Major International Business Headlines Brief::: 28 March 2025

[Bulls n Bears]

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Major International Business Headlines Brief:::  28 March 2025 

 


 


 


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ü  Namibia: Air Namibia's Resurrection Divides MPs

ü  Ghana Ranks High in Labour, Utility Services, Business Insolvency - WB
Report 2024

ü  Kenya: Nyeri's Ruringu Stadium Restructured to 15,000 Capacity As Sports
CS Assures November Completion

ü  African Development Bank and Mastercard Expand Made Alliance - Africa
With Launch of Kenya Country Chapter

ü  Gambia: Will All the Issues of the Groundnut Trade Season Be Addressed
Before the End of the Month?

ü  Somalia and China Strengthen Collaboration On Disaster Resilience and
Infrastructure Development

ü  Liberia: LNP Suspends Officers for Breaking in Rep. Kolubah's Car

ü  Kenya Gets Sh1.8bn Grant From China to Upgrade Hospitals

ü  Nigeria: LIFC's Partnership Will Boost Lagos GDP, Economy - Govt

ü  Liberia: The Case Against Extension of Arcelormittal Rail Monopoly

ü  Somalia and China Explore Enhanced Cooperation and Aid in Mogadishu Talks

ü  China tariffs may be cut to seal TikTok sale, Trump says

ü  Six things that could get more expensive for Americans under Trump
tariffs

ü  Why are tech stocks so volatile?

ü  Thousands of jobs at risk as British Steel threatens closure

 


 <mailto:info at bulls.co.zw> 

 


Namibia: Air Namibia's Resurrection Divides MPs

As finance minister Erica Shafudah prepares to present the national budget
in Parliament today, various lawmakers have expressed hope for increased
allocations to education, job-creation and social welfare.

 

However, the potential revival of Air Namibia has sparked mixed reactions.

 

Members of various political parties said the budget must address economic
challenges, improve essential services and ensure government spending aligns
with the needs of the Namibian people.

 

The revival of the now-defunct national carrier appears not to be one of the
national priorities, at least for some MPs.

 

McHenry Venaani, the leader of the Popular Democratic Movement (PDM),
asserts that the government must allocate more funds towards housing and
agriculture, particularly for mechanisation and agro-processing.

 

"We expect budget allocations to prioritise agriculture for job-creation and
food security, housing and sanitation, reforms in the education sector, and
the infrastructure development of dilapidated schools. Additionally,
investments should be made in building and upgrading hospitals. These four
critical areas are essential to transforming Namibia into a food-secure and
job-creating economy," he stated.

 

 

Swanu's Evilastus Kaaronda said Air Namibia is a luxury the nation can do
without.

 

He urged the government to instead channel resources towards
employment-creation through the industrialisation of rural economies.

 

Kaaronda emphasised the need for increased investment in public healthcare
and education, particularly early childhood development. He also called for
provisions to support communities affected by recent natural disasters such
as droughts and floods. "The government must make serviced land available,
and provide housing to affected communities. Additionally, funds should be
allocated to support over 3 000 seagoing employees (fishermen) who were
unfairly dismissed years ago. Some of them have passed away due to
stress-related complications, leaving their families in dire situations," he
stated.

 

 

He further stressed the need for urgent improvements in Namibia's roads'
infrastructure, particularly in rural areas, and proposed the establishment
of an employment-creation fund.

 

This fund, he suggested, should be primarily supported by the government,
with contributions from the private sector and workers.

 

"In short, we demand an expansionary budget to inject robustness into the
economy," Kaaronda added.

 

Echoing those sentiments, Landless People's Movement (LPM) firebrand Utaara
Mootu said a significant portion of the budget should go to education.

 

"The focus should be on improving infrastructure, equipping laboratories and
training teachers. Statistics show that 40% of Namibians face acute food
insecurity due to prolonged droughts and climate change. It is essential to
invest in climate-smart agriculture and support small-scale farmers with
infrastructure and training in modern technologies," she stated.

 

Mootu then called for increased funding to upgrade hospitals and clinics,
procure essential medicines, and recruit and train more medical
professionals.

 

Regarding the potential revival of Air Namibia, she said the feasibility and
economic viability of the project should be informed by empirical research,
not emotions.

 

"The plan must outline expected costs, proposed fleet and routes, and a
management strategy to ensure this is not just another political gimmick,"
she underlined.

 

Swapo lawmaker and youth league secretary Ephraim Nekongo asserted that the
budget must align with commitments outlined in the ruling party's manifesto.

 

"The budget must demonstrate a commitment to improving the quality of life
for all Namibians. We expect robust funding for education, vocational
training, healthcare infrastructure and employment programmes," he said.

 

On Air Namibia, Nekongo emphasised the need for a comprehensive and
pragmatic approach.

 

"Any decision must be based on financial viability, operational efficiency
and overall economic impact to ensure it serves the best interests of the
Namibian people," he added.

 

>From the side of the red berets, leader of the Namibia Economic Freedom
Fighters' Epafras Mukwiilongo stressed the importance of allocating more
funds to healthcare, particularly in addressing infrastructure deficits and
medication shortages.

 

The National Unity Democratic Organisation's only parliamentarian Vetaruhe
Kandorozu proposed increased funding for school supplies, arguing that no
parent should have to purchase stationery for their children. "Parents
should simply register their children, and schools should provide all
necessary learning materials," he reasoned.

 

He also wants free education at the tertiary level, including tuition and
registration fees, to eliminate financial barriers for students.

 

In terms of land redistribution, Kandorozu advocated for increased funding
to resettle landless citizens and expand communal areas.

 

He furthermore called for expanded social grant programmes, proposing an
increase in pensioners' grants to N$3 000 per month, and a new N$300 monthly
grant for every child born in Namibia. Additionally, he suggested a N$500
monthly stipend for unemployed individuals aged 18 and above to alleviate
economic hardships.

 

Read the original article on New Era.

 

 

 

 

Ghana Ranks High in Labour, Utility Services, Business Insolvency - WB
Report 2024

Ghana performed creditably in areas such as labour, utility services and
business insolvency in 2024, the latest World Bank Group Business Ready
Report 2024 has revealed.

 

The flagship report of the World Bank Group and the International Finance
Corporation (IFC) said the country implemented good practices in its labour
dispute resolution mechanisms, transparent information (connection, tariffs,
and complaint mechanisms) for water and electricity, and electronic case
management systems for liquidation.

 

However, the Business Ready Report 2024, which takes a comprehensive review
of the business environment, said the country scored lowest in market
competitions, business entry, dispute resolution and digitalisation of
intellectual property services.

