Major International Business Headlines Brief::: 17 March 2025

Mon Mar 17 10:59:52 CAT 2025

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Major International Business Headlines Brief:::  17 March 2025 

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ü  Malawi: Govt Cracks Down On 'Petty' Imports to Save Forex, Empower Local Producers

ü  Kenya: Govt Grapples With Sh1.68bn Shortfall for CAF Amid Budget Strain

ü  Nigeria: Governor Radda Woos Foreign Investors, Finance Institutions to Fund Agriculture, Energy in Katsina

ü  Nigeria Imports N237.3bn Solar Panels, Exports 75.6bn Electricity in 3 Months

ü  Axian Energy Green Takes Another Step Towards Climate Transparency

ü  Liberia: Govt Launches State-of-the-Art Visa

ü  Kenya: Unesco, Huawei Unveils Phase II of Digischool Internet Connectivity Project in Kenya

ü  Africa: Tikay Revealed As Official Mascot for FIFA Beach Soccer World Cup Seychelles 2025™

ü  Rwanda: Kagame Warns Belgium Against Undermining Rwanda's Progress

ü  Trump moves to close down Voice of America

ü  Forever 21 files for bankruptcy in the US

ü  Small electric cars were said to be the future – but SUVs now rule the road

ü  Are US tariffs bringing manufacturing back to Canada?

ü  US government shutdown averted as Senate passes spending bill

ü  Musk says first mission to Mars will launch next year

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Malawi: Govt Cracks Down On 'Petty' Imports to Save Forex, Empower Local Producers

In a bold move to protect Malawi's fragile foreign exchange reserves and spur domestic production, the Ministry of Trade and Industry has officially banned the importation of several products readily available within the country.

The sweeping ban, detailed in Addendum 120.10 and signed on March 14, 2025, by the Minister of Trade and Industry, is aimed at reducing the country's over-reliance on imported goods that can be sourced or manufactured locally.

Effective immediately, Malawians will no longer be permitted to import maize flour, fruits and vegetables that are grown locally, fresh milk, rice, peanut butter, honey, popcorn, toothpicks, and matches, among others.

Also on the restricted list are sausages and other processed meats, bottled water, table eggs, plastic utensils, wooden furniture, mops, Irish potatoes, garlic, ginger, onions, and even security boots.

This decisive step has been welcomed by leading economic watchdogs including the Human Rights Defenders Coalition (HRDC) and the Malawi Economic Justice Network (MEJN), who see it as a much-needed intervention to reignite Malawi's productive sectors.

"This is a turning point," said MEJN Executive Director, Bertha Phiri. "We have been importing goods unnecessarily, draining forex reserves that could be used for strategic imports and development projects. This policy forces us to consume what we produce and will drive local economic growth."

Echoing this sentiment, HRDC Chairperson Gift Trapence described the directive as "a crucial boost for small-scale businesses and local farmers."

"We applaud the government for this timely measure," Trapence said. "This will open doors for Malawian entrepreneurs and SMEs, but the challenge now is to ensure that the products meet high quality standards. We must seize this opportunity to build local industries capable of serving both domestic and export markets."

The Malawi Revenue Authority (MRA) has been tasked with enforcing the ban at all borders and customs checkpoints. Any individual or entity caught attempting to import the prohibited items will face stiff penalties.

President Dr. Lazarus McCarthy Chakwera has consistently championed policies aimed at fostering self-reliance and building a resilient economy. The move aligns squarely with the government's Agriculture, Tourism, Mining, and Manufacturing (ATMM) strategy, a cornerstone of the Malawi 2063 First 10-Year Implementation Plan (MIP-1).

At its core, MIP-1 focuses on transforming Malawi into a self-sustaining economy through agricultural commercialization, rapid industrialization, and urbanization.

"This is not just about reducing imports," an economist close to the matter told Nyasa Times. "It's about reorienting the entire economic model towards import substitution and local value addition."

With the nation grappling with forex shortages and a rising import bill, this directive is poised to be a game-changer in safeguarding foreign reserves while fostering local enterprise.

Read the original article on Nyasa Times.

Kenya: Govt Grapples With Sh1.68bn Shortfall for CAF Amid Budget Strain

Nairobi — The Government is grappling with a Sh1.68 billion funding shortfall required to pay the Confederation of African Football (CAF) for hosting rights, as escalating infrastructure demands put the Sports, Arts, and Social Development Fund (SASDF) under pressure.

According to a report by the Sports and Culture Committee, the SASDF is overstretched due to the prioritization of key sports infrastructure upgrades, including the renovation of Kasarani, Nyayo, and Kipchoge Keino stadiums, as well as the construction of the new Talanta Stadium.

"The SASDF has made various financial commitments, leaving the Fund without available resources to cover the USD 13 million (approximately Kshs. 1.68 billion) CAF hosting rights," the report states.

The report further warns that the funding gap could jeopardize Kenya's ability to successfully host major continental tournaments, notably the African Nations Championship (CHAN) and the Africa Cup of Nations (AFCON), both viewed as key to boosting the country's sports tourism and international profile.

