Major International Business Headlines Brief::: 10 March 2023

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Major International Business Headlines Brief::: 10 March 2023 

 


 

 


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ü  Ex-Goldman Sachs Malaysia boss gets 10 years for 1MDB scheme

ü  BMW invests in Oxford plant as it plans more electric Minis

ü  HS2 line between Birmingham and Crewe delayed by two years

ü  Bankers in Swiss trial for helping 'Putin's wallet'

ü  Energy bills: 'My supply fee has gone from 29p to £4 a day'

ü  Young homeowners most likely to face mortgage strain, watchdog says

ü  Food fraud probe into beef falsely labelled as British

ü  Anglesey: 2 Sisters confirms factory closure at end of March

ü  Former Shell boss Ben van Beurden's pay package jumps to £9.7m

ü  Kenya Dairy Board Suspends Milk Powder Imports Ahead of Long Rainy Season

ü  Nigeria: CBN's Silence - Motorists, SMEs, Stores Reject Old Naira Notes

ü  Rwanda: Kigali Special Economic Zone to Be Doubled in Size

ü  Africa: Sandalwood Burn Ignites Awareness of Kenya's Illegal Trade

 


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Ex-Goldman Sachs Malaysia boss gets 10 years for 1MDB scheme

The former head of Goldman Sachs in Malaysia will be sent to prison in the
US for his role in a massive financial corruption scheme.

 

A US judge sentenced Roger Ng to 10 years, after he was convicted last year
in a trial concerning the looting of billions of dollars from the country's
1MDB sovereign wealth fund.

 

The scandal led to massive fines for Goldman and rocked Malaysian politics.

 

He had denied the charges, which included money laundering and bribery.

 

In 2020, former Malaysian Prime Minister Najib Razak was sentenced to 12
years in jail after he was found guilty in a Malaysian 1MDB trial.

 

Ng, who had argued he was a "fall guy" for bigger players, had hoped to be
set free.

 

But prosecutors sought 15 years in prison for Ng, saying he played a key
role in a corruption scheme that took funds intended for infrastructure and
economic development projects and instead used the money for bribes and
personal gain.

 

What is the 1MDB scandal about?

The charges against Ng stemmed from bond deals that Goldman helped arrange
in 2012 and 2013 that raised $6.5bn (£5bn) for the 1MDB fund, which was
founded to finance public development projects.

 

Authorities say more than $4.5bn (£3.9bn) was stolen and spent on art,
diamonds and property - even helping to finance Hollywood film "Wolf of Wall
Street".

 

Prosecutors said Goldman Sachs bankers helped to arrange laundering for some
of the money, some of which was paid as bribes to officials in Malaysia and
Abu Dhabi to help win business for the bank.

 

Prosecutors said Ng was central to the scheme, introducing his boss at
Goldman, Tim Leissner, to Chinese-Malaysian financier Jho Low, the alleged
mastermind and a confidant of former Prime Minister Razak.

 

Ng, who worked for Goldman from 2005 to May 2014, received $35m (£29m) in
kickbacks for his role, according to the US Department of Justice.

 

"Roger Ng was a central player in a brazen and audacious scheme that not
only victimized the people of Malaysia, but also risked undermining the
public's confidence in governments, markets, businesses and other
institutions on a global scale," said United States Attorney Breon Peace in
a statement.

 

"Today's sentence serves as a just punishment for the defendant's crimes and
a warning that there is a significant price to pay for corporate
corruption."

 

Ng's attorneys had asked for "mercy", pointing to six months he spent in
prison in Malaysia while waiting to be sent to the US and four years of
house arrest.

 

His family also relinquished the money made from 1MDB deals and more, they
wrote.

 

"There can be no doubt that Mr Ng has suffered and has been punished every
day since the day of his arrest," they wrote, noting the toll the case has
already taken on Ng's mental health and family.

 

In 2020, Goldman reached a $3.9bn (£3.2bn) settlement with the Malaysian
government for its role in the multi-billion-dollar corruption scheme.

 

It also paid nearly $3bn (£2.5bn) to authorities in four countries to end an
investigation into work it performed for 1MDB.

 

Leissner admitted to money laundering and bribery charges in 2018 in a plea
deal with the government. He is awaiting sentencing, after testifying
against Ng at trial, cooperation that is expected to reduce his sentence.

 

Jho Low was indicted alongside Ng in 2018 but remains at large.-bbc

 

 

 

 

BMW invests in Oxford plant as it plans more electric Minis

Carmaker BMW is preparing to invest up to £600m in its Mini plant at Cowley,
near Oxford, the BBC understands.

 

The money is expected to be used to prepare the plant for a future building
electric models.

 

The government has offered support worth £75m to BMW.

 

The first generation of electric Minis was launched at the Cowley plant in
2019. The original model was based on an existing design, converted to run
with an electric motor and batteries.

 

But last year, the company announced production of most of its electric cars
would move to China, to be built by a joint venture between BMW and Great
Wall Motor.

 

One electric model, the Countryman, would built at Leipzig, in Germany.

 

At the time, BMW suggested that building both conventionally fuelled and
electric cars in the same factory was inefficient.