 

 

The Minister of Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare,
who delivered the keynote address during the launch of the report,
reaffirmed the government's commitment to strengthening Ghana's business
environment through a robust regulatory framework.

 

She stated that the report came at a pivotal moment as Ghana sought to
solidify its economic foundation and attract more investment.

 

The Minister emphasised that creating a strong and predictable business
environment was essential for driving long-term economic growth and
improving investor confidence.

 

Mrs Ofosu-Adjare noted that the report presented an opportunity to explore
transformative initiatives for sustainable growth and increased economic
competitiveness, adding that by leveraging the reform insights outlined in
the report, Ghana could create an efficient, fair, predictable, and
sustainable business environment.

 

 

The World Bank Division Director for Ghana, Liberia and Sierra Leone, Mr
Robert Taliercio O'Brien, said Ghana stood at a pivotal moment in its
economic journey as it had all the ingredients for long-term, inclusive
prosperity.

 

He said the report was not just another scorecard, but a diagnostic tool, a
roadmap, and a call to action, which sheds light on areas where Ghana was
already showing commendable progress and pointed out where targeted reforms
could unlock the country's full economic potential.

 

Mr O'Brien said regarding the labour market regulations, Ghana scored 68.6
per cent, outpacing many of Sub-Saharan Africa peers in labour rights
clarity, dispute resolution, and fairness.

 

On utility services, he said Ghana's score of 68.5 per cent closed the gap
between it and Tanzania (78.8 per cent) but ranked it above Rwanda (67.8 per
cent), Togo (64.0 per cent), and Côte d'Ivoire (58.9 per cent).

 

Mr O'Brien said in relation to business insolvency framework. Ghana scored
64.9 per cent, providing clear pathways for firms facing financial
distress--crucial for predictability and responsible risk-taking.

 

He said Ghana must improve on business entry, pointing out that it took 57
days to register a new local business compared to three days in Rwanda.

 

For market competition, the country scored 32 per cent, and performed poorly
in dispute resolution, which took the average of 900 days ( two-and-a-half
years), almost four times longer than the period it took to do so in Côte
d'Ivoire.

 

Mr O'Brien said it took 40 hours to prepare and pay tax, while it took just
12 hours in Sierra Leone, an improve digital infrastructure as nearly 48 per
cent of Ghanaian firms report monthly internet disruptions.

 

The Senior Manager for Ghana, Liberia and Sierra Leone of IFC, Kyle F.
Kelhofer, said the private sector was crucial for job creation and growth of
the economy.

 

He said the IFC had invested more than $2 billion in the Ghanaian economy
and would continue to invest more to drive the growth of the economy.

 

Read the original article on Ghanaian Times.

 

 

 

Kenya: Nyeri's Ruringu Stadium Restructured to 15,000 Capacity As Sports CS
Assures November Completion

Nyeri — The ministry of sports has restructured construction of Ruringu
stadium from 20,000-seater to 15,000 at a cost of Ksh 850 million.

 

Speaking when he toured the facility which has stalled since 2017 after
launch by former president Uhuru Kenyatta, Cabinet Secretary for Youth
Affairs, Creative Economy and Sports Salim Mvurya said the facility will be
done by a contactor under the supervision of Kenya Defence Forces.

 

"As a government we are committed in ensuring this facility is done. We have
identified a contractor who will do this work together with Kenya Defence
Forces to ensure that work is done in eight months," said Mvurya.

 

The CS who was at pains to explain why the stadium has stalled said that
construction plans have now changed and the stadia will be a 15, 000-seater
that can host Africa Nations Championship (CHAN) games.

 

Nyeri governor Mutahi Kahiga, who was present during the tour, said that the
stadia must be completed and should not be used as bait for President
William Ruto's upcoming Central tour.

 

"Whether the President tour is on or not this facility must be completed we
have missed a lot for instance Athletics Meets which were a phenomenon each
year. We have not been hosted the event for the last eight years," said
Kahiga.

 

-By Josephat Kinyua-

 

Read the original article on Capital FM.

 

 

African Development Bank and Mastercard Expand Made Alliance - Africa With
Launch of Kenya Country Chapter

The African Development Bank and Mastercard have announced the launch of the
Kenya Country Chapter of the Mobilizing Access to the Digital Economy (MADE)
Alliance: Africa. The Kenya chapter held its inaugural meeting on the
sidelines of the "Scaling Finance for Smallholder Farmers in Africa"
conference co-organized by the African Development Bank and the Pan-African
Farmers Organization. The inaugural meeting gathered MADE Alliance: Africa
members, along with agriculture ministers from Eswatini, Liberia, Nigeria,
Madagascar, and Sierra Leone.

 

In his keynote address, African Development Bank President Dr. Akinwumi A.
Adesina highlighted the Bank's $300-million commitment to the first five
years of MADE Alliance: Africa's programming. The initiative aims to
integrate three million farmers in Kenya, Tanzania, and Nigeria into the
digital economy through Mastercard's Community Pass platform. This digital
credential system connects farmers with buyers, input suppliers, and
financial institutions, enhancing their access to essential agricultural
services.

 

"We are on to something that is incredible and transformational to creating
a powerful model for strategic, action-oriented partnerships as well as
impactful resource mobilization that will transform the lives and ecosystems
around smallholder farmers and around agriculture," said Adesina, who
co-chairs MADE Alliance: Africa with Mastercard Vice Chair and President of
Strategic Growth, Jon Huntsman.

 

In addressing gender disparities, Adesina highlighted the Bank's Affirmative
Finance Action for Women in Africa (AFAWA) initiative, which has already
approved more than $2.5 billion in financing for women-led businesses across
the continent. In sub-Saharan Africa, only 37 percent of women have bank
accounts compared to 48 percent of men.

 

Digital tools offer a scalable solution to bridge this financial inclusion
gap, providing women entrepreneurs greater access to capital and business
growth opportunities.

 

Dr. Beth Dunford, African Development Bank Vice President for Agriculture,
Human and Social Development, and Ricardo Pareja, Senior Vice President,
Sales & Markets, Community Pass at Mastercard, facilitated the Kenya Country
Chapter meeting. The meeting provided a platform for MADE Alliance: Africa
partners to engage with government officials on aligning the initiative's
programs with the national agricultural agenda.

 

Commenting on why Mastercard would go into the agriculture space, Pareja
said: "We aim to digitize payments, and we focus on segments; agriculture is
just another segment, and it is all cash. As a consequence, farmers and
other agriculture stakeholders are invisible to the formal economy. Our
focus is to bring them all into the formal economy."

 

The meeting also showcased "proof of concept" projects in Kenya and
Tanzania, illustrating effective partnership models that drive digital
access to essential services. Alongside the African Development Bank,
presentations from Heifer International, Equity Bank Group, Microsoft, and
the Kenya National Farmers' Federation underscored the initiative's
collaborative approach.

