Major International Business Headlines Brief::: 04 August 2023

[Bulls n Bears]

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Major International Business Headlines Brief::: 04 August 2023 

 


 

 


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ü  Ghana: Fisheries Ministry Lifts Ban On Artisanal Fishing

ü  Senegal: Gov't Suspends Tik-Tok

ü  Malawi: Govt Warns Against Overcharging on Cement Prices

ü  Kenya: Worldcoin Committed to Addressing Security, Safety Concerns After Suspension

ü  Kenya: Govt Backdates Implementation of Housing Levy to July 1

ü  Africa: Russia's Fertiliser Supply to Africa Set to Increase

ü  Nigeria: Mr President, It's Time to Rev the Railways

ü  East Africa: Govt Grants Local Sugar Firms Licenses to Import Sugar Out of Comesa

ü  Namibia: Meat Board Changes Permit Application Forms

ü  Amazon online sales improve despite economy fears

ü  Bud Light boycott over trans influencer Dylan Mulvaney hits beer giant's sales

ü  Adidas generates millions from Yeezys after Kanye West split

ü  Post-Brexit import checks on food delayed again

 


 

 


 <https://www.cloverleaf.co.zw/> Ghana: Fisheries Ministry Lifts Ban On Artisanal Fishing

Adina — The Ministry of Fisheries and Aquaculture Development on Tuesday symbolically opened the 'Closed Season' for the resumption of artisanal fishing activities in the country.

 

The closed season is a temporary ban placed on fishing by the ministry annually as a strategy to recover fish stock, and allow for regeneration of fish stock in the country's waters.

 

However, the Industrial trawl fleets would have to wait until September.

 

The sector minister, Ms Hawa Koomson, in an address read on her behalf to symbolically open the sea at a short national ceremony here at Adina in the Volta Region, urged fishermen to refrain from negative fishing practices that endangered aquatic life but abide by regulations that promote fishing activities.

 

Ms Koomson whose speech was read by her deputy, Dr Moses Anim, said the country's fish stock would only be attained when illegal fishing practices such as the use of unauthorised fishing nets, poisonous and toxic chemicals, dynamites and other explosives, as well as light fishing were stopped.

 

 

According to her, reports from the monetary activities of the Fisheries Commission and other stakeholders indicated that there was higher fisher compliance during the closed season directive across the 187 villages and 278 landing beaches in the country, which demonstrated collective acceptance of the closed season as an important marine fisheries management strategy.

 

Ms Koomson stressed that her ministry in collaboration with enforcement agencies like the Ghana Navy and the Ghana Marine Police (GMP) would intensify monitoring and surveillance activities on marine waters.

 

She said the implementation of the ministerial directive on trawl gear selectivity, would be continued to help reduce the catch of juvenile fish, and addressed the issue of excessive bi-catch and dumping.

 

 

Ms Koomson added that the ministry with the support of the Ghana Fisheries Recovery Activity (GFRA) under the United States Agency for International Development (USAID) was piloting an Electronic Monitoring System (EMS) in trawl vessels.

 

She explained that the move would track operations of vessels at sea as part of efforts to combat illegal, unreported and unregulated (IUU) fishing activities.

 

The minister commended fishers for their cooperation during the close season, saying her outfit had also enjoyed the support of fishers, who have agreed to the implementation of the three-year moratorium on new canoe entrants as a tool to reduce fishing and excessive pressure on the marine fisheries resources.

 

The Mission Director of United States Agency for International Development (USAID), Ms Kimberly Rosen, said the closed season was in the interest of fishers to help restock the sea, and asked fishers to strictly adhere to the laws governing fishing activities in the country.

 

She assured that USAID would continue to play its role to help protect the fishing industry in the country, to ensure growth of the industry, which would lead to improved economic activities to increase incomes and improve on the living standards of fishers.

 

-Ghanaian Times.

 

 

 

 

Senegal: Gov't Suspends Tik-Tok

Dakar — The government has suspended social network Tik tok till further notice, it says.