 

It also insisted Oxford would remain the "home of the Mini" and no jobs
would be lost.

 

However, with the sale of new non-hybrid petrol and diesel powered cars due
to end in 2030, the factory will ultimately have to build electric cars
again, if it is to continue operating.

 

All Minis will be electric by 2030.

 

In a statement, BMW said it had a "continuous and productive dialogue with
UK Government", but it declined to comment on any future production plans.

 

An announcement from BMW would a positive move at a time when analysts have
been questioning the future prospects of the British car industry - with the
sector undergoing profound change globally.

 

In 2022, UK production fell to its lowest level since 1956, according to
figures from the Society of Motor Manufacturers and Traders.

 

Honda's factory in Swindon closed in 2021, while Ford shut its engine plant
in Bridgend the year before.

 

In January, Britishvolt, which had been planning to build a "gigafactory"
battery plant near Blyth, collapsed into administration.

 

The company has been bought by an Australian firm, Recharge Industries - but
its priority is no longer expected to be batteries for electric cars.

 

Some new investment is planned, however.

 

Ford is investing £380m in its Halewood plant, preparing it to build motors
for electric vehicles. Stellantis is preparing its Ellesmere Port factory in
Cheshire to build electric vans - a project backed by £100m of public money.

 

A similar level of government funding is also going towards the construction
of a gigafactory next door to Nissan's plant in Sunderland - where the
electric Leaf is built.

 

But last month a senior executive at Nissan warned that ongoing government
support and a reduction in manufacturing costs would be needed to justify
building other electric models in this country.

 

Chief operating officer Ashwani Gupta told the BBC "the economics have to
work".

 

The government is known to be keen for the UK to secure a stake in the
emerging electric car industry, as conventionally powered models are phased
out.

 

The £75m that is being offered to BMW comes from the government's Automotive
Transformation Fund.

 

The government is also understood to be in talks with Jaguar Land Rover's
parent company Tata over a package of funding for a possible gigafactory
here.

 

However, Spain is also believed to be in the running for that
investment.-bbc

 

 

 

 

HS2 line between Birmingham and Crewe delayed by two years

The Birmingham to Crewe leg of high speed railway HS2 will be delayed by two
years to cut costs.

 

The government suggested Euston station's opening could also be delayed as
an "affordable" design is worked on.

 

Transport secretary Mark Harper blamed soaring prices and said it was
"committed" to the line linking London, the Midlands and North of England.

 

HS2 has been beset by delays and cost rises. In 2010, it was expected to
cost £33bn but is now expected to be £71bn.

 

Mr Harper said "significant inflationary pressure" and increased project
costs meant the government was to "rephase construction by two years".

 

He said the decision had been "difficult" but that it was part of
"controlling inflation and reducing government debt".

 

Mark Thurston, chief executive of HS2 Ltd, recently told the BBC that he and
the government were examining the phasing of the build and the timing.

 

John Foster from business group CBI said the delay would harm investor
confidence in the rail sector.

 

"Delays to projects may create short-term savings, but they can ultimately
lead to higher overall costs and slow down the UK's transition to a better,
faster and greener transport network," Mr Foster added.

 

Labour said the decision to pause the HS2 at Birmingham was "astonishing".

 

Shadow Transport Secretary Louise Haigh said the party had committed to
delivering HS2 in full if it gets into government, and to partly funding the
work by its green prosperity plan.

 

The head of the Northern Powerhouse Partnership, Henri Murison, said the
delay was "disappointing" and "holds back economic benefits".

 

Map showing route of HS2 rail line

The project is grappling with the rising cost of materials due to the high
rate of inflation.

 

The government hopes that the delays will allow it to spread the cost over a
longer period of time, making it more affordable by reducing annual
expenditure.

 

Chancellor Jeremy Hunt, who will outline his Budget next week, wants debt to
fall as a percentage of GDP within five years - a target explicitly set by
the Prime Minister.

 

Michael Fabricant, Conservative MP for Lichfield in Staffordshire, which
contains part of the HS2 line, said he would ask the government whether the
delay "marks the end of HS2 north of Birmingham for good and whether HS2
will make good the damage already done in southern Staffordshire".

 

He added: "Simply saying the project is delayed is not good enough. The area
has been blighted by whole fields turned into construction sites."

 

Last week, Mr Thurston said the impact of inflation had been "significant"
in the past year, affecting the costs of raw material, labour, energy and
fuel.

 

"We're looking at the timing of the project, the phasing of the project,
we're looking at where we can use our supply chain to secure a lot of those
things that are costing us more through inflation," he said.

 

HS2 trains are scheduled to carry the first passengers between Old Oak
Common station in West London and Birmingham, between 2029 and 2033.

 

Euston station in London is currently scheduled to open later, by 2035.
Further stretches to Crewe and then to Manchester are due by 2034 and 2041.

 

Most of the HS2 leg to Leeds was scrapped in 2021.-bbc

 

 

 

 

Bankers in Swiss trial for helping 'Putin's wallet'

A trial of four former executives at the Zurich branch of Russia's
Gazprombank has begun in Switzerland.

 

The three Russians and one Swiss are charged with helping Russian musician
Sergei Roldugin launder funds suspected of belonging to Russia's president.

