Major International Business Headlines Brief::: 03 January 2023
Bulls n Bears
info at bulls.co.zw
Tue Jan 3 14:03:38 CAT 2023
<https://bullszimbabwe.com/>
<http://www.bullszimbabwe.com> Bullszimbabwe.com
<mailto:info at bulls.co.zw?subject=View%20and%20Comments> Views & Comments
<https://bullszimbabwe.com/category/blogs/bullish-thoughts/> Bullish
Thoughts <http://www.twitter.com/BullsBears2010> Twitter
<https://www.facebook.com/BullsBearsZimbabwe> Facebook
<http://www.linkedin.com/pub/bulls-n-bears-zimbabwe/57/577/72> LinkedIn
<https://chat.whatsapp.com/CF6wllAfScU9Wr6dXxoQnO> WhatsApp
<mailto:info at bulls.co.zw?subject=Unsubscribe> Unsubscribe
Major International Business Headlines Brief::: 03 January 2023
<https://wwww.nedbank.co.zw/>
ü Tesla says it delivered record 1.3 million vehicles in 2022
ü Third of world in recession this year, IMF head warns
ü Train strikes: People returning to work face more strikes
ü Dubai scraps 30% alcohol tax and licence fee in apparent bid to boost
tourism
ü The long journey to getting Trump's taxes released
ü Hershey sued in US over metal in dark chocolate claim
ü Third of world in recession this year, IMF head warns
ü Shops face challenging year ahead, says industry body
ü Energy bills: Big energy suppliers make small changes to bills
ü New Year's Eve parties hit by rail strikes and cost of living
ü South Africa: Govt Enters Final Stage of Scrapping E-Tolls - South
African News Briefs - January 3, 2023
ü Africa: One-Third of Global Economy May Slip Into Recession in 2023 - IMF
ü Seychelles: Only Two Shoe Cobblers Left in Seychelles - Will the
Profession Die Out?
ü Nigeria: 27 Days to Retirement of Old Naira Notes, Analysts Urge CBN to
Intensify Awareness
ü Nigeria's Agricultural Sector Surged By 18.33% in Three Quarters of 2022
<mailto:marketing at willdale.co.zw>
Tesla says it delivered record 1.3 million vehicles in 2022
Electric car maker Tesla says it delivered a record 1.3m vehicles last year,
40% more than in 2021.
It comes after the company delivered more than 405,000 vehicles in the last
three months of 2022.
However, that figure missed Wall Street forecasts of around 430,000
deliveries for the period.
This year the motor industry is expected to face slowing demand as potential
customers worry about rising interest rates and recession concerns.
In a statement to investors, Tesla said it had to deal with "significant
Covid and supply chain related challenges throughout the year".
Meanwhile, on Tuesday authorities in South Korea said they would fine Tesla
$2.2m (£1.8m) for failing to tell its customers about the shorter driving
range of its electric vehicles in low temperatures.
The Korea Fair Trade Commission said the company had exaggerated the
"driving ranges of its cars on a single charge, their fuel
cost-effectiveness compared to gasoline vehicles as well as the performance
of its Superchargers".
Tesla did not be immediately respond to a BBC request for comment.
Highlighting the logistics issues faced by the world's most valuable car
maker, deliveries in the fourth quarter of the year were about 34,000 fewer
than Tesla produced.
The shortfall is unusual for Tesla, as it had previously managed to deliver
about as many vehicles as it produced.
In October chief executive Elon Musk said he was working to resolve the
issue.
Like other car makers, in the year ahead Tesla faces the challenge of the
potential of slowing demand for vehicles as customers deal with rising
borrowing costs and concerns about an economic slowdown.
Tesla also faces competition from traditional motor manufacturing giants
such as Ford and General Motors, as well as newer entrants to the market
like Rivian and Lucid in the US and China's BYD and Nio.
The company is scheduled to announce financial results for the fourth
quarter of 2022 and the year as a whole on 25 January.
Tesla said in a separate statement that it plans to host its Investor Day on
1 March and livestream the event from its Gigafactory in Texas.
"Our investors will be able to see our most advanced production line as well
as discuss long term expansion plans, generation 3 platform, capital
allocation and other subjects with our leadership team," the company said.
Tesla's shares fell by 65% in 2022 - its worst year since going public in
2010 - as investors worried about disruptions to production, concerns over a
slowdown in demand and Mr Musk's focus on Twitter.
The multi-billionaire bought the social media platform at the end of October
for $44bn (£36.4bn) and has spent much of his time since then trying to turn
the business around.-bbc
Third of world in recession this year, IMF head warns
A third of the global economy will be in recession this year, the head of
the International Monetary Fund (IMF) has warned.
Kristalina Georgieva said 2023 will be "tougher" than last year as the US,
EU and China see their economies slow.
It comes as the war in Ukraine, rising prices, higher interest rates and the
spread of Covid in China weigh on the global economy.
In October the IMF cut its global economic growth outlook for 2023.
"We expect one third of the world economy to be in recession," Ms Georgieva
said on the CBS news programme Face the Nation.
"Even countries that are not in recession, it would feel like recession for
hundreds of millions of people," she added.
Katrina Ell, an economist at Moody's Analytics in Sydney, gave the BBC her
assessment of the world economy.
"While our baseline avoids a global recession over the next year, odds of
one are uncomfortably high. Europe, however, will not escape recession and
the US is teetering on the verge," she said.
China to begin reopening to the world in January
What is the IMF and why does it matter?
The IMF cut its outlook for global economic growth in 2023 in October, due
to the war in Ukraine as well as higher interest rates as central banks
around the world attempt to rein in rising prices.
Since then China has scrapped its zero-Covid policy and started to reopen
its economy, even as coronavirus infections have spread rapidly in the
country.
Ms Georgieva warned that China, the world's second largest economy, would
face a difficult start to 2023.
"For the next couple of months, it would be tough for China, and the impact
on Chinese growth would be negative, the impact on the region will be
negative, the impact on global growth will be negative," she said.
The IMF is an international organisation with 190 member countries. They
work together to try to stabilise the global economy. One of its key roles
is to act as an early economic warning system.
Ms Georgieva's comments will be alarming for people around the world, not
least in Asia which endured a difficult year in 2022.
Inflation has been steadily rising across the region, largely because of the
war in Ukraine, while higher interest rates have also hit households and
business.
Figures released over the weekend pointed to weakness in the Chinese economy
at the end of 2022.
The official purchasing managers' index (PMI) for December showed that
China's factory activity shrank for the third month in a row and at the
fastest rate in almost three years as coronavirus infections spread in the
country's factories.
In the same month home prices in 100 cities fell for the sixth month in a
row, according to a survey by one of the country's largest independent
property research firms, China Index Academy.
On Saturday, in his first public comments since the change in policy,
President Xi Jinping called for more effort and unity as China enters what
he called a "new phase".
The downturn in the US also means there is less demand for the products that
are made in China and other Asian countries including Thailand and Vietnam.
Higher interest rates also make borrowing more expensive - so for both these
reasons companies may choose not to invest in expanding their businesses.
