual nature of provision of power and energy services in the post privatization era by the Nigerian Power Supply Industry.

 

"Against this background and acting as peoples' representatives, this interactive session is organised to request the Minister to among others: Explain the remote and immediate causes of the current deplorable power supply across the country; explain the technical, operational and administrative measures taken by the ministry to address the challenges and its devastating consequences against life, welfare and economy; and suggest in your highlight the areas which the House of Representatives or indeed the National Assembly can provide legislative support to overcome the challenges apparently disturbing all Nigerians."

 

Corroborating Aliyu statement, members of the Committee, took turns to lament the unending projections by the Ministry that have never come to fruition.

 

In his contribution, Hon. Sada Soli (APC, Katsina), noted that the concern raised by Gencos as the major reason for the blackout, was the N1.4 trillion debt NBET was owing them as cost of generated but unused electricity.

 

He also noted three major concerns ranging from the quantity, quality and cost of gas delivered to them for their operations. Also, Hon. Aisha Dukku wondered if the ministry won't be able to resolve the problem till end of next year

 

She said: "Mr. Chairman, what the Permanent Secretary is telling us is end of next year. So, that means we will continue to be in darkness until end of 2023? Haba! No, no!"

 

On his part, Hon. Muraino Ajibola, said, "These problems are not starting now. For instance, we know, every year, there will be shortage of water. We also know that most of time during the period of January to March, there is always this shutdown.

 

"We have abundance of gas but we are not making use of it. What we do is fire brigade approach. Mr. Chairman, the summary of it is that we are not prepared to give our power and I think it's very sad. They also bring light when they want to send estimated bills to us."

 

Thereafter, the Chairman of the Committee ruled that the Permanent Secretary should return on Friday with more practical evidences of intended interventions.-This Day.

 

 

Nigeria to Witness Agric Boom With Dangote's $2.5bn Fertiliser Plant - Buhari

President Muhammadu Buhari yesterday commissioned the new three million metric tonnes capacity per annum state-of-the-art Dangote Fertiliser Urea Plant, during which he expressed confidence that the project would give a huge fillip to Nigeria's agricultural sector.

 

The new plant, which he commissioned in the presence of some 18 governors, ministers, captains of industry as well as prominent traditional rulers, is located at Ibeju Lekki, Lagos Free Trade Zone, within the periphery of the Dangote Refinery.

 

The president said the coming on stream of the plant would create huge opportunities in the areas of employment, trade, warehousing, transport and logistics.

The plant, according to the president, "will greatly create wealth, drastically reduce poverty and secure the future of our nation."

 

He said, "In the agricultural sector, another focal point of our economic policy, we expect a boom as fertiliser is now readily available. Many Nigerians who hitherto practised subsistence farming because of non-availability of necessary inputs can now take up agriculture as a business. We expect a rise of new breed of agropreneurs who will add value to farming and make the nation self-sufficient in food production."

 

According to him, the federal government is now determined more than ever before to provide enabling environment for private sector investors to thrive, adding that his government would continue to improve on infrastructure, power, security and enact relevant laws and regulations that would drive investments in the economy.

President Buhari reiterated that part of the government's effort in this regard was the partnership with the private sector via a tax credit scheme, in the rehabilitation of roads across Nigeria under the Presidential Order No. 7.

 

"As we all know, good roads contribute to easy movement of goods and services across the nation, thus reducing cost of doing business and improving productivity. We are also rehabilitating our railway lines and building new ones to lessen the burden on our roads and create more effective multi-model transportation networks," he added.

 

In his speech, president of Dangote Group, Aliko Dangote, described the new plant as a game changer, as it had the capacity to make Nigeria self-sufficient in fertiliser production, with spare capacity to export to other markets in Africa and the rest of the world.

 

He added that, already, Dangote Fertiliser had reached the markets in the US, Brazil and Mexico.

According to him, the fertiliser plant, which is the largest granulated urea fertiliser complex in Africa, occupies 500 hectares of land, was built at a cost of $2.5 billion, and is expected to reduce drastically the level of unemployment and youth restiveness in the country through employment opportunities. To him, the plant is expected to generate new jobs with top quality fertiliser being available and in sufficient quantities for the farmers.

 

He stated that agriculture accounts for 20 per cent of the nation's GDP and that the new plant was an ambitious project that would provide both direct and indirect jobs, thereby reducing youth restiveness.

 

Dangote Fertiliser, according to him, would usher in a new era of agricultural entrepreneurs who will take to farming on large scales, providing food and raw materials for our industries

 

"Dangote Fertiliser is working with farmer associations, corporate farmers, NPK blenders, NGO/development partners and state governments all over Nigeria, and governments across Africa and beyond who are looking for sustainable approach to improving soil quality and farm yields," he explained.

 

Also speaking at the occasion, governor of the Central Bank of Nigeria, Godwin Emefiele, said the country was indeed indebted to Aliko Dangote for his giant strides to add value to Nigeria's economy.