 

Mr Roldugin reportedly placed $50m (£42m) in Swiss accounts between 2014 and
2016, with no credible explanation of where the money had come from.

 

At the time, he presented himself as a cellist on a modest income.

 

He had become famous as a musician but did not earn vast sums. He once told
the New York Times he was no businessman, and certainly not a millionaire.

 

So where did he get millions of dollars to put into Swiss bank accounts?

 

This is the question Zurich prosecutors say the accused former bankers
should have asked. It was well known the cellist was a close friend of
Russian President Vladimir Putin, and is even rumoured to be godfather to Mr
Putin's daughter.

 

Under Swiss law, banks are required to reject or close accounts if they have
doubts about the account holder, or the source of the money.

 

They are also supposed to handle "politically exposed persons" with extreme
care. As a known friend to the Russian leader, investing millions in
Switzerland after the illegal annexation of Crimea and subsequent sanctions
against Russia in 2014, Sergei Roldugin should have rung alarm bells.
Prosecutors will allege that did not happen.

 

The case is being seen as a test of how rigorously Switzerland enforces its
money laundering laws, which, on paper at least, are quite strict.

 

Swiss authorities have worked hard in recent years to move away from the
image of Switzerland as a country in which even the dirtiest money from the
most brutalist dictator or most corrupt businessman can be washed whiter
than white.

 

Mr Roldugin's questionable money was first revealed, not by Swiss
investigators, but by journalists, including a team from BBC Panorama,
involved in an international investigation of the Panama Papers data leak
organised by the International Consortium of Investigative Journalists in
2016.

 

They discovered evidence of suspicious transactions involving Mr Roldugin's
offshore companies worth hundreds of millions of dollars, as well as his
Swiss bank accounts.

 

Only after that evidence appeared did Swiss prosecutors launch their own
investigation. Their indictment, now before the court in Zurich, suggests
the musician was acting as "Putin's wallet", channelling funds via bogus
companies in Cyprus and Panama into Gazprombank in Zurich.

 

The four accused are charged with failing the "due diligence" test, in not
checking - or turning a blind eye to - the real source of his money.

 

They have all pleaded not guilty. Their defence lawyers argued that the
prosecution has been unable to prove the money invested did not belong to
the cellist. The fact he was known to be a friend of Vladimir Putin's was a
good reason for not asking him about the source of his funds, as his wealth
would not be a surprise.

 

Gazprombank has since wound up its operations in Switzerland, and Sergei
Roldugin himself is on the Swiss sanctions list.

 

A verdict is expected on 30 March. If convicted, the four bankers face only
mild, suspended jail terms of up to seven months. To secure a guilty verdict
at all, prosecutors will have to convince the court that Mr Roldugin's
millions in fact belonged to Vladimir Putin.

 

Not an easy task now that the usual co-operation between states - in this
case Switzerland and Russia - on money laundering investigations is not
happening.

 

No-one really knows how much President Putin, and those close to him,
actually have. His stated salary is only a little over $100,000 (£84,400),
the Swiss indictment points out.

 

But there are rumours his fortune could be worth a staggering $125bn
(£105bn), carefully stashed away in a complex web of shell companies and
accounts of friends like Sergei Roldugin.

 

That's why, despite the modest sentences, a guilty verdict could be so
significant. It would send a signal not only to Russia's president, his
friends, and the rest of his political establishment, that their cash can no
longer be so easily hidden, but also to the professionals who have
administered their funds.

 

"Roldugin is not alone in his alleged role as one of 'Putin's wallets',"
said Tom Keatinge, head of the Centre for Financial Crime and Security
Studies at the Royal United Services Institute.

 

"Those banks and law firms providing services to other close connections of
Vladimir Putin should be on notice that the authorities are clearly
energised to make their case in court."-bbc

 

 

 

Energy bills: 'My supply fee has gone from 29p to £4 a day'

Emma Shepherd is one of many pub landlords searching for the best energy
deal as her costs continue to soar.

 

But each quote includes a hike to her standing charge - the fixed daily fee
to suppliers - with one saying it would rise from 29p to £4 a day.

 

UK Hospitality said restaurants, pubs and bars were being hit with 600%
rises in standing charges with "absolutely no justification or explanation".

 

But the trade body for energy firms said charges were higher due to costs.

 

Energy regulator Ofgem told the BBC it was "aware" some businesses were
being asked to pay additional costs. It said it was looking to see if action
was needed.

 

Mrs Shepherd, 52, who runs the Blue Ball Inn near Sheffield said "nobody"
could tell her why her standing charge had increased so much. The pub had
already closed its kitchen on Mondays and Tuesdays to reduce running costs,
she said.

 

The British Beer and Pub Association said its members had reported costs
"being layered onto bills". The extra costs, it said, included large
deposits up front.

 

Scaled back

Unlike households, businesses are not covered by an energy price cap, which
limits the amount suppliers can charge per unit of energy.

 

To shield companies from the spike in energy costs, wholesale electricity
and gas prices have been fixed for pubs and many other businesses since
October under government support.

 

But the standing charge element of the bills, which is the daily amount
customers pay for the supply of energy, no matter how much is used, is not
covered under the support.

