page contents
Connect with us

Business

Zimbabwe injects $50m to ease fuel shortages

Published

on

The appalling fuel situation in Zimbabwe has started to improve and is expected to get better due to the intervention by Government through availing Letters of Credit (LCs) worth over US$50 million to oil companies.

Energy and Power Development Minister Dr Joram Gumbo who said this yesterday while responding to questions from journalists during a post-Cabinet briefing also gave the list of companies to be Engen Petroleum, Total Zimbabwe, Zuva Energy and Puma Energy.

“At least four or five big oil companies have already started picking up fuel.” 

He said Total Zimbabwe had LCs of about US$13 million which have matured; Zuva US$12million and Engen US$25 million.

Some small fuel companies were given their usual allocations and cash.

LCs, also known as a documentary credit or letter of undertaking, are a payment mechanism used in international trade to provide an economic guarantee from a creditworthy bank to an exporter of goods.

Meanwhile, Dr Gumbo said Government’s decision to liberalise the foreign currency exchange rate in February has resulted in a decline in fuel consumption.

Consumption of diesel has gone down to about 3 million litres per day while petrol consumption has also declined to about 2 million per day.


@ Anttention Fresh,                
We work hard to ensure that any news brought to you is legitimate and valuable so we leave out the noise. This material, and other digital content on this website, may be reproduced, published, broadcast, rewritten or redistributed in whole or in part BUT give us credit as your source. 

DOWNLOAD ANTTENTION FRESH NEWS ON THE GO APP
JOIN AN ONLINE LEARNING COMMUNITY CLICK IMAGEonline training

24 Hours Across Africa

Jamie Oliver restaurant to leave 1.300 jobs at risk.

Published

on

Source: BBC

Celebrity chef Jamie Oliver has said he is “saddened” after his restaurant group went into administration, putting up to 1,300 jobs at risk.

DOWNLOAD ANTTENTION FRESH NEWS ON THE GO APP

The group, which includes the Jamie’s Italian chain, Barbecoa and Fifteen, has appointed KPMG as administrators.

In total, 25 restaurants are affected by the move, 23 of which are from the Jamie’s Italian chain.

Mr Oliver said: “I appreciate how difficult this is for everyone affected.”

Jamie Oliver’s Fifteen Cornwall at Watergate Bay, which operates under a franchise, is unaffected, as are overseas branches of Jamie’s Italian.

Mr Oliver added: “I would also like to thank all the customers who have enjoyed and supported us over the last decade, it’s been a real pleasure serving you.

We launched Jamie’s Italian in 2008 with the intention of positively disrupting mid-market dining in the UK High Street, with great value and much higher quality ingredients, best-in-class animal welfare standards and an amazing team who shared my passion for great food and service. And we did exactly that.

Restaurant closures had not been officially announced on Tuesday afternoon, but notices in the windows of some branches said they had already closed.

The Unite union said the development was a “devastating blow for the chain’s hardworking and loyal workforce”.

“Restaurants are not being helped by the current economic uncertainty, although those businesses like Jamie Oliver’s that dashed for expansion in recent years seem particularly precarious. As ever, it is the workers at the restaurant and in the supply chain who bear the heavy cost of boardroom decisions.”

The union also asked for assurances assurances that staff will be “protected and paid all the money they’re owed, including wages, holiday and redundancy”.

“Faced with higher rent, rising food prices and increased competition, restaurants need a point of difference – it’s no coincidence that smaller brands with the freedom and flexibility to keep things fresh are currently the ones performing well.”


@ Anttention Fresh,                
We work hard to ensure that any news brought to you is legitimate and valuable so we leave out the noise. This material, and other digital content on this website, may be reproduced, published, broadcast, rewritten or redistributed in whole or in part BUT give us credit as your source. 

JOIN AN ONLINE LEARNING COMMUNITY CLICK IMAGEonline training

Continue Reading

24 Hours Across Africa

Trump to end America’s IT threats.

Published

on

Source :BBC

President Donald Trump has declared a national emergency to protect US computer networks from “foreign adversaries”.

He signed an executive order which effectively bars US companies from using foreign telecoms believed to pose national security risks.

DOWNLOAD ANTTENTION FRESH NEWS ON THE GO APP

The order does not name any company, but is believed to target Huawei.

The Chinese tech giant said restricting its business in the US would only hurt American consumers and companies. Media captionOne potential problem with 5G tech may have more to do with castles than you’d expect

Several countries, led by the US, have raised concerns in recent months that Huawei products could be used by China for surveillance, allegations the company has vehemently denied.

The US has been pressuring allies to shun Huawei in their next generation 5G mobile networks.

In a separate development, the US commerce department added Huawei to its “entity list”, a move that bans the company from acquiring technology from US firms without government approval.

The moves are likely to worsen tensions between the US and China, which had already escalated this week with tariff hikes in a trade war.

Huawei has been at the epicentre of the US-China power struggle that has dominated global politics over the past year.

What does the order say?

According to a White House statement, Mr Trump’s order aims to “protect America from foreign adversaries who are actively and increasingly creating and exploiting vulnerabilities in information and communications technology infrastructure and services”.

It gives the secretary of commerce the power to “prohibit transactions posing an unacceptable risk to the national security”, the statement adds.

The move was instantly welcomed by Federal Communications Commission Chairman Ajit Pai, who called it “a significant step toward securing America’s networks”.

The US had already restricted federal agencies from using Huawei products and has encouraged allies to shun them, while Australia and New Zealand have both blocked the use of Huawei gear in 5G networks.

In April 2018 another Chinese tech company, ZTE, was barred from buying US parts after it was placed on the same “entity list”. It resumed business after reaching a deal with the US in July.

How has Huawei responded?

Huawei has said its work does not pose any threats and that it is independent from the Chinese government.

“Restricting Huawei from doing business in the US will not make the US more secure or stronger,” the company said in a statement.

“Instead, this will only serve to limit the US to inferior yet more expensive alternatives, leaving the US lagging behind in 5G deployment, and eventually harming the interests of US companies and consumers.”

Huawei grown rapidly over a decade

Presentational white space

The company also said “unreasonable restrictions” on Huawei raised “other serious legal issues”.

During a meeting in London on Tuesday, Huawei chairman Liang Hua said it was “willing to sign no-spy agreements with governments” as concerns over the security of its products used in mobile networks continued to grow.

What does the national emergency mean?

By declaring a national emergency President Trump can effectively bypass other branches of government and gains access to a raft of special powers.

The Brennan Center for Justice, a non-partisan public policy institute, has compiled a list of more than 120 legal powers the president can use in such an event – they range from taking over farmland to calling up military reservists or seizing property with few or no restrictions.

President Trump has now declared five national emergencies, including most recently over the southern US border.

A rolling list of national emergencies compiled by the centre shows there are now 33 active national emergencies in the US.

The oldest emergency still in place was signed by President Jimmy Carter in November 1979 as a response to the Iran hostage crisis. Others signed by Presidents Bill Clinton, George W Bush and Barack Obama also remain in effect.


@ Anttention Fresh,                
We work hard to ensure that any news brought to you is legitimate and valuable so we leave out the noise. This material, and other digital content on this website, may be reproduced, published, broadcast, rewritten or redistributed in whole or in part BUT give us credit as your source. 

JOIN AN ONLINE LEARNING COMMUNITY CLICK IMAGEonline training

Continue Reading

Facebook

Advertisement
Flag Counter
Advertisement

Trending

Copyright © 2018 Anttention Media. All rights reserved