Major International Business Headlines Brief::: 26 May 2022
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Major International Business Headlines Brief::: 26 May 2022
<https://www.nedbank.co.zw/>
ü Ukraine war: World Bank boss warns over global recession
ü 'We don't want UK-EU trade war' - Irish PM
ü Dyson working on home robots
ü Energy bills to be cut by hundreds as part of £10bn support package
ü Newport Wafer Fab: Chinese buyout of UK's biggest chip plant to be reviewed
ü Volkswagen to pay out £193m in 'dieselgate' settlement
ü Pfizer will not sell drugs for profit in poor nations
ü Marks & Spencer shifts from town centres as online sales grow
ü Cost of living: Government plan to help households could come within days
ü Shell consultant quits and accuses firm of 'extreme harms'
ü Africa: SA's Trade With Africa Surpasses Exports to EU Block
ü South Africa: Public Urged to Use SARS Online Services Amid Wage Strike
ü South Africa: African Market Is Important for Sustainable Growth
ü Liberia: Arcelormittal's Contribution to Gbapa Clinic Project Reaches U.S.$85,000 After Latest Donation
ü Liberia: Rep. Yekeh Koluba Demands Explanation for Diversion of U.S.$24 Million Road Fund Money
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Ukraine war: World Bank boss warns over global recession
The head of the World Bank has warned that Russia's invasion of Ukraine could cause a global recession as the price of food, energy and fertiliser jump.
David Malpass told a US business event on Wednesday that it is difficult to "see how we avoid a recession".
He also said that a series of coronavirus lockdowns in China is adding to concerns about a slowdown.
His comments are the latest warning over the rising risk that the world economy may be set to contract.
"As we look at the global GDP... it's hard right now to see how we avoid a recession," Mr Malpass said, without giving a specific forecast.
"The idea of energy prices doubling is enough to trigger a recession by itself," he added.
Last month, the World Bank cut its global economic growth forecast for this year by almost a full percentage point, to 3.2%.
GDP, or Gross Domestic Product, is a measure of economic growth. It is one of the most important ways of measuring how well, or badly, an economy is performing and is closely watched by economists and central banks.
It helps businesses to judge when to expand and recruit more workers or invest less and cut their workforces.
Governments also use it to guide decisions on everything from tax and spending. It is a key gauge, along with inflation, for central banks when considering whether or not to raise or lower interest rates.
Mr Malpass also said that many European countries were still too dependent on Russia for oil and gas.
That's even as Western nations push ahead with plans to reduce their dependence on Russian energy.
He also told a virtual event organised by the US Chamber of Commerce that moves by Russia to cut gas supplies could cause a "substantial slowdown" in the region.
He said higher energy prices were already weighing on Germany, which is the biggest economy in Europe and the fourth largest in the world.
Developing countries are also being affected by shortages of fertiliser, food and energy, Mr Malpass said.
Mr Malpass also raised concerns about lockdowns in some of China's major cities - including the financial, manufacturing and shipping hub of Shanghai - which he said are "still having ramifications or slowdown impacts on the world".
"China was already going through some contraction of real estate, so the forecast of China's growth before Russia's invasion had already softened substantially for 2022," he said.
"Then the waves of Covid caused lockdowns which further reduced growth expectations for China," he added.
Also on Wednesday, China's premier Li Keqiang said the world's second largest economy had been hit harder by the latest round of lockdowns than it had been at the start of the pandemic in 2020.
He also called for more action by officials to restart factories after lockdowns.
"Progress is not satisfactory," Mr Li said. "Some provinces are reporting that only 30% of businesses have reopened… the ratio must be raised to 80% within a short period of time."
Full or partial lockdowns were imposed in dozens of Chinese cities in March and April, including a long shutdown of Shanghai.
The measures have led to a sharp slowdown in economic activity across the country.
In recent weeks, official figures have shown that large parts of economy have been impacted, from manufacturers to retailers.
-BBC
'We don't want UK-EU trade war' - Irish PM
A UK-EU trade war would be "shocking" and "unnecessary", the Irish Prime Minister Micheál Martin has said.
He called on the UK government to "get into the tunnel and negotiate" over changes to the post-Brexit trade arrangements for Northern Ireland.
The Taoiseach told the BBC that Ireland and the European Union "do not want a trade war" with the UK.
The government last week announced plans to override key parts of the Brexit deal within weeks.
Boris Johnson's government agreed the trade deal with the EU in 2019 after the UK voted to leave the bloc.
In the event of the UK unilaterally abandoning agreed elements of the deal that create barriers on goods trading between Great Britain and Northern Ireland, the EU has the power to suspend parts of the entire post-Brexit trade deal.
When asked at the World Economic Forum in Davos whether the EU was drawing up plans to apply tariffs to politically sensitive UK exports, Mr Martin declined to "get into the detail of anything like that, because hopefully, that's something we don't ever have to contemplate".
"For now I'm simply saying, and I've been consistently saying get down there, get into the tunnel, UK government and EU, negotiate and get the technocrats in there," he added.
When asked why at this time of rising inflation the EU was pondering such a move, the Irish prime minister said it was only the UK making threats.
"The only unilateral move that has been made here has been by the United Kingdom government, which has threatened to tear up an international deal signed with the European Union," he said.
"That's the only threat here. And that's what's happened."
Map of the the UK showing how goods travelling from GB into NI and onward to the Republic of Ireland.
