Major International Business Headlines Brief::: 10 October 2022

Mon Oct 10 11:24:36 CAT 2022

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Major International Business Headlines Brief::: 10 October 2022 

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

ü  Elon Musk wades into China and Taiwan tensions

ü  Energy use advice campaign pulled due to cost, Zahawi says

ü  US ramps up curbs on chip sales to China

ü  US jobs growth slows as policymakers fight inflation

ü  Energy use advice campaign pulled as No 10 objects

ü  Bank of England bolsters plan to calm market turmoil

ü  Cash popular again due to cost of living concerns, says Post Office

ü  Peterborough city market trader says 'it's good to be back'

ü  Customers could get £100 for cutting energy use

ü  US jobs growth slows as policymakers fight inflation

ü  Nigeria: Budget 2023 - Bonny Light Price Hits $99.25 Per Barrel - Experts
Divided Over Benchmarks

ü  Nigeria: E-Payment Transactions Decline to N32.84trn On Network Glitches,
Worsening Economic Downturn

ü  Nigeria: Don't Borrow From Us to Fund Forex, Auctions, CBN Warns Banks,
Others

ü  Nigeria: Buhari Performs Last Annual Budget Ritual

ü  Africa Poverty Reduction Hinged On Agro-Investment

 <mailto:info at bulls.co.zw> 

Elon Musk wades into China and Taiwan tensions

Beijing and Taipei have spoken out after Tesla chief executive Elon Musk
said Taiwan should become a special administrative zone of China.

The world's richest man said in a Financial Times interview he believed the
two governments could reach a "reasonably palatable" arrangement.

China's ambassador to the US praised Musk but his Taiwanese counterpart said
freedom is "not for sale".

Taiwan rules itself but Beijing claims it as part of its territory.

Last week, Mr Musk also drew criticism for posting a Twitter poll with his
suggestions for ending the war between Russia and Ukraine, including Kyiv
giving up territory to Moscow.

Mr Musk's comments come as the electric car maker hit a monthly record for
sales in China.

He weighed in on heightened China-Taiwan tensions in a wide-ranging
interview with the UK business newspaper the Financial Times, which was
published on Friday.

"My recommendation... would be to figure out a special administrative zone
for Taiwan that is reasonably palatable, probably won't make everyone
happy," he said.

"And it's possible, and I think probably, in fact, that they could have an
arrangement that's more lenient than Hong Kong."

On Saturday, China's ambassador to the US Qin Gang welcomed Mr Musk's
suggestion to establish Taiwan as a special administrative zone.

He said on Twitter that "peaceful reunification" and the "one country two
systems" model used in governing Hong Kong were China's "basic principles
for resolving the Taiwan question".

"Provided that China's sovereignty, security and development interests are
guaranteed, after reunification Taiwan will enjoy a high degree of autonomy
as a special administrative region, and a vast space for development," he
added.

What is "one country, two systems"?

In response, Hsiao Bi-khim, Taiwan's de facto ambassador to Washington said
on Twitter: "Taiwan sells many products, but our freedom and democracy are
not for sale."

"Any lasting proposal for our future must be determined peacefully, free
from coercion, and respectful of the democratic wishes of the people of
Taiwan," Ms Hsiao added.

Shihoko Goto, director for geoeconomics and Indo-Pacific enterprise at the
Wilson Center in Washington DC, told the BBC that Mr Musk's suggestions
could hurt his business interests.

"Let's bear in mind that Elon Musk is supposedly on the brink of purchasing
Twitter. Of course, Twitter is banned in China because free speech is not
allowed in China," Ms Goto said.

"So if he is investing in Twitter, his company will probably not be able to
operate in a Taiwan that is going to be under pressure or under the thumb of
China. That would be a suicidal act on the part of Elon Musk," she added.

China sees self-ruled Taiwan as a breakaway province that will eventually be
under Beijing's control.

Meanwhile, Tesla delivered 83,135 China-made electric vehicles in September,
according to a report released on Sunday by the China Passenger Car
Association.

That broke the previous record set by the company in June and marked a
milestone for Tesla's factory in Shanghai which has been trying to boost
production.