 

In a press release, the Minister of Communication, Telecommunications and the Digital Economy said  that the government has realised that tik tok is the favorite social media network people with malicious intent use to disseminate hateful and subversive messages that threatens the stability of the country.

 

He said that it would be suspended in Senegal until further notice and has called for immediate compliance by internet service providers.

 

 

 

Malawi: Govt Warns Against Overcharging on Cement Prices

The Malawi Government, through the Ministry of Industry and Trade and Competition and Fair Trading Commission, have warned traders against taking advantage of the scarcity of cement to overcharge the product.

 

In a joint statement released on Monday evening, the ministry and the Commission say they have noted with concern that, for the past few weeks, some traders have excessively raised the price of various types of cement (both Imported and domestically produced).

 

The ministry and the Commission state that the said exploitative conduct is in contravention of the Competition and Fair-Trading Act.

 

"As such, the ministry and its relevant agencies will not hesitate to take necessary action to deal with traders found engaging in such malpractice," reads the statement in part, further urging local manufacturers to come up with sustainable solution to the problem.

 

 

According to the statement, the manufacturers have cited limited access to forex, which has affected the importation of raw materials for the production of cement such as gypsum, clinker and coal, as the main cause of the problem.

 

"The ministry has, in this regard, been engaging the Reserve Bank of Malawi to prioritize supply of forex to the cement manufacturers to address the problem. The ministry wishes to indicate that currently the ex-factory prices of different brands and strengths of cement should not go beyond K16, 000. The ministry, therefore, calls on members of the public with information relating to those charging excessive prices for cement, to immediately report to the ministry or the Competition and Fair-Trading Commission," implore the government and the Commission.

 

-Nyasa Times.

 

 

Kenya: Worldcoin Committed to Addressing Security, Safety Concerns After Suspension

Nairobi — Worldcoin has said that it is ready to engage with Kenya's regulatory bodies to address some of the security and safety concerns raised.

 

Since it entered the country last Monday, the platform has attracted criticism for collecting critical information from members of the public without adhering to law and order.

 

"Additionally, the project is committed to adhering to all relevant regulations set forth by Kenyan authorities, ensuring a safe and compliant ecosystem," Worldcoin said in a statement.

 

"In line with Kenyan laws and regulations, Worldcoin ensures full compliance and transparency in all its activities within the country," it added.

 

 

"The project is committed to fostering a constructive dialogue with local stakeholders, including the government and relevant authorities, to ensure a smooth and mutually beneficial partnership."

 

The Communication Authority of Kenya (CA) and the Office of the Data Protection Commissioner's (ODPC's) preliminary review also raised serious concerns about the tech firm.

 

In a statement, CA and ODPC listed some of the concerns, such as a lack of clarity on the security and storage of the collected sensitive data (facial recognition and iris scans).

 

Obtaining consumer data in return for a monetary reward that borders on inducement and creates uncertainty regarding consumer protection in cryptocurrency and related ICT services, among other pertinent issues, were cited as some of the reasons.

 

Worldcoin, which rolled into the country on Monday last week, collects iris data using an Orb scanner before issuing users with tokens once they are proven not to be robots.

 

Tokens can then be transferred to cryptocurrencies, allowing users to either cash out through agents or sell them.

 

Yesterday, the Government suspended its operations in the country, citing data infringement concerns.

 

"TFH has paused World ID verifications in Kenya as we continue to work with local regulators to address their questions. We apologize to everyone in Kenya for the delay," One of its founder Alex Blania said on his social media channel.

 

"World ID is built for privacy. We look forward to resuming operations, while continuing global rollout."

 

-Capital FM.

 

 

Kenya: Govt Backdates Implementation of Housing Levy to July 1

Nairobi — The government has backdated the mandatory contribution towards the Housing Levy proposed in the Finance Act, 2023 to July 1.

 

This follows the lifting of the orders barring implementation of the Act by the Appellate Court last week.

 

-Capital FM.

 

 

Africa: Russia's Fertiliser Supply to Africa Set to Increase

Tanzania's plans to increase agricultural production are set for a massive boost on the back of expected increased fertiliser supply from Russia.