The lack of growth can trigger investors to pull money out of an economy and
so countries, especially poorer ones, have less cash to pay for crucial
imports like food and energy.
In these kinds of slowdowns a currency can lose value against those of more
prosperous economies, compounding the issue.
The impact of higher interest rates on loans affects economies at the
government level too - especially emerging markets, which may struggle to
repay their debts.
For decades the Asia-Pacific region has depended on China as a major trading
partner and for economic support in times of crisis.
Now Asian economies are facing the lasting economic effects of how China has
handled the pandemic.
The manufacture of products such as Tesla electric cars and Apple iPhones
may get back on track as Beijing ends zero-Covid.
But renewed demand for commodities like oil and iron ore is likely to
further increase prices just as inflation appeared to have peaked.
"China's relaxed domestic Covid restrictions are not a silver bullet. The
transition will be bumpy and a source of volatility at least through the
March quarter," Ms Ell said.
Bill Blaine, strategist and head of alternative assets at Shard Capital,
described the IMF's warning as "a good wake up and smell the coffee moment".
"Even though labour markets around the world are fairly strong, the kind of
jobs being created are not necessarily high paying and we're going to have a
recession, we are not going to see interest rates fall as rapidly as the
markets think," he told BBC Radio 4's Today programme.
"That's going to create a whole series of consequences that will keep
markets on tenterhooks for at least the first half of 2023."-bbc
Train strikes: People returning to work face more strikes
People returning to work after the Christmas break are being urged to avoid
travelling by rail this week because of strikes.
Walkouts in an ongoing row over pay and conditions are set to disrupt
services from Tuesday to Saturday.
Network Rail urged passengers to avoid travelling, with 20% of trains
running.
RMT union leader Mick Lynch apologised for the action "dragging on" but
accused the government of "doing nothing" about the dispute.
This week's walkouts are the latest in a series of strikes across the rail
network that have caused major disruption.
RMT union members are holding two 48-hour strikes - on 3-4 and 6-7 January -
after they rejected offers in a dispute over pay, job security and working
conditions.
Train drivers in the Aslef union are striking at 15 rail companies on 5
January in a dispute over pay.
Services across England, Scotland and Wales could be affected by the
strikes.
Network Rail boss Tim Shoveller told the BBC the train capacity available
was "for those that really need to travel".
The Rail Delivery Group (RDG), which represents the train operating
companies, also urged people only to travel if "absolutely necessary".
Trains that do run will start later and finish much earlier than usual, with
services typically running between 7:30am and 6.30pm on the days of the
strike.
There may also be some knock-on disruption to services on 8 January.
This week's walkouts involve around 40,000 RMT members on Network Rail and
14 train operators.
The RMT's general secretary Mr Lynch has insisted that his members wanted a
settlement, not further disruption.
Speaking from the picket line at London's Euston station, he said the
government was "blocking" a settlement and had "torpedoed" negotiations with
rail companies.
"I've set out to them [the government] the sort of moves that we need to do.
The companies know what's involved," he told the BBC.
"But in effect, the government torpedoed talks to train operating company by
putting conditions into the documentation that they know we can never
accept."
However, Transport Secretary Mark Harper said he had "made sure" there had
been a new and improved offer put to trade unions, which two other unions
had accepted.
"I would much rather they got off the picket line and got back round the
negotiating table to hammer out a deal on reform and pay with the
employers," he said.
Network Rail said its deal put forward to the RMT was "fair and reasonable",
and urged the union to "sit down with us" and revisit it.
Mr Shoveller told the BBC's Today programme that the company had
demonstrated that disputes could be resolved after it agreed pay deals with
two other rail unions before Christmas.
He said bosses wanted to work with the RMT to "make clarifications" where
elements of the deal had been "misunderstood", adding it required "just
2,000 to change their vote and the deal will pass".
"The truth is we need to make about 1,850 redundancies to reduce our costs
and we know how we can do that safely," he said.
"We have over 3,000 volunteers to leave so that's why we have been able to
give a guarantee of no compulsory redundancies to any of our staff until
2025, so there's no danger of anyone being forced to leave."-bbc
Dubai scraps 30% alcohol tax and licence fee in apparent bid to boost
tourism
Dubai has scrapped its 30% alcohol tax in an apparent bid to boost tourism.
It will also stop charging for personal alcohol licences - something
residents who want to drink at home must have.
Dubai has been relaxing laws for some time, allowing the sale of alcohol in
daylight during Ramadan and approving home delivery during the pandemic.
This latest move is thought to be an attempt to make the city more
attractive to foreigners, in the face of competition from neighbours.
The two companies which distribute alcohol in Dubai, Maritime and Mercantile
International (MMI), and African & Eastern, said they would reflect the cut
in tax for consumers.
"Since we began our operations in Dubai over 100 years ago, the emirate's
approach has remained dynamic, sensitive and inclusive for all," MMI
spokesman Tyrone Reid told AP.
"These recently updated regulations are instrumental to continue ensuring
the safe and responsible purchase and consumption of alcoholic beverages in
Dubai and the UAE."
It is not clear if the move, which took effect on Sunday, will be permanent.
The Financial Times described the move as a one-year trial, citing "industry
executives informed of the decision".
Expatriates outnumber nationals by nine to one in Dubai, known as the Gulf's
"party capital", and residents commonly drive to Umm al-Quwain and other
emirates to buy alcohol in bulk.
Dubai has historically managed to attract more tourists and wealthy foreign
workers than its neighbours, in part because of its tolerance of a more
liberal lifestyle.
But now it faces increasing competition from rivals developing their
hospitality and finance sectors.
Non-Muslim residents in Dubai must be at least 21 years old to drink,
transport or store alcohol at home and have an alcohol licence - a plastic
card issued by police.-bbc
The long journey to getting Trump's taxes released
Former President Donald Trump's tax returns have been released, ending a
bitter six-year long battle to gain greater insights into his finances.
The returns stretch from 2015 through 2020, covering Mr Trump's candidacy
and time in the White House.
They give details of various entities through which he would have paid tax,
including holdings companies and personal income.
The BBC is reviewing the documents.
Responding to Friday's release of thousands of pages of tax returns, Mr
Trump's camp warned that the disclosure will lead to the US political divide
becoming "far worse".
"The Democrats should have never done it, the Supreme Court should have
never approved it, and it's going to lead to horrible things for so many
people," his statement said.
Ever since his entry into politics, critics have been keen to get Mr Trump -
whose foundational pitch to voters had been that his business success made
him the best choice to run the country - to show what his wealth actually
looked like.
He had steadfastly refused.
Democrats who control the House of Representatives and oversaw the release
argued that it was a necessary act of oversight.
Representative Don Beyer, a member of the House Ways and Means Committee
which released the documents, said on Friday that Mr Trump "abused the power
of his office to block basic transparency on his finances and conflicts of
interest which no president since Nixon has foregone."
The committee also found that the Internal Revenue Service - the US federal
entity charged with tax collection - failed to audit Mr Trump during his
first two years in office, and only began doing so after congressional
oversight proceedings were started in 2019.
