Business
Shippers Council Pushing for Cargo Movements By Rail
The Executive Secretary of the Nigerian Shippers Council, Barrister Pius Akutah, has assured that the council will continue to push for policies that can enhance the expansion of the rail system as a major means of cargo movement from the seaport to the hinterland.
The executive secretary gave the assurance, yesterday, when he toured the Kaduna Inland Dry Port.
He said the benefits of the Memorandum of Understanding (MoU) that the council has entered into with the Nigerian Railway Corporation (NRC) were enormous noting that the efforts were being made to ensure the standard gauge from Lagos to Kano is achieved.
He highlighted the benefits of moving cargo by rail from sea ports to hinterland, he said it will reduce accidents and take away pressure on the roads.
He added, “We have saved this country billions of Naira from performing our roles through our dispute resolution.
Moves are however being made to transform the shippers bill into law to make the council a regulatory agency to address high tariffs and bring in competition so we get back the market we are losing to neighbouring countries.
He then assured that the Cargo Defence Fund will be administered to the shippers according to the judgment of the Supreme Court and urged the shippers association to be more innovative and reduce the physical handling of goods.
He informed that the council is taking steps to ensure the Legal Regime Bill, which is pending before the National Assembly is fast tracked so it can be passed by the end of the year in order to bring shipping services closer to the hinterlands.
He said that he will engage the Kaduna State government to see how the access road to the port can be completed.
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Business
WEF could appoint Lagarde as its next chair, sources say
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
•European Central Bank President Christine Lagarde
The World Economic Forum could appoint Christine Lagarde as its next chair as soon as next month, four people close to the organisation told Reuters, meaning she would step down early as European Central Bank chief and trigger a wider reshuffle at the top of the ECB.Lagarde’s ECB term is scheduled to end in October 2027.
Leaving early would give European Union leaders a chance to pick a new ECB President before France’s spring presidential election, which opinion polls suggest the far-right could win, and could pave the way for a deal involving two other senior ECB roles.
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
No final decision has been taken yet, they said.
A spokesperson for the WEF said the forum could not confirm when the next full Board of Trustees meeting would take place, but that the aim was to hold one before the end of the year.
Business
Germany plans tax on sugary drinks
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
The German cabinet has approved draft legislation to tax sugary drinks in Europe’s biggest economy.
If passed by the German Bundestag, the tax will take effect on 1 July 2027.
The coalition aims to raise revenue for the federal budget while encouraging manufacturers to reduce sugar content and offer healthier products.
The levy is intended to ease pressure on the healthcare system, which faces costs of more than €2 billion every year linked to the high consumption of sugary drinks, which contributes to obesity, diabetes and tooth decay.
According to the federal government, Berlin is using the tax to implement “what associations from the fields of health, science, child protection, and consumer protection have long been demanding.”
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
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