Major International Business Headlines Brief::: 28 March 2022

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Major International Business Headlines Brief::: 28 March 2022 

 


 

 


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

 


 

 


ü  Shanghai Covid: Oil prices fall after city starts lockdown

ü  Government no longer majority owner of NatWest

ü  Canada pledges to help countries stop using Russian oil

ü  Sizewell C nuclear power station: Government to take 20% stake

ü  P&O Ferries sackings: Ferry operators face minimum wage law change

ü  Ukraine war: Chernobyl’s vodka producer remains defiant

ü  Spotify stops streaming in Russia over safety concerns

ü  EU signs US gas deal to curb reliance on Russia

ü  Rwanda: Belgian Business Executives Tour Kigali Ahead of Trade Mission

ü  Liberia: Weah Urges UAE to Tap Into Tourism, Fishery Sectors

ü  Nigeria: Investors Cautious As Deadline for 2021 Audited Results Draw
Near

ü  Nigeria: Labour Picks Hole in Ongoing Amendment of Assets Declaration Law

ü  Tanzania: Mara Region Gets 134.433bn/ - for Development Projects

ü  Nigeria: Akwa Ibom Govt Sues ExxonMobil Over Attempt to Sell Assets
Without Consent

ü  Rwandan Business Delegation in Harare for Trade Conference

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 

Shanghai Covid: Oil prices fall after city starts lockdown

A man gets tested for Covid-19 at a makeshift testing site behind barriers
of an area under lockdown in Shanghai

Global oil prices have fallen as China starts to implement a city-wide
lockdown in Shanghai, an important financial and manufacturing hub.

 

Brent crude lost more than $4.50 a barrel on concerns that the move would
mean that demand for oil will fall.

 

The Shanghai Composite stock index fell in early trade before regaining most
of the losses later in the day.

 

The lockdown, which began on Monday, is China's largest since the
coronavirus outbreak began more than two years ago.

 

The futures contract for Brent crude - an international benchmark for oil
prices - was down by 4% at $115.80 a barrel.

 

Despite the fall, oil remains almost 80% higher than it was a year ago after
the war in Ukraine helped to drive up prices.

 

Traders were concerned about the effectiveness of China's zero-tolerance
policy towards Covid, said Stephen Innes, managing partner at SPI Asset
Management.

 

'Tip of the iceberg'

Mr Innes also said in a note to investors that there were expectations of
further supply chain disruptions as well as a fall in demand.

 

"We might be only dealing with the tip of the iceberg," he said.

 

However, Dan Wang, chief economist at Hang Seng Bank China, does not expect
the lockdown to have a major impact on supply chains.

 

Most factories continue to operate as usual, and workers are either being
confined on-site or given priority for testing, the Shanghai-based economist
told the BBC.

 

"The suburbs are controlled quite well and quite tightly," she said. "Supply
chain stability is a priority in this round."

 

She added that, given the spike in Covid cases, there were expectations of
more government stimulus and interest rates could be lowered "quite
significantly" in the coming days.

 

As long as they are passed on by banks, lower interest rates make it less
costly for businesses and individuals to borrow money.

 

Meanwhile, the Shanghai Composite stock index opened lower on Monday before
regaining those losses to close just 0.07% higher.

 

Until now, Chinese authorities had resisted locking down the city of almost
25 million people to avoid destabilising the world's second largest economy.

 

The city will be locked down in two stages over nine days while authorities
carry out Covid-19 testing.

 

The key financial centre has battled a new wave of infections for nearly a
month, although case numbers are not high by some international standards.

 

It comes after lockdowns in China affected tens of millions of people across
the country earlier this month, including the entire Jilin province and the
technology hub of Shenzhen.

 

Shanghai's public transport has been suspended and firms and factories in
the city have been ordered to halt operations or work remotely.

 

The lockdown will take place in two stages, starting on Monday with the
eastern side of Shanghai, which includes the city's financial centre.

 

>From Friday, the western side of Shanghai is scheduled to go into lockdown.

 

This staggered approach means that half of the city will be able to remain
open.

 

Some businesses had already stopped operating in Shanghai, which has been
battling a new wave of Covid infections for nearly a month.

 

Last week, the Shanghai Disney Resort said it would close until further
notice, citing the "current pandemic situation".

 

"We will continue to monitor the pandemic situation and consult local
authorities, and will notify guests as soon as we have a confirmed date to
resume operations," it said.

 

China's financial capital, home to almost 25m people - Shanghai is now a
divided city.

 

Everyone east of its main river is now locked down. Another round of mass
testing has started.

 

By the week's end the western half of the city will be shut.

 

Public transport is being closed and the city sealed off. Anyone leaving
needs to show a negative test.

 

It is all part of a huge effort to try to stop the spread of a resurgent
virus that China's leaders thought they had banished.

 

Anyone testing positive here is sent to hospital or forced quarantine.

 

As the numbers continue to rise China's insistence on a zero-Covid strategy
is being tested - but also subtly adapted.-BBC

 

 

 

Government no longer majority owner of NatWest

The government is no longer a majority shareholder in NatWest after it sold
£1.2bn worth of shares in the banking group.

 

NatWest bought the shares at 220.5p each, their closing price on Friday, as
part of an off-market purchase.

 

The government took a majority stake in the group, formerly known as Royal
Bank of Scotland (RBS), after bailing it out for £45bn in the 2008 financial
crisis.

 

NatWest boss Alison Rose called the share buyback an "important milestone".

 

Following the sale of a chunk of its shares, government ownership in NatWest
group is now at 48.1% - down from 50.6%.

 

Ms Rose said the deal would be a "good use of capital for the bank and our
shareholders".

 

 

"Reducing government ownership below 50% is an important milestone for
NatWest Group and a further demonstration of the progress we are making as
we continue to deliver for our customers and shareholders," she added.

 

NatWest Group's main banking brands are NatWest, Royal Bank of Scotland
(RBS) and Coutts. It was renamed as NatWest Group in 2020 after more than 40
years under the RBS Group moniker.