Here's what it took to get to the disclosures made public.
Trump defies tradition
For decades, presidential candidates and officeholders have released their
tax returns to the public in the interest of transparency and
accountability.
The longstanding tradition is "mainly about trying to ensure the public that
the president is operating free of conflicts and entanglements, and taxes
are sort of the window into the financial soul of someone," said Steve
Rosenthal, senior fellow at the nonpartisan Tax Policy Center.
But Mr Trump "crashed all the norms," Mr Rosenthal said, by refusing to
release his tax returns as a candidate when he ran for office in the 2016
presidential election.
His fierce insistence on the matter invited scrutiny and speculation among
critics that he had something to hide - could it be that Mr Trump was not as
rich as he claimed, some asked, or that he had paid less tax than he should?
Supporters, meanwhile, backed his right to his privacy. After all, there is
no legal requirement for a candidate to release their tax returns.
New York Times investigations
But over the course of his presidency and afterward, the public has
gradually come to gain some insight into Mr Trump's personal tax history.
A great deal of those revelations come from an investigation published by
the New York Times in 2020, which obtained two decades of Mr Trump's tax
returns from before his time in office. The documents gave unprecedented
insight into Mr Trump's businesses.
They revealed he paid little to no federal income taxes over that period,
and that Mr Trump had reported in his tax filings that his businesses lost
significant amounts of money - despite his public boasts of financial
success. In 2017, the Times reported, Trump paid just $750 (£623) in federal
income tax despite being a billionaire.
The New York Times reporting "calls into question whether he's a
billionaire, or is there some trick he uses to avoid pay taxes, legal or
not," Mr Rosenthal said.
Trump tower
IMAGE SOURCE,REUTERS
Taking the fight to the Supreme Court
Meanwhile, in Washington, Democrats began using their powers to conduct
oversight of Mr Trump once they gained control of the House of
Representatives in early 2019.
The Ways and Means Committee fought for three years to obtain Mr Trump's tax
returns.
The fight went all the way to the US Supreme Court this year, and in
November, the justices refused to block the release of Mr Trump's tax
returns to the committee, thereby paving the way for their release.
On 21 December, the committee voted to release the tax returns they had
obtained to the public, with the vote splitting along party lines.
Trump tax returns will be made public, panel votes
Supreme Court clears Congress to see Trump taxes
Trump business losses sharply reduced his tax bill
Friday's release of the tax documents come mere days before Republicans are
set to take over control of the House of Representatives, potentially
signalling the end of any continued pursuit of looking into Mr Trump's
finances for the foreseeable future.
It is possible that the US Senate, which is controlled by Democrats, could
continue investigations.-bbc
Hershey sued in US over metal in dark chocolate claim
Chocolate manufacturer Hershey has been sued in the US over claims the firm
is selling products containing harmful levels of metal.
The lawsuit brought by Christopher Lazazzaro alleges the firm misled
consumers by failing to disclose the quantities of lead and cadmium in three
dark chocolate bars.
He claimed he would not have purchased the products if he had been aware.
Hershey's did not immediately respond to a request for comment.
Some studies suggest that the antioxidants and relatively low levels of
sugar in dark chocolate could help prevent heart disease.
But the lawsuit refers to recent findings by US magazine Consumer Reports
(CR), which tested 28 dark chocolate bars for lead and cadmium.
The magazine alleged that 23 of them, including chocolate from Hershey,
Godiva and Lindt, contained "comparatively higher levels" of the metals.
"For 23 of the bars, eating just an ounce (28g) a day would put an adult
over a level that public health authorities and CR's experts say may be
harmful for at least one of those heavy metals," it claimed.
In particular, Hershey's Special Dark bar and Lily's 70% bar were high in
lead, while Lily's 85% bar was high in lead and cadmium.
"Any food can contain heavy metals if they are present in the soil in high
concentration," nutritionist Sheeba Majmudar told the BBC.
"Currently there are no food laws stating that all food batches need to be
tested - until they make you sick. While no level of toxins is safe, it is
always the 'buyer beware' slogan that comes to mind," she added.
Mr Lazazzaro's lawsuit, filed on Wednesday in a federal court in New York,
alleges that he would not have bought or wanted to pay less for the
Hershey's Special Dark Mildly Sweet Chocolate, Lily's Extra Dark Chocolate
70% Cocoa and Lily's Extreme Dark Chocolate bars.
Hershey bought low-sugar treat maker Lily's last June, calling it "a great
addition to Hershey's growing portfolio of better-for-you snacking brands".
"Consumers rely on [Hershey] to be truthful regarding the ingredients," the
lawsuit argues.
It adds that "people are concerned with what is in the food that they are
putting into their bodies," while parents and caregivers are "concerned with
what they are feeding to children in their care".
Mr Lazazzaro is seeking at least $5m (£4.2m) in damages from Hershey in the
proposed class action lawsuit.
Both Hershey and Mr Lazazzaro's lawyers did not immediately respond to BBC
requests for comment.-bbc
Third of world in recession this year, IMF head warns
A third of the global economy will be in recession this year, the head of
the International Monetary Fund (IMF) has warned.
Kristalina Georgieva said 2023 will be "tougher" than last year as the US,
EU and China see their economies slow.
It comes as the war in Ukraine, rising prices, higher interest rates and the
spread of Covid in China weigh on the global economy.
In October the IMF cut its global economic growth outlook for 2023.
"We expect one third of the world economy to be in recession," Ms Georgieva
said on the CBS news programme Face the Nation.
"Even countries that are not in recession, it would feel like recession for
hundreds of millions of people," she added.
Katrina Ell, an economist at Moody's Analytics in Sydney, gave the BBC her
assessment of the world economy.
"While our baseline avoids a global recession over the next year, odds of
one are uncomfortably high. Europe, however, will not escape recession and
the US is teetering on the verge," she said.
The IMF cut its outlook for global economic growth in 2023 in October, due
to the war in Ukraine as well as higher interest rates as central banks
around the world attempt to rein in rising prices.
Since then China has scrapped its zero-Covid policy and started to reopen
its economy, even as coronavirus infections have spread rapidly in the
country.
Ms Georgieva warned that China, the world's second largest economy, would
face a difficult start to 2023.
"For the next couple of months, it would be tough for China, and the impact
on Chinese growth would be negative, the impact on the region will be
negative, the impact on global growth will be negative," she said.
The IMF is an international organisation with 190 member countries. They
work together to try to stabilise the global economy. One of its key roles
is to act as an early economic warning system.
Ms Georgieva's comments will be alarming for people around the world, not
least in Asia which endured a difficult year in 2022.
Inflation has been steadily rising across the region, largely because of the
war in Ukraine, while higher interest rates have also hit households and
business.
Figures released over the weekend pointed to weakness in the Chinese economy
at the end of 2022.
The official purchasing managers' index (PMI) for December showed that
China's factory activity shrank for the third month in a row and at the
fastest rate in almost three years as coronavirus infections spread in the
country's factories.
