Major International Business Headlines Brief::: 23 May 2022

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Major International Business Headlines Brief::: 23 May 2022 

 


 

 


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ü  HSBC suspends banker over 'nut job' climate comments, say reports

ü  Governments should subsidise food and energy, says IMF boss

ü  Pay gap between bosses and staff expected to widen

ü  E.On UK boss warns 40% of customers face fuel poverty

ü  Russia halts gas supplies to Finland

ü  Sri Lanka defaults on debt for first time in its history

ü  Nigeria: Growing Inflation Eroding Purchasing Power of Nigerians - Report

ü  Nigeria: Reps Probe of Unremitted Multi-Million Dollars By Terminal
Operators, NPA

ü  Nigeria: Govt Boosts Power Supply to Kano, Katsina With 2 Sub-Stations

ü  Tanzania: Let Us Embrace Digital Economy

ü  South Sudan: Khartoum and Juba Hold Talks On Cooperation in Petroleum
Field

ü  Malawi Faces Shortages of Foreign Exchange Currency

ü  Rwanda: Govt Rolls Out 43-Megawatt Power Plant

ü  Rwanda: Hotel Owners Encouraged to Live Up to Star Grading

 

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

HSBC suspends banker over 'nut job' climate comments, say reports

HSBC has reportedly suspended a senior executive who accused central bankers
and other officials of exaggerating the financial risks of climate change.

 

Last week, Stuart Kirk, a leader in the bank's responsible investing team,
said: "There's always some nut job telling me about the end of the world."

 

At the weekend, HSBC's boss Noel Quinn posted on social media that he did
not agree "at all" with the comments.

 

The firm declined to comment on reports that Mr Kirk has been suspended.

 

Mr Kirk, who is global head of responsible investing at the bank's asset
management division, was suspended pending an investigation into a speech he
made at an event last week, according to the Financial Times, which first
reported the story.

 

His role, which is based in London, involves considering the impact of
investments on environmental, social and governance issues.

 

HSBC came under pressure to sack Mr Kirk after he gave the presentation
entitled "Why investors need not worry about climate risk" at a conference
on Thursday.

 

In the address he made light of the risks of major floods and said that he
had to spend his time "looking at something that's going to happen in 20 or
30 years".

 

During the 15-minute address at the FT Moral Money Summit, Mr Kirk said
"Climate change is not a financial risk that we need to worry about."

 

"Unsubstantiated, shrill, partisan, self-serving, apocalyptic warnings are
ALWAYS wrong," a slide shown as part of the presentation said.

 

Mr Kirk did not immediately respond to a BBC request for comment.

 

Since the speech, senior HSBC executives have spoken out about the comments.

 

In a LinkedIn post on Saturday, the bank's group chief executive Noel Quinn
said he did not agree "at all" with Mr Kirk's remarks.

 

"They are inconsistent with HSBC's strategy and do not reflect the views of
the senior leadership of HSBC or HSBC Asset Management," he said.

 

Nuno Matos, chief executive of wealth and personal banking at HSBC, said
that he was "in complete agreement" with Mr Quinn and that "the transition
to net zero is of utmost importance to us".

 

On Monday, HSBC declined to comment to the BBC on reports that Mr Kirk had
been suspended.

 

Instead, a spokesperson shared a statement by HSBC Asset Management chief
executive Nicolas Moreau referring to climate change as "one of the most
serious emergencies facing the planet".

 

"HSBC Asset Management is committed to driving the transition to a
sustainable global economy and has a fiduciary responsibility to ensure its
clients' monies are managed for positive long-term environmental and social
outcomes," Mr Moreau added.

 

However, both the theme and content of the presentation had been approved
within the company, according to the FT.-BBC

 

 

 

Governments should subsidise food and energy, says IMF boss

Governments need to subsidise the cost of food and energy for the poorest
members of society, the head of the International Monetary Fund (IMF) has
told the BBC.

 

People around the world are struggling with the rising cost of living.

 

Kristalina Georgieva said support needs to be provided "in a very targeted
manner, preferably by providing subsidies directly to people".

 

Many governments are providing some help but critics argue it's not enough.

 

When it comes to the cost of living crisis, Ms Georgieva said: "There are
two priorities, one the very poor people, segments of society that are now
struggling with high food and energy prices".

 

The second, she added, is to support those businesses that have been "most
damaged" by the war in Ukraine.

 

The IMF's role is to work with governments to stabilise the global economy
and enhance prosperity.

 

However, that's proving challenging because food prices have hit record
highs this year, whilst oil and gas prices have also risen sharply.

 

Food prices are soaring around the world because of the pandemic and the war
in Ukraine

This is largely because of the twin shocks of the coronavirus pandemic and
the war in Ukraine. Between them Russia and Ukraine are major exporters of
crops and hydrocarbons.

 

Recession fears

The importance of these commodities to the global economy has led the
annualised inflation rate to reach its highest point in decades in many
countries: 9% in the UK, 8.3% in the US and 7.4% in the Eurozone.

 

Central banks are lifting interest rates to try and slow the increase in
prices, which has led some influential figures such as Goldman Sachs' Lloyd
Blankfein to warn of the risk of recession.

 

Ms Georgieva is concerned about the impact those higher borrowing costs will
have on governments who have to repay huge debts they took on to get through
the pandemic.

 

She said governments needed to be "very careful" about how much money they
spent and what they spent it on.

 

The problems of falling living standards was at the top of the agenda at
this week's meeting of G7 finance ministers in Germany.

 

The meeting of seven wealthy countries ended with a pledge to "continue to
work together to minimise the impact of the war globally as well as on our
own economies and population by providing well-targeted support, where
necessary".

 

Over the last few months governments have made a range of interventions to
try and lower the cost of living.

 

In the US President Biden has released oil from reserves to try and bring
prices down, Spain and Portugal have capped gas bills and it's a leading
issue in Australia's election.

 

In the UK Chancellor Rishi Sunak has made some tax changes and is
considering a windfall tax on the soaring profits of energy companies.

 

Ms Georgieva is concerned that without the correct government support the
protests seen in Sri Lanka could be repeated in other countries.

