Major International Business Headlines Brief::: 10 January 2023

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Major International Business Headlines Brief::: 10 January 2023 

 


 

 


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ü  Disney boss tells workers to return to office four days a week

ü  Pakistan floods: International donors pledge over $9bn

ü  Brewdog boss pays out £500,000 in gold can row'

ü  McDonald's: Former boss Easterbrook fined after staff relationship

ü  Air India embarrassed by urination scandal

ü  Rents rising at fastest rate for seven years

ü  UK space launch: Historic Cornwall rocket mission set to blast off

ü  Energy bill support: Firms fear ‘worst to come’

ü  Energy bill support for firms to be reduced from April

ü  Liberia: Life Liberia Supports Farmers to Cultivate 76 Acres Lowland Rice

ü  Nigeria: 2023 - Binani Promises to Pay Salaries, Pension If Elected
Governor

ü  Tanzania: Govt Bans Salt Importation

ü  Ghana: Why Ghana Relies Heavily On Used Cars

ü  Ethiopia: #asdailyscoop - Ethiopia Sees Yet Another Fuel Price Increase
As Government Subsidy Continues to Phase Out

 


 <mailto:info at bulls.co.zw> 

 


 

Disney boss tells workers to return to office four days a week

Disney's boss has told employees who are currently working from home to
start going into the office for four days a week from the start of March.

 

Chief executive Bob Iger said so-called "hybrid" workers will now be asked
to treat "Monday through Thursday as in-person workdays".

 

He also highlighted his view that face-to-face collaboration is key to "a
creative business like ours".

 

The announcement comes two months after Mr Iger's shock return to Disney.

 

"Nothing can replace the ability to connect, observe, and create with peers
that comes from being physically together, nor the opportunity to grow
professionally by learning from leaders and mentors, Mr Iger said in a memo
to employees seen by the BBC.

 

"It is my belief that working together more in-person will benefit the
company's creativity, culture, and our employees' careers," he added.

 

Return to work

Like many other big companies, Disney allowed employees to work from home
during the pandemic to help slow the spread of Covid-19.

 

Also like other major firms, Disney has now moved to bring staff back into
its offices.

 

In recent months companies including Snap, Tesla and Uber have announced
similar changes to their their working policies.

 

Since September employees of technology giant Apple have been required to
work for three days a week in the firm's offices.

 

In November, multi-billionaire Elon Musk ordered Twitter staff back to the
office for 40 hours a week, ending the company's permanent "work from
anywhere" policy.

 

The decision by Mr Musk, who bought the social media platform in a $44bn
(£38.7bn) deal, reportedly caused large numbers of staff to quit after he
called on them to sign up for "long hours at high intensity" or leave.

 

Iger's return

Mr Iger was brought back by the company's board to steer it through a tough
period after its share price plummeted and the Disney+ streaming service
continued to run at a loss.

 

His return came less than a year after he had retired from the company. He
previously headed Disney for 15 years.

 

Mr Iger replaced Bob Chapek, who took over as chief executive in February
2020.

 

Mr Chapek's tenure as the boss of Disney included the shutdown of its theme
parks due to Covid restrictions.-bbc

 

 

 

 

Pakistan floods: International donors pledge over $9bn

Donors from around the world have pledged more than $9bn (£7.4bn) to help
Pakistan recover from the devastating floods that hit the country last year.

 

It amounts to more than half of the estimated $16.3bn Pakistan needs to
recover from the disaster.

 

Last year's floods killed at least 1,700 people, displaced eight million
more and destroyed infrastructure.

 

The pledges come as Pakistan continues negotiations over the next instalment
of an international bailout.

 

"Today has truly been a day which gives us great hope," Hina Rabbani Khar,
Pakistan's minister of state for foreign affairs said at a climate
conference held with the United Nations (UN) in Geneva.

 

"I think the message from the world is clear: the world will stand by those
who go through any national calamity," she added.

 

The Islamic Development Bank, the World Bank and Saudi Arabia were some of
the biggest donors.

 

The European Union, the US, China and France also made contributions.

 

It came after UN Secretary General Antonio Guterres called for major
investments to help Pakistan recover from what he called a "climate disaster
of monumental scale".

 

IMF bailout

On the sidelines of the conference Pakistan reiterated its commitment to
completing a bailout programme with the International Monetary Fund (IMF).

 

It came as the IMF has yet to approve the release of $1.1bn which was
originally due to be made in November last year.

 

The nation of 220 million people has been struggling for years to stabilise
its economy.

 

Last week the government ordered shopping centres and markets to close early
every day to help save electricity.

 

Pakistan generates most of its power using imported fossil fuels.

 

Global energy prices jumped last year, putting further pressure on the
country's already dwindling finances.

 

To pay for those energy imports the country needs foreign currency,
especially US dollars.

 

However, the Pakistan government saw its reserves of foreign currencies fall
by about 50% last year.-bbc

 

 

 

 

Brewdog boss pays out £500,000 in gold can row

The boss of Brewdog has said he has paid out almost £500,000 to winners of
the company's misleading "solid gold" beer can promotion.

 

James Watt said he made "some costly mistakes" in a promotion which offered
people the chance to find a solid gold can hidden in cases in 2021.

 

Some winners questioned the worth of the cans and complained after
discovering they were gold-plated.

 

Mr Watt admitted he "falsely thought" the cans were made from solid gold.

 

The co-founder and chief executive of the Scottish Brewer said he
"misunderstood the process of how they were made" and made a "silly mistake"
by telling customers in initial promotional tweets that the cans were "solid
gold cans".

 

After some winners complained to the Advertising Standards Authority, the
watchdog in October 2021 upheld the complaints and said three adverts were
misleading.

