Major International Business Headlines Brief::: 10 November 2023

[Bulls n Bears]

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Major International Business Headlines Brief:::  10 November 2023 

 


 

 




 


 

 


 

ü  South Africa: Eskom Switches Off Cape Substation

ü  Kenya: President Ruto Assures Kenya Will Pay All Its Debt Obligations

ü  Liberia: Govt Needs U.S.$4 Billion to Achieve Nat'l Plan

ü  Kenya: Govt to Settle U.S.$300 Million of U.S.$2 Billion Eurobond Next Month

ü  Kenya: SGR Fully Booked Ahead of Christmas Celebrations

ü  Ethiopia Reclaiming AGOA Membership

ü  Ethiopia Cuts Importing Malting Barley

ü  Nigeria: European Refiners Prefer Nigeria's Crude Oil Grades - NNPC

ü  Kenya: We Are Ready for Take-Off, We Will Achieve Our Wildest Dream - President Ruto

ü  Ethiopia, India Successfully Conclude 6th Joint Trade Committee Meeting

ü  Ethiopia: UAE Pledges Support to Construction of National Elderly Care Center in Ethiopia

ü  Kenya: President Ruto Vows to Tackle Soaring Cost of Living in Inaugural State of the Nation Address

ü  Apple should pay €13bn Irish tax, argues EU lawyer

ü  Thai owner of Miss Universe files for bankruptcy

ü  Apple co-founder Steve Wozniak suffers minor stroke

 

 


 

 


 <https://www.cloverleaf.co.zw/> South Africa: Eskom Switches Off Cape Substation

Eskom has decided to switch off the mini substation in Makhaza 37 Section, Khayelitsha in Cape Town, after constant vandalism and illegal connections.

 

The decision taken in October has left the community battling with power outages.

 

Despite being affected by the decision, ward councillor Ayanda Tetani understands the need for Eskom's action. "I cannot give out proof of addresses to residents or verify lists from the database. I cannot do anything that has to do with providing services to community members," he said.

 

 

"But we cannot blame Eskom for this. A transformer was installed a week ago but it didn't last long -- it was vandalised in the second week. This is not the first time this sort of thing has happened, so I understand where Eskom is coming from," he added.

 

He offered advice to residents still awaiting access to electricity, emphasising patience over vandalism. "We must wait our turn, rather than vandalising the existing infrastructure because, by doing so, we are making a lot of people suffer."

 

Luyolo Mdana, a 40-year-old resident, called on Eskom to find a solution to illegal connections, especially those affecting paying customers.

 

"We cannot continue like this; we are suffering because of people who don't want to wait for their time to get electricity, and our appliances get destroyed because of them. Eskom must find a solution to illegal connections, especially those affecting paying customers."

 

He said their electrical appliances get damaged all the time, and they have to replace them. "Some of us are not working and illegal connections have turned our lives upside down. It is stressful," he said.

 

Eskom's coastal cluster general manager Mbulelo Yedwa highlighted the need for a partnership between Eskom and the community to fight theft and vandalism.

 

"Vandalising Eskom infrastructure leads to prolonged unplanned outages for our communities and paying customers. We need the community to take a stand against electricity-related crimes so that we can bring the perpetrators to justice."

 

- Scrolla.

 

 

 

Kenya: President Ruto Assures Kenya Will Pay All Its Debt Obligations

Nairobi — President William Ruto has revealed that the country has made positive steps to deal with debt distress saying they will make a US$300 million payment in December 2023 towards the US$2.0 billion Eurobond maturing in June 2024.

 

President Ruto noted that his administration will pay the debt that has become a source of much concern to citizens, markets and our partners scaring away potential investors.

 

"We have worked hard, at home and further abroad, to mobilize a broad coalition of bilateral development partners, multilateral development banks and other agencies, which have rallied to pull our country back from the brink of debt distress," he said.

 

The Head of State said the conduct of public borrowing by previous regimes had edged out the productive sector from the financial markets, raising the cost of credit and slowing down trade and commerce.