 

Participants identified opportunities to align MADE Alliance: Africa
programs with government initiatives and digital programs, particularly
those focused on empowering rural youth and women. Ministers expressed
interest in scaling the programs within their respective countries and
fostering private-sector collaborations to strengthen support for
smallholder farmers. Discussions also covered investment strategies and
fundraising efforts required to expand the initiative's reach.

 

The MADE Alliance: Africa aims to mobilize public and private sector
resources to provide digital access to critical services for 100 million
businesses and individuals across Africa over the next decade. The
initiative's core objectives include facilitating commercial transactions,
increasing access to affordable financial services, providing high-speed
internet, enabling catalytic financing, and leveraging government-led farmer
digital registration initiatives to enhance agricultural productivity.

 

By digitizing the agricultural sector, the initiative aims to help increase
farmers' access to financing, improve productivity, and drive higher incomes
for farmers and agribusinesses. It will initially focus on agriculture and
women's economic empowerment. Notably, Africa's smallholder farmers supply
approximately 80 percent of the continent's food.

 

Apart from the African Development Bank and Mastercard, MADE Alliance:
Africa's membership includes Equity Bank Group, Microsoft, Heifer
International, Sustainable Agriculture Foundation, Unconnected.org, Yara,
Kenya National Farmers' Federation, Shell Foundation, and CRDB Bank.

 

Read the original article on African Development Bank (AfDB).

 

 

 

 

Gambia: Will All the Issues of the Groundnut Trade Season Be Addressed
Before the End of the Month?

The media holds service delivery institutions accountable to the public.
They are established to render service. The public holds the media
accountable to their mandate.

 

This is why the truth must be published in good faith in the public
interest. Foroyaa has followed the GGC as it made effort to clear its
records and address all challenges before 31st March 2025 when, according to
them, the trade season will come to an end. It is important for the GGC, the
QMoney authorities, the Coordinator and Liaison of the apex Federation of
Agricultural Cooperatives and the Registrar General of the Cooperatives
Department to go back to the drawing board to find out what is left to be
done.

 

Despite of the effort and desire to be transparent and accountable, opinions
are still being expressed by secco presidents which the GGC management has
to listen to and address to the satisfaction of all sides. Foroyaa has posed
the concerns of some secco presidents to the GGC management and QMoney
management to get their take on the matter.

 

It is claimed that a review is taking place on unresolved matters. The
public will be informed in due course.

 

Read the original article on Foroyaa.

 

 

 

 

Somalia and China Strengthen Collaboration On Disaster Resilience and
Infrastructure Development

In a pivotal meeting held in Mogadishu, Mahmoud Maalin Abdulle, Commisioner
of the Somali Disaster Management Agency (SODMA), met with Wang Yu,
Ambassador of the People's Republic of China to Somalia.

 

The discussions focused on strengthening cooperation between the two nations
in key areas such as disaster resilience, infrastructure development, and
humanitarian support.

 

During the meeting, both sides explored the potential for increased Chinese
investment in projects designed to bolster Somalia's ability to withstand
natural disasters.

 

Specific projects under consideration include large-scale water
infrastructure initiatives such as the construction of dams, the drilling of
boreholes, and the development of comprehensive flood prevention measures.

 

 

These efforts are seen as essential to addressing Somalia's vulnerability to
climate-related challenges and ensuring sustainable access to water for
affected communities.

 

Additionally, the meeting addressed the enhancement of humanitarian
assistance from China, focusing on the establishment of strategic disaster
relief warehouses, capacity-building for Somali personnel, and the provision
of essential equipment for disaster response operations.

 

Both parties underscored the importance of these initiatives in reinforcing
Somalia's disaster preparedness and overall resilience.

 

This high-level meeting highlights the growing partnership between Somalia
and China, with a shared commitment to supporting Somalia's long-term
development goals, improving infrastructure, and enhancing national
preparedness for future crises.

 

Read the original article on Radio Dalsan.

 

 

 

 

 

Liberia: LNP Suspends Officers for Breaking in Rep. Kolubah's Car

The Liberia National Police (LNP) has suspended two officers without pay,
following an investigation into the unlawful entry and opening of a gray
Nissan Jeep parked under the canopy of the Representative's Wing at the
Capitol Building on February 18, 2025.

 

The Professional Standards Division (PSD) of the LNP concluded that Chief
Inspector Frank P. Banda (ID# 5396) unlawfully entered the vehicle and was
suspended for two months, while Sergeant Sam C.F. Karbah (ID# 4248) was
found guilty of unlawfully opening the vehicle and suspended for one month.

 

The investigation was prompted by a complaint from Honorable Yekeh Y.
Kolubah, who reported that US$25,000, L$2,000,000, a computer, an iPhone,
and jewelry worth US$2,500 were stolen from the vehicle.

 

 

While the PSD did not establish direct involvement of the officers in the
alleged theft, it has recommended further investigations. If any evidence
links the suspended officers to the crime, they should be referred to the
Crimes Services Division for further investigation.

 

The individual identified as drilling the vehicle's driver-side door, Jack
Traore, should be invited for interrogation. Authorities should also conduct
an in-depth investigation of individuals seen in the surveillance footage to
establish any connection to the missing valuables.

 

The LNP reaffirmed its commitment to transparency and accountability, urging
the public to remain patient as the investigation unfolds.

 

Reacting to the findings, Hon. Kolubah has called for a full criminal probe
into the case, insisting that those responsible for the disappearance of his
money and valuables be brought to justice. The incident has sparked public
concern over security protocols at the Capitol and raised questions about
police conduct in handling official premises.

 

The LNP has assured the public of a thorough and impartial investigation to
uncover the truth behind the missing items.

 

Read the original article on Liberian Observer.

 

 

 

 

Kenya Gets Sh1.8bn Grant From China to Upgrade Hospitals

Nairobi — Kenya's healthcare sector has receive a boost after the government
secured a Sh1.8 billion grant from China to upgrade key hospitals
nationwide.

 

Treasury Cabinet Secretary John Mbadi and the Ambassador of the People's
Republic of China to Kenya, Guo Haiyan, signed the deal this morning at the
Treasury Building.

 

"This grant is a significant step in strengthening our healthcare
infrastructure and ensuring quality medical services for all Kenyans," said
CS Mbadi during the signing ceremony.

 

Mbadi said the government will use the funds to upgrade several hospitals,
including Londiani Referral Hospital, Baringo County Referral Hospital,
Kilifi Hospital, Misikhu Hospital, Bildad Kagia Hospital, and Kaimosi
Farmers Training College.

