Major International Business Headlines Brief::: 17 August 2020

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Major International Business Headlines Brief::: 17 August 2020

 


 

 


 <mailto:info at bulls.co.zw> 

 


 

 


 

 

ü  Egypt's GASC issues tender for vegetable oils for Oct. 25-Nov. 20 arrival

ü  Congo's central bank makes huge rate hike to 18.5%

ü  MSC Grandiosa: First Mediterranean cruise launches after five-month pause

ü  China and trade: Breaking up is hard to do

ü  Coronavirus: Claims open for second self-employed support grant

ü  Turkey Twizzlers set for healthier comeback

ü  Debenhams hires liquidator in contingency plan

ü  Japan’s Economy Contracts 7.8 Percent, Worst Decline on Record

ü  Oil prices advance as China lines up boost in U.S. crude imports

ü  Price of Gold Fundamental Weekly Forecast – Short-Term Traders Locked-in
on Treasury Yields

ü  Asia Pacific stocks mixed as U.S.-China tensions remain; Japan’s economy
shrinks in second quarter

ü  Dollar in the doldrums; U.S. politics, Fed minutes eyed

ü  Government Savings Bank to offer loans with motorcycles as collateral

ü  Morrisons to remove plastic 'bags for life' and trial paper alternative

ü  China Is The Biggest Winner Of The U.S. Renewables Boom

ü  Bank of Thailand seeks to lure more loan intermediaries

ü  Buffett’s Berkshire Hathaway Dumps US Bank Stocks For Gold

ü  More Chinese Companies Could Be Banned By Trump

ü  Onchain Data Shows $449M Worth of Bitcoin on ETH Eclipses Offchain
Competitors

 


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Egypt's GASC issues tender for vegetable oils for Oct. 25-Nov. 20 arrival

CAIRO (Reuters) - Egypt’s General Authority for Supply Commodities (GASC)
said on Saturday it was seeking soyoil and sunflower oil in an international
tender with a deadline for offers on Tuesday.

 

GASC said it wants at least 30,000 tonnes of soyoil and 10,000 tonnes of
sunflower oil, and is seeking the oil for arrival from Oct. 25-Nov. 20.

 

GASC said payment would be made using a 180-day credit facility.

 

 

 

Congo's central bank makes huge rate hike to 18.5%

DAKAR (Reuters) - The central bank of Democratic Republic of Congo has
raised the main interest rate to 18.5% from 7.5%, central bank official
Plante Kibadhi said on Saturday.

 

The regulator had lowered the rate from 9% in March in order to cushion the
economy from the impact of the coronavirus crisis, following similar actions
by African central banks as the virus spread across the continent.

 

The latest rate hike was carried out to re-anchor inflation expectations,
the International Monetary Fund said.

 

Year-on-year inflation in Congo stood at over 14% as of end-July, around 10
percentage points higher than at the same point last year, according to
central bank figures.

 

The central bank has previously said it expects the economy to contract 2.4%
this year compared with growth of over 4% in 2019 partly due to
coronavirus-linked disruptions to mining, which accounts for a third of
national output.

 

The pandemic has also dampened global demand for metals and other raw
materials.

 

 

 

MSC Grandiosa: First Mediterranean cruise launches after five-month pause

The first major cruise ship to set sail in the Mediterranean in almost five
months has left from the Italian city of Genoa.

 

The MSC Grandiosa will stop at three Italian ports and the Maltese capital
Valletta in a seven-day voyage.

 

Operator MSC Cruises, say all passengers and crew have been tested for
coronavirus before boarding.

 

It comes as virus cases continue to rise around Italy, with more than 600
reported by authorities yesterday.

 

In response, Italian authorities have ordered the closure of all dance halls
and night clubs from Monday. Face masks will also be mandatory from 18:00 to
06:00 local time in public spaces where social distancing isn't possible.

 

MSC Cruises said it will also be operating the MSC Grandiosa at around 70%
of its normal operations, with approximately 2,500 passengers onboard, to
ensure safety protocols.

 

Its launch is seen as a first step towards rebooting an industry that
generates an estimated $150bn (£114bn) for the world economy, according to
the Cruise Lines International Association (CLIA).

 

For Italy, badly hit by coronavirus, it is particularly important. It ranks
seventh among the cruise ship operating nations, carrying more than 800,000
passengers in 2018.

 

Last week Italy's government gave permission for cruise lines to resume
operations in the country from 15 August.

 

MSC Cruises, which operates the MSC Grandiosa, will launch another cruise
from the Italian port of Bari on 29 August, but has otherwise suspended its
Mediterranean cruises until mid-October.

 

The international cruise industry has taken huge financial losses due to the
pandemic. Several carriers have also been criticised for leaving thousands
of passengers stranded aboard ships in Asia and the US in the early months
of the pandemic. As of 11 June, 3,047 people were infected and 73 died while
aboard 48 cruise ships affiliated with CLIA, according to data from Johns
Hopkins University.

 

The company said its new security protocols - including daily temperature
checks for those onboard - exceed national and industry standards. But the
sailing of MSC Grandiosa represents a key test for the industry amid
lingering concerns over passenger safety.

 

At the end of July, a small Norwegian operator, Hurtigruten, was forced to
suspend its newly restarted service after dozens of passengers and crew
tested positive for coronavirus.--bbc

 

 

 

China and trade: Breaking up is hard to do

There's an old adage in Asian business circles: when China sneezes, Asia
catches a cold. So imagine what happens during a pandemic.

 

When China locked down, supply chains around the region were hit and
companies couldn't get access to raw materials and products.

 

Nothing escaped the reach of the coronavirus crisis, not even the tiniest
artefact, as speciality crafts studio Royal Insignia found out.

 

For decades, the fine craft studio has made medals and jewellery for the
who's who in South East Asian royalty.

 

But coronavirus closed down borders and that meant the company couldn't meet
customer orders.

 

Royal Insignia sources its precious metals from Italy and its gift boxes
from China.

 

General manager Lin Yiqun says it was a double whammy - lockdowns in both
countries meant the company couldn't get any of its supplies.

 

"The important lesson for us to learn here was you need to have an alternate
source for supply chains," he said.