 

Russian producers of mineral fertilisers announced to be ready to double their shipments to African countries in the next five years to bridge a supply shortage that threatens to exacerbate food insecurity.

 

This was announced by the President of the Russian Fertiliser Producers Association (RFPA), by Andrey Guryev, on the sidelines of the recently held second Russia-Africa Summit in Saint Petersburg.

 

Tanzania is among the primary markets for Russian DAP and nitrogen fertilisers, according to Mr Guryev.

 

 

Other markets are South Africa (ammonium phosphate), Morocco (ammonium nitrate, urea), Senegal (nitrogen fertiliser) and Côte d'Ivoire (nitrogen, NPK).

 

Mr Guryev emphasised the need to increase supplies and effectively apply mineral fertilisers in African countries to combat hunger and achieve food sovereignty.

 

He expressed the intention of Russian fertiliser producers to expand their presence in Africa markets.

 

"Russia is the world's largest exporter of mineral fertilisers. We have achieved this result over the course of ten years, investing approximately RUB 1.8 trillion in the industry.

 

By expanding production capacity, we have focused on both our priority domestic market and the growing demand from agricultural countries, including those in Africa. The agricultural potential of African states is enormous, yet around 60 per cent of fertile land on the continent remains unused," said Mr Guryev.

 

 

He said the world's population is growing rapidly and by 2050, it is expected to increase by two billion, reaching 9.8 billion people.

 

According to him half of the population growth (one billion people) will occur in Africa.

 

"To feed such a large number of people, food production needs to increase by 60 per cent. If Africa does not achieve such growth and food sovereignty, it could lead to a colossal humanitarian catastrophe on a global scale. However, we are confident that a sharp increase in the agricultural production on the continent is possible through the efficient use of mineral fertilisers.

 

"Russia is ready to provide the African continent with all types of mineral fertilisers, including innovative and environmentally preferable products, fertilisers with bio-additives," said Mr Guryev.

 

The President of Afreximbank, Mr Oramah, confirmed the readiness of African countries to collaborate with Russia in creating a modern and sustainable agricultural sector.

 

"We can cooperate in infrastructure development, supplying seeds and equipment for the establishment of high-productivity commercial farms. To ensure that seeds yield sufficient crops to meet the needs of the continent's growing population, we require mineral fertilisers. The exchange of expertise and knowledge with Russia is also crucial."

 

Russia is one of the world's largest producers and exporters of potash, phosphate and nitrogen-containing fertilisers.

 

It contributes more than 12 per cent to the global trade of fertilisers in the dry bulk segment, with a share of more than 14 per cent in the total fertiliser shipping demand.

 

The country's fertiliser exports surged by 13.6 per cent in 2022, and by a whopping 50.5 per cent year-over-year in January to June 2023.

 

It holds about 10 per cent of the African market for mineral fertilisers. Over the past five years, Russia has more than doubled its shipments of mineral fertilisers to African countries, reaching 1.6 million tons in 2022.

 

Russian fertilisers are used in 25 countries across the continent where the main products include NPK, ammonium phosphate, ammonium nitrate, and urea.

 

-Daily News.

 

 

Nigeria: Mr President, It's Time to Rev the Railways

NOW that the long wait for the unveiling of who is going to be who in the Tinubu administration is over, we start our discussion this week on that subject. And to say that the choice of individuals that the president has selected to work with him as ministers appear to be an indication that Mr Tinubu is not prepared to depart from the abnormal norm. In a deft statement indicating that choice of ministers in the Tinubu administration is a radical departure from the expectations of Nigerians, there is no way I could have put it better than with how Usman Massallachi, in his article titled: 'Imperative of Merit in Political Appointments', published on July 27, 2023, put it.

 

 

According to Mr. Massallachi: "I ascribe the extremely high rates of poverty and unemployment in Nigeria today to the inability of our leaders to appoint square pegs in square holes. The people they employ or appoint are usually incompetent individuals who specialise in diverting public funds meant for tackling issues of poverty or implementing projects. Some of these leaders commercialise government jobs to the extent that only those with deep pockets and who have strong political ties get appointments".

