Major International Business Headlines Brief::: 28 November 2022

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Major International Business Headlines Brief::: 28 November 2022 

 


 

 


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

 


 

 


 

ü  Insulation: £1bn funding for least efficient homes

ü  US bans sale of Huawei, ZTE tech amid security fears

ü  Jeff Bezos: Does US-style philanthropy exist in UK?

ü  Jaguar Land Rover cuts output at UK factories due to chip shortage

ü  Rolls-Royce tests a jet engine running on hydrogen

ü  North of England faces rail chaos, warns business lobby

ü  Bridgnorth retailers discuss business improvement scheme

ü  Train strikes: Drivers walk out in pay row

ü  Coventry Amazon workers stage Black Friday pay protest

ü  Energy sector reforms criticised by British Gas owner

ü  Nigeria: SEC to Promote 'Sensible Digital Assets', Not Cryptocurrencies

ü  Nigeria: Real Reasons Fuel Scarcity Persists Across Nigeria - Marketers

ü  Africa's Population Boom May Boost Economy, Global Relevance

ü  Nigeria: Why Petrol Shortage Worsens in Lagos, Ogun, Others

ü  Africa: AfCFTA Crucial for Africa's Economic Recovery and Growth

 


 <mailto:info at bulls.co.zw> 

 


 

Insulation: £1bn funding for least efficient homes

The UK has some of the least energy efficient homes in Europe.

An extra £1bn will be spent to insulate the UK's least energy efficient homes, the business secretary has said.

 

Grant Shapps said the new funding was part of a strategy of working towards "an energy independent future" for the UK and would save those who benefitted around £310 a year.

 

The ECO+ scheme will target homes that have a low energy efficiency rating and are in the lower council tax bands.

 

A portion of the funds will be spent on the most vulnerable households.

 

The Department for Business, Energy, Industry and Skills (Beis) said households who currently did not benefit from any other government support would be able to upgrade their homes under the expansion of the scheme.

 

A new £18m public information campaign will also offer advice on how to reduce energy use in the home, "without sacrificing comfort", Beis said. The advice will include turning down boiler temperatures and radiators to save energy.

 

Mr Shapps said the ECO+ scheme would "enable thousands more to insulate their homes, protecting the pounds in their pockets and creating jobs across the country".

 

The scheme will run from spring 2023 for up to three years, and will focus on low-cost measures such as loft and cavity wall insulation and upgrades to heating. The average cost per home is expected to be £1,500.

 

An already existing ECO scheme is targeted at people in social housing, on low incomes or who are fuel poor.

 

However, under the expanded scheme, people whose homes have an energy efficiency rating of D or below can get help, whether they are in private, rented or social housing. If you are eligible, your energy firm will do a survey and pay for the improvements.

 

The announcement has been welcomed by fuel poverty campaigners but they also say more needs to be done to help those most in need.

 

Adam Scorer, chief executive of National Energy Action, said the "scheme is not designed to reach the most vulnerable, it's designed to reach people who haven't been able to benefit from previous schemes.

 

"We believe government focus should be on the worst first, helping people in the greatest risk, the greatest jeopardy, more of this money should be going to help them."

 

The UK is often described as having some of the oldest and least energy efficient housing in Europe.

 

Two years ago, BBC research found 12 million UK homes were rated D or below on their Energy Performance Certificates, which means they don't meet long-term energy efficiency targets.

 

Currently 46% of homes have an energy efficiency rating of C or above, up from 13% in 2010, according to BEIS.

 

In his Autumn Statement the Chancellor, Jeremy Hunt, announced a new target, to reduce energy demand by 15% by 2030.

 

Beis said this target would be backed by an additional £6bn investment after 2025.

 

Mr Hunt said the ECO+ scheme would help "hundreds of thousands of people" better insulate their homes.

 

However, shadow climate change secretary Ed Miliband described the scheme as a "reheated announcement with no new resources",

 

"[It] is far too little too late and will help only a tiny fraction of the millions of people facing a cost-of-living emergency this winter," he said. He said Labour planned to insulate up to two million homes a year.

 

Greenpeace UK energy campaigner Georgia Whitaker said nearly seven million homes were suffering fuel poverty, while 19 million homes in England and Wales are badly insulated.

 

"This is a drop in the ocean compared to what people actually need to stay warm and well this winter and in the winters to come," she said.-BBC

 

 

 

US bans sale of Huawei, ZTE tech amid security fears

The US has banned the sale and import of new communications equipment from five Chinese companies, including Huawei and ZTE, amid concerns over national security.

 

Other companies listed include Hikvision, Dahua and Hytera, which make video surveillance equipment and two-way radio systems.

 

It is the first time US regulators have taken such a move on security grounds.

 

Hikvision said that its products present no security threat to the US.

 

It said the decision "will do nothing to protect US national security, but will do a great deal to make it more harmful and more expensive for US small businesses, local authorities, school districts, and individual consumers to protect themselves, their homes, businesses and property."

 

Huawei and others have previously denied supplying data to the Chinese government.

 

The US Federal Communications Commission (FCC) said its members had voted unanimously on Friday to adopt the new rules.

 

"The FCC is committed to protecting our national security by ensuring that untrustworthy communications equipment is not authorised for use within our borders," the commission's chairwoman Jessica Rosenworcel said in a statement.

 

"These new rules are an important part of our ongoing actions to protect the American people from national security threats involving telecommunications," she added.

 

Because the ban is not retroactive, the firms listed can continue to sell products previously approved for sale in the US.

 

But the FCC said it is seeking comment on future revisions to the rules regarding equipment already authorised to be imported or sold, meaning it is possible existing authorisations could also be revoked in the future.

 

The restrictions in the US are the latest levied against Chinese tech firms following spying concerns, which US officials have become increasingly wary of in recent years.

 

Under Barack Obama's administration, actions designed to limit Chinese telecoms firms' access to the US market first took root. They were then accelerated during the presidency of Donald Trump and have continued under current US President Joe Biden's rule.-BBC

 

 

 

 

Jeff Bezos: Does US-style philanthropy exist in UK?

Philanthropy, the ennobling pursuit of the rich and famous, is in the headlines. But what does philanthropy mean in 2022? And does it mean the same thing in the US as it does in the UK, asks Stephen Smith.

 

The American bitcoin wunderkind Sam Bankman-Fried was one of the leading lights in a new philanthropy movement known as "Effective Altruism" (EA).

 

Instead of toiling away for a charity, supporters of EA favour making pots of money in finance and tech instead, and then giving it away to charity. But the 30-year-old Bankman-Fried's cryptocurrency exchange, FTX, went bankrupt earlier this month.

 

Overnight, his riches vanished - he had been worth $10.5bn (£8.68bn) on paper, or rather, in evanescent digital code. As for his creditors, far from congratulating themselves on the effectiveness of their altruism, they are now out of pocket by as much as $8bn.