 

The government has said previously it intends to sell £15bn worth of shares
in the group by 2023. In this latest transaction, the Treasury authorised
the sale of around 550 million shares.

 

John Glen, Economic Secretary to the Treasury, said the sale was an
"important landmark in our plan to return the bank to the private sector".

 

"We will continue to prioritise delivering value for money for the taxpayer
as we take forward this plan," he added.

 

'Government needs the cash'

Susannah Streeter, senior investment and markets analyst, Hargreaves
Lansdown said the share sale came at time when "the government sorely needs
the cash with the costs of borrowing mounting".

 

"It's been a long road back from emergency purchase of the beleaguered Royal
Bank of Scotland group, with a re-brand, and the step by step repurchase of
the government holdings," she added.

 

When the financial crisis struck in 2008, the government started to build a
stake in the then RBS Group which was teetering on the brink of collapse.

 

The initial investment, which resulted in the government owning 57% of the
bank, was extended a couple of times before peaking at 84% in 2009.

 

Since 2015, the Treasury has been selling off its stake and the process of
selling off NatWest shares is likely to continue for some time to come.

 

It has already taken considerably longer than disposal of the public
ownership of Lloyds, which was finally unwound in 2017.

 

The government was first handed shares in the banks in 2008 after announcing
a huge injection of cash into the sector.

 

Gordon Brown, who was prime minister at the time of the crisis, said the
investment was not an attempt to nationalise the banks and that the shares
would be sold back "at the right time".-BBC

 

 

 

Canada pledges to help countries stop using Russian oil

Canada's Natural Resources Minister Jonathan Wilkinson says there is
agreement about moving away from Russian oil and gas

Canada says it can provide more oil, gas and uranium to help solve the
global energy crisis.

 

Prices have soared as a result of Russian supplies being squeezed because of
its invasion of Ukraine.

 

Canada's natural resources minister said many countries are committed "to
help as much as we can in terms of displacing Russian oil and gas".

 

The world's fourth biggest oil producer has committed to exporting an extra
200,000 barrels of oil.

 

Its Natural Resources Minister Jonathan Wilkinson told BBC News it would
also export an additional 100,000 barrels of natural gas.

 

It follows requests from its allies at a meeting of the world's energy
ministers at the International Energy Agency (IEA) in Paris, which pledged
to accelerate the move to clean energy.

 

"We expect that by the end of the year we will be fully up to the 300,000
barrels," said Mr Wilkinson.

 

However, that is only a fraction of the three million barrels a day that the
IEA says will be removed from global markets by next month because of
sanctions against Russia.

 

Canada is limited in how much oil it can export because its pipelines are
running near full capacity, but Mr Wilkinson says sending it via the United
States is an option.

 

Canada's biggest pipeline company Enbridge told the BBC it is "prepared to
do what we can to increase energy security for both North America and
Europe".

 

The impact of Canada's extra supplies "will be relatively limited given the
regionality of Canadian crude, which will likely stay in the North American
market", according to Louise Dickson, who is a senior oil analyst at the
consultancy Rystad Energy.

 

"The main energy crisis is playing out in Europe due to supply shortages,
and Asia where demand is on the cusp of recovering if Covid-19 lockdowns can
be kept at bay," added Ms Dickson.

 

Tackling rising prices

Canada has joined the US and UK in introducing a ban on Russian oil. That
has seen prices pushed up as high as almost $130 (£98.56) a barrel since the
war in Ukraine began.

 

Mr Wilkinson believes "there is a consensus" among the other energy
ministers at the meeting that the world needs to cope without Russian oil
and gas, adding: "I think the only differences are around how fast can you
actually get away from it."

 

However, the investment bank JP Morgan says it thinks the "current extreme
aversion to Russian oil will subside" and that the price of a barrel of oil
will fall back to about $100 in the second half of this year.

 

The International Monetary Fund is among those who have raised concerns that
higher oil prices are causing costs of goods and energy bills to rise and
that inflation is harming the global economy.

 

Mr Wilkinson said leaders must ensure that people "are able to heat their
homes and that industries are able to produce the goods that we all need."

 

In the longer term, Mr Wilkinson said he recognised that "energy security
and fighting climate change are intimately linked".

 

Addressing immediate concerns, he argued: "Canadian oil displacing Russian
oil doesn't cause more climate change. There's no more CO2 emissions."

 

Having previously run a "clean energy" company, Mr Wilkinson said he was a
big believer in using hydrogen and other renewable sources to create more
energy going forward.

 

Growth of nuclear

The variable nature of solar and wind power means "there is a role for
nuclear in many jurisdictions in terms of providing baseload rather than
intermittent power", Mr Wilkinson said.

 

Russia plays a key role in the global nuclear power industry. As well as
mining uranium, it does a lot of the processing to make it useable in power
stations.

 

Energy ministers meeting at the IEA in Paris agreed to maintain a focus on
cutting carbon emissions as they seek to move away from Russian oil and gas

Canada is "absolutely" prepared to export more uranium, said Mr Wilkinson.
He explained "our uranium producers actually do have excess capacity and
certainly could ramp up to to help to fill the gap that Russian supplies
will provide".

 

The UN Secretary General didn't mention a role for nuclear power when he
said a few days ago that the rush to use fossil fuels because of the war in
Ukraine is "madness" and threatens the ability to limit the rise in global
temperatures to 1.5C.

 

Mr Wilkinson said: "I think where the secretary general and I would agree
very much... is the need to accelerate the work that we're doing on climate
change.

 

"We are we are running out of time. There is no question about that - we
need to make significant progress by 2030."

 

He suggested that the war in Ukraine is underlining "how important it is not
just from a climate perspective, although that's enough, it's from an energy
security perspective that we actually do this now. We don't wait."

 

You can watch Jonathan Wilkinson's full interview on "Talking Business with
Aaron Heslehurst" this weekend.-BBC

 

 

 

Sizewell C nuclear power station: Government to take 20% stake

The government plans to take a 20% stake in a £20bn large-scale nuclear
plant at Sizewell, the BBC has learned.