 

"If this thing is going to hit us again, how do we respond to that? For
packaging materials, we definitely are looking at other suppliers."

 

Although Royal Insignia has invested in automation, most of its precious
products are made painstakingly by hand.

 

It only keeps just the right amount of raw materials for production, meaning
it didn't have extra stock lying around.

 

Wake-up call

For Royal Insignia and other companies around the world, the pandemic caused
a massive disruption in global trade. It was a huge wake-up call.

 

It taught them a valuable lesson that depending on one country all the time
for everything is bad for business.

 

That lesson is starting to have a real-world impact.

 

A recent survey by supply chain management firm QIMA showed that 95% of US
companies questioned said they would diversify suppliers both in and out of
China.

 

But even with the pandemic and the continuing trade war between the US and
China, a complete break is tough.

 

Some 87% of the companies surveyed still said the mainland is one of their
top three sourcing destinations.

 

It is not just US firms having that realisation, and neither is it just
because of how deep the supply chains are in China.

 

"China responded to the virus in a different manner to how other countries
responded," said Steven Lynch, chief executive of the British Chamber of
Commerce in China."The one thing they did was reassure and gave businesses
confidence to reopen."

 

He said: "Companies who have supply chains and manufacturing operations
here, [China] very quickly gave tax incentives and support to businesses to
reassure them of their investments."

 

Meanwhile, China's appetite for high-tech goods is growing when other
countries are cutting back.

 

For Taiwanese firm Advantech, which makes industrial computers, China makes
up almost a quarter of its business.

 

Advantech founder Chaney Ho said China was its second-biggest market: "From
a business point of view, we cannot just give up this market."

 

He said: "China is still doing a lot of infrastructural expansion for 5G and
high-speed train subway infrastructure. It requires a lot of industrial
computers.

 

"This is not just good for Advantech, but also for a lot of other European
companies too."

 

China has gone from being the world's supplier to also becoming one of the
world's most important customers.

 

It's the only economy that's likely to grow this year.

 

Global trade has been defined by China in the last few decades - and that's
not going to change any time soon.--bbc

 

 

 

Coronavirus: Claims open for second self-employed support grant

Millions of self-employed people whose trade has been hit by coronavirus can
now apply for a second support grant from the government.

 

More than three million people may be eligible for the payment of up to
£6,570 each, which Chancellor Rishi Sunak said would be the final hand-out.

 

The first grant, launched in May, saw £7.8bn claimed by 2.7 million people.

 

HM Revenue and Customs (HMRC) has admitted thousands were paid too much, but
it will not be demanding repayment.

 

Some 15,000 payments - less than 0.6% of the total - were miscalculated in
the first tranche of support, the tax authority said.

 

"The vast majority of grants were paid correctly, but in a very small number
of cases, not all the information held on a tax return was taken into
account when calculating eligibility and grants," said a spokesman for HMRC.

 

"Our top priority has been ensuring self-employed people receive grants
quickly while protecting public money from deliberate fraudsters."

 

Legal services firm Integrated Dispute Resolution, which highlighted the
error, said the scale of it was still not "fully understood".

 

To be eligible for the Self-Employment Income Support Scheme, more than half
of a claimant's income needs to come from self-employment.

 

The scheme is open to those with a trading profit of less than £50,000 in
2018-19, or an average trading profit of less than £50,000 from 2016-17,
2017-18 and 2018-19.

 

Under the first payment, self-employed workers who qualified had been in
line for a grant of 80% of their average profits, up to £2,500 a month for
three months.

 

This was paid in one instalment, of up to £7,500.

 

Applications for this first payment closed on 13 July.

 

As of Monday, those eligible can claim the second, slightly less generous,
grant covering 70% of the applicant's average monthly trading profits.

 

It will also be made in a single payment, covering three months and capped
at £2,190 a month, or £6,570 in total.

 

Applicants will need to confirm their business has been affected by the
virus on or after 14 July, but they would not need to have taken the first
grant to be eligible for the second.

 

Missing out

A number of self-employed people, such as directors who pay themselves in
dividends, freelancers, and the newly self-employed, are unhappy at missing
out on the government's self-employment support package.

 

The Treasury Select Committee called on ministers to plug the gaps to fulfil
the government's promise of "doing whatever it takes", but Mr Sunak defended
"the right policies for the first phase of the crisis".

 

The system is the alternative to the extended furlough scheme for employed
workers.

 

The Association of Independent Professionals and the Self-Employed welcomed
the second round of grants.

 

But it said the government must be ready to reopen and "extend it to the
desperately struggling forgotten self-employed" in the event of a second
wave of the coronavirus.--bbc

 

 <mailto:info at bulls.co.zw> 

 

Turkey Twizzlers set for healthier comeback

Jamie Oliver beware: the Turkey Twizzler is back, in what its makers claim
is a new, healthier version.

 

The celebrity chef was instrumental in the Twizzlers' demise when he called
them bad for children's health during a TV campaign for better school
dinners.

 

After the Jamie's Dinners series in 2005, school meals contractors dropped
them and they were discontinued.

 

But now Bernard Matthews is relaunching the controversial product with
double the turkey meat of the original.

 

The new Turkey Twizzlers will go on sale from Thursday in two flavours,
Original Tangy Tomato and Chilli Cheese.

 

The company said it would like the product to go into schools eventually.

 

"We have been discussing the return of the Twizzler for some time," said the
firm's marketing director, David Leigh.

 

He added: "Obviously we'd like the product to go into schools, but for the
minute, we've focused on going into what I guess you'd call mass market
retail."

 

Mr Leigh said the old Turkey Twizzler was just 34% meat and had 137 kcal,
while the new version was 70% meat and had 87 kcal.

 

"If you look at our product now and let's say you compared, say, two pork
sausages to two Twizzlers, there's 83% more saturated fat in two average
pork sausages compared to two Twizzlers.

 

"So we have spent a lot of time making sure that we are delivering a
healthy, a significantly healthier, product than it was before. It is very
much a different product."

 

As for the other 30% of the new Turkey Twizzler, Mr Leigh claimed it was
"mainly a blend of herbs and spices".

 

"It is crucial for us that it is a really flavoursome product that people
enjoy eating and it complements the high-protein content you normally get in
turkey," he said.