 

With the tapping of some of these fellows, it then does appear we will be seeing more of one of the badly-thought out decisions of the Tinubu administration; that is, the decision to yank off fuel subsidy in Nigeria without giving a thought to the negative spiralling effects that that decision would have on Nigerians. As we speak, the President has practicalised that very old idiom of putting the cart before the horse - and when the cart tried to move with the horse, it came with another badly-thought out 'palliative', - favouring the very rich and taking the breath out of the middle class and poor.

 

 

There are already some ironies arising from the removal of the 'subsidy on fuel importation'. One is that while officials of the Presidency and members of the National Assembly move around in very long convoys of up to 100 or more vehicles, most Nigerians are trekking to their places of endeavour, entertainment and homes. The other irony is that officials of this administration are already asking Nigerians to go buy bikes with which to move around, even though there are no dedicated bicycle lanes in Nigeria, and that the stipend they are proposing as 'palliative' cannot even buy one of the tyres of a modern bicycle.

 

That is not even the problem per se. The problem is that none of the recently appointed ministers will be riding a bicycle around to work or to go home, as an indication that they mean what they are saying.

 

But perhaps what demonstrates that the present administration did not come prepared to tackle many of the bye-problems of the removal on fuel subsidy, was the speech by Mr President on Monday, July 31, 2023. Even though many people are saying that the president did not address issues around our comatose refineries, I believe that it is in his plan for transportation that he shot himself in the foot.

 

 

At a time when Nigerians have problems with moving around to conduct economic activity, Tinubu says that his administration would be providing three thousand 20-seater Carbon Neutral Gas, CNG buses, to ferry over 100 million people. Does this cohere with prevailing conditions in Nigeria?

 

Over the weekend, I visited the Idu Railways in Abuja. While there, it was easy to find out why the Nigeria Airways, and pretty much why other public institutions in Nigeria failed. The same system of appointing very incompetent persons to man critical public offices persists. Some of the chaps at the only counter for ticketing cannot speak English. Others are dressed in T-shirts and have no organisational capacity. Information we gathered about the Idu Train station indicated that the part of the station that should ferry Nigerians within the city of Abuja is dormant, and some parts of the facility are already gathering cobwebs.

 

The station was built by the Chinese for inter and intra-city transportation. While the section for inter-city seems to be working at very average capacity, the intra-city section - that part that should work within the city of Abuja - is under lock and key. The guard there told me that it is under lock and key because of the train kidnap incident in Kaduna.

 

During our visit to the Idu Railway station, we found a multitude of Nigerians - the extremely rich and the extremely poor - all using the train from Abuja to Kaduna. Some of the persons we interviewed told us that with the security issues in Nigeria, high costs of transportation arising from increase in fuel subsidy and air transport, the train is a viable alternative.

 

They told us that it is cheap as well - Abuja to Kaduna at the economy class is just N3,000 for a three-hour journey. The plan was for those using the trains to Kubwa and to the Airport to pay N500.

 

This is where we think that Mr President should focus on. He should have revved the trains before suspending payment of fuel subsidy. Therefore, we suggest that he gives the incoming transport minister marching orders to open up the railways and rev the engines.

 

With one trillion naira saved from suspension of payment for fuel subsidies,President Tinubu can invest more in getting the trains to work instead of buying CNG buses. We flare our gas daily, and do not have the resources nor the technology to harness it, thereby making the CNG buses unsustainable.

 

Etemiku is editor- in-chief/publisher of WADONOR, cultural voice of Nigeria.

 

-Vanguard.

 

 

East Africa: Govt Grants Local Sugar Firms Licenses to Import Sugar Out of Comesa

Nairobi — The Government has granted licenses to Kenyan sugar companies to import the commodity out of the Common Market for Eastern and Southern Africa (COMESA).

 

This is meant to cool the high prices of products that retail for about Sh510 for a two-kilo packet.

 

President William Ruto said on Wednesday that the supply of the product in COMESA has declined, thus the need to target international markets.