In the same month home prices in 100 cities fell for the sixth month in a
row, according to a survey by one of the country's largest independent
property research firms, China Index Academy.
On Saturday, in his first public comments since the change in policy,
President Xi Jinping called for more effort and unity as China enters what
he called a "new phase".
The downturn in the US also means there is less demand for the products that
are made in China and other Asian countries including Thailand and Vietnam.
Higher interest rates also make borrowing more expensive - so for both these
reasons companies may choose not to invest in expanding their businesses.
The lack of growth can trigger investors to pull money out of an economy and
so countries, especially poorer ones, have less cash to pay for crucial
imports like food and energy.
In these kinds of slowdowns a currency can lose value against those of more
prosperous economies, compounding the issue.
The impact of higher interest rates on loans affects economies at the
government level too - especially emerging markets, which may struggle to
repay their debts.
For decades the Asia-Pacific region has depended on China as a major trading
partner and for economic support in times of crisis.
Now Asian economies are facing the lasting economic effects of how China has
handled the pandemic.
The manufacture of products such as Tesla electric cars and Apple iPhones
may get back on track as Beijing ends zero-Covid.
But renewed demand for commodities like oil and iron ore is likely to
further increase prices just as inflation appeared to have peaked.
"China's relaxed domestic Covid restrictions are not a silver bullet. The
transition will be bumpy and a source of volatility at least through the
March quarter," Ms Ell said.
Bill Blaine, strategist and head of alternative assets at Shard Capital,
described the IMF's warning as "a good wake up and smell the coffee moment".
"Even though labour markets around the world are fairly strong, the kind of
jobs being created are not necessarily high paying and we're going to have a
recession, we are not going to see interest rates fall as rapidly as the
markets think," he told BBC Radio 4's Today programme.
"That's going to create a whole series of consequences that will keep
markets on tenterhooks for at least the first half of 2023."-bbc
Shops face challenging year ahead, says industry body
Shops across the country are facing a particularly difficult six months
ahead as customers try to cope with higher prices by buying less, according
to the body representing UK retailers.
Sales will only rise by 2.3% at most in the first half of the year, the
British Retail Consortium (BRC) predicts.
But sales should pick up in the second half of the year, the BRC said.
Retailers are also facing higher costs, and government support for firms'
energy bills is due to end in March.
"The first half of the year is likely to be challenging for households and
retailers," said Kris Hamer, director of insight, at the BRC.
"Ongoing inflation will make sales appear to be rising, but we expect
falling volumes as consumers continue to manage their spending," he said.
When prices are rising customers can end up spending more, even if they are
buying fewer items.
During 2022 many customers reined in their spending as prices rose sharply,
pushed up by the war in Ukraine, higher energy prices, and the knock-on
effect of the pandemic.
This Christmas was the first with no Covid restrictions since 2019, and
shoppers did return to High Streets in bigger numbers. However, footfall
remained below pre-pandemic levels, hampered in part by rail strikes and
severe weather.
The high street shops thriving after a tough year
"From a retailer's point of view there's been a perfect storm of pressures,"
said retail analyst Richard Lim.
Some well-known names went under in 2022, including furniture store
Made.com, and clothing brands M&Co and Joules. Mr Lim said those were the
"tip of the iceberg" compared to the number of firms he expects to find
themselves in trouble in early 2023.
Many retailers face a reckoning in January, as they calculate whether
Christmas takings have been strong enough to balance slower business through
the rest of the year.
Tough conditions for retailers, including higher energy bills and weak
consumer confidence, are set to continue this year.
Sales, measured by value, may rise by as little as 1% in the first half of
the year, the BRC said, with 2.3% its highest forecast for January to June.
However, the BRC's modelling suggests the outlook is better for the latter
part of the year.
"There is cause for optimism in the second half of 2023, when we expect
inflation to ease and improving consumer confidence," Mr Hamer said.
The BRC said sales could grow by as much as 4.7% in the second half of the
year.-bbc
Energy bills: Big energy suppliers make small changes to bills
Many households will see a slight increase in charges this month for gas and
electricity as suppliers have been allowed to update their prices.
Major energy providers told the BBC that they are making changes to prices
per unit from 1 January.
But the alterations are likely to only add pennies, not pounds, to most
bills.
The government says a typical annual bill for a household will still be
£2,500, but the maximum rates suppliers can charge per unit are rising.
Receiving news of a price change has worried many customers, at a time when
prices have already increased dramatically and many find bills difficult to
understand already.
The changes will affect the 14 energy "regions" across Britain from the
start of January and means suppliers are allowed to put their prices up to
those new maximum levels for gas and electricity.
How are energy prices set?
The government's Energy Price Guarantee means that the average customer on a
standard variable tariff pays 34p per kilowatt hour (kWh) for electricity
and 10.3p per kWh for gas. At those rates, a household with typical energy
use will pay £2,500 a year.
However, the rates are only an average. There are different rates depending
on which of the 12 regions of Britain you live in and how you pay your bills
- by direct debit, from regular bills, or on a prepayment meter.
The government has updated the Energy Price Guarantee rates from 1 January,
so companies have been allowed to make small price changes for almost every
customer.
How much are bills changing by?
Generally, the changes are sums of pennies, so customers are being urged not
to panic if they receive an email mentioning a new price. While for most it
will only be tinkering round the edges, there are variations across Britain.
The biggest changes are for customers paying in monthly or quarterly bills
for their energy. Prices are increasing in all of the 14 areas for both gas
and electricity with the biggest changes being for those in North Wales and
Merseyside, as well as in London, which are both increasing for electricity
by more than 1p per kWh.
The billed rate in Merseyside will be the highest in Britain at 38.26p per
kWh, more than 4p above the government's often quoted average rate of 34p.
Who will get £900 to help with energy bills?
Energy bills to rise to £3,000 a year from April
Direct debit customers in Merseyside and North Wales will see the
electricity unit rate they are allowed to be charged increased by 0.4p,
while people in the northern area across the North East of England will see
their electricity unit price go down by 0.4p.
Electricity rates have also been reduced in eight areas for prepayment
customers. However, the biggest increase is again for Liverpool and North
Wales which has seen a 0.4p rise.
Which suppliers are making the changes?
Scottish Power, Bulb, EDF, British Gas and Shell have all confirmed to the
BBC that they would be passing on the changes allowed by the government in
full to customers.
Octopus said it would pass on cuts, but not rises, to customers. The company
said it would absorb the increases, except for "Economy 7" customers. EOn is
making changes to direct debit and billed customers, but not increasing
rates for prepayment customers.
Aren't prices supposed to be fixed until March?
Although the price cap set by the regulator Ofgem increases in January, the
government guarantee supersedes that, meaning the government has to pay the
difference to suppliers to cover that increase in price.
"Ofgem's price cap changing on 1 January means some customers are receiving
notifications from their energy suppliers about price changes up or down,
however these changes will mostly be small," a government spokesman said.
