Major International Business Headlines Brief::: 24 August 2020

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Major International Business Headlines Brief::: 24 August 2020

 


 

 


 <mailto:info at bulls.co.zw> 

 


 

 


 

 

ü  Tunisia's incoming PM plans restructuring of economic ministries

ü  South Africa seeks proposals for 2,000 MW of emergency power

ü  South African mobile operator Cell C to close 128 stores, affecting 546
jobs

ü  Travel firms 'desperately need' government help

ü  John Lewis to pull 'Never knowingly undersold' pledge

ü  Coronavirus: UK tourists face new quarantine deadline race

ü  Facebook’s Latest Scheme to Kill Competition: Data Portability

ü  Tesla Tops $2,000 a Share, Is Now Worth More Than ExxonMobil, Shell, and
BP Combined

ü  Bitcoin Price Manipulators Watch Closely as BTC Loses Bullish Momentum

ü  Dollar bides time as traders look to economic data, Jackson Hole

ü  Market timing when ‘clocks have no hands’ — Warren Buffett’s warning is
as relevant now as it was in 2000

ü  Corporations’ hunger for renewables to drive clean energy deployment in
Taiwan

ü  New Binance Exclusive Reveals The Bitcoin Exchange Might Have A Serious
Problem

ü  Newly-listed ChiNext shares surge in historic reform

ü  Iraq pledges to deepen oil output cuts in Aug, Sept by 400,000
barrels/day

 


 <mailto:info at bulls.co.zw> 

 


 

Tunisia's incoming PM plans restructuring of economic ministries

TUNIS (Reuters) - Tunisia’s premier-designate plans to gather the ministries
of finance, investment and state property into a single department to be led
by economist Ali Kooli under plans to revamp government and revive the
economy, political sources said.

 

Hichem Mechichi, a political independent, is expected to announce his
technocratic government’s 23 ministers within the next few days, the sources
told Reuters on Sunday. Kooli is CEO of Arab Banking Corporation(ABC Bank)
in Tunisia.

 

Mechichi was proposed by President Kais Saied last month to replace Elyes
Fakhfakh, who quit over allegations of conflict of interest, deepening a
political crisis at a time when international lenders are asking Tunis to
make painful reforms.

 

Authorities have been struggling to defuse constant protests over widespread
unemployment, lack of investment for development and poor health,
electricity and water services.

 

Western countries have hailed Tunisia for its comparatively successful
transition to democracy since the 2011 revolution that ended decades of
autocratic rule.

 

Many Tunisians have grown frustrated since then over economic stagnation, a
decline in living standards and decay in public services while political
parties often seem more focused on staying in office instead of tackling
problems.

 

Mechichi, 46, needs to form a government capable of winning a confidence
vote in parliament by a simple majority by Wednesday or face dissolution of
parliament by the president and another election, deepening instability.

 

Mechichi said earlier this month his government would focus on rescuing
public finances and easing social hardships, saying that while political
turmoil had dragged out, “some Tunisians have not found drinking water”.

 

Tunisia’s tourism-dependent economy shrank 21.6 pct in the second quarter of
2020, compared to the same period last year, due to the coronavirus crisis.

 

The government said last month it had asked four creditor countries to delay
debt repayments, as it announced more pessimistic economic and budget
forecasts for 2020 because of the coronavirus pandemic.

 

 

 

South Africa seeks proposals for 2,000 MW of emergency power

CAPE TOWN (Reuters) - South Africa has issued a request for proposals to
procure 2,000 megawatts of emergency power, a step needed to help plug a
severe energy shortage, the department of energy said on Saturday.

 

South Africa’s state-owned power utility Eskom has been forced to cut power
regularly, hobbling economic growth in Africa’s most industrialised country
as unreliable coal-fired plants struggle to generate enough electricity to
meet demand.

 

Scheduled blackouts, known as load shedding, have resumed as South Africa
has eased strict lockdown restrictions to contain the new coronavirus and
has re-opened power-hungry industries, such as mining, in a bid to
kick-start a weak economy.

 

During load shedding, which is meant to protect the national power grid from
complete collapse, residents and businesses are typically left without
electricity for a couple of hours at a time.

 

In December, South Africa issued a request for information (RFI) to source
between 2,000 and 3,000 megawatts (MW) of generation capacity to be
connected in the shortest time, at the least cost.

 

“All power procured under this programme is expected to be fully operational
by not later than the end of June 2022,” the department said in Saturday’s
statement, adding it expected to attract around 40 billion rand ($2.33
billion) of investment.

 

In February, Turkey’s Karpowership, one of the world’s largest suppliers of
floating power plants, said it had submitted plans to provide “several”
ships capable of alleviating the country’s power shortages.