 

>From April, the current level of help is set to be scaled back. but price of
wholesale gas, which is what suppliers pay gas companies, has also fallen in
recent months from record levels last year.

 

Mrs Shepherd, who entered the pub trade with her husband Carl in 2019, has
managed to stay afloat during Covid lockdowns, restrictions and the energy
crisis so far as she had a fixed gas and electricity deal.

 

But when she looked to renew, she said her current provider only offered her
a variable contract with a standing charge of £4 a day, when it used to be
29p.

 

The price per unit of energy has been also quoted at around 37p a day, up
from 15p.

 

Mrs Shepherd said if she took this deal the pub would be looking at bills of
up to £17,000 a year, up from between £8,000 and £10,000.

 

"I'm playing a game of poker with the energy companies," she told the BBC.
"My electric and my gas is more than my rent which is crazy. I'm working
harder to earn a lot less."

 

Although Mrs Shepherd might be able to get a fixed rate at a lower price
than the variable one, she said being locked into a deal at a higher cost
for years when energy prices were forecast to come down left her with a
difficult decision.

 

'Misconception'

Chris Jowsey, the boss of Admiral Taverns, which has 1,600 pubs, called for
energy firms to be held to account to "make sure they are not profiteering".

 

He warned "onerous" energy contracts put many pubs at risk of closure.

 

Energy UK, the trade body for suppliers, said it was a "misconception to
imply that standing charges are rising to compensate for unit prices being
capped".

 

A spokesman said one reason why standing charges had gone up was because the
costs associated with the wider network to transmit and distribute energy
had risen.

 

He added another reason for higher network charges was due to costs
resulting from suppliers going bust, which many, mostly smaller firms, did
when wholesale prices surged.

 

Last summer, energy watchdog Ofgem was accused by the National Audit Office
of allowing a market to develop that was vulnerable to large shocks.

 

While Ofgem accepted some failings, it said it had been dealing with a
"once-in-a-generation global energy price shock".

 

Action

In a letter to the Energy Secretary Grant Shapps, leaders in the hospitality
industry called for the government to instruct Ofgem, the energy regulator,
to enable energy contracts signed when prices were higher last year to be
renegotiated, due to wholesale prices now being lower.

 

Ms Nicholls said half of businesses in the sector were locked into
high-price deals and warned that thousands might not be able to afford bills
when support is reduced from April.

 

She said if Ofgem could not enable businesses to be able to switch to
cheaper deals, then the government should step in and maintain help at
current levels, as it is expecting to do for households in next week's
Spring Budget.

 

Ofgem told the BBC it was "aware" some businesses were having problems in
getting fixed-rate energy deals as well as being asked to pay additional
costs.

 

It said its priority was to ensure customers paid a fair price for energy
and said it was looking to see if action was needed.

 

The government said Ofgem's review would include whether the regulator
requires more powers.

 

It said the energy support for businesses meant they were paying around half
of predicted wholesale energy costs this winter.-bbc

 

 

Young homeowners most likely to face mortgage strain, watchdog says

Young homeowners are most likely to be financially stretched as a result of
higher mortgage rates, the Financial Conduct Authority (FCA) has said.

 

An estimated 356,000 mortgage borrowers could face difficulties with
repayments by July next year, the regulator said, with those aged 18 to 34
most affected.

 

That is lower than its previous estimate in September which suggested
570,000 people could have problems.

 

Competition has returned to the home loan market, lowering fixed rates.

 

Worries about repayments

The FCA defined mortgage borrowers as being financially stretched if more
than 30% of their gross household income was going towards mortgage payments
and they were not already behind on payments.

 

It said that younger homeowners, and those living in London and the South
East of England were most likely to find themselves in this situation.

 

Within this group, those rolling off a fixed-rate deal could end up paying
an additional £340 a month on average under a new mortgage deal.

 

But the picture overall was less critical than previously anticipated, owing
to changes in market expectations of the Bank of England base rate - which
influences the rates lenders charge.

 

The previous analysis was based on market expectations in September last
year, which saw the Bank rate peaking at around 5.5%, as opposed to a peak
of around 4.5% in the February expectations, used to calculate the most
recent estimate.

 

'Our mortgage got so high we put off having a baby'

What are my options when my mortgage deal ends?

The FCA said that 200,000 homeowners had already missed payments, as of June
last year.

 

"Our research shows most people are keeping up with mortgage repayments, but
some may face difficulties," said Sheldon Mills, executive director of
consumers and competition at the FCA.

 

"If you're struggling to pay your mortgage, or are worried you might, you
don't need to manage alone. Your lender has a range of tools available to
help.

 

"Get in touch as soon as you have concerns, don't wait until you're about to
miss a payment before doing so. Just talking to them about your options
won't affect your credit rating."

 

Mortgage rates rose throughout last year, making a new fixed-rate deal more
expensive than many homeowners have witnessed for at least a decade. Rates
surged after the mini-budget, but have settled down since as lenders compete
again for borrowers.

 

Borrowers have also faced financial strain from the rising cost of living,
particularly food and energy bills.