The taoiseach said a solution between the parties was "doable" and that French President Emmanuel Macron and German Chancellor Olaf Scholz "don't want minute checks on everything going into Northern Ireland - they want to resolve this".
At the World Economic Forum some of the world's biggest multinational companies have told the BBC they are already seeking reassurances over the possibility of a trade war between the UK and the EU.
Earlier this week the Polish prime minister Mateusz Morawiecki said "only Putin" would be happy with a disagreement between the EU and UK at this time, adding he was trying to "calm down the situation".
The UK's Foreign Secretary Liz Truss was in Northern Ireland on Tuesday, stressing that her priority was a negotiated agreement.
However, she has outlined plans to table legislation which would override key parts of the Brexit Northern Ireland deal within weeks.-BBC
Dyson working on home robots
Dyson is moving beyond vacuum cleaners and hand driers and will try to develop robots capable of helping with household chores.
The company has announced plans to create a major robotics centre at its facility at Hullavington Airfield, in Wiltshire, that will work on new types of domestic robot.
The site will be home to 250 robotics engineers.
Dyson already produces robotic vacuum cleaners.
Computer vision
Founded in the UK, the company is now headquartered in Singapore.
Dyson says it is investing heavily in developing new technology - and half of the 2,000 people to have joined the company this year are engineers, scientists or coders.
It is also hiring robotics engineers across disciplines including computer vision, machine learning, sensors and "mechatronics".
The company revealed glimpses of some of its work, in a video at the International Conference on Robotics and Automation, in Philadelphia.
Robot arms are briefly seen picking up plates, a bottle of detergent and a soft toy - but what kind of commercial devices this work might lead to is not revealed.
Dyson has been attempting to broaden the range of products it offers.
It recently took a first step into wearable technology - but its over-ear headphones with an air-purifying mouth visor received mixed reviews online, with "odd-looking" and "dystopian" among the terms used to describe them.
And some attempts to move into other areas have proved commercially unviable, most notably in 2019 when the company abandoned an electric-car project.-BBC
Energy bills to be cut by hundreds as part of £10bn support package
Households in England, Scotland and Wales are set to have hundreds of pounds knocked off energy bills this winter as part of a £10bn package to help people cope with soaring prices.
The government is to scrap a plan to give people £200 off bills from October which would be repaid over five years.
Instead, the BBC understands that sum will be increased and possibly doubled, and will not need to be paid back.
Additional help for those on the lowest incomes is also expected.
The support, to be announced by Chancellor Rishi Sunak later, is expected to be largely funded by a windfall tax on oil and gas firms that could raise £7bn.
It comes a day after Sue Gray's critical report into lockdown parties in Downing Street and follows intense pressure on the government to do more to help people with the cost of living crisis.
Earlier this week the UK's energy regulator Ofgem said the typical household energy bill was set to rise by £800 in October, bringing the typical household bill to £2,800 a year. Bills had already risen on average by £700 in April.
Ofgem warned it meant 12 million households could be placed into fuel poverty.
Most people living in homes in England in council tax bands A-D have already received a £150 rebate on their bills.
Dame Clare Moriarty, chief executive of Citizens Advice, said the "bulk" of government support needed to go to those on the lowest incomes "who are suffering the most severe consequences of this cost of living crisis".
She told the BBC the charity was now helping more than 750 people every day with food bank vouchers.
"We have got people in this country who cannot put food on the table, they cannot keep their lights on and the heating on," she said.
Paul Johnson, director of the Institute for Fiscal Studies, said offering a universal payment would mean a lot of the money would go to households who "don't desperately need it".
He also warned putting billions of pounds into the economy at a time when prices were rising quickly "could stoke additional demand and make inflation much more permanent".
Energy price cap
Opposition parties have repeatedly called for a windfall tax on energy companies that have made bumper profits, in large part because of Russia's invasion of Ukraine.
But until now the government had resisted calls to impose the one-off levy, with some senior members of the cabinet arguing it could deter energy firms from investing in the UK.
However, it is understood the prime minister has now sided with Mr Sunak, who had been pushing for the tax.
But proposals to tax income from other electricity producers, such as some older windfarms and nuclear plants which have also seen windfall gains, have been shelved.
And companies that increase investment in the UK could earn a discount on the additional tax.
The Treasury said the government understood "that people are struggling with rising prices" and that Mr Sunak had been "clear that as the situation evolves, so will our response".
Impact of war in Ukraine
Energy firms have made huge profits following Russia's invasion of Ukraine.
Shell reported a record £7bn profit in the first three months of this year while BP made £5bn, the highest for 10 years.
But Offshore Energies UK, which represents the offshore oil and gas industry, said a windfall tax on energy firms would see higher prices and do long-term damage to the oil and gas industry.
Deirdre Michie, chief executive of the body, said: "This is an industry that thinks and plans long-term, so sudden new costs, like this proposed tax, will disrupt planning and investment and, above all, undermine investor confidence."
Higher energy bills are pushing prices to rise at the fastest rate for 40 years, with fuel and food costs also biting into household budgets.
Ofgem chief executive Jonathan Brearley said conditions in the global gas market had worsened after Russia's invasion and warned that the price cap could rise beyond £2,800 if Moscow decided to disrupt supplies.
Europe gets about 40% of its natural gas from Russia, so sudden supply cuts could have a huge economic impact.