In addition, the Committee flagged delays and opacity surrounding the development of an ultra-modern conference facility at Bomas of Kenya.

"The State Department for Culture, Arts and Heritage has not furnished the Committee with clear funding modalities for the project, including projected costs, source and funding arrangements and timelines," the report continues.

Kenya lost the hosting rights for CHAN 2018 due to delays in stadium readiness and has since been working to strengthen its sports infrastructure to meet CAF standards.

The Government is keen to position Kenya as a preferred destination for regional and continental tournaments, but project financing and management challenges remain unresolved.

The State has urged the State Department and relevant agencies to present a detailed financial and operational roadmap to avert project delays and safeguard Kenya's standing with CAF.

Read the original article on Capital FM.

Nigeria: Governor Radda Woos Foreign Investors, Finance Institutions to Fund Agriculture, Energy in Katsina

The Governor took the bold step following productive engagements at the 2025 Oxford Africa Business Forum held at the Saïd Business School, University of Oxford, UK.

Katsina State Governor, Dikko Umaru Radda, has wooed foreign investors and development finance Institutions to fund agriculture, energy, and technology initiatives in Katsina.

The Governor took the bold step following productive engagements at the 2025 Oxford Africa Business Forum held at the Saïd Business School, University of Oxford.

The Governor doubled as the guest speaker delivered his address before industry leaders and economic stakeholders on the theme, "Africa's Growth Trajectory: Globalization vs. Domestic Collaboration."

In his address, Governor Radda emphasized the strategic advantages of partnering with Katsina State.

"We have implemented significant policy reviews to ensure our state has the required frameworks, regulations, and refined institutions to expedite development and ease of doing business," the Governor stated.Governor Radda created awareness on the state's climate resilience initiatives, noting, "Our Climate Smart Agriculture Policy and pilot program are designed to reduce the effect of climate change and climate-induced conflict on agriculture and food security."

During a panel discussion titled "Strength in Unity: The Power of African Domestic Collaboration," Mr Radda shared insights on the African Continental Free Trade Area (AfCFTA), regional security, cross-border trade, and sustainable development.

"Leveraging on the youthful population of the continent and technology is key towards unlocking Africa's true potential to thrive in the 21st century," Governor Radda affirmed.

The Governor advocated pan-African solutions, stating, "Collaboration amongst nations is essential to addressing most of the problems plaguing our continent."

Consequent upon the discourse, the outcomes of the Forum birthed discussions with investors and Development Finance Institutions to fund agricultural, energy, and technology initiatives in Katsina State.

Similarly, there's hope on sight to collaborate with the Saïd Business School for executive programs and the Blavatnik School of Government for public and civil service training to enhance service delivery for citizens in Katsina State were explored.

The Katsina delegation included the Chief of Staff to the Governor, Abdulkadir Mamman Nasir; Economic Adviser to the Governor, Khalil Nur Khalil; Lead Consultant, Executive Secretary of Katsina State Development Management Board, Mustapha Shehu, and the Special Assistant on Power and Energy, Dr Hafiz Ibrahim Ahmed

Read the original article on Premium Times.

Nigeria Imports N237.3bn Solar Panels, Exports 75.6bn Electricity in 3 Months

Nigeria imported solar panels worth N237.3bn into the country in the last quarter of 2024.

Data from the Foreign Trades Statistics produced by the National Bureau of Statistics showed that the commodity termed 'Photovoltaic cells not assembled in modules or made up into panels' was majorly imported from China worth N228.9bn.

The huge amount is despite Nigeria making efforts to be self-sufficient in solar panels production with huge investments in renewable solar.

It would be recalled that Nigeria's former Vice President, Yemi Osinbajo, had in 2023 performed the foundation-laying ceremony of the National Agency for Science and Engineering Infrastructure (NASENI) factory in Gora in Nasarawa State with the aim to put Nigeria among the ranks of countries pushing the boundaries in the use of more climate-friendly alternative energy sources.

The plant, which would cost $325,860,690 was described by the former Executive Vice Chairman of NASENI, Prof. Mohammad Sani Haruna, as a game changer to make alternative power cheaper and affordable.

He said the commencement of the plant signalled the implementation of one of the three projects contained in the Memorandum of Understanding (MoU) between NASENI and the China Great Wall Industry Corporation (CGWIC).

"When fully commissioned, the price of per watt of solar power supply will be cheap enough to be affordable to everyone and it is a game changer in energy and power supply industry as well as industrial development of Nigeria".

Speaking at the ceremony, Osinbajo said the measure was a proactive effort aimed at placing Nigeria within the ranks of countries pushing the boundaries in the use of climate-smart alternative energy sources, particularly solar power.

Prof Osinbajo said the development was one of the federal government's steps to ensure that NASENI gets the 1 per cent of the federation account annually as prescribed by its founding law.

According to him, solar cells are critical to the entire solar energy value chain, because they determine the sensitivity of solar panels to trap and accumulate solar energy from the sun.

Togo, Benin, Niger imports N75.6bn worth of electricity

Nigeria, during the period exported electricity to the tune of N75.6bn to Togo, Benin and Niger Republic.