He added that Ofgem's price cap was set at different levels for different
regions, based on the costs to supply energy, and the Energy Price Guarantee
applies a fixed discount to tariffs so these small differences continue to
exist.-bbc
New Year's Eve parties hit by rail strikes and cost of living
New Year's Eve celebrations look set to be hit by rail strikes and the cost
of living crisis as industry experts say bars and restaurant bookings are
down.
One in three reservations were cancelled in December, when the sector lost
£2.3bn, UK Hospitality said.
There is "huge" concern that strikes will further hit New Year bookings and
result in job losses in January, the Night Time Industries Association said.
The government says it is doing all it can to mitigate the impact of
strikes.
When are the next train strikes?
Paul Kohler, owner of the CellarDoor a cocktail and cabaret bar in London's
West End, was hoping the first New Year celebrations since coronavirus
restrictions would go with a bang.
But he told BBC Breakfast rail strikes were a big factor in party plans
fizzling out.
"New Year bookings are down again, we are hoping it will be good but people
are losing faith in the transport system, they are worried about getting
home at night," he said.
Train services continue to be hit by cancellations and delays as rail
workers stage a series of national strikes in a dispute over pay, job
security and working conditions.
Kate Nichols, chief executive of industry organisation UK Hospitality told
BBC Breakfast losses in December were worse than expected due to rail worker
walk outs.
"We know that when the train strikes were announced... you saw cancellation
rates as high as 50-60% in the centre of London and 20-30% around the rest
of the country directly attributable to those strike days."
Kate Nichols
Image caption,
Kate Nichols from UK Hospitality said one in three bar and restaurant
bookings were cancelled in December
Meanwhile, with the cost of living in the UK near a record high, people are
cutting down on going out at the same time that business running costs are
going up.
Angela Baker from Bolton, owns Bakers coffee shop, bar and restaurant in
Egerton, and Courses by Bakers restaurant at Turton Golf Club.
She said bookings over Christmas were "quieter than usual" and her New
Year's Eve tickets were 70% to 80% sold.
"I think they're nervous about what's happening next with the cost of living
crisis," she added.
"We've found Covid is still impacting us," said Ms Baker. "We've had people
cancelling over the last few days due to Covid and lots of staff off ill."
She said while the costs of running her businesses were rising she did not
want to have to up prices when her customers were struggling themselves.
Mr Kohler said he paid his staff the Real Living Wage for London of £11.95
an hour, which is more than the National Living Wage - known as the minimum
wage - of £9.50.
Combined with "costs going up and up", his "profits are shrinking", Mr
Kohler said.
"We don't have any profits at this stage - we are just surviving...
hospitality is in real danger at the moment," he added.
'If no one comes we close the pub early'
Many businesses have lost up to 50% of trade during the festive period which
they were relying heavily on to see them through early 2023, said Michael
Kill, chief executive of the Night Time Industries Association.
Mr Kill said the government's delay in announcing any further help on energy
bills for businesses had left many facing further uncertainty.
"We will without doubt now see a huge swathe of businesses and jobs lost in
January due to the government's inaction," he added.
It comes after the British Beer and Pub Association said 386 pubs closed in
England & Wales in 2022, with thousands more looking at altering their
opening hours this winter to survive.
The ongoing cost of living crisis combined with further strike action means
it is "going to undoubtedly be a very tough first quarter of the year for
hospitality", said Ms Nichols from UK Hospitality.
Traditionally, bumper profits in December driven by Christmas celebrations
make up for lower takings in January and February, she said.
But this year has seen "much more profitable sales in December being lost,"
she said. "That means those businesses are much more vulnerable and
fragile."
Mr Kohler urged ministers to negotiate with rail workers to end strikes and
to give more support on energy bills and business rates.
"Hospitality will die unless we get a grip," he said.
Ms Baker said: "I have had a number of friends who have lost or chosen to
walk away from the hospitality business post-pandemic, and because of the
cost of living.
"I have staff who were landladies who both gave up their pubs and came to
work with me," she added.
Paul Kohler, owner of the CellarDoor
Image caption,
Bar owner Paul Kohler said the hospitality industry was in "real danger" due
to rail strikes and the cost of living crisis
Ms Baker said hospitality businesses like hers relied on busy Christmas and
New Year periods to help them weather the quieter winter months ahead.
"With Courses being at a golf club, the season doesn't start again until
March so we are expecting a quiet couple of months," she said.
"But even with Bakers coffee shop, January is a notoriously tough month
because everybody starts the new year with good intentions."
The government said it recognised this was a difficult time for hospitality
and night time businesses and said "we remain firmly on their side".
A spokesperson highlighted the Energy Bill Relief Scheme and a Business
Rates package they said was worth £13.6billion over the next five years.
"We are doing all we can to mitigate the impact of this strike action, but
the only way to stop the disruption completely is for union bosses to get
back round the table and call off these damaging strikes," the spokesperson
said.-BBC
South Africa: Govt Enters Final Stage of Scrapping E-Tolls - South African
News Briefs - January 3, 2023
Cape Town — Govt, Agency in Final Talks to Scrap E-Tolls - Minister
Transport Minister Fikile Mbalula has said that government and a technical
team from the South African National Roads Agency SOC Ltd (SANRAL) are in
the closing stage of reaching an agreement to scrap e-tolls, Eyewitness News
reports. Government has also agreed to absorbing the R47 billion e-toll debt
that accumulated from non-payment, coming after a memorandum was drawn up at
the end of 2021.
Some Cape Town Beaches Close Due to Sewage Spills
The City of Cape Town has said that the closure of a section of Strand Beach
on the False Bay coast, a section of Fish Hoek beach and that of Small Bay
in Blaauwberg is a "precuationary measure". "The temporary closures are due
to sewage spills in the areas - the causes of which are under investigation.
City departments have been activated to respond to these incidents," the
City said. According to Eyewitness News, the city's Alex Lansdowne called on
bathers to steer clear of the water in those three locations.
Good News for New Year - Petrol Price Set to Drop Tomorrow!
According to The Sowetan, the petrol price is set to decrease with a R2.06/l
drop for 93 and 95 fuel. The department of energy added that the rand
strengthened after the average price of brent crude oil dropped from
U.S.$88.77 (R1,508) a barrel to U.S.$85.08 during December 2022.
Africa: One-Third of Global Economy May Slip Into Recession in 2023 - IMF
The New Year is going to be "tougher than the year we leave behind," an
official said
The Managing Director of the International Monetary Fund (IMF), Kristalina
Georgieva, has said that at least one-third of the global economy may slip
into recession in 2023.
She made this known on the CBS Sunday morning news programme, Face the
Nation, on Sunday.
"We expect one-third of the world economy to be in recession. Even countries
that are not in recession, it would feel like recession for hundreds of
millions of people," she said.
The IMF boss argued that for the first time in 40 years, China's growth in
2022 is likely to be at or below global growth.
"For the next couple of months, it would be tough for China, and the impact
on Chinese growth would be negative, the impact on the region will be
negative, the impact on global growth will be negative," she said.
The new year is going to be "tougher than the year we leave behind," as the
major economies of the world - the US, Europe and China - experience
weakening activity, she said.