While the UK would not be directly impacted by supply disruption - as it imports less than 5% of its gas from Russia - it would be affected by prices rising on global markets as demand in Europe increased.-BBC
Newport Wafer Fab: Chinese buyout of UK's biggest chip plant to be reviewed
The sale of Britain's largest microchip factory to a Chinese company is to be reviewed by the UK government.
Business Secretary Kwasi Kwarteng will make a national security assessment of the takeover of Newport's Wafer Fab by Nexperia.
It could force the company to reduce its shareholding back to the 14% it originally owned.
MPs have previously criticised the UK government over the case.
A report in April said an investigation pledged by the Prime Minister Boris Johnson by the National Security Advisor had not happened.
Newport Wafer Fab, based near the estate of Duffryn in the west of the city, runs the UK's biggest microchip company and employs around 450 people.
On Wednesday Mr Kwarteng announced there would be a "full assessment" of the acquisition under the National Security and Investment Act.
"We welcome overseas investment, but it must not threaten Britain's national security," he said on Twitter.
Prime Minister Boris Johnson said last year he did not want to drive Chinese investment away from Britain because of "anti-China spirit".
The government, which has the power to intervene, including retrospectively, in acquisitions on national security grounds, has 30 working days to carry out its assessment.
The deal is under scrutiny amid an ongoing global shortage of computer chips which has been exacerbated by the pandemic.
Their importance to modern manufacturing means they are regarded as an increasingly important strategic asset.-BBC
Volkswagen to pay out £193m in 'dieselgate' settlement
Volkswagen is to pay £193m to more than 90,000 drivers in England and Wales after it settled a High Court claim over the installation of emissions cheating devices in its vehicles.
The German carmaker apologised again to customers and said it was working to rebuild trust.
The "dieselgate" scandal erupted in 2015 and has led to VW facing litigation in several countries.
The group has already paid out more than €30bn (£26bn) worldwide.
This includes fines, compensation, civil settlements and buyback schemes.
The use of "defeat devices" meant that Volkswagen's cars were certified as conforming to EU pollution standards when, in reality, they were emitting up to 40 times the legally permitted amount of nitrogen dioxide.
Nitrogen dioxide is a pollutant, which has been linked to respiratory diseases and premature death.
Volkswagen admitted that 11 million vehicles worldwide, including almost 1.2 million in the UK, were affected.
How VW tried to cover up the emissions scandal
UK drivers win first round in VW 'dieselgate' case
About 91,000 motorists in England and Wales, represented by several legal firms, took action against VW as well as its subsidiaries Audi, Seat and Skoda.
Among other things they claimed they had been misled by VW about the sustainability ratings of their cars and in many cases it affected the value of their vehicles.
The claim, which lawyers said would have been the biggest ever brought by a group of consumers in the UK, was due to go to trial in January 2023.
Volkswagen said it had made no admission of liability but that the legal costs of a six-month trial in England meant a settlement "was the most prudent course of action commercially".
'We sincerely apologise'
It will pay out a total of £193m, allocated between the claimants in proportions agreed by their solicitors, as well as a separate contribution towards their legal costs.
In a statement the company said: "The Volkswagen Group would, once again, like to take this opportunity to sincerely apologise to their customers for the two mode software installed in the EA189 vehicles. The Volkswagen Group will continue to work to rebuild the trust of their customers here in England and Wales."
Philip Haarmann, chief legal officer of Volkswagen AG, said the settlement was "another important milestone as the Volkswagen Group continues to move beyond the deeply regrettable events leading up to September 2015".
David Whitmore, chief executive of Slater and Gordon, which represented around 70,000 of the claimants, said: "The settlement avoids the need for a lengthy, complex and expensive trial process and we are delighted to have achieved this settlement for our customers as a result of the group action."-BBC
Pfizer will not sell drugs for profit in poor nations
US drugs giant Pfizer has said it will no longer make a profit from selling its patented medicines to 45 of the world's low-income countries.
Pfizer said the plan includes 23 patented medicines and vaccines which treat infectious and rare inflammatory diseases and certain cancers.
It said new medicines and vaccines will also be sold at cost.
The firm has previously been criticised for making profits from its coronavirus-related vaccines.
Meanwhile, other companies, such as British firm AstraZeneca, US owned Johnson & Johnson chose to price their coronavirus vaccines at cost during the pandemic.
The pandemic has been lucrative for the company and its revenues last year doubled to $81.3bn (£65.1bn). It made almost $26bn (£21bn) in revenues in the first three months of this year partly from the coronavirus vaccine it developed with Germany's BioNTech pharmaceutical company and its pill to treat the virus.
It has faced calls from campaigners to share its drug-making technologies to help countries in the global south to manufacture their own vaccines and treatments.
Pfizer said its vaccine and anti-viral treatment for coronavirus would be included in the plan.
The firm said the move would benefit more than a billion people.
"We know there are a number of hurdles that countries have to overcome to gain access to our medicines. That is why we have initially selected five pilot countries to identify and come up with operational solutions and then share those learnings with the remaining countries," Angela Hwang, group president of the Pfizer Biopharmaceuticals Group, said.
Bill Gates, co-chair of the Bill and Melinda Gates Foundation said he hoped other firms would follow in their steps.
"We're pleased to be working with Pfizer and we're talking to the entire pharmaceutical industry about these kinds of initiatives," Mr Gates said.