 

"Those were 3 very expensive mistaken tweets that I sent out in my
enthusiasm for our new campaign," Mr Watt said in a post on LinkedIn on
Saturday.

 

"The Gold Can saga was headline news. We were made to look dishonest and
disingenuous and we took a real hammering online and in the press.
Deservedly so. My initial tweets had been misleading and we deserved the
flak," he added.

 

Mr Watt said that because it was his error, he had contacted all 50 gold can
winners to offer them the "full cash amount" as an alternative to the prize
if they were unhappy".

 

"All in all, it ended up costing me around £470,000 - well over 2 and a half
years' salary," he added.

 

In his post, the Brewdog boss revealed he now owned 40 of the gold cans.

 

After conducting its investigation, the ASA said it received 25 complaints
in relation to three social media adverts stating its can prize was made
from "solid gold".

 

As well as complaints over the prize's authenticity, some questioned how
much the can was worth, with Brewdog claiming it was valued at £15,000.

 

The ASA said Brewdog told investigators that a single 330ml can, made with
the equivalent 330ml of pure gold, would have a gold value of about $500,000
(£363,000) at the time in October 2021.

 

But the watchdog considered a general audience was unlikely to be aware of
the price of gold, "how that would translate into the price of a gold can,
and whether that was inconsistent with the valuation as stated in the ad".

 

Mr Watt reiterated in his LinkedIn post on Saturday that the "valuation of
£15,000 per can was accurate".

 

Brewdog has faced criticism for its marketing campaigns in the past, as well
as its workplace culture.

 

A letter from ex-workers in June 2021 stated former staff had "suffered
mental illness" as a result of working for the craft beer brewer.

 

It made a number of allegations, including that Brewdog fostered a culture
where staff were afraid to speak out about concerns.

 

Mr Watt previously apologised to former staff and said their complaints
would help make him a better chief executive.-bbc

 

 

 

McDonald's: Former boss Easterbrook fined after staff relationship

The former boss of McDonald's has been fined by the US financial watchdog
for misleading investors about his firing in 2019.

 

Steve Easterbrook has agreed to pay a $400,000 penalty, without admitting or
denying the claims.

 

The fast food chain fired him after finding he had had a consensual
relationship with an employee.

 

At the time, the Chicago-based firm said that he had "violated company
policy".

 

Further investigation uncovered hidden relationships with other staff
members.

 

The food giant prohibits "any kind of intimate relationship between
employees in a direct or indirect reporting relationship".

 

The British businessman initially received more than $105m (£86m) as part of
a severance package.

 

But following an investigation, the other relationships came to light.

 

McDonald's said had it been aware of this, it would not have approved the
multimillion dollar deal.

 

It launched legal action against Mr Easterbrook, accusing him of lying about
sexual relationships with staff.

 

In December 2021, Mr Easterbrook returned the money and apologised for
failing to uphold the firm's values.

 

On Monday, the Securities and Exchange Commission (SEC) in the United States
said that he had made "false and misleading statements to investors".

 

It added: "Easterbrook knew or was reckless in not knowing that his failure
to disclose these additional violations of company policy prior to his
termination would influence McDonald's disclosures to investors related to
his departure and compensation."

 

McDonald's was also charged by the SEC with "shortcomings" in its public
disclosures related to Easterbrook's firing.

 

However, the agency said the firm had "substantially co-operated" with the
investigation and would not be hit with any fines as a result.

 

McDonald's said the SEC order reinforced the fact it held Mr Easterbrook
"accountable for his misconduct".

 

"We fired him, and then sued him upon learning that he lied about his
behaviour," it said.

 

"The company continues to ensure our values are part of everything we do,
and we are proud of our strong 'speak up' culture that encourages employees
to report conduct by any employee, including the CEO, that falls short of
our expectations."

 

Mr Easterbrook, a UK citizen who grew up in Watford, Hertfordshire, led
McDonald's from March 2015 to November 2019, after previously leading its UK
operations.

 

He was widely credited with revitalising the firm's menus, remodelling
stores and using better ingredients. The value of its shares more than
doubled during his tenure in the US.-bbc

 

 

 

Air India embarrassed by urination scandal

The head of India's Tata Sons conglomerate has expressed "anguish" over an
incident in which a drunk man allegedly urinated on a female passenger on
one of their flights.

 

The incident took place in late November on a Tata-run Air India flight. But
it was reported only last week when the woman filed a complaint.

 

The news led to massive outrage in India with criticism of how Air India
handled the incident.

 

The man was arrested over the weekend.

 

He was also fired from his job at US banking firm Wells Fargo.

 

In a statement issued on Sunday, Tata Sons chairman N Chandrasekaran said
the airline should have been swifter in its response.

 

"We will review and repair every process to prevent or address any incidents
of such unruly nature," he said.

 

His statement came a day after Air India chief executive Campbell Wilson
expressed "regret" and "pain" over its customers suffering due to "the
condemnable acts of their co-passengers".

 

The incident took place on 26 November in the business class cabin of a New
York-Delhi flight. The accused Shankar Mishra was allegedly drunk when he
apparently urinated on one of his co-passengers, a 72-year-old woman.

 

"My clothes, shoes and bag were completely soaked in urine," the woman wrote
in her complaint to Mr Chandrasekaran the next day.

 

The woman said she asked the crew for a change of seat, but was told that
nothing was available and was instead offered a small seat used by staff.
She alleged that the crew also brought the man to her - against her wishes -
so he could apologise.

 

The woman described the flight as the most "traumatic" of her life, and said
that the airline only issued her a partial refund of her ticket. Her account
was supported by a US doctor named Sugata Bhattacharjee, who was sitting
next to Mr Mishra on the flight.