 

French developer EDF will also take a 20% stake in the Suffolk power
station.

 

Ministers hope the confirmation of two cornerstone investors will encourage
infrastructure investors and pension funds to take up the remaining 60%.

 

Sizewell C is a key part of the new UK energy strategy, anticipated this
week. However, no decision is expected yet on the future of Wylfa, in north
Wales.

 

Government officials say new nuclear facilities at Wylfa could - like
Sizewell - be one of the "big bets on nuclear" the prime minister has said
are integral to plans to reduce UK reliance on fossil fuels over time.

 

It's not yet clear whether these additional ambitions will include
large-scale plants, smaller reactors based on nuclear submarine technology,
or both.

 

 

The government's strategy will also include plans for solar and wind power,
as well as stimulating additional investment in oil and gas fields in UK
waters.

 

Legislation allowing construction and financing costs to be added to
customer bills, as Sizewell C is built over the next decade, is due for a
second reading in the House of Commons next month. It made it through the
Lords unamended and is expected to become law in the coming weeks having
received strong support from MPs.

 

EDF has insisted the amount added will be relatively insignificant, at about
£2 a year for the first phase, rising to a peak of £12 a year.

 

The total cost of Sizewell C is expected to be about £20bn. That is slightly
less than the plant currently under construction at Hinkley Point, in
Somerset, as Sizewell C will be a near-identical replica, creating cost
savings.

 

However, those numbers are expected to rise as global inflationary pressures
affect prices of steel, cement, wages and the large amounts of energy
required to build plants of this size.

 

 

The £20bn in capital (at current prices) is expected to be financed with
about one-third in equity - or cash up front - and the remainder in debt
borrowed from financial markets.

 

The government has already committed £100m to the project's development.
Taking a 20% stake would see that rise to between £1.5bn and £2bn.

 

Nuclear industry insiders say proposed reforms to EU-wide financial
regulations (Solvency II) will make it easier for pension funds and
insurance companies to invest in long-term infrastructure assets like
nuclear.

 

While some Suffolk business groups would welcome the jobs and skills that
would be brought to the local economy, there is significant opposition to
the plant both at a local level and more widely from those who argue big
nuclear is slow, expensive, old fashioned, risky and threatens local
wildlife.

 

Anti-Sizewell groups have mounted planning challenges and are expected to
demand a judicial review of any approval.

 

Campaign group Stop Sizewell C said: "We are appalled the government plans
to throw billions of pounds in taxpayers' money at Sizewell C and hit
households with a nuclear tax on their bills when renewable solutions,
insulation, efficiency and energy storage will achieve energy security
faster, more cheaply and with much less risk."

 

'Always on' power

However, the government is convinced it is a source of non-imported, low
carbon, "always on" electricity and has a target for nuclear to contribute
25% of the UK's power needs.

 

Nuclear currently produces about 16% of UK power but, of the eight plants
still in operation, all but one are due to be switched off by 2030. Only
Hinkley Point C is currently under construction.

 

That plant alone will produce 7% of current needs when it comes online in
2026.

 

The government is also keen to accelerate the development of smaller
reactors, of the kind being developed by Rolls Royce, but designs for these
are still at an early stage.

 

Critics argue other technologies like solar and wind are cheaper, faster and
greener to deploy.

 

While the current energy crisis, exacerbated by the Russia-Ukraine war, has
made a powerful argument for weaning economies off volatile fossil fuels, it
has also painfully demonstrated that point is still some way off.-BBC

 

 

 

 

P&O Ferries sackings: Ferry operators face minimum wage law change

Ministers plan to force all ferry companies operating from UK ports to pay
at least the National Minimum Wage, in a bid to persuade P&O Ferries to
reinstate 800 workers it has sacked.

 

Legislation will be introduced in the Commons later this week.

 

A source says Transport Secretary Grant Shapps hopes the company will "see
reason and step back".

 

But unions have said workers should be reinstated on their existing terms
not the National Minimum Wage.

 

P&O Ferries prompted outrage on 17 March when it announced that it would be
replacing staff immediately with agency workers paid less than the minimum
wage.

 

Chief executive Peter Hebblethwaite has faced calls to resign, backed by the
prime minister, after he admitted to MPs last week that he had known sacking
the workers without notice was against the law.

 

On Saturday, protests took place at several ports, with unions holding
demonstrations at Dover, Hull and Liverpool.

 

The government now plans to close a legal loophole which allows ferry
operators using UK ports but registered overseas to pay less than the
minimum wage.

 

The UK minimum hourly rate is £8.91, while the average rate paid to the
agency staff brought in by P&O Ferries would be £5.50.

 

A source said the transport secretary would write to Mr Hebblethwaite
telling him that if "he doesn't perform a U-turn, we will force him to do it
anyway".

 

"We will make it impossible for ferry companies to operate from UK ports
without paying the National Minimum Wage," they added.

 

Efforts to change the law will begin on Wednesday or Thursday of this week.

 

Unions had raised fears over a lack of training of new crew, and on Friday
the Maritime and Coastguard Agency (MCA) detained P&O Ferries' vessel
European Causeway in Northern Ireland.

 

The ship was held in Larne over "failures on crew familiarisation, vessel
documentation and crew training", the MCA said. P&O Ferries said it would
make changes to return the ship to service.

 

The Rail, Maritime and Transport Workers Union said it would not accept the
National Minimum Wage for its members, and that P&O Ferries should honour
their existing contracts of employment.

 

The union's national secretary, Darren Proctor, said ferry operators paying
below minimum wage had "contributed to the decimation of UK seafarers" and
higher wages would create more opportunities for UK workers.

 

However, he told BBC Radio 4's Today programme customers may have to pay
higher prices as a result.

 

"If you want decent terms and conditions and decent service and safe vessels
then you might have to pay a little bit more," he said.

 

P&O Ferries has said it had to replace crews because it was losing £100m a
year and would not be a viable business without making the changes.

