Major International Business Headlines Brief::: 19 December 2023

Tue Dec 19 08:35:41 CAT 2023

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Major International Business Headlines Brief:::  19 December 2023 

ü  Nigeria: Shettima Woos Investors, Says Tinubu Administration Focused On Growing Energy Sector

ü  Nigeria: UBA Secures $175m AfDB Loan to Support Private Sector, Infrastructure Development

ü  Guinea: Explosion Rocks Guinea Oil Terminal Causing Deaths, Injuries

ü  Kenyan Exporters Secure Permanent Duty Free Access to European Union Market

ü  Nigeria: Medical Doctors Threaten Strike Over Salary Review

ü  Ethiopia Aims to Increase Exports to China

ü  Nigeria: Petroleum Ministry's 2024 Budget Cannot Meet Nigerians' Expectations - Lawmakers

ü  Ethiopia: Ethio-Russian Manufacturing Partnership Beacon of Success, Says Minister of Industry

ü  Nigeria: Govt Mulls Seatime Policy for Nigerian Seafarers

ü  Nigeria: Indigenous Oil Producers Seek Review of PIA

ü  Apple halts some Watch sales in the US

ü  BP pauses all Red Sea shipments after rebel attacks

ü  US Steel to be bought by Japan's Nippon in $15bn deal

ü  Amazon to make Warhammer 40,000 shows and movies

ü  Southwest Airlines fined $140m for holiday meltdown

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Nigeria: Shettima Woos Investors, Says Tinubu Administration Focused On Growing Energy Sector

Vice President Kashim Shettima has urged investors, both domestic and international, to avail themselves of the new opportunities created by power deficit and federal government's bid to drive additional investments in Nigeria's energy sector.

He also pledged the commitment of the Tinubu administration in addressing the country's energy deficiency just as it remains focused on enhancing ease of doing business.

According to a statement by his spokesman, Stanley Nwocha, the Vice President stated this on Monday during the financial bid opening for the privatisation of the five National Integrated Power Project (NIPP) Plants on Monday in Abuja.

He said the occasion "serves as a robust assurance to bidders and the start of an investment with promising returns."

Represented by the deputy chief of staff to the president (Office of the Vice President), Sen. Ibrahim Hassan Hadejia, the VP said, "Nigeria's power deficit extends an open invitation to domestic and international partners. We are here to urge collaborative efforts to craft enduring solutions.

"The government remains resolute in addressing the energy deficiency and is focused on enhancing the ease of doing business."

Sen. Shettima however urged prospective investors in the plants to "bear the weight of trust in utilizing these resources for the greater good of the nation," even as he implored them to "adhere to the highest standards of best practices if we must pursue a shared objective."

The vice president further assured that the "National Council on Privatisation and the Bureau of Public Enterprises are prepared to ensure that what we do has an effect on President Tinubu's comprehensive eight-point plan, and a meticulous and transparent privatisation scheme within the power sector inspires confidence in our operations.

"As regulators, our commitment remains steadfast--we must persist as facilitators of these reforms. There are no shortcuts on the path to realizing the dream we've promised our beloved nation," the VP added.

Sen. Shettima noted that the success of the 'pivotal moment' underscores government's commitment, "not just as a friend to our enterprises and investors but as a facilitator of growth and development.

"We are here to fulfil our pledge to the nation and reassure them of our resolve to support initiatives that foster economic vibrancy and sustainability," he further noted.

    Leadership.

Nigeria: UBA Secures $175m AfDB Loan to Support Private Sector, Infrastructure Development

Towards enhancing its support to the private sector and financing of infrastructure development in Africa's largest economy, Nigeria, the United Bank for Africa (UBA) has received a $175 million financial package from Africa Development Bank(AfDB) Group.

This facility comprises a $100 million in long-term senior debt, $50 million of trade finance medium-term senior debt and a $25 million risk participation program. This was announced at the weekend by the Pan African development institution having been approved by its Board of Directors.

The long-term senior debt will enhance UBA's capacity to finance projects in Nigeria in the key sectors of infrastructure, agriculture and related value chains, as well as manufacturing, energy, and SMEs.

The facility will be complemented with technical assistance from the Affirmative Action for Women in Africa (AFAWA) initiative to boost access to finance and technical assistance to women SMEs.

The trade finance senior debt will provide UBA with much needed countercyclical dollar liquidity to support SMEs and local corporates involved in export-import related activities in the short to medium term.

The unfunded Risk Participation Agreement aims to strengthen UBA UK's role as regional confirming bank and by extension expand access to international markets for largely excluded African issuing banks.

The African Development Bank and UBA UK, a subsidiary of UBA Plc will share 50/50 the default risk on a portfolio of eligible trade transactions originated by African issuing banks and indemnified by UBA UK.