 

Mr Leigh said Bernard Matthews had worked with a nutritionist to make sure
the new Twizzler was "a really balanced product" and could be eaten as "part
of a balanced meal".

 

Mr Oliver has been contacted for comment.--bbc

 

 

 

Debenhams hires liquidator in contingency plan

Debenhams has appointed a firm to draw up contingency plans for a possible
liquidation of the department store.

 

The company, which is in administration, has hired Hilco Capital, a firm
that specialises in winding up struggling retailers.

 

Debenhams said it was "trading strongly" and Hilco's appointment did not
mean a liquidation was likely.

 

Last week Debenhams said it would axe 2,500 more jobs, on top of 4,000 cuts
it announced in May.

 

Debenhams filed for administration in April - the second time in a little
over a year - and is examining options to exit the process.

 

These include the current owners continuing to run the business, a sale of
Debenhams or a joint venture with new or existing investors.

 

'Why couldn't they keep us furloughed?'

But if the administrators, FRP Advisory, fail to find a buyer or new
investment, Debenhams faces liquidation - putting 14,000 jobs at risk.

 

A spokesperson for the department store said: "Debenhams is trading
strongly, with 124 stores reopened and a healthy cash position."

 

Debenhams began reopening its shops in June after being closed since
lockdown in late March to stop the spread of the coronavirus.

 

Since lockdown started, it has announced store closures and job cuts.

 

However, the company was struggling before the pandemic, including issuing a
string of profit warnings.

 

Prior to last year's administration, Sports Direct owner Mike Ashley had
proposed injecting £200m into Debenhams.

 

The offer from Mr Ashley, who also owns House of Fraser, was rejected and
Debenhams entered a pre-pack administration which allowed it to keep
trading.

 

Hilco has worked on a number of high-profile liquidations in the retail
sector including BHS, electronics specialist Maplin and Woolworths.--bbc

 

 

 

Japan’s Economy Contracts 7.8 Percent, Worst Decline on Record

TOKYO — Japan’s economy shrank by 7.8 percent in the second quarter of the
year, posting its worst performance on record as the coronavirus pandemic
ground economic activity to a near halt in April and May.

 

The nosedive in output in the three-month period — an annualized drop of
27.8 percent — was the third straight quarter of contraction for Japan, the
world’s third-largest economy after the United States and China. It came on
top of a 0.6 percent decline in the first quarter of 2020, or an annualized
decrease of 2.2 percent, the country’s government said on Monday.

 

Already weakened by a tax increase, slowing demand from China and a series
of natural disasters last fall, Japan’s economy became the first among major
nations to officially fall into recession when the pandemic hit, causing
exports to plunge and effectively obliterating the country’s tourism sector.

 

“The pandemic’s total impact on the economy up to this point is almost the
same as the 2008 financial crisis,” said Michinori Naruse, an economist at
the Japan Research Institute.

 

But with the financial crisis, “things got worse slowly,” he said. “This
time, they got bad all at once.”

 

The slowdown in Japan, while crippling, was not as severe as the 9.5 percent
drop by the United States in the second quarter, which erased almost five
years of growth. Britain, whose economy has taken the hardest hit from the
pandemic in Europe, fared even worse, with the government reporting a
staggering 20.4 percent quarterly decline last week.

 

And there are signs that the worst pain may be over in Japan. The country
racked up most of its economic damage in April and May, when Prime Minister
Shinzo Abe declared a national emergency in an effort to check a slow but
steady rise in coronavirus infections.

 

While Japan never went on full lockdown — the authorities do not have the
legal power to force people to stay home — economic activity still decreased
significantly as workers and consumers chose to stay in.

 

But by late in the second quarter, the full effects of an economic stimulus
package worth around 40 percent of the country’s gross domestic product,
including cash handouts and zero-interest loans, began to be felt.

 

The stimulus helped keep unemployment and bankruptcies low. And while
companies furloughed millions of workers, government subsidies, combined
with a super-tight labor market, ensured that workers would have a job to
return to when the emergency lifted.

 

“We had a huge hit in April and May, but the economy bottomed out in May,
and in June we actually had a pretty sizable rebound,” said Izumi Devalier,
chief Japan economist at Bank of America Merrill Lynch.

 

That rebound was largely driven by the end of the country’s national
emergency in late May, when workers began to head back to offices and
consumers back to stores, bolstered by government subsidy checks.

 

“We had this mechanical sort of reopening rebound in June as people started
going out and spending again,” Ms. Devalier said, adding that “the cash
handouts basically hit from late May to June, so just when the economy
reopened, people had cash to spend.”

 

That translated into a sharp increase in retail sales in June. Industrial
production and exports were also up. And the country’s unemployment rate
actually dropped, dipping one-tenth of a percentage point to 2.8 percent
during the same month, according to government data.

 

Those numbers are reason to believe that, despite the grim quarterly report,
“Japan will come out of this better than most people think,” said Nicholas
Smith, a Japan analyst at CLSA, an investment group.

 

Japanese companies are cash-rich, he said, adding that their “cushion is
going to be very, very useful” as the country rides out the pandemic.

 

What’s more, “banks have a lot of dry powder” and “there’s not a problem in
getting a loan if you need it.”

 

Whether Japan is in a position to take advantage of those factors will
depend in part on how it handles the virus. As of mid-August, the signals
are mixed.

 

So far, the country has avoided the worst of the pandemic. It has reported
just over 1,100 deaths from the virus, far lower than its peer economies.

 

In June, heartened by low virus numbers, the national government began a
campaign to encourage domestic travel in hopes of reinvigorating local
tourism and the moribund service economy.

 

But infections began to rise again in July, quickly outpacing the growth in
the lead-up to the earlier national emergency and provoking widespread
criticism of the government for easing its control measures too early.

 

Even as the case numbers have risen, Mr. Abe said in early August that the
country’s economy could not afford a second national emergency and that he
would do everything in his power to avoid one.

 

Still, the governors of Okinawa and the central Japanese prefecture of Aichi
have declared emergencies on their own, putting pressure on the central
government to act. In Tokyo, which has regularly reported more than 200 new
cases a day for the past month, the government has asked restaurants and
bars to close by 10 p.m.