 

He told news channel NDTV that he had also written a complaint to Air India
on the day of the incident, but "it went nowhere".

 

After the incident, Air India formed an internal committee to investigate
the complaint against Mr Mishra.

 

Two weeks later, it imposed a 30-day interim travel ban on him - the length
of the ban was among the factors that generated outrage once the news broke.

 

On the request of the woman's family, the airline finally filed a police
complaint regarding the incident on 28 December.

 

A week later, it submitted a report to India's aviation regulator, the
Directorate General of Civil Aviation (DGCA). Last week, the DGCA issued
notices to the officials and crew of the flight, saying they had not
complied with its rules for handling an unruly passenger on board. It also
said the crew's conduct had been "unprofessional".

 

Air India has since de-rostered a pilot and four member of the cabin crew.

 

In his statement, Mr Wilson promised a robust reporting system for unruly
behaviour on Air India.

 

On Friday, Wells Fargo issued a statement saying it had terminated Mr Mishra
and "was co-operating with law enforcement".

 

Mr Mishra was arrested in Bangalore (also known as Bengaluru) on Saturday
and charged with offences including sexual harassment and public misconduct.
He was then brought to Delhi and produced before a local court, which sent
him to judicial custody for 14 days.

 

Before his arrest, Mr Mishra had issued a statement through his lawyer,
where he said that he had got the woman's bags and clothes cleaned two days
after the incident.

 

"The lady's persisting grievance was only with respect to the adequate
compensation being paid by the airline for which she has raised a subsequent
complaint on December 20, 2022," the statement said.

 

It added that "the statements recorded before the inquiry committee by the
cabin crew show that there is no eyewitness to the incident and all the
statements are merely hearsay evidence".

 

"The accused has full faith in the judicial system of the country and will
co-operate with the investigation process," the statement added.-bc

 

 

 

 

Rents rising at fastest rate for seven years

Tenants in properties owned by private landlords have faced the highest rise
in rent since comparable records began seven years ago, official data shows.

 

Rents rose 4% last year as landlords, who face their own squeeze from higher
mortgage rates, passed on those costs.

 

A quarter of tenants surveyed in December said their rent had risen in the
past six months, the Office for National Statistics (ONS) said.

 

Renters proportionally spend more on housing costs than owners do.

 

On average, they pay 24% of their weekly expenditure on housing compared
with 16% by those with a mortgage, the ONS said, based on the latest figures
from 2021.

 

Myron Jobson, senior personal finance analyst at Interactive Investor, said:
"Higher rents have been accompanied by higher energy bills which continues
to squeeze budgets.

 

"It is a tricky situation if you are looking for a new tenancy. Many renters
could decide to remain in existing tenancy agreements with fixed rents,
rather than risk a move and spend more on rent."

 

A growing proportion of people said they were finding it difficult to afford
their rent or mortgage payments, rising from 27% in late September to 31% in
mid-December.

 

 

Media caption,

What can you do about rent increases? Watch the BBC's Lora Jones tell you,
in a minute.

 

A higher proportion (45%) of adults with mortgages reported being worried
about the changes in mortgage interest rates.

 

There has been a steep rise in mortgage costs in 2022, driven in part by the
doomed mini-budget during the premiership of Liz Truss. Rates surged as the
markets reacted unfavourably to promises of tax cuts without an explanation
of how they would be funded.

 

The average cost of a new, two-year fixed-rate mortgage has fallen slowly
since markets stabilised, but is still much higher than it was last year at
5.78%.

 

The ONS points out that many thousands of homeowners face sharply higher
mortgage costs when their current fixed-rate deal expires.

 

Mortgage rate graphic

The ONS said that more than 1.4 million households would be renewing their
fixed-rate mortgage this year, with 57% of them currently paying an interest
rate of less than 2%. This renewal peak will come between April and June
when 371,000 deals expire.

 

Should the interest rate on a £100,000 capital and repayment mortgage,
borrowed over 25 years, increase from 2% to 6%, then the monthly repayment
would jump by £220, the ONS said.

 

The same increase on a £300,000 mortgage would see monthly repayments rise
by £661.

 

What happens if I can't afford to pay my mortgage?

What is happening to house prices?

The impact of higher mortgage rates is not only hitting those who are
re-mortgaging, but also the prospects of first-time buyers.

 

One young family told the BBC how they had put their home-buying plans on
hold, despite having two good jobs and having saved for a deposit for five
years.

 

Kathryn Yabsley and her husband David saw their potential mortgage bill soar
in the second half of the year.

 

"We had that excitement and thrill. So to just be shot down, I was in bits
and my husband was disappointed too. It burst our bubble," said 29-year-old
Mrs Yabsley, an NHS therapy assistant from Pembrokeshire.

 

"We're holding off to see if the rates go down and we're going to rent
instead.

 

"I don't want to just survive, I want to live as well."-bbc

 

 

 

UK space launch: Historic Cornwall rocket mission set to blast off

The first ever orbital space launch from British soil is getting ready to
blast off.

 

Monday's mission will see a repurposed 747 jumbo jet release a rocket over
the Atlantic to take nine satellites high above the Earth.

 

Newquay Airport in Cornwall is the starting point for the operation, on
Monday evening after 2100 GMT.

 

If it succeeds, it will be a major milestone for UK space, marking the birth
of a home-grown launch industry.

 

"What we've seen over the last eight years is this building of excitement
towards something very aspirational and different for Cornwall, something
that started off as a project that not a lot of people really believed was
ever going to happen," said Melissa Thorpe, who heads up Spaceport Cornwall.

 

"What I think people have seen here in Cornwall is a small team that lives
and breathes this county deliver something quite incredible."