 

Meanwhile, Amazon founder Jeff Bezos announced his intention to give "most of my fortune away" in his lifetime, a generous-sounding gesture for a man who is worth $117.5bn according to Forbes. He has already parted with $2.4bn over his working life, says the same source.

 

It's not clear how Bezos intends to make good on his promise. He hasn't signed the Giving Pledge, a scheme launched by Bill Gates and Warren Buffet to persuade their fellow super-rich that they should donate most of their assets to charity.

 

And critics have pointed out that Bezos's staggering wealth is not unconnected to his company's record on tax. In the UK, Amazon pays tax on its profits but not its sales, handing over £492m in direct taxation to Customs and Revenue last year on takings of a whopping £20.63bn.

 

The company has been accused of low wages and poor working conditions, and Amazon workers in territories across the globe staged walkouts on Black Friday.

 

What does Gates Foundation do?

Carnegie, penniless Scot who became world's richest

Bankman-Fried and Bezos have had plenty of attention for their pronouncements on philanthropy, in marked contrast to the awkward silence which surrounds the subject on this side of the Atlantic.

 

The British are reluctant to discuss their efforts on behalf of good causes, so much so that even the humble-brag "I don't like to talk about my charity work" is enough to bring on an attack of the vapours in certain self-effacing circles. Or so we like to tell ourselves.

 

In recent years, a new kind of philanthropist has emerged in the UK - the activist sports star or musician. Footballer Marcus Rashford topped the Sunday Times Giving List in 2021 for his campaign against food poverty and this year's leading donors include racing driver Lewis Hamilton, footballer Mo Salah and rapper Stormzy.

 

Nonetheless, aspects of culture - and tax - help to explain differing attitudes to philanthropy in the UK and US. Americans gave $484.85bn to charity in 2021, according to the National Philanthropic Trust (NPT) in the States.

 

Britons donated £10.7bn, says the Charities Aid Foundation. The US has roughly five times the population of the UK but Americans give 45 times as much.

 

"Rich people in the US face expectations that those who've made it financially will give some - or a lot - away," says Dr Beth Breeze, director of the Centre for Philanthropy at the University of Kent.

 

She says "success" in the US is judged not only by how much an individual makes but also by how open-handedly they give away.

 

"It's about being both the richest and the most philanthropic, as Bill Gates, who topped both lists for many years, exemplifies. No such expectation exists yet in the UK. Philanthropic people may get praise here but the non-philanthropic wealthy do not typically come under any social pressure to emulate their more generous peers."

 

US fundraising is the most developed in the world, according to Dr Breeze, with highly skilled campaigners building long-term relationships with those able to make big gifts.

 

Bezos lives in a cultural context that expects people like him to give, she adds, and his ex-wife MacKenzie Scott is the most admired contemporary philanthropist.

 

"The only surprise is that this combination of factors has not led to him pledging to give it all away any sooner."

 

Churches are the biggest group of beneficiaries from American philanthropy, reflecting the insistence of the founding fathers on free, independent religious communities, separate from the state. Faith organisations received 27% of donations in 2021, according to the NPT.

 

The US also has a strong attachment to the idea of small government. Taxes and spending are low in comparison with Europe. To offset this, there's been a tradition of "noblesse oblige"​​​​ on the part of America's wealthiest dynasties. Art is a good case in point. The great museums and galleries of the US would be practically bare without the generosity of private donors; in the UK, the wealthy typically leave their pictures to the nation to avoid paying death duties.

 

But you don't have to peer very far back into British history to discover a pattern of philanthropy at least as significant in shaping society as gifting by billionaires is in contemporary America.

 

Instead of tech tycoons dispensing their largesse, it was the pioneers of the industrial revolution in Britain who were signing the cheques, and they acted out of self-consciously godly motives the way many American benefactors do today.

 

In the 19th Century, one of the great textile barons, Titus Salt, built homes and schools for the workers who toiled in his Yorkshire mills. He even named his new town after himself - Saltaire. He decreed it would be free of alcohol. This chimed with his nonconformist beliefs, but also meant fewer days would be lost to drink-related illnesses and injuries.

 

Salt's model was followed by the Lever Brothers who were manufacturing soap powder on Merseyside. They built a garden village to house their workers and called it Port Sunlight, though apparently not in ironic commentary on the rainy local climate.

 

The Levers permitted a pub among the tied houses of Port Sunlight, but it was alcohol-free. The acclaimed English author Jonathan Coe describes another community founded on philanthropy in his new novel, Bournville, a saga based on a real town in the British Midlands where the Cadbury family, who were Quakers and hence teetotal, manufactured their eponymous chocolate bars.

 

"In 1895 the company acquired more of the land surrounding the factory buildings, and soon the workers could enjoy further recreation grounds and a cricket pitch," writes Coe. "But the Cadbury family's ambitions went beyond that. They imagined houses, well-built houses, houses with deep gardens where trees could flourish…"

 

Jonathan Ruffer, 71, a religious-minded City trader who has lavished millions of his own money on his native north-east England, is a throwback to those God-fearing Victorian grandees.

 

He is the investor behind a spectacular pageant, Kynren, a whistlestop tour of British history which is staged in the grounds of Ruffer's home, the former palace of the Bishops of Auckland, to generate funds for the area. It's reported that Mr Ruffer's generosity is worth £50,000 a day to the deprived community of Bishop Auckland.

 

On the face of it, little connects the mutton-chopped worthies who built places like Saltaire and Bournville with the tech bros of Silicon Valley.

 

But creating state-of-the-art accommodation for the workers and surrounding it with recreational facilities yet frowning on the scourge of alcohol - all of this is out of the Silicon Valley playbook if recent reports about temperance are correct, except that the Victorian industrialists were on to it a century or more earlier.

 

In philanthropy, what goes around comes around.

 

Like Bezos and others, the industrial barons of Victorian England accumulated vast private fortunes largely untroubled by taxes, dazzling everybody with their good works.

 

How might a very rich man conjugate the verb "to give"?

 

"They pay their taxes; you donate to charity; I'm a philanthropist."-BBC

 

 

 

Jaguar Land Rover cuts output at UK factories due to chip shortage

Carmaker Jaguar Land Rover (JLR) is reducing output at its factories in Solihull and Halewood until the spring, due to ongoing problems obtaining enough computer chips for new vehicles.

 

The action is expected to affect the output of models such as the Jaguar F-Pace and Land Rover Discovery Sport.

 

The move is understood to be temporary, as first reported in the Guardian.

 

In the meantime, JLR will focus on more profitable models such as the Range Rover.

 

Output of these cars has been ramped up in recent months.

 

JLR's factory in Nitra, Slovakia, is not affected.

 

Modern cars are heavily reliant on computer chips to control a variety of onboard systems, ranging from anti-lock braking and emissions controls to satellite navigation and in-car entertainment.

 

But supplies from East Asia have been heavily disrupted in the wake of the Covid pandemic, while carmakers have faced intense competition for available supplies from other industries.

 

In a statement, JLR said it would "continue to actively manage the operational patterns of our manufacturing plants whilst the industry experiences ongoing global semi-conductor supply chain disruption".