A breakdown showed Togo imported N33.7bn worth of the commodity followed by Benin with N27.6bn and Niger with N14.2bn of the product.

Read the original article on Daily Trust.

Axian Energy Green Takes Another Step Towards Climate Transparency

Axian Energy Green has reached a significant milestone in its environmental commitment by achieving a C score in its first reporting exercise with the Carbon Disclosure Project (CDP) 2024. This recognition highlights the company's dedication to transparent communication regarding its climate strategy and its determination to intensify efforts towards a more sustainable economy.

CDP: A global benchmark for climate transparency

CDP is a globally recognised organisation that assesses and promotes corporate environmental transparency. Its questionnaire aligns with international reporting standards (IFRS-S2) and is used by more than 740 investors managing USD 136 trillion in assets. It is also a crucial tool for development financial institutions in their investment and procurement decisions.

CDP's rating system is based on four levels:

●  D: Disclosure (Data transparency)

● C: Awareness (Understanding climate issues – level achieved by Axian Energy Green)

●  B: Management (Implementation of management actions)

●  A: Leadership (Advanced strategy and significant impact)

Strengthened ambition for 2025

Achieving a C score is an encouraging first step for Axian Energy Green, but the company does not intend to stop there. Its ambition is to reach level B by 2025 by implementing concrete measures:

● Deepening its climate risk analysis using a quantitative approach to better anticipate environmental impacts on its activities.

●  Defining a clear and ambitious transition plan towards decarbonised energy.

● Strengthening the integration of climate issues into its governance, notably by establishing more rigorous monitoring indicators.

● Intensifying awareness and engagement efforts to mobilise all stakeholders in this transition.

"We have both the opportunity and the responsibility to accelerate our trajectory towards a more sustainable future. This result marks an important first step and motivates us to go even further in Africa's energy transition as a leading player," said Benjamin Memmi, CEO of Axian Energy.

Liberia: Govt Launches State-of-the-Art Visa

The Government of Liberia, through the Liberia Immigration Service, has officially launched a state-of-the-art Visa on Arrival and Re-entry Permit Issuing System.

The new system which was unveiled recently, marks a significant leap in Liberia's modernization efforts.

This is expected to make travel to and from the country more efficient and accessible for both foreign visitors and Liberians abroad. For Liberians who have naturalized abroad, the new system simplifies the process of returning home, removing previous administrative barriers and reinforcing their connection to the country.

The streamlined application procedure ensures that re-entry permits are processed quickly, allowing the Liberian diaspora to engage more easily in business, family visits, and national development efforts.

For international investors, the ease of obtaining a visa signals a business-friendly climate, positioning Liberia as a more attractive destination for foreign direct investment and commercial expansion.

By facilitating smooth entry for business people and tourists alike, it promotes trade, tourism, and international partnerships and encourages more air travel to Liberia.

With the new Visa on Arrival and Re-entry Permit Issuing System, the country is not only improving travel convenience but also laying the foundation for sustained economic growth and international cooperation.

Read the original article on New Republic.

Kenya: Unesco, Huawei Unveils Phase II of Digischool Internet Connectivity Project in Kenya

Nairobi — The UNESCO Regional Office for Eastern Africa, in collaboration with the Kenyan government and Huawei, has launched the second phase of the DigiSchool Internet Connectivity Project at the Machakos Primary School for the Deaf.

This is part of an education program under the Global Education Coalition (GEC),an appendage of the United Nations (UN) that champions for education.

The DigiSchool project, initially launched to bridge the digital divide in Kenya's schools, aims to provide internet access to underserved communities.

In its first phase, 13 schools were connected, benefiting over 6,000 students.

Phase II expands this effort, connecting 21 more schools and impacting over 10,000 learners.

Basic Education Principal Secretary Belio Kipsang, while officiating the event, emphasized the importance of internet access in enhancing education.

"Access to internet... will go a long way in improving the access and quality of education," Kipsang said, highlighting how the project will expand educational opportunities and digital literacy among students and communities.

According to Kipsang, the program marks a significant step towards making education more inclusive and equitable.

The partners aver that the next phase will focus on connecting special needs schools to the internet, demonstrating a strong commitment to accessibility for all learners.

UNESCO's representative applauded the partnership efforts that have contributed to the project's success.

"We are here today to launch the second phase of the project," he said. "It has connected 21 schools to the internet, benefiting over 10,000 learners."

"Together with our partners, we are committed to innovating technologies and solutions that make the world a more inclusive and sustainable space for all,"said Huawei CEO Stephen Zhang on his part.

The project is part of a broader vision to harness technology to enhance teaching and learning, particularly in marginalized communities.

Key focus areas for future steps include scaling up internet access to more schools, improving teacher training in digital literacy, and creating locally relevant educational content.

With the second phase complete, stakeholders are optimistic that the project will continue to support the Government of Kenya's goal of ensuring inclusive and equitable quality education for all, in line with the aspirations of the Sustainable Development Goal 4.

Read the original article on Capital FM.