 

This first foray into orbital launch from UK territory is actually using an
American company, Virgin Orbit, that was founded by Sir Richard Branson.

 

The British entrepreneur has had one of his old passenger airliners
converted to carry a rocket, called LauncherOne, underneath its left wing.

 

When the 747 leaves Newquay, it will head west out over the Atlantic to a
designated launch zone just off the coast of the Irish counties of Kerry and
Cork.

 

At the appropriate moment and at an altitude of 35,000ft, the Virgin jet
will release the rocket, which will then ignite its first-stage engine to
begin the climb to orbit.

 

The BBC was given a rare chance to look inside Virgin Orbit's carrier plane,
nicknamed Cosmic Girl.

 

On the lower deck, everything has been stripped out to save weight, because
a fully fuelled rocket is a heavy load.

 

Upstairs, two flight engineers will sit at consoles to monitor the launch.
The cockpit, though, remains largely unchanged, apart from the addition of a
small red button that, when pressed, will release the rocket.

 

Mathew "Stanny" Stannard, an RAF squadron leader, is on secondment to Virgin
Orbit, and will be the lead pilot, sitting in the left seat.

 

"We'll be monitoring the rocket, making sure it's healthy all the way out,"
he explained.

 

"And then we enter what's called a terminal count procedure. That's where
things for us certainly get more interesting as we go through that sequence
of pressurising the tank and chilling the lines.

 

"And at the end of that terminal count, it's my job to make sure the
aeroplane is at the right bit in the sky, in the right position, so when the
rocket says 'I'm ready to go', away she goes."

 

To date, Virgin Orbit, which is based in Long Beach, California, has carried
out four straight successful rocket launches over the Pacific Ocean. The
flights were initiated from the Mojave Air and Space Port, north of Los
Angeles,

 

For the UK mission, the team has decamped to Cornwall to set up a new
mission control.

 

Deenah Sanchez, the launch director, says it will be a complex operation.

 

"We basically have three different launch systems out there," she told BBC
News.

 

"We have our ground hardware, we have an entire aeroplane, and a rocket, and
so we have people that specialise in each area here in the control room."

 

Virgin Orbit CEO Dan Hart joked that apart from the Cornish pasties versus
American hamburgers, there wasn't a great deal of difference in how his team
would operate for the UK flight. "[It's] a little different weather than
Mojave, but otherwise the team is turning the wrenches in the same way," he
said.

 

If the launch goes to plan, nine small satellites will be released into an
orbit more than 500km above the planet.

 

They have a mix of civil and military applications, ranging from ocean
monitoring to navigation technology.

 

One of the shoe-box sized satellites belongs to Cardiff-based company Space
Forge. The firm wants to use satellites to make novel, high-value materials
and components in space.

 

Josh Western, CEO of Space Forge, said: "For the first time, the UK has all
the pieces of the jigsaw to be able to design and develop satellites, launch
them from the UK and operate them from the UK."

 

There is a lot of hope riding on this rocket and its mission is just the
beginning of the UK's future strategy for space.

 

Alongside a growing satellite industry, Scottish companies Skyrora and Orbex
are leading the way in building more traditional vertical launch systems -
rockets that go straight up from the ground.

 

These vehicles will operate from Shetland and Sutherland in the far north of
the country, possibly by the end of 2023.-bbc

 

 

 

Energy bill support: Firms fear ‘worst to come’

Soaring energy prices have left households and businesses worried in recent
months, with the government announcing an extension to support on offer for
firms.

 

But the new scheme for companies, charities, schools and hospitals will be
much less generous than the previous one.

 

It will see firms get a discount on wholesale prices, rather than costs
being capped as under the current scheme, from April.

 

They will only benefit when costs are high, prompting some business lobby
groups to call for further assistance.

 

So we asked businesses across the country how the new government plans will
affect them.

 

Despite swerving some price rises through careful forward planning for her
business, Sarah Curtis does not feel like the worst is over.

 

Her boatkeeping yard, which she has been running for 17 years in Ipswich,
uses heavy machinery in its repair workshop. Those who store their boats
on-site often use dehumidifiers and heaters too.

 

"I use a broker to find the cheapest electricity prices, and I only employ
four full-time staff," Sarah says.

 

She has benefitted from reduced business rates as well as previously locking
in energy prices for the firm until 2026.

 

She says she feels lucky, "for now", while some other businesses which only
secured fixed-price deals last year might be stuck with higher costs.

 

Energy bill support for firms to be cut from April

Who will get £900 to help with energy bills?

"[Further support] has to be paid back," she points out. "At some point the
government has to get realistic and no doubt business will share the brunt
of that."

 

In its announcement, the government said it was scaling back energy
subsidies for the next financial year to £5.5bn in a bid to reduce how much
taxpayers are exposed to spiralling costs.

 

But Sarah suggests: "It's going to get worse for all of us before it gets
better."

 

Raoul Perfitt runs Herb UK, which produces haircare products in a factory in
Lymington.

 

He says he is pleased the new energy support scheme, which will run until
the end of March next year, will give the firm "some certainty to help
budget and plan".

 

Wage bills, manufacturing, raw material and warehouse rental costs have all
gone up for Herb UK in the last year.

 

Plus the firm has seen shipping costs on 40ft containers increase from
£4,000 to £10,000 - and Raoul says he is starting to feel squeezed.

 

He says he has already seen huge resistance from retailers when he suggests
he might need to pass on some of those higher costs.

 

"Obviously we need time to assess exactly how much this [new plan] will
reduce our bills by... But in the current extremely challenging economic
conditions any assistance is very welcome," he says.

 

Adrian Hanrahan's firm manufactures chemicals, but he believes it is not
eligible for higher levels of support.

