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Sunak: ‘good amount’ of Christmas presents available despite supply chain crisis

Christmas presents

Sunak: ‘good amount’ of Christmas presents available despite supply chain crisis

There will be a “good amount of Christmas presents available” this year despite supply chain problems, the UK chancellor has said.

Rishi Sunak was speaking after a meeting with finance ministers from the G7 group of leading world economies to talk about the supply chain crisis, with the politicians agreeing to work more closely to solve it.

Many retailers fear supply chain problems will result in higher prices and empty shelves in the coming weeks, but the chief executive of the UK Major Ports Group said supply chains were “robust” and there was no need to panic.

A build-up of cargo in Felixstowe has led to the shipping company Maersk diverting vessels from the Suffolk port, while similar logjams have been experienced elsewhere in the world, including in the US.

Speaking to the BBC in Washington on Thursday, Sunak sought to reassure Britons in the run-up to Christmas. He said: “We’re doing absolutely everything we can to mitigate some of these challenges.

“They are global in nature, so we can’t fix every single problem, but I feel confident there will be good provision of goods for everybody. I’m confident there will be a good amount of Christmas presents available for everyone to buy.”

The chancellor chaired a meeting of finance ministers on Wednesday, as the International Monetary Fund and World Bank convened in the US capital.

The Treasury said Sunak reminded delegates of the importance of global cooperation to ensure supply chains were more resilient as the world emerged from the Covid pandemic.

Speaking after the meeting, Sunak said: “Supply chain issues are being felt globally – and finance leaders from around the globe must collaborate to address our shared challenges.

“Today we have collectively agreed to work closely over the coming months – and together we will build a strong and resilient recovery.”

Last month motorists and shoppers in the UK were urged not to panic-buy fuel and goods as the shortage of lorry drivers hit supplies.

Ministers faced pressure to ease immigration rules as an emergency measure to attract HGV drivers from overseas amid warnings that 100,000 more were needed across the industry.

The issues around petrol supply, in addition to problems in the food industry and rising gas prices, have led to warnings the government faces a “winter of discontent”.

A combination of factors – including Brexit leading to the loss of EU drivers, the pandemic preventing driving tests and systemic problems in the industry relating to pay and conditions – led to the shortage of qualified HGV drivers.

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Business

DMO Issues Two FGN Savings Bonds At N1,000/unit

The Debt Management Office (DMO) has announced its Dec. issuance of two Federal Government of Nigeria (FGN) Savings Bonds at N1,000 per unit.

According to a statement by the DMO, the first offer is a two-year FGN Savings Bond due on Dec. 14, 2022, at an interest rate of 12.255 percent per annum.

The second one is a three-year FGN Savings Bond due on Dec. 14, 2025, at a 13.255 percent interest rate per annum.

It said that the opening date for the issuance of the bonds is Dec.5, the closing date is Dec. 9, the settlement date, is Dec. 14 while coupon payment dates are March 14, June 14, Sept. 14, and Dec. 14.

“They are issued at N1,000 per unit subject to a minimum subscription of N5,000 and in multiples of N1,000 thereafter, subject to a maximum subscription of N50 million.

“Interest is payable quarterly, while bullet repayment is made on the maturity date, ” it said.

It added that FGN savings bonds qualify as securities in which trustees can invest under the Trustee Investment Act.

“They qualify as government securities within the meaning of the Company Income Tax Act and Personal Income Tax Act for tax exemption for pension funds amongst other Investors.

“They are listed on the Nigerian Stock Exchange and qualify as liquid assets for liquidity ratio calculation for banks,” it said.

The statement said they were backed by the full faith and credit of the Federal Government of Nigeria, and charged upon the general assets of the country.

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Business

DMO Says It has Raised N130bn From Sukuk For Key Road Projects

The Debt Management Office (DMO) says it raised N130 billion from its N100 billion sovereign al ’Ijarah sukuk opened on November 21, 2022.

DMO, in a statement on Monday disclosed that the offer of N100 billion was “upsized to N130 billion due to the over 165 percent subscription level”.

The Sukuk is a strategic initiative that supports infrastructure development, promotes financial inclusion and deepens the domestic securities market.

Since the establishment of the initiative in September 2017, Nigeria has issued four sovereign sukuk: 2017 (N100 billion), 2018 (N100 billion), 2020 (N162.557 billion), and 2021 (N250 billion).

According to the statement, this year’s total sovereign sukuk issuance moved to N742.557 billion.

“The Debt Management Office (DMO) is pleased to inform the public of the successful conclusion of the issuance of N100 billion sovereign al ’ijarah sukuk. The offer for N100 billion opened on November 21, 2022, and was supported by wide public sensitisation to encourage subscription from diverse investors, particularly the retail investors,” the statement reads.

“The initial offer size of N100 billion was upsized to N130 billion due to the over 165 percent subscription level. The Sukuk was issued at a rental rate of 15.64 percent per annum. This brings the total sovereign sukuk issuance to N742.557 billion as at date.”

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CBN Limits Withdrawal To N100,000 Weekly

The Central Bank of Nigeria (CBN) on Tuesday slashed the cash withdrawal by an individual to N100,000 per week by an individual.

The apex bank also fixed N500,000 as the amount a company can withdraw in a week.

By this new policy, account holders can only withdraw a maximum of N100,000 weekly through Automated Teller Machine (ATM), subject to a maximum of N20,000 daily withdrawal.

Under the new policy, which is to take effect from January 9, 2023, the maximum cash withdrawal via Point of Sale (POS) shall also be N20,000 daily.

This was contained in a circular issued by the CBN on Tuesday, signed by director of banking supervision, Haruna Mustafa and addressed to deposit money banks and other financial institutions.

According to the circular, deposit money banks and other financial institutions are also mandated to ensure that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000, respectively, per week.

It further indicated that all cash withdrawals in excess of the stated limits will attract processing fees of 5 per cent and 10 per cent respectively.

The new policy also states that third party cheques in excess of N50,000 shall not be eligible for over the counter payment, while extant limits of N10,000,000 on clearing cheques subsist.

“Only denomination of N200 and below shall be loaded into the ATMs.

“In compelling circumstances not exceeding once a month, where cash withdrawals above the prescribed limits is required for legitimate purposes, such cash withdrawals shall not exceed N5,000,000 and N10,000,000 for individuals and corporate organisations respectively, and shall be subject to the references processing fees in (1) above, in addition to enhanced due diligence and further information requirements,” the circular stated.

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