 

In September 2024, during President William Ruto's official visit to China,
Kenya secured a Sh40billion loan from the Chinese government.

 

This funding will complete 15 stalled infrastructure projects across more
than ten counties, aiming to boost regional development and economic growth.

 

Already, China is Kenya's largest bilateral lender, and with the government
indicating it has no option but to continue borrowing, China's share of
Kenya's debt is likely to grow once again.

 

As of March 2024, Kenya's debt to China stood at approximately Sh920.52
billion primarily used for infrastructure projects such as roads, railways,
and port developments.

 

Read the original article on Capital FM.

 

 

 

 

Egypt: El-Wazir Chairs General Assembly of Maritime and Land Transport
Holding Company

Kamel El-Wazir, Deputy Prime Minister for Industrial Development and
Minister of Industry and Transport, chaired the ordinary and extraordinary
general assemblies of the Maritime and Land Transport Holding Company on
Thursday, March 27, 2025, for the fiscal year 2023/2024. The meeting
approved the financial statements, the report of the Central Auditing
Organization, the auditor's report, and the board of directors' report.

 

Discussions during the meeting highlighted improvements in service quality
and financial performance. The independent holding company reported total
revenues of EGP 4.219bn, with a net final profit of EGP 3.491bn. The company
continues to provide services adhering to the highest standards of quality
and efficiency while upholding social and environmental responsibility
principles.

 

 

El-Wazir emphasized the strategic importance of the maritime and land
transport sector as a key driver of economic development. He affirmed that
the state is committed to developing and modernizing this sector through an
integrated vision aimed at enhancing efficiency, improving services,
upgrading infrastructure, modernizing the fleet, and optimizing operations.
These efforts align with President Abdel Fattah El-Sisi's directives to
position Egypt as a regional hub for transport, logistics, and transit
trade.

 

The Deputy Prime Minister highlighted the Ministry of Transport's ambitious
and comprehensive plan to modernize the fleet of passenger and freight
transport companies under the Maritime and Land Transport Holding Company.
This initiative aims to enhance operational capacity and improve service
quality for the public.

 

El-Wazir reaffirmed ongoing oversight of development projects to ensure they
achieve their intended objectives. He stressed the state's commitment to
fostering a modern and dynamic work environment that aligns with global
advancements and supports long-term operational and economic sustainability.

 

He also noted that improving workplace conditions for employees remains a
priority, with efforts focused on creating a motivating environment that
drives high performance and strengthens the ability of subsidiary companies
to achieve growth and sustainability. He underscored that the success of
development plans relies on cooperation between management and employees,
fostering a spirit of teamwork to provide advanced transport services that
meet citizens' needs.

 

Read the original article on Egypt Online.

 

 

 

 

Nigeria: LIFC's Partnership Will Boost Lagos GDP, Economy - Govt

Lagos State Government has affirmed the partnership with EnterpriseNGR,
under the platform of the Lagos International Financial Council, LIFC, would
facilitate an increase in the tech ecosystem's contribution to its Gross
Domestic Product, GDP, from three per cent to 10 per cent through venture
capitals in Lagos-based tech startups.

 

This was disclosed at a strategic parley and presentation between the State
Government and international partners held on Wednesday, at the state
Ministry of Finance Conference Room, Alausa, Ikeja.

 

LIFC is a financial hub to integrate Lagos into global financial networks.

 

The initiative aims to create an enabling environment for seamless trading,
attract foreign investments, and enhance the competitiveness of Nigeria's
financial markets.

 

The LIFC is envisioned as a hub that facilitates global financial activities
while fostering local economic growth and innovation in Lagos State.

 

The state government had on Monday, March 24, 2025, at Lagos House, Marina,
signed a Memorandum of Understanding, MoU, with TheCityUK and the Foreign
Commonwealth and Development Office, FCDO, for the development of an
International Financial Centre in Lagos, aimed to drive economic growth.

 

Governor Babajide Sanwo-Olu, Chairman LIFC, led the signing of the MoU
ceremony, witnessed by

 

Co- LIFC, Chairman, Access Holdings, Mr. Aigboje Aig-Imoukhuede; the Head,
Eurasia, Middle East and Africa of TheCity UK, Chika Mourah; Charge
d'Affaires, British Deputy High Commission Lagos, Mr. Simon Field; Secretary
to the Lagos State Government, Mrs. Bimbola Salu-Hundeyin and Head of
Service, Mr. Bode Agoro, among others.

 

 

Speaking during the ceremony, Sanwo-Olu, said his administration is truly
committed to achieving the Lagos International Financial Centre and
therefore sought everybody's support to make the vision a reality.

 

He said: "The signing of the MoU signposts the beginning of another level of
engagement in establishing LIFC and making Lagos the first in sub-Saharan
Africa that will get an international financial centre.

 

"It is not just about us; it is about the conversation of putting our
country and both local and international investors on a platform that would
make businesses work better and create an ambiance of a more predictable and
reliable financial centre in this part of the world.

 

"We are localising our idea and initiative to be able to also put Lagos and,
by extension, Nigeria, on the world map of cities that have international
financial centres."

 

Sanwo-Olu also expressed appreciation to all the partners for their
financial and technical support towards the establishment of an
International Financial Centre in Lagos.

 

At the follow-up strategic parley, include Lagos State Commissioners for
Finance, Mr. Yomi Oluyomi, Budget and Economic Planning, Mr Ope George,
Commerce, Cooperative and Investment, Mrs. Folashade Ambrose-Medebem and
Information and Strategy, Gbenga Omotoso, Special Adviser to Governor
Babajide Sanwo-Olu on Corporate Finance and Strategy, Akintayo Sanwo-Olu,
among few others.

 

Also were: Chief Executive Officer, CEO, EnterpriseNGR, Mrs. Obi Ibekwe; and
Director, International Development, Anna Rogers TheCityUK.

 

Speaking on the occasion, George stated, "The LIFC initiative, a
collaborative effort between the Lagos State Government and EnterpriseNGR,
seeks to position Lagos as Africa's foremost international financial hub.

 

"This aligns with the Lagos State Development Plan (LSDP) 2022-2052, which
envisions Lagos as a world-class financial services centre fostering
economic growth and innovation on the continent.

 

"LSDP 2052 is a strategy developed to ensure that Lagos State becomes
Africa's Model Mega City, a global, economic, and financial hub that is
safe, secure, functional amd productive by 2052.

 

"LSDP aims to create sustainable economic growth through targeted
investments and infrastructure with key pillars such as; economic
diversification, infrastructure development, and enhancing public-private
partnerships for growth.