 

He averred that his administration has managed to put in normalized relationships with the International Monetary Fund, World Bank, the Africa Development Bank and various development partners to bolster the Bottom-Up Economic Transformation plan.

 

 

"The time has come, therefore, to retire the false comforts and illusory benefits of wasteful expenditure, and counterproductive subsidies on consumption by which we dug ourselves deeper into the hole of avoidable debt," President Ruto noted.

 

The public debt stood at 60 per cent of the GDP at the end of 2022, the Treasury said, citing a debt sustainability analysis prepared by the IMF and the World Bank.

 

The Treasury has also doubled down on its efforts to swap the country's short-term debt with longer-term issuances as uncertainty in the movement of interest rates leads to a contraction of new debt on short-term maturities, thus increasing the refinancing risk.

 

According to Central Bank of Kenya ,the depleting foreign reserves that caused pressure to the shilling was partly attributed by misunderstanding among foreign investors on the payment of the Eurobond debt set to mature in June 2024.

 

 

CBK Governor Kamau Thugge had previously explained that foreign investors were reluctant to invest in the country due to uncertainty about Eurobond repayment as they questioned whether there will be enough foreign exchange.

 

He exuded confidence that engagements between Kenya and foreign investors during the annual World Bank and IMF meetings had deflated the uncertainty on the economy as interest rates on a Eurobond dropped from 20 per cent to 14.2 per cent within days.

 

"The interest rates dropped because there was a better understanding by foreign investors. So that is one window of where the foreign exchange can come in through portfolio because these people are now satisfied that the economy better than other economies," Thugge noted.

 

A weak local currency means Kenya requires more shillings to pay back the same amount of debt, translating into higher foreign loan repayment costs.

 

By the end of January 2023, slightly more than 51.2 per cent of Kenya's Sh9.18 trillion public debt constituted external public debt.

 

- Capital FM.

 

 

 

 

Liberia: Govt Needs U.S.$4 Billion to Achieve Nat'l Plan

Deputy Finance Minister, Samora P.Z. Wolokolie says government needs over US$4 billion to achieve its Pro-Poor Agenda for Prosperity and Development (PAPD) goals and objective, describing the program as ambitious.

 

Speaking during a joint radio appearance Wednesday, November 8, 2023,

 

on State Radio, ELBC, on the topic "Why President George M. Weah should be re-elected and analysis of the government PAPD framework", Wolokollie disclosed that government remains focused on providing job opportunities and better livelihood for its citizens as captured in the PAPD.

 

 

He said the number of people that are supposed to be lifted out of poverty as proposed by the PAPD is expanded with inferior and not six years as critics have misinterpreted.

 

"We have a manifesto or a development plan for the country, strategic development plan that runs in excess of six years. That program (PAPD) is costed around US$4 billion dollars. The manifesto of the CDC 2017 PAPD is ambitious. I mean it's very ambitious. To be able to achieve everything in the manifesto, it means you must be able to mobilize the resource to Carter to the manifesto" Mr. Wolokolie stated.

 

Wolokollie explained that the CDC manifesto did not promise to raise one million Liberians out of poverty in one year or six years.

 

He pointed out that as ambitious as the PAPD is, it expands over a protracted period of time.

 

"We are projecting in the PAPD to raise one million people out of poverty within a protracted period. The period expands beyond two terms, for clarity, it's beyond 2029. So, the manifesto has been misinterpreted. I'm making an honest clarification. So, know it today that the one million people to be lifted out of poverty is not one year or six years thing but extend beyond" Wolokolie noted.

 

However, he assured that the CDC government remains committed to good governance, transparency, jobs, and infrastructure development as promised in the PAPD. -Edited by Othello B. Garblah

 

- New Dawn.

 

 

 

 

Kenya: Govt to Settle U.S.$300 Million of U.S.$2 Billion Eurobond Next Month

Nairobi — The government intends to pay $300 million of the $2 billion Eurobond in December that is due for payment in June 2024.