 

"We expect our performance to continue improving in the second half of the year, as new agreements with semiconductor partners take effect, enabling us to build and deliver more vehicles to our clients," it added.

 

Taxing electric cars will dent sales - car firms

Electric Mini production to move to China

UK car production still remains well below levels seen before the pandemic, despite an increase in October, figures from the Society of Motor Manufacturers and Traders (SMMT) show.

 

The industry built 69,524 cars in October, up 7.4% from a year earlier, but the SMMT said manufacturers were still suffering from "turbulent" supplies of components.

 

"There's been real shortages in the supply chain, most obviously in semiconductors, which is leading to really erratic levels of production," the SMMT's chief executive Mike Hawes told the BBC's Today programme.

 

"[Production] was up in October, but we expect it to be volatile as we go forward especially when some parts come from China."

 

Mr Hawes said the UK was "no way close" to making enough chips for the car industry.

 

"Massive investments are required and some governments in the world are putting up billions upon billions of pounds to attract investment and build new fabs (semiconductor fabrication plants).

 

"We should be building about a million cars a year, so when you have about 1,500 chips per car you can see just how incredible the volumes of these chips you need just to support the automotive industry, let alone things like personal electronics."-BBC

 

 

 

Rolls-Royce tests a jet engine running on hydrogen

In a windswept corner of a military site on Salisbury Plain a small aircraft jet engine is undergoing tests that could one day lead to huge changes within the aviation industry.

 

The engine itself is almost completely conventional. It is a Rolls-Royce AE-2100A gas turbine, a design used widely on regional aeroplanes around the world.

 

What is wholly unusual about it is the fuel being used. This is the first time a modern aircraft engine has ever been run on hydrogen.

 

Devoid of bodywork, with its intricate wiring and pipework exposed, it sits securely fastened to a sturdy test rig, while engineers cluster around an array of screens in the control room, a safe distance away.

 

The tests are being carried out by Rolls-Royce, in partnership with the airline easyJet.

 

The immediate aim is a simple one - to show that it is possible to run and control a jet engine using hydrogen fuel, rather than conventional aviation fuels.

 

In the longer term, the plan is for hydrogen power to play a major role in allowing the aviation industry to continue growing, while cutting climate change emissions dramatically.

 

"The reason we're looking at hydrogen is really the drive for Net Zero," explains Alan Newby, director of aerospace technology at Rolls-Royce.

 

"Normally we would run this thing on kerosene. Kerosene is a hydrocarbon and therefore produces carbon dioxide when it burns.

 

"The beauty of looking at a fuel like hydrogen is that it doesn't contain any carbon and, therefore, when it burns it produces no CO2".

 

The project is being supported by easyJet, which has contributed several million pounds towards the initial trials.

 

The company believes that hydrogen power offers the best route to reducing emissions from short haul aviation.

 

"We started a few years ago looking at what might power the aircraft of the future," explains David Morgan, easyJet's chief operating officer.

 

"We looked at battery technology, and it was quite clear that the battery technology was probably not going to do it for the large commercial aircraft that we fly.

 

"We've come to the conclusion that hydrogen is a very exciting proposition for us."

 

The advantage of hydrogen over batteries is that it provides much more power per kilogram. Batteries are simply too heavy to power larger planes.

 

Yet hydrogen aviation remains a very long way off. The tests carried out so far have simply shown that a jet engine using hydrogen can be started up and run at low speed.

 

But to go from there to building a wholly new engine, capable of powering a passenger aircraft safely will take a great deal more research - and significant investment.

 

The aircraft themselves will also need to be redesigned. Hydrogen, even in liquid form, takes up about four times as much space as the kerosene required to fly the same distance.

 

To make it into a liquid in the first place, it needs to be cooled to -253C. Then, before being burned, it must be turned back into a gas.

 

"There's a big change from the aircraft point of view," says Alan Newby at Rolls-Royce.

 

"They're going to have to have a tank containing the hydrogen. You've got to keep it at this really, really cold temperature.

 

"Then there's the issue of how you feed it through to the engine as well."

 

The other key question is where the hydrogen itself comes from, because that will have a dramatic impact on the environmental benefits it can provide

 

The fuel used in the tests is so-called green hydrogen produced at the European Marine Energy Centre in the Orkney Islands.

 

It is made by using an electric current to split water into its components, hydrogen and oxygen. The electricity required is produced using wave and wind power. This makes it a very clean fuel.

 

But most of the hydrogen produced for industrial use today is obtained from a process which involves mixing high temperature steam with natural gas under high pressure.

 

However, this produces a considerable amount of carbon dioxide, which is then released into the atmosphere. It also requires a considerable amount of energy - which is often provided by burning fossil fuels.

 

One alternative is what's known as blue hydrogen. This is produced in the same way, but the carbon dioxide is captured and either stored or reused.

 

In theory, this should make it a cleaner, low-carbon fuel. But that view was challenged in a paper from researchers at Cornell and Stanford universities last year.

 

They suggested that in fact, using blue hydrogen could still be more harmful to the planet than burning fossil fuels.

 

"At the moment there's a lot of hydrogen hype," says Matt Finch, UK policy director of campaign group Transport and Environment.

 

"A lot of people are saying 'we can use hydrogen, we need hydrogen'. You hear it for cars, for trucks, for ships, for planes, for home heating, for chemicals.

 

"At the moment the UK effectively produces zero green hydrogen. To fulfil all the needs everyone wants is absolutely impossible."

 

Mr Finch believes this means supplies of green hydrogen will probably have to be rationed for decades to come, and he says aviation may not be a priority for governments.

 

All of this means it is likely to be decades before zero-emission hydrogen planes become an everyday reality.

 

Even then, they are likely to be confined to short haul markets, at least to begin with. On long haul routes, synthetic sustainable fuels are widely expected to offer a more practical solution.

 

Nevertheless, these first tests on Salisbury Plain may one day be seen as the first, tentative steps towards a technological revolution in the industry.-BBC

 

 

 

 

North of England faces rail chaos, warns business lobby

Business leaders in the north of England are warning rail services could "collapse into utter chaos" by January unless the government takes action.

 

Members of the Northern Powerhouse Partnership have written to ask the transport secretary to address a crisis they say is "wreaking havoc".

 

Rail travel in northern England has been severely disrupted in recent months by strikes and cancellations.

 

The government agreed the current situation was "unacceptable".

 

It said it was "investing billions" in northern transport and was "working closely with train operators" to resolve problems around the recruitment of new drivers.

 

But Juergen Maier, former chief executive of Siemens UK and a vice chair of the Northern Powerhouse Partnership, said the government had failed to "use the levers only it can pull, to sort out or train services".

 

Although train travel has been disrupted across the whole of the UK this year, northern operators, including Avanti West Coast and TransPennine Express have come under particular scrutiny.

 

Passengers to, from and across the region have faced reduced timetables, crowded services, last-minute cancellations and delays.