Africa: Tikay Revealed As Official Mascot for FIFA Beach Soccer World Cup Seychelles 2025™

The Official Mascot for the FIFA Beach Soccer World Cup Seychelles 2025™, named TiKay, has been unveiled on the Indian Ocean Island that will play host to the prestigious global competition from 1-11 May, 2025 in Victoria on the island of Mahé.

TiKay's name derives from the French word "petit" meaning "small" and the shortened Creole word for scales. The beach soccer-loving tortoise arrives with quite a backstory. Born in dunes of powdery white sands of the Seychelles, he embodies the spectacular beaches, local culture and biodiversity of the host nation and the pristine surrounding waters.

Now, TiKay's time has come to represent the Seychelles and share his passion with the world. Charismatic, spirited, and energetic the Official Mascot will radiate the family-friendly good vibes and energy the FIFA Beach Soccer World Cup 2025™ experience has become synonymous with.

TiKay made his entrance at the spectacular Beau Vallon Beach during a special Beach Soccer Clinic aimed at promoting the sport among young athletes, promoting sportsmanship, environmental awareness, and national pride as host nation. With infectious energy, TiKay introduced himself at the event, which brought together more than 40 children, coaches and members of the Seychelles Beach Soccer national team.

"A real pleasure to make Tikay's acquaintance, such a lovely passionate young guy. He is truly the perfect person to get us all in the mood for this monumental even." Seychelles Principal Secretary for Youth and Sports Development, Ralph Jean-Louis said. "His presence was obviously very well appreciated by the kids, and the event itself was such a wonderful initiative as part of the get active campaign, encouraging youngsters to be more active and take better care of their health."

First held in 2005, the 2025 edition of the FIFA Beach Soccer World Cup™ will be the 13th instalment of a tournament that has been held every two years since 2009.

Tickets for the tournament will be available to purchase soon. Fans can register their interest by visiting fifa.com/tickets.

Read the original article on CAF.

Rwanda: Kagame Warns Belgium Against Undermining Rwanda's Progress

President Paul Kagame, on March 16, cautioned Belgium against interfering in Rwanda's progress, accusing it of blaming Rwanda for DR Congo's problems and conspiring to impose sanctions, despite its colonial history of being the root cause of the region's longstanding issues.

The remarks were made during a Presidential Citizen Outreach event held at BK Arena, which brought together thousands of citizens, primarily from Kigali City.

ALSO READ: Kagame publicist calls out Belgium's hypocrisy in DR Congo crisis

Since the escalation of conflict in eastern DR Congo, Belgium has aligned itself with the Kinshasa government, fueling ethnic violence, shifting blame onto Rwanda for Congo's governance failures, and driving Western-led sanctions against Rwanda.

This comes at a time when the international community has been urged to support African-led peace initiatives to stabilise the region.

President Kagame said that Rwanda and DR Congo share deep-rooted issues stemming from colonial rule. He pointed out that Belgium played a significant role in dividing the region, separating families across different borders.

"One of the misfortunes we have is having been colonised by a small country, similar in size to Rwanda, which partitioned Rwanda to match its own size," Kagame said.

He explained that some Rwandans found themselves on the other side of the current borders, emphasising, "It is not Rwanda that expelled them there. It is not Rwanda that chased people to Kisoro (Uganda), Masisi, and Rutshuru (DR Congo)."

"If you want to displace them, do so along with their land. If peace is truly the goal, people must be given their rights; otherwise, they will fight for them."

ALSO READ: Rwanda will not bear burden of DR Congo's failures - Nduhungirehe to EU top diplomat

Kagame said Belgium is guilty of historical atrocities against Rwandans, saying, "They killed Rwandans 30 years ago and have continued to return to finish off the survivors. We warned them before, and we are doing so again."

He reiterated that Rwanda did not start the war it is being blamed for, but it will resist the hidden agendas behind it.

"If Rwanda is to be blamed for problems created by countries unwilling to care for their people, we have no choice but to fight. When resources are limited, we rely on relentless will and courage to defend ourselves," Kagame stated.

While warning Belgium, Kagame also urged Rwandans to uphold their national identity, dignity, and independence.

"You must have the mindset that we are Rwandans, not colonisers' subjects."

The President emphasised that Rwanda has chosen the path of dignity, seeking peaceful relations with others, and defending its territorial integrity when necessary.

'Baseles sanctions'

Kagame condemned what he termed "baseless sanctions," imposed by Western nations at Belgium's urging.

"It is ironic that those responsible for the problem are the same ones calling for sanctions against Rwanda," he noted.

He added that even when asked for justification, those imposing sanctions fail to provide clear reasons, merely stating, "We don't know, but we were told by the Belgians to do so."

Kagame urged Rwandans to remain steadfast in their development journey despite external challenges, fostering unity and maintaining peace with others based on mutual respect.

"There is nothing that can happen to us that is worse than the tragedy we survived. That is why we should not be afraid to speak out, to fight for ourselves, and to resist those who seek to annihilate us."

Read the original article on New Times.

