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We bring you various leading news from across Africa, on business, economy, market, and politics. Towards A Profitable Africa.

2019-12-09 08:33:00.0

Carbon-Intensive Corporations May Lose Billions

Carbon-intensive firms are likely to lose 43% of their value thanks to policies designed to combat climate change, according to reports.
Meanwhile, the most progressive companies will see an uplift of 33% in their value. The forecast was commissioned by the UN-backed Principles for Responsible Investment (PRI).
Representatives of fossil fuel companies told the BBC they were already adapting their businesses to take climate change into account. But the PRI study suggests major winners and losers will emerge between, and within, big sectors. Adding that, Manufacturers slow to move to EVs will see their value fall, as governments realize that petrol and diesel models must be phased out faster for climate targets to be met.

2019-12-09 08:21:13.0

Trade War Bites Chinese Export

Meanwhile, November exports from the world's second-largest economy fell 1.1% from a year earlier, the fourth straight fall. Although, Exports to the US were down 23%, the worst such result since February and the twelfth monthly decline in dispute.
While another round of US tariffs on Chinese goods is due next Sunday, as part of the ongoing trade dispute. As on Friday, White House economic adviser Larry Kudlow said the 15 December deadline - to impose a new round of tariffs on some $156bn of Chinese exports - remained in place.

2019-12-09 08:18:52.0

Investors Monitor South African Rand For a Clue on Economy

The rand was little changed on Monday morning as investors await key market-moving events in the week ahead. Locally, manufacturing production for October is expected to be released on Tuesday, and the median forecast is for manufacturing to have contracted for the fifth consecutive month, according to a Bloomberg poll.
However, The FXTM senior research analyst Lukman Otungan, has said the rand, which has been shaky against the dollar since the start of December, could depreciate if manufacturing production declines further.
He further explained that Consumer inflation for November is also due this week, with expectations that the headline figure will remain at October's 3.7%. On the global front, analysts say the looming December 15 tariff hike on $156bn worth of Chinese imports may weigh on global market sentiment in the week.

2019-12-09 08:12:48.0

Nigeria Takkles Immigration With New Visa Regime

The Comptroller General (CGI) of Nigeria Immigration Service (NIS), Mr. Muhammad Babandede, disclosed that the Federal Government is planning to introduce a new Visa regime to boost the economy while speaking at the 2019 dinner and award night organized by the service in Abuja.
He further said that the new visa regime will be unveiled by the Minister of Interior, Mr. Rauf Aregbesola, before the end of the year.
Meanwhile, The CGI has said the regime would put Nigeria in line with global practice, adding that the system would be transparent and that security would not be compromised. The e-visa policy will encourage investors to Nigeria, thereby generating Foreign Direct Investment (FDI) for Nigeria and making Nigeria a most preferred destination through transparency in administration and facilitation of facilities by service.
According to Babandede, who assured all that the service would deliver on its mandate by putting in place efficient border security and migration management to strengthen Nigeria’s security architecture in 2020.

2019-12-09 08:07:13.0

Nigerian Telcos Recorded 58.5% Increase in FDI Over 12 Months

The inflow of Foreign Capital investment into the telecoms industry in Nigeria rose by $659.03m between 2016 and 2018, representing a 70.8 percent increase in capital inflow into the sector. The sector is said to be the second-highest investment in the country after the banking sector, which had $932.51m.
Meanwhile, Analysis of the NBS data indicated that the capital inflow rose to $1.48bn from 2016 to 2017, recording a 58.5% increase. In Q1 of 2017, investors pitched $145.78m into the telecom sector; $174.18m in Q2; $33.68m in Q3 and $191.01m in Q4.
Although, The year 2018 saw investors back the telecom sector with $114.43m, the lowest annual investment in the sector in more than five years. Services, production, financing, and banking sectors attracted more investment than the telecoms in 2018.
According to the President, Association of Telecommunications Companies of Nigeria, Olusola Teniola, disclosed that during periods when the sector experienced mergers, acquisitions, and consolidation, there was huge capital inflow into the country. Adding that, the latest capital importation report by the NBS showed that the sector received a capital injection of $884.85m between July and September of this year.