 

The Northern Powerhouse Partnership said recruitment of new train drivers, one source of the disruption, was held back by the failure to agree new overtime working arrangements at some rail operators, including at TransPennine.

 

They called on the government to open the way for new "rest day working" arrangements.

 

"We are not able to continue as we are," said Mr Maier. "If we do not get approval for a rest day working agreement to be negotiated this week it will be too late."

 

Without a new agreement the system would collapse into "utter chaos", he said.

 

Cancellations have already cut off the Humber for "days at a time" and reduced access to Manchester Airport, forcing people into their cars instead, the Northern Powerhouse Partnership said.

 

'Havoc'

Transport Secretary Mark Harper, who is due to meet city mayors from across the region later this week, said services would be improved by having "a proper seven-day railway".

 

"We have days in the week when train services are completely dependent on the goodwill of people coming in to work on their days off. That isn't how you run a modern railway that people depend on for running their daily lives," he said.

 

In their letter to Mr Harper, the vice chairs of the Northern Powerhouse Partnership, Mr Maier, and crossbench peer Lord Jim O'Neill, said the situation was already "wreaking havoc on the northern economy".

 

TransPennine apologised for the disruption and said work was continuing to address the impact of sickness and a shortage of drivers, which would normally have been significantly mitigated by rest day working arrangements.

 

"We are sorry to anyone who has been affected by this ongoing disruption," a spokesperson said. "This has been caused by high levels of traincrew sickness, an intensive crew training programme (which includes a training backlog as a direct result of Covid), and infrastructure issues outside of our control."

 

The operator said it had invested in a fleet of new trains and now had 70 more drivers than the 500 it had in 2019.-BBC

 

 

 

 

Bridgnorth retailers discuss business improvement scheme

Retailers from a town in Shropshire are in talks over creating a Business Improvement District (BID).

 

Some businesses in a BID area would be asked to pay a levy for services such as maintenance and marketing.

 

Sally Themans of Love Bridgnorth, a Facebook group which helps promote the town, said proposals were at "very, very early stages".

 

"This is purely an exploratory time at the moment," she said.

 

Similar schemes currently run in Shrewsbury and Oswestry in the county, with dozens more in towns across the UK.

 

A meeting was attended by Shropshire County Council and "a good array of Shropshire businesses," said Ms Themans.

 

One of the advantages of the scheme would be "having someone full time and dedicated" to promoting the town, she said.

 

But she added: "Should we be asking hard-strapped businesses, whether they're large or small, to pay a levy, which is how a BID works?"

 

A decision on whether the scheme goes ahead was purely down to the businesses, she explained.

 

Brian Millington, of Our Green Shop, said it would "clearly be an opportunity for retailers and businesses to sit together and come up with some solutions to how Bridgnorth does business".

 

Charlie Butler, from Pamper that Pooch, said he had recently counted 15 empty shops in the town.

 

The BID levy would not affect him due to the rateable value of his shop, he explained, but businesses could voluntarily pay into to the scheme.

 

"But with the current climate of utility bills, I don't think that's going to get a lot of enthusiasm for voluntary donations," he added.

 

Jessica Lewis, of Mike and Sarah's butchers, said retailers were already paying business rates and questioned whether they should be asked to pay additional funds towards the BID.

 

"We need to get our priorities right," she said.

 

"It's more things like the roads the parking and everything else that needs to be sorted first."-BBC

 

 

 

Train strikes: Drivers walk out in pay row

Rail travel is being disrupted this weekend with train drivers at 11 companies walking out as part of a long-running pay row.

 

The strike by the Aslef union is affecting people travelling to Christmas markets and major sporting events.

 

Passengers are being advised to check before they travel.

 

However, strike action at London Overground has been suspended while union members consider a new pay offer.

 

Regret on both sides

Aslef, which represents drivers, wants wages to keep pace with the rising cost of living. It said talks with rail firms broke down after no pay offer was made.

 

"We regret that passengers will be inconvenienced for another day. We don't want to be taking this action," said Aslef's general secretary Mick Whelan.

 

The Rail Delivery Group, which represents train companies, said it was "incredibly frustrated" that Aslef's leadership had decided to take further strike action.

 

"We regret Aslef's decision, which will cause real disruption to passengers and hit its members' pay packets," a spokesman said.

 

A Department for Transport spokesperson said that the strike was "disappointing" and unproductive, particularly due to its timing during the World Cup football tournament and a busy retail period.

 

"This dispute has gone on far too long and is not only causing disarray in people's lives, but is harming the economy too. We urge union leaders to reconsider this action and instead work with employers, not against them, to agree a new way forward. The future of our railway depends on it," the spokesperson added.

 

 

In addition to the 11 companies directly affected by the industrial action, Heathrow Express and London Northwestern Railway are also expected to be affected.

 

Operators that are not affected will run trains but they may be very busy.

 

Passengers are being told they should check services before they travel, and to allow extra time for their journey.

 

When are the next train strikes?

Rail workers to strike in run-up to Christmas

How will Royal Mail strikes affect Christmas deliveries?

Great Western Railway (GWR), which will run only an extremely reduced service on the day, has warned customers travelling to Christmas markets and major sporting events to avoid taking the train.

 

It said that as a result of the strikes, no GWR trains will serve Bath Spa for the opening Saturday of the city's Christmas market.

 

Fans heading to Cardiff for Wales' Autumn International against Australia, or to Twickenham to see England take on South Africa, will also face disruption.

 

The strike is clearly having a big impact on people's weekend plans, but Aslef believe there is strong public support for them.

 

At London Euston, the station is open. The Tube is running as normal, as is the London Overground - after strike action there was suspended at the last minute.

 

But all other rail services here have been heavily disrupted by today's industrial action and the station is unusually quiet, compared with what you might normally expect on a Saturday afternoon.

 

This is a big shopping weekend, with Black Friday sales in full swing - ordinarily, there would be lots of people here heading to the shops in central London.

 

Elsewhere around the country, people travelling to Christmas markets, concerts and sporting events have been told to avoid taking the train.

 

That includes fans heading to Twickenham on Saturday afternoon to see England take on South Africa.

 

While it is a 24-hour strike, it's expected that there could be some knock-on disruption into Sunday.

 

line

The latest Aslef industrial action follows four previous 24-hour strikes by drivers, which led to train services being cancelled and delayed.

 

There has been widespread disruption on the railways this year, with the RMT union also taking action at Network Rail and 14 train companies. Previous strikes by the RMT have had a major impact on services throughout England, Scotland and Wales.

 

Union bosses have said that with prices of food and energy soaring, companies should be paying their members more.

 

Meanwhile, railway bosses have said they want to give workers pay rises but insist changes are needed to "modernise" working practices and save money.

 

Aslef's Mr Whelan told the BBC: "We don't want other workers suffering, we don't want the general public suffering going forward.

 

"But the only way we've got at this moment in time to reinforce our needs and other people's needs is to take the action we're taking."