Why do China and Taiwan have poor relations? China sees the self-ruled
island as a part of its territory and insists it should be unified with the
mainland, by force if necessary

How is Taiwan governed? The island has its own constitution, democratically
elected leaders, and about 300,000 active troops in its armed forces

Who recognises Taiwan? Only a few countries recognise Taiwan. Most recognise
the Chinese government in Beijing instead. The US has no official ties with
Taiwan but does have a law which requires it to provide the island with the
means to defend itself-BC

Energy use advice campaign pulled due to cost, Zahawi says

A public information campaign to help people reduce energy bills this winter
was pulled by No 10 on the grounds of cost, a cabinet minister has said.

The campaign to encourage household energy saving would have cost up to
£15m, Nadhim Zahawi told the BBC's Sunday with Laura Kuenssberg programme.

The PM's office raised objections to the plan, the BBC reported on Friday.

And asked about the possibility of winter blackouts, Mr Zahawi said these
were "very unlikely".

Amid concerns about rising household energy costs, the government has said
it would limit average bill rises to £2,500 through government borrowing, at
a cost of £60bn for six months.

To help people save energy and cut costs, the Department for Business,
Energy and Industrial Strategy (BEIS) had been preparing a public
information campaign.

But Prime Minister Liz Truss is reported to have been "ideologically
opposed" to the campaign, fearing it would be too interventionist.

Cabinet minister Mr Zahawi, the Chancellor of the Duchy of Lancaster, told
the BBC that the campaign would have cost up to £15m, and denied that it
being dropped indicated the government was divided.

He said such a campaign was unnecessary because the National Grid, which
distributes energy across the UK, and regulator Ofgem were running similar
campaigns.

"What the prime minister quite rightly [...] has done is to say: 'We don't
need to spend £14m or £15m on another campaign, if National Grid and Ofgem
are doing that work'," he said.

Mr Zahawi said that information on saving energy was also already on UK
government websites.

"That is, I think, being prudent with taxpayers' money. It isn't a divide,"
he said.

Following a warning from National Grid that UK households could lose power
for up to three hours at a time this winter, Mr Zahawi said that scenario
was "very unlikely".

"I'm confident that the resilience is there, that people can enjoy their
Christmas," he said.

Martin Pibworth, a managing director at energy firm SSE, said that
investment the UK had made in renewables "gives us a little bit more
security of supply compared with our European neighbours".

He said the "weaponisation of gas supplies by the Putin regime is clearly
quite a big issue in terms of the [market] volatility that is being caused".

But he said there are other risk factors including French nuclear generation
being lower than normal, and the drought affecting Europe this summer having
had an impact on hydro-electric power.

However, he said "what protects the UK a bit more is renewable investments
it has made historically, and actually this is a great opportunity to think
how we can increase those investments to get better energy security going
forward".

Ms Truss has pledged to beef up the UK's energy security by speeding up the
deployment of renewables, although she is against solar farms on "productive
agricultural land".

Her government has also said it would launch new licences for North Sea oil
and gas and has lifted a moratorium on fracking.

Ms Truss has insisted that fracking would only go ahead with "local
consent", and ministers are considering proposals from fracking firms to
offer more money to communities to persuade them to give permission.-BBC

US ramps up curbs on chip sales to China

The US is introducing further measures to restrict sales of computer chip
technology to China in a bid to hobble the country's military advances.

Under new rules, the US said it would bar US firms from selling certain
chips used for supercomputing and artificial intelligence to Chinese
companies.

The restrictions also target sales from foreign firms that use US equipment.

The US is engaged in an arms race with China over control of the supply of
semiconductors.

The sweeping new measures will make it harder for China to obtain advanced
chips for cutting-edge technologies.

Alan Estevez, undersecretary at the US Commerce Department announced the
rules, saying his intention was to ensure the US was doing everything it
could to prevent "sensitive technologies with military applications" from
being acquired by China.

"The threat environment is always changing and we are updating our policies
today to make sure we're addressing the challenges," he said.

As news of the plans for new restrictions emerged in recent weeks, Beijing
criticised the measures and said the US should stop treating Chinese firms
unfairly.

The US has previously barred sales of technology to specific Chinese
companies, such as Huawei, on national security grounds. But these measures
go much further, with many of the measures aimed at preventing foreign firms
from selling advanced semiconductors to China, or providing China with the
tools to make advanced chips.