 

Sri Lanka's economic crisis, exacerbated by rising prices, has led to deadly
riots, a new prime minister and a first ever default on its debts.

 

The IMF boss said such similar unrest before the pandemic, from France to
Chile, was caused by "a sense of inequality growing" and decisions being
made without the support of the people.

 

"If we are to learn any lessons from 2019 if is to be much more humble about
policy decisions, and engage in multiple ways with people, because policies
must be for people, not the paper we write them on," she said.

 

Feeding the world

A group of international development bodies including the IMF and World Bank
this week launched a major plan to try and tackle food insecurity around the
world.

 

It was spearheaded by US Treasury Secretary Janet Yellen, who said it was
necessary because: "There's a very real risk that soaring global market
prices of food and fertiliser will result in more people going hungry."

 

Ms Georgieva said that while there is plenty of food, it is not evenly
distributed.

 

The solutions, she said, are growing more crops where possible but also a
greater focus on agricultural productivity, "not only because of the war,
but because of climate change".

 

She added: "Trade needs to be retained open, we should not have a situation
in which countries hold on to food more than they need and create all kinds
of barriers for moving it from one place to another."

 

India is the world's second biggest wheat producer but has banned exports,
just as other countries were looking for it to make up some of the shortfall
from Ukraine's inability to ship its produce. Narendra Modi's government
says that ban could be revised at some point.

 

"I would really beg them to reconsider, that is such a difficult moment for
the world," Ms Georgieva said.

 

"I understand they need to feed their people. They have 1.4 billion of them,
but let's all act in a collaborative manner because only if you do [that,
do] we have a chance to overcome this crisis."

 

-BBC

 

Pay gap between bosses and staff expected to widen

The gap between the pay of company executives and other workers is set to
widen this year after falling during the height of the Covid pandemic,
research by a think tank suggests.

 

The High Pay Centre said cuts to executive pay led to a fall in the median
pay gap between bosses in FTSE 350 firms and employees last year.

 

But it said early data indicated that the gap will widen again in 2022.

 

Pay ratios were widest in retail and lowest in media and financial services.

 

Unions called for maximum pay ratios to "bring some fairness back" to the
system.

 

Luke Hildyard, director of the High Pay Centre, said the think tank's report
indicated companies showed "some sensitivity to the need to treat workers
fairly and reduce vast pay inequalities during the pandemic".

 

 

"However, as the Covid-19 emergency hopefully reduces, it would be a shame
if the spirit of solidarity it generated fades away as well," he added.

 

"With the dire outlook for the UK economy, how we share existing resource
will become increasingly important."

 

Households are currently being hit by the rising cost of living, with food,
fuel and energy prices all biting into budgets.

 

Prices were already rising as economies opened following pandemic
restrictions, but war in Ukraine has led to further increases and wages are
failing to keep pace.

 

UK inflation, the rate at which prices rise, jumped to 9% in the 12 months
to April, up from 7% in March and is forecast to rise further by the end of
the year.

 

However, the governor of the Bank of England Andrew Bailey has previously
urged workers to not ask for big pay rises - to try and stop inflation
spiralling out of control.

 

But Mr Hildyard said major employers had "a key role to play balancing their
pay awards so that high, middle and low earners are all paid fairly and
proportionately".

 

Across 69 companies that disclosed pay ratios in the first months of 2022 to
the High Pay Centre, the average chief executive to average employee pay
ratio was 63:1 - almost double the ratio for the same group of companies in
2021, at 34:1.

 

Speaking to the BBC's Today programme, Mr Hildyard said: "For many
households the cost of living's rising, their economic situation is getting
a lot worse not better, but that doesn't seem to be stopping the big
companies that are making big profits from paying vast amounts to their
chief executives and people at the top while not necessarily awarding pay
rises to lower earning workers who are struggling with that cost of living."

 

Mubin Haq, chief executive of the abrdn Financial Fairness Trust, which
contributed to the research, said the previous narrowing of the pay gap
during the height of the pandemic showed "change is possible".

 

"As inflation starts to bite, it's more important than ever that companies
do the right thing and pay is distributed fairly," he said.

 

"Going back to past practice, where pay ratios increase year-on-year, is one
area where we do not want to see a return to normal following the pandemic.
However, this increasingly seems unlikely as evidence from a number of
companies shows pay at the top rebounding."

 

Mr Haq said wage growth for those on lower incomes would be "critical" to
ensure "millions can weather the cost-of-living crisis we are now facing".

 

'Politics of envy'

However, Emily Fielder, head of communications at the Adam Smith Institute,
said while "fretting about CEO pay might make for a good headline, getting
involved would do little to increase workers' wages and benefits to
shareholders".

 

She claimed research into "unexpected executive deaths and the effect that
this had on the companies they represent" had shown that bosses of big firms
"have a real impact on a company's performance".

 

"The UK should be adopting policies which will get the economy growing
again, rather than undertaking a PR exercise in the politics of envy," she
added.

 

The High Pay Centre's most recent chief executive pay analysis said the
average FTSE 100 boss was paid £2.69m in 2020.

 

The figure was 86 times the average full-time UK worker but was a 17% drop
from £3.25m in 2019.

 

TUC general secretary Frances O'Grady said: "Pay inequality has gone much
too far."

 

"Even for the best-performing executives, pay can be out of all proportion
compared to hard-working staff on the frontline," she said.

 

"It's time we had maximum pay ratios to bring some fairness back."--BBC

 

 

 

E.On UK boss warns 40% of customers face fuel poverty

One of the UK's biggest energy suppliers has warned that up to 40% of its
customers will be in fuel poverty by October as it called on the government
to help struggling homes.

 

E.On UK boss Michael Lewis said the rise in energy prices is "unprecedented"
and a growing number of its customers are in arrears.

 

The government is facing calls to levy a windfall tax on oil and gas firms.

 

Education Secretary Nadhim Zahawi said Rishi Sunak will look at all options.

 

"We will review everything," he told the BBC, adding: "We've got £22bn in
the next 12 months of help to those people who need it the most."