 

The department of energy said on Saturday that bidders would need to conform
to South Africa’s policies designed to broaden economic participation for
the black majority and to make commitments to job creation and skills
development.

 

($1 = 17.1452 rand)

 

 

 

South African mobile operator Cell C to close 128 stores, affecting 546 jobs

JOHANNESBURG (Reuters) - South African mobile operator Cell C said on Friday
it expects to close around 128 stores across the country, more than half of
its retail footprint, with 546 jobs on the line as it seeks to cut costs and
restructure its operations.

 

The job cuts will be in addition to Cell C’s plans to lay off 960 workers,
announced in June.

 

“The retail environment has changed and this has been fast-tracked by the
impact of COVID-19 and the evolving purchasing habits of consumers,” Cell C,
which is not listed and is 45% owned by Blue Label Telecoms, said in a
statement.

 

“Much like banks are moving away from brick and mortar branches, Cell C is
embracing digital solutions and driving digital inclusion by leveraging
collaborations and partnerships.”

 

The company has a workforce of 2,500 and 240 stores.

 

The consultation process for the job cuts announced in June started on July
30 and the company said it subsequently made a voluntary severance package
offer.

 

Earlier this month Cell C said it was making good progress with finalising
its recapitalisation plan that will improve its liquidity and debt profile.

 

 

 

Travel firms 'desperately need' government help

The UK's travel industry has reached a "critical point" and is calling for
further support to stem job losses.

 

Measures to curb the pandemic have already led to the loss of around 39,000
jobs, said travel industry trade body Abta.

 

About 65% of travel firms have had to make redundancies or start a
consultation process.

 

Abta said the industry desperately needs "tailored support" or many more
jobs would be lost.

 

The Association of British Travel Agents (Abta) warned that more job losses
were set to come as the government's furlough scheme is phased out, unless
new support measures are introduced.

 

"With the government's stop start measures, the restart of travel has not
gone as hoped for the industry, and sadly businesses continue to be
adversely affected and jobs are being lost at an alarming rate," said Abta's
chief executive Mark Tanzer.

 

"Coming towards the end of the traditional period for peak booking, we have
hit a critical point as existing government measures to support businesses
begin to taper off, the consequence of which, according to this survey of
ABTA Members will be ruinous for more people's livelihoods."

 

Abta said many travel firms had not yet restarted after the lockdown, with
cruise firms and school travel operators still closed for business.

 

More travel firms could go bust

"We have already seen well-known and respected businesses that would
normally be successful falling into administration, and more are sadly set
to follow," said Mr Tanzer.

 

STA Travel, which specialised in long-haul trips aimed primarily at young
people and students, stopped trading on Friday, placing 500 jobs at risk.

 

And in August, Hays Travel announced that it would be cutting almost 900
jobs due to cancelled holidays because of new coronavirus travel
restrictions.

 

Before that, in July the UK's largest tour operator Tui said it would be
shutting 166 High Street stores in the UK and Ireland, affecting up to 900
jobs, on top of plans in May to cut around 8,000 jobs globally.

 

Abta has written to the chancellor Rishi Sunak to ask for more support in
the form of a package of measures aimed specifically at the travel industry,
including a temporary suspension of Air Passenger Duty for next summer.

 

If there were to be a second lockdown, 96% of travel businesses report it
would have a critical or serious impact on their ability to survive, Abta
warned.

 

"Travel desperately needs the government in its next review to provide
tailored support or tens of thousands more jobs will be lost," said Mr
Tanzer.

 

The government has changed its travel quarantine rules for countries where
rising coronavirus cases have caused it concern in the last week, adding 11
more countries including France, Netherlands, Austria, Malta and Monaco.

 

Travellers returning from countries on the UK's quarantine list need to
self-isolate for 14 days.—bbc

 

 

 

John Lewis to pull 'Never knowingly undersold' pledge

John Lewis is planning to replace its famous promise to match rivals' prices
as its new boss plans radical changes to the business.

 

"Never knowingly undersold" has become harder to defend as competition from
online retailers has become ever tougher.

 

The new chief executive Sharon White told the Sunday Times she expected the
price pledge to go.

 

The slogan has been in place since 1925.

 

"The proposition is important because it signifies being fair to society.
We're reviewing it to improve it," Ms White told the Sunday Times.

 

The department store chain has already announced the closure of eight stores
including its flagship Birmingham site which only opened five years ago as
it struggles to adapt to the challenges arising from the pandemic. This year
between 60% and 70% of John Lewis's sales are expected to be online,
compared to 40% last year.

 

Even before Covid-19 hit, the chain, which is run as a partnership, had
warned it might not pay the usual staff dividend as competition ate into
profits.