Jim Lewis, a technology and cybersecurity expert at the Center for Strategic
and International Studies, in Washington DC said the measures would "set the
Chinese back years".

US bars tech firms from building China factories

US chip makers hit by new China export rule

US officials said they hoped that other governments would join them in
making similar restrictions, conceding that the controls would lose
effectiveness and could hurt US companies' standing in the market without
international collaboration.

Among investors, the rules have been greeted with concern over the impact on
US chipmakers. Nvidia, for example, had previously warned investors that the
export restrictions the US announced in August could cost it $400m in sales.

The Semiconductor Industry Association, which represents chipmakers, said it
was studying the regulations. It urged the United States to implement the
rules "in a targeted way" and called for collaboration internationally to
"help level the playing field".

The measures come as the US pours billions of dollars into its domestic chip
industry, moves aimed at boosting US competitiveness.-BBC

US jobs growth slows as policymakers fight inflation

Jobs growth in the US has slowed for a second month, in a sign that the
labour market in the world's largest economy may be starting to cool.

US employers added 263,000 new jobs in September, the fewest since April
2021.

Despite the lower figure, analysts said the US central bank will need to do
more to slow the economy if it wants to rein in rapidly rising prices.

The dollar strengthened following the report, as investors expect interest
rates to continue to rise.

This strengthening pushed the pound down to $1.11, having been above $1.12
before the jobs figures were released.

The labour market in the US is being closely watched, as the US central bank
raises borrowing costs sharply.

When will US food prices come down?

Is the US in a recession?

Officials hope the higher interest rates will cool demand for big-ticket
items such as homes and cars, and ease the pressures that are pushing up
prices at the fastest pace since the 1980s.

They have warned that the slowdown in activity is likely to lead to some job
loss, but say they hope to avoid a sharp economic downturn.

Analysts said that Friday's report from the US Labor Department showed the
jobs market remains relatively tight, as a backlog of unfilled positions
pushes companies to continue to hire despite fears of wider economic
slowdown.

Restaurants, bars and health care firms led the job gains last month, while
the unemployment rate fell from 3.7% in August to 3.5%, returning to a
50-year low.

The average hourly wage in September was also 5% higher than a year earlier.

While that lags the inflation rate, analysts said the gains still put upward
pressure on prices, especially as the pool of workers with jobs or looking
for work has remained stubbornly below pre-pandemic levels.

"Although this month's jobs report is weaker than the figures recorded last
month, the labour market remains relatively strong," said Richard Flynn,
managing director at Charles Schwab UK.

"The Fed has been increasingly clear that substantial weakness in the
economy may be the expense for a return to lower inflation. As rate hikes
feed through to the real economy in the months ahead, the labour market may
weaken further, reflecting investors' recessionary concerns."

Consumer spending - the main driver of the US economy - has held up in
recent months, despite the spike in prices eroding purchasing power.

But anecdotal reports of job losses are rising, as firms announce job cuts
or hiring freezes, especially those in the housing and tech sector. Peloton
this week announced its fourth round of job cuts this year, shedding another
500 positions - or roughly 12% of its workforce.

Some retailers have also scaled back hiring plans. Walmart, for example, has
said it is hiring 40,000 workers for the holiday season, after taking on
150,000 last year.-BBC

Energy use advice campaign pulled as No 10 objects

The government has decided not to launch a public information campaign on
reducing energy use this winter after the prime minister's office raised
objections, the BBC has been told.

A source said there was a "reasonably well-developed plan" to encourage
household energy-saving.

But Climate Minister Graham Stuart denied a Times report that a campaign had
been blocked by Downing Street.

He said UK energy was secure despite a National Grid warning of blackouts.

Its message about possible power cuts was based on a worst-case scenario of
gas shortages if the energy crisis in Europe escalates.

The Department for Business, Energy and Industrial Strategy (BEIS) was
considering plans to encourage households to switch off their appliances and
heating to conserve energy whenever possible during winter.

However, the BBC was told the department was stopped from taking the plan
forward because of objections from the prime minister's office and the
Department of Health and Social Care (DHSC).

DHSC sources said they did not believe they had played any specific role in
any decision, but indicated there might be broad "concern about the elderly
being afraid to turn on their heating".