The firm faced criticism during the pandemic when, unlike drugmaker AstraZeneca, it continued to sell its covid vaccines for profit.
Mr Bourla has also appealed to the World Health Organisation and other partners to help with the logistics of prescribing and distributing the drugs.
So far, Rwanda, Ghana, Malawi, Uganda and Senegal have committed to joining the company's "Accord for a Healthier World".
Malawi President Lazarus Chakwera said in a statement the agreement will allow the countries and the firm to share "the burden of costs and tasks in the production and delivery of supplies that will save millions of lives."
The president of Rwanda, Paul Kagame, also said he hoped other companies would follow Pfizer's example.
"Pfizer's commitment under the Accord programme sets a new standard in this regard, which we hope to see emulated by others."-BBC
Marks & Spencer shifts from town centres as online sales grow
Marks & Spencer says it is moving away from town centres, as it saw online sales for clothes and homeware jump.
The chain said the shift to online shopping during the pandemic had "increased the imperative" to reduce its clothing and home trading space.
Many town centres had "lost impetus" due to "failed local authority or government policy", M&S said.
It said it was now relocating some shops from older, multi-floor buildings with poor access and parking.
"As a result, a high proportion, but not all, of our relocations are to the edge of town," the retail giant said.
M&S said it was planning around 15 new full-line stores and 40 new food stores over the next three years.
The company said it was investing in a number of stores which had been relocated to the edges of towns, including to former Debenhams sites in Leamington Spa and Thurrock.
It is part of a long-term plan to overhaul its large stores. The shake-up will eventually see the closure of some 110 main stores as it focuses on fewer but better locations.
'Moving with the customer'
A total of 68 of these main-line stores have already shut and the retailer confirmed another 32 will go over the next three years.
Boss Steve Rowe told reporters M&S was "moving with the customer, where the customer is working and shopping".
He said the chain had "some fabulous city and town centre stores" but it had to ensure its portfolio was "balanced" and there would be more of a bias towards food in the future.
Announcing its results for last year, M&S, which is turning its business around after years of decline, said it had seen strong performance in its clothing and home operation.
This was driven by a 55.6% surge in online sales. However, in-store sales fell by 11.2%.
Meanwhile, its food sales were up by 10.1%.
Overall, the company reported pre-tax profits of £392m for the year to 2 April - up from a loss of £209m the previous year.
However, M&S said it expected sales growth to slow due to rising costs and increased pressure on customer budgets.
The company said it was facing increased food costs, driven by global supply issues and labour shortages, while factory, transport and freight costs, as well as continued supply issues in China, were putting pressure on its clothing and home business.
Julie Palmer, a retail expert at Begbies Traynor, said the typical M&S customer tended to be wealthier and less hard hit by rising costs "but they could still choose to economise" .
"How long cash-strapped shoppers will feel comfortable splashing out on M&S's upmarket foods remains to be seen," she added.
Household budgets are being squeezed by rising food, energy and fuel bills, with inflation, the rate at which prices rise, hitting 9% in April - the highest level for 40 years.
Also on Wednesday, online grocer Ocado warned that its joint venture with M&S will see earnings and sales weighed down by growing pressure on customers' spending.
Ocado Retail, an online retail business which is owned 50-50 by the two companies, said consumers are ordering "one or two fewer items per shop" against the backdrop of a growing cost of living crisis.
Chief executive Steve Rowe is handing over the reins today after 40 years at M&S, starting as a Saturday boy in Croydon.
The business is certainly in better shape now than when he started the top job in 2016.
Reviving the fortunes of this household name is still a work in progress, though.
Although M&S has managed to finally arrest the decline in clothing and home sales, fashion sales in its shops are still 25% below where they were four years ago.
M&S wants fewer and better big stores as we shop more online and has already been making some big changes.
Today it said it was shifting away from town centre shops to more modern edge-of-town sites, taking a swipe at what it calls "failed local authority and government policy".
This new focus will likely send a shudder through the High Streets set to be affected.
The new leadership team at M&S will also have to steer the business through the cost of living crisis with soaring inflation and consumers tightening their belts.
The company also announced it would pull out of Russia altogether, resulting in a £31m cost.
M&S, which was criticised for not leaving the country at the start of the war in Ukraine, stopped shipments to Russia in March but previously said complex franchise deals prevented it from withdrawing completely.
The retailer opened its first store in Russia in 2005. Its Russian arm is run by Turkish company FiBA, which operates 48 shops under the M&S banner in the country with 1,200 employees.
Chief executive Mr Rowe is handing over leadership of M&S to Stuart Machin and Katie Bickerstaffe after running the company's turnaround for the past six years.
The cost-cutting programme saw the closure of a number of M&S's clothing and homeware shops, with others converted into food stores, after disappointing fashion sales.
In 2020 the company also announced thousands of jobs cuts after the business was hit by Covid lockdowns.-BBC
Cost of living: Government plan to help households could come within days
A government plan to help support people with the rising cost of living could come as soon as Thursday, the BBC understands.
The PM and chancellor have been under growing pressure to act as prices for fuel, food and energy continue to soar.
But BBC political editor Chris Mason said the government was also desperate to shift the agenda on from Partygate.
Downing Street denied the announcement was timed to distract from Sue Gray's report into lockdown gatherings.
The senior civil servant's report into events held in Downing Street is expected to be sent to No 10 on Wednesday.