 

"LIFC aligns seamlessly with the initiatives of the LSDP positioning as a
world-class international financial centre ranked as a leading hub in Africa
with global standard

 

"LIFC would facilitate an increase in the tech ecosystem's contribution to
Lagos GDP from 3% to 10%, through venture capitals in Lagos-based tech
startups.

 

"This presentation seeks to engage stakeholders and emphasize LIFC's
transformative impact on Lagos' economy, aligning with broader goals of the
Lagos State Development Plan 2052."

 

George noted that the LIFC project achieved a major milestone in November
with the successful convening of its first working group meeting in Lagos.

 

"This milestone event brought together key stakeholders from Nigeria's
Financial and Professional Services (FPS) sector, along with representatives
from TheCityUK.

 

"This initiative will not only strengthen our market infrastructure but also
unlock new opportunities for public-private partnerships in technology and
capital market development.

 

"LIFC continues to grow as we collaboratively strive towards the shared
vision of transforming Lagos into a premier international financial hub,"
George stated.

 

Also speaking, Oluyomi said, "Financial hubs play a critical role in driving
economic development by attracting investments, generating jobs, and
enabling knowledge exchange to advance financial innovation."

 

The Finance Commissioner said, "The Lagos State Government remains committed
to ensuring the successful realization of LIFC's objectives and its
overarching goal of unlocking significant economic opportunities for Nigeria
and the African continent.

 

"As a dedicated working group, it is imperative for us to determine the most
suitable operational model for the LIFC, establish its unique value
propositions, and identify potential areas of opportunity while thoroughly
evaluating the risks associated with setting up an international financial
centre in Lagos."

 

Oluyomi maintained that LIFC would drive sustainable and inclusive economic
development and is expected to significantly boost job creation and economic
diversification in Lagos.

 

LIFC plays a crucial role in enhancing trade by providing a conducive
environment for international financial transactions.

 

"Creation of high-skill jobs and promotion of financial literacy among
residents.

 

"By implication, LIFC is linked to all the dimension of the LSDP 2052,
Indicating strategic alignment that would help drive the implementation of
the development plan," he stated.

 

Oluyomi expressed gratitude to stakeholders for their unwavering dedication
and teamwork in driving impactful outcomes for the LIFC.

 

"Together, we are creating remarkable opportunities that will lay the
foundation for future accomplishments," he stated.

 

Rogers and Ibekwe were of the opinion that the partnership would bring
everybody together to make Lagos a successful powerful house on the African
continent.

 

They maintained that LIFC envisions establishing Lagos as a premier African
financial hub, promoting transparency and efficiency.

 

According to Rogers: "TheCityUK is proud to be a strategic partner for the
development of LIFC. The decision of the Lagos State Government is highly
commendable, and we are very excited to be part of the journey.

 

"We are delighted that through our partnership, we'll continue to provide an
avenue for UK and Nigerian financial professional services practitioners,
policymakers, and regulators to share knowledge on best practices in areas
such as corporate governance, financial services, regulation, technology,
innovation, and many others.

 

"These will lead to increased trade and an increase in investment and
partnership between the two countries as well as internationally."

 

Read the original article on Vanguard.

 

 

 

Liberia: The Case Against Extension of Arcelormittal Rail Monopoly

Section 3(e.1) of Article IX of the ArcelorMittal MDA provides that if
excess capacity exists on the railroad or the Buchanan Iron Ore Port, the
Government on notice to AML (the "CONCESSIONAIRE") may "authorize third
parties' use of that excess capacity provided that the CONCESSIONAIRE
confirms that excess capacity exists and third party use of such excess
capacity does not unreasonably interfere with the efficient and economic
conduct of the Operations.

 

Section 3(e.2) further provides that the "technical and commercial terms for
such third-party use of the excess capacity of the Railroad and/or the
Buchanan Iron Ore Port shall be mutually agreed to, in good faith, among the
GOVERNMENT, the CONCESSIONAIRE and such third parties in accordance with
accepted international industrial standards."

 

 

Section 3(f) also permits the expansion and modernization of the Railroad
and the Buchanan Iron Ore Port and associated Infrastructure either by
Arcelor Mittal (if it agrees to do so) or by the Government (or its
designee) to create additional capacity for third party access and use of
these assets. In that event, the Section (3e.2) provision for a good faith
agreement on "the technical and commercial terms" for third party access and
use also applies.

 

If the Government and Arcelor Mittal are unable to agree on technical and
commercial terms for third party access, then Section 3(e.5) further
provides that a committee of five persons, 2 appointed by each of the
Government and Arcelor Mittal, and one appointed jointly by them, shall
review any "complaints" relating to third party access among other things.
The committee will then forward its recommendations to the parties.

 

 

However, the MDA does not state that the parties are bound by these
recommendations. Thus, any disagreement between them, including any failure
to agree in good faith under Section 3(e.2) with respect to technical and
commercial terms for such third-party use of the excess capacity will not be
resolved through that process.

 

It is reasonable to assume that the parties intended that any such failure
to agree would not paralyze their respective rights but would be subject to
resolution. Indeed, the parties agreed at Section 1 of Article XXXI to
submit any "dispute...arising out of, in relation to or in connection with
this Agreement" either to binding arbitration or, with some exceptions not
applicable here, to decision by a Referee which shall be appealable to the
arbitrators. Clearly a failure to agree on terms for the use of excess
capacity by third parties constitutes a "dispute" which may thus be subject
to resolution either by a Referee or by arbitrators.

 

The question arises as to whether the Government may grant a third-party
access to any excess capacity of the Railroad and the Buchanan Iron Ore Port
if for any reason the Government, any third party to which it intends to
provide such access and Arcelor Mittal are unable to reach an agreement as
to these technical and commercial terms for third party access.

 

The answer must be that the Government has that power and is not prevented
from exercising it by the Arcelor Mittal MDA. Otherwise, Arcelor Mittal in
effect will have a veto power over the Government's right to use its own
assets, the Railroad and the Buchanan Iron Ore Port because of a failure to
agree to "commercial and technical" terms for which no guidelines or
standards are provided aside from a vague requirement that the agreement be
reached in good faith using undefined "accepted international industrial
standards."

 

Frankly, the same conclusion applies to the issue of whether any expansion
plans approved by the Government under Section 3(f) must not "unreasonably
interfere with the efficient and economic conduct" of Arcelor Mittal's
operations.

 

These provisions were not intended to provide Arcelor Mittal with a de facto
veto over use by the Government of its own assets or undermine its sovereign
ability to allow others such use for the benefit of the nation and its
economy. Even to require that such use or access be put on hold until the
long and arduous multi-year process of arbitration (or appeal to arbitrators
from a Referee's decision) can be completed is unnecessary and would as a
practical matter discourage any investment in projects dependent on access
and use of this Government infrastructure.

