Kenya Signs Post-Brexit Trade Pact With U.K. to Avoid Disruption

Kenya signed an agreement with the U.K. to ensure continued preferential trade terms with its biggest European partner after Brexit, Trade Secretary Betty Maina said.

Kenya, the biggest economy in the East African Community, broke ranks with other members in forging the bilateral deal because it is designated as a developing economy and would not be eligible for the preferential access granted to least-developed countries, Maina said in emailed statement on Thursday.

Kenyan exports, including tea, flowers, fruit and vegetables will continue to have duty- and quota-free access after the U.K. leaves the European Union, Maina said.

The U.K. accounted for almost one-third, or 40 billion shillings ($359 million), of the East African nation’s 133 billion shillings worth of exports to the EU last year, according data from the trade department.

Kenya, the world’s biggest producer of black tea, exported $150 million worth of leaves to the U.K. in 2019, while shipments of flowers amounted to $105 million, Maina said. It imported 35 billion shillings of goods from the U.K. or about 15% of total purchases from the EU. Items included machinery, autos, pharmaceuticals, and electrical and electronic equipment.

The so-called U.K.-Kenya Economic Partnership Agreement comes into effect on Jan. 1 and will be reviewed every five years.

L&T Technology wins $100 million deal from global O&G client

LTTS would be the primary engineering partner and support two of its integrated refining and chemicals manufacturing facilities in the U.S.

L&T Technology Services Limited (LTTS), a pure-play engineering services firm, won a five-year engagement which has a potential value of over $100 million from a global oil and gas major, said the company.

Under the engagement, LTTS would be the primary engineering partner for this client and support two of its integrated refining and chemicals manufacturing facilities in the U.S. It would also provide multi-discipline plant engineering activities including site sustenance, discipline engineering, and control automation support for both facilities.

Dr. Keshab Panda, CEO & MD, L&T Technology Services said, “Our focus on multi-vertical, large engagements with customer intimacy, leveraging digital and new age technologies is yielding the desired outcomes. This latest instance of a major customer awarding LTTS a large multi-year programme is a testimony to our global plant engineering expertise.”

LTTS will leverage its in-house digital engineering tools and new-age technology and solutions to optimise project execution and drive efficiency improvements for the customer. The two sites covered under LTTS’ scope are integrated refining, chemical, and polymer complexes and are currently among the top 10 biggest downstream sites in the country, as per a statement.

Rupee settles 9 paise lower at 73.66 against US dollar

The rupee snapped its two-day winning streak to close 9 paise lower at 73.66 (provisional)against the US dollar on Thursday tracking muted domestic equities and are bound in the American currency.

At The Interbank Forex Market,the domestic unit opened at 73.68 against the US dollar and witnessed an intra-day high of 73.62 and a low of 73.77.

The local unit finally closed at 73.66 against the American currency, registering a fall of 9 paise over its previous close.

On Wednesday, the rupee strengthened by another 3 paise to mark its seven-week high of 73.57 against the US dollar.

Traders said the local unit was trading in a narrow range as a rebound of the US dollar, Brexit deal impasse and RBI’s presence in the market weighed on investor sentiments on one hand, while sustained foreign fund in flows supported the rupee.

Meanwhile, the dollar index, which gauges the green back’s strength against a basket of six currencies, was trading 0.09% down at 91.00.

On the domestic equity marketfront, the BSE Sensex ended 143.62 points or 0.31% lower at 45,959.88, while the broader NSE Nifty fell 50.80 points or 0.38% to 13,478.30.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth ₹3,564.23 crore on a net basis on Wednesday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, rose 0.78% to USD 49.24 per barrel.

Ford India to hike prices of vehicles from January

The price hike will range from 1-3%, translating into an increase of around ₹5,000 to ₹35,000 depending on the model

Ford India on Thursday said it will increase prices of its vehicles across models by up to 3% from January 1 to offset the rising input costs.

The price hike will range from 1-3%, translating into an increase of around ₹5,000 to ₹35,000 depending on the model, Ford India Executive Director Marketing Sales and Service Vinay Raina said.

He said the step has been necessitated due to the rising input costs.

However, those bookings which were held in 2020 will be protected from the price increase, Mr. Raina added.

On Wednesday, the country’s largest carmaker Maruti Suzuki India had announced that it would increase prices of its vehicles from January to offset adverse impact of rising input costs.

The company said over the past year, the cost of its vehicles has been impacted adversely due to an increase in various input costs. Hence, it has become imperative for the company to pass on some impact of the above additional cost to customers through a price increase in January 2021.

Maruti Suzuki had also stated that the price increase would vary for different models without specifying details.

Washington Post Editorial Board: ‘Danger Is Growing’ From Trump’s Election Lies

The Washington Post editorial board published a column Wednesday warning that President Donald Trump’s lies about the election may lead to violence if Republicans continue to inflame tensions with their complicity.

Threats of violence are already surfacing. The editorial noted that officials in seven states have reported receiving threats or harassment in the wake of the Nov. 3 election. The Arizona Republican Party asked its Twitter followers Tuesday if they were willing to give their lives in the cause of overturning Trump’s loss.

Last week, Gabriel Sterling, a top Republican election official in Georgia, begged for Trump to stop, saying, “Someone’s going to get shot, someone’s going to get killed. It’s not right.”

Republican leaders may believe staying silent about the election will allow passions to dissipate with time. But passions aren’t dissipating, “they are exploding,” the board wrote.

The majority of Republicans in Congress have not publicly acknowledged the reality of Trump’s election loss by 74 Electoral College votes and more than 7 million popular votes nationally.

“Republicans across the country, from Senate Majority Leader Mitch McConnell (Ky.) down to county GOP chairs, are inflaming them with their encouragement or their acquiescence,” the editorial continued.

“Violence seems ever more possible when President-elect Joe Biden’s victory becomes official — if not before.”

Read the full editorial here.

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