Trump moves to close down Voice of America

US President Donald Trump has signed an order to strip back federally funded news organisation Voice of America, accusing it of being "anti-Trump" and "radical".

A White House statement said the order would "ensure taxpayers are no longer on the hook for radical propaganda", and included quotes from politicians and right-wing media criticising the broadcaster.

VOA, still primarily a radio service, was set up during World War Two to counter Nazi propaganda. It says it currently reaches hundreds of millions of people globally each week.

Mike Abramowitz, VOA's director, said he and virtually his entire staff of 1,300 people had been put on paid leave.

Abramowitz said that the order left VOA unable to carry out its "vital mission... especially critical today, when America's adversaries, like Iran, China, and Russia, are sinking billions of dollars into creating false narratives to discredit the United States".

The National Press Club, a leading representative group for US journalists, said the order "undermines America's long-standing commitment to a free and independent press".

It added: "If an entire newsroom can be sidelined overnight, what does that say about the state of press freedom?

"An entire institution is being dismantled piece by piece. This isn't just a staffing decision - it's a fundamental shift that endangers the future of independent journalism at VOA."

The president's order targets VOA's parent company US Agency for Global Media (USAGM), which also funds non-profit entities such as Radio Free Europe and Radio Free Asia, which were originally set up to counter communism.

It tells managers to "reduce performance… to the minimum presence and function required by law".

CBS, the BBC's US news partner, said that VOA employees were notified in an email by Crystal Thomas, the USAGM human resources director.

A source told CBS that all freelance workers and international contractors were told there was now no money to pay them.

Emails obtained by CBS notified the bosses of Radio Free Asia and Radio Free Europe/Radio Liberty that their federal grants had been terminated.

VOA and other stations under USAGM say they serve more than 400 million listeners. They are broadly equivalent to the BBC World Service, which is part-funded by the British government.

The Czech Republic's Foreign Minister, Jan Lipavský, said he hoped the European Union could help keep Radio Free Europe/Radio Liberty running in Prague.

He said he would ask European foreign ministers at a meeting on Monday to find ways to at least partially maintain the broadcaster's operations.

Elon Musk, the billionaire and top adviser to Trump who has been overseeing sweeping cuts to the US government, has used his social media platform X to call for VOA to be shut down.

The US president also cut funding to several other federal agencies - including those responsible for preventing homelessness, and funding museums and libraries.

Trump was highly critical of VOA in his first term. He has recently appointed staunch loyalist Kari Lake to be a special adviser for the USAGM.

The president regularly states that mainstream media outlets are biased against him. He called CNN and MSNBC "corrupt" during a speech at the justice department.

Voice of America launched in 1942 with a mandate to combat Nazi and Japanese propaganda. Its first broadcast - made on a transmitter loaned to the US by the BBC - stated a modest purpose.

Gerald Ford, a former president, signed VOA's public charter in 1976 to safeguard its editorial independence.

By 1994, the Broadcast Board of Governors, with oversight over non-military broadcasting, was established.

In 2013, a shift in legislation allowed VOA and affiliates to begin broadcasting in the US.-BBC

Forever 21 files for bankruptcy in the US

Forever 21 could be a step closer to shutting down operations in the US after the brand's operating company filed for bankruptcy protection.

The firm said in a statement that its stores and website in the US will remain open as it "begins its process of winding down".

Forever 21 was once a favourite of young women around the world, but it has struggled to attract customers to its shops because of rising prices and the growing popularity of online shopping.

The company filed for bankruptcy protection for the first time in 2019, but a group of investors ended up buying it through a joint venture.

"We have been unable to find a sustainable path forward, given competition from foreign fast-fashion companies... as well as rising costs, economic challenges impacting our core customers," Brad Sell, the company's chief financial officer said in a statement.

The firm said it would conduct liquidation sales at its stores and that some or all of its assets would be sold in a court-supervised process.

"In the event of a successful sale, the Company may pivot away from a full wind-down of operations," the firm's statement said.

Chapter 11 protection postpones a US company's obligations to its creditors, giving it time to reorganise its debts or sell parts of the business.

Forever 21's shops and e-commerce platforms outside of the US are operated by other licence-holders and will not be affected by the bankruptcy protection filing.

The fast-fashion retailer was founded in Los Angeles in 1984 by South Korean immigrants.

Its inexpensive, trendy clothes and accessories became increasingly popular with young people over the next few decades and the brand became a competitor of fast-fashion giants such as Zara and H&M.

At its peak in 2016, there were 800 Forever 21 shops around the world, 500 of which were located in the US.-bbc

Small electric cars were said to be the future – but SUVs now rule the road

Across the globe more and more Sports Utility Vehicles (SUVs) are being spotted on – and off – the roads.

This is despite predictions from the United Nations of an inevitable pivot towards smaller and more environmentally friendly vehicles because of the urgency of the climate crisis and the rising cost of living.

That pivot has not materialised: globally, 54% of the cars sold in 2024 were SUVs, including petrol, diesel, hybrids and electric makes. This is an increase of three percentage points from 2023 and five percentage points from the year before, according to GlobalData.