 

That has made consumers nervous and “stalled the improvement in services
spending” that was seen in June, said Ms. Devalier of Bank of America
Merrill Lynch. She added that “the rebound in the third quarter risks being
quite weak.”

 

“Corporates and consumers have the ability to withstand short-term shocks,”
she said, but “the longer we stay below normal, the longer we stay deeply
below normal, there are going to be second-order effects that will lead to
an even more sluggish recovery.”

 

That is bad news for most of corporate Japan, which anticipates that profits
will sink by as much as 36 percent during the fiscal year ending next March,
according to an analysis of publicly listed companies’ earnings projections
carried out by the Japanese financial paper Nikkei Shimbun.

 

Even under the best-case scenario, the road to good economic health is
likely to be a long one, said Taro Saito, an economist at the NLI Research
Institute.

 

While the uncertainty surrounding the virus makes it difficult to predict
the future, he said it would take at least three years for Japan’s economy
to return to pre-pandemic levels.

 

“We may have gotten out of the worst period,” he said, “but we are still a
long way from so-called normal.”nytimes

 

 

 

 

Oil prices advance as China lines up boost in U.S. crude imports

SINGAPORE (Reuters) - Oil prices climbed higher on Monday, lifted by China’s
plans to ship in large volumes of U.S. crude in August and September,
outweighing concerns over a slowdown in demand recovery after the
coronavirus pandemic and an uptick in supplies.

 

Brent crude rose 21 cents, or 0.5%, to $45.01 a barrel by 0023 GMT while
U.S. West Texas Intermediate crude was up 27 cents, or 0.6%, to $42.28 a
barrel.

 

Chinese state-owned oil firms have tentatively booked tankers to transport
at least 20 million barrels of U.S. crude for August and September, Reuters
reported on Friday, as China ramped up energy and farm purchases ahead of a
review of the Sino-U.S. trade deal.

 

Record crude imports from world’s top importer China and the easing of
COVID-19 restrictions globally have supported oil prices, although new waves
of coronavirus outbreaks in several countries are expected to cool
consumption again.

 

ANZ estimated that demand has risen 8 million barrels per day (bpd) over the
past four months to 88 million bpd - still 13 million bpd below this time
last year.

 

Investors are looking for more clues on future supply from a meeting this
week of a panel representing ministers of the Organization of the Petroleum
Exporting Countries (OPEC) and its allies, known as OPEC+. The meeting of
the panel has been pushed back to Aug. 19, a day later than previously
planned.

 

The panel, called the Joint Ministerial Monitoring Committee (JMMC),
monitors OPEC+ production curbs agreed earlier this year. Last month the
JMMC recommended that cuts be eased from Aug. 1 to about 7.7 million barrels
per day (bpd) from a reduction of 9.7 million bpd since May, in line with an
earlier OPEC+ agreement.

 

In the United States, meanwhile, the number of oil and natural gas rigs
operating last week remained anchored at a record low for a 15th week, even
as higher oil prices prompt some producers to start drilling again.

 

 <mailto:info at bulls.co.zw> 

 

 

Price of Gold Fundamental Weekly Forecast – Short-Term Traders Locked-in on
Treasury Yields

Gold futures posted their worst performance since March last week as an
uptick in U.S. Treasury yields reduced demand for the non-yielding asset.
The stalemate over a U.S. stimulus bill to help the coronavirus-hit economy
also dampened gold’s appeal as an investment.

 

Despite the size of the break last week, the selling was orderly and did not
suggest investors had shifted into panic mode. This is because for all
intents and purposes, investors had already accepted the possibility that
gold prices had gone a little parabolic recently and may have rallied a
little too far, to fast in relation to the fundamentals.

 

 

Last week, December Comex gold futures settled at $1949.80, down $78.20 or
-3.86%.

 

When the dust from the steep decline cleared, prices consolidated as
investors regrouped while reassessing the trading environment.

 

Longer-term, the market remains well-supported as the Fed is widely expected
to hold rates near zero for several years. Over the short-run, however, the
market seems poised to take a pause, primarily due to firmer U.S. Treasury
yields.

 

It’s important to note that the term “interest rates” is thrown around a lot
when in fact there is the Federal Funds rate, which remains at 0 to 0.25%
and then there are Treasury yields. I think a lot of longs got caught last
week watching the Fed Funds rate, while Treasury yields creeped up on them.

 

Benchmark U.S. Treasury yields surged to seven-week highs last week after
the Treasury sold a record amount of 30-year bonds to weak demand. In this
sale, the Treasury moved $26 billion in bonds, up from $22 billion at its
last quarterly refunding in May. The debt sold at a high yield of 1.406%,
around three basis points higher than were the debt traded before the sale.

 

The Treasury last week increased auction sizes across the curve and said
that it plans to continue to shift more of its funding to longer-dated debt
in coming quarters as it finances measures to offset the impact of the
coronavirus epidemic.

 

Weekly Forecast

Treasury yields are going to continue to dictate the direction of the gold
market this week. Since the Treasury auction is over, traders are going to
watch to see if yields start drifting lower again or consolidate.

 

If Treasury yields start to creep lower then look for gold prices to firm.
Gold could trade steady to lower if rates continue to drift higher.

 

Over the long-run, conditions are still ripe for further price appreciation.
Congress is not expected to negotiate a stimulus package until they return
from their summer recess around September 7, and traders will start taking
the election more seriously after Labor Day.

 

These two factors will influence gold prices but only to the extent that
they influence Treasury yields. For example, a flight to safety rally into
Treasury bonds will lower rates and drive up gold. Don’t just trade the
headline. Make sure that yields move.

 

Don’t be surprised if gold move sideways over the next three weeks. This
will be the set-up for the return of volatility after September 7.

 

For a look at all of today’s economic events, check out our economic
calendar.-fxempire

 

 

 

 

Asia Pacific stocks mixed as U.S.-China tensions remain; Japan’s economy
shrinks in second quarter

U.S. President Donald Trump issued an executive order Friday forcing China’s
ByteDance to sell or spin off its U.S. TikTok business within 90 days. 

Reuters reported over the weekend that a planned U.S.-China trade deal
review initially set for Saturday was delayed with no new date agreed upon,
citing sources familiar with the plans.