 

However, Mr Lewis said around one in eight of its customers were already
struggling to pay their bills, even before the weather turns colder and the
new energy price cap comes into force in October, which is expected to rise
significantly.

 

"We do need more intervention in October and it has to be very substantial,"
he told the BBC's Sunday Programme.

 

What is a windfall tax and how would it work?

Why is the cost of living going up?

A household is considered to be in fuel poverty if it has to spend 10% or
more of its disposable income on energy.

 

Mr Lewis said around a fifth of its customers were already in fuel poverty
but that is expected to rise significantly later this year.

 

Energy regulator Ofgem lifted the price cap on gas and electricity bills in
April, adding around £700 to the average household energy bill to take it to
£1,971.

 

For the 4.5 million people on pre-payment meters - which are typically used
by people on lower incomes - the price of energy has now risen further, by
an average £708, to £2,017 a year.

 

Due to the rising cost of wholesale gas, however, the price cap is expected
to increase and take the typical energy bill to as much as £2,800, if not
higher.

 

"In my 30 years in the energy industry I've never ever seen prices
increasing at this rate," said Mr Lewis.

 

Following the rise of gas and electricity prices in April, the UK's
inflation rate reached a 40-year high of 9%.

 

He declined to comment on whether the government should impose a windfall
tax on companies benefitting from the sharp rise in crude oil and wholesale
gas prices which has been exacerbated by Russia's invasion of Ukraine.

 

But Mr Lewis said it is important the government taxes "those with the
broadest shoulders".

 

Recently, Shell reported a record £7bn profit in the first three months of
this year while BP made £5bn, the highest for 10 years.

 

The word could be heard clearly four times during Mr Lewis' interview this
morning.

 

He used it repeatedly, not holding back on his request that the government
must now step in and help energy customers facing huge bills.

 

The chief executive of a huge energy firm admitting that the "scale is too
big for us to manage at the moment" was a direct signal to Downing Street
for help.

 

Mr Lewis made suggestions on what policy tools he believed were at the
disposal of government to help his customers, 20% of whom he said are now in
fuel poverty, a figure that's expected to double.

 

The pressure continues to build on the Treasury for solutions to the cost of
living crisis, to help people who are really struggling. This candour from
the top of business will only add to that.

 

A windfall tax has been backed by Labour, the SNP and Liberal Democrats.

 

Prime Minister Boris Johnson is reluctant to introduce a tax over concerns
it could hit energy firms' investments in the UK. But the Sunday Times
reported that the chancellor is considering implementing the levy.

 

Mr Sunak recently told the BBC that he is "not naturally attracted by the
idea of" a windfall tax.

 

"But what I do know is these companies are making a significant amount of
profit at the moment because of these very elevated prices."

 

Mr Sunak said that he wants to see "significant investment back into the UK
economy to support jobs, to support energy security".

 

"And if that doesn't happen, then no options are off the table," he said.

 

Mr Lewis suggested that the government could substantially increase the size
and scope of the Warm Homes Discount scheme.

 

It offers those in receipt of certain benefits the option to seek a one-off
£140 payment.

 

Mr Lewis said the scheme "works well" but told the BBC "the scale of this is
simply too big for us to manage at the moment".

 

"If we were to expand the scope from three million to six million customers
and increase the payment from £140 up to £600 that would make a very, very
big difference to those customers on lower incomes."

 

A Treasury spokesperson said "while we can't shield everyone from the global
challenges we face, we're supporting British families to navigate the months
ahead with a £22 billion package of support.

 

"The chancellor has been clear that as the situation evolves, our response
will evolve - and we stand ready to do more."

 

Mr Lewis claimed energy providers were limited in the help they can give
customers because gas and electricity prices are set by energy regulator
Ofgem.

 

Ofgem chief executive Jonathan Brearley appears before MPs on Tuesday to
answer questions about pricing.-BBC

 

 

 

Russia halts gas supplies to Finland

Russia has halted its gas supply to Finland - the latest escalation of an
energy payments row with the West.

 

Russia's gas giant Gazprom confirmed it had completely halted exports to
Finland at 04:00 GMT on Saturday.

 

Finland said all the deliveries had stopped, but added there would be no
disruption to customers.

 

Helsinki has been refusing to pay for its supplies in roubles. But the
cut-off also follows an announcement that Finland will apply for Nato
membership.

 

Despite its invasion of Ukraine on 24 February, Russia continues to supply
gas to many European countries.

 

After Western powers sanctioned Russia over the war, Russia said
"unfriendly" countries must pay for gas using the Russian currency, a move
the EU considers blackmail.

 

 

Reliance on Russian energy is a contributing factor in the cost-of-living
crisis faced by many consumers.

 

Finland imports most of its gas from Russia but gas accounts for less than a
tenth of the country's energy consumption.

 

On Saturday, the Finnish state-owned company Gasgrid Finland said in a
statement that gas supplies through the Imatra entry point were stopped on
21 May.

 

"The amount of gas needed by the Finnish gas market is imported into the
Finnish gas system through Balticconnector entry point in accordance with
the nominations made by the market parties. Gasgrid Finland has directed gas
imports in Balticconnector and the gas system is currently in balance," it
said.

 

Earlier, the Finnish state-owned energy firm Gasum described the Russian
move as "highly regrettable".

 

"However, we have been carefully preparing for this situation and provided
that there will be no disruptions in the gas transmission network, we will
be able to supply all our customers with gas in the coming months," Gasum
CEO Mika Wiljanen said in a statement.

 

Asked about the matter, a Kremlin spokesman said "it is obvious that nobody
is going to deliver anything for free".

 

Last Sunday, Russia also cut electricity supplies to Finland. It had
threatened retaliation should Finland apply to join Nato.

 

In a separate development, Russia's state-owned oil company Rosneft said on
Friday that former German Chancellor Gerhard Schröder had informed them he
would no longer serve on their board.

 

Mr Schröder has faced increasing public outrage over the lucrative role. He
has refused to criticise Russia's President Vladimir Putin, who he counts as
a personal friend, over his decision to invade Ukraine.-BBC

 

 

 

Sri Lanka defaults on debt for first time in its history

Sri Lanka has defaulted on its debt for the first time in its history as the
country struggles with its worst financial crisis in more than 70 years.