 

It comes at a time when local currencies have been facing immense pressure from major global currencies like the American dollar as well as mounting debt repayments.

 

"Next month in December we will be able to settle the first Kshs 300 million dollars or 500 billion installment of the US dollars 2 billion Eurobond debt that falls due next year," said President William Ruto while addressing the State of the Nation address in Parliament today.

 

The head of state added that "I can now confirm with confidence that we will and we shall pay the debt that has become a source of much concern to citizens, markets and our partners."

 

- Capital FM.

 

 

 

 

Kenya: SGR Fully Booked Ahead of Christmas Celebrations

Nairobi — The Standard Gauge Railway (SGR) passenger service between Nairobi and Mombasa is fully booked ahead of the Christmas celebrations when people travel home as well as for tourism purposes.

 

A spot-check by Capital Business on the Kenya Railway (KR) Madaraka online booking platform shows that the coaches are fully booked from December 22nd to 24th.

 

SGR usually experiences high volumes of bookings during holidays as they are faster and cheaper compared to flights and buses.

 

"Train seats fully booked for Nairobi Terminus to Mombasa Terminus on 12/24/2023. Please search for another date," the KR booking platform responded when we tried to book.

 

A one-way ticket between Kenya's capital and the coastal city goes for Sh1,000 one way.

 

However, this is set to increase by between Sh500 and Sh1,500 starting January 1, 2024.

 

- Capital FM.

 

 

 

 

Ethiopia Reclaiming AGOA Membership

Ethiopia, a country nestled in the Horn of Africa, holds significant geopolitical importance due to its strategic location and rich cultural heritage. In recent times, there has been a growing interest in revitalizing diplomatic ties between Ethiopia and the United States. One crucial step towards fostering this relationship is Ethiopia's pursuit of reclaiming its membership in the African Growth and Opportunity Act (AGOA).

 

Ethiopia's geographical location in the Horn of Africa has long been recognized as a key intersection point between Africa, the Middle East, and Asia. It serves as a gateway to the Red Sea, making it a significant maritime access point for global trade routes. Ethiopia's proximity to other strategic countries in the region, such as Djibouti and Eritrea, further enhances its geopolitical significance.

 

AGOA, enacted by the United States Congress in 2000, is a trade preference program that provides eligible African countries duty-free access to the American market for various goods. By reclaiming its AGOA membership, Ethiopia can gain access to the vast US consumer market, promoting its export-oriented industries and stimulating economic growth. AGOA membership also opens doors for increased foreign direct investment and technological exchanges, bolstering Ethiopia's industrial and agricultural sectors.

 

 

Reclaimed AGOA membership serves as a stepping stone for Ethiopia to strengthen its diplomatic relations with the United States. The two nations can engage in high-level dialogues, fostering cooperation on various fronts, including security, counter-terrorism, human rights, and regional stability. Collaborative efforts in these areas not only benefit Ethiopia and the US but also contribute to the overall peace and development of the Horn of Africa.

 

The United States has shown increasing interest in the Horn of Africa due to its geopolitical significance. The region's proximity to the Red Sea, vital international shipping lanes, and its potential as an energy hub make it a focal point for global powers. By actively engaging with Ethiopia and supporting its efforts to reclaim AGOA membership, the US can strengthen its presence in the region and advance its own geopolitical interests.

 

 

A recent study surveyed 169 firms in the textile sector to assess the impact of AGOA suspension, focusing on exports, job losses, investment, and supply chain disruptions. The study also considers how these effects vary between firms inside and outside industrial parks and examines the differences between AGOA utilizers and non-utilizers.

 

Ethiopia heavily relied on AGOA for its textile and apparel exports, with 50% of its 2020 exports to the US benefiting from AGOA. Following the suspension, the country risked losing its competitive edge in the US market due to reinstated tariffs. Notably, 30% of firms experienced decreased exports to the US, particularly those reliant on AGOA, who were more severely affected. AGOA-utilizing firms faced a more substantial impact, with 63% reporting a decrease in exports compared to only 13% of AGOA non-utilizes.