 

Japan’s economy shrank 27.8% on an annualized basis in April-June, according
to government data released Monday. That was the sharpest contraction on
record, according to Reuters.

 

Markets in South Korea are closed on Monday for a holiday.

 

Stocks in Asia Pacific traded mixed Monday morning as tensions between the
U.S. and China continue to weigh on investor sentiment.

 

Japan’s Nikkei 225 slipped 0.74% in morning trade while the Topix index
dipped 0.48%.

 

Japan’s economy shrank 27.8% on an annualized basis in April-June, according
to government data released Monday. That was the sharpest contraction on
record, according to Reuters. The preliminary reading for Japan’s
second-quarter gross domestic product compared against economists’ median
estimate of a 27.2% decline, Reuters reported.

 

Mainland Chinese stocks, on the other hand, were higher in early trade. The
Shanghai composite gained about 0.8% while the Shenzhen component added
0.63%.

 

Shares in Australia declined, with the S&P/ASX 200 down 0.98%.

 

Overall, the MSCI Asia ex-Japan index traded around 0.1% higher.

 

Markets in South Korea are closed on Monday for a holiday.

 

U.S. President Donald Trump issued an executive order Friday forcing China’s
ByteDance to sell or spin off its U.S. TikTok business within 90 days. In
his order, Trump cited “credible evidence” that ByteDance “might take action
that threatens to impair the national security of the United States.”

 

Meanwhile, Reuters reported over the weekend that a planned U.S.-China trade
deal review initially set for Saturday was delayed with no new date agreed
upon, citing sources familiar with the plans. The sources told Reuters that
the delay was due to scheduling conflicts as well as to give time for more
Chinese purchases of U.S. exports.

 

Those developments came as tensions between Washington and Beijing have
heated up in recent weeks.

 

“For now there is no signs the trade deal is in jeopardy with the review’s
postponement seen as an allowance for China to increase its purchase of US
agricultural goods, which are way behind schedule,” Rodrigo Catril, a
currency strategist at National Australia Bank, wrote in a note.

 

The U.S.dollar index, which tracks the greenback against a basket of its
peers, was at 93.048 after its decline last week from levels above 93.6.

 

The Japanese yen traded at 106.47 per dollar, weakening from levels below
106.4 against the greenback last week. The Australian dollar changed hands
at $0.7188 after touching the $0.711 handle last week.

 

Oil prices were higher in the morning of Asian trading hours, with
international benchmark Brent crude futures up 0.51% to $45.03 per barrel.
U.S. crude futures also gained 0.69% to $42.30 per barrel.-cnbc

 

 

 

Dollar in the doldrums; U.S. politics, Fed minutes eyed

The U.S. dollar began Monday where it left off last week, caught between
pressure from worries about the lagging U.S. economic recovery and support
from rising U.S. bond yields and safe-harbor demand.

 

A boost to sentiment from the postponement of the U.S-China trade deal
review - which leaves the deal intact - was muted by uncertainty, ahead of a
week a week that includes Federal Reserve minutes and the Democrats’
nomination convention.

 

Against a basket of currencies the dollar traded under gentle pressure at
93.039 on Monday, roughly in the middle of the range it has held since
hitting a two-year low at the end of July.

 

The risk-sensitive Australian dollar inched up to a three-session high of
$0.7194, but also remained contained in the channel it has traded in for a
week.

 

Other Asian currencies, such as the won and rupiah edged lower, while the
kiwi remained weighted at $0.6534 by last week’s dovish language from the
central bank.

 

The yen was steady at 106.54 per dollar, having dipped last week as a jump
in U.S. yields drew Japanese investment to U.S. Treasuries.

 

Review delay

The United States and China delayed a Saturday review of their Phase 1 trade
deal, people familiar with the plans told Reuters, citing scheduling
conflicts.

 

“That’s good news in the sense that it’s something we can place on the back
burner for now,” said National Australia Bank senior foreign exchange
strategist Rodrigo Catril.

 

“But there are other uncertainties coming up that need to be resolved,” he
said, pointing to U.S. politics as a presidential election looms, and new
virus hot spots in Europe that could challenge the perception that the euro
is on an uptrend.

 

U.S. President Donald Trump also flagged a broadening of his pressure on
Chinese tech firms such as e-commerce giant Alibaba Group Holding Ltd.

 

The yuan, often a barometer of relations between the two countries, was
unmoved in offshore trade on Monday morning, and last traded at 6.9364 per
dollar.

 

Election delay

Elsewhere, in Japan, data showed the world’s third-largest economy suffered
its acutest economic contraction on record in the second fiscal quarter as
the COVID-19 pandemic crushed business and consumer spending.

 

New Zealand delayed a general election by a month as it grapples with a new
outbreak of the pathogen, while there have been flare-ups in infections in
South Korea, Spain and France.

 

The euro and sterling were steady in Asia, with the euro last buying $1.1844
and sterling $1.3095.

 

On the horizon, the Democratic national convention in the United States
begins on Monday, and is something of a starting gun for the final sprint to
the November election. It culminates in a speech from presumptive nominee
Joe Biden late on Thursday.

 

Markets are also on edge ahead of the release of Federal Reserve minutes on
Thursday, looking for any hints of a possible change to the central bank’s
guidance at its next meeting in September.

 

Investors are expecting more tolerance in the Fed’s approach to inflation,
said Chris Weston, head of research at Melbourne brokerage Pepperstone.

 

“The bond market is key here and if the Fed can drive down real yields then
the dollar will follow, and gold will rally - and vice versa,” he said.-cnbc

 

 

 

Government Savings Bank to offer loans with motorcycles as collateral

Government Savings Bank (GSB), the country’s biggest state-owned lender,
will start accepting vehicles as collateral for the first time in its
107-year history, as more individuals seek small-ticket loans amid the
nation’s worst economic crisis on record.

 

GSB is moving into an market pioneered by Muangthai Capital Plc and Srisawad
Corp Plc, which tapped into an under-served base of customers, mostly in
rural areas, who need quick cash and have motorcycles or pickup trucks as
their most-liquid asset. Muangthai’s average loan is 15,000 baht.