 

Tackling It Together: What happens if I miss payments

Two people

Within 15 working days of missing the equivalent to two or more months of
repayments, your lender must:

 

Tell you how much your arrears add up to

List the missed payments

Explain how much is outstanding on the mortgage

Outline any charges

Your lender must then treat you fairly by considering any requests about
changing how you pay, perhaps with lower repayments for a short period.

 

Any arrangement you come to, the FCA points out, will be reflected on your
credit file - affecting your ability to borrow money in the future - as will
any missed payments.

 

Your lender might also suggest or allow you to extend the term of the
mortgage or let you pay just the interest for a certain period of time.

 

Lenders may offer a mortgage holiday which enables you to delay payments,
depending on individual circumstances - and not to those already in arrears
- but not indefinitely. Again, this will show on your credit file.-bbc

 

 

 

Food fraud probe into beef falsely labelled as British

The National Food Crime Unit (NFCU) is investigating potential food fraud
involving pre-packed sliced beef which was labelled as British but came from
South America and Europe.

 

A supermarket in the UK has been forced to remove products from its shelves.

 

The unit has declined to name the retailer or the supplier of the meat.

 

Andrew Quinn, deputy chief of the NFCU, said it was not food safety issue
but a matter of food fraud, which it takes very seriously.

 

The products include pre-packed sliced beef and deli products.

 

Mr Quinn said: "The retailer was notified on the same day that we took
action against the food business suspected of the fraud and immediately
removed all affected products from their shelves.

 

"The retailer continues to work closely and cooperatively with the NFCU
investigation to progress the case against the supplier. This is not a food
safety issue but a matter of food fraud."

 

The BBC has contacted UK supermarkets for comment. Tesco, Sainsbury's, Asda,
Aldi, Lidl, the Co-op, Waitrose, Morrisons, Iceland and Marks & Spencer said
they are not the retailer that had been supplied with the beef.

 

Charlotte Di Cello, director of trading at Waitrose, said: "We know each and
every farmer that produces our Waitrose beef. At Waitrose, higher welfare
means higher welfare and British means British. These standards are
fundamental to our makeup and this will never change."

 

The investigation - codenamed "Operation Hawk" - was made public in December
by the Food Standards Agency, which is the parent body of the NFCU.

 

At the time it said it was looking into the directors of a company which
sold large volumes of pre-packed meat to UK supermarket retailer "who pride
themselves on only selling British products".

 

However, it did not disclose details of the probe, including what type of
meat was in question.

 

Some trade associations told Farmers Weekly magazine, which revealed that
beef was at the centre of the investigation, they were disappointed that it
had taken until now for some facts to be released.

 

A spokesman for the Association of Independent Meat Suppliers, said: "It is
only today that we have found the product concerned is beef, and it is our
belief, given the popularity of sliced cooked beef across all trade
channels, that its sale by food fraudsters will not have been limited to a
single supermarket.

 

"The NFCU's current play book has the potential to damage UK overseas trade
simply by their policy of a lack of transparency and industry engagement."

 

The NFCU's Mr Quinn said: "Any fraud investigations of this nature take time
to go through evidence and bring to any outcome, including any potential
prosecution.

 

"We take food fraud very seriously and are acting urgently to protect the
consumer."-bbc

 

 

 

 

Anglesey: 2 Sisters confirms factory closure at end of March

A chicken processing factory employing 730 people will close on the 31
March, its owner has said.

 

Poultry giant 2 Sisters announced plans in January to shut its premises at
Llangefni, Anglesey.

 

It said a consultation with unions and staff was at the point where "it is
unlikely any viable alternative to closure will come forward".

 

The firm said it was trying to move staff to roles in its wider business.

 

"Clearly this is very upsetting news for all parties concerned and a very
difficult time for everyone at the factory," a spokesman for the Llangefni
site said.

 

"We are hopeful we can update stakeholders in the coming weeks with some
positive news on our efforts to redeploy colleagues within our wider
business, as well as helping them find suitable opportunities outside the
company," the statement added.

 

Inquiry into chicken factory closure announced

Drakeford fears thousands of job losses from cuts

A 2 Sisters review of the site described it as "not sustainable" and lacking
space to be efficient, despite £5m being invested there.

 

A joint statement from the company and the Unite union said: "Final
one-to-one consultations [with staff] will be carried out in the next couple
of weeks".

 

"We realise that this has been a distressing and unsettling time for all
colleagues and would like to commend everyone on site for their
professionalism during this difficult period," the statement added.

 

Anglesey Council said 2 Sisters indicated from 1 April an estimated 20 to 25
of the current 730 workforce would still be working at the site.

 

Council leader Llinos Medi called it "devastating news for the workforce and
their families".

 

"We must also focus on the long-term future of the site and the impact
losing more than 700 jobs will have on the future of the island and regional
economy," she added.

 

Ynys Môn MP Virginia Crosbie said she would do "everything in my power to
help staff on the island find jobs and training".

 

She added she was aware of talks between 2 Sisters and the UK government
about a £40m cash injection to keep the factory going.

 

"The company could give no guarantees that the facility would remain open in
the medium to long term if such support was given," she said.