The Prime Minister is to meet Chancellor Rishi Sunak soon to finalise plans, with an announcement possible on Thursday.
Mr Johnson has in recent days invited a collection of economists with a range of views to explore the options available to him, the BBC understands.
Sources told the BBC that Mr Johnson spoke on Tuesday about the need to balance any further government spending and intervention with not "raising inflation" further.
It is also understood Policing Minister Kit Malthouse repeated calls at cabinet to swiftly return to a "low tax" society.
Last week, inflation reached a 40-year high and on Tuesday the energy regulator Ofgem warned the energy price cap - which limits how much providers can raise prices - is expected to increase to £2,800 a year in the autumn.
Opposition parties have continued to push for a windfall tax on oil and gas firms - a one-off levy on the record profits the companies have recorded - saying the proceeds could be used to support the hardest hit.
But while attitudes towards the idea in government appear to have softened, neither Mr Johnson nor Mr Sunak have committed to the move.
Rishi Sunak has long argued - privately and publicly - that help for the most vulnerable could only be properly designed once the scale of the problem was measurable.
Tuesday's intervention from Ofgem provides that.
The question now is precisely what help is offered, and at what cost.
Targeted possibilities include uprating benefits or a lump sum payment to some of the poorest households.
There is then the quandary of whether to offer something that a greater proportion of people benefit from - could the first £40 repayment of the government's Energy Bills Support Scheme be postponed or cancelled?
Other options in the months ahead include changes to the Warm Homes Discount and the Winter Fuel Payment.
But any combination of these possibilities could easily be way more costly than the revenue generated from any windfall tax on the oil and gas companies.
An intervention that is noticeable won't come cheap.
2px presentational grey line
A number of ministers have also raised concerns about the idea of a windfall tax, with Mr Johnson saying he was not "attracted" to the measure in principle.
But he told reporters "no option is off the table" to tackle rising living costs, adding: "There is more that we are going to do... you'll just have to wait a little bit longer."
Labour leader Sir Keir Starmer has called on the government to "get a grip" and introduce the levy.-BBC
Shell consultant quits and accuses firm of 'extreme harms'
A safety consultant at oil and gas giant Shell has stopped working for the firm, as she accused its top executives of failing to protect the environment.
In a post on the professional networking platform LinkedIn, Caroline Dennett said the company is "causing extreme harms to our climate, environment, nature and to people".
It has drawn over 10,000 likes and has been shared more than 1,200 times.
In response, Shell reaffirmed its aim to become carbon neutral by 2050.
This week, Ms Dennett said she had emailed executives and 1,400 employees and contractors at Shell to detail her intentions to leave the firm.
"I can no longer work for a company that ignores all the alarms and dismisses the risks of climate change and ecological collapse," Ms Dennett wrote.
"Because, contrary to Shell's public expressions around 'net zero', they are not winding down on oil and gas, but planning to explore and extract much more," she added.
"Net zero" means not adding to the amount of greenhouse gases in the atmosphere. Achieving it means reducing emissions as much as possible, as well as balancing out any that remain by removing an equivalent amount.
Ms Dennett also urged Shell to "end all new extraction projects immediately and rapidly transition away from fossil fuels, and towards clean renewable energy sources".
"Shell should be using all its capital, technical and human power to lead this transition, but they have no plan to do this," she said.
Ms Dennett said she had been a safety consultant at Shell for more than a decade and that her job involved surveying its employees and contractors around the world, with the aim of reducing accidents and oil spills.
She described Shell as a "major client" of her independent business that specialises in safety assessments.
On Wednesday, Shell told the BBC it was working towards being net zero company by 2050.
"We have set targets for the short, medium and long term, and have every intention of hitting them," a spokesperson for the company said.
"We're already investing billions of dollars in low-carbon energy, although the world will still need oil and gas for decades to come in sectors that can't be easily decarbonised," the spokesperson added.
Last November, Shell's chief executive Ben van Beurden insisted that the firm would eventually make the transition to net zero.
However, he said the company's plans for greener energy could only be funded by oil and gas.-BBC
Africa: SA's Trade With Africa Surpasses Exports to EU Block
Deputy Minister of International Relations and Cooperation, Alvin Botes, has told a sitting of the National Assembly that South Africa's exports to Africa have surpassed those to the European Union in 2021.
Botes said this when he participated in a debate on Africa Day at the Good Hope Chamber in Parliament on Wednesday.
"We are committed as the South African government to work towards halving of poverty through agriculture by 2025, working amongst others, with countries such as Ghana and Morocco and in terms Malabo [Declaration] commitment five: the boosting of Intra-Africa Trade, we know that the trade figures in South Africa have increased remarkably," he said.
The Malabo Declaration points to the commitment made by the Heads of State and Government in 2014 when they met at the 23rd Ordinary Session of the African Union Assembly in Malabo, Equatorial Guinea.
Among the commitments made at the meeting was Malabo Declaration Commitment five, which speaks to African states committing to boosting intra-African trade in agricultural commodities and services - by tripling trade in this area and by fast-tracking the continental free trade area and transition to a continental common external tariff scheme.
"We have recorded that unlike in the past when the chief trading partner to South Africa was the regional block of the EU, what I can confirm to this house today, ladies and gentlemen, is that exports to Africa in 2021 stood at R385 billion, against exports to the EU, which stood at R355 billion," he said.
