Business
JUST IN: NARTO Agrees to call off Nationwide strike, vows to commence lifting of petrol with immediate effect
The Nigerian Association of Road Transport Owners (NARTO), have agreed to call off their nationwide strike and have promised to commence the lifting of petrol products with immediate effect.
This comes after two days of negotiations with Major Energy Marketers Association of Nigeria (MEMAN) and other critical stakeholders in the industry for appropriate and commensurate freight rates for its operations.
Recall that NARTO had insisted on withdrawing its services nationwide, citing high operational costs and low freight rates.
In a letter addressed to the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), signed by its national president, Yusuf Lawal Othman, NARTO said it had made several efforts to negotiate with the Major Energy Marketers Association of Nigeria (MEMAN) and other critical stakeholders in the industry for appropriate and commensurate freight rates for its operations, but received no positive responses.
The notice of withdrawal of their services and operations portends serious implications for the supply and distribution of petroleum products across the country, as NARTO controls over 80% of the petroleum transportation in Nigeria.
NARTO said it had no other option but to inform NUPENG that its National Executive Council (NEC) had resolved to direct all its members not to make their petroleum trucks available for petroleum products loading activities with effect from Monday, February 19, 2024.
NARTO appealed to its employees, who are members of NUPENG, to show maximum cooperation, support and understanding to its collective efforts for continued sustainability of the petroleum haulage business and effective service delivery by ensuring adequate and immediate compliance with the directive.
NARTO said it was impossible to continue in the business within the context of the current economic situation in the country.
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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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