"Why? Because the three big economies - the US, EU and China - are all
slowing down simultaneously," she argued.
In October, the IMF cut its outlook for global economic growth in 2023,
considering the ripple effect of the Russia-Ukraine war as well as inflation
pressures and the high interest rates engineered by central banks across the
world.
Ms Georgieva said that China, the world's second-largest economy, is likely
to grow at or below global growth for the first time in 40 years, amid
uncertainties over the surge in Covid-19 cases.
She added, however, that the US economy is standing apart and may avoid the
outright contraction that may hit a significant part of the global economy.
"(The) US is most resilient... may avoid recession. We see the labour market
remaining quite strong," she said.
In October, the IMF predicted a slower growth for the Nigerian economy in
2022, changing its forecast from 3.2 per cent in July to 3.0 per cent.
In its World Economic Outlook for October 2022 titled, "Countering the
Cost-of-Living Crisis", it projected a growth contraction for sub-Saharan
Africa from 3.8 per cent to 3.6 per cent.
It cited the strength of the dollar as a major concern for tightening fiscal
conditions, and increasing the cost of imported goods.
-Premium Times.
Seychelles: Only Two Shoe Cobblers Left in Seychelles - Will the Profession
Die Out?
Seychelles' capital of Victoria has only two shoe cobblers left. Both men
work alone and do not have someone to replace them, so the future of the
profession is under threat.
Armantal Lespoir has his own shoe repair business near Sir Selwyn's Clark
Market - the main market- and Flavien Alphonse owns the Island Shoe Repair
in the same building as Deepam Cinema in the capital.
They are both concerned about the fact that there are no young people
showing interest to continue the trade and the ones who actually turn up to
try do not stay very long.
Lespoir learned the techniques of how to repair shoes when he was at primary
school at Bel Ombre when he was 11 years old. His parents encouraged him to
find a job, so he chose shoe repair.
His mentor was the late George Anmede, a well-known shoe cobbler in the
island's capital, who also taught Alphonse the trade.
"I had a brother who knew how to repair shoes and another learned the
technique of how to preserve the body of a dead animal so that it can be
kept by their owner. l know both", said Lespoir.
Lespoir says that during his childhood he regularly went to Anmede's
workshop and worked with him until he completed his studies, after that he
decided to get into the business of agriculture at Mare aux Cochon. Later,
he changed his career and became a driver at the Indian Ocean Tuna (IOT)
company.
According to Lespoir, Anmede approached him to come work for him again and
he refused, suggesting that Anmede sells him the business when he no longer
can work.
One day that wish came true and Anmede sold the business to him. He moved
into the workshop near the Central Police Station and then moved to his
workshop inside Sir Selwyn's Clark Market. Today his workshop is further
down Market Street, where he is always busy.His work is well respected by
his clients and he finds pleasure in providing quality repair for their
shoes.
"Sometimes I meet people who has a brand-new shoe that they've worn only
once either to a funeral or their wedding and the sole comes off, and they
bring them to me, when its fixed they really appreciate it but there are
some clients who are complicated but the majority of people appreciate my
work," he said.
Today, Lespoir faces many challenges including the lack of raw materials in
Seychelles, so he has to import everything from Mauritius. But his greatest
concern is the fact that young people are not showing interest in this kind
of work.
"Everyday people wear shoes, there will always be shoes, we repair bags as
well but I need someone who will take over when I retire and at the moment,
I can't see anyone," he laments.
Lespoir said that his heart is open to teaching anyone who wants to learn
the trade but that they need to be serious so that there continue to be shoe
cobblers in Victoria after he retires.
-Seychelles News Agency.
Nigeria: 27 Days to Retirement of Old Naira Notes, Analysts Urge CBN to
Intensify Awareness
Abuja — Barely 27 days to the deadline issued by the Central Bank of Nigeria
(CBN) for the return of the old N200, N500, and N1, 000 banknotes following
the currency redesign programme, analysts yesterday urged the apex bank to
increase awareness on the initiative, especially among market women, rural
dwellers, and other categories of Nigerians at the grassroots.
CBN Governor, Mr. Godwin Emefiele, had on October 26, 2022 announced the
central bank's resolve to redesign, produce, and circulate new series of the
N200, N500, and N1, 000 denominations.
Emefiele said the move would help to manage money supply, tackle currency
counterfeiting and terrorism, among others.
He explained that while the circulation of the new banknotes would commence
on December 15, 2022, the new and existing currencies would remain legal
tender and circulate together until January 31, 2023, when the existing
currencies shall seize to be legal tender.
Emefiele had insisted that the January 31 deadline remained sacrosanct,
adding that the 100 days provided for people to deposit existing banknotes
in commercial banks was adequate.
President Muhammadu Buhari, subsequently, on November 23, 2022, unveiled the
redesigned banknotes during the weekly Federal Executive Council (FEC)
meeting.
But the Senate last week urged the central bank to extend the withdrawal
date of old currency notes from January 31 to June 30, 2023.
But analysts told THISDAY in separate interviews that the new banknotes had
not been easily accessible to Nigerians since they were introduced. They
also said the central bank needed to increase awareness of the currency
redesign, noting that many market women and rural dwellers are currently
rejecting the new legal tender.
Speaking in an exclusive chat with THISDAY, Professor of Finance and Capital
Markets, Nasarawa State University, Keffi, Professor Uche Uwaleke, said
though he did not support calls for an extension of the deadline for
withdrawal of the old notes at the end of the month, the CBN must address
the concerns over the availability of the new currency.
The former Imo State Commissioner for Finance said, "Since December 15,
2022, more than two weeks after the CBN began distributing the new naira
notes via the banks, you hardly find them in circulation. The bulk of cash
withdrawals from the banks and POS agents are still done in old naira notes.
"It appears the banks have been hoarding the new naira notes for
distribution to their high-net-worth customers most of whom are politicians,
especially this festive period."
Uwaleke also said, "If the January 31, 2023 deadline must be kept, I expect
the CBN to push out more of the redesigned notes and also ensure that the
banks are dispensing them to their customers. This has become necessary
given the upward revision of the cash withdrawal limit from N100, 000 to
N500, 000 per week for individuals.
"Else, at the current slow rate and the lopsided manner in which the
distribution of the new naira notes is being done by the banks, I foresee a
situation where the deadline is extended by at least two weeks.
"Having said that, I do not support the idea of extending it to June 30,
2023, as has been canvassed in some quarters. Doing so would defeat one of
the aims of the currency redesign, which is to discourage vote-buying, in
view of the fact that the general election would have been over by then."
Commenting on the development, also, Managing Director/Chief Executive,
Dignity Finance and Investment Limited, Dr. Chijioke Ekechukwu, stressed the
need for the CBN to boost education and awareness of Nigerians, pointing out
that the rural dwellers "prefer the currency they know and would rather not
sell than to receive the new naira".
According to the former Director General, Abuja Chamber of Commerce and
Industry (ACCI), "The awareness has to be increased by CBN. Many market
women and rural dwellers are rejecting the new currency, even now. They
prefer the currency they know and would rather not sell than receive the new
naira. In rural communities, therefore, they may encounter a scarcity of the
new currency and may not be aware of the deadline.
