Major International Business Headlines Brief::: 14 September 2022
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Major International Business Headlines Brief::: 14 September 2022
<https://wwww.nedbank.co.zw/>
ü UK inflation rate eases but still near 40-year high
ü Foxconn and Vedanta to build $19bn India chip factory
ü Twitter shareholders approve $44bn Musk deal
ü US markets sink on unexpectedly high inflation
ü Warning that post-lockdown jobs boom is ending
ü Financial giant Goldman Sachs set for hundreds of layoffs
ü Aldi becomes Britain’s fourth-largest supermarket
ü Queen's favourite brands hope to keep Royal Warrants
ü Rich to get twice as much cost-of-living support, says think tank
ü Ghana: Restore Services to Blocked Lines - Minority to NCA
ü Ghana: Tailors, Dressmakers to Take Advantage of AfCFTA
ü Africa: Aero-Manufacturers Urged to Leverage African Market
ü Rwanda: Govt Moves to Probe 'Sharp' Increase in Potato Prices
ü Liberia: Cemenco Drops Prices of Cement
ü Tanzania: Samia - Cut AfCFTA Barriers
ü Sudan: Strikes Over Exorbitant Tax Increases and Economic Struggles
<mailto:info at bulls.co.zw>
UK inflation rate eases but still near 40-year high
The UK inflation rate has eased slightly although prices are still
continuing to rise at nearly their fastest rate in 40 years.
Inflation - a measure of price rises - dipped to 9.9% in the 12 months to
August, from 10.1% in July, the Office for National Statistics (ONS) said.
Soaring living costs are eating into household budgets, with prices rising
faster than wages.
The Bank of England has said inflation could peak at more than 13% this
year.
Falling petrol prices were the main reason the pace of inflation eased.
Petrol prices fell by 14.3p per litre between July and August, while diesel
prices also dipped.
Fuel prices have been surging, driven by the war in Ukraine, and moves to
reduce Europe's dependence on Russian oil.
But wholesale costs fell after fears of a recession in the US hit demand for
oil.
Inflation chart
However, food prices continued to soar in August, partially offsetting the
fall in fuel prices.
Food and soft drink prices rose by 1.5% over the month, the largest July to
August rise since 1995.
UK inflation rate calculator: How much are prices rising for you?
The rise in global food prices following Russia's invasion of Ukraine has
been one of the factors pushing up prices at supermarket tills.
The war has disrupted supplies from the two countries, which are major
exporters of goods such as sunflower oil, wheat, and fertiliser.
Inflation is the pace at which prices are rising. For example, if a bottle
of milk costs £1 and that rises by 5p compared with a year earlier, then
milk inflation is 5%.
Central banks around the world, including the Bank of England, have been
trying to get soaring inflation under control by hiking interest rates.
The Bank had been widely expected to increase rates again on Thursday, but
it postponed that decision following the death of Queen Elizabeth II.
The Monetary Policy Committee's decision will now be announced on 22
September.
Economists say the Bank is still likely to raise rates, despite this slight
easing in the inflation rate.
"This is the first time that the inflation rate has fallen since September
last year, and will be reassuring to businesses," said Kitty Ussher, chief
economist at the Institute of Directors.
But she warned that the easing inflation rate is due to changes in the price
of petrol and diesel, which is driven predominantly by the international
price of oil rather than by domestic factors.
"[This] means today's news is unlikely to alter expectations of a rise in
interest rates when the Bank of England meets next week," she said.
The rate of price rises for UK products and services such as dairy and
personal care items continued to go up in August, she said.
"It is home-grown inflationary pressures such as these that are the main
concern of the Bank of England," Ms Ussher added.-BBC
Foxconn and Vedanta to build $19bn India chip factory
Foxconn and Vedanta have announced $19.5bn (£16.9) to build one of the first
chipmaking factories in India.
The Taiwanese firm and the Indian mining giant are tying up as the
government pushes to boost chip manufacturing in the country.
Prime Minister Narendra Modi's government announced a $10bn package last
year to attract investors.
The facility, which will be built in Mr Modi's home state of Gujarat, has
been promised incentives.
Vedanta's chairman Anil Agarwal said they were still on the lookout for a
site - about 400 acres of land - close to Gujarat's capital, Ahmedabad.
But both Indian and foreign firms have struggled in the past to acquire
large tracts of land for projects. And experts say that despite Mr Modi's
signature 'Make in India' policy - designed to attract global manufacturers
- challenges remain when it comes to navigating the country's red tape.
Gujarat Chief Minister Bhupendrabhai Patel, however, said the project "will
be met with red carpet... instead of any red tapism".
The project is expected to create 100,000 jobs in the state, which is headed
for elections in December, where the BJP is facing stiff competition from
oppositions parties.
Chip supplies plunge amid global shortage, US says
Taiwan technology giants to buy 10m Covid jabs
According to the Memorandum of Understanding, the facility is expected to
start manufacturing chips within two years.
"India's own Silicon Valley is a step closer now," Mr Agarwal said in a
tweet.
India has vowed to spend $30bn to overhaul its tech industry. The government
said it will also expand incentives beyond the initial $10 billion for
chipmakers in order to become less reliant on chip producers in places like
Taiwan, the US and China.
"Gujarat has been recognized for its industrial development, green energy,
and smart cities. The improving infrastructure and the government's active
and strong support increases confidence in setting up a semiconductor
factory," according to Brian Ho, a vice president of Foxconn Semiconductor
Group.
Foxconn is the technical partner. Vedanta is financing the project as it
looks to diversify its investments into the tech sector.
Vedanta is the third company to announce plans to build a chip plant in
India. A partnership between ISMC and Singapore-based IGSS Ventures also
said it had signed deals to build semiconductor plants in the country over
the next five years.-BBC
Twitter shareholders approve $44bn Musk deal
Twitter's shareholders have voted to approve a deal with Elon Musk to buy
the company for $44bn (£38bn).
The decision was made in a short conference call with investors from the
company's San Francisco headquarters.
It means Twitter will now try to force Elon Musk to buy the company in the
courts.
The meeting followed explosive testimony from Twitter's former head of
security Peiter Zatko in front of the US Senate.
In April, Twitter agreed to sell the company to the world's richest person,
Elon Musk.
However, the deal soured after Mr Musk alleged he was misled by Twitter
about the number of spam and bot accounts on the platform.
He said he no longer wished to purchase the company in May, but Twitter
argues that Mr Musk cannot back out of the deal.
The social media platform says that fewer than 5% of its monetizable daily
active users (those who are able to look at adverts) are bots. Mr Musk
argues it could be many times higher.
Twitter is currently valued at $32bn, considerably below the $44bn offer
from Mr Musk.
Today's vote could have spelled the end of Twitter's legal pursuit, but
shareholders have now given the company the green light to pursue Mr Musk in
court.
The two are set to meet in front of a Delaware state court in October.
During the hearing a judge will decide whether or not Mr Musk has to buy the
company.
Just before the shareholder decision, Twitter whistle-blower Pieter Zatko
was in Washington testifying before the Senate Judiciary Committee about
alleged security flaws.
He told US lawmakers the firm was "misleading the public" about how secure
the platform is.