 

A 30-day grace period to come up with $78m (£63m) of unpaid debt interest
payments expired on Wednesday.

 

The governor of the South Asian nation's central bank said the country was
now in a "pre-emptive default".

 

Later on Thursday, two of the world's biggest credit rating agencies also
said Sri Lanka had defaulted.

 

Defaults happen when governments are unable to meet some or all of their
debt payments to creditors.

 

It can damage a country's reputation with investors, making it harder for it
to borrow the money it needs on international markets, which can further
harm confidence in its currency and economy.

 

Asked on Thursday whether the country was now in default, central bank
governor P Nandalal Weerasinghe said: "Our position is very clear, we said
that until they come to the restructure [of our debts], we will not be able
to pay. So that's what you call pre-emptive default.

 

"There can be technical definitions... from their side they can consider it
a default. Our position is very clear, until there is a debt restructure, we
cannot repay," he added.

 

Sri Lanka down to last day of petrol, new PM says

What's behind Sri Lanka's economic crisis?

Sri Lanka is seeking to restructure debts of more than $50bn it owes to
foreign creditors, to make it more manageable to repay.

 

The country's economy has been hit hard by the pandemic and rising energy
prices, but critics say the current crisis has been of the previous
government's own making.

 

A chronic shortage of foreign currency and soaring inflation have led to a
severe shortage of medicines, fuel and other essentials.

 

Professor Mick Moore from the University of Sussex and former consultant on
Sri Lanka for the Asian Development Bank said even though it looked like Sri
Lanka was struggling from the effects of global economic problems, it was
"emphatically not that".

 

"This is the most man-made and voluntary economic crisis of which I know,"
he told the BBC's Today programme.

 

Prof Moore said the previous administration had borrowed money for
infrastructure projects and then "insisted in this very macho fashion" on
repaying mounting the debts, rather than restructuring them with creditors.

 

He said the then government "went along in this way until about six months
ago and basically they had given away virtually all the foreign exchange
they could command".

 

"This is egregious incompetence," he added.

 

Prof Moore said the country faced a "very critical situation".

 

In recent weeks, there have been large, sometimes violent, protests against
President Gotabaya Rajapaksa and his family due to the growing crisis.

 

The country has already started talks with the International Monetary Fund
(IMF) over a bailout and needs to renegotiate its debt agreements with
creditors.

 

Later on Thursday, an IMF spokesman said the current talks on a potential
loan programme were expected to conclude on Tuesday.

 

Sri Lanka's government has said previously that it needs as much as $4bn
this year.

 

Mr Weerasinghe warned that Sri Lanka's already very high rate of inflation
was likely to rise further.

 

"Inflation obviously is around 30%. It will go even [higher], headline
inflation will go [up] around 40% in the next couple of months," he said.

 

He was speaking after Sri Lanka's central bank held its two key interest
rates steady following a seven percentage points rise at its last meeting.

 

The country's main lending rate remained at 14.5%, while the deposit rate
was kept at 13.5%.

 

In many ways this wasn't a surprise. The warning sirens of a potential
default were already blaring a few weeks ago.

 

But much more than that, on the streets of Sri Lanka, where this crisis is
biting, nobody is shocked.

 

As petrol queues run for miles, with fuel being sold on the black market for
eye-watering amounts, as lines for handouts of free bread get longer by the
day, the island's inability to pay back debts is being painfully felt.

 

In his first interview since taking office last week, the country's Prime
Minister Ranil Wickremesinghe told me things would get worse before they
improve in Sri Lanka, but even he wasn't able to predict just how bad.

 

"No-one has got all the details
 so I will be like a doctor who's opening up
the patient for the first time."

 

Today's default is a depressing diagnosis for a nation facing more economic
turmoil, even as talks with the IMF and other nations continue.

 

On Thursday, ratings agency Moody's Investors Service said Sri Lanka had
"defaulted on its international bonds for the first time".

 

Moody's said it expected the country to eventually reach an agreement over
an IMF bailout.

 

"However, finalising the programme will likely take several months given the
need for staff level agreement on both sides, followed by parliamentary
approval in Sri Lanka and approval by the IMF's executive board," the firm
added.

 

Also on Thursday, Fitch Ratings lowered its assessment of Sri Lanka to a
"restricted default" after a grace period for payments had expired.

 

S&P Global Ratings did not immediately respond to a request for comment from
the BBC.

 

Credit ratings are intended to help investors understand the level of risk
they face when buying a financial instrument, in this case a country's debt
- or sovereign bond.

 

Last month, S&P and Fitch credit rating agencies warned Sri Lanka was about
to default on its debts.

 

Last week, President Rajapaksa's elder brother Mahinda resigned as prime
minister after government supporters clashed with protesters. Nine people
died and more than 300 were wounded in the violence.

 

On Friday, Sri Lanka's new Prime Minister Ranil Wickremesinghe told the BBC
that the economic crisis was "going to get worse before it gets better".

 

He also pledged to ensure families would get three meals a day.

 

Appealing to the world for more financial help, he said "there won't be a
hunger crisis, we will find food".

 

Sri Lanka is an island nation off southern India: It won independence from
British rule in 1948. Three ethnic groups - Sinhalese, Tamil and Muslim -
make up 99% of the country's 22 million population.

One family of brothers has dominated for years: Mahinda Rajapaksa became a
hero among the majority Sinhalese in 2009 when his government defeated Tamil
separatist rebels after years of bitter and bloody civil war. His brother
Gotabaya, who was defence secretary at the time, is now president.

Now an economic crisis has led to fury on the streets: Soaring inflation has
meant some foods, medication and fuel are in short supply, there are rolling
blackouts and ordinary people have taken to the streets in anger with many
blaming the Rajapaksa family and their government for the situation.

-BBC

 

 

 

Nigeria: Growing Inflation Eroding Purchasing Power of Nigerians - Report

Most Nigerians are no longer be able to afford major expenditure on
discretionary or non-essential goods and services as inflation has continued
to take its toll on their purchasing power, a new report by Fitch Solutions
has shown.