"The circulation should be intense by now to enable everybody to have access
in good time. By now all ATMs should be dispensing new notes and banks
should by now be paying only new notes. That's the way to go, in order to
achieve the desired milestone."
On his part, Managing Director/Chief Executive, SD&D Capital Management
Limited, Mr. Idakolo Gbolade, said the deadline for the use of the old
banknotes could see Nigerians scrambling for the new notes, which are
"limited in circulation and is facing rejection from the market traders and
rural dwellers due to lack of adequate education and awareness".
Gbolade said, "Since the introduction of the new naira notes, it has been
fraught with scarcity and counterfeiting problems. The deadline for the use
of the old notes at the end of January 2023 will see Nigerians scrambling
for the new notes.
"The major implications, when the old legal tenders become void, is that it
would lead to loss of value for those having the old notes and could lead to
protests by the masses who are already impoverished, as it were, to still be
at risk of losing the little they have acquired."
He said, "The economy will also feel the impact because, according to
statistics from CBN, 80 per cent of cash in circulation are outside their
control, so losing such huge amounts of cash because of the deadline for
changing to the new notes could portend great danger for the economy."
-This Day.
Nigeria's Agricultural Sector Surged By 18.33% in Three Quarters of 2022
Despite incidents that shaped the nation's agricultural sector, the food
sector witnessed significant growth that ushered fresh hope for farmers in
2023.
There is no gain saying that Nigeria is not immune to the failing agri food
systems across the globe. Climate change, Russia-Ukraine conflict,
insecurity, drought and flood to mention but a few are still challenges
hindering the growth of global food systems. The World Food Programme (WFP)
stated that the world is facing a food crisis of unprecedented proportions,
the largest in modern history with millions at risk of worsening hunger
unless action is taken now to respond at scale to the drivers of this
crisis: conflict, climate shocks and the threat of global recession.
As many as 828 million people go to bed hungry every night, the number of
those facing acute food insecurity has soared from 135 million to 345
million since 2019 while a total of 49 million people in 49 countries are
teetering on the edge of famine.
According to the National Bureau of Statistics (NBS), the agricultural
sector in the first quarter of 2022 grew by 3.16 per cent (year-on-year) in
real terms, an increase of 0.88 percentage points from the corresponding
period of 2021, and a decrease of 0.42 percentage points from the preceding
quarter, which recorded a growth rate of 3.58 per cent.
It grew on a quarter-on-quarter basis at -28.90 per cent. The sector grew by
13.83 per cent year-on-year in real terms for the second quarter of 2022, a
decrease of 1.96 percentage points from the preceding quarter which recorded
a growth rate of 3.16 per cent and also a decrease of 0.10 percentage points
from the corresponding period of 2021.
Y-o-Y Growth
The sector also grew by 1.34 per cent year-on-year in nominal terms in Q3
2022, showing an increase of 7.47 percentage points from the same quarter of
2021.
Capital importation into Nigeria's agriculture sector increased by 3,161 per
cent from $1.76 million in the first quarter of 2022 to $57.41 million in
the second quarter of 2022. This meant that there was a 3,161 per cent
growth within three months.
However, the value of foreign investment in the sector tumbled 99.23 per
cent from $237.83 million that was recorded in the fourth quarter of 2021 to
$1.76 million.
The NBS' Nigerian Capital Importation report for Q1 2022 blamed the
declining local and foreign investors on insecurity, adding that $59.17
million of capital was imported into the agricultural sector in half-year
2022, down by 74.9 per cent from $235.87 million in the same period of 2018.
In the first three months of 2022, foreign investments in the country's
agricultural sector stood at $1.76 million, a 98.7 per cent decline from
$130.90 million in the same period of 2018.
Skyrocketing food prices
The year 2022 witnessed a significant increase in food prices. Many
Nigerians celebrated the yuletide season on a low profile due to declining
purchasing power of consumers. Prices of common staple food such as rice,
beans, wheat, cassava have continued to hit the roof while many Nigerians go
to bed hungry on a daily basis.
Early in the year in January 2022, President, Muhammadu Buhari, unveiled the
rice pyramid in Abuja, saying that it would drastically crash the rising
price of rice in the countryB but sadly, the price of rice has continued to
experience continued increase.
The 13 rice pyramids comprising 1.2 million units of 100kg bags of rice were
said to be the biggest on the continent with each of the pyramids containing
about 115,000 bags of 100kg each. According to the latest price in the
market, a 50kg bag of locally produced rice goes for between N38,000 and
N41,000 as against the N28,000 to N30,000 sold before the launch of the rice
pyramids.
Many stakeholders in the agricultural sector described the unveiling of the
rice pyramid as a hoax to deceive the impoverished Nigerians. It raised
false hopes.
Russia-Ukraine Crisis
Just as the world was recovering from the COVID-19 pandemic, in February
2022, the Russian incursion on Ukraine triggered the prices of wheat and as
expected the prices of commodities dependent on wheat increased by 50 per
cent. Both Russia and Ukraine rank among the top five exporters of wheat and
maize globally. The two countries supply 30 per cent of the world's wheat
and 20 per cent of maize to global markets.
As a result of the conflict, the Nigeria Bakers Association announced a 50
per cent increase in the price of bread, which brought untold hardship to
the already impoverished consumers of bread in the country.
The Nigeria Economic Summit Group (NESG) in its report titled "Implications
of Russia-Ukraine War: Risks and Opportunities for Nigeria," called on the
federal government to take urgent steps towards improving food security in
Nigeria and removing constraints on the production and supply of
agricultural products to the market.
It said that the move would enable the country to mitigate the negative
impact of the Russian war on Ukraine on the food supply in the country.
Also in the year, participants at a National Stakeholders Consultative
Meeting on the 2023 Agriculture Budget said the Nigerian food sector is
confronting new emerging challenges such as the ongoing Ukraine-Russia war,
which affects input prices and the availability of staples such as wheat.
They also stated that the challenges of increased banditry, farmer-herder
clashes, climate change, floods, hazardous pesticides, and gender inequality
persist, and without a deliberate rethink of the nation's practices and
approaches towards its food and nutrition security, the federal and state
governments would not be able to eradicate these agricultural economic
growth barriers.
Threat to food security
Nigerian farmers and agronomists have expressed concern that widespread
insecurity in the North-eastern part of the country and higher prices of
farm inputs in the country are shrinking the number of hectares put to food
cultivation, warning that the situation would affect the productivity of
farmers in the 2022/2023 wet season.
Stakeholders in the food sector have continued to lament on the need for
Nigeria's economic managers to redesign its security architecture to combat
insecurity as many farmers are still unable to return to their farms owing
to fear of being kidnapped or killed in the process. No doubt, the prices of
food items have been affected as a result of this with more Nigerians
struggling to have three square meals on a daily basis.