The firm's former head of security went on to say that Twitter was "a decade
behind" security standards. Twitter says Mr Zatko Twitter shareholders
approve $44bn Musk deal was fired from his job, and that the claims are
inaccurate.
Mr Zatko has previously supported Elon Musk's claim that the platform has
more spam and fake accounts than it has admitted - though he didn't
elaborate on this on Tuesday.
Last week, a judge said that Mr Musk's lawyers would be allowed to use the
Twitter whistle-blower's testimony in court.
It largely focussed on national security issues - and is not officially
connected with Mr Musk's attempt to pull out of the deal to buy Twitter.-BBC
US markets sink on unexpectedly high inflation
Inflation in the US remained unexpectedly high last month, news that drove
Wall Street to its worst day in more than two years.
Prices rose 8.3% in the 12 months through August, the Labor Department said,
faster than the 8.1% that economists had expected.
That was down from 8.5% in July, driven by lower petrol costs.
But the costs of food, housing and medical care continued to surge,
disappointing investors.
The Dow Jones Industrial Average sank nearly 4%, the S&P 500 dropped 4.3%,
and the Nasdaq plunged more than 5%.
It marked the steepest day of declines since June 2020.
For US President Joe Biden, whose approval ratings fell below 40% earlier
this year amid cost of living concerns, the report was also a troubling sign
ahead of the national elections in November. They will determine whether Mr
Biden's Democrats maintain their slim control of Congress.
While Mr Biden's ratings have recovered slightly in recent weeks as petrol
prices have subsided, the issue remains "a huge problem", said pollster
Chris Jackson.
For a president with approval ratings like Mr Biden's to see his party pick
up seats in the mid-terms would be unprecedented, he added.
"Americans have been telling us for months now that it's the number one
concern they have and, rightly or wrongly, they blame whoever's running the
country for that," said Mr Jackson, senior vice-president at the Ipsos
polling firm.
Inflation in the US peaked at 9.1% in June, the fastest increase seen since
the early 1980s. It fell to 8.5% in July, as petrol prices fell, easing
again last month.
In a statement on Tuesday, Mr Biden focused on the improvement, saying:
"Overall, prices have been essentially flat in our country these last two
months: that is welcome news for American families, with more work still to
do."
Speaking to reporters en route to Delaware later in the day, the Democratic
president said he was not concerned about the latest inflation report.
Earlier, Mr Biden hosted a White House event to celebrate a month since
passage of the Inflation Reduction Act, a spending bill that a nonpartisan
congressional scorekeeper found would have no meaningful impact on consumer
prices.
Money worries remain at the forefront of many consumers' minds.
Kenny Shorne recently took a break from his master's degree programme in
communications, concerned about being able to afford it as other costs
climb. The 23-year-old, who supports himself with construction and
photography jobs, lives in New Jersey with his family to try to keep
expenses down.
"Inflation makes it hard for me to see a liveable future," he said. "It
really gets to me because I don't know what the answer is."
The cost of groceries in the US jumped 13.5% in the 12 months to August,
while housing costs climbed 6.2% and medical care rose 5.6%.
Energy costs - one of the big drivers of inflation - also remain far higher
than a year ago, despite dropping sharply in the past two months, falling
more than 10% from July to August, the Labor Department said.
Overall the consumer price index, which tracks goods and services across the
economy, was up 0.1% from July to August, as the fall in petrol costs was
offset by increases in other areas.
Some breathing room?
While economists remain concerned as prices outside of energy continue to
rise, the annual number typically matters most in terms of shaping people's
perceptions, said Betsey Stevenson, professor of economics and public policy
at the University of Michigan, who served in the White House under former
President Barack Obama.
"It's really good news that gas prices are coming down. it gives people a
little bit more room in their budget, a little bit more breathing room and I
think it also makes people feel a little bit better," she said.
But she added: "I don't think it speaks to being out of the woods". She
expects inflation to remain higher than the US central bank's 2% inflation
target even at the end of next year.
Like central banks in other countries, including the UK, policymakers at the
Federal Reserve have been raising interest rates since March to tackle the
problem.
By making borrowing more expensive, the hikes are intended to cool demand
from households and businesses, helping to reduce some of the pressures
pushing up prices.
The Fed is widely expected to announce another large increase this month, a
move analysts said was all but confirmed by latest report. But big rate
increases also raise the risk of recession as the economy slows.
"Investors should brace themselves for even higher rates than they
anticipated before today's release," said Ronald Temple, managing director,
co-head of multi-asset and head of US equity at Lazard Asset Management.
"Despite the sharpest tightening of monetary policy in decades, the Fed
still has more heavy lifting ahead."-BBC
US markets sink on unexpectedly high inflation
Inflation in the US remained unexpectedly high last month, news that drove
Wall Street to its worst day in more than two years.
Prices rose 8.3% in the 12 months through August, the Labor Department said,
faster than the 8.1% that economists had expected.
That was down from 8.5% in July, driven by lower petrol costs.
But the costs of food, housing and medical care continued to surge,
disappointing investors.
The Dow Jones Industrial Average sank nearly 4%, the S&P 500 dropped 4.3%,
and the Nasdaq plunged more than 5%.
It marked the steepest day of declines since June 2020.
For US President Joe Biden, whose approval ratings fell below 40% earlier
this year amid cost of living concerns, the report was also a troubling sign
ahead of the national elections in November. They will determine whether Mr
Biden's Democrats maintain their slim control of Congress.
While Mr Biden's ratings have recovered slightly in recent weeks as petrol
prices have subsided, the issue remains "a huge problem", said pollster
Chris Jackson.
For a president with approval ratings like Mr Biden's to see his party pick
up seats in the mid-terms would be unprecedented, he added.
"Americans have been telling us for months now that it's the number one
concern they have and, rightly or wrongly, they blame whoever's running the
country for that," said Mr Jackson, senior vice-president at the Ipsos
polling firm.
Inflation in the US peaked at 9.1% in June, the fastest increase seen since
the early 1980s. It fell to 8.5% in July, as petrol prices fell, easing
again last month.
In a statement on Tuesday, Mr Biden focused on the improvement, saying:
"Overall, prices have been essentially flat in our country these last two
months: that is welcome news for American families, with more work still to
do."
Speaking to reporters en route to Delaware later in the day, the Democratic
president said he was not concerned about the latest inflation report.
Earlier, Mr Biden hosted a White House event to celebrate a month since
passage of the Inflation Reduction Act, a spending bill that a nonpartisan
congressional scorekeeper found would have no meaningful impact on consumer
prices.
Money worries remain at the forefront of many consumers' minds.
Kenny Shorne recently took a break from his master's degree programme in
communications, concerned about being able to afford it as other costs
climb. The 23-year-old, who supports himself with construction and
photography jobs, lives in New Jersey with his family to try to keep
expenses down.
"Inflation makes it hard for me to see a liveable future," he said. "It
really gets to me because I don't know what the answer is."
The cost of groceries in the US jumped 13.5% in the 12 months to August,
while housing costs climbed 6.2% and medical care rose 5.6%.
Energy costs - one of the big drivers of inflation - also remain far higher
than a year ago, despite dropping sharply in the past two months, falling
more than 10% from July to August, the Labor Department said.