Speaking after the board approval, AfDB's group director general for Nigeria, Lamin Barrow said: "We are pleased to support UBA with this package, which aligns with four of the African Development Bank's High five priorities namely Light up and Power Africa, Feed Africa, Integrate Africa, and Industrialise Africa."

"This intervention will address unmet demand for trade finance in Nigeria and Africa respectively by providing medium term finance to support exports² and the importation of intermediate goods required to sustain vital economic sectors. It will also unlock stable and affordable funding for SMEs who are the engine of Nigeria's economic growth and employment generation," Ahmed Attout, African Development Bank Acting Director for Financial Sector Development, further said

Also commenting, the Group managing director/CEO, UBA, Oliver Alawuba said: "this facility will further deepens our support, which has been very considerable, to the critical sectors of Nigerian economy and especially to Women-owned businesses and small and medium enterprises, which we consider as the engine of any country's economic development."

    Leadership.

Guinea: Explosion Rocks Guinea Oil Terminal Causing Deaths, Injuries

Cape Town — A massive explosion at an oil terminal in the capital city Conakry has claimed lives and caused several injuries early today, December 18, 2023, according to BBC reports.

According to the reports, Conakry's two main hospitals are inundated with multiple injured patients.

The country's military authorities have not yet commented on the incident.

The explosion reportedly blew off roofs and windows from buildings in the area, causing significant damage and forcing several to flee.

Kaloum is Conakry's administrative centre where  the presidency and most of the ministries are located.

Police have barricaded the port region, according to eyewitnesses.

Kenyan Exporters Secure Permanent Duty Free Access to European Union Market

Nairobi — Kenyan exporters Monday secured a permanent duty-free access to the 27 country, €14 trillion European Union market when Trade Cabinet Secretary Rebecca Miano signed the Kenya-EU Economic Partnership Agreement alongside European Union Ambassador Henriette Geiger, at State House, Nairobi.

The event that concluded several years of negotiations to permanently secure Kenya's largest export market was witnessed by President William Ruto and the President of the European Commission Ursula von der Leyen.

This agreement opens up additional avenues for exporters of Kenyan flowers, vegetables, avocadoes, coffee and other products to secure long-term buyer partnerships in the EU as well as stronger incentives to invest more in productionand value addition.

Further, the agreement signals Kenya's readiness to diversify her export mix into Europe, with value-added manufactured products such as industrial shoes, articles of leather and fully packaged and branded bouquets of flowers increasingly finding their way onto supermarket shelves across Europe.

"Today's agreement heralds a new era where Kenyan goods gain immediate and permanent duty and quota-free access to the European market. Over time, European goods will also gain preferential access to the Kenyan market.We celebrate this relationship and look forward to its contribution to increased investment and industrial innovation," Miano stated.

Meanwhile, President Ruto observed that the agreement opens a great opportunity for the export of farm produce and specifically recognizes the value addition aspect hence helping us create more jobs locally and grow our revenues.

The European Commission President von der Leyen stated that the agreement will help Kenya access good equipment and

machinery from Europe that will help in achieving and maintain high quality products.

"It's also our hope that other East African countries can join into this agreement in the near future."

This economic partnership covers cooperation on several issues including trade in goods, fisheries, agriculture, economic and development cooperation among other trade topics.

It also contains ambitious commitments towards environmental protection and sustainable trade, topics that President Ruto has championed in the context of climate

change and Kenya's transition to a green economy.

Kenya's Chief Trade Negotiator during the negotiation process was Trade Principal Secretary, Alfred K'Ombudo.

Following its signature, the agreement now proceeds to Kenya's National Assembly and the European Parliament for ratification, after which implementation begins.

    Capital FM.

Nigeria: Medical Doctors Threaten Strike Over Salary Review

Medical doctors and other health workers have downed tools many times in the past over the failure of the government to review and implement the salary structure.

Nigerian doctors have threatened to withdraw their services across health institutions in the country if the federal government fails to implement the upward review of the Consolidated Medical Salary Structure (CONMESS).

CONMESS is the salary structure for medical and dental officers in the federal public service.

Medical doctors and other health workers have downed tools many times in the past over the failure of the government to review and implement the salary structure.

Industrial action

The doctors, under the umbrella of the Nigerian Medical Association (NMA), said the government must implement the salary review before 31 January, or risk industrial action in the health sector.

The President of NMA, Uche Ojinmah, issued the ultimatum at a press briefing after the association's NEC meeting in Abuja on Sunday.

Mr Ojinmah said the association cannot guarantee industrial harmony after the ultimatum if the government fails to meet its demands.

He also appealed to the government to implement the newly approved accruement allowance with arrears from June 2022.

According to him, the association does not have a direction about when all the allowances would be implemented despite its approval on 1 June, 2023.

Delayed implementation

Mr Ojinmah said the implementation of the upward review of CONMESS was meant to take effect from January 2023 but the government has delayed it for almost a year.