Botes said this showed that the African Continental Free Trade Agreement is an important instrument in mobilizing the agricultural communities and the enhancement of food security.
He said South Africa understood that inclusive prosperity will be accelerated through good governance, and that the role of the Africa Peer Review Mechanism (APRM) was commendable in this regard.
"We equally appreciate the foresight of AUDA-NEPAD, which shapes our developmental dividend and the economic prosperities to be made possible by the urgent implementation of the African Continental Free Trade Agreement," he said.-SAnews.gov.za.
South Africa: Public Urged to Use SARS Online Services Amid Wage Strike
The South African Revenue Service (SARS) has urged taxpayers to avoid coming to its offices amid industrial action by staff over wage demands.
On the first day of the strike on Wednesday, SARS said customs operations at ports of entry, especially borders, were without major interruptions.
In a statement, the revenue collector said all customs border posts are operational with contingencies in place mitigating the impact of the industrial action.
Due to the wide range of online services, disruption to the operations was minimal, it said.
The revenue service will continue to monitor developments over the next few days.
"Our website will continually be updated to advise the public on how to engage with SARS to fulfil their required obligations.
"SARS Customs will continue to rely on the support of other government agencies across all border posts, especially from the South African Police to ensure that there is continued operation," reads the statement.
On the strike, SARS said organised labour had opted to embark on industrial action despite concerted efforts by SARS to avert the strike.
SARS believes that its offer, to which it has received no response, is the best under the prevailing socio-economic challenges facing the country. "SARS is also limited by the resources available to it from the funding grant," the revenue collector said.
SARS Commissioner Edward Kieswetter said he understood and empathised with the financial challenges faced by SARS employees and the general public.
He said: "In fact, all South Africans, especially millions who are unemployed, suffer the impact of the current economic climate. SARS is a microcosm of the broader society and the sentiment of discontent is understandable, especially when they have a sense that the current situation is unlikely to change in the short term.
"Employees do not willingly withhold their labour because that in itself has a financial impact on them under already tough times. One has to understand though, that when workers feel frustrated they feel that by going on strike is the last resort for them to be heard."
He said SARS recognised the constitutional right of workers to strike and express themselves within the provisions of the law.
"The important work of SARS has to continue and we will take whatever steps necessary to balance the impact of the strike with our responsibility to discharge the important responsibility of providing important services to taxpayers and collecting all tax revenues due.
"This very revenue pays the salaries of government employees and provides the necessary resources to provide public goods and services. The work of SARS is transformative and enables government to build a capable that fosters sustainable economic growth and social development in the interest and well-being of all South Africans."
No work, no pay
SARS said it had explained to employees that the principle of "no work, no pay" would apply, and urged union leadership to give a formal response to its latest offer in order to settle the stalemate.
Kieswetter said accepting the SARS proposal was "the best we can do under the current funding constraints".
"SARS simply do not have the resources to meet the labour demand of CPI plus 7%. I understand that our offer is not what our employees want, but it holds the real possibility of resolving the current industrial action at a time where employees in the entire public service are affected," he said.
He said the revenue service realised that remuneration and benefits has not kept up with inflation in recent years.
"In a country that is faced with high unemployment and other socio-economic challenges, SARS employees already have security of tenure, as well as market related salaries and benefits.
"This offer, whilst not addressing the demands of employees, will provide additional relief to minimise the impact of the current economic conditions. The doors of negotiations remain open and we are ready to work with our colleagues in labour to look at ways to improve the overall value proposition to our employees."
SARS appealed to labour to remain peaceful in their protest and to respect picketing rules as specified in the CCMA Picketing Rules issued.-SAnews.gov.za.
South Africa: African Market Is Important for Sustainable Growth
With May celebrated as Africa Month, the Coega Development Corporation (CDC) has identified the rest of the African continent as an important market for sustainable growth.
This is consistent with its strategic plan 2020-2025, but also as part of the African Continental Free Trade Area (AfCFTA) agreement.
"In the next financial year, the CDC will focus on fast-tracking the implementation of projects in the Central African Republic (CAR) and Zimbabwe, whilst marketing its services to increase the portfolio of clients," CDC Programme Director Idriss Mouchili said on Wednesday.
The Department of Trade, Industry and Competition (the dtic) in the Special Economic Zone (SEZ) Strategic Framework 2020-2030, has identified cross-border exchanges with the rest of Africa as a key pillar of the implementation of reconfiguring and expansion of existing SEZs.
The CDC has expanded its non-SEZ services to other markets in countries that include Zimbabwe, Nigeria, Cameroon, Central African Republic, Democratic Republic of Congo and Senegal under the Coega Africa Programme (CAP).
The CDC is providing technical advisory and co-development of SEZs, industrial parks, dry ports and public infrastructure.
Through its African Trade and Investment Solutions Strategy, the CDC is championing the country's renewed push for business exchanges between South Africa and the rest of the continent.
"The CDC, with its proven track record in infrastructure implementation and programme management spanning over two decades, has delivered mega infrastructure projects successfully within budget, scope and quality standards.
"The organisation has an arsenal of systems and processes, utilising international best practice in project management using advanced project methodology which also enables job creation and transform economies through developing emerging businesses," the CDC said.
With a Gross Domestic Product (GDP) of more than USD3 trillion, the CDC said the African continent is a major market for trade for any country that is serious about sustainable development.
According to the CDC, the AfCFTA, which is the largest global free trade area by countries participating, could transform the continent's economic prospects.
