We bring you various leading news from across Africa, on business, economy, market, and politics. Towards A Profitable Africa.
Carbon-Intensive Corporations May Lose Billions
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.
Trade War Bites Chinese Export
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.
Investors Monitor South African Rand For a Clue on Economy
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.
Nigeria Takkles Immigration With New Visa Regime
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.
Nigerian Telcos Recorded 58.5% Increase in FDI Over 12 Months
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.
Nigeria Battles P&ID Over $10 billion Penalty
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.
Chinese Timber Cartel Plunder Zambian Forests; Liquidity Surge as Nigerian OMO Bills Patronage Falls; Tesco Wants to Sell-off
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.
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