He said, although the association is grateful that the government had taken a step regarding one of its agreements, it awaits full implementation of the agreements.

"For now, while we are grateful, they have started doing the right thing, we look forward to them doing it completely, agreement should be agreement as we had with the last administration," he said.

    Premium Times.

Ethiopia Aims to Increase Exports to China

Addis Ababa, — State Minister of Foreign Affairs of Ethiopia, Ambassador Mesganu Arga, welcomed a delegation led by the Ethio-China Friendship and Cooperation Committee members in his office today.

In the course of their discussion, the state minister appreciated the long-standing relations between Ethiopia and China, which is reflected through their recent decision to scale up the relationships from a Comprehensive Strategic Cooperation to an All-weather Strategic Partnership.

He indicated the importance of giving attention to the existing relations, particularly in the fields of trade and investment, according to the Ministry of Foreign Affairs.

Ethiopia is keen on increasing the export of its agricultural and manufacturing products to the Chinese market, he said.

For her part, Mrs. Xu Junjun, Chairperson of the Ethiopia-China Friendship and Cooperation Committee, praised the Ethio-Chinese relations.

She further said she came with a delegation which comprised 22 members from 10 Chinese companies, demonstrating intention to scale up the economic and business cooperation between the two countries.

The delegation is working to promote Ethiopian livestock and agricultural products to the Chinese market, she added.

    ENA.

Nigeria: Petroleum Ministry's 2024 Budget Cannot Meet Nigerians' Expectations - Lawmakers

The Joint National Assembly Committee on Petroleum Resources (Upstream, Downstream, Gas) has expressed disappointment over the 2024 budget of the Ministry of Petroleum Resources, stating that it falls short in meeting Nigerians' expectations.

Senator Agom Jarigbe, Chairman of the committee, made these remarks during a budget defense session in Abuja on Monday.

He said that the budget did not sufficiently address President Tinubu's commitments to alleviate the impact of fuel subsidy removal by introducing palliatives.

Jarigbe noted that President Bola Tinubu pledged to initiate projects such as building training workshops and providing Compressed Natural Gas (CNG) Conversion Kits to support Nigeria's Natural Gas Revolution Policy.

He criticized the allocation of 5.8 billion Naira as the capital budget for a ministry crucial to achieving the Natural Gas Revolution Policy and easing the hardships faced by the masses, describing it as inadequate and unserious.

He said, "The joint-committee observes with utter dismay, the non-provision of those projects and palliatives in the 2024 Appropriation Bill, which has been made available to the joint-committee.

"The budget of the Ministry of Petroleum Resources is neither here nor there. It does not reflect the policy direction of Mr. President on the Decade of Gas and the use of Compressed Natural Gas, as an alternative source of fuel.

"A capital budget of N5.8bn for a ministry that is critical to achieving the Natural Gas Revolution Policy of the Federal Government and ameliorating the hardship imposed on the Masses, smacks of unseriousness."

Jarigbe further raised concerns about the lack of transparency in the activities of the Steering Committee on the Presidential Compressed Natural Gas Initiative. He highlighted that the committee had failed to brief the National Assembly on its programmes, operating with secrecy, and leaving the Ministers of State for Petroleum Resources uninformed about its activities.

He stressed the importance of aligning government programs with the provisions of the law and emphasized that neglecting vital projects in the budget might lead to fraudulent activities that would adversely affect citizens.

Additionally, the committee expressed doubts about the accountability of funds allocated for CNG advancement in the country, citing the inability of the steering committee to justify the funds received from the approved N500 billion for palliatives.

"Their activities are shrouded in secrecy and the Ministers of State, Petroleum Resources (Oil & Gas) are totally in the dark, as to the activities as well.

"As a parliament, we do not align ourselves with running government programmes in disregards of the provisions of the Law.

"We cannot achieve what Mr. President wants, without providing for the CNG-Project and other very important projects in the 2024 Appropriations Act.

"Doing so will only open a window for fraud, which will impact negatively on the citizenry. Let it be on record also that the steering committee cannot account for the funds already provided from the N500 billion approved for palliatives for the purpose of CNG advancement in the country," he said.

In response, Mr. Ekperikpe Ekpo, the Minister of State for Petroleum (Gas), revealed that the ministry received an allocation of N9.64 billion for 2024, with breakdowns for personnel, overhead costs, and capital expenditure.

(NAN)

    Leadership.

Ethiopia: Ethio-Russian Manufacturing Partnership Beacon of Success, Says Minister of Industry

Addis Ababa — The Ethio-Russia partnership in manufacturing is a beacon of collaborative success, Minister of Industry, Melaku Alebel said.

Russian business delegation led by Russia's Head of Federal Agency on Mineral Resources, Eugeny Petrov is here in Ethiopia to explore investment opportunities.