 

 

The impact of AGOA suspension varies between firms situated inside and outside industrial parks (IPs). Firms within IPs tend to face higher challenges, with 63% experiencing reduced exports to the US market in 2022, compared to 61% of firms outside IPs. This distinction may be due to the complexities of supply chains and export processes within industrial parks.

 

Job losses have also occurred as a result of the AGOA suspension, with 16% of firms laying off workers. Female workers have been disproportionately affected, constituting a higher percentage of those laid off. AGOA-utilizing firms were more severely affected, with 39% laying off workers, while only 13% of AGOA non-utilizers reduced employment.

 

The impact of job losses also varies by firm location. Among firms located outside industrial parks (non-IPs), 48% indicated diversion to the domestic markets, while only 33% inside IPs chose to increase their domestic sales. This reflects the resilience of firms within industrial parks and their ability to adapt to changing circumstances, potentially dueto the infrastructure and support available within these industrial zones.

 

In terms of investment, the study found that 24% of firms postponed or canceled investment plans due to the AGOA suspension. AGOA-utilizing firms were more likely to delay or cancel investments compared to non-utilizers. This indicates a negative impact on future growth and expansion opportunities for these firms.

 

Supply chain disruptions were another significant consequence of the AGOA suspension. About 38% of firms reported disruptions in their supply chains, affecting their production and export capabilities. Delays in receiving raw materials and inputs were the most common challenge faced by these firms.

 

To mitigate the negative effects of AGOA suspension, the study recommends a range of policy measures. These include diversifying export markets, strengthening domestic sales, improving infrastructure and logistics, enhancing competitiveness, and providing support to affected firms. It also suggests the need for policy coherence and coordination among various government agencies to ensure a comprehensive and effective response.

 

Reclaiming AGOA membership is crucial for Ethiopia's economic recovery and growth in the textile and apparel sector. It not only provides access to the US market but also signals a commitment to international trade and economic cooperation. By reinstating Ethiopia's AGOA eligibility, the United States can support the country's efforts to revive its export-oriented industries, create jobs, and improve livelihoods.

 

Furthermore, reclaiming AGOA membership would contribute to strengthening the diplomatic ties between Ethiopia and the United States. It would pave the way for increased engagement and cooperation on various regional and global issues of mutual interest, reinforcing stability and development in the Horn of Africa.

 

In conclusion, Ethiopia's pursuit of reclaiming AGOA membership holds significant potential for fostering economic cooperation and strengthening diplomatic ties between Ethiopia and the United States. Reinstating Ethiopia's AGOA eligibility would not only support the country's economic recovery but also contribute to regional stability and development.

 

Editor's Note: The views entertained in this article do not necessarily reflect the stance of The Ethiopian Herald

 

- Ethiopian Herald.

 

 

 

 

Ethiopia Cuts Importing Malting Barley

Ethiopia has achieved self-sufficiency in malting barley that it had been importing for years to meet the demands of the brewing industry, Industrial Parks Development Corporation (IPDC) disclosed.

 

Reports show that the country had been spending millions of USD to import 70 percent of the cereals required by its breweries. Ethiopia has stopped importing barley thanks to the government's efforts that enabled the nation to become self-sufficient with adequate local products, said Fitsum Ketema, Chief of Staff and Transformation Head of IPDC.

 

According to him, a malting barley producing company which operates at Bole Lemmi Industry Park has contributed to the barley production growth by supporting over 60,000 smallholder farmers to have direct access to the market. Such market linkage is being facilitated in Debre Berhan and Jimma agro processing industries, as to Fitsum.

 

 

He added that the country is also working on market integration for the trade-off between farmers and buyers in more agricultural products. Many industrial parks have been working on increasing the volume and variety of their products to alleviate the effects of the termination of Ethiopia from AGOA benefits, he noted.

 

This increment includes agro-processing, textiles, pharmaceuticals, car assembly and other productions, Fitsum stated. The country is also working on constructing additional industry parks and attracting foreign direct investment to create more jobs and increase foreign currency earnings, he indicated. Ethiopia's 13 industry parks are generating millions of dollars while creating over 100,000 jobs, according to the corporation.