Overall the consumer price index, which tracks goods and services across the
economy, was up 0.1% from July to August, as the fall in petrol costs was
offset by increases in other areas.
Some breathing room?
While economists remain concerned as prices outside of energy continue to
rise, the annual number typically matters most in terms of shaping people's
perceptions, said Betsey Stevenson, professor of economics and public policy
at the University of Michigan, who served in the White House under former
President Barack Obama.
"It's really good news that gas prices are coming down. it gives people a
little bit more room in their budget, a little bit more breathing room and I
think it also makes people feel a little bit better," she said.
But she added: "I don't think it speaks to being out of the woods". She
expects inflation to remain higher than the US central bank's 2% inflation
target even at the end of next year.
Like central banks in other countries, including the UK, policymakers at the
Federal Reserve have been raising interest rates since March to tackle the
problem.
By making borrowing more expensive, the hikes are intended to cool demand
from households and businesses, helping to reduce some of the pressures
pushing up prices.
The Fed is widely expected to announce another large increase this month, a
move analysts said was all but confirmed by latest report. But big rate
increases also raise the risk of recession as the economy slows.
"Investors should brace themselves for even higher rates than they
anticipated before today's release," said Ronald Temple, managing director,
co-head of multi-asset and head of US equity at Lazard Asset Management.
"Despite the sharpest tightening of monetary policy in decades, the Fed
still has more heavy lifting ahead."-BBC
Warning that post-lockdown jobs boom is ending
The UK's jobs market, which has been buoyant since the economy began to
recover from the pandemic, might be starting to turn, experts have warned.
Although the unemployment rate fell to 3.6% in the three months to July -
the lowest since 1974 - the employment rate and number of vacancies also
fell.
Rises in regular pay are also failing to keep up with rising living costs.
"The jobs boom that began six months after the pandemic is probably coming
to an end now," said the boss of Reed.
Speaking to the BBC's Today programme, James Reed, who chairs the
recruitment business, said: "There are still very large numbers of vacancies
and people are still advertising a lot of jobs, and that's why we've seen
unemployment continue to go down.
"The question is, what happens next? Will there be a jobs slump? That's a
concern clearly but our data at the moment doesn't suggest that, because
we've still got a large number of vacancies and a lot of employers are still
struggling to recruit."
What is the UK inflation rate and why is it rising?
Where the boss-worker power struggle goes next
One reason for the fall in the unemployment rate is a rise in the number of
people who are no longer looking for work, and so not counted in the figure.
The inactivity rate rose to 21.7%, the Office for National Statistics (ONS)
said, the highest since 2017.
Unemployment graphic
The squeeze on pay also remains, with rises in regular pay lagging behind
inflation. When taking the rise in prices into account, the value of regular
pay fell by 2.8%, the ONS said.
Inflation - a measure of price rises - remains at a 40-year high of 10.1%
and the latest figure, due out on Wednesday, is forecast to be higher.
The continued gap between private and public sector pay growth was also
visible from the ONS's figures.
Average regular pay growth for the private sector was 6% in May to July,
compared with 2% for the public sector. According to the ONS, that is the
largest ever difference between private and public sector, outside of the
height of the pandemic period.
UK economy grew more slowly than expected in July
Despite the jobless rate falling to its lowest rate for 48 years, other
measures suggested that the jobs market might be beginning to turn.
The number of job vacancies fell by the most in two years, down 34,000
between June and August, although the overall number of vacancies still
remains historically high.
Vacancies graphic
The employment rate also slipped to 75.4%, a small drop from the previous
three-month period.
The EY Item Club said the fall in the unemployment rate masked some job
market weakness.
"The decline in joblessness disguised what was only a modest 40,000 rise in
employment, the smallest since January to March, with a rise in inactivity
playing a bigger role in pushing unemployment down," said Martin Beck, chief
economic adviser to the EY Item Club.
"Moreover, the single-month data showed the number in work in July falling
on three months earlier to the greatest extent since January 2021. This
suggests that the weak economy is starting to have an adverse effect on the
jobs market."
While the headline jobs numbers remain strong, with the unemployment rate at
its lowest in nearly half a century and long-term joblessness down, there
are some signs of a turn here.
Firstly the lower unemployment rate is not really about a jobs boom, it is
more reflective of fewer people actively looking for work. That in turn, in
the very latest figures, arises out of record numbers of long-term sick.
There could be an economic impact here from record NHS waiting lists.
So the latest jobs numbers remain the silver lining on some dark economic
clouds. Other elements here reflect the wider cost of living pressures.
Real pay continues to fall sharply, especially for public sector workers.
This is despite some high cash-terms pay growth. And despite a slowing
economy, vacancies remain high. Labour shortages are in turn restraining
businesses, and in particular could mean inflation remains higher for
longer.
There is one unemployed person per vacancy, a record low, and the jobs are
not being filled. But if the government wants to "go for growth" that will
have to change.
Rob Sutton is founder of RKW, the UK's largest manufacturer, distributor and
designer of small domestic appliances.
He employs 500 people in Stoke-on-Trent in the West Midlands and said his
wage bill has gone up by more than £2.5m in the past two years.
"We are having to review our wage costs on a monthly basis because it is
moving at that fast a speed," he said.
"It has been an absolute nightmare, where we are having to increase [wages]
all the time so all our costs are going up and nothing is coming down at the
moment.
His business is expanding and trying to recruit more staff, but it has been
a challenge.
"We've probably got around 20 vacancies that we cannot fill," he says.
"We've had examples where recruitment agencies have come onto our car park
where our employees are parked and they put letters on the windscreens
saying 'we will give you £1,000 to come and join the company' to entice them
away because there has been a massive shortage of order picking and
warehouse operators.
"That's mainly because a lot of the European workers have gone home
pre-Covid."
Labour shortages
Businesses have warned that the squeezed labour market is having a
detrimental effect.
"With firms doing their best to keep afloat during a period of spiralling
costs, they are also facing an extremely tight labour market which is
further impacting their ability to invest and grow," said Jane Gratton from
the British Chambers of Commerce.
"During a period of increasing inflation, and a stagnant economy, we cannot
afford to let recruitment problems further dampen growth."
Tony Wilson, director at the Institute for Employment Studies, also warned
that "firms simply can't find the workers to fill their jobs".
"This is holding back growth but also pushing up inflation, with pay growth
in the private sector now running above 6% and contributing to even higher
prices."-BBC
Financial giant Goldman Sachs set for hundreds of layoffs
Goldman Sachs is expected to layoff hundreds of workers, reports say.
The cuts at the financial investment firm could begin as early as next week
and impact employees across the company, according to sources.
Goldman Sachs declined to comment, but had mentioned reduced profits in an
earnings report in July.
"We have made the decision to slow hiring velocity," the company's chief
financial officer, Denis Coleman, had said at the time.
The investment bank had warned it might have to cut expenses as the economic
outlook worsens.
It reported a 48% slump in its second quarter profit as its clients face
inflation, rising interest rates, the Coronavirus pandemic and war in
Ukraine. Its investment banking division generated revenues of $2.1 billion,
down 41% compared to a year ago.
The Wall Street titan usually trims about 1% to 5% of its underperforming
staff each year, and the 2022 cuts will likely be in the lower end of that
range, a source told Reuters.