 

Tagged: "Nigeria 2022 Consumer Outlook: Elevated Inflation Will Weigh On
Consumer Spending," the leading global market and credit intelligence firm
made a forecast that real household spending will grow by 3.6 per cent in
2022, a deceleration from the estimated 3.7 per cent growth in 2021.

 

Discretionary spending refers to items such as recreation and entertainment,
that consumers purchase when they have enough income left after paying the
necessary expenses such as rent and utilities.

 

A THISDAY review indicated that last month, the consumer price index, which
measures the rate of increase in the price of goods and services, jumped
amid increases recorded in food and energy prices.

Last Monday, the National Bureau of Statistics (NBS) pegged the country's
urban inflation rate for April 2022 at 17.35 per cent (year-on-year) while
the rural inflation rate was 16.32 per cent.

 

Nigerians have continued to complain as the value of the naira continues to
depreciate and the cost of essential goods and services keep skyrocketing.

 

"We note that Nigeria's elevated inflation is a risk to our outlook for
consumer spending in 2022 as it will negatively impact consumer purchasing
power, limiting spending to essentials," it stated.

 

However, it noted that despite the erosion of value of the currency and
associated inflation, total household spending in nominal terms will reach
N150.9 billion in 2022, increasing from N128.5 billion in 2021.

 

In addition, it said that private final consumption is forecast to grow by
3.5 per cent (in real terms) in 2022, consistent with the estimated growth
of 3.5 per cent in 2021, aided by rising oil production.

But the report noted that continued forex shortages and slow productivity
growth in the agricultural sector, which it said employs almost 35 per cent
of the workforce, will prevent a sharper acceleration.

 

"Since the start of 2021, inflationary pressures have been rising in many
countries globally, as base effects, higher commodity prices and
supply-chain challenges create localised shortages.

 

"The Ukraine-Russia conflict has also significantly impacted the global
supply prices of key commodities, such as oil and gas, fertiliser, wheat,
corn and barley.

 

"The commodity price increases are already feeding through into higher
consumer prices and will continue to do so over the year.

 

"We believe that rising consumer price inflation is a key risk to consumer
spending over 2022, as it has the potential to erode purchasing power and
shift spending away from discretionary spending," it pointed out.

Nigeria's consumer price inflation had been trending lower in recent months
before elevating in April to 16.82 per cent, worsened by rising commodity
prices and the weakening naira which has increased the cost of imported
consumer goods.

 

"In March 2022, Nigeria's food inflation was 17.2 per cent y-o-y due to
increases in the price of bread and cereals, potatoes, yam and other tubers,
fish, meat and oils and fats.

 

"Our country risk team forecasts Nigeria's consumer price inflation to
average 17.2 per cent in 2022, slightly higher than the 2021 average of 17.0
per cent y-o-y. The persistently high inflation will continue to negatively
impact consumer spending power over 2022," Fitch noted.

 

On the back of the Russia-Ukraine war, it stated that supply chain issues
and bottlenecks resulted in consumer goods shortages, feeding through into
supply-side inflation.

 

" Fitch Solutions believes the global semiconductor shortage will
continue... , putting pressure on the supply of several consumer goods," it
stressed.

 

According to the firm, the Ukraine-Russia conflict is placing significant
supply pressures on key commodities, pushing up final market prices across a
spectrum of consumer categories.

 

Earlier in the year, the World Bank predicted that Nigeria may have one of
the highest inflation rates globally in 2022, with increasing prices
diminishing the welfare of Nigerian households.

 

"In 2022, Nigeria is expected to have one of the highest inflation rates in
the world and the seventh highest in Sub-Saharan Africa," it said in its
Nigeria Development Update.

 

According to the global financial institution, high inflation hampers the
country's attempt to achieve economic recovery and erodes the purchasing
power of most vulnerable households.

 

"High inflation is frustrating Nigeria's economic recovery and eroding the
purchasing power of the most vulnerable households. In the absence of
measures to contain inflation, rising prices will continue to diminish the
welfare of Nigerian households," it said.

 

It projected that this could push 8 million Nigerians into poverty, with the
possible disruption of consumption, investment and saving decisions, among
other consequences.-This Day.

 

 

 

Nigeria: Reps Probe of Unremitted Multi-Million Dollars By Terminal
Operators, NPA

Chairman, House of Representatives Committee on Public Accounts, Wole Oke
has demanded explaination from the management of the Nigeria Ports
Authority, NPA, over nonremittance of millions of dollars by terminal
operators and the agency into the federation account.

 

This followed the launch of a large scale investigation by the House
committee into the matter.

 

The probe came on the heels of 12 audit queries from the office of the
Auditor General for the Federation on the financial statement of the NPA for
the 2019 financial year.

 

Of the number, NPA has only responded to one on the indebtedness of terminal
operators to the government.

The amount involved is about $852.094 million and N1.897 billion.

 

NPA however said the sum of N269.410 million of the N1.8 billion has been
recovered while the balance of N1.6 billion "invoices processed on the
encumbered areas remain unpaid".

 

It said "the sum of $504,663,452.37 is volume change on fix lease lease fee
payment by APMT arising from clauses in the concession agreement between NPA
and APMT out if the total sum of $852,093,730.77.

 

"Bills raised on encumbered areas which remained unpaid is $19,169,459.00.
The following has been paid-GMT-$54,707,700.08, unpaid penalties-
$11,922,642.68 and unpaid VAT-$28,693,707.07.

 

"$92,533,518.72 has been recovered leaving unpaid lease and Throughout fee
in the sum of $139,970,637.71 (made up of $113,982,486.82 and $5,988,150.89)
respectively."

 

Showing displeasure with the explanation on the issue, the Committee
demanded evidence of payment on the remittance on the recovered N269.51
million and $92.534 million.

 

The Committee also asked for contract agreement/Service Level Agreement, the
list of all terminal operators as well as a comprehensive schedule of lease
fee, Throughout fee and GMT that makes up the total amount being owed the
government by the operators.

