Nigerian state programs

Companies in the region vote with their feet against political uncertainty

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Employees, customers, separatists“WE ARE used to dealing with political crises, but not a break in the rule of law,” says the boss of a big Barcelona cement firm, of Catalonia’s constitutional crisis. Fearing separatists in the region would declare independence, as they did on October 27th, he shifted its headquarters to Madrid. That ended decades of family tradition, but there is no plan to return. “It was a painful decision, but we had no alternative,” he says.Catalonia accounts for roughly a fifth of Spain’s GDP and a quarter of its exports, but only a sixth of the country’s population. Its diversified economy is the envy of much of Spain, notes Jordi Alberich Llaveria of Cercle d’Economia, a business lobby in Barcelona, thanks to flourishing medium-sized, family-run industrial, textile

American business has concerns on tax reform

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PRESIDENT DONALD TRUMP’S effort to change America’s tax code is approaching the finishing line. Republican negotiators from the Senate and the House of Representatives this week hashed out a consensus bill behind closed doors. On December 13th, Mr Trump expressed confidence that he would be able to sign the reform into law before Christmas.The key provision is the slashing of the corporate tax rate, from 35% to 21%. Big business in America uniformly cheers this reduction. The US Chamber of Commerce calls it a measure to “grow the economy, create jobs, and increase paychecks”. The Tax Foundation, a right-leaning think-tank, claims that reducing the corporate rate to 20%, just one percentage point lower, would increase the size of the economy by 2.7% over the long run. Yet big firms are less

Oil and gas supply disruptions ripple around the world

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The Baumgarten blastCALL it the hydrocarbon equivalent of the butterfly effect. As oil and gas supplies tighten during the northern winter, disruptions as remote as a hairline fracture on a piece of Scottish pipeline, and an explosion in an Austrian natural-gas plant, have repercussions felt around the world.Start with the pipeline. After Ineos, a chemicals company, detected a growing crack on a piece of pipe near Aberdeen, on December 11th it said it would shut the main Forties pipeline carrying North Sea oil and gas to Britain for weeks. The suspension of a pipeline carrying 450,000 barrels a day (b/d) of crude, in a global market of almost 98m b/d, would not normally be disruptive. Yet Brent crude, the benchmark for pricing much of the world’s seaborne crude, is itself partly priced on

An accounting scandal sends Steinhoff plummeting

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Steinhoff goes on special offerTHE scale is staggering, even by the standards of scandal-worn South Africa. Steinhoff, a retailer that is one of the country’s best-known companies, admitted to “accounting irregularities” on December 6th when it was due to publish year-end financial statements. Its chief executive, Markus Jooste, resigned, and the firm announced an internal investigation by PwC. Within days Steinhoff had lost €10.7bn ($12.7bn) in market value as its share price fell by more than 80% (see chart). Much is unclear, but it is shaping up to be the biggest corporate scandal that South Africa has ever seen. The company has said it is reviewing the “validity and recoverability” of €6bn in non-South African assets.Steinhoff traces its roots to West Germany, where it found a niche so

The WTO remains stuck in its rut

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“THERE is life after Buenos Aires,” soothed Susana Malcorra, chair of the 11th ministerial meeting of the World Trade Organisation (WTO). Multilateralism may not be dead, but it has taken a kicking. Expectations were low as the meeting began in the Argentine capital. They sank even lower as it progressed. Delegates failed to agree on a joint statement, let alone on any new trade deals.Many arrived with a culprit already in mind. Robert Lighthizer, the United States Trade Representative, was the face of an administration that is both questioning the benefits of multilateralism and jamming the WTO’s process of settling disputes. As negotiations progressed, some delegates groused that American leadership was lacking. Some even speculated that the Americans might be happy if multilateral talks

When politicians and executives get caught out

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POLITICIANS and executives are held to different standards. That is pretty clear when it comes to issues such as sexual harassment, notwithstanding the resignation of Al Franken or the rejection by voters of Roy Moore. As others have pointed out, the tweets and remarks of Donald Trump would have seen him forced out of the leadership of an S&P 500 company long ago.There are also big differences when it comes to the consequences of their regular actions. Politics is about making choices. Should public money be spent on defence or welfare benefits? Should taxes be cut for one type of voter and raised for another? The problem for politicians is that making those choices explicit may not be a vote-winning strategy. The losers will be more resentful than the winners will be grateful. So politici...

Why the Trump administration has enraged flyers across America

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FOR a president elected on a populist campaign message, Donald Trump is not doing much to make himself popular with flyers in America. On December 7th, the Trump administration announced that it was withdrawing a regulation proposed under Barack Obama to require airlines and other plane-ticket sellers to disclose baggage fees when customers begin the process of buying tickets. Airlines already have to display checked baggage fees on their websites. But the Obama administration’s proposal would have forced them to do so up front in the shopping process, so that travellers could compare the fees for various airlines and routes when choosing their itineraries. Mr Trump is also scrapping another Obama-era proposal to require airlines to report to regulators how much money they make from add-on

Court sets date for shareholder vote on Seven-Up acquisition bid

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Seven-Up Bottling Company Plc announced on Friday that it would hold a court appointed shareholder’s meeting in January to approve a bid by majority shareholder Affelka S.A. to acquire the remaining shares of minority shareholders it does not already own in a deal worth N19.33bn ($60m). Affelka S.A., which is the investment arm of the El-Khalil family, said it would not vote at the 11th January meeting to decide on the buyout, Seven-Up said in a note to shareholders. Seven-Up announced on Thursday 30th November that it had received an offer from Affelka to acquire the remaining shares of minority shareholders amid losses over the last few years. Sunil Sawney, Vice Chairman of Seven-Up said last Thursday that the aim of the acquisition is to restructure the company, adding that delisting th