 

In each case, should the Government grant such access, and be shown to have
done so wrongly either because the commercial and technical terms sought by
Arcelor Mittal were appropriate, or that Arcelor Mittal suffered damages
because rail or port expansion caused interference with the efficient and
economic conduct of its operations that was "unreasonable", then under
Liberian law Arcelor Mittal will be entitled to compensation in money
damages for any losses suffered and proved.

 

There is thus no reason to prejudice the Government by subjecting the use of
its valuable assets to the agreement of a single private company. The
Government takes the risk that its decision may be incorrect, and that it
may suffer a loss in arbitration if that is the case and incur liability for
damages suffered by Arcelor Mittal. That is what the Arcelor Mittal MDA
provides for.

 

Moreover, the Government clearly has options to reduce or eliminate that
risk, not least by making its own determination that the basis and terms for
such third-party use and access are in fact fair and reasonable.
Additionally, it has other options to deal with that risk and it is the
Government's sole prerogative to make those decisions in the national
interest.

 

Otherwise, as frankly as been the case for over 20 years, valuable national
assets will continue to be underused at the whim of a single company and
that underuse damages the Liberian people and the economy of the nation as a
whole.

 

Read the original article on Liberian Observer.

 

 

 

Somalia and China Explore Enhanced Cooperation and Aid in Mogadishu Talks

Mogadishu, March 27 — Somalia's disaster management chief, Mahamuud Moallim,
held a "productive" meeting with China's ambassador to Somalia, Wang Yu, in
the capital Mogadishu, focusing on deepening bilateral ties and boosting
cooperation, officials said Thursday.

 

The talks underscored the importance of sustainable financing for community
development, with discussions centering on flood prevention, large-scale
reservoir projects, dam construction, and well drilling to ensure essential
services for community safety and welfare, according to a statement from
Moallim's office.

 

A key focus was China's potential role in enhancing humanitarian assistance,
including bolstering the Somali Disaster Management Agency (SoDMA) through
improved grant development, staff training, and the provision of critical
materials for emergency operations.

 

"The meeting highlighted strategies to strengthen cooperation and enhance
bilateral relations," Moallim posted on X, alongside the Chinese embassy's
account, signaling a push to fortify ties between the two nations.

 

The discussions come as Somalia grapples with recurring natural disasters,
including floods and droughts, which have strained its resources and
infrastructure, prompting calls for international support.

 

Read the original article on Shabelle.

 

 

 

 

China tariffs may be cut to seal TikTok sale, Trump says

US President Donald Trump says he may cut tariffs on China to help seal a
deal for short video app TikTok to be sold by its owner ByteDance.

 

Trump also said he was willing to extend a 5 April deadline for a
non-Chinese buyer of the platform to be found.

 

In January, he delayed the implementation of a law passed under the Biden
administration to ban TikTok.

 

The legislation, which was signed into law in 2024, cited national security
grounds for the sell or be banned order.

 

 

"With respect to TikTok, and China is going to have to play a role in that,
possibly in the form of an approval, maybe, and I think they'll do that,"
Trump told reporters on Wednesday.

 

"Maybe I'll give them a little reduction in tariffs or something to get it
done," he added.

 

Trump also said he expected at least the outline of a deal to be reached by
the 5 April deadline.

 

What does Trump's executive order mean for TikTok and who might buy it?

In response to the comments, a spokesman for China's foreign ministry said
Beijing "has repeatedly stated its position. China's opposition to the
imposition of additional tariffs has always been consistent and clear".

 

Trump made the comments after announcing new import taxes of 25% on all cars
and car parts coming into the US in a move that threatens to widen the
global trade war.

 

The BBC has contacted TikTok for comment.

 

The biggest sticking point to finalising a deal to sell the TikTok business,
which is worth tens of billions of dollars, has always been securing
Beijing's agreement.

 

Trump has previously tried to use tariffs as leverage in the negotiations.

 

On his first day back in the White House, on 20 January, the president
threatened more import duties on China if it did not approve a TikTok deal.

 

The hugely popular app is used by around 170 million Americans.

 

Trump, who called for TikTok to be banned in his first term as president,
now has an account on the platform.

 

He has more than 15 million followers and has said he received billions of
views on the app during his presidential election campaign.

 

Separately, the US increased levies on all imports from China to 20% this
month.

 

That doubled the tariffs Trump imposed on the world's second largest economy
on 4 February.

 

On 10 February, China responded with its own tariffs, including a 10-15% tax
on some US agricultural goods.

 

Beijing has also targeted various US aviation, defence and tech firms by
adding them to an "unreliable entity list" and imposing export controls.

 

The 10% levy doubled to 20% on 4 March.

 

China has urged the US to return to dialogue with Beijing as soon as
possible.-BBC

 

 

 

 

 

 

Six things that could get more expensive for Americans under Trump tariffs

US President Donald Trump has imposed a range of tariffs - or import taxes -
on billions of dollars worth of goods coming into the US from some of its
top trading partners.

 

The tariffs apply to steel and aluminium imported to the US, as well as to
some other products from Mexico, Canada and China - prompting announcements
of counter-measures from the latter two countries and the European Union.

 

Trump has also announced tariffs on cars coming into the US which are due to
come into effect on 3 April. Tariffs on certain car parts are set to start
in May or later.

 

Economists have warned these tariffs - and those introduced in response by
other countries - could put prices up for American consumers.

 

That's because the tax is paid by the domestic company importing the goods,
which may choose to pass the cost on to customers, or to reduce imports,
meaning fewer products are available.

 

So which things could become more expensive?

 

 

Cars

The US imported about eight million cars last year - accounting for about
$240bn (£186bn) in trade.

 

Many US car companies also have operations in Mexico and Canada, set up
under the terms of the longstanding free trade agreement between them.

 

Component parts typically cross the US, Mexican and Canadian borders
multiple times before a vehicle is completely assembled.

 

The new tariffs on car parts from Canada and Mexico are exempt for now while
US customs and border patrol set up a system to assess the duties.

 

Anderson Economic Group has estimated that tariffs on parts just from Canada
and Mexico could lead to costs rising by roughly $4,000-$10,000 depending on
the vehicle.

 

Graphic showing how car industry supply chains can cross borders numerous
times. Itshows how powered aluminium is sent from Tennessee in the US to
Pennsylvania to be turned into rods, which are taken across the border to
Canada to be shaped and polished, then sent to Mexico to be assembled into
pistons. Finally the pistons are imported into the US where they become part
of engines assembled in Michigan

 

The cost of the higher taxes is likely to be passed on to customers.

