Business
ACCI calls For Speedy Disbursement of N125bn MSMEs Funding
Abuja Chamber of Commerce and Industry (ACCI) has requested President Bola Ahmed Tinubu to speed up the implementation of the N125 billion grant for Small and Medium-sized Enterprises (SMEs) to save many businesses that are on the verge of shutting down.
Recall that President Tinubu had in national broadcast last week, announced a N125 billion MSMEs intervention grant as part of efforts to cushion the effect of fuel subsidy removal, out of which it will spend N50 billion on the Conditional Grant to one million nano businesses between now and March 2024.
In a statement, Dr. Al-Mujtaba Abubakar, the president of ACCI, called for the speedy implementation of the intervention fund to the operators in the sector.
He said that the access to the credit facility would boost economic activities as many businesses have shut down and more are on the verge of shutting down due to subsidy removal as they keep struggling to meet up obligations.
He commended President Tinubu for his empathy and determination to turn around the economy and make it competitive and productive.
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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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