Of the SUVs which are now on the road – both new and older models – 95% are burning fossil fuels, according to the International Energy Agency (IEA).

Manufacturers, however, say their new fleets of such cars are increasingly becoming electric, and that not all SUVs now being sold cause an increase in emissions.

Reuters An SUV drives past a poster in Paris publicising a vote in 2024 over raising parking fees to reduce emissions and increase pedestrian safetyReuters

A vote was held for residents in Paris in 2024 over raising parking fees for SUVs to reduce emissions and increase pedestrian safety

SUVs are hard to miss. They are heavy and larger with spacious interiors, higher ground clearance and a high driving position with a better view of the road, although smaller versions are also on the market.

Environmental campaigners such as Greenpeace see SUVs as one of the villains of the climate crisis and argue that their manufacturing consumes significant resources given their size.

Experts also say they require larger batteries to power their electric versions, which then further increases the demand for critical minerals, putting even more pressure on the planet.

Momentum was thought to be with smaller, energy-efficient electric vehicles. But the sales of standard-sized electric vehicles (EVs) has actually decreased in major markets such as Japan and Germany, and their sales growth has slowed in India.

And in Europe, sales of SUVs have outpaced those of EVs despite indications more than half a decade ago of an opposite trend. In Europe in 2018, 3.27 million small hatchbacks – both those powered by fossil fuels and those by electricity – were sold while 2.13 million were sold in 2024, according to GlobalData.

Its sales forecast manager Sammy Chan said: "This is partly because of the SUV alternatives being offered in smaller [sizes] whose sales in Europe have now grown to nearly to 2.5 million in 2024 from 1.5 million in 2018."

China saw the largest sales of nearly 11.6 million SUVs in 2024 followed by the US, India and Germany, according to GlobalData.

To request:

1.       Complete the translations here: https://tinyurl.com/2euuur57

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What is driving this SUV growth?

Industry experts say people's purchasing power has been improving in many fast-emerging economies, making SUVs the likelier choice of car.

"Manufacturers respond to consumer demand and, increasingly, drivers are attracted to dual purpose vehicles given their practicality, comfort and good view of the road," said Mike Hawes who is the chief executive of the Society of Motor Manufacturers and Traders (SMMT).

Automobile industry analysts also say that manufacturers are attracted to high profit margins from SUVs: they can make more money from SUVs even though they make fewer vehicles.

"It is the industry that has driven the demand through huge marketing and advertising campaigns in recent years," said Dudley Curtis, the communications manager at the European Transport Safety Council.

"SUVs offered the industry a simple way of charging more for a vehicle that does the same thing [as others]," he said.

The predicted increase in popularity for plug-in electric vehicles over the past five years seems not to have materialised

Are SUVs an issue?

Because of the robust growth in SUVs sales, the IEA says oil consumption of these vehicles has increased by 600,000 barrels per day globally between 2022 and 2023, accounting for more than a quarter of the total annual rise in global oil demand.

"If ranked among countries, the global fleet of SUVs would be the world's fifth largest emitter of CO2, exceeding the emissions of Japan and various other major economies," said Apostolous Petropolous, an energy modeller with the IEA.

The agency says that even when compared to medium-sized cars that run on petrol and diesel, SUVs burn 20% more of such fuels as they weigh up to 300 kg more on average.

In fact, road transport is responsible for more than 12% of global carbon emissions which is the main driver of global warming. Scientists say all sectors must rapidly decarbonise if we are to avoid a climate catastrophe.

But industry representatives say in response that not all SUVs now being sold cause an increase in emissions.

BMW delays electric Mini over 'uncertainty'

Why don't Europeans buy more American cars?

"Around two in five of these [new] vehicle models are zero emission as their body type lends itself well to electrification with longer battery range that can reassure consumers concerned about charging accessibility," said Hawes, from the SMMT.

"This has led to the average CO2 emissions of new dual purpose cars more than halving since 2000, helping the segment lead the decarbonisation of UK road mobility."

Although the vast majority of new SUVs still burn fossil fuels, IEA officials have said that over 20% of SUVs sold in 2023 were fully electric, up from 2% in 2018.

As for hybrids that can run on both electricity and fossil fuels, a study in Europe by the International Council on Clean Transportation in 2022 found only around 30% of the total distance driven by plug-in hybrid electric vehicles (all types including SUVs) was in electric mode on average.

Similar results were found in other major economies such as the US and China.

Overall, the back-gear towards SUVs, some experts say, has caused a significant setback in the decarbonisation of transport sector.

"The trend toward heavier and less efficient vehicles such as SUVs (in countries where it is happening) has largely nullified the improvements in energy consumption and emissions achieved elsewhere in the world's passenger car fleet," said the IEA.

The UK Parliament's climate change committee had a similar finding in its 2024 report on decarbonisation in the country.-BBC

Are US tariffs bringing manufacturing back to Canada?

Canadian retail boss Joanna Goodman is considering no longer ordering from US suppliers

Made in Canada.

Three words that are now a common presence on Canadian shelves, after Donald Trump's tariffs sparked a trade war with the US's northern neighbour.