 

The Committee also resolved to invite the terminal operators for
explaination on the payment of the fixed lease fee, Throughput fee and GMT.

 

"The NPA to avail us a comprehensive lists /details/schedule of debtors who
are owing 17,687,440,469.16 being shipping and service boat due. The
Recovered amount and the outstanding debt must be stated against the name of
each debtor.

 

"NPA to avail us a comprehensive lists /details/schedule of debtors who are
owing $27,977,479.97 being shipping and service boat due. Recovered amount
and outstanding debt must be stated against the name of each debtor.

 

"NPA to avail evidence of remittance of the recovered amount totalling
$6,647,297.72 to government coffers. NPA to provide schedule of debts with
0-3 year's age and list of in-house Committee responsible for the recovery",
Oke said.

 

The committee also invited one of the terminal operators, APMT said to be
owning the government a whopping $504663 million dollars.

 

Vanguard News

 

 

Nigeria: Govt Boosts Power Supply to Kano, Katsina With 2 Sub-Stations

The Managing Director of the Transmission Company of Nigeria, TCN, Engr.
Sule Abdulaziz has assured that the company would deliver two units of 330kV
power transmission substations in Katsina and Kano states along with the
transmission lines in the next one year to boost power supply in the states.

 

Abdulaziz who gave the assurance while inspecting the 330/132/33kV Katsina
Substation project and the Rimi Zakara Substation in Kano, at the instance
of the Minister of Power, Engr. Abubakar D. Aliyu, said the transformers and
structures are in place at the Katsina Substation.

 

A statement by TCN General Manager Public Affairs, Ndidi Mbah, yesterday
explained that on completion, the Katsina substation will improve the
transmission of bulk power supply to Daura, Dutsinma, Kankara and Malumfashi
Substations in the state.

She quoted Abdulaziz as saying that "We are willing, and we want to ensure
that we finish this substation within one year. We will also invite Mr.
President to commission the substation".

 

The TCN boss noted that the transmission line that will bring bulk supply to
the substation is from Kano and was earlier affected by Right of Way issues.

 

"TCN and the government are collaborating on this, processes have been
completed and the contractor will soon be back to site to finish his work
and we will be able to commission this substation".

 

He noted that the substation facility has two units of 150MVA power
transformers and two units of 60MVA power transformers.

 

At the 132/33kV Kankia Substation where the materials for the 330kV Kano to
Katsina transmission line are stored, Engr. Abdulaziz said: "We are using
part of the station as a storage facility for the materials the contractor
is using for the construction of the 330kV transmission line from Kano to
Katsina".

 

He also said the line was awarded around 2010, but the Right of Way issue in
Kano affected the project execution.

 

According to him, "We have discussed with the Kano government, they have
assisted us with paying for the land while TCN has concluded processes for
the structures.

 

"So the contractor is now free to continue construction of towers and
eventually the lines. We want to make sure that within the one year
remaining for this administration, we will be able to complete that
transmission line, and so that Mr President will commission the project".

 

He also visited the 30MVA 132/33kV mobile transmission Substation Bichi,
which was executed in-house by TCN engineers. The substation has been
completed and will improve bulk power requirement of the state water works,
Bichi and environs.

 

The representative of the contractor of the Katsina project, Engr. Mustapha
Maihajjo, lauded the current administration for fast tracking the Katsina
Substation project's funding.

 

Also, the Special Assistant on Power and Energy to the Katsina State
Governor, Mansur Ahmed Musa commended the Katsina Mega Substation project.

 

In his words: "We have waited for it for a long time and we cannot wait for
it to be delivered. We believe that this project will be delivered timely as
the contractor and the Managing Director of TCN promised".

 

Vanguard News

 

 

 

Tanzania: Let Us Embrace Digital Economy

TANZANIA is moving fast economically, as it is also on right track in
executing strategic projects that were initiated by the Fifth Phase
Government.

 

Given the fact that the world is in a new era of science and technology,
Tanzania has decided to clasp digital economy and it says that it is ready
for that.

 

The digital economy is the worldwide network of economic activities,
commercial transactions and professional interactions that are enabled by
information and communications technologies (ICT). It can be succinctly
summed up as the economy based on digital technologies.

Transforming Tanzania into a more digital economy has centred 2022/23 budget
of the Information, Communication and Information Technology Ministry,
looking forward to investing heavily in the Digital Tanzania Project.

 

Presenting the budget estimates for 2022/2023 financial year, Minister for
the portfolio, Nape Nnauye said the ministry is currently preparing a
framework that will direct the nation into the envisaged destination.

 

The government has already secured 150 million US dollars for the project
that will enable the country's economy to go digital and now the ministry is
working on the framework that will give a picture on how the digital economy
will look like. The framework will involve reviewing the country's policies,
laws, rules and regulations.

 

The digital economy is more advanced and complex than the internet economy,
which, under one definition, simply means economic value derived from the
internet. This is the right path for Tanzania.

The digital economy reflects the move from the third industrial revolution
to the fourth industrial revolution. The third industrial revolution,
sometimes called the digital revolution, refers to the changes that happened
in the late 20th century with the transition from analogue electronic and
mechanical devices to digital technologies. The fourth industrial revolution
builds on the digital revolution as technologies today continue to bridge
the physical and cyberworlds.

 

Although some organisations and individuals use technologies to simply
execute existing tasks on the computer, the digital economy is more advanced
than that. It is not simply using a computer to perform tasks traditionally
done manually or on analog devices.

 

Instead, the digital economy highlights the opportunity and the need for
organisations and individuals to use technologies to execute those tasks
better, faster and often differently from before.

 

Moreover, the term reflects the ability to leverage technologies to execute
tasks and engage in activities that weren't possible in the past. Such
opportunities for existing entities to do better, to do more, to do things
differently and to do new things is encompassed in the related concept of
digital transformation.

 

The ministry is charged with the responsibility of supervising the country's
digital transformation; the process that will lead the nation into embracing
digital economy, a process which is managed by Information and Communication
Technology (ICT).