"The agreement aims to reduce all trade costs, improve intra-African trade and enable Africa to integrate further into global supply chains. Ultimately, AfCFTA aims to improve the continent's economic integration in line with the Agenda 2063's Pan-African vision of an industrialised, stable, and peaceful Africa," the CDC said.
The agreement also aims to eliminate customs tariffs for intraregional trade, to improve capital and individual mobility, and to facilitate investment at the national and continental levels.
According to the International Monetary Fund (IMF) Regional Economic Outlook (April 2022), looking beyond the pandemic and current geopolitical tensions, job creation and meeting the Sustainable Development Goals will require strong, inclusive, and sustainable growth in the region. To this end, decisive policy action is needed to enhance economic diversification, unleash the private sector's potential, and address the challenges posed by climate change.
Africa's land area exceeds that of China, Europe, and the United States combined. Its 54 countries have a collective population of 1.2 billion, with over a thousand languages being spoken, huge diversity in income levels, resource endowment, business sophistication and infrastructure development.
With the world's largest free trade area and a 1.2-billion-person market, the continent is creating an entirely new development path, harnessing the potential of its resources and people.-SAnews.gov.za.
Liberia: Arcelormittal's Contribution to Gbapa Clinic Project Reaches U.S.$85,000 After Latest Donation
ArcelorMittal Liberia (AML) has presented an additional amount of US$35,000 (Thirty-five thousand United States Dollars) to the people of Gbapa in Yarmein Administrative District, Nimba County to further support the Gbapa Clinic construction project.
Making the presentation Monday, Marcus Wleh, Head of Government and Community Relations at ArcelorMittal Liberia said the latest amount was in fulfillment of the company's commitment to assist the people of Gbapa, in completing the construction of a modern clinic for its inhabitants and others from nearby towns and villages.
AML and the people of Gbapa agreed that they would provide the local and low-cost materials, while the company provides both cash and material support. Earlier, AML contributed USD $50,000 in materials, for the construction of the clinic, bringing the total contributed so far by the company to USD $85,000 (Eighty-five thousand United States Dollars).
The AML Head of Government and Community Relations said such partnership for improved social and community development was a good approach for a peaceful coexistence, by the company and the communities.
"The people of Gbapa provided most of the materials for the building, and we contributed $50,000 worth of materials and are now providing this USD $35,000. We have contributed a total of $85,000 towards the Gbapa clinic project," he said.
Dr. Fredrick Norkeh, who represents the people of Gbapa as head of the clinic project, acknowledged the good contributions and positive impact of AML on the country, especially communities where it operates.
ArcelorMittal Liberia's contribution to the clinic project has been well received by authorities of Nimba County, as well as residents of nearby communities.
In January 2022, during another ceremony in Gbapa where AML presented additional funding towards the project, Nimba County District #3 Representative Joseph N. Somwarbi expressed great satisfaction over the Gbapa Community Clinic project and commended ArcelorMittal Liberia for the support.
Representative Somwarbi called on residents of District # 3 to continue to collaborate with ArcelorMittal Liberia to achieve more in community development.
Hon. Somwarbi said the people of Yarmein District, as the traditional hosts of AML pledged their unwavering support to the company, so both sides could collaborate and form a partnership in support of the district's development agenda.
Representative Somwarbi also noted that the establishment of the clinic will help address the many health issues in the area, including maternal mortality, and stressed that the sooner the clinic can be completed, the better it will be for them to work with the government to ensure that it is captured in the budget.
When completed, the Gbapa clinic will be the first and only health facility in the area.-FrontPageAfrica.
Liberia: Rep. Yekeh Koluba Demands Explanation for Diversion of U.S.$24 Million Road Fund Money
Monrovia — Montserrado County district # 10 Representative Yekeh Kolubah has termed as "overlapping of functions and the abuse of public trust and confidence" the expenditure of US$25m from money intended to rehabilitate roads across the country from the account of the National Road Fund (NRF) of the Government of Liberia (GOL).
Lawmaker Kolubah is an executive of the opposition Alternative National Congress (ANC).
Liberia passed the National Road Fund Act in 2016 and operationalized the National Road Fund in 2018 following the inception of the Coalition for Democratic Change (CDC) led-government of President George Manneh Weah. Among other things, the law sets aside the amount of US$0.35 on every gallon of gasoline purchased in the country to go towards the rehabilitation of roads in the country..
But an audit of the conducted on the Fund by the General Auditing Commission (GAC) for two fiscal years July 1, 2018 to June 30, 2020, unearthed that millions of dollars of fuel levies paid by motorists for the maintenance and rehabilitation of roads in Liberia are either not being remitted to the road fund account as required by the act creating the National Road Fund or expended for the intended purpose.
The GAC observed in the report released to the National Legislature last week, that the Liberia Revenue Authority collected US$53,018,871.54 and deposited the money in the Consolidated Fund Account instead of the National Road Fund Account as required by the Road Fund Act. The Consolidated Fund Account is the Government general revenue account that is controlled by the Ministry of Finance and Development Planning (MFDP). Of this amount, according to the report, the MFDP remitted US$28,152,231 to the National Road Fund thereby leaving a difference of US$24,866,637.54 which was not remitted.
Authorities of the government have justified that the money was diverted towards the payment of salaries.
But according to Representative Kolubah, the amount was set aside to be used for roads rehabilitation and not for the payment of salaries.