 

"There is concern around sugar and we have heard issues around the whole sugar sub sector, there has been a lot of confusion and chaos since the sector has been riddled and poaching of sugarcane from one corner to the other, and others refusing to work in accordance to the law," he said at State House.

 

 

"Infact the reason why many companies have closed shop temporarily is because there is no can to harvest and others were even harvesting cane that has not matured."

 

He added that the government had been reluctant to work against farmers by opening imports.

 

"I want to announce that in the next one/two weeks at least by mid of this month, we will see different situation pertaining sugar as that is the time, we expect stocks of sugar to come into the country," the Head of State said.

 

Ruto added that the government is working to create a roadmap that will be discussed in the cabinet meeting in the coming week to sort out the sugar issues in the country.

 

"I want to assure the country that we now have a comprehensive plan to sort out our sugar subsector to make sure that area is well aligned to serve the interest of farmers first and the interest of the country and consumers," he added.

 

The government is angling to ratify, through next week's Cabinet meeting, the decision to import sugar outside the COMESA trading bloc to cushion Kenyans who are already dipping more into their pockets for the sweetener.

 

0Capital FM.

 

 

Namibia: Meat Board Changes Permit Application Forms

The Meat Board of Namibia, mandated to promote Namibia's meat industry in the country and elsewhere, will introduce new application forms for imports, exports and in-transit permits as from 1 September.

 

This was announced in a statement issued by Meat Board chief executive officer Paul Strydom notifying traders and producers of the new changes.

 

According to the notice, the new prescribed permit application forms are to simplify the application process, especially in relation to the classification of products in terms of the harmonised system of coding of the World Customs Organisation.

 

"Under the new prescribed forms, permit applicants will no longer fill in product specifications, but will be expected to simply select products on a pre-determined list and fill in the relevant quantity," said Strydom.

 

The new prescribed application forms can be accessed by sending an email to [email protected] and the Meat Board will be open for comments on the forms from affected parties until 29 August at 16h30.

 

The Meat Board reiterated its commitment to attaining a high level of procedure simplification and alignment to foster efficient trade in the livestock and meat industry. The vision of the Meat Board is to be an internationally recognised organisation that promotes a profitable, vibrant, quality-driven Namibian meat industry in local and international markets, noted the statement.

 

-Namibian.

 

 

Amazon online sales improve despite economy fears

Amazon's e-commerce business perked up in the three months to June, after months of lacklustre spending amidst a wider, sluggish economy.

 

The uptick follows a push by boss Andy Jassy to make the online shopping giant's delivery network run faster and more smoothly, the firm said.

 

It helped to drive overall sales up 11% year-on-year to a better-than-expected $134.4bn (£105.4bn).

 

Amazon's July Prime Day was its biggest ever, with 375 million items purchased.

 

The company surpassed analyst expectations, with quarterly profits of $6.7bn (£5.2bn), up from a $2bn loss a year earlier. That was the firm's biggest profit in more than a year.

 

Boss Andy Jassy said the results showed "another strong quarter of progress".

 

Though known for its online shopping operation, Amazon's financial results are driven far more by units such as its cloud computing business, called AWS, and - in more recent years - advertising.

 

It said that AWS's sales had stabilised, rising 12% year-on-year, as businesses become less worried about the economy. Advertising revenue jumped 22% year-on-year.

 

The update comes as a string of other data suggests that some of the darkest clouds over the global economy may be starting to lift.

 

The company's executives said consumers were still keeping a close eye on their budgets, which in many countries have been squeezed as prices rise at the fastest pace seen in decades.

 

But those increases have shown signs of cooling more recently.

 

Amazon's online sales rose 4% year-on-year in the April to June period, after no growth at the start of the year, the company said.

 

The upturn in Amazon's ecommerce business is an "encouraging sign" for the rest of its year, said Insider Intelligence's principal analyst Andrew Lipsman.

 

Even its international business, which was posting declines a year ago, reported sales growth, of roughly 10%.