 

John Lewis and Boots to cut 5,300 jobs

Ms White told the Sunday Times the chain needed "more inspiration, surprise,
fun" and that it would compete by "curating" items in store better. John
Lewis would focus less on women's fashion and get rid of travel and spa
services. Instead it would offer more financial, home and garden products,
she said.

 

Ms White said she wanted to reaffirm John Lewis's reputation as a socially
responsible retailer and "shout more" about its values.

 

Price pledge

For nearly a century John Lewis has promised to refund the difference in
price, to any shopper who could find an item cheaper elsewhere within 28
days.

 

However the commitment has never applied to sales from internet-only
retailers, which have lower costs and often undercut the High Street on
price.

 

John Lewis indicated earlier this year it was reviewing the promise. It said
"fair value" would still be central to its ethos but "in a more modernised
form"; it hopes to have a new slogan in place by October.

 

"Never knowingly undersold is from another era," said Catherine
Shuttleworth, founder of retail marketing agency Savvy.

 

"She's got to correct the course on that. They'll be out of business if they
do that in a world where Amazon change their prices every minute."

 

The business is also facing challenges in its Waitrose grocery arm. Next
month its long-standing link with delivery service Ocado comes to an end at
a time when customers are queuing to sign up for online shopping.

 

The scale of the overall challenge should not be underestimated, said Ms
Shuttleworth.

 

"It's the biggest crisis in the history of the partnership... There's got to
be some significant changes to make sure it survives for the future."--bbc

 

 

 

Coronavirus: UK tourists face new quarantine deadline race

British holidaymakers who wish to avoid 14 days' quarantine face a race to
get back to the UK before new coronavirus travel rules kick in.

 

Transport Secretary Grant Shapps said on Thursday that those arriving in the
UK from Croatia, Austria and Trinidad and Tobago will need to self-isolate.

 

There are currently 17,000 British tourists in Croatia, according to the
country's national tourist board.

 

The changes apply to anyone arriving after 04:00 BST on Saturday.

 

But UK tourists returning from Portugal will no longer need to self-isolate
after the country was added to the UK's list of travel corridors.

 

The Portuguese government welcomed the changes and said the move "allowed
for an understanding that the situation in the country has always been under
control".

 

Meanwhile, the Scottish government has added Switzerland to its list of
countries requiring quarantine.

 

Speaking about the latest additions to the quarantine list, Mr Shapps said
he understood the "inconvenience" involved, but said it was "just a fact of
this summer".

 

The transport secretary also said testing for coronavirus at airports to
help reduce quarantine time was "under active review".

 

But he told Radio 4's Today programme: "I don't want to offer false hope by
saying 'it's just as simple as a test at the airport'... because it won't
tell you what you need to know."

 

Airport tests on arrival would only pick up "a very small proportion" of
people who had the virus without symptoms, he said, and a follow-up test
would be needed around a week later. In the meantime, people would still
have to quarantine.

 

There were also issues around ensuring the second test was actually taken by
the quarantining person, Mr Shapps said.

 

Liam and Jodie, a couple from Keighley, West Yorkshire, paid about £800 to
travel home from northern Croatia via Munich before the quarantine deadline,
after finding it impossible to book a direct flight in time.

 

"There wasn't an alternative. There are no flights from Pula to the UK on
Fridays, only a flight from Zagreb to London runs but obviously that was
fully booked," Liam, a mechanical engineer, said.

 

He added that the only other flights available had stops in Spain, which is
already subject to the UK's quarantine rules.

 

The latest updates to the quarantine list come after thousands of British
holidaymakers made a last-minute dash to get home from France last weekend,
before the measures came into force.

 

The country is continuing to see a sharp rise in the number of new virus
cases, with more than 4,700 reported on Thursday - the highest level in
three months.

 

Over a two-week period, the UK recorded 20.9 coronavirus cases per 100,000
people, according to the European Centre for Disease Prevention and Control.

 

In comparison, Croatia had 41.7 cases per 100,000, Austria had 30.8 and
Portugal 27.8.

 

BBC News Europe correspondent Gavin Lee said British tourists are mainly
staying in the coastal regions in the south of Croatia near Split and
Dubrovnik, as well as the western coast, around Istria.

 

Igor Pokaz, the Croatian ambassador to the UK, told the Today programme he
has urged the UK government to take a "more nuanced approach" to travel
quarantines.

 

He said the virus spikes in Croatia were concentrated in certain regions
such as the capital Zagreb, but there were "very, very few cases" in other
destinations popular with holidaying Britons, such as Dubrovnik and its
nearby islands.

 

Mr Shapps said "there is a case for regionalisation" and the government was
looking at how to do it effectively, including by having different rules for
a country's islands.