He made these comments when he appeared as guest on the OK Morning Rush Show on OK FM 99.5 in Monrovia on Tuesday, May 24.
He justified that before the usage of the fund, the National Legislature should have given approval to the appropriate authority to do so.
Representative Kolubah maintained that though he does not intend to make a hasty conclusion on the matter, it is prudent that lawmakers make an inquiry to the necessary government entities responsible to manage the fund.
He requested his colleagues to exert efforts and invite the Director of the NRF, the Ministers of Finance and Development Planning and Public Works to provide detailed information on the road fund deficit.
He claimed that few people within the Coalition for Democratic Change (CDC) led-government of President George Manneh Weah are allegedly taking the Liberian people money and enriching themselves
"Before you used any money from the road fund, the Legislature should give you that authority to do so. As a lawmaker, I cannot remember the Legislature given approval for the road fund to be diverted to the payment of salaries. This is abusing the Liberian people monies. You can't the Liberian people money and enrich yourselves".
Chambers shielding corrupt officials?
The Speaker of the House of Representatives Dr. Bhofal Chambers has been consistently accused of suppressing the views of some of his colleagues, particularly those from opposition political parties, including Representatives Kolubah, Francis Dopoh, Rustolyn Dennis, Hanson Kiazolu, among others of Montserrado and River Gee counties respectively.
He has been portrayed as one who is always shielding and preventing the appearance of some corrupt government officials before the Plenary of the House.
But Representative Kolubah is on record for referring to the Speaker of the House of Representatives Dr. Bhofal Chambers as a "bag boy and stooge" to the Liberian leader.
"People are feeling that the Liberian people's money is something that is in the streets and people can just use it the way they feel like. I have written more than 500 communications since I became lawmaker in 2018, none of them has surfaced on the floor. Money is in this country. But we that are in authorities decided to eat the money and mean the Liberian people".
Representative Chambers maintained that the House is not the personal "living room" of Dr. Chambers and as such, his communications calling for that August Body to be audited and the establishment of a war and economic crimes court in the country should be placed on the floor for discussion.
"The Speaker's budget is US$2.3M. Why the Speaker should have US$200,000 in his budget for car? He needs helicopter to come to work? We are not treating the Liberian people fairly. We are there to enjoying ourselves leaving the Liberian people out".
He justified that Liberia will continue to be seen in the eyes of international partners as a "corrupt country" if the issue surrounding the road fund are swept under the carpet.
Representative Kolubah maintained that international partners would feel reluctant to spend their monies in Liberia if no steps are taken.
He emphasized that the wrong things will continue to go on in Liberia because, some of those in power, especially members of the National Legislature, have decided to be "bodyguards" to President Weah.
Consistent in advocacy
Representative Kolubah has been lambasted and condemned on numerous occasions by citizens and others, including the Liberia Council of Churches (LCC) for his disparaging and vulgar utterances against the Liberian presidency.
He is on record for consistently questioning the source of wealth of President Weah.
He has wondered why the President did not construct duplexes and other properties during his footballing days and following his ascendancy to the Liberian Senate in 2014.
Representative Kolubah claimed that President Weah and his confidantes, including the Ministers of Finance and Development Planning and State for Presidential Affairs, Samuel Tweah and Nathaniel McGill, are consistently engaged into alleged acts of rampant corruption, abuse of power, disrespect for the rule of law, favoritism, among others.
But the Executive Mansion and others accused have consistently denied the accusations.
Sometimes ago, the Council, through its President Bishop Kortu Brown, observed that though some of the issues raised by the firebrand lawmaker are germane, his presentation and outburst are unacceptable.
"That is how I express what I want to express. I cannot express myself like you. These people and myself come from the same party. I am a member of the CDC by extension and I know what they understand".
Representative Kolubah emphasized that diverting and expending public monies for self-glorification amount to disrespecting the trust and confidence of the Liberian people.
He bragged that his high level of consistency and advocacy have yielded fruitful results for the benefit of his constituents.
Representative Kolubah named the construction of the Invincible Park, Old Road Market building, and the ongoing Peace Island asphalt pavement projects as some tangibles of his oversight and other cardinal responsibilities as a lawmaker.
"My job is to talk and not to be a collaborator or praise singer to somebody. My job is to make sure that the right things are done. You think they built those things because somebody wanted to build it? They built it because I am consistent. I am not Public Works Minister to build bridges; it's not my function. My job is to talk to compel people to do the work".
He noted that he would do things outside of his functions enshrined in the Liberian Constitution.
Why 'Weah Project'
Members of the opposition community in Liberia have been seriously concerned over the manner and form in which monies are allocated in the budget to implement several developmental projects across the country.
They have complained that though those projects are funded by tax payers' monies, the Coalition for Democratic Change (CDC) led-government is in the constant habit of diverting those budgetary initiatives under a nomenclature 'Weah Project' to please the Liberian Chief Executive.
Most of the several markets and roads as well as the donation of brand new vehicles to chiefs in Monrovia and other parts of the country have all been considered as presidential projects.
But Representative Kolubah frowned at the expenditure of tax payers' monies to give leverage or privilege to the President instead of the ordinary tax payers.
"You cannot take the Liberian people money and you go somewhere and say 'Weah Project'. You cannot put one light pole here and say 'Weah for 2023. Is that your personal money?"-FrontPageAfrica.
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