2019-12-09 07:59:16.0

Nigeria Battles P&ID Over $10 billion Penalty

A Statement issued by Umar Gwandu, the Special Assistant, Media, and Public Relations to the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, disclosed that new evidence from investigations has proved that the 2010 contract was a sham that was never meant to succeed.
Adding that, the lawsuit is a major step forward in a bid to overturn the injustice of the US $9.6bn award. He further said “The filing challenges both the underlying arbitral award and its enforcement, and lodges a fresh appeal against the subsequent High Court judgment.
However, based on new evidence that has come to light in recent investigations, it is clear that the original contract was a sham commercial deal and designed to fail from the outset. The fraud was only recently discovered as a result of President Muhammad Buhari’s anti-corruption efforts spearheaded by the Economic and Financial Crimes Commission. As reported by the Punch.
Meanwhile, the situation is extremely serious for Nigeria if it eventually loses the case altogether. The $9 billion is equivalent to almost 2.5% of the country’s annual gross domestic product. Also, if Nigeria can’t afford to pay the sum, the country will lose its assets in the UK and the United States, depending on the assets P&ID chooses to seize and sell.

2019-12-09 07:51:29.0

Chinese Timber Cartel Plunder Zambian Forests; Liquidity Surge as Nigerian OMO Bills Patronage Falls; Tesco Wants to Sell-off

The volume of excess liquidity in the interbank money market is set to surpass the N1 trillion mark this week, aggravated by declining patronage for secondary market (Open Market Operations, OMO) treasury bills.
Last week, the market closed with excess liquidity of N888.5 billion following decline in patronage of OMO bills which blunted efforts by the Central Bank of Nigeria (CBN) to mop up inflow of N344.9 billion from OMO bills which matured during the week.
Meanwhile, the upsurge in liquidity caused the average short-term cost of funds to fall by 140 basis points, with interest rate on Collateralised (Open Buy Back, OBB) lending dropping by 136 bpts to 2.43 percent last week; The Environmental Investigation Agency (EIA), Mukula Cartel, disclosed how associates connected to Zambian President Edgar Lungu, including his daughter Tasila Lungu, onetime resident of the United States of America, are reportedly involved in the plunder of valuable, increasingly scarce, mukula rosewood trees; and hence the destruction of Zambia's vulnerable forests

However, the investigation shows that despite public pledges to end the illegal mukula trade, several politicians are repeatedly named as key actors in an influential timber trafficking network that bypasses existing national bans on mukula harvest and export.
Meanwhile, according to EIA undercover investigators documented how the state-owned company Zambia Forestry and Forest Industries Corporation Limited (ZAFFICO) is secretly used by well-connected Zambian and Chinese business operatives as a cover to export thousands of freshly cut mukula logs. This illegal trade flourishes in spite of bans on the harvest, transport, and export of mukula; The UK's biggest retailer, Tesco, is considering a retreat from markets in Asia with the sale of its profitable operations in Thailand and Malaysia.
According to the Analysts, said the 2,000 stores, which operate under the Tesco Lotus brand, could be worth more than £7bn.
Tesco's only other overseas stores are in Ireland and in central Europe, including Poland and Hungary.

2019-12-05 03:49:03.0

OPEC and Allies Deliberate on Further Oil Cut; Man-made Starvation Threatens Zimbabwe; Americans Goes Shopping on Cyber Monday

Customs Forcefully Collect #300,000 from us - Shoe Dealers Cry Out; FG spends N1.3 trillion on importation in 12 Months: CBN; Further Oil Production cut Required to keep oil Price above $40 in 2020; Half Zimbabwe's population to face Man-Made Starvation: WFP; Pound Sterling jumps against Euro in the face of Political Leads; Cyber Monday expected to Rake in Record US Sales.