 

The UK has been hit by a wave of strikes this year, with unions across a range of industries, representing different job roles, staging walk-outs.

 

The disputes are over working conditions, pensions and pay. Prices are rising at over 11% per year, the fastest rate for 40 years. That means workers are seeing their living costs rising faster than their wages, leaving them worse off.

 

Cameron Hughes, 21, from Surrey works in a supermarket warehouse, and says the trains not running means he can't see his girlfriend Natasha, who lives in Bournemouth.

 

He is particularly reliant on trains for travel this weekend as he is not allowed to drive, since his doctor suspects he may have epilepsy.

 

"If my epilepsy diagnosis is confirmed, then I'll forever be reliant on trains for travel. I really hope the negotiations between train staff and operators work out as it affects my future."

 

However, he does understand why workers are striking.

 

"Other countries like Japan have great train systems and have not seen a strike in a long time. I think the operating companies could improve conditions for train workers here," he says.-BBC

 

 

 

Coventry Amazon workers stage Black Friday pay protest

Dozens of Amazon workers have joined a protest outside the company's Coventry warehouse on Black Friday.

 

GMB union members have been asking for improved pay and conditions, calling an offer of a pay rise starting at 50p per hour insulting.

 

They want their hourly pay to rise from £10 an hour to £15.

 

Amazon has refused to recognise trade unions and said workers' pay had risen by 29% since 2018. It also said staff would get a Christmas bonus of £500.

 

The demonstration is being held outside an Amazon warehouse which stores items and then supplies them to the company's fulfilment centres.

 

Amanda Gearing, GMB senior organiser, said it was "disgraceful that they're not supporting Amazon workers through this time" and accused the company of treating workers like "robots".

 

She said she wanted to see safety improvements within the factory and warned there could be walkouts if the matter was not resolved, despite the lack of formal union recognition.

 

In August, the GMB said about 100 workers took part in a sit-in protest at the canteen of the warehouse at the Lyon's Park centre, Coventry, over a pay increase offer of 35p per hour.

 

Amazon said it offered "competitive pay" and gave workers "comprehensive benefits" including private medical insurance, life assurance, subsidised meals and an employee discount.-BBC

 

 

 

Energy sector reforms criticised by British Gas owner

Energy regulator Ofgem has announced plans to make the sector more resilient to market shocks, but has been heavily criticised by British Gas.

 

The watchdog has dropped a plan to ring-fence customers' credit balances - which build up when direct debits are higher than energy used.

 

Instead, Ofgem said it would "monitor closely" firms' use of these balances.

 

British Gas owner Centrica accused Ofgem of an "abdication of responsibility".

 

A raft of energy suppliers have collapsed since the start of last year after being unable to cope with soaring energy prices. The government is facing a bill of about £6.5bn for the collapse of supplier Bulb alone.

 

Ofgem is proposing a range of reforms including making sure companies have sufficient financial strength to deal with future energy shocks. It said it will also require suppliers to ring-fence money they need to buy renewable energy.

 

However, the regulator said it would not require ring-fencing of customers' credit balances.

 

Instead, it said it would just monitor companies' use of customers' credit balances more closely to stamp out misuse by firms. When a firm goes bust, this money is protected for customers but the cost is usually shared among the surviving suppliers.

 

This decision was criticised by Centrica chief executive Chris O'Shea.

 

"When customers pay up front for their energy, they are trusting their supplier to look after their hard-earned money," he said.

 

"They would be appalled to learn their money was being used to fund day-to-day business activities, but that's exactly what's happening in some companies, and it undermines confidence in the market."

 

He added that "if and when a large supplier fails, the recklessness of the decision not to address this issue will be clear for all to see".

 

The regulator said it was seeking responses from the industry and would publish the final reforms in the spring.

 

"These proposals will provide protections, checks and balances for consumers, suppliers and the entire sector to create a more stable market," said Ofgem chief executive Jonathan Brearley.

 

"We want suppliers to be able to be innovative and dynamic, while also making sure they are financially stable and that customers' money is protected."

 

A spokeswoman for Octopus Energy supported the regulator's plans.

 

"Ofgem have wisely adopted a similar approach to the way banks are regulated. We still need to see the details but it should help prevent fly-by-night energy companies setting up, reduce the cost of failure and keep bills down," she said.-BBC

 

 

 

Africa: AfCFTA Crucial for Africa's Economic Recovery and Growth

Successful implementation of the AfCFTA can boost trade and promote Africa's economic recovery and growth

 

Food security concerns and runaway inflation have compounded economic woes and threatened to slow down Africa's economic recovery and growth.

 

Africa seeks an entirely new economic growth path, capitalizing on the potential of its people and resources.

The AfCFTA is the world's most extensive free trade area in terms of size and number of nations, with a combined GDP of around $3.4 trillion.

The private sector is essential to making regional economic integration work for Africa.

Africa's economic outlook

 

Africa is a diverse continent with natural and human resources capable of creating inclusive growth and eradicating poverty. The continent now has the world's most extensive free trade area, with a market of 1.2 billion people. Africa seeks an entirely new economic growth path, capitalizing on the potential of its people and resources.

 

 

Economic growth in Sub-Saharan Africa (SSA) was estimated at 4 per cent in 2021. However, growth in the area is likely to slow down in 2022. Growth has been affected by a global climate characterized by new shocks, volatile markets, and uncertainty. The economy is expected to grow by 2.7 per cent in 2022, down from 4 per cent in 2021, as it struggles to gain traction amid a downturn in global economic activity, supply disruptions, high inflation, and growing financial risks as a result of increasing vulnerable debt levels.

 

Soaring food and energy costs are straining many nations' fiscal balances and raising concerns about food insecurity. Alarmingly, 39 million additional people plunged into severe poverty in 2020 and 2021, reversing a long-term downward trend for poverty reduction.

 

When the African Continental Free Trade Area (AfCFTA) was first presented at the African Union(AU) summit in 2012, it had two goals: first, to establish a pan-African trade and cooperation agenda. Second, through introducing major economic improvements and cooperative legislation, a vast majority of people would be lifted out of poverty. The bloc formation was a watershed moment in African trade and economic growth. Lessons learned in the last two years on supply chain complexities have proven that Africa needs free but secure trade.

 

Key benefits of AfCFTA

 

AfCFTA's successful implementation can boost trade and promote Africa's economic recovery and growth. The AfCFTA is the world's most extensive free trade area in terms of size and number of nations, with a combined GDP of around $3.4 trillion.

 

Increased integration would improve incomes, generate employment, stimulate investment, and make establishing regional supply chains easier. In comparison to Africa's external trade, intra-African trade remains tiny. In 2020, just 18 per cent of exports went to other African nations.

 

 

Furthermore, the World Bank believes that if effectively implemented, the AfCFTA would raise 30 and 68 million Africans out of severe and moderate poverty by 2035. By 2035, the AfCFTA could grow intra-African trade by 81 per cent and raise wages by 10 per cent.