 

"I'm sure many people would agree that this could never be a good use of
taxpayers' money without a long-term guarantee for the site."-bbc

 

 

 

Former Shell boss Ben van Beurden's pay package jumps to £9.7m

Former Shell boss Ben van Beurden received a pay package of £9.7m last year,
up more than 50% from 2021.

 

His pay was revealed in the oil and gas giant's annual report and accounts.

 

Shell reported the highest annual profits in its 115-year history last year
after a surge in energy prices following Russia's invasion of Ukraine.

 

Massive profits made by energy firms have added to pressure to tax them more
as households struggle with rising energy bills.

 

Shell made a record $39.9bn (£32.2bn) profit in 2022, double the previous
year's total.

 

When its results came out in February, opposition parties said the company's
profits were "outrageous" and that the government was letting energy firms
"off the hook" on taxation.

 

In 2021, Mr van Beurden was paid the equivalent of £6.3m - he was paid in
euros because Shell had yet to move its headquarters from the Netherlands to
Britain.

 

He was replaced on 1 January this year by Wael Sawan, the former head of
Shell's gas and renewables business.

 

The annual report said Mr Sawan was appointed on a salary of £1.4m, although
performance-related payments can often add to the overall pay package
considerably. Mr van Beurden's salary was £1.4m in 2022.

 

Mr van Beurden's pay package was criticised by human rights and environment
charity Global Witness.

 

"It's a sign of just how broken our energy system is that Shell and other
fossil fuel companies have made record-breaking profits from an energy
crisis that's forcing families to choose between heating their homes and
putting food on the table," said Alice Harrison, fossil fuels campaign
leader at Global Witness.

 

"We're calling on the UK government to implement a people-first windfall tax
in next week's Spring Budget, which includes executive bonuses."

 

Dean Bruckner, policy director at the UK Shareholders' Association, which
campaigns for shareholders' rights, said he had concerns that Mr van
Beurden's pay package looked "indefensible".

 

He said pay settlements such as this risk bringing "the corporate world into
disrepute".

 

Inflation in the UK has been soaring, with huge increases in the cost of
energy a key factor.

 

As prices rise across the board, putting pressure on struggling households,
so oil and gas firms have been coming under political pressure.

 

When he was chancellor, Prime Minister Rishi Sunak brought in a 25% Energy
Profits Levy.

 

This was increased to 35% from January 2023 by current chancellor Jeremy
Hunt, and will run until 2028.

 

The levy applies to profits made from extracting UK oil and gas, but not on
refining, or selling petrol and diesel.

 

Less than 5% of Shell's profits come from UK production.

 

The scheme was criticised because it allowed oil firms an 80% investment
allowance which overall allowed then to claim back 91p in every pound
invested, including in oil and gas.

 

This investment allowance was reduced from 80% to 29% from 1 January.

 

However, the biggest oil producer in the North Sea, Harbour Energy, has been
a vocal critic of the tax.

 

It said on Thursday that the Energy Profits Levy had "all but wiped out our
profit for the year". Harbour reported pre-tax profits of $2.5bn, but tax -
including $1.5bn set aside for the levy - had left the company with $8m in
post-tax profit.

 

The tax "has driven us to reduce our UK investment and staffing levels,"
said its boss Linda Z. Cook, who used to be a Shell executive.

 

She added that it had given impetus to the firm to expand internationally.

 

Harbour Energy has not gone ahead at drilling at two sites, and did not take
part in the latest North Sea offshore licensing round, a spokesman said.

 

The planned job cuts are under consultation, the spokesman added.-bbc

 

 

 

 

Kenya Dairy Board Suspends Milk Powder Imports Ahead of Long Rainy Season

Nairobi — Kenya Dairy Board (KDB) has suspended the importation of milk
powder to cushion local producers ahead of the long rainy season of March to
May.

 

The directive will apply to all importers in the country.

 

KDB's decision comes at a time when milk producers across the country expect
high yields with the start of the rain.

 

"The board has temporarily suspended the issuance of these import permits
until further notice," KDB managing director Margaret Kibogy said in a
statement seen by Capital Business.

 

"We will however continue to monitor the production and demand for milk and
milk products in the country and advise the government accordingly," Kibogy
added.

 

 

Prolonged drought has affected milk production in the country, with the
government seeking to bridge the deficit with imports.

 

High prices of animal feeds have also made milk production an expensive
affair for a majority of producers.

 

Uganda is Kenya's main import market for milk, which is allowed into the
country.

 

KDB's statement comes after Deputy President Rigathi Gachagua said that the
government is committed to improving operations in the milk industry to help
maximize profits, boost farmers in the country, and fight towards the
elimination of cartels from the milk industry.

 

The decision will reduce competition between importers and local milk
processors, who will now have to sell their own produce in the Kenyan
market.

 

-Capital FM.

 

 

Nigeria: CBN's Silence - Motorists, SMEs, Stores Reject Old Naira Notes

Several traders, motorists, Small and Medium Enterprise(SME) vendors and
micro-sector operators are yet to come to terms with accepting the old N500
and N1000 notes despite the order of the Supreme Court stating that the old
Notes remains legal tender.

 

This stance is basically as a result of the Central Bank of Nigeria's
continuing silence on whether the apex court ruling will be upheld.