 

Andrew Foran from TD Economics has said that disrupting trade flows through
tariffs "would come with significant costs".

 

He argues that the "uninterrupted free trade" which has "existed for
decades" in the car-making sector has lowered prices for consumers.

 

What are tariffs and why is Trump using them?

 

Popular Mexican beers Modelo and Corona could get more expensive for US
customers if the American companies importing them pass on the increased
import taxes.

 

However, it's also possible that firms could decide to bring in less foreign
beer.

 

Modelo became the number one beer brand in the US in 2023, and remains in
the top spot, for now.

 

The picture is more complicated when it comes to spirits, which have been
largely free of tariffs since the 1990s.

 

Industry bodies from the US, Canada and Mexico issued a joint statement in
advance of the tariffs being announced saying they were "deeply concerned".

 

They argue that certain brands, such as Bourbon, Tennessee whiskey, tequila
and Canadian whisky are "recognized as distinctive products and can only be
produced in their designated countries".

 

So given the production of these drinks cannot simply be moved, supplies
might be impacted, leading to price rises.

 

The bodies also highlighted that many companies own different spirit brands
in the US, Canada and Mexico.

 

 

Houses

The US imports about a third of its softwood lumber from Canada each year,
and that key building material could be hit by Trump's tariffs.

 

Trump has said the US has "more lumber than we ever use".

 

However, the National Association of Home Builders urged the president to
exempt building materials "because of their harmful effect on housing
affordability".

 

The industry group has "serious concerns" that the tariffs on lumber could
increase the cost of building homes - which are mostly made out of wood in
the US - and also put off developers building new homes.

 

"Consumers end up paying for the tariffs in the form of higher home prices,"
the NAHB said.

 

Imports from the rest of the world could also be affected.

 

On 1 March, Trump ordered an investigation into whether the US should place
additional tariffs on most lumber and timber imports, regardless of their
country of origin, or create incentives to boost domestic production.

 

Findings are due towards the end of 2025.

 

Maple syrup

Getty Images A worker measures the viscosity of freshly cooked maple syrup
at a sugar shack near Lac Brome, Quebec, Canada.Getty Images

 

The "most obvious" household impact of a trade war with Canada would be on
the price of Canadian maple syrup, according to Thomas Sampson from the
London School of Economics.

 

Canada's billion-dollar industry accounts for 75% of the world's entire
maple syrup production.

 

The majority of the sweet staple - around 90% - is produced in the province
of Quebec, where the world's sole strategic reserve of maple syrup was set
up 24 years ago.

 

"That maple syrup is going to become more expensive. And that's a direct
price increase that households will face," Mr Sampson said.

 

"If I buy goods that are domestically produced in the US, but [which use]
inputs from Canada, the price of those goods is also going to go up," he
added.

 

Fuel prices

Canada is America's largest foreign supplier of crude oil.

 

According to the most recent official trade figures, 61% of oil imported
into the US between January and November 2024 came from Canada.

 

While the US has introduced a 25% tariff on most goods imported from Canada,
Canadian energy faces a lower rate of 10%.

 

The US doesn't have a shortage of oil, but its refineries are designed to
process so-called "heavier" - or thicker - crude oil, which mostly comes
from Canada, with some from Mexico.

 

"Many refineries need heavier crude oil to maximize flexibility of gasoline,
diesel and jet fuel production," according to the American Fuel and
Petrochemical Manufacturers.

 

That means if Canada decided to reduce crude oil exports in retaliation
against US tariffs, it could push up fuel prices.

 

Avocados

Getty Images Mexican avocados at a grocery store in San Francisco,
California, US.Getty Images

Avocados thrive in in the Mexican climate.

 

Nearly 90% of the avocados consumed in the US come from Mexico.

 

The US Agriculture Department has warned that tariffs on Mexican fruit and
vegetables could increase the cost of avocados.

 

Related dishes like guacamole could also become more expensive.-BBC

 

 

 

 

 

 

Why are tech stocks so volatile?

We have all heard of carmaker Ford, but what about its one-time rivals
Abbot-Detroit, Acme, Adams and Aerocar?

 

No? Well that is hardly surprising because unlike Ford they all went bust
very early on. And they are just some of the failed car companies starting
with the letter "A".

 

We only remember the winners who went on to dominate the world's motor
industry, and the current high-tech sector is much the same.

 

A great many investors backed the wrong horseless carriages around a century
ago and lost their money. Only a few picked Ford or Chrysler, which is
almost exactly what is happening now, only to the tech sector.

 

Tech shares have been hugely volatile over the past year, as has been widely
reported, with share price graphs often looking like rollercoaster rides,
even before President Trump's tariffs have caused wider stocks falls.

 

 

Nvidia shares sink as Chinese AI app spooks markets

Tesla's challenges run deeper than 'toxic' controversy around Elon Musk

US tech firms feel pinch from China tariffs

A principle reason for this tech sector volatility, according to Elroy
Dimson, professor of finance at the University of Cambridge, is that like
the once nascent car industry we don't know which tech firms will win in the
long run.

 

"If you go back to the beginning of the last century there were an awful lot
of motor companies, and it was clear that automobiles were going to make a
huge difference," says Prof Dimson. "But almost every company went bankrupt,
you didn't know which company you should be buying."

 

Then, of course, not all high-tech businesses are making money. The measure
of the return on an investment in shares uses two factors, the growth in
profits or dividends, and the growth in the value of the shares.

 

Boring companies might pay reliable dividends and see their shares gradually
increase in value. But many high-tech companies are not paying out much if
anything in dividends. Instead, they are investing in future growth, and so
their share prices fluctuate based on hopes of future profits.

 

As Susannah Streeter, head of money and markets at UK financial services
firm Hargreaves Lansdown, puts it: "Tech shares are more volatile, they have
high valuations and their price-earnings ratios are very high, and growth
stocks are more sensitive to interest rate movements."

 

But also, investors in such shares are, as Ms Streeter puts it, gambling on
"not jam today but jam tomorrow". They are all trying to pick the next
future big winner, not the one paying out profits now, but the one that will
eventually pay huge dividends sometime in the future.

 

So, any news or even suggestion that future growth is not going to be as
good as previously expected means share values can collapse.

 

 

Susannah Streeter Markets analyst Susannah StreeterSusannah Streeter

Susannah Streeter says that tech stocks are always a gamble for investors

On the other hand, any good news boosts share prices even if current
profits, or even losses, don't change at all, as investors pile into what
they think is the future winner. The shares are more volatile because they
are not underwritten by current profits or dividends.

 

That means as Prof Dimson puts it, "that small changes in growth expectation
can lead to large changes in share value", which can effect a large number
of companies at the same time.