Adrian Hanrahan, managing director of West Bromwich chemicals producer
Robinson Brothers, welcomes the new energy scheme though he fears it will
not be enough.

 

Under the new plans, high-intensive energy users, such as those in glass,
steel and ceramics, will be eligible for higher discounts on their bills and
Adrian is hoping his firm qualifies for extra assistance.

 

Fortunately, his firm has been on an energy contract since 2019.
Unfortunately, once that ends he reckons his energy bill will triple.

 

"It is detrimental for our size of business - we only have one pot of money
and most of that is being used for day-to-day costs, redirecting our money
from investing, to survival."

 

"At times we have to close pubs at certain parts of the day because it's
just not worth it, given the increases in energy costs we're having to pay,"
says Clive Watson, chairman of the City Pub Group.

 

The group currently has more than 40 pubs located across England and Wales.
But he says rising energy bills are holding it back from pursuing its
expansion plans.

 

"It's great that energy prices are slowing down, but that's just not coming
through in the bills, just yet," he says.

 

On Monday, the Treasury also confirmed that Chancellor Jeremy Hunt had
written to the energy watchdog, Ofgem, to complain about firms that were not
passing on discounts to customers.

 

Despite that, Clive suggests that confidence will not return "until we see
bills at the levels we saw them at last year".

 

Wholesale gas prices are now below the level they were before Russia's
invasion of Ukraine, but still three to four times higher than their
long-term average.

 

But Clive says that looking ahead to 2023, he remains "cautious".

 

"My long-term planning is on hold because of the short-term risks," he
adds.-bbc

 

 

 

Energy bill support for firms to be reduced from April

The government will scale back support for businesses with energy bills
after warning that the current level of help was too expensive.

 

Under the new scheme, firms will get a discount on wholesale prices rather
than costs being capped as under the current one.

 

Heavy energy-using sectors, like glass, ceramics and steelmakers, will get a
larger discount than others.

 

But firms will only benefit from the scheme when energy bills are high.

 

While some industry groups welcomed the announcement, others warned it fell
short for business struggling with soaring costs.

 

The new scheme will run until the end of March 2024, while a limit has been
set on it in a bid to reduce how much taxpayers are exposed to spiralling
costs.

 

The energy support scheme is mainly used by businesses, but is also for
charities, and public sector organisations such as schools and hospitals.

 

The government first launched the package last September after prices were
driven up in the wake of the pandemic and the war in Ukraine.

 

Energy bill support for firms set to be cut

Who will get £900 to help with energy bills?

Wholesale gas prices are now below the level they were before Russia's
invasion, but still three to four times higher than their long-term average.

 

In its announcement, the government said it was scaling back the energy
subsidies for the next financial year to £5.5bn.

 

The current scheme had been described as "unsustainably expensive" by the
chancellor and was predicted to cost about £18.4bn in just six months,
according to official forecasters.

 

'As much support as we are able'

Chancellor Jeremy Hunt said: "My top priority is tackling the rising cost of
living - something that both families and businesses are struggling with.

 

"That means taking difficult decisions to bring down inflation while giving
as much support to families and business as we are able."

 

Bills will automatically be discounted by up to £6.97 per megawatt hour
(MWh) for gas bills and up to £19.61 per MWh for electricity bills, a
statement said.

 

Speaking in the House of Commons on Monday, James Cartlidge, the exchequer
secretary to the Treasury, explained that this worked out as roughly a
£2,300 saving for a pub.

 

Big manufacturers who typically have much higher bills will receive a bigger
discount, equivalent to about £700,000 of support over 12 months, the
government added.

 

The Treasury said these businesses would receive more help because, with
competitors around the world, they are less able to pass on higher costs to
customers.

 

But Charlene Lyons, chief executive of Black Sheep Brewery, said that even
though her firm qualifies for more support because it is an energy-intensive
business, the new scheme was "disappointing".

 

"Energy prices will still absolutely soar for us and for everybody else as
well," she told the BBC. "You're talking about the best part of a £200,000
increase per annum and that's not sustainable for many businesses, including
our own."

 

Mr Hunt said he had also written to the energy watchdog, Ofgem, to complain
about firms that were not passing on discounts to customers.

 

Clive Watson, chairman of the City Pub Group, told the BBC that falling
wholesale prices were not coming through in the bills "just yet".

 

The group, which has around 43 pubs across England and Wales, has had to
shutter some at certain times in the day because the costs are just too
high.

 

Confidence will not return "until we see bills at the levels we saw them at
last year," he said, adding that the group had put expansion plans on hold
until there was more certainty.

 

Businesses had previously raised concerns about a "cliff edge" if there was
not further support for rising bills, potentially leading to job losses and
bankruptcies.

 

But Tom Thackray of the business lobby group CBI acknowledged that it was
"unrealistic to think the scheme could stay affordable in its current form".

 

"Heavy energy users and those exposed to global trade are among some of the
most impacted in the current crisis, so the additional support for these
firms is a particularly welcome step," he said.

 

It also means, however, some businesses which locked into fixed-price deals
last year will be stuck with higher costs.

 

The Federation of Small Businesses described the announcement as a "huge
disappointment".

 

Martin McTague, its national chair, said: "Many small firms will not be able
to survive on the pennies provided through the new version of the scheme.

 

"While the New Year should be a time of optimism and excitement, 2023 looks
like the beginning of the end for tens of thousands of small businesses,
which have been relying on the government energy support to survive this
winter."

 

UK Steel, which represents some of the firms who will get a more generous
discount, pointed out that the new level of support on offer falls behind
that in other countries like Germany.

 

Although it welcomed the scheme, it cautioned that the government was
betting on a "calm and stable 2023 energy market, in a climate of unstable
global markets".