The Times newspaper reported that Downing Street's intervention came on
Thursday when National Grid issued its warning.

The UK is heavily reliant on gas to produce electricity, with gas-fired
power stations generating more than 40% of the country's electricity.

In the "unlikely" event that gas supplies ran extremely low, homes and
businesses in the UK could face three-hour planned blackouts, National Grid
said.

The government says National Grid has drawn up plans to launch a voluntary
service to reward users who reduce demand at peak times.

Speaking on BBC Breakfast, Mr Stuart said he was "confident the government
has done everything in its power" to make sure energy rationing would not be
necessary this winter.

But he added: "We make plans for all scenarios."

During the Conservative leadership campaign, Prime Minister Liz Truss
pledged there would be no energy rationing this winter.

On Thursday, when asked if she could guarantee there would be no blackouts,
Ms Truss said: "We do have a good supply of energy in the UK."

Electricity generated by fuel type in 2021

1px transparent line

In a statement, BEIS said: "There are no plans for the government to tell
the public to reduce usage for the sake of our energy supplies.

"The UK has a secure and diverse energy system and we are confident that the
steps we are taking will protect security of electricity and gas supplies."

When asked to comment, Mr Stuart indicated there had been discussions within
BEIS, but confirmed there would not be a government-led effort to get people
to reduce usage, saying "it has been decided that there will not be a
campaign".

Mr Stuart also denied that a well-developed campaign had been prepared and
then blocked by the prime minister's team.

National Grid wants to be able to reduce British energy demand at peak times
if there is going to be a shortage.

This winter, starting in November, it is going to have 12 trial days where
it asks customers who have signed up via their energy suppliers to reduce
the amount of energy they are using at particular times of day.

They would be given a day's notice that they would be asked to do this.

In return, they would be paid for using less energy. National Grid has not
yet decided how this will work but has suggested that for the trial days
customers might be able to make back £10 a day.

Expect National Grid to announce more details later this month with
customers being able to sign up from 1 November as long as their energy
suppliers are participating in the scheme.

The Times newspaper had reported that the prime minister had rejected plans
for a £15m public information campaign, which was signed off by Business
Secretary Jacob Rees-Mogg.

It suggested Ms Truss was "ideologically opposed" to the campaign amid
concerns it would be too interventionist.

In her speech to the Conservative Party conference on Wednesday, the prime
minister said her conservatism was about "freedom".

"I'm not going to tell you what to do, or what to think or how to live your
life," she said.

Some question whether a campaign is needed at a time when many people are
already changing their behaviour and saving energy where they can.

But those with knowledge of a campaign say they don't understand the logic
of blocking it. "Slightly mystifying," they say.

In a tweet, Conservative MP Guy Opperman said he would he "fully behind" an
energy-saving campaign that would help people and the taxpayer save money.

"This is not Nanny state," he wrote, arguing it was about "preserving
supply, saving money for everyone, and encouraging localism".

Stew Horne, head of policy at not-for-profit organisation Energy Saving
Trust, said the government needed to consider how to reduce demand this
winter to increase energy security.

He said the European Commission had recently announced plans to reduce peak
demand by 5% across EU member states. In Italy, central heating use will be
reduced and households have been asked to turn down their thermostats to
reduce energy demand.

Mr Horne said he "would welcome consideration of similar measures to improve
energy security".

Russia's invasion of Ukraine has caused turmoil and volatility in the energy
markets, sending fuel bills rocketing, and tightening supplies of oil and
gas globally.

Ahead of winter, countries across Europe are scrambling to shore up
supplies, as gas flows from Russia are restricted.

Since taking office Ms Truss's government has been seeking to boost energy
security, with a ban on fracking for shale gas in England lifted last month,
and a new oil and gas exploration licensing round launched on Friday.

This comes after government stepped in with an energy support package to
help people with soaring bills.-BBC

Bank of England bolsters plan to calm market turmoil

The Bank of England has announced new measures aimed at ensuring an "orderly
end" to its emergency bond buying scheme, which it brought in when some
pension funds were at risk of collapse.

The Bank says that it will now buy up to £10bn of government bonds on
Monday, double the previous limit of £5bn.