Goldman Sachs offers senior staff unlimited holiday
Goldman raises pay after 95-hour week complaint
Mr Coleman also said the firm is considering, "reinstating our annual
performance review of our employee base at the end of the year, something
that we suspended during the period of the pandemic for the most part and
just being much more disciplined and focused on utilization efficiency of
our human capital resources".
"There is no question that the market environment has gotten more
complicated and a combination of macroeconomic conditions and geopolitics is
having a material impact on asset prices, market activity and confidence,"
according Goldman Sachs Chief Executive David Solomon.-BBC
Aldi becomes Britain’s fourth-largest supermarket
Aldi has overtaken Morrisons to become the fourth-largest UK supermarket for
the first time, according to data from research firm Kantar.
Discounters are grabbing more market share as shoppers take steps to manage
their budgets, Kantar said.
Food prices are rising quickly as energy and fuel costs soar, and the war in
Ukraine squeezes grain production and pushes up fertiliser costs.
Kantar said food price inflation hit a record 12.4% in August.
Milk, butter and dog food prices were rising especially quickly.
Inflation in the UK has been rising at its fastest rate for 40 years as food
prices climb with living costs eating into household budgets.
"It seems there's no end in sight to grocery inflation as the rate at which
food and drink prices are increasing continues to accelerate," said Kantar
head of retail and consumer insight Fraser McKevitt.
"Shoppers are taking steps to manage their budgets including broadening the
range of stores they visit, with the discount grocers benefiting."
Shoppers are also cutting back on spending by buying more own-brand
products, with sales of the very cheapest value own-label products up by a
third compared to last year.
Nevertheless, Kantar said food price rises will push up the average annual
grocery bill by £571 to £5,181.
Kantar said Aldi's sales rose by almost a fifth in the 12 weeks to 4
September compared with a year earlier, giving it a market share of 9.3%.
Aldi UK and Ireland chief executive Giles Hurley said shoppers were "voting
with their feet by choosing Aldi over full price traditional supermarkets".
Meanwhile, Morrisons' sales dropped by 4.1% over the same period, with its
market share falling to 9.1%.
Morrisons said market share was "partly a function of new store openings".
"Although Morrisons has not put on any significant new space for a while,
some competitors are still opening many new stores," it said.
However, it added that "customers don't really care about market share
statistics - they care about value, quality, provenance and service and that
is where our focus is going to remain."
This feels like a real moment in the supermarket aisles.
Aldi and Lidl have been steadily stealing customers and growing market share
driven by hundreds of new store openings.
And they're still expanding, unlike their bigger rivals.
With no grocery home delivery service, the discounters didn't have a great
pandemic, but they're now clearly back on form.
According to Kantar, the grocery market is worth around £131bn, and both
chains together have now nabbed 16% of it.
Aldi is adding more than a billion pounds of sales a year at this current
rate of growth.
They don't have it all their own way though. The price gap isn't as big as
it used to be.
Tesco and Sainsbury's are price matching Aldi on many key products.
But in these challenging times, Aldi and Lidl are benefiting from
cash-strapped shoppers trying to manage their budgets, and they are on the
march again.
The UK's biggest supermarkets:
1 - Tesco (26.9% market share)
2 - Sainsbury's (14.6%)
3 - Asda (14.1%)
4 - Aldi (9.3%)
5 - Morrisons (9.1%)
6 - Lidl (7.1%)
7 - Co-op (6.5%)
8 - Waitrose (4.7%)
9 - Iceland (2.4%)
10 - Ocado (1.7%)
Source: Kantar
Data relates to the 12 weeks to 4 September 2022
line
Mr McKevitt said: "Back at the start of the 2010s, Tesco, Sainsbury's, Asda
and Morrisons together accounted for over three quarters of the sector but
that traditional big four is no more.
"The discounters have seen dramatic sales increases in recent months,
bringing more and more customers through their doors."
He said Aldi had consistently been opening stores, and that 14.2 million
people had shopped at the grocer in the past three months.
Aldi and Lidl have been expanding and growing their market share in the UK
over the past decade.
However, online grocer Ocado, which has also been growing, said it expected
to see a small drop in sales this year as customers buy less and and look
for cheaper items.
Previously the company, which is a joint venture between Ocado Group and
Marks & Spencer, had predicted a small increase in sales.
In a trading update, Ocado said it expected earnings to be "close to
break-even" this year as rising costs, including energy and dry ice, and the
lower average value of people's shopping baskets offset a growth in the
number of customers.-BBC
Queen's favourite brands hope to keep Royal Warrants
In many cupboards, bathroom cabinets - or even on the side of a few lorries
- the Queen's Royal Arms have, as a symbol, shown consumers that those same
products grace palaces and castles.
But all of that is about to change.
When Queen Elizabeth II passed away at her Scottish estate in Balmoral, more
than 600 Royal Warrants passed with her.
These symbols on packaging or websites not only show that the companies meet
exacting standards, but have also supplied the Royal Household on a regular
basis.
The Royal Warrant Association has said, however, that these businesses must
now reapply for their warrants. They are reviewed after a change in reigning
sovereign but companies can continue to use the Royal Arms in connection
with the business for up to two years.
Listen: Shop like the Queen
At Crown Paints in Darwen, Lancashire, they are hoping they'll be able to
keep that special relationship.
"It's a real badge of honour and we're really proud of it," explains
marketing director Katie McLean, adding that it has become a key factor when
it comes to recruiting and retaining staff.
"We have people who have worked here for generations, whose family worked
here back in the 1960s when the Queen visited us."
The business was awarded the Royal Warrant by King George VI in 1949 and it
was renewed by the Queen in 1955.
A metal crest hangs high above the main doors of its head office and the
firm has recently supplied paints to Sandringham estate and Frogmore
Cottage.
Although Katie admits it's good for business - and for exports - she says
the Warrant runs far deeper than that: "It's instilled a sense of pride but
also responsibility in everyone here at Crown. It means we've always worked
with community projects here and lead the way in sustainability," she said.
"We'll carry on doing that and hope that it's something we and the King are
aligned on."
Sustainability - and the environment - are the words that keep coming up
when speaking to businesses about the potential desires of King Charles III.
The 180 warrants Charles issued as Prince of Wales will continue now that he
is King because they go with the household, not the title.
Many of the products affiliated with the Queen are very high-end; Fortnum &
Mason goodies, champagnes and equine supplies. Others include household
items such as Marmite, Twinings Tea, Tate & Lyle sugars, Cadbury's
chocolates and Heinz sauces.
Heinz has been supplying Royal Households since 1951, thanks to inheriting
some close connections when it purchased Lea and Perrins. The latter even
made a tiny miniature bottle for the children's doll's house in Windsor
Castle in 1924.
First stocked as luxuries in department stores, Heinz goods are now present
in many kitchens across the country.
In May 2009, the Queen and the Duke of Edinburgh visited the Heinz factory
in Kitt Green near Wigan, to mark the 50th anniversary of its official
opening, a Heinz spokesperson said.
And they're not the only American family favourite on the list.
Kellogg's director Paul Wheeler says the company has such a strong history
of serving up cereal to the Queen, they once had a little van, called
Genevieve, to make deliveries to the palace.
