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Munyes: New KPC line set to cut costs :: Kenya

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Kenya Pipeline has doubled the capacity of its storage tanks at the Nairobi depot. [Courtesy]

The Government says the cost of fuel will reduce in August after Kenya Pipeline Company finally took receipt of the new Mombasa-Nairobi pipeline from the contractor, Zakhem International.

The new line has been dogged by controversy including a two-year delay and rise in costs as the contractor sought payments for the extended work period.

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Kenya Pipeline has also doubled the capacity of its storage tanks at the Nairobi depot, which it said would reduce waiting time for oil tankers delivering petroleum products at Mombasa.

The lower prices are expected to come from reduced use of trucks in moving petroleum products from the coastal city as well as the amount of time taken by ships to unload products at the Kipevu Oil Storage Facility.

Oil marketers incur waiting costs whenever ships take long to discharge fuel, which is factored in the retail prices.

The promised reduction in pump prices might, however, be eroded if the National Treasury goes ahead to reinstate value added tax on petroleum products in September.

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Petroleum Cabinet Secretary John Munyes said the pipeline would result in savings of about Sh42 billion over a six-year period.

“Prices will come down by August. The Sh1 per litre that we have been reimbursing the truckers is now off… demurrage costs will be lower,” he said yesterday at the KPC depot in Industrial Area when the company received the first batch of fuel pumped on the pipeline.

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Canada PM says informal NAFTA talks likely in next few days at U.N.

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MONTREAL (Reuters) – U.S. and Canadian officials trying to reach a deal on NAFTA are “very likely” to hold informal talks on the sidelines of a major U.N. meeting in the next few days, Canadian Prime Minister Justin Trudeau said on Sunday.

Prime Minister of Canada Justin Trudeau waits for the Prime Minister of Spain Pedro Sanchez before a military welcoming ceremony at The Royal Canadian Hussars Armoury in Montreal, Quebec, Canada September 23, 2018. REUTERS/Dario Ayala

With time running out ahead of a U.S.-imposed deadline of the end of September, negotiators are making slow progress on updating the North American Free Trade Agreement.

U.S. President Donald Trump struck a side deal on NAFTA with Mexico last month and has threatened to exclude Canada if necessary. He also said he might impose a 25 percent tariff on Canadian autos exports, which would badly hurt Canada’s economy.

Trump took office last year vowing to tear up NAFTA unless major changes were made to a pact he blames for the loss of U.S. manufacturing jobs.

Canadian Foreign Minister Chrystia Freeland and U.S. Trade Representative Robert Lighthizer – the two top officials at the talks – are due to be in New York on Monday and Tuesday for the U.N. General Assembly.

“Certainly the fact that many of our negotiators, many of our teams, will be in New York at the same time (means) it’s very likely that conversations continue in a constructive but less formal way,” Trudeau told reporters.

Trudeau, speaking after talks with Spanish Prime Minister Pedro Sanchez, said nothing had formally been arranged. A Freeland spokesman declined to comment.

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The United States and Canada are divided over the best way to resolve trade disputes and a U.S. demand for more access to Canada’s protected dairy market.

Markets are reacting nervously to uncertainty over the future of the 1994 pact, which underpins $1.2 trillion in annual trade. Over the past 25 years, the three countries’ economies have become increasingly integrated, especially the auto industry.

Canadian negotiators have said they will not be rushed and Trudeau reiterated on Sunday that he would not sign a bad NAFTA deal.

Freeland and Lighthizer met in Washington last Thursday and made little progress. Canada also made clear the United States needed to withdraw the threat of auto tariffs for a deal to be possible.

Reporting by Allison Lampert; Writing by David Ljunggren; Editing by Peter Cooney

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WPP preparing to merge Young & Rubicam and digital ad firm VML: WSJ

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(Reuters) – The world’s largest advertising company WPP Plc’s (WPP.L) is preparing to consolidate some of its businesses in a bid to keep pace with the industry’s digital shift, the Wall Street Journal reported on Sunday.

FILE PHOTO: A logo hangs on the wall outside the WPP offices in London, Britain April 30, 2018. REUTERS/Simon Dawson/File Photo

The company, under its new boss Mark Read, is considering a merger between Young & Rubicam and WPP’s digital-ad firm VML, putting the combined group under the leadership of VML CEO Jon Cook, WSJ reported, citing sources.

There are talks about having the group’s direct-marketing company Wunderman work with its creative firms to provide access to consumer data to help them craft more relevant ads, the WSJ reported, citing a source.

The market leader has been hit hard in the last year as clients have increasingly turn to online platforms such as Google and Facebook to reach consumers.

The group is also recovering from the departure of its founder and veteran CEO Martin Sorrell who left in April after complaint about personal misconduct, which he denied.

WPP was not immediately available to comment on the report.

Reporting by Mekhla Raina in Bengaluru; Editing by Edmund Blair

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European Banking Authority is asked to investigate oversight of Danske Bank

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COPENHAGEN (Reuters) – The European Commisssion has asked the European Banking Authority (EBA) to investigate what went wrong in the oversight of Danske Bank’s (DANSKE.CO) Estonian branch, which is at the center of a major money laundering scandal, it said on Sunday, confirming a report in Financial Times.

FILE PHOTO: Danske Bank sign is seen at the bank’s Estonian branch in Tallinn, Estonia August 3, 2018. REUTERS/Ints Kalnins/File Photo

The Commission has also sent letters, written at the request of justice commissioner Vera Jourova, to the Danish and Estonian governments to ask about the case and its supervision, the spokesman said.

Reporting by Foo Yun Chee; Writing by Teis Jensen; Editing by David Goodman

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