So far the Bank has bought only around £5bn bonds under the £65bn programme.

The scheme was introduced after the government's mini-budget sparked turmoil
on financial markets.

The Bank reaffirmed that the scheme would end at the end of this week on 14
October.

In the aftermath of the mini-budget, the pound hit a record low and
investors had demanded a much higher return for investing in government
bonds, causing some to halve in value.

Certain types of funds in the pension industry, which invest in bonds, were
forced to start selling, sparking fears of a fresh market downturn.

When the Bank stepped in last month, it said its decision to buy government
bonds was driven by concern over "a material risk to UK financial
stability."

The government borrows money to fund its spending plans by selling bonds, or
"gilts", to investors such as pension funds and big banks on international
markets.

But a collapse in the price of those bonds in the aftermath of the
mini-budget was forcing some funds to rush to sell bonds further forcing
down the price.

If that process had continued, there was a risk that those pension funds
could have got to a position where they could not pay their debts.

In its latest statement, the Bank said there had been "substantial progress"
in addressing the financial problems facing these funds, which had faced the
prospect of having to make forced sales of £50bn of bonds.

The Bank has not bought as many government bonds as it had allowed for under
the £65bn programme, and will make available all the unused capacity this
week.

It has also announced further assistance for pension funds to help improve
their financial position.

Before the mini-budget, the yield on government borrowing over a 30-year
period stood at about 3.7%. The yield is effectively the interest rate.

After the mini-budget it jumped to 5.1% until the Bank's intervention pushed
the rate back down. However, in recent days it has crept back up again to
around 4.4%.-BBC

Cash popular again due to cost of living concerns, says Post Office

Post Office branches handled increased amounts of cash in August as banks
close branches and the cost of living bites.

The Post Office handled £3.45bn in cash in August, the highest total since
it began recording volumes five years ago.

It says it expects the trend to continue due to rising living costs and
tighter budgets.

Some people say they find it easier to monitor spending by using notes and
coins, rather than electronic payments.

People typically use less cash in August, the the state-owned company said,
but this year branches dealt with record-breaking amounts of cash.

During the worst of the pandemic all transactions fell, but cash use dropped
particularly sharply as shopkeepers preferred contactless methods.

"We expect cash transactions to continue to exceed expectations in October
and for the rest of the year," said Martin Kearsley, banking director at the
Post Office.

Cash transactions include personal deposits and withdrawals from post office
accounts, as well as business use.

People relied on the11,500 local Post Office branches around the country.
Banks have been closing branches across the UK, leaving some communities
with no access to banking services at all.

As part of efforts to ensure individuals and businesses can still access
banking services, the Post Office is running pilots of shared banking hubs
in two locations, with another 13 locations also earmarked for hubs.

Customers of most banks can already use post office counters for basic
banking, but at the hubs there is a wider range of services and the banks
taking part send representatives once a week to help customers.

But while the Post Office is processing more cash transactions in the short
term, over the longer-term, the trend away from cash is set to continue,
with UK Finance, the body representing the banking industry, forecasting
cash will account for only 6% of payments by 2031.

The use of notes and coins has already fallen dramatically over the last
decade, from 55% of payments in 2011 to 15% last year.

Cash and debit card use graphic

The total for September was slightly lower at £3.35bn. It would have been
even higher without the extra bank holiday for the Queen's funeral, said the
Post Office.

The Post Office said personal cash withdrawals at its branches totalled
£805m in August, up 0.5% compared to July, while personal cash deposits
exceeded £1.4bn for the first time.-BBC

Peterborough city market trader says 'it's good to be back'

A market trader has said "it's good to be back" in a new city home after
stalls were moved from another site.

Stephen Wetherill relocated to Bridge Street, Peterborough, after the former
Northminster site was sold for redevelopment.

Param Singh, a former stall holder, said the new venue was not suitable for
him and having to find a new place was "traumatic".

Peterborough City Council said the new "fantastic" site had "high footfall".

Mr Wetherill, who has been a trader for decades, said: "The old regulars,
who came every week, they're so pleased to see us back.

"We're trying to provide a service for the public, what they need and that's
what market traders are all about."

However, Mr Singh, who used to run Small World from the Northminster site,
said the new site did not fit his business so he moved to The Metro Centre
in Woodston.