 

Meanwhile, the British Chambers of Commerce said that the new scheme falls
"seriously short" for firms who are already struggling with prices, which
are near a 40-year high.

 

It comes after the Bank of England chief economist Huw Pill warned that
inflation could persist for longer than expected, despite the recent fall in
wholesale energy costs.-bbc

 

 

 

Liberia: Life Liberia Supports Farmers to Cultivate 76 Acres Lowland Rice

In an effort to buttress the Liberian government's food security drive, the
Liberian Initiative for Feeding Everyone (LIFE Liberia), a Christian local
non-governmental organization (NGO), has supported several smallholder rice
farmers to develop 76 acres of lowland with an improved rice variety.

 

The lowland rice project, which is now mature for harvest, is situated in
Dokodan Camp Number One, Bain-garr Administrative District, Electoral
District # 2, Nimba County.

 

The founder of Life Liberia, former Lutheran Bishop Rev. Dr. D. Jensen
Seyenkulo, told the Daily Observer last week in an exclusive interview
during a one-day visit on the farm that the rice, when harvested, will be
processed and sold on the local market at affordable prices.

 

 

The project comes at a time when the nation is still struggling to increase
domestic rice production. Liberia spends nearly US$200 million annually to
import rice to ensure food security for its citizens. In 2022, there was an
acute shortage of rice on the market for several weeks. And currently, the
price of imported rice on the local market has increased due to the global
food crisis. .

 

The establishment of LIFE Liberia

 

In September last year, the Lutheran church in Liberia (LCL) partnered with
three other ecumenical denominations, Episcopal, Methodist, and Baptist to
sign a memorandum of understanding that launched the LIFE Liberia project.

 

The main goal of the project is to help reduce Liberia's dependency on rice.

 

 

Former Lutheran Bishop, Rev. Dr. D. Jensen Seyenkulo's recent visit to the
LIFE Liberia project.

 

"Now it is time we can feed ourselves and the nation. We have rich soil,
abundant rainfall, and enough sunshine. We are too old to continue to let
other people decide what we eat, and when to eat it," says former Lutheran
Bishop Seyenkulo, during the launch of the project last year in Monrovia.

 

Rev. Fr. Wozeyan Bazzie, Chairman for the Standing Committee of the
Episcopal Church of Liberia, says Liberia's continuous importation of
vegetables and other food crops is sad.

 

"It's enough that we take action. With the coming of this project, there
will be employment for many rural citizens. Though there will be challenges,
let us not be deterred," Rev. Fr. Bazzie said.

 

LIFE's partnership with Dokodan farmers

 

The project initiated by LIFE Liberia is designed to support smallholder
rice farmers who are members of the Dokodan Cooperative and other farmers in
the future with improved rice seed varieties, fertilizers, and other farming
inputs, as well as to ensure that the rice produced by the farmers is
purchased, processed, and sold on the local market.

 

 

The Dokodan Cooperative has turned over the rice processing facility donated
to them by international partners to LIFE Liberia to manage, through a
formal agreement to ensure processing opportunities for the farming
communities.

 

The facility is housed in a building with integrated rice milling equipment
procured with funding from USAID. The equipment has the capacity to produce
1 metric ton of rice per hour. It is one of several industrial rice milling
facilities that the country can now boost to ensure the availability of
local rice for the market.

 

According to the vision bearer of LIFE Liberia, Bishop Seyenkulo, LIFE
Liberia is currently piloting the rice project for a period of three years
and will extend the agreement based on the success of the current
intervention.

 

Seyenkulo said they were targeting 2,000 acres but were only able to
cultivate 76 acres at the moment, and they also intend to work with other
farmers in the nearby communities to purchase their rice for processing.

 

"We support the farmers with seed, fertilizers, and other farming tools, and
the farmers grow the rice, which we will buy to process for the market. We
also intend to work with other farmers in the nearby communities," he
explained.

 

He said they intend to supply quality processed local rice in market places
like Ganta, Sanniquellie, and Gbarnga.

 

"We want to own a share of the market and grow fast enough to compete with
the imported rice. We can't stop the sale of imported rice on those markets
now because we still lack the means. But it is disastrous that we can't feed
ourselves. Therefore, we hope that this project will help contribute
immensely toward the improvement of food security," the Bishop stated.

 

However, he mentioned that the greatest challenge that he sees about
agriculture in Liberia is the doubtfulness of many Liberians that the
country could feed itself.

 

"Our greatest challenge is the doubt by many that we can feed ourselves. But
we hope that those who have the means can support us. People need to believe
that the private sector is capable of the transformation we need for
agriculture," the former Lutheran Bishop explained.

 

"We, as the church, God has not only mandated us to preach to the world, but
we are here to meet the needs of the people in a holistic way," he added.

 

The Bishop has meanwhile called on the entire Christian community to join
the government to solve the food problem facing the country.

 

Dokodan farmers' impression about the project

 

Beneficiaries of the project have expressed great enthusiasm about the LIFE
Liberia project within the community. They told this reporter that the
project was introduced at a time when they were faced with the challenge of
accessing inputs and marketing their paddy rice.

 

"We are very happy about the introduction of this project because we have
someone to buy our rice to get money to support our families. I have
cultivated one acre. Before, we had a lot of challenges. But this project
has provided us with cash to cultivate our farms, and they are going to buy
the rice we have grown. We were provided with fertilizer and seed," said Nya
Quee, a farmer.

 

However, Nya noted that there was a need for the project to ensure that
farming inputs, particularly the provision of seed and cash to farmers, are
done in a timely manner to avoid late planting.