2019-11-29 04:21:30.0

Canada Accepts More Nigerian Immigrants - Recent Data Reveals

As more Nigerians and citizens of other countries continue to intensify efforts to migrate to Canada, the Canadian Government invited 7,200 Express Entry candidates to apply for permanent residency in the latest draws held on November 13th and 27th respectively. According to the latest Canada Immigration Newsletter, the minimum Comprehensive Ranking System (CRS) score required dropped to 471. This is a reduction of one point from the previous Express Entry draw held on November 13, which had a cut-off score of 472. Immigration, Refugees and Citizenship Canada (IRCC) applied a tie-break time and date of November 11, 2019, in the latest draws. This means that all candidates with a score of 471, who submitted their profiles before this date and time, received an ITA. The latest draws bring the number of Express Entry candidates who have received an Invitation to Apply in 2019 alone to 78,900. With the latest figure, Invitation to Apply for permanent residency issued so far in 2019 is just 11,000 shy of last year’s record of 89,800 invitations with just over a month left in 2019. Specifically, three more draws are expected before the year ends, regardless of whether this record stands or falls, the year 2020 will see the admissions target rise to 85,800 for the three Express Entry-managed immigration programs, up from 81,400 this year.

2019-11-29 04:13:21.0

Upbeat in Gambian Domestic Debt to 40.3% of the GDP - CBN Governor, Bakay Jammeh

The Governor of the Central Bank of The Gambia, Bakay Jammeh said the domestic debt as at the end of October 2019, has increased to D33.0 billion compared to 31.1 billion in 2018. He said this yesterday during the Monetary Policy Committee meeting held at the Central Bank of The Gambia. He said this increment constitutes 37.6 and 40.3 percent of the Gross Domestic Product respectively, with an increase in the stock of Treasury and Suku al-Salaam bills by 14.8 percent to 19.7 billion during the period under review. He said food inflation increased marginally by 0.1 percent to 7.3 percent in October 2019 compared to 7.2 percent in September 2019, whereas non-food inflation decelerated to 8.0 percent in October 2019 compared to 8.3 percent in September 2019, but higher than 6.8 percent recorded last year. He said: "the Gambian economy is estimated to have grown by robust 6.5 percent in 2018 compared to 4.8 percent in 29017, supported largely by the service sector, including tourism and trade, financial services and insurance, as well as transport and telecommunication". He added: "The goods account deficit is estimated at US$ 286.7 million (16.2 percent of GDP) in the first nine months of 2019, higher than the deficit of US$252.6 million(15.6 percent GDP) in the corresponding year in 2018". He said the committee noted among others the potential impact on the economy of the stock to agriculture, improvement in the current account of the balance of payments, deceleration in inflation, strong in the banking sector and comfortable level of the international reserves of the bank. He said in view of this, the committee decided to maintain the policy rate at 12.5 percent, maintain the interest on standing deposit facility at 2.5 percent and the standing lending at 13.5 percent.
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News Updates

  • Carbon-Intensive Corporations May Lose Billions

  • Trade War Bites Chinese Export

  • Investors Monitor South African Rand For a Clue on Economy

  • Nigeria Takkles Immigration With New Visa Regime

  • Nigerian Telcos Recorded 58.5% Increase in FDI Over 12 Months

  • Nigeria Battles P&ID Over $10 billion Penalty

  • Chinese Timber Cartel Plunder Zambian Forests; Liquidity Surge as Nigerian OMO Bills Patronage Falls; Tesco Wants to Sell-off

  • OPEC and Allies Deliberate on Further Oil Cut; Man-made Starvation Threatens Zimbabwe; Americans Goes Shopping on Cyber Monday

  • Canada Accepts More Nigerian Immigrants - Recent Data Reveals

  • Upbeat in Gambian Domestic Debt to 40.3% of the GDP - CBN Governor, Bakay Jammeh