loader
UK announces no-deal tariff plan

UK announces no-deal tariff plan

The government has announced that most imports into the UK would not attract a tariff in the event of a no-deal Brexit.

Under a temporary scheme 87% of imports by value would be eligible for zero-tariff access.

At the moment 80% of imports are tariff free.

Tariffs would be maintained to protect some industries, including agriculture. Beef, lamb, poultry and some dairy imports would be protected.

The government also announced that it will not introduce any new checks or controls, or require customs declarations for any goods moving from across the border from Ireland to Northern Ireland in the event the UK leaves the EU without a deal.

The decision to drop all checks to avoid friction at the UK's land border with the EU will be temporary while longer term solutions are negotiated and was taken to recognise what the government described as "the unique social political and economic circumstances of Northern Ireland.

'Avoiding price hikes'

Trade Policy Minister George Hollingbery said: "Our priority is securing a deal with the EU as this will avoid disruption to our global trading relationships. However we must prepare for all eventualities.

He said the government's plan "represents a modest liberalisation of tariffs".

"This balanced approach will help to support British jobs and avoid potential price spikes that would hit the poorest households the hardest," he said.

Under the plan, the car industry will receive some protection, with some imported cars attracting tariffs.

But car parts would from the EU would be tariff free, which will help car plants in the UK.

Also, the ceramics industry would receive some protection from cheap imports.

Nigerias NNPC plans to revamp

Nigeria’s state-oil firm Nigeria National petroleum Corporation (NNPC) said it plans to revamp its refineries to help Africa’s biggest crude oil producer to save billions of dollars on fuel imports and has hired Italy’s Maire Tecnimont to tackle the Port Harcourt plant.

Nigeria has 445,000 bpd of

Angola telecom giant maintains Africas

Isabel dos Santos, Africa’s richest woman and the daughter of Angola’s former president, has been re-elected to the board of Unitel, the Angolan telecoms company said on Tuesday.

The decision comes after speculation that dos Santos could have been ousted in a shareholder dispute at the company that dominates Angola’s

Oil: Nigerias greatest dilemma

This week’s business column, is dedicated to the efforts of African countries in raising oil prices on the market. A case study of Nigeria.
Nigeria, the continent’s largest oil producer, is being carefully scrutinized by other members of OPEC, the organization of oil-exporting countries.

And for a good reason,

Christchurch shootings: Facebook gives

Facebook has said a live broadcast of last week's Christchurch attacks was viewed fewer than 200 times, as the firm faces growing criticism for failing to block the footage.

On Friday, a gunman live-streamed for 17 minutes an attack on two mosques that killed 50 people.

Facebook said the video was viewed 4,000 times in

South Africa hit by more power cuts as

South African state utility Eskom stepped up blackouts on Saturday as it lost 900 megawatts of electricity imports from neighbouring Mozambique, which was hit this week by a cyclone.

Eskom, which generates nearly all of the power for Africa’s most industrialised economy, said that it had cut 4,000 megawatts,

Border dispute to economic war: tables

Rwanda on Thursday dismissed accusations made by Uganda’s foreign ministry that it had imposed a trade embargo on bilateral trade with Uganda.

The accusations of an economic war are the latest installment of a diplomatic row that Rwanda says has lasted two years.

The rift came to a climax at the end of

Nigeria records more than 41,000 flight

Nigeria, faced with the challenge of punctuality in airports, cancelled more than 700 national and international flights and recorded more than 41,000 delays in 2018.

The figures are awing and have cost the Nigerian economy hundreds of billions of dollars in losses. 734 flights to all destinations were cancelled and

Nigerian entrepreneur makes handcrafts

For many people the presence of water hyacinths in rivers and lakes is a source of concern.

Not only do the hyacinths prevent sunlight from reaching other aquatic species, they also decrease water flow.

Fishermen view this invasive plant as a threat to their livelihood because they choke waters populated by

South African bank Absa joins list of

South Africa’s Absa bank has become the latest multinational corporation to express interest in exploiting the Ethiopian market, following last year’s decision by reformist Prime Minister Abiy Ahmed to liberalise the economy.

Ethiopia has long prevented foreign ownership in economic sectors including

Do supermarkets know more about us than

When you buy something at the supermarket, what makes you pick one brand - or one product - over another?

Retailers invest huge sums trying to understand this decision-making process, or influence it, in a