 

GSB will establish a joint venture in early 2021, with the partnership
helping bypass potential bureaucracy of being a state enterprise, said
President Vitai Ratanakorn. The bank will still be able to tap into its
1,000 branches and 21 million customers, he said, without identifying any
potential partners.

 

“This is an attractive lending business with a wide interest-rate margin,”
Mr Vitai said in an interview at his office in Bangkok. GSB’s ventures will
offer loans at rates as much as 10% cheaper than other firms to attract new
borrowers, he said.

 

GSB’s new venture will also offer some unsecured low-rate loans, as part of
the government’s mandate to tackle income inequality, he said.

 

Krungthai Card Plc, the nation’s biggest credit-card company, also recently
started offering consumer loans with motorcycles and automobiles as
collateral.

 

“The microfinance market is vast,” said Kittima Sattayapan, an analyst at
SCB Securities. Even if GSB cuts rates, “we see only a small chance” that
current lending leaders will be disrupted, she said.

 

The Stock Exchange of Thailand’s gauge of full-service banks has dropped 40%
the past year, compared with declines of 6.9% for Muangthai Capital and 14%
of Srisawad.

 

 

Muangthai Capital Chairman Chuchat Petaumpai told an investors meeting on
Thursday that he expected more competition because of his company’s success.
Net income in the first half of this year jumped 24% to 2.5 billion baht,
with the average lending rate at 22%, according to a company presentation.

 

Muangthai has about 4,500 branches and the stake of Mr Chuchat’s family is
worth about $2.4 billion (75 billion baht), according to data compiled by
Bloomberg.

 

GSB is owned by the Finance Ministry. It has assets of about 2.8 trillion
baht, according to its website. Mr Vitai rejoined the GSB as president in
July, after spending the previous two years as secretary-general of the
Government Pension Fund.--cnbc

 

 

 

 

Morrisons to remove plastic 'bags for life' and trial paper alternative

Morrisons is planning to ditch all its plastic “bags for life” following
evidence that they are being used once and thrown away. The food retailer is
running a trial in eight stores from Monday, which will see sturdy paper
bags offered at checkouts instead.

 

If the trial is popular, introducing paper bags only across all its 494
stores would save 90m plastic bags being used annually, the equivalent of
3,510 tonnes of plastic per year, the company said.

 

David Potts, Morrisons’ chief executive, said: “We believe customers are
ready to stop using plastic carrier bags as they want to reduce the amount
of plastic they have in their lives and keep it out of the environment. We
know that many are taking reusable bags back to store and, if they forget
these, we have paper bags that are tough, convenient and a reusable
alternative.”

 

The proposed paper bag can carry up to 16kg, has handles, can carry a
similar amount of items as its plastic counterpart and is easily recyclable,
the retailer added.

 

Last year Sainsbury’s said it was the first UK supermarket to remove plastic
bags for loose fruit, vegetables and bakery items. Tesco said it will stop
using plastic bags to deliver online groceries following a successful trial
last year, saving nearly 2,000 tonnes of plastic annually.

 

Recent figures show the number of single-use plastic bags distributed by the
big supermarkets in England has fallen more than 95% since the 5p charge was
introduced in 2015.

 

Data from the Department for Environment, Food and Rural Affairs shows that
the main retailers sold 226m single-use bags in the past financial year,
322m fewer than in 201819.

 

An estimated 7.6bn bags a year were handed out by the leading supermarkets
before the 5p charge was introduced in 2015.--theguardian

 

 <mailto:info at bulls.co.zw> 

 

China Is The Biggest Winner Of The U.S. Renewables Boom

Since the days of President Jimmy Carter and the 1970s oil crisis, the U.S.
has relentlessly pursued the utopia of becoming energy independent. But with
persistent oil crises and severe oil price shocks, it has become glaringly
obvious that Washington will never achieve true energy independence by
relying solely on fossil fuels, even if the United States finally becomes a
net oil exporter.  The majority of America’s citizens also feel that the
government should ‘‘...focus on developing alternative sources of energy
over expansion of fossil fuel sources’’ in a bid to alleviate climate
change.

 

Whether it’s in the pursuit of energy independence or in a bid to ameliorate
climate change, there’s an undeniable shift to renewables going on in the
U.S., with renewable energy accounting for 11.4% of total U.S. energy
consumption in 2019 compared to only 4% two decades ago.

 

But as the shift to clean and renewable energy begins to gain serious
momentum, the United States is now facing another conundrum: Being too
dependent on China for the minerals used to build clean energy systems.

 

China supplies ~80% of the rare earths elements (REE) used by the United
States to manufacture windmills, solar panels, electric car batteries,
cellphones, computers, medical equipment, national defense systems, and even
in oil and gas technologies.

 

Depending on China

 

Back in 2018, the Interior Department released a list of 35 minerals it
classified as being ‘critical’ to the U.S. economy. The alarming part: The
U.S. entirely relies on imports from China for 14 of these minerals, and
imports 75% of at least another ten. 

 

Those figures are not exaggerations: According to the U.S. Geological
Survey, China supplied 80% of the U.S.’ REE in 2019. Yet another worrying
statistic: Although the U.S. mined 18,000 metric tons of its own rare earths
in 2018 and 26,000 metric tonnes in 2019, the U.S. Geological Survey has
revealed that all domestic production of mineral concentrates was exported.
Only three decades ago, the U.S. was the world’s number-one producer of
these minerals but has slipped down to seventh place.

 

Related: Natural Gas Price Soar As Heat Wave Hits Large Parts Of U.S.

 

China’s vice-like grip on the U.S. REE supply chain would become as clear as
daylight if Democratic presidential candidate Joe Biden ascends into the
Oval Office and starts to implement his $5 trillion climate plan. 

 

Biden has pitched a highly ambitious $5 trillion-plus climate proposal that
he says would be necessary if the U.S. is to match the EU by becoming a
net-zero carbon emission country by 2050. Biden has proposed a staggering
$1.7 trillion in federal spending over the next decade to achieve this goal,
with the private sector expected to chip in with the balance. Biden says the
taxpayer costs can be recovered by repealing the generous tax bonanza that
Trump granted U.S. corporations and also by eliminating subsidies to the
fossil fuel industry.