 

- Ethiopian Herald.

 

 

 

 

Nigeria: European Refiners Prefer Nigeria's Crude Oil Grades - NNPC

The Nigerian National Petroleum Company (NNPC) Limited said Nigeria's crude oil grades have become the most preferred choice for refiners in Europe.

 

The Executive Director, Crude Oil and Condensate, NNPC Trading Limited, Maryamu Idris, said this at a panel presentation at the Argus European crude conference in London, United Kingdom.

 

She noted that the nation's crude flow to Europe increased after the ban on Russian crude caused a supply gap, adding that six months before the war, 678,000 bpd of Nigerian crude grades went to Europe, compared to 710,000 bpd six months later and 730,000 bpd so far this year.

 

 

Idris said: "This trend makes it evident that Nigerian grades are increasingly becoming a significant component in the post-war palette of European refiners," Idris said.

 

"Several Nigerian distillate-rich grades have become a steady preference for many European refiners, given the absence of Russian Urals and diesel.

 

"Forcados Blend, Escravos Light, Bonga, and Egina appear to be the most popular, and our latest addition -- Nembe Crude - fits well into this basket."

 

Idris noted that Russian crude affected Nigeria's crude export to India, stressing, "To illustrate the extent of this shift, Nigeria's crude exports to India dwindled from approximately 250,000 barrels per day (bpd) in the six months preceding the February 2022 invasion of Ukraine to 194,000 in the subsequent six months afterward.

 

"And so far, this year, only around 120,000 bpd of Nigerian crude volumes have made their way to India."

 

According to her, the NNPC Limited has positioned itself to boost investment in the coming year, explaining, "NNPC Limited is championing concerted efforts in partnership with host communities and private stakeholders to address the security and environmental challenges in the Niger Delta to further fortify production growth.

 

"We have already begun seeing significant progress on the rebound. In September 2023, Nigeria recorded its highest crude oil and condensate output in nearly two years, reaching 1.72 million barrels per day."

 

- Vanguard.

 

 

 

 

Kenya: We Are Ready for Take-Off, We Will Achieve Our Wildest Dream - President Ruto

Nairobi — Despite the ongoing upheavals in the President William Ruto administration he believes the 'Nation at this moment in time is Prepared and Ready to Go' in the transformation journey under the bottom up economic transformation model.

 

President Ruto confidently stated that his regime has the historic opportunity to preside over the greatest transformation and progress ever witnessed in nation even as his policy administration policies including taxes having been deemed unpopular.

 

"In a nation like ours, great deeds will be accomplished whenever and wherever opportunity exists. This is why the hard work we have done is already showing the promise of abundant fruit. We have laid a firm foundation for rapid development, and Kenya is no longer "on your marks"," he said.

 

 

As long as we put the welfare of the people of Kenya as our central agenda and play our respective roles in ensuring that government is effective and accountable, efficient and transparent.

 

The Head of State told Kenyans that time has come to retire the false comforts and illusory benefits of wasteful expenditure from the previous administrations warning that the new direction may not be easy, but it is ethical.

 

"Kenya's best fortunes are well within reach. I am persuaded we shall achieve transformation beyond our wildest dreams within this generation," President Ruto.

 

In his inaugural State of the Nation Address to a joint session of Parliament, President William Ruto pledged the government's unwavering commitment to addressing the soaring cost of living.

 

 

However, he cautioned that stringent measures would be put in place to achieve this goal.

 

President Ruto acknowledged that the combination of the Covid-19 pandemic, disruptions in the global supply chain, and geopolitical conflicts had significantly contributed to rising inflation.

 

He highlighted the pressing need for practical and sustainable solutions to the challenges faced by Kenyans, emphasizing that the country had been living beyond its means.

 

"As I told Kenyans on my first day in office, times were difficult, and many people are struggling, necessitating urgent and effective sustainable solutions. We must admit that as a country, we had been living large and way beyond our means," President Ruto stated.