 

Amazon has been pushing to hold onto its dominance in online shopping, since the huge growth it experienced during the pandemic had slowed.

 

Mr Jassy, who took over as chief executive two years ago, has focused on trimming costs and improving efficiency, leading to big job cuts and an overhaul of the firm's delivery network. It has meant that orders are routed regionally, closer to the customer.

 

He said the firm was still making big investments, including in artificial intelligence: a top interest on Wall Street, where discussions about the potential for transformation from new advances have fuelled a surge in share prices.

 

Amazon's share price had already surged roughly 50% so far this year. After Thursday's update, share were up more than 7% in after-hours trade.

 

"As ever, Amazon's real strength comes from the breadth of its ecosystem," said Julian Skelly, managing partner at digital consultancy Publicis Sapient, Europe.

 

"Looking forward, the signs of slowing inflation and broader growth in the market suggest that we can hope for better-than-anticipated performance in the second half of 2023," Mr Skelly added.-bbc

 

 

 

Bud Light boycott over trans influencer Dylan Mulvaney hits beer giant's sales

The owner of Bud Light took a hit to its sales after a US boycott of the brand sparked by its work with transgender influencer Dylan Mulvaney.

 

Brewing giant AB Inbev said sales in the US fell more than 10% this spring, as demand for Bud Light lager plunged.

 

The brand faced a wave of attacks after it sent a personalised can of beer to Ms Mulvaney for an online post.

 

However, Belgium-based AB Inbev said performance overall was better than many analysts had expected.

 

Outside of the US, Budweiser sales jumped nearly 17% compared with last year.

 

AB Inbev - whose other brands include Stella Artois and Leffe - makes about a quarter of all beer sold globally and continues to claim more than a third of the market in the US.

 

Why Bud Light and Disney are under attack

In its update to investors on Thursday, it said its share of the US market has dropped more than 5% since last year.

 

It is showing few signs of recovery since April, when the Bud Light controversy reached its peak.

 

Following Ms Mulvaney's social media post promoting the beer with her personalised can, many on the right criticised the company for going "woke".

 

Woke is an informal term from the US, meaning alert to injustice and discrimination in society, particularly racism and sexism. It is often used by the right in a derogatory way towards left-leaning views on topics from climate change to support for minorities.

 

Musician Kid Rock, NFL player Trae Waynes and model Bri Teresi all shared videos of themselves shooting Bud Light cans.

 

The company's response to the criticism - which included putting two executives blamed for the relationship on leave - was subsequently decried by many on the left.

 

Lost top spot

Within weeks, industry analysts reported that Modelo - sold in the US by a rival firm - had replaced Bud Light as the top-selling beer in the US, and rivals such as Coors Light and Miller Light were gaining fast.

 

The parent company of those beers, Molson-Coors, reported its best US sales since the two firms merged in 2005 this week.

 

Ab Inbev said its own internal data showed about 80% of consumers in the US remain favourable or neutral toward the Bud Light brand.

 

But its recovery efforts - including an advertising blitz and support for stores and distributors - weighed heavily on the firm's core profits in the US, which dropped more than 28% in the quarter.

 

The company earlier this month said it was cutting about 2% of its US workforce.

 

Overall Ab Inbev performed better than many analysts expected.

 

It said global revenue rose 7.2% year-on-year in the April-June period to $15.1bn, as higher prices and growth in China made up for the decline in sales volume in the US.

 

The company said its underlying profits dipped only about 1% year-on-year and stood by its full-year forecast.-bbc

 

 

 

 

Adidas generates millions from Yeezys after Kanye West split

Adidas generated millions from its first "drop" of Yeezy trainers after ending the collaboration with rapper and fashion designer Kanye West.

 

The sportswear giant reported sales of €400m (£344m) from the shoes between April and June this year.

 

Adidas cut ties with West, known as Ye, last November after he made a series of anti-Semitic comments on social media.

 

It has pledged to donate some of the proceeds of the sales to charities who work on combating hate.

 

The demand for Yeezy shoes has not faded though, with the trainers remaining wildly popular in the resale market.