 

The Dokodan Farmers' Cooperative Society is one of the oldest cooperatives
in the country. Since the end of the Liberian civil war, members of the
cooperative have benefited from a lot of assistance from international
partners, but it seemed as though the interventions were not sustainable.

 

The rice field is still not well irrigated, thus bringing about the problem
of flooding during the farming season that negatively affects the yield of
the farmers.

 

Over the years, many calls have been made by the farmers to the government
to see reason to reconstruct the dam so as to enable them to produce rice in
two cropping seasons, but such an appeal has yet to come to fruition.

 

Marcus Kerkula, an experienced youth farmer, underscored the need for the
government to support LIFE Liberia in achieving its goal of feeding the
nation.

 

"We want the government to support LIFE Liberia to rehabilitate the dam.
This dam has been damaged for a very long time. Because the dam is not yet
reconstructed we have a problem with not producing more rice for the market.
Many times, due to the climatic conditions, we experience heavy floods that
damage most of the rice during the farming season. We also want the
government to support the organization with equipment to enable us to
mechanize to feed the mill," Macus said.

 

-Observer.

 

 

 

Nigeria: 2023 - Binani Promises to Pay Salaries, Pension If Elected Governor

She said civil servants and pensioners will receive their monthly benefits
when they are due.

 

The governorship candidate of the All Progressives Congress (APC) in Adamawa
State, Aishatu Binani, on Monday, flagged off her campaign with a promise to
pay all outstanding salaries and pensions if elected.

 

The campaign rally in Yola was attended by President Muhammadu Buhari.

 

Mr Buhari called on residents of the state to vote for the APC's
presidential candidate Bola Tinubu and the party's governorship candidate,
Mrs Binani.

 

 

"If I am elected I will pay the outstanding gratuity for retired civil
servants and I will facilitate job opportunities for our teeming youths in
the state,

 

"Civil servants and pensioners will receive their monthly benefits as at
when due," Mrs Binani said at the event.

 

"My administration if elected, will ensure the food security and that of
life and properties, in the state," she added.

 

Meanwhile, Mrs Binani also solicited the support of the pioneer Chairman of
the Economic and Financial Crime Commission (EFCC), Nuhu Ribadu, and the
wife of the Nigerian President, Aisha Buhari.

 

"I am pleading for the people of Adamawa state to be a united force for the
success of the party in the state. I'm using this opportunity to call on
Malam Nuhu Ribadu, Abdulrazak Namdas, and Aisha Buhari to come together as
one united family.

 

"Fighting each other will not work, we have witnessed the consequences in
2019. Where ever you people are come and join me to work together, may Allah
be pleased with you, Mrs Binani said.

 

Both Mr Ribadu and Mrs Binani are influential in APC Adamawa politics and
both ran to become the party's gubernatorial candidate. After Mrs Binani was
declared the winner of the contest, Mr Ribadu challenged the credibility of
the primary that produced Mr Binani, which originally led to a court
nullifying Mrs Binani and barring the party from replacing her.

 

The ruling was, however, dismissed by the Court of Appeal, which effectively
made Mrs Binani the APC governorship candidate.

 

-Premium Times.

 

 

 

Tanzania: Govt Bans Salt Importation

THE government has banned the importation of salt, a move aimed at boosting
the domestic market for locally produced products in the country.

 

The Minister for Investment, Industry and Trade Dr Ashatu Kijaji made the
announcement here saying the country has enough salt, especially raw salt
produced locally.

 

She made the statement here late last week when she visited the salt
production areas in Mtwara Region.

 

"Based on the statistics available, the country has no shortage of salt,
especially raw salt," she said, noting that the country currently produces
enough salt to serve the population.

 

She said the country released the importation of salt in 2008 following the
emergence of El-nino which affected the country producing the salt locally.

 

According to Dr Kijaji, after the end of El-nino the local producers
proceeded with the production and, thus, making the country to have enough
stock.

 

 

Meanwhile, the Chairperson of Salt Producers Association in Mtwara, Ms Hawa
Ghasia, pointed out that availability of iodine to the locally produced salt
was a problem, calling for the government's intervention.

 

She said the cost of importing the iodine was high, a situation which
hinders local producers from producing and selling Iodised salt in the
country.

 

Responding, Deputy Minister for Minerals, Dr Stephen Kiruswa, said the
ministry was in talks with the ministry of Health to start releasing iodine
as a free chemical to be added in the salt produced in the country.

 

"We (Ministry of Minerals) are in talks with the ministry of Health to
convince them to provide the iodine because it is a mineral necessary for
human health," he said.

 

-Daily News.

 

 

 

 

Ghana: Why Ghana Relies Heavily On Used Cars

The sale of electric cars is growing. Globally, some 2 million electric
vehicles were sold in the first quarter of 2022 - 75% more than in the first
three months of 2021. Most, though, are sold in high income countries.

 

As transport electrification takes hold in rich countries to reduce
emissions that lead to climate change and air pollution, increasing numbers
of internal combustion engine vehicles are likely to land in used vehicle
markets.

 

Africa is already one of the main destinations for used vehicles. Between
2015 and 2018, the European Union, Japan, and the United States exported 14
million used vehicles worldwide. Forty percent of these went to African
countries.

 

Used vehicles serve real needs in the continent by supporting mobility and
generating livelihoods for millions of people, including mechanics,
sprayers, and other garage operators. But they also contribute to its public
health and environmental problems through crashes and pollution.

 

 

This is largely because the vehicles that are exported to African countries
run mainly on fossil fuel and tend to be over-aged, highly polluting and
prone to malfunctioning. Sometimes, modifications to these vehicles - such
as the removal of catalytic converters to source precious metals - make them
even more polluting.