 

Bosses from two of the company's competitors, DFDS and Stena Lines, are set
to meet Department for Transport officials later to discuss the planned
changes to the law.

 

There has also been concern over the possible disruption to Easter holiday
travel plans if P&O ships are unable to sail.

 

A Department for Transport spokesperson said: "Ministers are working to
understand how we can ensure the continuation of services in collaboration
with other operators, including DFDS and Stena."-BBC

 

 

 

Ukraine war: Chernobyl’s vodka producer remains defiant

It started with "Chernobyl moonshine". Scientists who were studying crops
grown in the Chernobyl exclusion zone decided to use some of their leftover
grain to produce alcohol.

 

That experiment became a social enterprise that made and sold a spirit drink
called, appropriately enough, Atomik.

 

The aim was to show that slightly radioactive fruit, grown in orchards in or
near the contaminated exclusion zone that surrounds Chernobyl's nuclear
power plant, could be distilled into a spirit that was no more radioactive
than any other. Profits were channelled into communities that live in
deprived areas close to the zone.

 

Now, as Russian troops occupy the land where that fruit is grown and
harvested, this unusual company is making a defiant marketing move by
releasing two more "premium drinks" and donating profits to help Ukraine's
refugees.

 

While the future of an enterprise that makes a niche spirit might seem
insignificant amid the ongoing crisis in Ukraine, it is an example of how
decades of progress has been upended by war.

 

Why there was a radiation spike at Chernobyl

Chernobyl vodka made in exclusion zone

After 30 years of studying the exclusion zone, the scientists who set up the
Atomik project enabled people on contaminated land to sell their own
produce. It was a small but significant milestone in the recovery of a patch
of Ukraine that was largely abandoned after the nuclear catastrophe in 1986.

 

 

"Now, that whole region where we harvest our fruit for production is
occupied by Russian forces," explained Kyrylo Korychenskyi, an environmental
researcher and member of the Atomik team.

 

Russian forces seized control of the now defunct Chernobyl nuclear power
plant in the first few days of the invasion.

 

Military machinery kicking up radioactive dust in the usually carefully
controlled zone caused a spike in radiation levels.

 

"The information we're getting from the region is very bad," says Kyrylo.
"Russian forces go into the villages and put their tanks in the middle of
people's gardens."

 

In the heart of the exclusion zone, Ukrainian authorities have accused
Russian forces of looting and destroying a new research laboratory designed
to process and analyse radioactive samples and to monitor the zone.

 

Prof Jim Smith is one of the founders of Atomik and a scientist at the
University of Portsmouth. He has spent much of his career studying the
exclusion zone and says that decades of progress is now being destroyed.

 

"The communities who have been suffering for 35 years are now suffering even
more," he told BBC News. "We used to worry about the risk from radioactive
strontium in [cities] that are now being bombed."

 

The future of the Atomik project - and that of the people who live and grow
fruit in their orchards near the exclusion zone - is uncertain.

 

If the war has ended by the time the next harvest season comes around,
Kyrylo - who remains in his home in Kyiv with his wife and children - says
he hopes to keep going. He hopes to go back to his "pre-war life" and pick
up the project where he left off.

 

"I think people there will need money and help because Chernobyl accident
for this territory will no longer be the worst thing that happened
there."-BBC

 

 

 

Spotify stops streaming in Russia over safety concerns

Spotify is pulling out of Russia citing a new law that threatens jail for
spreading "fake news" about the country's armed forces.

 

The music streaming company said safety concerns about staff and "possibly
even our listeners" had pushed it to fully suspend its free service.

 

Spotify shut its office in Russia earlier in March.

 

But it said it had wanted to keep its service operational to provide
"independent news" to the country.

 

"Spotify has continued to believe that it's critically important to try to
keep our service operational in Russia to provide trusted, independent news
and information from the region," Spotify said in a statement.

 

"Unfortunately, recently enacted legislation further restricting access to
information, eliminating free expression, and criminalizing certain types of
news puts the safety of Spotify's employees and the possibility of even our
listeners at risk."

 

Growing numbers of firms pull back from Russia

BBC reporters resume English-language broadcasts from Russia

New rules on what media companies can broadcast or post online mean
publishing material deemed to be "fake news" about Russia's invasion of
Ukraine can lead to lengthy prison sentences.

 

Following passage of the legislation, Bloomberg, the New York Times and CNN
were among the outlets that announced plans earlier this month to suspend
reporting from the country.

 

TikTok also suspended live streaming and new content from its platform
following its introduction.

 

The BBC suspended reporting in Russia, though it has since resumed. Access
to BBC websites has been restricted in Russia, and the Kremlin took BBC
World News off the air earlier this month.

 

Spotify, which launched in Russia in 2020, is best known as a music
streaming platform. But it has aggressively moved into podcasting as part of
its business model, with its library including many news and current affairs
shows.

 

Since the war in Ukraine, it has not been able to sell its premium
subscriptions in the country because of restrictions put in place by payment
providers amid international sanctions.

 

This latest move adds it to a list of hundreds of global firms that have
exited or scaled back operations in the country, including BP, McDonald's
and Netflix.-BBC

 

 

 

EU signs US gas deal to curb reliance on Russia

The US and the EU have announced a major deal on liquified natural gas, in
an attempt to reduce Europe's reliance on Russian energy.

 

The agreement will see the US provide the EU with extra gas, equivalent to
around 10% of the gas it currently gets from Russia, by the end of the year.

 

The bloc has already said it will cut Russian gas use in response to
Russia's invasion of Ukraine.

 

Russia currently supplies about 40% of the EU's gas needs.

 

The new deal will involve the US and other countries supplying an extra 15
billion cubic metres of gas on top of last year's 22 billion cubic metres.

 

The new total will represent around 24% of the gas currently imported from
Russia.

 

 

The eventual aim is for the US and international partners to provide about
50 billion cubic metres per year to the EU.

 

Cutting reliance on Russia will mean generating more renewable energy and
improving energy efficiency as well as increasing imports.