"Nowadays, the Royals get their cereal from us through their normal grocery
supplier," Paul added, but he said it has been a privilege to hold the
Warrant for the Queen's entire reign, and part of that of her father King
George VI too.
As an American firm, the Warrant has been a boost for Kellogg's. Although
the crest is a mark of quality for their products, it does not go on each
box.
The Manchester production site is Kellogg's largest in Europe, but boxes
shipped to the Republic of Ireland, for example, do not include the crest.
Change does also mark a moment of opportunity. Consumer behaviour expert Dr
Amna Khan says such marks, much like Red Tractor or Fairtrade, are a
shorthand for making purchasing decisions.
"They streamline purchasing decisions and these products will make consumers
feel elevated, buying into status and nostalgia."
Dr Aman Khan
Dr Khan suspects that King Charles III's Warrants will continue the trend of
modernisation: "We'll see newer brands that connect with consumers better,"
she said.
"That's the best endorsement any product can get. All any logo wants to say
is that [this company is] different and distinct - and it doesn't get much
more distinct than the royal family."
Firms can, of course, also fall from favour.
In 1999, the palace decided to end the royal endorsement of the tobacco
company Gallaher - makers of Benson & Hedges and Silk Cut cigarettes -
ending a 122-year agreement with the firm.
The palace said at the time it was due to lack of demand from the Royal
Household, but commentators said that King Charles - a fervent anti-smoker -
was reportedly instrumental in the withdrawal. It was welcomed by
anti-smoking groups.
The King and the Queen Consort now have the power to award a Warrant. There
is also an expectation that the new King will grant his son and heir, Prince
William, the ability to issue his own Warrants.
But it remains to be seen which type of firms are bestowed with the
honour.-BBC
Rich to get twice as much cost-of-living support, says think tank
Rich households will receive twice as much support aimed at reducing the
cost of living than poorer households next year, a think tank has claimed.
The Resolution Foundation said if the government cuts National Insurance and
limits energy bill rises, richer homes will get support worth £4,700 in
2023, compared to £2,200 for the poorest.
A typical household energy bill will be limited to £2,500 annually until
2024.
The think tank said "details and costings" were missing from the plan.
Support for the richest tenth of households will "far exceed the level of
support for the poorest tenth of households despite the latter being most
exposed to high energy bills", the Resolution Foundation, which focuses on
low to middle income households, said.
The huge support scheme could cost up to £150bn, but Prime Minister Liz
Truss has refused to put a figure on it, saying "extraordinary times call
for extraordinary measures".
The Department for Business could not offer a comment when contacted by the
BBC, due to the period of national mourning.
What the new energy plan means for you
Truss spends billions to cap soaring energy bills
Under the government's Energy Price Guarantee, suppliers are limited in the
amount that can be charged for each unit of energy.
For a typical household - one that uses 12,000 kWh (kilowatt hours) of gas a
year, and 2,900 kWh of electricity a year - it means they will pay an
average of £2,500 a year on their energy bill for the next two years.
Without this intervention, that annual bill would have been £3,549 a year.
Last winter it was £1,277 a year.
The support with energy bills will be available for households in England,
Scotland and Wales with equivalent assistance for Northern Ireland.
Torsten Bell, chief executive of the Resolution Foundation and former Labour
adviser, said the government's support was "colossal" and "bold", but warned
families should "still expect a tough winter ahead", but still said limiting
bills was "absolutely the right thing to do in terms of providing support
where it's needed."
Household energy use graphic
The Resolution Foundation said the "near-universalist intervention" fitted
with previous support offered in the form of a £150 council tax rebate and a
£400 energy bill discount.
The think tank added that targeted help had also been provided for lower
income households through the benefits system, but said tax cuts benefitting
the richest half of households meant "the total package of government
support now in place to support incomes in 2022-23 provides no more support
to poorer than richer households".
The Energy Price Guarantee comes with an enormous price tag for the
government. Although they won't state how much it may total, this report
suggests it could be bigger than the banking bailout during the financial
crisis. Think about that for a second.
Although welcomed as some action after a summer of stasis, there are plenty
of organisations saying that this huge sum of money is flowing in the wrong
direction.
Although most households had been facing the same huge price increase in
October, those price rises do not affect everyone in the same way. Those
with less money spend proportionately more of their income on energy, and
are likely to have smaller properties to heat, which means they won't save
as much with this guarantee, and will still struggle to pay bills at the
current rate.
There will be what the government is calling a "fiscal event" this month,
and the pressure is mounting on the government to provide more detail and
more targeted help for the poorest households. Although this was the first
announcement of Liz Truss's premiership, the scale and the repercussions
mean that it is likely to be the economically defining one.
line
Paul Johnson, director of the Institute for Fiscal Studies (IFS) recently
described the support package as "very poorly targeted".
"Finding a way of targeting [support] to the many, many millions who really
need it, without giving it to the many, many millions who don't, appears to
be something that has stumped the Treasury and the government for finding a
mechanism of achieving that," he said.
The state intervention will be funded by government borrowing, adding to the
UK's already large debt pile. The total cost of the support will depend on
the cost of energy on the international energy markets, which can be
volatile.
Mr Johnson questioned: "Is it the best way of spending the money?
"I rather suspect it is an inevitable way in the short run if everybody who
needs help is to get that help, but I do think it's incredibly important
that the government thinks through and gets to a better or more targeted way
of supporting us as we get through to next winter."
Ms Truss has rejected calls to extend a windfall tax on gas and oil company
profits to pay for the package, after calls from the Labour party, the
Liberal Democrats and the SNP to do so.
A windfall tax is a one-off tax imposed by a government on a company. The
idea is to target firms that have benefitted from something they were not
responsible for - in other words, a windfall.
Mr Bell said that by ruling out "any attempt" to fund the government's new
support through further windfall taxes, "the welcome support today could
have a nasty sting in terms of higher mortgage payments and higher taxes
tomorrow".
A mini-Budget outlining how the government intends to pay for measures to
tackle the cost-of-living crisis is set to take place this month.
Other plans include lifting the ban on fracking and new licences for North
Sea oil and gas, to boost domestic energy supplies.-BBC
Ghana: Restore Services to Blocked Lines - Minority to NCA
The Minority in Parliament has posited that the decision by the National
Communication Authority (NCA), to block unregistered Subscriber
Identification Module (SIM) cards is against the fundamental human rights of
the affected persons.
It has thus called on the NCA to restore full service to affected SIM cards
to allow subscribers have uninterrupted exercise in enjoyment of their right
to communication.
In line with government policy to have all SIM cards registered using only
the Ghana Card as the source document, the NCA, working on the instructions
of the Ministry of Communication, has instituted punitive measures to limit
service available on all unregistered cards effective Monday September 5,
2022.
But at a press conference in Parliament yesterday, Minority Leader, Mr
Haruna Iddrisu, said it was wrong for government to limit services on those
cards when it had not provided all what was needed to facilitate the
procurement of the Ghana card.
"The NCA is acting ultra vires in curtailing the exercise and enjoyment of
the Right to privacy of communication. The government is proceeding
erroneously as if every Ghanaian has a Ghana card. This is simply not true,
it is not the case.