 

Africa's dependency on used vehicles is often attributed to low incomes and
weak regulation. The cost of new vehicles and limited access to loans put
new vehicles beyond the financial reach of the majority. Environmental and
public health protection standards against used vehicle harms are weak and
poorly enforced in many African countries. The cost of repairing old
vehicles, too, is relatively low.

 

Together, these factors tend to elevate demand for used vehicles. And supply
is ready because wealthy countries have stringent recycling policies.
However, this is not the full picture.

 

 

Our recent paper explores Ghana's dependence on used vehicles. We found that
low incomes and poor regulation tell us only so much about it. This
explanation also tends to limit the policy tools to bans and import
restrictions. We argue that a more holistic view reveals more at play and
opens up more policy options.

 

Used vehicles in Ghana

 

Ghana has revised some planning laws inherited from its colonial experience.
Nevertheless, as with their counterparts in other African countries, the
attitudes and practices of Ghanaian politicians and professionals around
planning, transport and land use still reflect colonial frameworks and
mentalities.

 

These practices continue to promote the spatial separation of work and other
activities like shopping for food far from home. This compels or encourages
people to travel more. Road construction gets priority over public transport
provision. Roads have huge political value in Ghana. Voters love roads, and
constructing them generates great opportunities for kickbacks and
profiteering.

 

 

These dynamics create incentives for investing ever more in roads. Indeed,
the Ghanaian Ministry of Transport reports that over 80% of the government's
annual transport budget goes into road projects. Roads induce more
spread-out land use - requiring more travel.

 

The roads are primarily designed for cars - they often lack pedestrian
pathways, crossovers and bicycle lanes.

 

The construction of more and more roads, coupled with under-investment in
public and non-motorised transport and the high social status attached to
car ownership, encourages higher income individuals to import vehicles for
their personal use.

 

The demand for private vehicles is easily met by importers focused on the
cheaper used vehicles in abundant supply. Well-documented corruption in the
Customs Service also undermines effective enforcement of regulations for
importing used vehicles. Benefits accrue to powerful actors connected to the
sector, and this is a very regressive approach.

 

The minibus (popularly called "tro-tro") sector has stepped in to meet the
high public transport demand. Some studies suggest that the sector serves
about 60% of Ghana's travelling public. The operators, however, remain
highly fragmented and largely focused on individual short-term profits.
Service improvements - like more efficient operations, fleet renewal or
electrification - that require more capital are neglected.

 

The government of Ghana and its "development partners" direct their high
quality bus investments into Bus Rapid Transit projects which do not always
work as planned, leaving gaps. These conditions encourage the continuing
purchase and use of second-hand minibuses, which are often poorly maintained
and kept on the roads even as they get older and more dangerous. Their
regular use means that large numbers of people are exposed to discomfort,
air pollution, poor safety and other problems. Research shows that poor
minibus (tro-tro) transport experience adds to the factors that push people
towards used private car consumption in Ghana.

 

Big picture view of the problem

 

Currently, a focus on weak regulation and poverty leads to bans and
penalties on used vehicle imports as the primary policy response to Africa's
used vehicle dependency. A broader view, incorporating land-use patterns,
and investment in public transport, provides new policy options for reducing
used vehicle and vehicle consumption generally.

 

The options could include:

 

changing town and city planning to allow people to live, work and shop in
the same area and therefore travel less

investments to make public transport as well as walking and cycling cleaner,
safer, efficient, affordable and attractive

investments in public transport infrastructure like dedicated bus lanes and
proper bus stops, stations and passenger information

tax relief and financial support for new public transport vehicles - minibus
recapitalisation programmes like South Africa's can introduce higher
occupancy, low emissions and safer vehicles

minibus electrification and investment in emerging local electrification
initiatives.

Overall, there is a need for policy shifts from just banning used vehicle
imports, and building more and more expensive roads. A broader range of
interventions exists that can shift Ghana and other countries away from
automobile dependency and all the socio-environmental harms that this
brings.

 

Festival Godwin Boateng, Postdoctoral Research Fellow, Centre for
Sustainable Urban Development, The Earth Institute, Columbia University

 

Jacqueline M Klopp, Research Scholar, Center for Sustainable Urban
Development, Climate School, Columbia University

 

 

 

 

Ethiopia: #asdailyscoop - Ethiopia Sees Yet Another Fuel Price Increase As
Government Subsidy Continues to Phase Out

Addis Abeba — The Ministry of Trade and Regional Integration announced an
increase on the current retail price of fuel products effective January 08,
2023.

 

According to a statement released by the Ministry, the new price for a liter
of gasoline will be 61 Birr and 29 cents, for white diesel 67 Birr and 30
cents as well as kerosene 67 Birr. Light black diesel will be sold at 49
Birr and 67 cents, heavy black diesel at 48 Birr and 70 cents and jet fuel
at 67 Birr and 91 cents per liter.

 

According to the Ministry, due to transportation fees there will be slight
differences in the prices in regional cities.

 

Similar prices increase have been made in June and September last year
following a decision by Council of Minister in December 2021 to steadily cut
long lasting fuel subsidization program. In September, gasoline price rose
from 47.83 to 57.01 birr per liter, while kerosene and diesel price soared
from 49.02 to 59.90 birr.

 

The subsidy however remains in place for public transportation vehicles and
the subsidy given per liter of gasoline has been increased from 15 Birr and
76 cents to 17 Birr 33 cents, whereas, the subsidy for one liter of diesel
is increased from 19 Birr and 02 cents to 22 Birr and 68 cents in the new
price adjustments.

 

In November 2022, Petroleum and Energy Authority said, the cut on fuel
subsidy program helped the government reduce its monthly expenses from 10
billion to 4 billion Birr. AS

 

-Addis Standard.

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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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
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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
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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.

 


 

 


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