His family has traded in the city for three generations and "it's been
something I thought would last forever".

More than 300 new homes are to be built on the former site where the marked
moved out in March and the Food Hall in May.

The new market was due to open in June, but due to a number of delays
traders began setting up in late August and it was fully open by early
September, the authority said.

The Food Hall, on Bridge Street opened between the end of May and 1 June.

Conservative deputy leader councillor Steve Allen said although some traders
were worried about potential rent increases, it was "a commercial reality
that rents do go up".

"You have to try harder to trade better to earn more money to pay the
rents," he added.

Shoppers told the BBC the new site was "convenient" but it had "changed the
whole character of the city centre".

The council said it was "delighted that the city market is finally open, and
the relocation is complete".

"Bridge Street is a fantastic location with high footfall - especially now
the new university has opened and the soon-to-open Hilton Garden Inn Hotel
and government hub," it added.

The old market in Northminster closed fully in May-BBC

Customers could get £100 for cutting energy use

One energy supplier is predicting households could earn around £100 over the
winter through a scheme to reduce peak-time energy use.

Octopus Energy said it expects to pay on average £4 each time a customer
responds to a request to cut back.

National Grid will announce full details of the scheme, which can be adopted
by all energy suppliers, later this month.

The grid operator said some customers might get as much as £10 a day.

The cash incentive is to persuade people to wait until later on to run their
washing machine, tumble dryer, or dishwasher, and to not charge their
electric car if demand is already high.

The scheme, set to start next month and run until March 2023, aims to help
the UK avoid blackouts, by reducing energy consumption at peak times.

On Thursday National Grid warned homes could face three-hour rolling
blackouts, if the UK is unable to secure enough gas and electricity imports,
as demand rises over the colder months.

The UK relies on gas to generate electricity, but the war in Ukraine has led
to pressure on gas supplies across Europe.

Number Ten ruled out running a campaign being worked up by the business
ministry to persuade households to consume less electricity.

But the National Grid is set to announce soon exactly how much it will pay
per kilowatt hour for people cutting back when there is an acute shortfall
in supply.

"Instead of cutting off whole chunks of the country if we are short of gas,
we can reward people for using less energy at times of peak demand," Octopus
chief executive Greg Jackson said.

The payback service will be available to homes that have smart meters
installed, as long as their supplier is taking part in the scheme. There are
about 14 million households with electricity smart meters in the UK.

Octopus Energy, which ran a trial of the scheme earlier this year, said
there could be 25 days over the next six months when National Grid was
willing to pay households to reduce their use.

Julie Byrne in Saffron Walden embraced the Octopus trial with gusto. She
switched off lights, hung the towels outdoors to dry, turned the computer
off, and even postponed dinner, despite her 25-year-old son rolling his
eyes.

"Sometimes it was inconvenient," she says. "But we worked round it."

Her smart meter is outdoors so Julie didn't check which of her cut-backs was
saving more, but she did see a small reduction in her next bill.

"It wasn't just the money. I felt I was helping," she said, though with the
cost of living rising, she thinks, the payments are "always going to be a
plus."

Customers who managed to cut back compared to their recent average
electricity consumption would be rewarded with a payment, likely to be
between £3 and £6 per kilowatt hour saved, Octopus said.

The compensation rate was likely to be set higher on days when the energy
shortfall was particularly severe, the firm said.

During Octopus' trial in February and March customers saved an average of
0.7 kilowatt hours, but were receiving much lower financial compensation,
the firm said.

Under the National Grid-backed scheme, customers, including businesses, will
receive an email or text a day ahead, outlining the time slot when they
would be paid if they reduce their energy use, usually between 4pm and 7pm.

Mr Jackson believes the financial incentive, which is significantly higher
than it was in the trial, will prove effective, noting that people regularly
change their habits to make savings - even small ones.

"If you go to the supermarket and you buy stuff that's reduced to clear,
you're saving less than a pound. People respond to that," said Mr Jackson.

He believes there will be savings for the country as a whole as well. "Today
our system pays a fortune to have diesel and coal generation on standby.

"Every unit of energy that is saved will save on expensive standby diesel
and coal."

US jobs growth slows as policymakers fight inflation