 

Becoming Self-Sufficient

 

With China being home to nearly half of the world’s known REE deposits, the
U.S. will have little choice than to ramp up its imports of these minerals
from the Middle Kingdom as it transitions to renewables, something not made
easy by the fact that the entire globe is in the same race to shift from
fossil fuels to cleaner energy. Further, the specter of China using its
strategic control of REE’s in a trade war remains very real.

 

Several energy experts have acknowledged this reality, and have emphasized
that the U.S. will only achieve true energy independence by inventing
affordable clean energy technologies and ensuring that they are made locally
and sold globally.

 

As U.S. Senator Lisa Murkowski (R-AK), Chairman of the Senate Energy and
Natural Resources Committee, has declared: We need to reverse our damaging
dependence on China and other nations and rebuild domestic supply chains for
everything from personal protective equipment to clean energy technologies.”

 

But this is not just about lowering our dependence on China out of an
abundance of caution. Dr. Arun Majumdar of Sanford University and
co-Director of the Precourt Institute for Energy has pointed out that we
import more than 50% of our oil at a cost of about $300 billion a
year--money that could be used to create jobs if we became self-sufficient
in our energy needs.-oilprice

 

 

 

Bank of Thailand seeks to lure more loan intermediaries

The Bank of Thailand is proposing an amendment to the Credit Information
Business Act of 2002 to attract business operators to become intermediaries
in providing loans.

 

The move aims to reduce the risk and cost of the loan intermediary business,
said a Finance Ministry source who requested anonymity.

 

The loan intermediary business that operates peer-to-peer (P2P) lending
under the Bank of Thailand's supervision and debt crowdfunding under the
Securities and Exchange Commission's oversight are alternative sources of
fundraising platforms for small and medium-sized enterprises.

 

Many SMEs have difficulty accessing loans from traditional financial
institutions, according to the source.

 

Since these are new businesses that emerged in the digital era, loan
intermediary businesses find they cannot become members of a credit
information company, as the Credit Information Business Act of 2002 does not
address them, the source said.

 

The act allows nine types of financial institutions to become members of a
credit information company such as commercial banks, finance companies and
life insurance companies.

 

Since loan intermediary businesses cannot become members of a credit
information company, they lack critical financial information of borrowers,
resulting in a lack of complete risk analysis.

 

This causes these businesses to shoulder a higher cost and affect parties
wanting loan intermediary businesses to become intermediaries in providing
credit, the source said.

 

 

The problem lies not only at the individual level, but also affects the
efficiency and stability of Thailand's credit system, the source said.

 

People who do not qualify for bank loans could face difficulty obtaining
loans from intermediaries, since they lack necessary information for credit
analysis.

 

The source said an amendment to the law would enable loan intermediaries to
become members of a credit information company on a voluntary basis.

 

Such an amendment would also align with the government's economic reform
plan to provide greater access to traditional loan sources and new loan
sources such as P2P lending and debt crowdfunding.

 

For instance, intermediaries in China have been providing digital loans via
P2P and the regulator has established a system to collect credit information
from non-bank companies.-bangkokpost

 

 

 

 

Buffett’s Berkshire Hathaway Dumps US Bank Stocks For Gold

Berkshire Hathaway’s unloading of billions of dollars from bank stocks is
exacerbating the hurt on the nation’s biggest financial institutions,
Reuters reported.

 

Warren Buffett, the company’s chairman and CEO, has sold shares of Wells
Fargo and J.P. Morgan Chase and dropped an investment in Goldman Sachs.

 

Based on its second quarter filing with the Securities and Exchange
Commission, Reuters reported Berkshire reduced its Wells Fargo stake by 26
percent to 237.6 million shares, lowered its stake in J.P. Morgan by 62
percent to 22.2 million shares, and sold its remaining 1.9 million Goldman
shares.

 

Bank stocks have slid this year as many of the nation’s largest banks have
set aside tens of billions of dollars to account for potential loan losses
amid the pandemic, The Wall Street Journal (WSJ) reported.

 

At the same time, Berkshire Hathaway reported buying stock in a Canadian
company, according to Reuters. Buffett bought a 20.9 million share
investment worth $563.6 million in Barrick Gold Corp., a Toronto-based
mining company that produces gold and copper in 13 countries, according to
Reuters.

 

Once worth $32 billion, Berkshire has dropped more than half of its Wells
Fargo shares, as the bank was hurt by scandals, Reuters reported.

 

Earlier this year, Wells Fargo agreed to pay $3 billion to settle charges
stemming from a scandal involving widespread mistreatment of customers.

 

In May, the banking industry was the runt of the litter of the stock market
rally as interest rates sank and loans crumbled.

 

The 45 percent drop in the KBW Bank Index, a benchmark stock index of the
banking sector, has eliminated $795 billion from its 24 constituents, which
include J.P. Morgan Chase, Bank of America, Citigroup and Wells Fargo.

 

Still, Reuters reported Buffett has not given up on the banking industry.
Berkshire Hathaway remains invested in Bank of America, including a recent
investment of more than $2 billion, giving it a nearly 12 percent stake
worth over $27 billion.

 

In addition, Berkshire also has nearly 100 operating units in the U.S.,
including Geico, the Maryland-based auto insurer; BNSF, the largest railroad
in the U.S.; and Dairy Queen, the soft-serve ice cream company.-pymnts.com

 

 

 

More Chinese Companies Could Be Banned By Trump

President Donald Trump is not done banning online Chinese companies from
doing business in the U.S.

 

When asked at a news conference Saturday (Aug. 15) whether he is
contemplating action against more Chinese companies, including Alibaba, a
global technology company specializing in eCommerce, the president said he
is considering further punitive measures against other groups, the Financial
Times (FT) reported.

 

“We’re looking at other things, yes we are,” the president told reporters at
his private golf club in Bedminster, New Jersey.

 

Last week, he gave ByteDance, the parent of TikTok, the popular
video-sharing app, until Sept. 15 to sell its U.S. operations in the San
Francisco Bay area. Microsoft is in talks to buy it.

 

In his order to ban TikTok, Trump said there was credible evidence ByteDance
is a threat to the country’s national security.