"The ministry and the NCA is simply ignoring the legitimate concerns of
Ghanaians who are crying and saying 'we do not have the Ghana card, help us
access this public goods.'
"Why should the NCA and ministry punish Ghanaians with a blockage of their
SIM cards? Isn't the NCA aware that significant number of Ghanaians,
especially the poor have not been able to access the national ID that is the
only medium for registering through no fault of theirs?" Mr Iddrisu, a
former Minister of Communication asked.
The frustrations in registration of SIMs with telecom companies through
third-party private entities and the NIA with a different mandate, he said,
could only be attributed to the "repressive tendencies of this government."
In the conduct of the SIM re-registration exercise, Haruna Iddrisu said
"basic rights have been overlooked. Communication is a right and opportunity
must be given to every citizen to procure communication services."
The International Telecommunication Union (ITU), Mr Iddrisu, said places
premium on emergency telecommunication and to completely cut
telecommunication services to subscribers for no other reason than to limit
usage by citizens is the lowest point in a nation's telecommunications
development.
"It is a backward regulatory/policy prescription to follow in any regime.
Too much reliance of rules/regulations exposes a communications system as
immature."
According to the Minority Leader who is also the MP for Tamale South, the
mobile phone has become so essential to the daily activity of man that
limiting access to the services on the SIM for even just a day could prove
perilous to the bearers of same.
Describing government's approach to the re-registration exercise as
"contrived for a reason," the lawmaker said people must not suffer for
failures by the government to synchronise data from the telecommunication
networks and the National Identification Authority.
-Ghanaian Times.
Ghana: Tailors, Dressmakers to Take Advantage of AfCFTA
Nkoranza — The Bono East Regional Minister, Kwasi Adu-Gyan, has urged
tailors and dressmakers to be creative and competitive in their fashion
designs and styles to be able to penetrate the African Continental Free
Trade Area (AfCFTA).
He said this on Saturday at the First Annual Bono East Regional Conference
of the Ghana National Tailors and Dressmakers Association (GNTDA), at
Nkoranza on the theme, "clothing Africa beyond, the role of Bono East
tailors and dressmakers."
The Regional Minister said the popular kaba and slit, caftan, smock and
other attire sewed from kente and other local fabrics, could gain local and
international recognition, to impact the economy.
He indicated that the free-trade zone had a combined Gross Domestic Product
(GDP) of 3.4 trillion dollars, which allowed products from member countries
to be sold among themselves, with a reduction in tariffs and non -tariffs
agreements.
Mr Adu-Gyan charged the leadership of the GNTDA to organise their members
into cooperatives and groups, in order to equip them to take advantage of
the numerous opportunities AfCTA offered.
The Regional Minister added that the focus of the association was in tune
with the government's effort to make Ghana self-sufficient and net exporter
of commodities, that the country had competitive advantage in.
"It is the vision of government to stem the importation of used cloths by
empowering tailors and dressmakers, to produce and cloth Ghana, and to
export to the international market to earn foreign exchange," he said.
Mr Adu-Gyan expressed worry about how Ghana, in 2020 alone imported 182
million dollars worth of used cloths, making it the largest importer of the
product globally, where average taxes on it was 18.9 per cent.
The Bono East Regional Chairman for GNTDA, Samuel Asante Addo, disclosed
that the association, formed in August, 2020, has trained over 2,000 youth
in apprenticeship in the area.
Mr Addo noted that the beneficiaries were awarded with National Vocational
Technical Institute (NVTI), and Council of Technical, Vocational Education
Training (COTVET) certificates, which would enable them fit in any
institution, to make impact.
He said the GNTDA shall develop a syllabus for the training of the youth
within the National Employable Skill Training Scheme (NESTS), and organise
seminars and workshops to improve the skills of their members.
The Regional Chairman appealed to Mr Adu-Gyan, Nananom, individuals, groups
and other stakeholders, to help members of the Association with equipment
and financial support, especially the young persons in the profession.
-Ghanaian Times.
Africa: Aero-Manufacturers Urged to Leverage African Market
Africa is considered the next big buyer of airplanes in the few years to
come, yet there are no plane manufacturing companies operating on the
continent.
Also, with the increasing number of planes on the continent, Africa
continues to buy spare parts from outside the continent or fly planes across
oceans to have them repaired.
Aviation experts and policy makers say, time has come for airplane
manufacturers to open shop in Africa to ease the cost of running planes and
also increase sales.
According to Patricia Uwase, the Minister of State in the Ministry of
Infrastructure. "Africa has a lot of potential and one great untapped area
is having aviation manufacturing industries on the continent.
A delegate during a tour of the exhibiton
"With the recent reports from International Air Transport Association (IATA)
and the International Civil Aviation Organisation (ICAO) stating that Africa
is the next largest continent to order aircraft, I see no reason why
manufacturers are not setting up on the continent, hope many of you are
going to choose to set up. We have all the right people to do that here and
this should be the beginning of the discussions," she added.
Uwase made the remarks on Tuesday while speaking at the 6th Aviation Africa
Summit and Exhibition that kicked off on Monday, September 12 in Kigali.
The two-day summit that has brought together approximately 100 global
aviation companies was concurrently hosted with the Salon Mondial des
Infrastructures Equipments et Services Aéroportuaires (SMIESA).
Delegates follow the State Minister Uwase's remarks during the 6th Aviation
Africa Summit and Exhibition . Olivier Mugwiza
"Africa is truly meant to be on the map. We have enough traffic to support
this growth. We have natural resources, but now we need to invest in human
resources to drive the growth we need on our continent," said Uwase.
She said that the proposed development in African aviation will not be
completed without the Single African Air Transport Market (SAATM) which has
not been implemented yet.
"We need commitment and action to implement it. we have the responsibility
to give African citizens not only the opportunity to explore and access the
continent but also to enjoy the economic benefits that come with it," said
the State Minister.
Africa integration
Just like several captains of the aviation industry, Uwase also believes
that Africa's integration is strongly hinged on the prosperity of the
continent's aviation industry.
"In the current global economy, being air linked is critical to social
economic development and facilitates development in the air transport sector
and critical to the prosperity and growth of African Continental Free Trade
Area (AfCFTA)," she said.
Her views were equally echoed by Nigeria's Minister for Aviation, Hadi
Abubakar Sirika, saying that Africa's interconnection mainly relies on
aviation rather than any other means of transport.
"In accordance with African Union Agenda 2063 of integration, the only sure
way of integrating Africa is by no other way than civil aviation. The
quantum of wealth and the time it will take to put up railways and roads to
connect and integrate Africa, it's huge, the time and maintenance is out of
our hands. It's doable but very difficult. Also connecting by water is
closely impossible since majority of the countries are landlocked, the only
possible option is aviation," he said.
He added that, "with 54 countries and 1.2 billion people, Africa is surely a
powerhouse for the world of today and the world to come but we must be able
to integrate if we want to leap to the next step."
Manufacturers eye Africa
During the summit, several manufacturers spoke of their prospects to Africa
and even mentioned the numbers of planes they will be selling to African
airlines.
A delegate gets some information as he tours the exhibition.
"We are looking at making 1200 new deliveries of passenger planes in Africa
in the next two decades. We also estimate to train about 12,000 pilots and
16,000 engineers in that same period. So, there is growth," said Benoit
Scourion, the Services Sales Director, Airbus Africa-Middle East.