In Canada the economic measures against it have been met with a wave of patriotism, with some consumers and businesses boycotting American products.

Others with operations in the US face a choice - ride out the uncertainty or bring their enterprise back home.

"Right now, I'm a little angry. I don't want to invest in American companies," says Joanna Goodman, owner of Au Lit Fine Linens, a Toronto-based bedding and nightwear company.

"It's about having your eggs in one basket. And right now, that basket is very reckless and very precarious," she continues.

On a tour around one of her firm's two stores, housed in a giant warehouse, Ms Goodman highlights elegantly made-up beds, mannequins in silk pyjamas, and shelves full of sweet-smelling candles – most of it made in Canada.

But one fifth of the stock currently comes from the US. Ms Goodman is quick to point out, "you see how big the store is, so even 20% is a lot".

"I have a lot of inventory here of American brands that I've had relationships with for 20 years. I'm not going to throw it away," she says. "The question is, will I reorder?"

To show Au Lit Fine Linens' commitment to Canadian manufacturers, its stores now highlight everything that is Canadian made. This is mirrored on its website, which has a "shop all made in Canada" section, and says "made right here at home".

Who is Doug Ford, the Canadian premier standing up to Trump?

Carney ready to talk trade with Trump if 'there's respect for sovereignty'

What are tariffs and why is Trump using them?

Canadians turn to local goods as Trump tariffs go into effect

>From Houthi attacks in the Red Sea, to the Ukraine war, global events in recent years have given rise to a more recent phenomenon – reshoring.

Bringing business operations back to home shores, it is the reversal of offshoring.

Business leader and recently-appointed new member of Canada's Senate, Sandra Pupatello, says that reshoring is "really obvious" to support.

Pupatello, who had previously been Ontario's Minister of Economic Development and Trade, points to the Covid-19 pandemic, when rules of trade "went right out the window".

She specifically cites the example of US mask manufacturer 3M coming under pressure from the White House in 2020 to halt exports to Canada and Latin America.

In that moment Pupatello thought: "We've got to be prepared for the worst".

Shortly after, she established Reshoring Canada, a non-partisan group advocating for a more resilient supply chain in Canada.

Pupatello tells the BBC: "If the going gets tough, Canada is on its own. And if we know that's the case, let us plan for it."

Getty Images A worker at an aluminium plant in CanadaGetty Images

The US has hit Canadian aluminium and steel with 25% tariffs

A Canadian government report from last year found that there had "not been signs of either large-scale or any notable increased reshoring by businesses", but things could now be changing.

Ray Brougham has been trying to make inroads into the Canadian car manufacturing sector since establishing his company Rainhouse Manufacturing Canada in 2001. Based in British Columbia, it manufactures parts for a number of industries.

The North American car industry's integrated supply chains can see parts crossing the borders between the US, Mexico, and Canada multiple times before a vehicle is finally assembled.

US President Donald Trump said he would temporarily spare US carmakers from a new 25% import tax imposed on Canada and Mexico, just a day after the tariffs came into effect in March.

But in the shadow of a trade war, Mr Brougham says he has had "good communications" with a large Canadian auto parts company for the first time ever. "All of a sudden they are interested in working closer with other Canadian companies."

For Mr Brougham and others, the benefits of reshoring are clear. From giving a leg up to small companies that have struggled to compete with manufacturers overseas, to ensuring fair wages, and the environmental benefits of importing and exporting fewer goods.

Others, including Graham Markham, director of a food sector supplier, believe it's about adding value to products Canada already produces.

His Canadian firm New Protein International is currently constructing Canada's first soy protein manufacturing plant in southwest Ontario, just miles from the US border.

Canada is the world's fourth-largest exporter of the crop, but most of it is processed overseas.

"We don't process those value-added ingredients into more valuable ingredients here at home," says Mr Markham.

>From critical minerals and uranium to lumber and soybeans, he argues that this is the moment to change.

"Canada has long been a successful supplier of raw materials to the world. The opportunity now is to stop exporting the job creation and innovation that comes from processing those materials domestically."

New Protein International Graham Markham, director of Canadian firm New Protein International 

New Protein International

Graham Markham says Canada should process more of its raw materials

So, could manufacturing start coming back to Canada? Economist Randall Bartlett says it is too early to tell.

"There's a lot more smoke than there is fire when it comes to actual reorganisation of supply chains and moving them domestically," says Mr Bartlett, senior director of Canadian economics at Quebec-based Desjardins.

"I think there has been some movement toward reshoring, but I think there's a lot more narrative around it than there is actual re-establishing of manufacturing capacity."

There are major hurdles too.

The highly-integrated auto industry, for example, would take years to untangle. Reshoring it would require "many tens of hundreds of billions of dollars in both private and public sector investment to make happen", according to Mr Bartlett.

Then there's the reality of global trade.

"Some countries are better at producing some things than other countries are," Mr Bartlett says, suggesting that rather than a full reshoring push, diversifying Canada's trade partners might be more practical.

He says that Canada should focus on "those industries where we have a comparative advantage", which he says include renewable energy and processing steel and aluminium. Those two metals have now been hit with a 25% tariff if they are exported to the US.