 

Under the concept of digital economy, all sectors of the country's economy
operate jointly. The Digital Tanzania Project (DTP), also known as the
broadband initiative, will increase access to high-quality broadband
internet services for government, businesses and citizens, and improve the
government's capacity to deliver digital public services.The project will
involve strengthening the laws, policies, regulations, institutional
capacity and human capacity needed to promote ICT infrastructure investment,
market competitiveness, digital engagement, job creation and innovation.

 

The project will create environment for creation of employment opportunities
emanating from ICT, promotion of Small and Medium-Sized Enterprises (SMEs)
and Small, Medium and Micro-sized Enterprises (SMMEs) to spur growth,
promotion of professionalism among government experts and improvement of
service provision in the government.-Daily News.

 

 

South Sudan: Khartoum and Juba Hold Talks On Cooperation in Petroleum Field

Khartoum — Joint talks between Khartoum and Juba began today in Khartoum to
develop joint cooperation in the field of petroleum, discuss technical and
financial arrangements, increase oil production and the challenges that
faced implementation of previous agreements between the two countries in
this regard.

 

A high-level delegation headed by the Undersecretary of the Ministry of
Petroleum and the Undersecretary of the Ministry of Finance of the Republic
of South Sudan, accompanied by a number of technicians, arrived to discuss
and evaluate the implementation of the previous agreement in terms of
financial and technical arrangements and the challenges that accompanied its
implementation in order to set a framework for renewing joint agreements in
the field of petroleum.

 

The Sudanese Minister of Energy and Petroleum, Engineer Mohamed Abdullah,
stressed the importance of the talks that discuss the renewal of agreements
to transport and process South Sudan crude through Sudan's facilities,
referring to previous agreements that were signed since 2012 and expired in
March 2022.

He acknowledged that the previous agreements faced many challenges,
including political and technical ones, and were addressed in a friendly and
fraternal manner between the two brotherly peoples.

 

He expected that the two parties would reach new agreements regarding the
transportation and processing of South Sudan's crude, because it is based on
the experience of previous agreements and ways of implementing them and
addressing challenges, stressing great concern with oil production in South
Sudan, which depends on the facilities in Sudan, and that the facilities of
Sudan also depend on the oil of South Sudan in their operation, which makes
common interests, indicating the quest to increase oil production in the two
countries and joint work to develop production and advance the oil industry
in the two countries for the benefit of the two peoples.

 

For his part, the Undersecretary of the Ministry of Petroleum in South
Sudan, said that they will discuss issues of common interest between the two
countries, which are related to the oil agreement and issues related to the
economy, and the agreements signed in 2012, which is one of the pillars of
the economy of both countries because South Sudan and Sudan continue in the
partnership that was fruitful for the benefit of the two countries.

 

He pointed out that today they reached a point where the agreement reached
its end in 2022, and this agreement was for a period of three and a half
years, after which the two countries work for f oil production for another
three years, affirming his happiness to reach a new era.

 

The talks touched on the features of the new agreement as technical and
financial meetings have begun.-SNA.

 

 

Malawi Faces Shortages of Foreign Exchange Currency

Blanyre, Malawi — Malawi is facing acute shortages of foreign exchange
currency, forcing two international airlines to suspend some of their
services in the country. The situation has negatively affected the
operations of many more local and international cross-border businesses.

 

The latest monetary policy report by the Reserve Bank of Malawi indicates
the county's official gross foreign exchange reserves in the first quarter
of this year stood at $374.48 million, a drop from $429.17 million in the
fourth quarter of last year.

 

The report also says private sector foreign exchange reserves also declined
from $425.52 million last year to $391.49 million this year.

 

The situation has led to an acute shortage of foreign currency on the
market, forcing foreign traders to halt or suspend some of their operations
in Malawi.

 

Muhammad Gaffar, the owner of Gaffar Travels, a ticketing agency, and Gaffar
Airlines, which operates flights from Johannesburg to Europe, said the
shortage has seriously impacted his business.

"We are unable to issue tickets from Malawi to other countries, but we are
only issuing tickets from Malawi from our other offices like, we have our
head office in the U.K., we have an office in India, Pakistan and Turkey
where we are issuing tickets for people traveling from Malawi," he said.
"Until this forex issue is sorted, we are losing a lot of business in
Malawi."

 

Last week, Ethiopian Airlines and Kenya Airways suspended their ticketing
system for local travel agents in Malawi largely because of the shortage of
foreign currency.

 

Ethiopian Airlines said in a statement that the move was because the Reserve
Bank of Malawi has been unable to remit money to their accounts due to
dwindling forex reserves.

 

So, passengers traveling from Malawi on these airlines now must buy their
tickets from agents in other countries.

Authorities say public hospitals are facing drug shortages because the
government cannot procure essential medications.

 

Victoria Mwafulirwa, the general secretary for the Cross Border Traders
Association of Malawi. told a local radio station that the situation has
inconvenienced their businesses.

 

"For example, as you may be aware, Malawi does not manufacture packaging
material. It has to be imported," she said. For it to be imported, it has to
be paid up front; for it to be paid up front, the forex must be readily
available, which is not the case at the moment. And so, you will see that it
hinders the progress and processes in every step of operations of different
sectors."

 

Betchani Tchereni, a lecturer in economics at Malawi University of Business
and Applied Sciences, said the problem is largely because of the country's
failure to produce more products for exports.

 

"This is owing to our low export base, Number 1, and Number 2, the absence
of donor assistance," Tchereni said. "You might recall that development
partners, many of them, decided to pull out of the country and when that
happened, it reduced the amount that is normally made available to the
economy in terms of foreign exchange."

 

 

The foreign currency problem comes at a time when Malawi's major export,
tobacco, provides more than 60% of the foreign exchange earnings.

 

Tchereni said this year's tobacco exports give little hope of making up for
the shortfall.

 

"By the way, we are at the very beginning of the tobacco selling season, but
the volumes are not that good; not many people went into cultivation of
tobacco this year," Tchereni said. "And also you might recall that the
storms that came destroyed a lot of our tobacco and many other farms'
produce. So, that meant that we cannot realize as much."