 

Ukraine war: How reliant is the world on Russia for oil and gas?

Why are gas bills so high and what's the energy price cap?

The deal was announced on Friday during a three-day visit by US President
Joe Biden to Brussels.

 

Mr Biden and European Commission President Ursula von der Leyen discussed
Russia's invasion of Ukraine and offered fresh support to Kyiv.

 

"Putin is using Russia's energy resources to coerce and manipulate its
neighbours," Mr Biden told reporters in Brussels. "He's used the profits to
drive his war machine."

 

He said the long term benefits of the deal would outweigh the short term
pain that reducing Russian gas supplies would cause.

 

"I know that eliminating Russian gas will have costs for Europe, but it's
not only the right thing to do from a moral standpoint, it's going to put us
on a much stronger strategic footing."

 

President von der Leyen said: "We want, as Europeans, to diversify away from
Russia towards suppliers that we trust that are friends and that are
reliable."

 

She pointed out that the target 50 billion cubic metres per year "is
replacing one-third already of the Russian gas going to Europe today. So we
are right on track now to diversify away from Russian gas."

 

The EU gets 40% of its gas from Russia. If it's to wean itself off that
dependency, it needs to get its energy elsewhere.

 

The question is, where from?

 

Gas is already piped from Norway - but those pipelines are already operating
at maximum capacity. The EU gets relatively little from the North Sea.

 

New supplies will have to come from further afield, in the form of LNG - gas
that's been chilled and liquified.

 

But there's already intense competition for LNG supplies from countries such
as Algeria and Qatar, and that's been pushing up prices.

 

The 50 billion cubic metres of gas a year from the US - more than double the
current quantity - would certainly be welcome.

 

But it still wouldn't fill the gap if Russian supplies were removed.

 

There are also question marks over how much gas the US can supply, how
quickly it can increase exports to the EU - and how much those shipments
will cost.

 

The EU has been enjoying cheap gas for many years - but now it seems to have
accepted that era is coming to an end.

 

2px presentational grey line

Russia's war with Ukraine has helped push energy prices to record highs.

 

Energy prices were already rising before the invasion as economies started
to recover from the Covid crisis.

 

The Ukraine invasion prompted the EU to pledge to cut Russian gas use by
two-thirds this year by hiking imports from other countries and boosting
renewable energy.

 

map re Russian gas.

The White House said that greater energy efficiency can be immediately
achieved through increasing the use of smart thermostats and heat pumps.

 

The EU said that reductions through energy savings in homes can replace 15.5
billion cubic metres this year and that accelerating wind and solar
deployment can replace 20 billion cubic metres.

 

The EU's goal is to save 170 billion cubic metres by 2030 through energy
efficiency and by using renewable energy.

 

That 170 billion on top of the planned 50 billion of additional gas from the
US and other countries means Europe's reliance on Russian gas could be
replaced by 2030.

 

Russia sanctions

In response to Russia's invasion of Ukraine, the US is banning all Russian
oil and gas imports and the UK will phase out Russian oil imports by the end
of 2022.

 

The EU has said it will switch to alternative supplies and make Europe
independent from Russian energy "well before 2030".

 

Germany has put on hold permission for the Nord Stream 2 gas pipeline from
Russia to open.

 

Meanwhile in the UK petrol prices have hit record highs as oil and gas costs
soar.

 

Oil jumped to $139 a barrel at one point earlier this month, the highest
level for almost 14 years, while wholesale gas prices for next-day delivery
more than doubled.-BBC

 

 

 

Rwanda: Belgian Business Executives Tour Kigali Ahead of Trade Mission

Members of the Belgian business delegation who are on a trade mission in
Kigali on Sunday, March 27, visited the Kigali Genocide Memorial and the
Belgian Peacekeepers Memorial.

 

Kigali Genocide Memorial is home to over 250,000 remains of the victims of
the 1994 Genocide against Tutsi which cost over a million lives and
perpetuated by the government of the time.

 

The Belgian Peacekeepers Memorial honors 10 Belgian commandos who were part
of a peacekeeping mission under the United Nations and 12 others Belgians
killed during the Genocide.

 

The commandos were part of the protection detail of former Prime Minister
Agathe Uwilingiyimana who was killed at her home by government soldiers at
the beginning of the Genocide

This tour to different historical sites in Kigali is part of their agenda
during their five-day visit which will end on March 31.

 

On top of their agenda is to also share presentations from the business
arena (both from Rwanda and Belgium), conduct business-to-business
networking, and form partnerships in areas of mutual interest.

 

On their first day, they toured the memorial site's mass graves to have a
glimpse of how the Genocide was prepared until 1994 when over a million
Tutsi were slain in just 100 days.

 

After a visit at the Kigali Memorial, Claude Van Collie, Senior Consultant
at HB Drilling S.A, said it is a sad and mournful tragedy that evokes
questions despite the explanations given.

 

"It pushes one to wonder how the youth of Rwanda now relate with what
happened, how are they taught about the history in schools? How do parents
address their children to explain the atrocity that took place?" he said.

Dominique Delattre, the Director General of Wallonia Export and Investment
Agency, said: "We have to draw a lesson from errors made, innocent people
that were in the interest of peace lost their lives."

 

The agency is behind the organization of the trade mission.

 

"What really matters is to promote peace among people to accept diversity
and unity to make sure that we enrich what we are building. Diversity and
unity allow us to live in a balanced society," he added.

 

Rebecca Ntunguka, a Rwandan-Burundian living in Belgium with a travel agency
called Art-2-Travel, said she was visiting the memorial for the fourth time
and she says that her emotions are the same every time she visits.

 

"You understand that it's not only about one million people who died but
they were killed by their own neighbours. To properly organize and manage an
entire population so that there is no aftermath revenge which would have led
to more deaths requires a certain level of discipline," she said.

As part of the Kigali tour, the delegates were also shown different routes,
the suburbs of Kigali, and got explanations on various historical places,
the strides made in the development of Rwanda including how far we have come
in building a knowledge-based economy.