He however pointed out that there is still a challenge of interconnection
within Africa which may be a hindrance to the aviation growth on the
continent.
"The continent is fragmented and there are discrepancies depending on where
you are located which comes with different capacities and capabilities, yet
with the growth, we need to reach to the entire aviation ecosystem in
Africa," said Scourion.
Airbus forecasts that air traffic in Africa will achieve full recovery to
2019 levels between late 2023 and beginning 2025. Globally, cargo is already
operating today at 9% above pre-crisis levels, and in Africa 23%
Embraer, one of the largest commercial aircraft manufacturers has also built
a great presence on the continent, with over 200 aircraft operating at over
60 airlines and plans to increase its supplies.
Participants of the two-day summit that has brought together over 100 global
aviation companies, interact during a tour of the exhibition
At the sidelines of the summit, Embraer also showcased their latest release,
the E195-E2, the quietest and most efficient single aisle aircraft flying,
saving up to 25% carbon dioxide emissions compared to previous generation
aircraft, can carry up to 146 passengers in single-class configuration and
124 passengers in a typical dual class configuration.
In a press briefing during the summit, Boeing's Managing Director of
Commercial Marketing for the Middle East and Africa, Randy Heisey, told
journalists that the company has estimated that intra-regional and domestic
networks across the African content would grow with a robust 6.1 per cent
compound annual growth rate, driving 20-year demand for 1,010 new airplanes
by 2040 and valued the demand for new airplanes by the continent's carriers
at $176 billion.
Heisey forecasted that the continent's air traffic growth is expected at 5.2
per cent, the third highest among global regions.
Qatar Airways staff pose for a photo at the company's stand in the
exhibition.
The two-day summit that has brought together over 100 global aviation
companies.
-New Times.
Rwanda: Govt Moves to Probe 'Sharp' Increase in Potato Prices
The Ministry of Trade and Industry has deployed teams across the country to
inquire into factors behind drastic rise in Irish potato prices among other
food prices to the extent that has been recorded for the first time, The New
Times has learnt.
"We have sent teams to the field. We will have a report this coming Friday
after properly understanding the factors behind the price increase,"
confirmed Jean-Chrysostome Ngabitsinze, the Minister of Trade and Industry
while speaking to The New Times.
Donathile Mukeshimana, a farmer from Nyange sector of Musanze district
attributed the spike in prices to heavy rains which were followed by
prolonged dry spells.
According to her, the yield is at its lowest in as many years.
"Currently a kilogramme of potatoes which are even of poor quality goes for
Rwf400 at the farm gate and over Rwf500 in urban areas such as Musanze town
It is the first time we are experiencing such hike," she said.
In Kigali, a kilo goes for about Rwf600 which consumers said have never
experienced such price before.
Other farmers told The New Times that the expensive seeds and increasing
prices of fertilizers discouraged some farmers from continuing to grow the
crop saying this affected production.
"Some farmers chose to grow other crops like wheat because currently, potato
seeds cost up to Rwf1,000 from Rwf400 a kilo while inputs like fertilizers
doubled to Rwf1,000 a kilo which smallholder farmers can't afford," Fabien
Bisengimana, another farmer from Nyabihu district said.
These farmers added that some residents are already feeling the pinch
considering that one kilogramme of maize grain has also increased from
Rwf350 to about Rwf700 while beans are currently sold at Rwf1,000.
Soaring prices
Food and non-alcoholic beverages prices in urban areas increased by 29.2 per
cent during the month of August compared to the same period last year
according to the Consumer Price Index that was released, during weekend, by
National Institute of Statistics of Rwanda.
The report shows that prices for bread and cereals increased by 27.9 per
cent, meat increased by 19.4 per cent while milk cheese and eggs prices
increased by 12.6 per cent.
The prices for vegetables increased by 35.5 per cent while non-alcoholic
beverages increased by 14.5 per cent as alcoholic beverages tobacco and
narcotics increased by 10.8 per cent.
Overall prices for the whole year compared to last year increased by 20 per
cent.
VAT exemption?
According to Ngabitsinze, the government is mulling exempting some locally
processed foods from VAT to be able to tame the prices on local market and
to allow them to compete favourably with imported food.
The food that may be exempted according to the minister include rice and
maize flour which are locally produced.
-New Times.
Liberia: Cemenco Drops Prices of Cement
Monrovia — The Management of Cemenco, one of Liberia's largest manufacturers
of cement products, has informed the government of its decision to drop the
price of the commodity on the Liberian market. The move, the company says,
is in keeping with a recent Government of Liberia action to carry out
similar adjustments in the prices of petroleum products in the country.
The Ministry of Commerce last week announced a new price structure for
gasoline and diesel fuel, as prices fall on the international market. At the
time, Commerce Minister Mawine Diggs warned marketers that its inspectors
would carry out rigorous inspections in order to enforce compliance.
Cemenco's decision to effect a price change is expected to come into force
on Tuesday, September 13, 2022. The new prices are as follow:
CEM II / B-M 32.5 R USD $ 7.50
-CEM II / B-M 42.5R USD $ 8.10
-CEM I 52.5R USD $ 9.50
The government has been working in recent months with various importers and
distributors of essential commodities on the Liberian market in an effort to
keep prices stable and affordable for ordinary consumers.
Cemenco's management has said it is committed to the government's pro-poor
agenda, in fulfillment of the "true partnership" it has with Liberia. The
company says a second phase of price reduction might take place on October
1, 2022.
-FrontPageAfrica.
Tanzania: Samia - Cut AfCFTA Barriers
PRESIDENT Samia Suluhu Hassan on Monday shared her perspective on how
African countries could successfully implement the African Continental Free
Trade Area (AfCFTA), stressing on removing Non-Tariff Barriers (NTBs) within
the continent, among others.
"When our people approach regional or international markets, there are a
number of NTBs such as permits, licences and so on. If the whole of Africa
is working to remove the NTBs, then business is going to grow," President
Samia said yesterday in Dar es Salaam when addressing the AfCFTA Conference
on Women and Youths in Trade.
She explained that in the East African Community (EAC) member states have
tried to remove such barriers and trade has grown up to six or seven times
in three years.
"I was looking at figures for imports and exports within Africa, the figures
are still very low, it's a shame that we trade more outside the continent
than between ourselves," Ms Samia stated.
The three-day conference, which started on Monday, pulled together top
leaders from different African countries, including incumbent and former
presidents and vice presidents.
The theme for the conference is: "Women and Youth: The Engine of AfCFTA
Trade in Africa'.
Ms Samia said the AfCFTA provides a big opportunity to the private sector to
be a catalyst for development, but warned countries must ensure that they
remove all trade barriers to ease business.
On other hand, the Tanzanian leader singled out the issue of low
Infrastructure development, something which creates gap among the countries.
"We are just talking about regional infrastructure projects, but there is
low implementation," she pointed out.
President Samia also touched on the aspiration of Agenda 2063 of the African
Union (AU), which is to have a prosperous Africa based on inclusive growth
and sustainable development.
She said to achieve the implementation of that regional agenda; therefore,
it was a duty of all countries to ensure they make economic reforms in order
to bring better life to people.