 

Importantly, intra-African commerce has a lower proportion of commodities and a more significant proportion of manufactured products than African trade with the rest of the world. Primary goods make for more than 70 per cent of inter-African exports. However, manufactured items account for roughly 45 per cent of intra-African exports, with primary commodities accounting for the remaining third.

 

As a result, intra-Africa trade is less vulnerable to global commodity price volatility and is better positioned to promote structural reform. Consequently, African policymakers have more leeway in crafting an economic recovery plan that turns away from commodity reliance but towards regional integration.

 

Although the AfCFTA has been in effect since January 2021. Signatories agreed to origin rules for 87.7 per cent of tariff lines earlier this year (the aim was to liberalize 90 per cent of tariff lines). This tariff agreement allowed trade to commence after the governments had implemented local changes to their respective rates.

 

However, Africa might not enjoy the full advantages of the AfCFTA until non-tariff trade obstacles are removed. According to the IMF, reducing non-tariff constraints might be up to four times more valuable than tariff reductions in increasing trade.

 

Food security concerns and runaway inflation have compounded economic woes and threatened to slow down Africa's economic recovery and growth. As nations look to reboot their economies, many governments have adopted food and energy subsidies to shield vulnerable populations against rising costs. However, such interventions have proven unsustainable as they present significant fiscal challenges to African economies.

 

Thus, boosting intra-African trade could pave the way for food security. Africa has enough food to shield its citizens from hunger. However, the nations must cooperate to ensure trade contributes significantly to food security.

 

To ensure food availability and handle price volatility, Africa must link agricultural markets, offer production incentives to surplus regions, and boost cross-border trade. African nations must embrace the opportunity to promote intra-regional business and firm up interventions for the seamless exchange of agricultural goods and services for food security. The AfCFTA will help Africa achieve these goals.

 

The crucial role of Africa's private sector

 

The private sector is essential to making regional economic integration work for Africa. While governments sign trade agreements, the private sector recognizes businesses' challenges and can capitalize on the opportunities presented by such agreements and regional trade strategies.

 

A lack of trade finance prevents Africa from achieving its full economic potential. Africa's trade finance gap stood at more than $80 billion before the pandemic, which is definitely larger today. This gap complicates the cross-border movement of goods and businesses' ability to innovate, create jobs, and drive economic growth.

 

Private finance institutions have an essential role in raising trade financing in Africa. However, a deeper public-private partnership must support these commitments to keep funds flowing to meet the ever-growing financing demand.

 

The gap in African logistics has proved that digital access can no longer be a luxury for the privileged few. Creating secure and reliable digital infrastructure is an urgent priority for the continent. And harnessing the power of the private sector is the fastest and most effective way to achieve it.

 

Regional integration under AfCFTA

 

To achieve the goals of African regional integration, African governments must provide greater room for the private sector to participate actively in the integration process rather than relegating the industry to a passive position. African nations must improve the private sector's ability to boost trade under the AfCFTA. The interventions could include reforming the business environment by protecting property rights and relaxing labour restrictions.

 

Countries must take the chance to assist in Africa's economic recovery and growth. They must embrace trade through the AfCFTA when the multilateral trade system is under tremendous pressure. Policymakers must consider how the region can effectively handle the negative impacts of both the pandemic and the Russia-Ukraine crisis. Thus, they must advance public-private partnerships to promote full AfCFTA implementation for Africa's economic recovery and growth.

 

Africa has a once-in-a-generation moment of possibility. The continent has the chance to create a better, greener, and more inclusive future for its citizens. That vision is within reach. Still, nations will only be able to seize it by prioritizing long-term investments over short-term fixes. Building trade infrastructure, lifting small businesses, nurturing trade--these investments pay off for generations. They are the moves that will make the foundation for Africa's future.

 

READ MORE: Africa's road infrastructure is crucial for enhancing economic growth

 

-The Exchange.

 

 

 

Nigeria: Why Petrol Shortage Worsens in Lagos, Ogun, Others

There were indications, weekend, that the prolonged petrol shortage in Lagos, Ogun and environs is worsened by illegal practices, especially arbitrary pricing and diversion, to unauthorised locations.

 

Checks by Vanguard showed that some independent oil marketers, who complained about the high cost of lifting the product at depots, have devised means of taking the product to wherever they can get higher returns, instead of filling stations.

 

Vanguard gathered that due to the shortage and the high demand for the product, some companies and other corporate users are willing to pay more, compelling diversion by some marketers.

 

A reliable source in Apapa, Lagos, who pleaded anonymity, said: "These are abnormal times. Independent oil marketers lift the product at about N200 per litre at the private depots. They incur additional cost of using diesel to move it to their outlets in different parts of the nation before selling the product at between N210 and N240 per litre.

 

 

"They have another option of selling it at even higher prices to companies, including transporters, which need the product to enhance their operations."

 

The checks further indicated that the outlets of many independent marketers were shut yesterday, while a few that opened sold at between N220 and N240 per litre, depending on location.

 

Many major marketers were, however, seen selling the product at about N175 per litre, leaving long queues which extended outside their gates as most motorists preferred to wait because of the huge price differential.

 

A transporter, who travelled from Lagos to Abuja, said there was petrol along the routes, but noted that prices continued to rise from one state to another till he got to Abuja.

 

The transporter who pleaded anonymity, said he bought petrol at N250 per litre in Ogun, but refuelled at N270 and N300 per litre along the way before getting to Abuja.

 

 

On the journey from from Abuja to Lagos, he said, the product was available, while the price kept dropping from about N300 per litre to N200 per litre.

 

He noted that some transporters, who did not have much petrol, were disappointed because the long traffic at the Lagos-Ogun long bridge made them exhaust the product, thus exposing themselves to armed robbery and hoodlums' attacks.

 

However, officials of the Nigerian Midstream, Downstream Petroleum Regulatory Authority, NMDPRA, responsible for the technical and commercial regulation of midstream and downstream operations in Nigeria, were not visible to enforce compliance at the various stations visited yesterday.

 

The Chief Executive Officer, of NMDPRA, Engr. Farouk Ahmed, did not respond when Vanguard called for comments yesterday.

 

 

Meanwhile, the Major Oil Marketers Association of Nigeria, MOMAN, disclosed at the weekend, that it had started working with the Nigerian National Petroleum Company Limited, NNPCL, to improve the distribution of petrol nationwide.

 

The Chief Executive Officer of MOMAN, Mr. Clement Isong, said: "We are doing depot-to-depot check-in and check-out to enhance efficiency. We are also having logistic supply meetings with NNPCL. There is also collaboration among our members to cushion supply to various MOMAN stations.

 

"We arranged it in a way that any MOMAN member who does not have the product can pick from fellow members' depot to minimise supply gaps. NNPCL had an operational meeting with MOMAN to ensure that products are effectively distributed across the country. The logistics meeting was to ensure adequate distribution of products to stations across the country."