The delegation held bilateral meeting with Minister of Industry, Melaku Alebel today.

During the occasion, the minister highlighted synergies and future possibilities that lie in the collaboration between the two countries in trade and investment, manufacturing sector in particular.

This partnership marks a significant journey of collaboration, promising to shape the future of the two nations, he elaborated.

"Our journey, rooted in mutual respect and shared interests, is more than just an intersection of two nations--it's a testament to the power of unity in achieving common goals," the minister added.

Ethiopia has made strides in sustainable development, the minister said, adding the country is committed to a strategy that emphasizes inclusive and sustainable industrial development, critical to achieving national prosperity.

Moreover, Melaku added that Russia's technological prowess complements Ethiopia's dynamic economy, creating a synergy that is beneficial for both.

"Our relationship, extending beyond trade, is anchored in investment and cultural exchange, fostering a comprehensive partnership. In manufacturing sector, Ethiopia and Russia are leveraging their strengths for mutual benefit," he stated.

The minister also said Russia's role as a critical trading partner brings technology and expertise to Ethiopia, while Ethiopia offers access to one of Africa's fastest-growing markets.

Investment stands at the heart of our economic ties, with Russian interest in Ethiopia's manufacturing sector fostering industrial growth, technology transfer, and knowledge sharing, he noted.

Therefore, "the Ethio-Russia partnership in manufacturing is a beacon of collaborative success and will further this fruitful relationship," Melaku reiterated.

The delegation was also briefed on investment opportunities in Ethiopia, particularly in manufacturing sector.

    ENA.

Nigeria: Govt Mulls Seatime Policy for Nigerian Seafarers

IN a bid to ensure that Nigeria's seafarers are employable globally, the Federal Government has commenced move to release a definite policy programme that will address the issue of sea time challenges for Nigerian seafarers.

Speaking on last week in Oron, Akwa Ibom State when 157 Cadets graduated at the 2023 Cadets Graduation ceremony of the Maritime Academy of Nigeria, the Honourable Minister of Marine and Blue Economy, Gboyega Oyetola said that Nigeria's maritime industry plays a pivotal role in her economic growth and development, and it relies on the Seafarers to maintain the integrity and reputation of the industry.

Oyetola, who was represented by the Director, Maritime Safety and Security, Babatunde Bombata, said "I am deeply honoured to stand before you today as we celebrate the remarkable achievement of the youthful men and women who are about to embark on a new chapter of their lives.

"Today is not just a day of graduation; it is a day of commencement, a day that symbolizes the dedication, hard work, and resilience that these cadets have exhibited throughout their rigorous training.

"To the graduating cadets, I extend my heartfelt congratulations. You have successfully navigated the challenges of the maritime academy, proving your mettle and commitment to this noble profession.

"As you stand on the threshold of a maritime career, remember that the sea is vast and unpredictable, much like the opportunities and challenges that lie ahead. Your training here has equipped you with the knowledge and skills needed to navigate these waters with precision and expertise.

"The maritime industry plays a pivotal role in the economic growth and development of our nation and it relies on individual like you to maintain the integrity and reputation of the industry.

"I also want to acknowledge the dedication of the staff of the Academy for their unwavering commitment to shaping the future leaders of our maritime sector. Your guidance has been instrumental in nurturing these cadets into skilled and responsible professionals.

"Let me also assure you that the commitment of this administration to the transformation of the maritime industry is genuine. It is considered as one of the key drivers of the renewed hope agenda, therefore, prioritizing the maritime sector is a strategic move that can yield multifaceted benefits, impacting economic, social, and environmental aspects while contributing to the overall development and competitiveness of a nation and can provide Economic Growth; Job Creation; Trade Facilitation; Diversification of the Economy.

"Ladies and gentlemen, I am still receiving briefing from both within and outside the Ministry on the issues of challenges of placing our cadets on sea-time and I assure you that a definite policy programme would be produced to resolve this. This would no doubt help in closing the gap for the manpower in the maritime sector.As you are aware, the present administration has created a new Ministry for Marine and Blue Economy with the aim of promoting sustainable harnessing of our ocean resources.

"Therefore, all hands must be on deck to reposition the Ministry in line with global best practices. In conclusion, I have full confidence that the graduating cadets will make significant contributions to the maritime industry, elevating its standards and fostering a culture of excellence. Your success will not only be a testament to your abilities but also a source of pride for our nation.

"Once again, congratulations to the Graduates, may your sails be filled with the winds of success, and may you navigate the seas of life with courage, integrity, and a steadfast commitment to excellence."

Speaking earlier, the Rector of MAN Oron, Commodore Duja Effedua (Rtd), encouraged the new graduates to display high-level professionalism and humility in their careers.

Effedua stressed that the Academy was at par or superior to most maritime training institutions around the world in terms of the state-of-the-art facilities and technologies.

