NEWS BRIEFS

China's population drops for second yearREUTERS China's population fell for a second consecutive year in 2023, as a record low birth rate and a wave of COVID-19 deaths when strict lockdowns ended accelerated a downturn that will have profound long-term effects on the economy's growth potential.The National Bureau of Statistics said the total number of people in China dropped by 2.08 million, or 0.15%, to 1.4 billion in 2023.That was well above the population decline of 850 000 in 2022, which had been the first since 1961 during the Great Famine of the Mao Zedong era.China experienced a dramatic nationwide COVID surge early last year after three years of tight screening and quarantine measures kept the virus largely contained until authorities abruptly lifted curbs in December 2022.Total deaths last year rose 6.6% to 11.1 million, with the death rate reaching the highest level since 1974 during the Cultural Revolution.New births fell 5.7% to 9.02 million and the birth rate was a record low 6.39 births per 1 000 people, down from a rate of 6.77 births in 2022.Shell to exit Nigeria's troubled onshore oil REUTERS Shell, is set to conclude nearly a century of operations in Nigerian onshore oil and gas after agreeing to sell its subsidiary there to a consortium of five mostly local companies for up to US$2.4 billion.The British energy giant pioneered Nigeria's oil and gas business beginning in the 1930s. It has struggled for years with hundreds of onshore oil spills as a result of theft, sabotage and operational issues that led to costly repairs and high-profile lawsuits.Since 2021, Shell has sought to sell its Nigerian oil and gas business, but will remain active in Nigeria's more lucrative and less problematic offshore sector.Shell's exit is part of a broader retreat by western energy companies from Nigeria as they focus on newer, more profitable operations. Exxon Mobil (XOM.N), Italy's Eni and Norway's Equinor, have struck deals to sell assets in the country in recent years.The British major will sell The Shell Petroleum Development Company of Nigeria Limited (SPDC) for a consideration of $1.3 billion, it said in a statement, while the buyers will make an additional payment of up to $1.1 billion relating to prior receivables at completion.Renault 2023 sales return to growthREUTERS Renault on Wednesday reported a 9% increase in annual global sales volumes for 2023, returning to growth after four consecutive years of decline and the French automaker said it was poised to continue performing well in 2024.In morning trading, Renault shares were down 1.9%, alongside other European automakers whose shares were hit after Tesla slashed prices of its Model Y electric cars in Germany.Renault had seen its volumes drop nearly 6% in 2022, a year plagued by semiconductor chip shortages, after setting a sales record of 3.88 million vehicles - cars and vans - in 2018.Renault's sales slump was exacerbated by its exit from the Russian market.To boost sales, Renault shrank its vehicle range and refocused under CEO Luca de Meo on its most profitable markets and models.Maersk CEO sees Red Sea shipping disruption lasting 'at least a few months'REUTERS Maersk CEO Vincent Clerc said on Wednesday the disruption to global shipping caused by the attacks on vessels in the Red Sea will probably last at least a few months.Maersk and other large shipping lines have instructed hundreds of commercial vessels to stay clear of the Red Sea, sending vessels on the longer route around Africa in response to attacks on shipping by Iranian-backed Houthi militants."So for us this will mean longer transit times and probably disruptions of the supply chain for a few months at least, hopefully shorter, but it could also be longer because it's so unpredictable how this situation is actually developing," said Clerc, speaking to the Reuters Global Markets Forum in Davos.Freight rates have more than doubled since early December, according to maritime consultancy Drewry's world container index, while insurance sources say war risk insurance premiums for shipments through the Red Sea are also rising.Red Sea war insurance risesREUTERS War risk insurance premiums for shipments through the Red Sea are rising after further attacks on merchant vessels by Yemen's Houthi movement and the expectation that ships with a UK or U.S. connection will be targeted, insurance sources said on Tuesday.The Iran-aligned Houthis, who are well equipped and trained, have launched multiple attacks on ships in the Red Sea since November. They will expand their targets to include U.S. ships, a Houthi official said on Monday.Even before the recent Houthi attacks, the London insurance market listed the southern Red Sea among its high risk areas and ships need to notify their insurers when sailing through such areas and pay an additional premium, which until earlier this month was typically for a seven-day cover period.Insurance industry sources said that war risk premiums had risen to around 1% of the value of a ship, from around 0.7% last week with various discounts applied by underwriters. They added that rates were expected to move higher.

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Namibian Sun 2024-11-15

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Namibian Sun 2024-11-15

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