 

The President explained that the government had directed its efforts towards agricultural investments as a means to mitigate the impact of high living costs.

 

He reaffirmed his commitment to ending hunger in Kenya.

 

President Ruto also pointed out that the government had succeeded in reducing the cost of living for certain essential commodities, such as maize flour, which is now retailing at prices ranging from Sh 145 to Sh 175 on the higher end.

 

He added, "The fertilizer subsidy program has made 5.5 million bags available to farmers across the country. A 2kg packet of maize flour now costs as low as Sh 145 and a high of Sh 175. A bag of maize is now selling within the range of Sh 60 to Sh 75."

 

President Ruto emphasized that past policy errors, including subsidies, had resulted in wasteful expenditures that had contributed to an increase in the country's debt ceiling.

 

"We must admit that as a country, we had been living large and way beyond our means. The time has come to retire the false comforts and illusionary benefits of wasteful expenditure," President Ruto concluded.

 

- Capital FM.

 

 

 

Ethiopia, India Successfully Conclude 6th Joint Trade Committee Meeting

Addis Ababa — The 6th Session of Ethiopia - India Joint Trade Committee (JTC) was conducted in Addis Ababa by reaching an agreement to further enhance bilateral trade and facilitate trade promotion between the two countries.

 

The deliberations of the 6th Sessions of India-Ethiopia JTC were cordial and forward-looking, reflecting the traditionally friendly and special relations between the two countries, according to Indian Ministry of Commerce and Industry.

 

Both sides undertook a detailed review of recent developments in bilateral trade and investment ties and noted that the relationship has a huge potential to be scaled up even further.

 

 

To this effect, both sides identified several areas of focus for enhancing both bilateral trade as well as mutually beneficial investments.

 

These include health and pharmaceuticals, automobiles, textiles, infrastructure projects, food and agro processing and so on.

 

Both sides also reviewed the progress of ongoing discussions for Memorandum of Understanding (MoUs) in the field of Standardization and Quality assurance and Customs procedure and agreed to conclude them expeditiously.

 

Ethiopia is one of the fastest growing economies in the African region, with an estimated growth of 6.4 percent in the year 2021-22.

 

Indian companies are among the top three foreign investors in Ethiopia with existing Indian investment of 5 billion USD of which, about 3-4 billion USD is estimated to be on the ground.

 

India is the second largest foreign investment in Ethiopia and Ethiopia has been a favorite destination for Indian companies.

 

More than 650 Indian companies are registered with Ethiopian Investment Commission (EIC).

 

Indian companies have invested in various sectors like agriculture and floriculture, engineering, plastics, manufacturing, cotton and textiles, water management, pharmaceuticals and healthcare.

 

- ENA.

 

 

Ethiopia: UAE Pledges Support to Construction of National Elderly Care Center in Ethiopia

Addis Ababa — The United Arab Emirates (UAE) will support the construction of a new national elderly center in Ethiopia, ambassador Mohamed Salem Al-Rashedi said.

 

UAE Ambassador to Ethiopia, Mohammed Salem Al-Rashedi announced the pledge during his discussion with senior officials of Ethiopia's Ministry of Women and Social Affairs, including the minister, Ergoge Tesfaye.

 

During the occasion, the Minister, Ergoge Tesfaye briefed the ambassador about the effort being undertaken to build a center to provide medical, generate income and multi-purpose services to the elderly.

 

The design work to build a standard elderly center has been finalized and practical activities have already been started, she said, asking the UAE government for its construction.

 

Ambassador Muhammad Sarem Al-Rashidi assured that his government will support the construction of the elderly center to be built by the Ethiopian government at the national level.

 

The Ambassador applauded the activities being done to change and improve the lives of the poor people, including the elderly.

 

The Ethiopian government has designed and implemented a national social protection policy and implementation strategy to protect the rights of the elderly, protect their social safety and make them participants and beneficiaries of development in the country.

 

- ENA.