"Every course that is done abroad for pre-sea training is also done at the Academy and the facilities we have are first-class. We also offer simulator based courses which aren't done in any other country in West Africa.

"MAN Oron is presently on the White List of the International Maritime Organization (IMO). Abuja MoU recognizes us..We have so many MAN Oron cadets all around the world. IMO donates books frequently because they recognize us," the Rector said.

The Rector noted that the Academy is considering night-time programmes and other alternative programmes to cater for the massive influx of students, disclosing that the Academy is already oversubscribed for the 2024 academic year.

On his part, the President, National Association of Master Mariners, Capt. Tajudeen Alao, urged the Rector of the Academy to fine tune the Academy's curriculum to meet current realities.

According to him, the Academy has prepared the Cadets for a great career and enormous opportunities in the Blue Economy.

He also urged them to be good ambassador of the country and shun vices even as the association donated N100,000 each to best graduating cadets in both National Diploma and Higher National Diploma.

"The Industry is further challenging you to quickly fine tune the Academy Curriculum because the world is transforming from Green Economy to Blue Economy. The challenges ahead are enormous. There would be tough times always. There would be frustration tendencies. There would be temptation to give up. But always remember that the Academy has moulded your character to stand up to these challenges.

"The Academy has prepared you for the vagaries of the Seas- rough weather and japa tendencies - abandon ship abroad to marry locals, and temptations on the job social vices of drug peddling, arms smuggling, human trafficking and cargo theft. More importantly, the Academy has prepared you for a great career and enormous opportunities in the Blue Economy.

"Remember that you are Ambassadors of MAN Oron and Nigeria, wherever your ships sail to world wide, please do not cause pollution of the Ocean in the course of discharging your duties onboard.

Always keep these golden points to your chest that success comes with hardwork - not luck, not shortcut; Patience..is a price to pay for a successful career, otherwise you loose out," the NAMM National President stated

    Vanguard.

Nigeria: Indigenous Oil Producers Seek Review of PIA

The Independent Petroleum Producers Group (IPPG), has called for review of critical aspects of the Petroleum Industry Act (PIA) to strengthen the regulatory framework and competitiveness of the fiscal regime.

The amendment, the group believes will enhance security across the Niger Delta and expedite the conclusion of ongoing International Oil companies' (IOCs) divestments as well as sustain the implementation of the "Decade of

Gas" policy and holistically addressing inherent inefficiencies within the industry.

The IPPG further said that the group's immediate concern as a matter of urgent industry priority is the creation of a conducive and enabling business environment to enhance the competitiveness of the industry.

Speaking at the 2023 Annual Dinner held in Lagos, chairman of IPPG, Abdulrazaq Isa, said that attracting the level of investment required to fully optimise the country's production base will require focus on some key priorities in the short to medium term.

"The key priority areas include amending critical aspects of the Petroleum Industry Act (PIA) to strengthen the regulatory framework and competitiveness of the fiscal regime; enhancing security across the Niger Delta; expediting the conclusion of ongoing International Oil companies' (IOCs) divestments; sustaining the implementation of the "Decade of Gas" policy and holistically addressing inherent inefficiencies within our industry which has driven costs to astronomical levels", Isa said.

Despite the challenges, the IPPG chairman is optimistic about the industry's future. He emphasised the non-negotiable goal of achieving production targets by the turn of the decade and called for collaboration with the government and other stakeholders to optimise growth opportunities, emphasising the importance of sustained advocacy efforts in 2024.

"Based on the vast hydrocarbon resources at our disposal and the ongoing global decarbonisation drive, achieving production targets of 4mmb/d of oil and 12 bcf/d of gas by the turn of the decade should be non-negotiable", Isa stated.

Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, while assuring all stakeholders in the petroleum sector that they do not need to see him personally to get things done, appealed to IPPG members to support President Tinubu's quest to achieve the 2 million bpd target.

"IPPG is a critical institution for Nigeria's energy future. We will prioritise IPPG members who have proven oil assets during the next marginal field bid rounds," Lokpobiri said.

In her special goodwill message at the event, Olu Verheijen, Special Adviser to the President on Energy, revealed that President Tinubu has approved an Import Duty Waiver to promote the utilisation and supply of gas in the domestic market, covering equipment related to Compressed Natural Gas (CNG) and Liquified Petroleum Gas (LPG).

She also shared insights from her recent stakeholder engagements.

"From my engagements with leading international and independent oil and gas companies operating in Nigeria, there are massive investment opportunities for the energy sector, estimated at $55.2 billion projected by 2030, of which $13.5 billion is expected to be invested by these companies in 12 months' time", Verheijen said.

In his brief remarks, the governor of Lagos State, Babajide Sanwo-Olu, assured IPPG of the state government's commitment to support them in their endeavours especially as their progress will ultimately create positive impact and rub off on the progress of the state.