 

This is even as supermarket, retail stores and quick service restaurants
have rejected the old notes from shoppers as observed by LEADERSHIP.

 

Meanwhile, banks continued to pay the old N500 and N1000 notes across their
counters.

 

 

Checks by LEADERSHIP, revealed that, around the Abulegba-Fagba and Meiran
axis, motorists, traders and supermarkets had refused to accept the old
naira notes due to the confusion surrounding the status of the old currency
as a valid means of exchange.

 

A trader, who spoke on the condition of anonymity told LEADERSHIP
correspondent that the reason behind the rejection of the old naira notes is
that Nigerians are more inclined to listening to the directives of the CBN,
rather than court rulings.

 

She said: "Ever since this naira thing started, it is what CBN says that
people have listened to, and now the CBN has not said the old notes should
be accepted. If I collect old notes now, I can't give it as change because
other people will reject it."

 

Speaking to LEADERSHIP, a Sales representative at SPA Opebi, Allen Axis,
Bukola said, the retail giant was also not accepting the old notes.
Meanwhile JustRite at Abulegba also rejected the old notes completely from
shoppers.

 

 

The source said: "The truth is that not many people have even brought the
old notes. Many of the customers here are paying with their cards. We don't
know the status of the old notes for now, so it wouldn't be wise to start
accepting them from customers."

 

Transport operators in the axis were not also accepting the old notes from
their commuters, insisting that payments should either be done in new notes
or via transfers.

 

Also, market women at Arepo community in Ogun State, rejected the new notes.

 

A trader who gave her name only as Iya Tope said, "I can't collect the old
notes because Buhari is yet to say anything. The last time they (Supreme
Court) said we should collect it and we did, it was what Buhari said that
was obeyed and I can't run at a loss."

 

Another market woman, Ireti Shobowale, said, she was still awaiting the
president's directive to know whether to accept it or not.

 

Also, traders and motorists in the Federal Capital Territory rejected the
old N500 and N1,000 notes from customers despite the Supreme Court's order.

 

An Abuja taxi driver, Ndubuisi Egbo, said he rejected the old notes from two
persons that boarded his vehicle because he was not sure anyone would accept
it from him.

 

Similarly, a corn seller, who simply gave her name as Rose said until she
would not accept the old notes unless the CBN gave a directive on the
matter.

 

Meanwhile, the chairman of the Nigerian Association of Small and
Medium-scale Enterprises, Dr Adams Adebayo, lamented the situation.

 

He said: "It's disheartening that despite the pronouncements of the Supreme
Court on Friday 3rd of March, 2023, traders and the general public are still
rejecting the old N500 and N1000. Many business operators especially filling
stations are rejecting the old notes.

 

"Now, banks are issuing out old notes and the public are rejecting them
because there wasn't any pronouncements from the apex bank. It appears the
banking system has orchestrated a total collapse of the economy with the
attitude of sit down and look played by the apex bank."

 

-Leadership.

 

 

 

Rwanda: Kigali Special Economic Zone to Be Doubled in Size

Government says it plans to expand, by more than double, the size of Kigali
Special Economic Zone in a move aimed at further addressing some of the
domestic private sector constraints including the availability of industrial
and commercial land, limited transport linkages as well as availability and
the cost of energy.

 

The Kigali Special Economic Zone, a merger of the former Kigali Free Trade
and Kigali Industrial Park has two phases, covering 385 hectares of land and
the plan, according to Rwanda Development Board (RDB), is to increase its
combined size to 400 hectares.

 

Currently, the first phase covers 159 hectares, and 226 hectares in the
second phase.

 

 

"When you look at both phases, the first phase is fully occupied and the
second phase exceeds 70 percent," said Diane Sayinzoga, the head of special
economic zone and export facilitation at Rwanda Development Board (RDB).

 

With about 150 companies operating in Kigali Special Economic Zone,
Sayinzoga said that both zones have key infrastructures including power,
water and sanitation, ICT infrastructure like fiber optic plus wireless
networks, onsite and offsite roads links to airports and main roads, as well
as firefighting network and sewage network.

 

"The Kigali Special Economic Zone has attracted private sector investments
estimated at $2.3 billion, created over 13,000 permanent jobs and generated
over $1 billion of export revenues since 2018."

 

She added, "...and generated around Rwf120 billion in taxes between 2018 and
2021."

 

Reacting on the need to expand the zones, she pointed out that successful
(SEZs) contribute significantly to the development goals of the country
while at the same time utilizing public resources in the most effective way
to generate a tangible economic impact.

 

This she said includes increased foreign and domestic private sector
investment, export growth, industrial development as well as import
substitution.

 

"Expansion of the zone is planned for the third and fourth phase around
400ha," she said.

 

The zone, she added, accommodates different investments including heavy and
light manufacturing industries, large scale users industrial plans,
commercial wholesalers, chemical, pharmacy and plastics, warehousing,
tourism and service delivery, as well as ICT and logistics.

 

She also touched on the recently unveiled $300 worth Kigali Innovation City,
a growing tech hub expected to be located at the zones.

 

-New Times.