 

 

 

 

Kenya: President Ruto Vows to Tackle Soaring Cost of Living in Inaugural State of the Nation Address

Nairobi — In his inaugural State of the Nation Address to a joint session of Parliament, President William Ruto pledged the government's unwavering commitment to addressing the soaring cost of living.

 

However, he cautioned that stringent measures would be put in place to achieve this goal.

 

President Ruto acknowledged that the combination of the Covid-19 pandemic, disruptions in the global supply chain, and geopolitical conflicts had significantly contributed to rising inflation.

 

He highlighted the pressing need for practical and sustainable solutions to the challenges faced by Kenyans, emphasizing that the country had been living beyond its means.

 

 

"As I told Kenyans on my first day in office, times were difficult, and many people are struggling, necessitating urgent and effective sustainable solutions. We must admit that as a country, we had been living large and way beyond our means," President Ruto stated.

 

The President explained that the government had directed its efforts towards agricultural investments as a means to mitigate the impact of high living costs. He reaffirmed his commitment to ending hunger in Kenya.

 

President Ruto also pointed out that the government had succeeded in reducing the cost of living for certain essential commodities, such as maize flour, which is now retailing at prices ranging from Sh 145 to Sh 175 on the higher end.

 

He added, "The fertilizer subsidy program has made 5.5 million bags available to farmers across the country. A 2kg packet of maize flour now costs as low as Sh 145 and a high of Sh 175. A bag of maize is now selling within the range of Sh 60 to Sh 75."

 

President Ruto emphasized that past policy errors, including subsidies, had resulted in wasteful expenditures that had contributed to an increase in the country's debt ceiling.

 

"We must admit that as a country, we had been living large and way beyond our means. The time has come to retire the false comforts and illusionary benefits of wasteful expenditure," President Ruto concluded.

 

- Capital FM.

 

 

 

Apple should pay €13bn Irish tax, argues EU lawyer

A legal adviser to the European Court of Justice has argued a ruling allowing Apple to avoid paying €13bn (£11bn) in back taxes should be overturned.

 

The move is the latest in the long-running saga between the EU, the US tech giant and the Irish government.

 

Three years ago, a ruling which found Apple had been given illegal tax breaks by the Irish government was overturned.

 

But Advocate General Giovanni Pitruzzella at the Court of Justice said the case should be reviewed again.

 

He argued a series of legal errors had been made and the ruling in Apple's favour had failed "to assess correctly the substance and consequences of certain methodological errors that, according to the Commission decision, vitiated the tax rulings".

 

The legal opinion is not a final verdict and is non-binding, but the court does tend to agree with such opinions in the majority of cases.

 

In response to the latest twist, an Apple spokesman said that the initial ruling allowing the firm to avoid paying back taxes was "very clear that Apple received no selective advantage and no state aid".

 

"We believe that should be upheld," they added.

 

Amazon v EU: Has the online giant met its match?

Apple has €13bn Irish tax bill overturned

In 2016, the European Commission decided Apple had received unfair preferential treatment from the Irish government, allowing it to pay a much lower rate of tax than other companies.

 

The Commission said this constituted illegal aid given to Apple by the Irish state.

 

The affair became a symbol of the Commission's efforts to clamp down on what it saw as massive tax avoidance by multinational giants.

 

The Irish government has argued that Apple should not have to repay the back taxes, deeming that its loss was worth it to make the country an attractive home for large companies.

 

Ireland, which has one of the lowest corporate tax rates in the EU, is Apple's base for Europe, the Middle East and Africa.

 

Although corporation tax rates for businesses are set nationally, and are not subject to the EU's jurisdiction, the trade bloc does have extensive powers to regulate state aid and in this case, it argued that by applying very low tax rates to Apple, Ireland was granting it an unfair subsidy.

 

Two years ago, the lower court, known as the General Court, ruled that the European Commission's decision that Apple should pay back taxes was legally flawed and should be set aside, but that ruling itself could now be overturned after the latest twist.-bbc

 

 

 

Thai owner of Miss Universe files for bankruptcy

The Thai owner of the Miss Universe pageant, which was once part of former US president Donald Trump's business empire, has filed for bankruptcy a year after buying it for $20m (£16.4m).