According to Proshare, farmers have become the main target for kidnapping by
gunmen, bandits and armed herdsmen across various geopolitical zones in the
country, adding that in a rift between two communities in Kaduna this year,
at least eight farmers were abducted and eventually killed. "Kidnapping has
become a common occurrence such that farmers in some Northern states even go
ahead to pay tax and harvest fees to bandits in order to avoid attacks,"
Proshare added.
"Since July 2020, basic food items like beans and tomatoes have seen a 253
per cent and 123 per cent price increase respectively, thus, putting a lot
of people at the risk of starvation. Since the start of Boko Haram
insurgency in 2009, there has been a rise in starvation index. There has
also been a 140 per cent surge in Nigeria's food import bill, as present
production levels cannot meet the country's ever-increasing demand for food,
"Proshare averred.
Stakeholders lament
The Chief Executive Officer, Centre for the Promotion of Private Enterprises
(CPPE), Dr. Muda Yusuf, in a telephone chat with THISDAY, said that
insecurity is still a major challenge hindering the nation's food security.
Yusuf added that many farmers have been driven out of their farms, many in
Internally Displaced Person (IDP) camps and those risking to farm are
farming in fear, which in turn had affected the productivity of farmers.
"The challenges are still there as we speak. Flooding destroyed the farmland
of many farmers across the country and it had a very negative impact on
agriculture during the year. We also have the challenge of foreign exchange
where some agricultural input is normally imported and you know the
situation of foreign exchange in the country. The cost of agriculture input
went up dramatically and it affected the profitability of agricultural
investment in the country.
"We also had issues of community where some of these corporate organisations
invested massively in plantations but are facing problems from the community
with the community demanding all manners of things from these organisations.
Access to land is also not easy for those who want to do mechanised
agriculture," he lamented.
He pointed out that lots of the youths have left the rural areas to the city
as the farming population is ageing, calling on the need for economic
managers to invest massively in agritech.
"Young people are not staying or going into agriculture, because there is
not enough technology in agriculture. Nigeria's greatest asset as far as
human capital is concerned is its youths, but we have not been able to
deploy them to agriculture because we have not introduced enough technology
in agriculture.
"The farming population is ageing. The quality of technology used in
agriculture is also not there. Many of the agricultural research institutes
are all over the place but poorly funded. This is why we are not seeing the
impacts of these research institutes that are all over the place," he added.
In his words: "We also need to develop the value chain of agriculture,
because agriculture is not only about primary production, but also about the
value chain. Unless we develop the value chain, those at the primary end
will also not make any meaningful progress. Post-harvest losses are
extremely high, sometimes as high as about 50 per cent and it is more when
you compare with fruits and vegetables."
He said that the sector's growth performance of 1.34 per cent in the third
quarter of 2022 was not good enough, saying that the growth is a clear
demonstration of resilience on the part of farmers in the country.
He emphasise the urgent need to incentivise farmers and reduce the cost of
farm inputs to boost productivity and profitability of farmers.
"We must address insecurity if we want to help agriculture. We also need to
address the high cost of input for crop production, livestock and fishery,
poultry and forestry.
"All their inputs, particularly every component of their inputs that are
imported, have become extremely expensive. We expect the new administration
to take the bull by the horn. There should also be special programmes to
encourage youths to embrace agriculture.
"We can only achieve this if we fuse technology into agriculture to make the
sector a lot more stress free. We need to harness the energy, creativity and
innovation of the young people and the only way to do that is to deploy
technology. We must also invest to develop processing, strengthened
marketing and exports," he recommended.
On his part, the National President of All Farmers Association of Nigeria
(AFAN), Mr. Kabir Ibrahim, said that 2022 has not been very good to farmers,
saying that farmers were hopeful of a bumper harvest in 2022 until flooding
ravaged farmlands across the country.
He also lamented over the state of insecurity in the North-eastern part of
the country, maintaining that insecurity and floods have drastically
impacted on the productivity level of farmers across the country.
"People were complaining that they could not celebrate the yuletide because
of the high prices of food items especially at a time when the purchasing
power of consumers is dwindling.
"We are advocating that agriculture is an activity we can do all year round,
but we are hopeful that we might see some growth in 2023," he stated.
He said that all the programmes and policies of the federal government to
transform the nation's agricultural sector are laudable, but said
implementation has been poor.
Going forward into 2023, he advised that farmers must be incentivised to
produce more while also calling on the government to institutionalise the
Central Bank of Nigeria's (CBN's) Anchor Borrowers Programme (ABP).
-This Day.
Invest Wisely!
Bulls n Bears
Cellphone: <tel:%2B263%2077%20344%201674> +263 77 344 1674
Alt. Email: <mailto:info at bulls.co.zw> info at bulls.co.zw
Website: <http://www.bullszimbabwe.com> www.bullszimbabwe.com
Blog:
<https://bullszimbabwe.com/category/blogs/bullish-thoughts/>
www.bullszimbabwe.com/blog
Twitter: @bullsbears2010
LinkedIn: Bulls n Bears Zimbabwe
Facebook:
<http://www.google.com/url?q=http%3A%2F%2Fwww.facebook.com%2FBullsBearsZimba
bwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA>
www.facebook.com/BullsBearsZimbabwe
Skype: Bulls.Bears
INVESTORS DIARY 2023
Company
Event
Venue
Date & Time
National Unity Day
December 22
Christmas Day
December 25
Boxing Day
December 26
Companies under Cautionary
CBZH
Meikles
Fidelity
TSL
FMHL
Turnall
GBH
ZBFH
GetBucks
Zeco
Lafarge
Zimre
<mailto:info at bulls.co.zw>
DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
constitute an offer to sell or the solicitation of an offer to buy or
subscribe for any securities. The information contained in this report has
been compiled from sources believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
the securities of more established companies. Neither Faith Capital nor any
other member of Bulls ‘n Bears nor any other person, accepts any liability
whatsoever for any loss howsoever arising from any use of this report or its
contents or otherwise arising in connection therewith. Recipients of this
report shall be solely responsible for making their own independent
investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other Indices quoted herein are
for guideline purposes only and sourced from third parties.
(c) 2023 Web: <http://www.bullszimbabwe.com> www.bullszimbabwe.com Email:
<mailto:info at bulls.co.zw> info at bulls.co.zw Tel: +263 4 2927658 Cell: +263 77
344 1674
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230103/92a4cd42/attachment-0001.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.png
Type: image/png
Size: 9458 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230103/92a4cd42/attachment-0003.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.jpg
Type: image/jpeg
Size: 29047 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230103/92a4cd42/attachment-0003.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image003.png
Type: image/png
Size: 649032 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230103/92a4cd42/attachment-0004.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image004.jpg
Type: image/jpeg
Size: 53459 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230103/92a4cd42/attachment-0004.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image005.png
Type: image/png
Size: 34378 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230103/92a4cd42/attachment-0005.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image006.jpg
Type: image/jpeg
Size: 29361 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230103/92a4cd42/attachment-0005.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: oledata.mso
Type: application/octet-stream
Size: 65560 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20230103/92a4cd42/attachment-0001.obj>
More information about the Bulls
mailing list