Engr. Noimot Salako-Oyedele, the deputy governor of Ogun State who represented Governor Dapo Abiodun of Ogun State, said that despite the global call for energy transition from fossil fuel to cleaner resources, there are indications that oil and gas will remain relevant in Nigeria and other countries for a much longer time.

The 2023 IPPG Annual Dinner had key government officials and influential industry stakeholders in attendance.

    Leadership.

Apple halts some Watch sales in the US

Apple will stop selling its latest watches in the US, after the US found it had violated patent rights.

An order barring sales and imports of watches with the disputed blood oxygen feature is due to go into effect on 26 December.

Apple has said it plans to appeal the decision but would "pre-emptively" remove the devices from its US site 21 December and from stores in the country after Christmas Eve.

Sales elsewhere are not affected.

"Apple strongly disagrees with the order and is pursuing a range of legal and technical options to ensure that Apple Watch is available to customers," Apple said.

The issue stems from a dispute with California-based medical device firms Masimo and spin-off Cercacor, which have accused the iPhone giant of poaching key staff and taking other steps to steal technology it developed to measure oxygen levels in the blood.

Most versions of the company's smart watches, including the Series 9 and Ultra 2, have included the feature since 2020. The SE model of the watch does not.

In October, the US's International Trade Commission said it agreed that Apple had violated some patent rights and issued an order barring certain imports.

At the time Masimo chief Joe Kiani said it sent a "powerful message that even the world's largest company is not above the law".

The International Trade Commission order is subject to a 60-day review by the president, who has the power to veto the decision.

That review period is due to end 25 December.

Intervention is typically rare, though former president Barack Obama did intervene on behalf of Apple in a different dispute in 2013.

Apple has also said it will appeal the International Trade Court decision and ask for the order to be suspended while the appeal is decided.

The dispute is part of a broader fight with Masimo over the oxygen technology.

Apple has separately filed its own claims of patent infringement against Masimo.

A jury trial over Masimo's claims of theft ended in a mistrial earlier this year.

Apple shares fell more than 1% on the news, though analysts said the timing would allow holiday sales to proceed without serious damage.

The company's wearables division, which includes the Watch, accounted for nearly $40bn, or about 10% of the firm's overall sales in the 12 months ended 30 September.-bbc

BP pauses all Red Sea shipments after rebel attacks

Oil giant BP will pause all shipments of oil through the Red Sea after recent attacks on vessels by Houthi rebels.

The firm blamed the "deteriorating security situation" in the region as Iran-backed Houthis target ships they believe are bound for Israel.

Many freight firms have suspended journeys as the attacks continue.

Following BP's announcement the US said it would lead an international naval operation to protect ships along the route.

Countries joining the security group include the UK, Canada, France, Bahrain, Norway and Spain.

In a statement, US defence secretary Lloyd Austin said: "The recent escalation in reckless Houthi attacks originating from Yemen threatens the free flow of commerce, endangers innocent mariners, and violates international law."

BP said it would keep its "precautionary pause under ongoing review" and monitor the region.

Analysts suggested that if other large oil firms follow suit, oil prices could rise.Oil prices were higher on Monday, with international benchmark Brent trading up 2.6% to almost $79 a barrel.

"Right now it's unclear how significant the impact will be," said Gregory Brew, an oil historian and analyst at Eurasia Group.

"Though if more shipping companies divert their traffic, and if the disruption lasts more than a week or two, prices are likely to climb further."

The Red Sea is one of the world's most important routes for oil and liquefied natural gas shipments, as well as for consumer goods.

Analysis by S&P Global Market Intelligence found that nearly 15% of goods imported into Europe, the Middle East and North Africa were shipped from Asia and the Gulf by sea. That includes 21.5% of refined oil and more than 13% of crude oil.

"Consumer goods will face the largest impact, though current disruptions are occurring during the off-peak shipping season," said Chris Rogers from S&P Global Market Intelligence.

On Monday, one of the world's largest shipping firms said it would no longer carry Israeli cargo via the Red Sea.

In an update seen by the BBC, Evergreen Line, said: "For the safety of ships and crew, Evergreen Line has decided to temporarily stop accepting Israeli cargo with immediate effect, and has instructed its container ships to suspend navigation through the Red Sea until further notice."

The Houthi rebels are targeting ships travelling through the Bab al-Mandab Strait - also known as the Gate of Tears - which is a channel 20 miles (32km) wide, and known for being perilous to navigate.

The rebels have declared their support for Hamas and have said they are targeting ships travelling to Israel, using drones and rockets against foreign-owned vessels.

Instead of using the Bab al-Mandab Strait, ships will now have to take a longer route navigating around southern Africa, potentially adding about 10 days to the journey and costing millions of dollars.

Israel launched a military campaign in Gaza following the 7 October attacks by Hamas that killed 1,200 people. The Hamas-run health ministry in Gaza said more than 18,700 have been killed since the start of the war.