 

JKN Global Group has said it would try to resolve a "liquidity problem".

 

Its chief executive officer, Anne Jakapong Jakrajutatip, is a transgender woman whose purchase came as the pageant became more inclusive.

 

But the firm has loaded up on debt which it seeks to restructure.

 

"The company can continue its operation while being under the rehabilitation plan," JKN said.

 

Funding for the deal was raised through bonds but the firm missed a repayment deadline of around $12m which was due on 1 September.

 

In the past year, JKN's share price has fallen by more than 80%.

 

The Thai Bankruptcy Court has set the hearing date for the petition for business rehabilitation on 29 January, according to the firm.

 

Under the ownership of JKN, the pageant has allowed mothers and married women to participate in the contest from this year.

 

The revised format will also feature at least two trans women for the first time after Marina Machete became the first transgender woman to win Miss Portugal and Rikkie Valerie Kolle was crowned Miss Netherlands in July.

 

The annual Miss Universe pageant, with a history spanning seven decades, is broadcast in more than 165 countries.

 

The Miss Universe Organization was co-owned by Mr Trump from 1996 to 2015.

 

The former US president sold the company after two television partners said they would not broadcast the pageant, over comments Mr Trump made about illegal immigrants on his 2016 presidential campaign.

 

He was also criticised when former Miss Universe Alicia Machado claimed Mr Trump called her "Miss Piggy".

 

The remarks were made when she put on weight after winning contest in 1996, the Venezuela-born model said.

 

"When I purchased the pageants many years ago, they were in serious trouble," Mr Trump said in a statement following the company's sale to US talent agency WME-IMG in 2015.

 

"It has been a great honour making them so successful. The pageants are now in the hands of a great company that will shepherd them to even greater levels of success."-bbc

 

 

 

Apple co-founder Steve Wozniak suffers minor stroke

Apple co-founder Steve Wozniak is on his way home after suffering a minor stroke, according to US media reports.

 

Mr Wozniak told ABC News a MRI scan confirmed he had a stroke whilst attending the World Business Forum in Mexico City.

 

The 73-year-old was taken to hospital after passing out at the conference, according to the CNN news website.

 

The BBC has contacted representatives of Mr Wozniak for comment.

 

Better known in the tech world as Woz, Mr Wozniak is a Silicon Valley veteran who co-founded Apple with Steve Jobs in 1976 and invented the first Apple computer.

 

Apple went on to become the most valuable company in the world.

 

The computing pioneer signed a letter in March alongside Elon Musk calling for a pause in the development of the most powerful artificial intelligence (AI) models.

 

AI could make scams harder to spot - Wozniak

He called for the regulation of AI when he spoke to the BBC in May 2023, fearing the technology would be harnessed by "bad actors".

 

He said: "AI is so intelligent it's open to the bad players, the ones that want to trick you about who they are."

 

But he sounded a note of scepticism that regulators would get it right: "I think the forces that drive for money usually win out, which is sort of sad."-bbc

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

Cellphone:      <tel:%2B263%2077%20344%201674> +263 77 344 1674

Alt. Email:       <mailto:info at bulls.co.zw> bulls at bullszimbabwe.com  

Website:         <http://www.bullszimbabwe.com> www.bullszimbabwe.com 

Blog:            <https://bullszimbabwe.com/category/blogs/bullish-thoughts/> www.bullszimbabwe.com/blog

Twitter:         @bullsbears2010

LinkedIn:       Bulls n Bears Zimbabwe

Facebook:      <http://www.google.com/url?q=http%3A%2F%2Fwww.facebook.com%2FBullsBearsZimbabwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA> www.facebook.com/BullsBearsZimbabwe

Skype:         Bulls.Bears 



 

 

 


 

INVESTORS DIARY 2023

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


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

 


 

 


(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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