 

According to him, "It is great that a Nigerian has taken not just this great initiative of helping to solve our perennial problem of importing petrochemical products, including fertilizer, but has taken advantage of the emerging huge market opportunity presented by recent global developments."

 

Emefiele commended President Buhari for providing all the support needed to realise the project through the right economic policies and described the fertiliser plant as timely considering the recent developments in the global market, where prices of wheat, fertiliser and crude oil rose by over 20 per cent following the start of the Russia-Ukraine war.

 

"In addition to the lessons we learnt from the protectionist actions of countries during the early days of COVID-19, this investment is again a glaring testament to the foresight and tireless efforts of Mr. President in encouraging domestic production of items that can be produced in Nigeria, especially agriculture. This would not only help to enable greater productivity of our agricultural sector but also help in insulating Nigeria farmers from depending on imported fertiliser," Emefiele stated.

 

He recalled that prior to 2015 when President Buhari came to office, Nigeria had a fertiliser shortfall of about 3.5 million tonnes per annum compared to the over 6 million tonnes per annum required in the country.

 

The minister of agriculture, Dr. Mahmood Abubakar, called on other investors to rise up to the occasion, noting that Dangote Fertiliser would help to solve the problem of fertiliser shortages in Nigeria. He also assured that the government would enforce standard in the industry to maintain quality.

 

Lagos state governor, Mr. Babajide Sanwo-Olu commended Alhaji Aliko Dangote for always blazing the trail, noting that Lagos state government was happy to be hosting many of his businesses.

 

The governor stated that Nigeria would quickly forget its many economic problems if another entrepreneur like Dangote could be replicated in other regions of Nigeria.

 

Nigeria To Regain Lost Cargoes As PMB Tours $1.5bn Lekki Deep Seaport

 

Meanwhile, President Buhari also toured the $1.5billion Lekki Deep Seaport yesterday, alongside Lagos State governor Babajide Sanwo-Olu, Transportation minister Rotimi Amaechi and other government officials.

 

The president, who came into the first deep seaport in Nigeria after commissioning Dangote Fertiliser located few kilometres away from the deep seaport, inspected the breakwater, quay wall and other landside facilities of the port.

 

The Lekki Deep Seaport, when operational, will help regain lost cargoes from neighbouring Benin Republic, Togo, Ghana and others African countries, naccording to the managing director, Nigerian Ports Authority (NPA), Mohammed Bello-Koko.

 

In his speech, Bello-Koko said the Lekki Deep Seaport had been under construction for years, and would be ready for test-run in September after which the first commercial vessel can be received at the port.

 

"Some of the businesses we have lost to other neighbouring West African countries due to draught limitation will be regained. There will be employment creation and increased revenue for government. It will create competition and compel other terminal operators to up their game to reduce cargo dwell-time at their terminals. Apapa and Tin-Can Island Ports have been operating far beyond their capacity, which means that the excess cargoes that have been going there would be diverted to Lekki Port," he explained.

 

According to him, the port is located on about 90 hectares of land, is supposed to have three container terminals and will be the first automated port in Nigeria that will enable speedy clearing of goods.

 

Speaking earlier, the minister of transportation, Rotimi Amaechi, said the president toured the deep seaport "to publicise the project to Nigerians so that people will know this government is building the first deep seaport in Nigeria. The other ports in Nigeria are all river ports."

 

According to the minister, the federal government will begin the construction of Bonny Deep Seaports after completion of the Lekki Deep Seaport.

 

"I am convinced that we would commence work in Bonny Deep Seaport before we leave office. Also, Ibaka Deep Seaport has gotten government's approval and we are fast-tracking the approval of Badagry Deep Seaport, so they can also get their own approval.

 

"The next reason for the president coming is also to put the heat on them (promoters). You know that the port is almost ready, if not for the equipment, they can actually get this place ready before June, but they said the equipment are arriving by June 2022 and installation will take them till September and then it can be commissioned in September."

 

Also speaking, the executive secretary of the Nigerian Shippers Council (NSC), Emmanuel Jime explained that the Lekki port will change the face of maritime in Nigeria

 

"For the first time we are going to have the kind of vessels that have never berthed in our ports. This is the first deep seaport we are having in our country. From that perspective alone, that gives us the comfort and recognition that, as far as the economies of scale is concerned, we are going to have a boost in commercial activities in ways that we have never envisaged and experienced before," he said.

 

'New Int'l Terminal To Facilitate 14m Passengers Annually, 3000 Jobs'

 

President Muhammadu Buhari also said the newly commissioned international terminal at the Murtala Muhammed Airport, Lagos, will fast-track over 14 million passengers yearly and create 3000 direct and indirect jobs.