 

“If no deal [with Microsoft] is reached, this could shut TikTok down in the
U.S. in 90 days,” Kevin Wolf, a partner at Akin Gump who oversaw the
commerce department’s sanctions list until 2017, told FT.

 

Trump’s comment came one day after he implemented an order to prohibit U.S.
companies from selling products to Huawei, the Chinese technology company
that designs and sells telecommunications equipment and consumer
electronics. The Trump administration has said it believes the company is a
spy for the communist government in Beijing.

 

Chinese companies are rushing to launch U.S. initial public offerings (IPOs)
before newly proposed rules that would expose the companies’ audits to
scrutiny by American regulators can take effect.

 

The potential value of the IPOs soared to more than $5 billion after Trump
pitched the new rules last week. Among them include Chinese real estate
company KE Holdings, which filed its U.S. IPO July 24. Also included is
Xpeng, a manufacturer of electric cars.

 

If the rules proposed by Trump or similar measures embraced by members of
Congress from both major political parties are enacted, Chinese companies
listed on U.S. exchanges would have to allow greater transparency of their
accounting.

 

Last week, U.S. Treasury Secretary Steven Mnuchin said Trump has decided
TikTok cannot be allowed to go on as it has been. Mnuchin said the Treasury
has the tools it needs to remedy the situation, although he was not
specific.-pymnths.com

 

 

 

Onchain Data Shows $449M Worth of Bitcoin on ETH Eclipses Offchain
Competitors

Onchain analytics show the number of bitcoin (BTC) held on the Ethereum
blockchain has been multiplying at an extremely fast rate since the end of
May. On Sunday, August 16 there’s approximately 38,021 BTC on Ethereum or
roughly $449 million stored in synthetic bitcoin protocols like Wbtc,
Renbtc, Sbtc, and more.

 

During the last two months, news.Bitcoin.com has written a few comprehensive
articles that explain how the Ethereum blockchain has become Bitcoin’s (BTC)
sidechain.

 

Despite the years of efforts from Blockstream Liquid supporters and the
Lightning Network (LN) enthusiasts, Ethereum is storing and moving more BTC
than both networks combined. The amount of bitcoin (BTC) held on Ethereum is
1,448% larger than the current aggregate capacity on the LN and Liquid
branches.

 

L-btc tokens are tokens issued on the Liquid sidechain created by
Blockstream. To date, there is 2,490 L-btc or $29.4 million worth of
bitcoins locked into the system.

At press time, Liquid holds $29.4 million at today’s exchange rates or 2,490
L-btc. Blockstream’s Liquid total-value locked (TVL) is higher than the
Lightning Network’s TVL, which is only $12 million on August 16, 2020. These
two networks combined only have $41 million worth of BTC locked into the
systems.

 

The Lightning Network is not a token solution or synthetic bitcoin, but it
is touted as an offchain solution for the BTC network. Today, there is $12
million worth of BTC in the LN system.

The amount of BTC on Ethereum eclipses Blockstream and the Lightning
Network’s efforts by a long shot and a number of ETH supporters are pleased
with this milestone.

 

Essentially, synthetic bitcoins are tokens created on a certain blockchain
platform and they are backed 1:1 with BTC by either a custodian or a smart
contract.

“Bitcoin is now an undeniable part of [decentralized finance] defi, with
$420M USD of BTC on Ethereum, in one form or another,” the CTO at Ren
Protocol told his 2,778 Twitter followers on Saturday. “In the last 24
hours, over $24M has been moved through Ren Protocol to be used to farm
yield. Anyone not generating APY right now with their BTC is asleep.”

 

Stats from Dune Analytics indicates that there’s approximately 38,021 BTC
($449 million using today’s exchange rates) on Ethereum. There are 5,700+
crypto market caps in existence today, and the collage of synthetic bitcoins
held on Ethereum has a larger market valuation than 5,665 coin market caps.

 

The Wrapped Bitcoin (Wbtc) project has the most BTC locked into the system
with 26,161 coins ($310M) in the framework.

 

Wbtc is by far the most popular synthetic bitcoin (BTC) on the market today.
This is followed by Renbtc (7,721), Sbtc (1,793), Hbtc (1,310), Imbtc (988),
Pbtc (48), and Tbtc (0).

 

The Wbtc project seemed thrilled with the expansion as Wbtc holds the most
synthetic BTC on Ethereum to-date.

 

On Saturday, the official Wbtc Twitter account tweeted that “More BTC was
wrapped this week than BTC was mined.”

 

The project leveraged data shared by the analyst Zack Voell, which had shown
there was 5,738 BTC mined during the week. Meanwhile, 6,785 BTC were wrapped
on the Wbtc protocol.

 

The Ren Protocol CTO was also enthusiastic about the trend discussing a
number of trades in his Twitter thread. “In one transaction, someone
transferred over $5M USD worth of BTC to Ethereum using the Ren Protocol,”
he said.

 

“And just before that, someone transferred over $3M USD. In the last 24
hours, Ren Protocol has processed and moved more than $1M USD worth of
bitcoin per hour. Over the last week, it has averaged more than $7M USD per
day. Over the last month, more than $4M USD per day,” the CTO added.

 

Three Arrows Capital founder, Su Zhu, said he predicts that Wbtc will
continue to trend this way.

 

“Minted our first wrapped BTC (Wbtc) today with Bitgo. I predict WBTC will
be a first-class asset in defi, just as USDC and USDT are now,” Su Zhu
tweeted.--bitcoinnews

 

 

 

 

 

 

 


 


 


 

 


 

INVESTORS DIARY 2020

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


Lafarge

AGM

Virtual

18 August 2020  | 12pm

 


Companies under Cautionary

 

 

 


 

 

 

 


Bindura Nickel Corporation

 

 

 


Padenga Holdings

 

 

 


Delta Corporation

 

 

 


Meikles Limited

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
constitute an offer to sell or the solicitation of an offer to buy or
subscribe for any securities. The information contained in this report has
been compiled from sources believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
the securities of more established companies. Neither Faith Capital nor any
other member of Bulls ‘n Bears nor any other person, accepts any liability
whatsoever for any loss howsoever arising from any use of this report or its
contents or otherwise arising in connection therewith. Recipients of this
report shall be solely responsible for making their own independent
investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and sourced from third parties.

 


 

 


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