 

The delegated companies cut across various sectors, with the most
representative being in Infrastructure and construction, water treatment
sector, health sector as well as Information Technology sector.

 

Rwanda and Belgium have built stable economic and military ties in the past
and it is expected that this trade mission will bolster the bilateral
cooperation between both countries.

 

A view of the memorial site of ten Belgians who were part of a peacekeeping
mission under the United Nations who were killed in Rwanda in 1994.

 

Delegates of the Belgian private sector companies are visiting Rwanda to
explore the potential and create partnerships with the Rwandan market.

 

Delegates read the history of Ten Belgian commandos who were killed in
Rwanda.

 

Delegates tour inside Kigali Genocide Memorial to learn more about Rwandan
history.

 

Members of the Belgian business delegation tour at Kigali Genocide Memorial
on Sunday, March 27.

 

Some of the members of the delegation from Belgium read names of ten Belgian
commandos killed in 1994.

 

The delegation observe a moment of silence to honor ten Belgian commandos
who were part of a peacekeeping mission under the United Nations who were
killed in Rwanda in 1994.-New Times.

 

 

 

Liberia: Weah Urges UAE to Tap Into Tourism, Fishery Sectors

President George Manneh Weah has told the Government and People of the
United Arabs Emirates (UAE) that Liberia seeks to expand its potential in
many areas, including the mining sector, urging the UAE to come to Liberia
and tap into these traditional and virgin sectors.

 

Speaking at the Liberia National Day Program at the Expo 2020 Dubai
Expedition Center in the United Arab Emirates on 25 March 2022, President
Weah said the emerging fields of tourism, agriculture and fisheries are ones
that have yet to be exploited.

 

"I, therefore, use this opportunity to urge my UAE brothers to come to
Liberia and tap into these traditional and virgin sectors, which will, in
turn, help us fill Liberia's huge infrastructure deficit and foster economic
development," said President Weah.

"I invite you to join us in developing a prosperous business climate in
Liberia," he noted.

 

President Weah stated that the UAE is home to him, explaining that his
experiences in that country inspired him to get involved with leadership in
Liberia.

 

To bring about change and to improve the lives of his people, President Weah
said he seeks to maintain that relationship with his brothers - particularly
the ruler of Dubai and Crown Prince of Abu-Dhabi, His Highness Sheikh
Mohammed bin Zayed Al Nahyan.

 

"Sheikh Mohammed has been there with me ever since when I signed for Al
Jazira Football Club about 20 years ago in Abu Dhabi. I consider him a
brother and a dear friend," said President Weah.

 

He expressed confidence that the unique relationship they share will
continue to be beneficial to both their countries and that the bilateral
ties that bound both countries will be further strengthened.

"Liberia, as you know, has just launched the year-long celebration of its
Bicentennial Anniversary - marking 200 years since the arrival of freed
slaves on our shores. That journey laid the foundation for Liberia," he told
his UAE counterpart.

 

"So as we showcase our potential on this National Day, we want to inform all
participating countries that Liberia is open for business and that the
potential can be transformative and mutual," he continued.

 

Together, President Weah said, they can make Expo 2020 Dubai an
unforgettable experience that will inspire both present and future
generations.

 

He assured the counterparts that Liberia looks forward to working in close
collaboration with the United Arab Emirates to deliver on the promise of
Expo 2020 Dubai.

 

He said he was honored to be at the Expo 2020 Dubai at the invitation of His
Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime
Minister of the United Arab Emirates and Ruler of Dubai, to attend the
Liberia National Day Celebration at Expo 2020 Dubai, which was celebrated in
2022 due to the Covid 19 pandemic.

 

He thanked the leadership of the United Arab Emirates and the Organizers of
Expo 2020 Dubai for the gracious hospitality provided to him and his
delegation since their arrival in Dubai and the excellent arrangements that
had been made for their comfort and safety.

 

"As you are aware, Expo 2020 Dubai has brought together 192 countries, with
visitors from all around the world, under the central theme of "Connecting
Minds, Creating the Future."

 

"With three additional sub-themes of "Opportunity, Mobility, and
Sustainability," it has convened the global community here in Dubai, and is
inspiring people around the world to work together in new ways to create a
sustainable future," said President Weah.

 

Being the first mega-event of its kind in the Middle-Eastern region,
President Weah said the Expo 2020 Dubai has also provided a unique global
platform for presenting new and innovative solutions that have the potential
to transform the lives of people of all races and backgrounds, in spite of
the ongoing global economic and health challenges which face the world
today.-New Dawn.

 

 

 

Nigeria: Investors Cautious As Deadline for 2021 Audited Results Draw Near

The Nigerian equity market, last week, recorded mixed sentiment and buying
interest as investors traded cautiously since deadline for the submission of
2021 audited financial results of companies draw closer.

 

Consequently, the Nigerian Exchange Limited, NGX, All Share Index, ASI,
declined 0.57 per cent or 318 points Week-on-Week, WoW, to close at
46,964.23 points from 47,282.67 points.

 

In the same way another major performance indicator, market capitalization,
declined by over N171 billion to close Friday at N25.311 trillion from
N25.482 trillion the previous week.

 

The negative performance was due to bouts of profit-taking activities in
heavyweight stocks, namely NESTLE Nigeria which declined 2.8 per cent , UBA
2.6 per cent, Guaranty Trust Bank Holding, GTCO 1.4 per cent, MTN Nigeria
-0.7 per cent, and Lafarge 0.6 per cent.

The Month-to-Date, MtD, and Year-to-Date, YtD, return dropped to 0.9 per
cent and 9.9 per cent, respectively.

 

Analysts opined that market players continue to keenly observe the nation's
economic developments and what is happening in the fixed income market with
yields and rates becoming mixed and flattish.

 

There were noticeable increase in the rate at which listed companies are
giving notice of their closed periods and board meetings to consider their
first quarter, Q1 2022 financials, ahead of the March 31, 2022 deadline for
the submission of audited reports for the 2021 year-ended December 31.