 

Adidas boss Bjorn Gulden said the firm will "continue to carefully sell off more of the existing Yeezy inventory" in its latest financial update.

 

He argued the sale was "much better than destroying and writing off the inventory", but acknowledged that it boosted the company's "general financial strength".

 

Strong demand for Yeezys helped the company narrow its projected loss for the year to €450m, down from the €700m previously expected.

 

Sales from the Yeezy line were similar to the level seen in the same period in 2022 before the high-profile fall-out.

 

Adidas also set aside €110m for charitable donations to the likes of the Foundation to Combat Anti-Semitism and the Anti-Defamation League - a move it had announced previously in the wake of Kanye West's remarks online.

 

In May, Adidas said it had about €1.2bn worth of Yeezy shoes sitting in storage after the highly-profitable partnership came to an end.

 

On Thursday, it said that if it decided not to sell the rest of the inventory it would take a hit of about €400m.

 

Its latest results did not account for the recent second release of the trainers, which is likely to give it a further financial boost.

 

JD Sports said it had started selling Yeezy products from the German sportswear giant's second release of the shoes on Wednesday.

 

But Alice Price, associate apparel analyst at research firm GlobalData, said that the sale of remaining Yeezy stock was a "short-term solution for a brand that has lost some of its identity and relevance in the market".

 

She suggested that Adidas was now trailing behind some of its competitors like Puma who offered more on-trend and innovative products.

 

Despite Mr Gulden's efforts to turn the chaotic situation around, Adidas is being sued by investors who claim the firm knew about Kanye West's problematic behaviour years before it ended their partnership.

 

Investors allege Adidas failed to limit financial losses and take precautionary measures to minimise their exposure.

 

Adidas has previously said it rejected "these unfounded claims", adding that it would take "all necessary measures to vigorously defend ourselves against them".-bbc

 

 

Post-Brexit import checks on food delayed again

Post-Brexit checks on fresh farm produce coming to the UK from the EU have been delayed again, the BBC understands.

 

New import controls on EU food products had been due to begin in October.

 

There is concern that the extra checks on imported goods will push up prices and fuel inflation.

 

The delay, which was first reported by the Financial Times, will give companies and port operators more time to prepare for these changes.

 

UK food producers have argued that it gives a free pass to continental rivals, while all fresh food exports from the UK to the European Union face checks.

 

Health certification on imports of "medium-risk" products were due to start in October with physical checks beginning in January 2024.

 

However, the Cold Chain Federation welcomed news of the delay.

 

"UK food retailers, hospitality businesses and consumers were in line for major disruption because many EU food-producing businesses supplying into the UK are not ready for the new requirements," said Shane Brennan, the chief executive of the Cold Chain Federation.

 

Prioritising the economy

Industry sources have told the BBC that many will be sceptical of the changes coming in at all before the next general election, which is expected in 2024.

 

The Labour Party has said it will negotiate a veterinary agreement with the EU that could greatly reduce the need for such procedures, if it is elected into government.

 

The delays to new import controls on food come at a time when the Bank of England is battling to control high inflation.

 

Industry sources have said the delay is viewed as a sign that the government is prioritising the economy over issues around Brexit and border controls.

 

On Tuesday, the government dropped plans for a rival to the "CE" quality mark over concerns that it would introduce more red tape for businesses.

 

The "CE" quality mark is an EU regulatory stamp of approval on products, signifying it has has passed checks like health and safety.

 

Prime Minister Rishi Sunak told broadcaster LBC on Wednesday that inflation was not falling "as fast" as he would like.

 

Nick von Westenholz, director of trade at the National Farmers Union, said any further delay would exasperate many farmers, who face barriers for their exports which are not put on imports from overseas.

 

He said: "We appreciate the need to protect consumers from rising food prices, but it is vital that we introduce proportionate, light-touch checks on all our food imports that keep costs for importers to a minimum while properly managing biosecurity risks."-bbc

 

 

 

 

 

 

 


 


 


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INVESTORS DIARY 2023

 


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FMHL

 


 

 

 

 


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

 


 

 


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