It is not clear if all the ships Houthi rebels have attacked were actually heading to Israel.

In the most recent reported assault, the owner of the MT Swan Atlantic said the ship was hit by an "unidentified object" on Monday while in the Red Sea off Yemen despite there being no links to Israel.

Inventor Chemical Tankers said: "For the record, there is no Israeli link in the ownership (Norwegian), technical management (Singapore) of the vessel nor in any parts of the logistical chain for the cargo transported."

Chart showing various shipping routes

Attacks on ships have intensified in recent days, leading to shipping firms suspending travel through the strait which sits between Yemen on the Arabian Peninsula and Djibouti and Eritrea on the African coast.

It is the route by which ships can reach the Suez Canal from the south - itself a major shipping lane.

Maersk, the world's second-biggest shipping firm, described the situation as "alarming" on Friday after a "near-miss" incident involving Maersk Gibraltar and another attack on a container ship.

It was followed by Mediterranean Shipping Company (MSC), the world's largest shipping group, which said it would also divert its ships from the area.

Its container ship, MSC PALATIUM III, was attacked on Friday as it was transiting the Red Sea. There were no injuries to the crew, but the ship has been taken out of service.

CMA-CGM has also stopped shipments through the region, and Reuters has reported that Belgian oil tanker firm Euronav and Norway-based tanker group Frontline would both avoid Red Sea routes.

On Monday, Inventor Chemical Tankers confirmed that the MT Swan Atlantic was targeted while travelling from France to Réunion Island in the Indian Ocean.

The company said there were no injuries to its Indian crew, adding that the "crew and the ship are now assisted by the US navy and will be brought to safety under protection by naval forces".

Germany's Hapag-Lloyd said it was re-routing several ships via the Cape of Good Hope, until passage through the Red Sea "will be safe again for vessels and their crews".

Evergreen Line said that any container ships on longer journeys between Asia and the Mediterranean, Europe or the east coast of the US would also be diverted around the Cape of Good Hope.

Peter Sand, chief analyst at freight rate data company Xeneta, said shipping firms would now be contacting customers to let them know that cargo was being delayed, adding that there was "definitely a price to pay for a situation like this".

He said the industry would also face knock-on effects such as higher insurance premiums, but he said that it was in a much better position to deal with an unfolding crisis than it was when the huge Ever Given ship blocked the Suez Canal in 2021, with Covid-related supply chain issues having eased up.

Sue Terpilowski of the Chartered Institute of Logistics and Transport also pointed out that in addition to extra fuel costs and time, the war-risk insurance costs are going up "exponentially", with customers facing higher prices being passed on to them too.-bbc

US Steel to be bought by Japan's Nippon in $15bn deal

Japanese steel giant Nippon has announced plans to buy US Steel in a deal worth nearly $15bn (£12bn).

The purchase would create one of the world's biggest steel companies outside of China and resolve questions about the future of the storied US firm.

It has been looking for a buyer since August, when it rejected a smaller, unsolicited bid from a US rival.

The United Steelworkers union called the deal "shortsighted" and said it would work to block the takeover.

Created in 1901 by business titans Andrew Carnegie and JP Morgan, US Steel at its height was one of the biggest companies in the world, powered by America's growth and industrialisation.

But like the wider US steel industry, its dominance has eroded over decades in the face of cheaper foreign competition.

Today it employs more than 22,000 people globally, including more than 14,000 in the US.

The larger Nippon said the purchase would enhance its long-term growth prospects by expanding its footprint in the US, where the industry is expected to grow, boosted by recent government investments in infrastructure and electric cars.

Nippon said it would honour existing contracts with US Steel union workers and the company would retain its name, brand and headquarters in Pittsburgh.

"[Nippon has] a proven track record of acquiring, operating, and investing in steel mill facilities globally," said US Steel chief David Burritt, adding he was confident that the combination was "best for all".

"Today's announcement also benefits the United States - ensuring a competitive, domestic steel industry, while strengthening our presence globally," he said.

But the union representing steelworkers said it did not want to see the company sold to a foreign buyer.

"We remained open throughout this process to working with US Steel to keep this iconic American company domestically owned and operated, but instead it chose to push aside the concerns of its dedicated workforce and sell to a foreign-owned company," said United Steelworkers president David McCall.

"To say we're disappointed in the announced deal between US Steel and Nippon is an understatement, as it demonstrates the same greedy, shortsighted attitude that has guided US Steel for far too long."

US Steel said it expected the purchase to be completed in the second or third quarter of next year.

The boards of both companies have already approved the deal, which will now go to shareholders and regulators.

Under the terms announced on Monday, Nippon has agreed to pay $55 per share and take on the company's debt, a deal worth $14.9bn together.