 

Figures released this month from Auction Holdings Limited Group in Malawi
show that tobacco sales for the past five weeks have dropped by 78% compared
to the same period last year.

 

Winford Masanjala, the principal secretary for the Department of Economic
Planning in Malawi, said the government is making an effort to address the
foreign exchange shortages.

 

"A country needs to produce goods and services that it can sell to other
countries," he said. "At the moment Malawi's desire and appetite for imports
exceeds its capacity to export. That's why the government is saying in the
next year to three years, we need to have some mines restarted in Malawi so
that we can have alternative sources of foreign exchange."

 

The government says it hopes the foreign exchange reserve will start to
increase once the International Monetary Fund resumes providing Malawi with
what is called the Extended Credit Facility. The ECF provides financial
assistance to countries with protracted payment problems. Negotiations for
the ECF are expected to begin this Wednesday.-VOA.

 

 

 

Rwanda: Govt Rolls Out 43-Megawatt Power Plant

The Government of Rwanda has embarked on the Nyabarongo II hydropower plant
public project which will be established on River Nyabarongo in a bid to
boost the country's efforts to ensure universal access to electricity by
2024.

 

Located 27 kilometres from Kigali at the junction between the Southern and
the Northern provinces, the groundbreaking for the construction was launched
on Saturday, May 21.

 

The $214 million project will be the first phase of Nyabarongo II
Multipurpose Development Project which is designed to control flooding on
marshland along Nyabarongo and Akagera rivers.

Among its targets, the project shall also generate a total of 134 megawatts
including 43.5 Megawatts of Nyabarongo II Hydropower plant, 40 megawatts of
Butamwa pump storage power plant, 40 megawatts of Juru pump storage power
plant in Bugesera and the 10.5 megawatts of Lake Sake Outlet Hydropower
plant in Ngoma District.

 

Felix Gakuba, the Managing Director of Energy Development Corporation
Limited (EDCL) says the project will be key in helping the country achieve
its energy targets.

 

"We count on the project because it will boost power supply in the country,
helping us reach our target of 2024 full coverage of electricity as we shall
have scaled up our generation capacity," he expressed.

 

According to Dancille Nyirarugerero, the Governor of Northern Province, upon
completion, the project will raise the standards of living to the host
population.

 

"Poverty can rarely cohabitate with access to electricity, once regions are
provided with enough power, that allows people to create more developmental
projects, eases the cost of doing business and improves the standards of
living of the population because of increased access to reliable and
affordable power," she explained.

 

The large scale water conservation and hydropower development project will
be undertaken by Chinese construction company, Sinohydro, and it is the
largest project currently supported by the Chinese government in Rwanda.

 

Wang Jiaxin, Charge d'Affaires in the Chinese Embassy of Rwanda, recounts
some of the issues that the project will eradicate.

 

"Every year, floods harm infrastructure and the livelihood of the local
people and due to some topographic features, some people do not have access
to electricity," he said.

 

"So, from this project, we want to turn the flood-stricken lands to arable
lands, and increase the incidence of electricity, so that more people will
get access to electricity and facilitate livelihoods of the local people,"
he said.

 

Occupying about 600 hectares of land in Rulindo, Gakenke and Kamonyi
districts, the project will take place in three phases that will be
completed in 56 months (2027).

 

New Times.

 

 

Rwanda: Hotel Owners Encouraged to Live Up to Star Grading

Hotels, among other hospitality establishments are expected to be prepared
as Rwanda plays host to various conferences and events.

 

Different events such as the recently concluded Sustainable Energy for All
Forum had over 2000 delegates, ongoing Basketball Africa League has had over
1000 people jet in the country, and of course the much-awaited Commonwealth
Heads of Government Meeting which will see more than 5000 delegates in
attendance.

 

Entities that don't live up to their star rating will be downgraded,
according to Claire Akamanzi, CEO of Rwanda Development Board.

 

She made the remarks during a star awarding ceremony of different tourism
and hospitality establishments that was held on May 20.

Over 30 entities were awarded during the annual event, where entities which
qualified according to the criteria and standards were ranked accordingly.

 

Among those which were graded, 6 of them were graded 1 star, 9 two stars, 15
three stars and 2 four stars.

 

Entities that were awarded a one star grading included: DV Apartments,
Havana Guest House, Igitego Hotel, Nyungwe Hotel, Plata Guest House and
Silver Hotel.

 

Those that got two star grading were Emma-O Apartment, Avisha Town Hotel,
Eastern Country Hotel, Elegance Hotel, Great Hotel Kiyovu, Kaizen Hotel, New
Sainte Anne, Solace Guest House and Peace Guest House.

 

Madras Apartments, Rose Garden Private Apartment, Nyungwe Top View Hill
Hotel, Vintage Cottage, Grazia Apartments, Ruzizi Tented Lodge and Chez
Lando Hotel received three star grading. Others are Cozy Safari Hotel, Hotel
Isimbi, King Fisher Hotel, Lebanon Hotel, Select Boutique Hotel, Urban Park
Suites, Galaxy Kivu Hotel and Rushel Resort.

 

While Virunga Inn Resort & Spa and M- Hotel received a four star grading.

 

"We need to make sure that we do very well in the upcoming meetings so that
anybody wants to come to Kigali because Kigali has done so well," Akamanzi
said.

 

The Chief tourism officer of RDB, Ariella Kageruka said that it is an
opportunity to have these hotels move to another level as we prepare to
continue hosting guests, whether international or Rwandans. It is essential
to carry on this position by complying with the standards that we have set
to ourselves, she said.

 

Kageruka added that, "As we move to this next level, sometimes it is very
disappointing to see that the standards that we have promised to the guests
who chose our destination, does not comply with our standards."

 

Akamanzi said that tourism is an extremely important sector of Rwanda's
economy whether with job creation, foreign exchange or even if it is
supporting other sectors, like service, agriculture, and transport tourism
is an enable of the other sectors.

 

She told hotel owners that it was them to make it possible, "it is you who
have the key that will determine whether we shall have more meetings in
Rwanda, the most effective marketing is satisfying the customer. Star
grading goes with the expectation that you have to meet."-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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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
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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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