Back at Au Lit Fine Linens in Toronto, Joanna Goodman steps into a vast stockroom, filled with the sound of carboard boxes being packed.

"We're shipping orders to the US that came in pre-tariffs," she explains, before pausing. "We did get an order the day of the tariffs starting, and it was a very decent-sized order."

She says that she doesn't know whether the US buyer understands that tariffs will now apply. "He has to ask Mr Trump [why]".

As for what comes next? "These tariffs could be gone any day. Let's see how it all unfolds, then we'll start making decisions," says Ms Goodman.

Like many Canadian businesses, she's waiting for the dust to settle before deciding where to buy, where to sell, and what Made in Canada really means for the future.-BBC

US government shutdown averted as Senate passes spending bill

The US has averted a government shutdown after the Senate passed a Republican-led measure to keep the government funded for the next six months.

The stopgap funding bill passed in the Senate 54-46, as two Democrats joined all but one Republican senator in voting yes. President Donald Trump had signed it into law, a White House spokesman said on Saturday.

The key vote came earlier when some Senate Democrats, after fierce debate, allowed the measure to pass a procedural hurdle.

The Senate minority leader, Democrat Chuck Schumer, and nine others broke with their colleagues to vote to advance the bill to its final Friday evening vote.

Two Democrats - Senator Jeanne Shaheen and Independent Senator Angus King of Maine - voted in favour of its final passage. Schumer voted "no".

On Thursday, he announced he would vote to allow the measure to move forward, saying although it wasn't a bill he liked, he believed triggering a shutdown would be a worse result.

Democrat Party infighting exposes struggle to unite against Trump

Representative Alexandria Ocasio Cortez called Schumer's willingness to let the spending bill proceed a "huge slap in the face", adding that there is a "wide sense of betrayal" among the party, according to the BBC's US partner CBS News.

She said supporting the bill "codifies the chaos and the reckless cuts that Elon Musk has been pursuing", and that Senate Democrats who voted yes would be empowering "the robbing of our federal government in order to finance tax cuts for billionaires".

The Democrats had agonised over whether to support the measure, and eventually pushed for a 30-day continuing resolution that was unlikely to earn enough support to pass.

Senator Ted Cruz accused the Democrats of conducting "political theater" and praised the bill's passage.

"The government is funded, let's get back to work," he said in a statement.

The passage is a victory for Trump and congressional Republicans.

On Friday morning, Trump offered rare bipartisan praise of Schumer's decision to let the bill advance, writing that "a non pass would be a Country destroyer, approval will lead us to new heights".

The legislation would keep much of the federal funding levels from the Biden Administration in place, with some key changes.

It increases military spending by $6bn (£4.6bn), for items like border security, veterans healthcare, and military spending. But would cut non-defence funding by about $13bn.

Local officials in Washington DC had feared the bill would result in a $1bn cut in federal funds for the city over the next six months. However, the Senate approved a separate bill that kept its current operating budget intact, the New York Times reported.-BBC

Musk says first mission to Mars will launch next year

SpaceX founder Elon Musk has said his Starship rocket will head to Mars by the end of next year, as the company investigates several recent explosions in flight tests.

Human landings could begin as early as 2029 if initial missions go well, though "2031 was more likely", he added in a post on his social media platform X.

Starship - the largest rocket ever created standing at 123m - is crucial to Musk's ambitions to colonise the planet Mars.

However it has suffered multiple failures in tests - one of the rockets exploded minutes after it was launched from Texas as part of a test last week, the second failure this year after a similar "rapid unscheduled disassembly" in January.

SpaceX said it would review data "to better understand [the] root cause" of the most recent explosion and noted it happened after the loss of "several" engines.

The Federal Aviation Administration (FAA) said the company would be required to conduct an investigation before it could fly again.

Nasa hopes to use a modified version of the spaceship as a human lunar lander for its Artemis missions to return to the Moon.

Reuters Debris streaking through the dark sky the Bahamas after the rocket exploded last week. Reuters

Debris was seen falling from the Bahamas after the rocket exploded last week.

The tech billionaire has grand designs that the rocket system will one day take humans to the Moon, and then on to Mars, making humans "multi-planetary".

Musk has long targeted a trip to Mars. In 2016, he said he was planning to send his Dragon spacecraft as early as 2018.

The billionaire said in 2020 that he remained confidant that his company would land humans on Mars six years later.

In 2024, he said he would launch the first Starships to Mars in 2026, with plans to send crewed flights in four years.

Musk has said that the coming Mars mission would carry the Tesla humanoid robot "Optimus", which was shown to the public last year.

Musk said the robot would one day be able to perform everyday tasks, and cost between $20,000 and $30,000.

On Friday, SpaceX launched its Falcon 9 rocket carrying a crew to the International Space Station (ISS) as part of a plan to bring two astronauts back home.

Butch Wilmore and Suni Williams were due to be on the ISS for only eight days, but because of technical issues with the experimental spacecraft they came on, which was built by Boeing, they have been there for more than nine months.-bbc

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

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