"Let me also emphasise on education for youths, particularly the use of
technology. China builds its economy through youths, between 18 and 35 years
old, engaging in technology," she said, adding: "So we must also draw a leaf
since we have many youths who can build our economy."
On the other hand, the president encouraged countries to continue investing
in human resources, especially women and youths to enable them to have a
strong labour force with enough ability.
"With a skilled workforce we will use our resources effectively, including
adding value and boost the economy, hence making Africa have a huge
contribution in the world market," she stated.
President Samia also spoke about food insecurity in the continent,
suggesting there should be appropriate statistics on agricultural production
to determine where there is food shortage and where there is surplus.
"African statisticians should work hard to give us statistics so we can know
where it is produced and where there is market," she elaborated.
Earlier, Dr Monique Nsanzabaganwa, Deputy Chairperson for the African Union
Commission, said the Agenda 2063 of the African Union is founded on the
conviction that the people of Africa are the architects of the continent's
sustainable development.
It seeks to create a prosperous Africa whose development relies on
potentials offered by African people, especially its women and youths.
She said the AfCFTA was not only designed to increase intra-trade flow but
also to lift African people out of poverty by offering them an enabling
environment.
"I therefore call upon governments' authorities, including ministers,
central banks to subscribe to these inter-continental efforts of customising
to a local market and committing to report progress in regular intervals,"
she appealed, adding: "Africa needs to feed itself, to industrialise and to
trade more within its borders."
The Vice-President of Liberia, Jewel Taylor, urged the actors of the AfCFTA
to ensure that general commitment is translated to action.
The engagement of all stakeholders to ensure free movement of trade is
paramount.
"Few months ago, I visited Uganda and spoke to the director of trade who
said they were looking for rubber for their factory, I asked where they buy
rubber and he replied that they buy from Malaysia. I asked whether he knew
that West Africa produces rubber and he said he was not aware," she
recalled.
She said countries must ensure that an enabling environment, policies are in
place to make free movement of goods and services and become accessible to
all.
-Daily News.
Sudan: Strikes Over Exorbitant Tax Increases and Economic Struggles
Dabanga (Amsterdam)
Singa / Tembol / Port Sudan / Dongola / El Fasher — Workers and traders went
on strike in various parts of Sudan in the past few days to protest
increased taxes and high fines. Workers also protested over unpaid salaries
and the failure to implement the promised 2022 salary structure. Some
strikes and protests took place around political disagreements as well.
Sudan's economy is in peril, and poverty rates are likely to be even higher
than reported. With rising inflation and low wages, most Sudanese are
struggling to afford their basic needs.
The government lost more than $4 billion in international support, secured
by the previous government of PM Abdallah Hamdok, when the military took
power in a coup on October 25, 2021.
Since the coup, exports also decreased significantly, leading to a loss of
income, and recently the Finance Ministry announced that it expects no
external support for the 2023 budget. These factors do not paint a rosy
picture for the state treasury.
For the people, unrest increased now that state governments announced
significant tax increases to enhance their income, leading to strikes and
protests.
Market traders in Sennar went on strike and all shops closed their doors on
Sunday to protest the large tenfold increase in taxes. Not only market
traders and shopkeepers went on strike, but private health institutions such
as clinics, pharmacies, and medical laboratories are also part of the
action.
Mohamed Abu Hereira, one of the Sennar market traders, told Radio Dabanga's
Voice of the States programme that the increase in taxes in the state
seriously affected them. "The new tax estimates are arbitrary and imaginary,
and should be reversed," he said.
"The exorbitant taxes will certainly lead to great losses among traders and
force many to leave the market permanently," Hereira added.
'The exorbitant taxes will certainly lead to great losses among traders and
force many to leave the market permanently' - Sennar market trader
The traders submitted a memorandum to the tax director in Singa, the capital
of Sennar, but did not receive a satisfactory answer.
Neighbouring El Gezira also witnessed protests. In Tembol, workers embarked
on a strike and traders closed their shops at the town's market to protest a
tax increase and recent days-long electricity and water outages.
In El Hasaheisa, rickshaw drivers staged a protest in front of the Judicial
Authority building because of exorbitant fines.
In eastern Sudan, the El Gedaref Traders Association threatened to strike as
well due to the imposition of exorbitant taxes that exceeded the previous
estimates by three times.
Kamal El Amir, a member of the steering committee of the El Gedaref Traders
and Companies Association reported that, in a meeting, its members had
unanimously decided to stop working, not to engage in commercial activities,
and to close the public market because of the increased taxes.
Salary strikes
On Sunday, junior doctors in all hospitals across Sudan embarked on a
three-day general strike because their salaries had not been paid for eight
months.
The Junior Doctors Committee said in a statement on Sunday that the Federal
Ministry of Health did not respond to the doctors' demands within the period
specified by the protesters.
The committee threatened to strike for an indefinite period if its demands
are not met.
Yesterday, the High Committee for Claiming Workers' Rights in Red Sea state
announced the continuation of the strike for the second week to demand
allowances according to the new 2022 salary structure.
Sudan has been witnessing a large number of strikes and protests following
the federal authorities' failure to implement the promised 2022 salary
structure for civil servants, which increases wages amidst Sudan's rising
inflation. Despite being more than halfway through the year, many workers
are still paid their old salaries instead of the increased 2022 wage.
The committee said in a statement that it rejected a proposal made by the
state government to pay an alternative in cash and continue paying the
clothing allowance according to the old salary structure.
The committee confirmed that it has no objection to scheduling the payment
of the allowances in instalments, but they should be disbursed according to
the new salary structure so that workers get the full amount they are
entitled to.
Disagreements
In northern Sudan, doctors announced the escalation of their protests
following the dismissal of the official spokesperson for the steering
committee of the Northern State Doctors Association by the director general
of the state's Ministry of Health.
In a statement yesterday, the steering committee described the decision as
unfair and announced new escalatory steps.
The medics had laid down their tools since last week to demand an
improvement in the work environment and the payment of financial dues.
Instead of implementing these demands, their spokesperson was dismissed by
the ministry.
In North Darfur, protesters continued to close the state offices in El
Sereif locality with a sit-in on Sunday, for the fourth consecutive day, to
protest the appointment of a new superintendent from the Bani Hussein tribe.
Chief Executive Officer Ismail Rabeh left the locality.
The protesters accused the North Darfur authorities of violating an earlier
agreement concerning the appointment of native administration leaders, in
particular concerning nazirs*. The agreement stipulates that each tribe
should hold a conference to choose its nazir, and that they should not be
appointed by state authorities.
The protesters told Radio Dabanga that two police vehicles arrived from
Kabkabiya to contain the situation.
* A nazir is a state-appointed administrative chief of a clan, according to
the native administration system in Sudan.
-Dabanga.
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>
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been compiled from sources believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
the securities of more established companies. Neither Faith Capital nor any
other member of Bulls ‘n Bears nor any other person, accepts any liability
whatsoever for any loss howsoever arising from any use of this report or its
contents or otherwise arising in connection therewith. Recipients of this
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investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other Indices quoted herein are
for guideline purposes only and sourced from third parties.
(c) 2022 Web: <http://www.bullszimbabwe.com> www.bullszimbabwe.com Email:
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