 

 

 

Africa: Sandalwood Burn Ignites Awareness of Kenya's Illegal Trade

Government commitment and public support are crucial to combat this
environmental crime.

 

In September 2022, a senior Kenyan police officer was arrested when he was
found with 13.5 tonnes of sandalwood, worth roughly $430 270, loaded into
police vehicles in his compound in Wamba town, Samburu East. He was charged
with being in possession of endangered species contrary to section 94(4) of
the Wildlife Conservation and Management Act 2013 at the Kahawa Law Courts
in Nairobi. Two police drivers were charged with the same offence.

 

The confiscated wood was destroyed in a public burning on 28 February, as
per Kenyan law.

 

 

The East African sandalwood tree was listed in Appendix II of the Convention
on International Trade in Endangered Species of Wild Fauna and Flora in 2013
due to over-harvesting. The illicit sandalwood trade from East Africa is a
multi-billion-dollar industry that seeks to meet the increasing global
demand for sandalwood oil used to manufacture perfumes and cosmetics.

 

The arrests and prosecution of the Kenya Police Service members point to the
entrenched nature of sandalwood trafficking syndicates and their power to
use government offices and resources to facilitate crime.As a result of
these arrests, and a growing concern about the response to illegal
sandalwood trafficking, key government and civil society stakeholders formed
a working group. The group aims to address the problem as one of Kenya's
major organised environmental crimes. Members include the Kenya Forest
Service (KFS), the Directorate of Criminal Investigations (DCI), ENACT, the
United States (US) Embassy in Kenya and Focused Conservation - a
non-governmental organisation (NGO) working with investigative agencies to
support the prosecution of environmental crimes.

 

 

The working group teamed up with investigative officers to organise the
public burning of the wood at the DCI headquarters in Nairobi. The burning
aimed to create public awareness of the negative impacts of sandalwood
trafficking, the DCI said. It also aimed to educate the public about
commercial sandalwood growing and cultivation, and the benefits for
communities when the sandalwood tree is managed sustainably.

 

The event showed that multi-agency collaboration is crucial in investigating
and prosecuting environmental crimes in Kenya. The organisers took stock of
sandalwood seizures carried out by law enforcement and highlighted various
challenges in the investigation, prosecution and sentencing processes
related to environmental crime in Kenya.

 

 

Geoffrey Okeyo, a KFS commander involved in investigating and arresting
sandalwood traffickers in Samburu County, told ENACT that it was critical
that sandalwood be burnt in line with court orders. Article 105 (1) of the
Wildlife Conservation and Management Act stipulates that confiscated
endangered species must be disposed of as per the court's directions. Okeyo
also argued that the destruction of seized sandalwood prevented its resale
on the black market by corrupt police officers.

 

By hosting the sandalwood burn event at the DCI headquarters, the police
demonstrated public commitment to and reaffirmation of their mandate to
investigate and prosecute environmental crimes in Kenya, a source in the KPS
told ENACT.

 

The event was presided over by Kenya's Minister for Environment and Natural
Resources, Roselinda Soipan Tuya, and the US Ambassador, Meg Whitman. Again,
this shows that Kenya's political leadership is committed to holding
traffickers and their state accomplices accountable.

 

Among the attendees were two chiefs from Samburu County - where much of
Kenya's sandalwood is found, and John Partangu, a community leader who has
led anti-trafficking campaigns through the Northern Kenya Human Security
Network. Partangu told ENACT that educating the public - especially the
youth - on the socio-ecological value of sandalwood was key to preventing
its illegal harvesting.The event also highlighted the collaborative efforts
of investigative agencies, local communities, NGOs and international
partners in stemming the tide of sandalwood trafficking in Kenya.

 

Keith Swindle, US Fish and Wildlife Service senior attaché for the Horn of
Africa based at the US Embassy in Nairobi, said inter-agency collaboration
to facilitate the burning of confiscated sandalwood set a precedent for
saying 'no' to forest crimes. He compared the sandalwood burning to Kenya's
public burning of confiscated ivory to stem trafficking, first initiated by
President Daniel Toroitich arap Moi in 1989.

 

While a public burning of confiscated sandalwood will not immediately
eradicate the illicit trade, nor is it sufficient in itself, it does provide
a dramatic and highly-visible statement of the government's intent to
address sandalwood trafficking as an environmental crime.

 

Ultimately, this public burning is a call to action to all stakeholders,
including governments in East Africa and regional bodies like the East
African Community, to seal loopholes that facilitate sandalwood trafficking
in the region.

 

-ISS.

 

 

 

 

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

Good Friday

 

April 7

 


 

Easter Saturday

 

April 8

 


 

Easter Sunday

 

April 9

 


 

Easter Monday

 

April 10

 


 

Independence Day

 

April 18

 


 

Workers’ Day

 

May 1

 


 

Africa Day

 

May 25

 


 

 

 

 

 


Companies under Cautionary

 

 

 


CBZH

TSL

Fidelity

 


Willdale

FMHL

ZBFH

 


GetBucks

Zimre

Seed Co

 


 

 

 

 


 

 

 

 


 <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> bulls at bullszimbabwe.com Tel: +263 4 2927658 Cell:
+263 77 344 1674

 


 

 

 

 

 

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