 

Reacting to the return of fuel queues across Nigeria, spokesman of Atiku-Okowa Campaign Office, Kola Ologbondiyan expressed sympathy with Nigerians, adding that Atiku Abubakar and his running mate, Governor Ifeanyi Okowa, and the entire campaign organization felt the pains of Nigerians, who had been at the receiving end of APC's maladministration.

 

He said: "The Atiku/Okowa campaign, however, assures Nigerians of realistic solutions to the perennial challenges of providing fuel for Nigerians, a product which we should have in abundance.

 

"Atiku is prepared to block all leakages that have encouraged mismanagement and inconsistent delivery of fuel to Nigerians. Our candidate has been consistent on the need to liberalize the oil and gas sector by allowing private investors to engage actively in that sector, while his administration will provide the enabling environment that will allow businesses thrive.

 

"Atiku is the only candidate that has the political will to match words with action and restore the required efficiency needed to make the oil and gas sector perform transparently and optimally.

 

-Vanguard.

 

 

 

Africa's Population Boom May Boost Economy, Global Relevance

As the population of the world's rich countries shrinks and ages, African nations are experiencing rapid growth. This could benefit African economies, and turn the continent into a burgeoning market.

 

The world's population now stands at a record 8 billion people, according to estimates from the United Nations. African nations, especially sub-Saharan countries, are the main driver of this growth, while the population in many high-income countries is either shrinking or beginning to contract.

 

If this trend continues over the next few decades, Africa's relationship with the rest of the world could change drastically. Here's why:

 

In most industrial countries, including Japan, South Korea and all EU member states, the fertility rate is currently not reaching the replacement level, which is about 2.1 births per woman of childbearing age. That means that not enough babies are being born to replace deaths and consequently, in future, the local workforce will not be large enough to take up the jobs of those retiring.

 

 

Africa, on the other hand, seems to be going in the opposite direction. The sub-Saharan region has the world's highest average fertility rate at 4.6, with Niger topping the list at 6.8 children per woman, followed by Somalia at 6. Congo, Mali and Chad each have fertility rates of over 5.

 

According to UN projections, the number of Africans will double by 2050 and make up a quarter of the world's population.

 

"When compared to its past, early 20th century, for example, Africa's population growth is not accelerating, it is actually slowing down, just like the rest of the world," Hippolyte Fofack, chief economist at the African Export-Import Bank, told DW. "What we see is mainly a fast decline in developed nations' population growth rate, with child mortality rates plummeting in Africa."

 

African societies are not only growing fast, they are also much younger than almost any other region. While the median age in Europe is 42.5, in Africa the figure stands as low as 18.

 

 

But what are the consequences of a demographic upsurge for Africa, and the rest of the world?

 

Does Africa have enough capacity for a population surge?

 

According to Fofack, the continent has enough land and resources to host a population that is much larger. At the moment, population density is between 45 to 47 people per square kilometer in Africa, as opposed to 117 for Europe and about 150 for Asia.

 

"Africa needs this demographic enlargement for its development," Blessing Mberu, senior researcher at the Kenya-based African Population and Health Research Center, told DW. "Factories, highways, technologies and infrastructures are not going to emerge all by themselves! Someone needs to build them, manage them and use them."

 

Africa, one of the world's largest continents, has plenty of habitable land for its booming population. According to the UN, the continent is home to about 30% of the world's mineral reserves, 12% of the world's oil and 8% of the natural gas reserves. Some 60% of the world's arable lands are located in Africa.

 

 

"The potential for a larger population is there," said Mberu. "But the challenge is to provide education and jobs for them."

 

"Right now, we are seeing an uneven development across the African nations," he continued. "In some places, investments in education, health care and the economy have been concentrated in urban areas. This is why there is an influx of migration from rural areas to cities, creating huge slums, which are becoming a permanent feature of those cities."

 

How demographic changes impact the economy

 

Both Fofack and Mberu are certain that in the long run, Africa's demographic growth will boost the continent's economy and add to its political relevance.

 

Societies in high-income countries are projected to get older over the next three to four decades. By 2050, one-in-four people living in Europe and North America will be aged 65 or over, but more than half of Africans will be under the age of 25.

 

"An aging population is usually bad news for a country's economy. It means that productivity drops and the health care expenditure rises," said Fofack .

 

Also, countries where the majority of people are of working age are favorable places for investments, he added. "We know that people consume more in their working age, but their consumption and expenditure slows down once they retire," he said.

 

World needs Africa's youth

 

Even if local governments fail to provide enough jobs for all, a proportion of the continent's population will have the option to emigrate elsewhere, to countries with a drastic need for a younger workforce, Fofack said. "This process has already started for decades, and some countries [outside Africa] have avoided a demographic downturn thanks to migrants," he added.

 

Migration also gives workers a chance to enhance their skills in host countries and then bring back new techniques and know-how to their home countries. "Not to forget the remittance, the money that the diaspora sends home to help their families, which now comprises a major share of some countries income," Mberu pointed out.

 

"It's quite obvious to me that the imbalance [between populations] will also reduce global income inequality," Fofack said, referring to Europe as an example.

 

"The economies of Southern Europe, like Portugal and Spain, significantly benefited from EU's freedom of labor movement, since unemployed people were able to find jobs in northern countries and bring their savings back home," he said.

 

The world's economy is already dependent on Africa, mainly for its abundant resources, but the continent's share of global trade remains low at just 3%.

 

If current demographic changes continue to follow the same patterns, dependence on Africa is likely to increase, potentially giving the continent leverage to rectify the current unequal balance.

 

 

 

Nigeria: Real Reasons Fuel Scarcity Persists Across Nigeria - Marketers

"We are experiencing scarcity because the product is not available," an official of the marketers' association says.

 

The Independent Petroleum Association of Nigeria (lPMAN) has attributed the current fuel scarcity to the unavailability of petroleum products and difficulty in accessing foreign exchange by marketers.

 

The Operations Controller of lPMAN, Mike Osatuyi, made the remarks in an interview with the News Agency of Nigeria (NAN) in Lagos on Sunday.

 

Mr Osatuyi said it had become necessary to inform the general public that the lingering scarcity of petrol was due to the unavailability of the product.

 

 

He alleged that the Nigeria National Petroleum Corporation (NNPC) Ltd., had stopped importing enough petrol to meet demand in the country.

 

Mr Osatuyi was emphatic that marketers could no longer sell at the regulated price because the unsteady supply of petrol had resulted in higher prices at the depots.

 

"We are experiencing scarcity because the product is not available.

 

"The price of a litre of petrol at private depots is currently between N205 and N210 as against N162.50.

 

"The Nigeria National Petroleum Corporation (NNPC) Ltd., is the sole importer of refined petroleum products, which are not readily available to marketers," he said.

 

Mr Osatuyi explained that his members bought petrol at over N200 per litre from private depots, making it impossible for them to sell at a regulated pump price.

 

 

"Besides, such trend is unsustainable given the fact that private depots also sell the product at unofficial rate different from that of NNPCL.