The deal values US Steel shares at more than double the price they fetched when the review began.

It is also higher than an offer made by US-based Cleveland Cliffs of more than $7bn, which the union had supported.

Mr McCall said the union would urge regulators to scrutinise the transaction to see if it "serves the national security interests of the United States and benefits workers".

The union has proven to be a powerful political force in recent years, helping to convince former US President Donald Trump to put tariffs on steel from many foreign countries to protect the domestic industry.

President Joe Biden has kept many of those measures in place, while rolling back some, including on Japan.

Analyst Gerald Johnson, chief executive at GLJ Research, said the introduction of a new player - Nippon - into the US steel industry is likely to make it more competitive, and could lead to layoffs eventually.

But while the government is likely to review the deal, Mr Johnson said he did not expect it to block it, given the high price that Nippon has agreed.

Shares in US Steel surged, while Nippon's fell after the announcement.

Mr Johnson said Nippon was "grossly overpaying" noting that US steel had been "underperforming" for many years.

He said Nippon could stomach paying more in part because of lower financing costs in Japan.-bbc

Amazon to make Warhammer 40,000 shows and movies

The makers of Warhammer 40,000, have finalised a deal with Amazon to bring the characters and stories to the big screen.

The British actor Henry Cavill - best known for playing Superman - will be an executive producer and has signed up to appear in the project.

Warhammer simulates battles between armies of miniature painted models.

The deal gives Amazon the rights to hire talent, and to make film and TV projects.

"Now comes the fun part: working out all the creative details with our partners and getting the first script written and into production. What Warhammer 40,000 stories should we tell first? Should we kick off with a movie or a TV show? Both?!" Games Workshop said in statement.

The streamer, also known for TV series The Lord of the Rings: The Rings of Power TV, based on the fantasy novels of J.R.R. Tolkein, has enjoyed continued success after the pandemic, which saw sales of its toy figurines surge.

Shares in the company rose after the deal was confirmed.

The announcement comes a year after the British company first said it was in talks to team up with Amazon.

A team of screenwriters is currently being put together to bring the Warhammer universe to the screen, the company said on its community website.

The first Games Workshop store opened in Hammersmith in 1978 and began producing miniature wargaming models.

‘Why Henry Cavill is right about Warhammer’

Royal Mail issues Warhammer 40th birthday stamps

Warhammer sees sales surge despite shop closures

Over the decades Games Workshop has cultivated a fanbase of millions.

Collectors build large forces of miniature plastic gaming models, which can cost more than £100 each.

A miniature can be made up of hundreds of pieces which must be fitted together and then painted with colours such as "flesh" and "bone".

This can be used to play out clashes on a "tabletop" battlefield at home or at events, although some fans never play and instead compete to show off their creative versions of the models.

Millions of people around the world play Warhammer, and the worldwide "tabletop" games sector that the fantasy game is part of is worth around £8.6bn, according to the consumer data firm Statista, with new entrants able to raise funds from enthusiasts through platforms such as Kickstarter.

As well as greenlighting the production of Warhammer 40,000 films and TV series, the deal gives Amazon the option to licence the rights to other Warhammer franchises further down the line.

Games Workshop will spend twelve months working with Amazon to agree "creative guidelines" for the films and series.

Production will only proceed once those guidelines are agreed.-bbc

Southwest Airlines fined $140m for holiday meltdown

Southwest Airlines has been fined a record $140m (£110m) by the US Department of Transportation (DOT) over its operational meltdown in 2022.

The penalty is about 30 times larger than any other previous fine levelled against an airline in US history.

Millions were left stranded after Southwest cancelled more than 16,900 flights during a busy week of holiday travel last winter.

US officials said the fine "sets a new precedent and sends a clear message".

"If airlines fail their passengers, we will use the full extent of our authority to hold them accountable," said Transportation Secretary Pete Buttigieg in a statement on Monday.

The majority of the fine will go towards compensating future Southwest passengers affected by cancellations or delays caused by the airline, while $35m will be paid to the government.

As part of the compensation fund, the Department of Transportation has mandated Southwest to issue passengers a $75 flight credit voucher if their arrival is delayed more than three hours for reasons within Southwest's control.

In a news release on Monday, Southwest said it was pleased to have reached this settlement with US officials.

The company added that it has learned from last year's travel meltdown and has made changes to improve its customer service.

The $140m fine is in addition to around $600m in refunds and reimbursements that the airline has been forced to pay to passengers impacted by last year's mass cancellations.

DOT also announced it will be closing its investigation into whether the travel disruptions were caused by an unrealistic flight schedule set out by Southwest, saying it was unable to reach a firm conclusion.

Southwest has said it was cooperating with the investigation, which was launched in January.

"I can't say it enough. We messed up," CEO Bob Jordan told CNBC at the time.-bbc

Invest Wisely!

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INVESTORS DIARY 2023

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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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