 

"You have companies that are reasonably similar, so when growth rates change
it is effecting quite a few companies in a similar way," he says.

 

"This is not different from the dotcom boom at the beginning of the 2000s.
There were companies with huge growth prospects. And when the growth
prospects disappeared, these were the companies that disappeared."

 

Also, even today there are not that many really large high-tech companies.
In America they are colloquially known as the "magnificent seven" - Nvidia,
a chipmaker, Alphabet, which owns Google, Amazon, Apple, Microsoft, Meta,
the parent of Facebook, and Tesla.

 

So, it does not take much to spook the market, especially since several of
these firms are really quite young, and are dominant in sectors where
previous leaders have crashed and burned. Anyone remember Ericsson, Boo or
Compaq?

 

 

Chart showing Nvidia share price falling in recent months

Technology, unlike say steel production or food manufacturing, is changing
at a very rapid rate, and there is obviously the chance that a new high-tech
company will come along and destroy the business model of its most
established rivals.

 

There is simply no guarantee that today's "magnificent seven" will remain
magnificent or even stay as the same seven firms.

 

Take Tesla for example, its sales have recently fallen in response to two
widely-reported factors. Firstly, some potential customers are opposed to
Tesla owner Elon Musk's involvement in President Trump's government. And
secondly, Chinese electric car firms such as BYD are increasingly strong
competitors.

 

Meanwhile, Nvidia saw its share price drop sharply at the start of this year
following the release of Chinese artificial intelligence chatbot DeepSeek.
This app was reportedly created at a fraction of the cost of its rivals.

 

The instant popularity of DeepSeek has raised questions about the future of
America's AI dominance and the scale of investments US firms are planning.
This concerns Nvidia because it is at the forefront of making microchips for
AI processing.

 

 

Getty Images Protestors outside of a Tesla showroom in SeattleGetty Images

Tesla's share price has been hit by both protests against the brand, and
increased competition from Chinese rivals

AI is now the biggest tech game in town, and it seems that absolutely
everyone is claiming that AI is transforming their industry, their products
and their profits. They can't all be right.

 

Or as Prof Dimon puts it: "At least in 1910 you knew what automobiles did,
but today with AI companies you have to rely on the wisdom of the crowd, and
for AI companies that isn't good enough."

 

And not all AI firms can win, adds Robert Whaley, professor of finance at
Vanderbilt University in Tennessee. "AI is certainly contributing to tech
volatility. The race is on."

 

That means that AI shares are sensitive to predictions. And any sign that a
particular firm is lagging in the AI race may mean that lots of investors,
most of whom don't understand the subject, abandon it for another that seems
to be further ahead.

 

Then there are investors who seemingly don't seem to care which companies'
shares they buy, so long as they are in the "booming" high-tech sector, as
they are speculating and spreading their risks.

 

In short, share prices are not always a rational measure of a firm's value,
especially in the high-tech sector, or even of its prospects. Instead, they
can represent the optimism of investors. And optimism does not always last.

 

It is often short-lived, passing, and faddish. And sometimes optimism comes
face to face with reality or just plain fades away. It is, in short,
volatile.-bbc

 

 

 

 

Thousands of jobs at risk as British Steel threatens closure

British Steel is launching a consultation that could see the closure of its
two blast furnaces at Scunthorpe, putting up to 2,700 jobs at risk out of a
workforce of 3,500.

 

The company said the blast furnaces were "no longer financially sustainable"
due to tough market conditions, the imposition of tariffs and higher
environmental costs.

 

The BBC understands British Steel was expecting a £1bn injection of
government money to keep the business going, but was offered £500m.

 

The Prime Minister's official spokesperson said the government had made a
"generous offer" to British Steel and it would continue to work with the
company and its Chinese owner Jingye to secure its future.

 

 

British Steel chief executive Zengwei An said the consultations on the
closure were "a necessary decision given the hugely challenging
circumstances the business faces".

 

The director general of trade group UK Steel, Gareth Stace, said British
Steel's announcement was a "pivotal moment" for the sector and the steel
industry was "officially in a crisis".

 

Community union general secretary Roy Rickhuss called it "a dark day" and
urged Jingye and the UK Government "to resume negotiations before it is too
late".

 

The GMB union called it "devastating news", while Unite general secretary
Sharon Graham said the potential job losses were "a disgrace".

 

"British Steel is guilty of trying to hold the government to ransom, while
using its dedicated workforce as pawns," she said.

 

Tata Steel £1.25bn electric furnace approved by planners

What are tariffs and why is Trump using them?

 

British Steel has been owned by Jingye since 2020. The Chinese firm says it
has invested more than £1.2bn into British Steel to maintain operations and
claims it suffered financial losses of around £700,000 a day.

 

The company has put forward a £2bn business plan, which was set out on
Wednesday by the company's chief commercial officer Allan Bell speaking to
the Business & Trade Select Committee.

 

''We have concluded that the only viable option for British Steel moving
forward to decarbonise is to move to 100% electric arc furnace steelmaking,"
he said.

 

"This is a £2bn project we estimate so it is not a project that the private
sector is going to be able to implement without government support.''

 

The BBC understands that there had been an expectation the government would
meet this investment on a 50/50 basis.

 

But the government offered £500m, and this was rejected by British Steel.

 

Answering an urgent question on the future of Scunthorpe steelworks,
Business and Trade Minister Sarah Jones told the House of Commons the
government had made a "generous conditional offer of financial support".

 

She said the offer followed "months of intensive engagement with British
Steel".

 

Jones said the company had to "provide the commitments we need and which tax
payers would quite rightly expect in exchange for substantial public
funding".

 

"It is regrettable that they have not yet done so or accepted our offer."

 

She called on the company to reconsider its closure plans and accept the
government's offer.

 

British Steel said it would "continue to work with the UK government to
explore options for the future of the business".

 

The company is starting a formal consultation with its workforce and unions
over three options:

 

The closure of the blast furnaces, steelmaking operations and Scunthorpe Rod
Mill by early June 2025

The closure of the blast furnaces and steelmaking operations in September
2025

The closure of the blast furnaces and steelmaking operations at a future
point beyond September 2025.

Business and Trade Secretary Jonathan Reynolds said: "I know this will be a
deeply worrying time for staff and, while this is British Steel's decision,
we will continue working tirelessly to reach an agreement with the company's
owners to secure its future and protect taxpayers' money.

 

"We've been clear there's a bright future for steelmaking in the UK. We've
committed up to £2.5bn to rebuild the sector and will soon publish a Plan
for Steel setting out how we can achieve a sustainable future for the
workforce, industry and local communities."-BBC

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2025

 


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.

 


 

 


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