 

"When we add cost of transportation and levies, it will run into N217 per litre. At what prices do you want marketers to sell, knowing fully well that we are in business to make profit?

 

"My members are groaning over increase in cost of petrol from depot and they suffer a lot to get it.

 

"If fuel is there, why will we not sell, but there is no fuel. Our members are selling petrol between N230 and N240 per litre at filling stations," he added.

 

Mr Osatuyi said the government was finding it difficult to continue subsidising the price of petrol and advised that the downstream of the petroleum sector be fully deregulated as a permanent solution to the problem.

 

 

He urged the government to allow the private sector to import petrol as is the case with aviation fuel, diesel and kerosene.

 

He urged the government to remove the monopoly of importation and pronounce total deregulation of the downstream sector.

 

Collaborating with Mr Osatuyi's views, a marketer, who preferred not to be mentioned, told NAN that NNPCL was having challenges importing refined products due to liquidity constraints.

 

According to the marketer, all marketers; IPMAN, Major Oil Marketers Association of Nigeria (MOMAN) and Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) are struggling to get products from NNPCL, the sole supplier.

 

The marketers said the scarcity of foreign exchange also posed a serious challenge, and that the Direct Purchase and Direct Supply (DPDS) option had crashed.

 

"Nigeria has reached a stage where government requested for credit facility from DSDP people on product supply but it was challenged due to huge backlog of debts.

 

"The NNPCL partners who were given crude oil to supply refined products could not access credit from banks due to existing huge debts," said the marketer.

 

According to him, the high rate of forex currently at N800 to a dollar also posed a serious challenge to importation.

 

He said, "Talking about Lagos, that is where most of the (PMS) vessels come. When the mother vessel comes into the state, its products will be distributed by daughter vessels to ports in Lagos, Warri, Port Harcourt, etc.

 

"These daughter vessels are hired by independent private tank farm owners or private depot owners, who pay vessel charges in dollars.

 

"Some of them source dollars in the open market. So, the dollar also determines the price of products.

 

"Now, you cannot expect them to sell PMS at N184/litre when the price of hiring a vessel has risen from 38,000 dollars to around 108,000 dollars to 111,000 dollars, depending on the type of vessel. These charges are paid in dollars."

 

He added that the cost of chartering daughter vessels to move products from the mother vessel to the Private Depot Owners (PDOs) has jumped within months due to issues around the hike in diesel cost, foreign exchange concerns and other industry problems.

 

"The products are moved to PDOs in Port Harcourt, Warri, Calabar, Lagos, etc, and by the time NNPC gives depot allocations, it becomes their responsibility to charter vessels that will take the products from the mother vessel to the depots.

 

"So, that lack of purchasing power in terms of sourcing dollars to evacuate products from the mother vessel, and absence of vessels to move products due to the hike in hiring cost also contributed to ghost scarcity of PMS across states.

 

"Ghost scarcity means scarcity that appears and disappears. You may be going to work in the morning and everywhere will be clear, but in the evening you will see queues," the marketer stated.

 

He said the ex-depot price had gone above N205 per litre due to insufficient volume of petrol to supply the entire market by NNPCL.

 

According to the marketer, many DAPPMAN members have closed shop because NNPCL is unable to cope with the demand for petrol and most of the product is channelled to neighbouring countries.

 

"About 50 per cent of the product is leaving the country, NNPC does not have any money to subsidise the entire West Africa, which is not realistic because they do not have money.

 

"The best option and the way out is to deregulate the downstream sector, but currently, government cannot deregulate because it's election period," said the marketer.

 

-Premium Times.

 

 

 

Nigeria: SEC to Promote 'Sensible Digital Assets', Not Cryptocurrencies

The regulator says it will promote investment in "sensible digital assets," with investment protection and also explore blockchain technology to advance virtual and traditional investment products.

 

The Securities and Exchange Commission says it will not be considering cryptocurrencies in its push for digital assets.

 

The commission in February 2021 suspended the approval of cryptocurrencies and related products and warned the investing public against crypto and crowdfunding platforms.

 

Despite the ban, Nigerians continued to show interest in the crypto market. In May 2022, it released guidelines on the issuance and custody of digital assets in the country, a move seen as supporting the adoption of crypto.

 

 

The director-general of the commission, Lamido Yuguda, on Friday told reporters in Lagos that the commission was avoiding the digital currency as crypto exchanges do not have access to the banking platform that is needed to drive their trades in Nigeria yet.

 

"We are looking at digital assets that really protect investors," not necessarily crypto, bloomberg reported him saying.

 

He said the SEC will promote investment in "sensible digital assets," with investment protection and also explore blockchain technology to advance virtual and traditional investment products.

 

"The commission is in the business of protecting investors, not in the business of speculation," he said, alluding to volatility concerns in cryptocurrencies.

 

He however said SEC may promote crypto as the digital assets market undergoes development.

 

"Now any asset that is traded in the Nigerian capital market requires the joint approach of different regulators," he said.

 

The guidelines it released in May mandates the registration of "the offering and sale of digital tokens that are considered securities", saying the rules shall apply to all issuers seeking to raise capital through digital asset offerings.

 

According to the regulation, digital asset actors include digital asset offering platforms (DAOPs), digital asset custodians (DACs), virtual assets service providers (VASPs), and digital assets exchange (DAX).

 

The commission said it would review applications within 30 days before determining whether the digital asset proposed to be offered constitutes a "security."

 

"The commission may reject any application for registration of digital assets if, in its opinion, the proposed activity infringes public policy, is injurious to investors or violates any of the laws, rules and regulations implemented by the commission," it said.

 

-Premium Times.

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2022

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

National Unity Day

 

December 22

 


 

Christmas Day

 

December 25

 


 

Boxing Day

 

December 26

 


Companies under Cautionary

 

 

 


CBZH

Meikles

Fidelity

 


TSL

FMHL

Turnall

 


GBH

ZBFH

GetBucks

 


Zeco

Lafarge

Zimre

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of Faith Capital (Pvt) Ltd for general information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities. The information contained in this report has been compiled from sources believed to be reliable, but no representation or warranty is made or guarantee given as to its accuracy or completeness. All opinions expressed and recommendations made are subject to change without notice. Securities or financial instruments mentioned herein may not be suitable for all investors. Securities of emerging and mid-size growth companies typically involve a higher degree of risk and more volatility than the securities of more established companies. Neither Faith Capital nor any other member of Bulls ‘n Bears nor any other person, accepts any liability whatsoever for any loss howsoever arising from any use of this report or its contents or otherwise arising in connection therewith. Recipients of this report shall be solely responsible for making their own independent investigation into the business, financial condition and future prospects of any companies referred to in this report. Other  Indices quoted herein are for guideline purposes only and sourced from third parties.

 


 

 


(c) 2022 Web: <http://www.bullszimbabwe.com>  www.bullszimbabwe.com Email:  <mailto:info at bulls.co.zw> info at bulls.co.zw Tel: +263 4 2927658 Cell: +263 77 344 1674

 


 

 

 

 

 

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