 

The terminal has 66 check-in counters, five baggage collection carousels, 16 immigration desks at arrival, 28 desks at departure, 8 security screening points, and six passenger boarding bridges with remote boarding and arrival.

 

Other facilities include two food courts, four premium lounges, 22 guest rooms, 16 airline ticketing offices, visa on arrival and port health facility, praying areas, 3,000sqm duty free spaces and over 5,000sqm let-table utility spaces

 

The president who disclosed this at the commissioning of the new international terminal of the Murtala Muhammed Airport, Lagos, also directed the minister of aviation, Hadi Sirika, to fast-track the concession of the nation's airports and completion of Abuja Airport second runway.

 

According to the president, the minister of Finance, Budget and National Planning had been directed to source special funding for the completion of the second Abuja airport runway project.

 

The president further disclosed that the minister of the Federal Capital Territory (FCT) had been directed to conclude the titling of the approved 12,000 hectares of land to accommodate the runway and other developmental projects.

 

"This improvement, will increase airport operations and management services to about 14 million passengers per annum, with the attendant positive multiplier-effects of creating about 3,000 direct and indirect employment opportunities for our youths, increased inflow of Foreign Direct Investments and exponential growth in the Gross Domestic Product.

 

In his speech, Sirika urged the president to beckon on the governor, Central Bank of Nigeria (CBN), Godwin Emefiele, to clear the $283million trapped foreign airlines' fund.

 

He also called for the CBN to prioritise access to forex for all carriers, local and foreign airlines, and to work out mechanism to urgently clear existing backlogs to forestall subsequent build-up.

 

The aviation minister, who also lamented the scarcity of aviation fuel and how it disrupted flight operations across the country, asked the president to direct the NNPC to import Jet-A1 in good quantities.

 

He also said that the aviation roadmap approved by the president was being undertaken through Public Private Partnership (PPP), with his ministry working with Infrastructure Concession Regulatory Commission (ICRC) to ensure a credible and transparent process.-Leadership.

 

 

 

Nigeria: Emefiele Replies IMF, Says CBN Credit Expansion Programme in Order

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has said its credit intervention programme has helped to stimulate consumption and growth as well as boosted Gross Domestic Product (GDP).

 

He said the bank's credit expansion drive had also stimulated the manufacturing sector and shielded businesses and households from the negative impact of the COVID-19 pandemic and other external vulnerabilities.

 

Emefiele was reacting to the recent call by the International Monetary Fund (IMF) through its 2021 Article IV Consultation Report, that the CBN should consider scaling down its credit expansion programme as this was likely to cause market distortions in the long run.

But, the CBN governor argued that the central bank as a development finance institution has a responsibility to support the economy especially in difficult times.

 

Emefiele at the just concluded Monetary Policy Committee (MPC) meeting, had also announced that the committee had further urged the central bank to redouble its developmental finance initiatives aimed at boosting domestic food output which would help in moderating food inflation going forward, thereby moderating headline inflation.

 

He said, "The truth is that the IMF I have to admit has being a great supporter and adviser to the CBN and to Nigeria. In terms of advise, I think it is important that we reiterate the fact that CBN remain development finance oriented central bank and it is very normal for a developing economy to deploy development finance tools through interventions to support the growth of the economy. Let's not forget that about two years ago, monetary policy said that our new thrust would be price and monetary stability that is conducive to growth.

"If we are to adopt price and monetary stability that is conducive to growth in an environment where there is a tight fiscal space, where revenue shortfalls abound and even government has to borrow, then I think it is just reasonable that central bank should step in to support the fiscal to fill that space and not through grants but through loans to our smallholder farmers, to our small and medium enterprises, through loans to our households, to wake up our manufacturing industries that are dead."

 

Contiuing, Emefiele said, "And I can say that in the last two and a half years, we have done certainly more than N3 trillion. Whether we like it or not, and IMF themselves agree that whereas over N300 billion that we have disbursed to almost one million households helped to catalyse consumption expenditure that has helped Nigeria to turn positive in its GDP even though GDP is still fragile and we still face vulnerabilities.

 

"IMF knows that even our interventions to the manufacturing sector are helping and we have facts to show so. Aside from the Anchor Borrowers Programme in agriculture, last month we went to Sokoto to launch a three million tons cement factory to increase manufacturing output in cement. And Mr. president would be going to lagos to commission $2.5 billon fertilizer plant.

 

"What would that do for us? The $2.5 billion fertilizer plant will result in additional three million tons of urea in the country. Indorama produces three million metric tons, Notore produces 500,000 and that is 6.5 million metric tons per annum.

 

"Our annual consumption is one million metric tons. What does that mean? They would export. We would earn foreign exchange that would create liquidity in our I&E window and lead to less reliance on central bank for FX. Yes, it is an advise from IMF which we would take but at this time we are in a development finance mode where we must grow our economy while at the same time, we are doing everything possible to make sure our mandate of monetary and price stability still remains sacrosanct."-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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