 

Commenting on market performance, analysts at Cordros Securities Limited
said: "In the week ahead, we expect the market to trade sideways as the
activities of bargain hunters in dividend-paying stocks fizzle out due to
the winding down of the 2021 full year earnings season. In addition,
risk-averse investors will likely sustain profit-taking activities in
anticipation of an uptick in Fixed Income, FI, yields.

 

"Notwithstanding, we reiterate the need for positioning in only
fundamentally sound stocks as the weak macro environment remains a
significant headwind for corporate earnings."

 

On market outlook for the new week, analysts at InvestData Consulting
Limited said: "We expect sustained improved sentiments on higher dividend
yields, as bargain hunters take advantage of the pullbacks to position and
investors digest the inflation data, ahead of the inflow of more 2021
audited financials with dividend announcements.

 

"This is expected to support an uptrend during this earnings season, amidst
the oscillating oil prices, just as the market continues to interpret
economic data in relationship with crude oil price and other factors, in the
midst of profit-taking and portfolio rebalancing."-Vanguard.

 

 

 

Nigeria: Labour Picks Hole in Ongoing Amendment of Assets Declaration Law

Organised Labour under the aegis of the National Union of Banks, Insurance
and Financial Institutions, NUBIFIE, has picked hole in the ongoing
amendment of 35-year-old Bank Employees Declaration of Assets, BEDA, Act
1986, saying some aspects of the amendment bill are offensive and infringe
on individuals rights and liberty.

 

This came as Nigeria Labour Congress, NLC, called for regulation manual to
regularise 'non-permanent' staff of banks and other financial institutions
as part of ongoing review of the nation's Labour Laws.

 

In a welcome address at the 11th, 7th Quadrennial Delegates Conference ,
QDC, of NUBIFIE in Lagos Weekend, NUBIFIE President, Anthony Abakpa, listed
some of the challenges confronting the sector, among which is the BEDA.

According to him, "another challenge facing the industry currently ongoing
at the National Assembly has to do with the Bank Employees Act Declaration
of Assets. While we appreciate the rationale behind the review of the act,
which is to enhance accountability, transparency, integrity and good
corporate governance in the banking industry. Nonetheless, we are concerned
with some aspects of the amendment bill which has tended to infringe on
individual rights and liberty. Individuals who are not employees of banks,
such as children, spouses etc should not be subjected to any part of the act
simply because of an affinity to an employee of a bank, especially on assets
disclosures of such individuals who are not direct employees of banks.

 

"Another contradiction in the act was the definition of outsourced workers
in the bank as employees of banks. This is an issue that has given great
concern to Labour as a whole, but in particular, the banking and insurance
industry, which has agitated the minds of concerned outsourced workers in
the banking industry as to what exactly is their employment status.

"If, for the purpose of this act, outsourced workers are defined as bank
employees, then that act should equally make them just that, employees of
banks, as full staff status, recognising as it were, their current
employment status being employees of outsourcing companies.

 

However, as union we are able to achieve the concurrence of the tripartite
partners (government, employers and the two sectoral unions) in developing
framework guidelines designed to address benefits and other related gaps in
the employment of outsourced workers, which is current in the process of
being finalised for presentation before the Federal Executive Council, FEC.

 

Speaking, President of NLC, Ayuba Wabba, contended that the Labour Laws
review should also embrace stiffer legislative sanctions on casualisation of
workers and decried several unfriendly labour practises in the banking and
other financial institutions sector.

 

Represented by Deputy President of Congress , Joe Ajaero, Wabba recalled
that NLC and the leadership of NUBIFIE had reached out to the Central Bank
of Nigeria, CBN, the Federal Ministry of Labour and Employment and the
Bankers' Committee, seeking practical solutions to the abnormalities in the
system.

 

Lamenting that one of the abnormalities is that the last Collective
Bargaining Agreement, CBA, in the financial sector was done in 2005.

 

According to him, "The CBA was due for review in 2007. Our affiliates in the
banking sector wrote to the CBN on the need to review the CBA. Banks were
also written to address the issues of CBA and 'non-permanent' staff in their
payroll. Sadly, up till date nothing concrete has come out of those
engagements.

 

"There is also the issue of subjecting bank workers to the stress and strain
of outrageous deposit or investment targets. Such pressure has forced many
bank workers into very unethical and immoral conduct just to satisfy the
expectations of management.

 

"It is important to make the point loud and clear that these unfair,
degrading and dehumanising culture that have become entrenched in our
banking system are not only akin to "modern day slavery" but are also
against conditions precedent for banking operations license in Nigeria and
certainly offensive to our culture and tradition and laws."-Vanguard.

 

 

 

Tanzania: Mara Region Gets 134.433bn/ - for Development Projects

ABOUT 134.433bn/- was provided to Mara Region for implementing various
development projects during President Samia Suluhu Hassan's one year in the
highest office of the land.

 

Outlining key achievements made by Mara Region during President Samia's 365
days in office, the Regional Commissioner (RC) Ally Hapi said his region had
recorded tremendous success in different sectors including education,
health, infrastructure and energy among others.

 

Addressing journalists in Dodoma region where he came to attend the ongoing
pre budget meetings of the parliamentary budget committee, Mr Hapi said that
after his region received 14.32bn/- that was provided by the Head of State
to reduce the impacts of Covid-19 pandemic from 1.3tril/- provided as a
concessional loan by the International Monetary Fund (IMF) to the government
of Tanzania, Mara managed to construct 708 classes just within two months.

Also he added, the region spent about 6.88bn/- and 5.78bn/- to implement
various projects in health and water sectors respectively and that in the
next few days Musoma Municipality will have access to clean and safe water
by 100 per cent from the current 95 per cent.

 

The RC added that the Rural and Urban Water and Sanitation Authority
(RUWASA) in Mara region had in the past one year of president Samia in
office received 4.5bn/- to implement water projects in nine constituencies
where as each constituency had implemented one robust water project.

 

"On the health sector we are now constructing about 10 new health centres
which will spend upon completion about 5bn/- because every centre will cost
about 500m/-" he noted.

 

On the energy sector, Mr Hapi said that about 407 villages had been
connected to electricity and that there were only 45 villages which were yet
to be connected to the national grid. However, he added through the ongoing
Rural Energy Agency (REA) phase III, the all villages would be connected and
that 9.4bn/- would be spent.-Daily News.

 

 

 

Nigeria: Akwa Ibom Govt Sues ExxonMobil Over Attempt to Sell Assets Without
Consent

Akwa Ibom State government has dragged ExxonMobil to court over an attempt
to sell off some of its assets without informing it as a critical partner
about the intention to carry out such a major activity.

 

ExxonMobil had recently informed the general public that it had reached an
agreement to sell its equity interest in Mobil Producing Nigeria Unlimited
to Seplat Energy, through its wholly-owned subsidiary, Seplat Energy
Offshore Limited.

 

However, Akwa Ibom State Attorney-General and Commissioner for Justice, Mr.
Essien Udom, SAN, said, weekend, that the state government had filed a suit
in court to prevent Mobil from proceeding with the sales of the assets. Udom
said: "Mobil has not formerly informed the state government that they are
selling off and leaving. Everything we heard was from the media, which is
most irresponsible for any corporate citizen. There has been no direct
contact with us.

"That's an action that may frustrate the outcome of a pending court case.
Akwa Ibom State government had to enter a court case restraining Mobil from
continuing with the proposed sale of its assets and that's because there is
a pending litigation between Mobil and the government of Akwa Ibom State.

 

"The attempt to sell its asset, some of which may include assets belonging
to Akwa Ibom State, is rather upsetting. Mobil has been in Akwa Ibom State
for several years and the relationship has been very good until recently.

 

"The fact that they'll attempt to sell in a surreptitious manner without any
discussion with the government of Akwa Ibom State is very distressing and
not to be expected from a responsible corporate citizen.

 

"Responding to why ExxonMobil had dragged the state government to court
initially, Udom explained that the company had sued the state government
challenging the revocation of some of the Certificates of Occupancy (CofOs).

 

"It is, therefore, a big surprise to us that in the pendency of these law
suits, they went ahead and attempt to sell some of the assets and leave.
That is why we have the order, stopping them from continuing the sales and
removing any asset from Akwa Ibom State.

 

"The sale cannot be allowed to proceed because when you have parties
contesting ownership of an assets, all those things would be kept in
abeyance. The court has the right to keep what is called 'subject matter of
litigation.'

 

"Any attempt by either of the parties to deplete the asset or sell or
dispose of them would be resisted by the court. It is contemptuous
actually," he added.

 

Vanguard News Nigeria

 

 

 

Rwandan Business Delegation in Harare for Trade Conference

A high-level delegation from Rwanda's business community is in Harare to
attend the second leg of the Rwanda-Zimbabwe Trade and Investment Conference
which kicks off on Monday.

 

The chairperson of Rwanda Private Sector Federation (PSF), Robert Bafakulera
urged the Zimbabwean business community to take advantage of the conference
to expand their businesses.

 

"We are interested in agriculture, agro-processing, agri-business, mining,
energy and trade. I would call upon our friends here in Zimbabwe to find
some time so that we sit down, we network and form some partnerships,"
Bafakulera said.

The CEO of the Rwanda Finance Limited, Nick Barigye, who is also in Harare
for the conference, underscored the advantages of setting up businesses in
Rwanda.

 

"Zimbabwe has a strong financial sector, that financial sector needs to have
a footprint in East Africa and the best entry point for them is in Rwanda
using our finance centre called the Kigali International Finance Centre,"
said Barigye.

 

"We are saying to investors in Zimbabwe if you want to do cross-border
trading outside of Zimbabwe in other African countries...you can set up a
holding structure with subsidiaries in Rwanda, Congo, Tanzania, and Kenya
but for that structure to have an African footprint, you can work with the
Kigali International Finance Centre. "

 

Zimbabwe's President Emmerson Mnangagwa will grace the conference today
[Monday]. The conference seeks to provide an interface between captains of
industry and commerce, business people, those in SMEs as well as government
officials from Rwanda and Zimbabwe to explore areas of mutual cooperation.

Rwanda's delegation is led by the Minister of Trade and Industry Beatha
Habyarimana.

 

Zimbabwe's private sector says the engagements will open up export
opportunities. Confederation of Zimbabwe Industries president Kurai Matsheza
said: "Growth of exports within Africa is key and Rwanda is one such
territory that Zimbabweans need to explore."

 

Zimbabwe National Chamber of Commerce president Tinanshe Manzungu said: "In
Zimbabwe, we are saying we are moving from the normal mode of working and
apply the digital method of working in areas that include mining,
construction, and agriculture. Such technologies are coming from our friends
in Rwanda so we expect to see interactions among our people and those from
Rwanda."

 

Confederation of Zimbabwe Retailers president Denford Mutashu said: "It is
our fervent hope that there is going to be a lot of lessons to be learned by
either side given the trajectory that is being taken by the country where
there has been reindustrialization."

 

In September last year more than 100 business people and government
officials from Zimbabwe attended the inaugural Rwanda Zimbabwe Trade and
Investment Conference which was held in Kigali, Rwanda's capital.

 

The conference was organized by AB Communications in partnership with the
Rwanda Development Board and Zimtrade. Rwanda President Paul Kagame was the
guest of honour at the Kigali conference.

 

Zimtrade Chief Executive Officer, Allan Majuru, said the conference is part
of the country's re-engagement and engagement thrust meant to integrate the
economy to the rest of the globe.

 

"We are very excited about the Zim-Rwanda investment conference, considering
the economic benefits we are set to reap from the engagement as already the
country has inked about US$2 million from last year's conference," Majuru
said.-New Times.

 

 

 

 

 

 

 


 


 


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
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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
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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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