 

But the transport secretary said there were concerns about how detailed the
regional data was on other countries' individual islands.

 

He also said a regional approach would be harder to implement on the
mainland where people could potentially travel between areas with differing
quarantine rules.

 

'Refund struggle'

The consumer group Which? said the change in rules for Portugal was "likely
to come too late to help many struggling holiday companies" and called for
support for the travel industry.

 

Which? Travel editor Rory Boland said the changes to the travel corridor
list made it "too risky" for those who are unable to quarantine to travel.

 

He added that holidaymakers who want to follow government advice and avoid
non-essential travel to specified countries are finding it "increasingly
difficult to claim a refund".

 

"Many airlines continue to operate flights and refuse customers the option
of a refund, then charge eye-watering fees to those who try to rebook," he
said.

 

Will I get my money back if I can't go on holiday?

'No choice'

But Charis Hipkiss, 20, from Stourbridge near Birmingham, told the BBC she
and her family have "no choice" but to remain on holiday in Split, Croatia,
until next Thursday - meaning they will have to quarantine.

 

"The holiday was going well until yesterday. We're all going to be missing
out on different things now," she said, adding that she and her parents want
to get back to work.

 

"We've got no choice, they say it's like a race to get home, but there's no
race, there's very few flights - they want to charge us nearly £200 each on
top of what we've already paid and they're 30 hour flights."

 

Ms Hipkiss, who works as a carer to fund her university studies, added that
they had already faced a "difficult decision" about whether or not to come
on the holiday, which they booked before the pandemic took hold in the UK.

 

"We decided to go because it came down to the fact the airline was offering
a maximum of £5 as a refund," she said.

 

The Department of Transport has advised people in Croatia, Trinidad and
Tobago and Austria to follow local rules and check the Foreign Office
website for further information.

 

In a statement, it urged employers to be "understanding of those returning
from these destinations who now will need to self-isolate".

 

But children currently on holiday in those three countries will now miss the
start of the new school term in England, Wales and Northern Ireland - unless
their parents can get them home before 04:00 BST on Saturday.

 

People who do not self-isolate when required can be fined up to £1,000 in
England, Wales, and Northern Ireland. In Scotland the fine is £480, and up
to £5,000 for persistent offenders.

 

BBC Balkans correspondent Guy De Launey said only a small number of direct
flights from Croatia were due to reach the UK before the deadline of 04:00
BST on Saturday.

 

The UK introduced the compulsory 14-day quarantine for arrivals from
overseas in early June.

 

But the following month, the four UK nations unveiled lists of "travel
corridors", detailing countries that were exempt from the rule.

 

Since then it has periodically updated that list, adding and removing
countries based on their coronavirus infection rates and how they compare
with the UK's.—bbc

 

 

 

Facebook’s Latest Scheme to Kill Competition: Data Portability

The social media giant’s strategy of “copy, acquire and kill” startups that
threaten its dominance is well known.

The Mark Zuckerberg-led firm is now the subject of several antitrust
investigations.

No social media giant is as well-populated or ubiquitous as Facebook
(NASDAQ:FB). Around the world, social media users don’t have anything that
comes close to an alternative.

 

But if Facebook has its way, a piece of legislation allowing the transfer of
photos and videos between rival social media platforms could become law.
That’s bound to level the playing field, right?

 

Not quite!

 

Any keen observer of the Mark Zuckerberg-led social media giant will tell
you that Facebook only gives ground when it has something to gain. Or when
it has more to lose by not yielding.

 

Why Mark Zuckerberg Is Suddenly Pushing for Data Portability

Last week, Facebook sent comments supporting data portability legislation to
the Federal Trade Commission (FTC). Facebook will hold a hearing with the
antitrust and consumer protection body next month.

 

Facebook’s embrace of data portability legislation comes amid growing
complaints of anti-competitive behavior by the social media giant. It is
already facing several antitrust investigations.

 

Besides an FTC investigation, New York Attorney General Letitia James is
probing Facebook. The House Judiciary Committee is investigating Facebook,
too. Interestingly, the social media giant has donated heavily to members of
the committee.

 

 

It is not inconceivable that Facebook’s only goal is to push for relatively
harmless legislation. This will allow it to fend off more meaningful
regulatory action. In other words, to maintain the status quo.

 

Facebook’s Half Measures

The move to appease, forestall, and fend off meaningful regulation does not
even give justice to the term “data portability.”

 

For starters, Facebook is only advocating for the data porting of photos and
videos. It is not yet open to allowing contacts and friend lists to be
shared. Facebook has said that this will happen eventually.

 

Remember when Facebook promised it wouldn’t share user data between WhatsApp
and its main app after it acquired the messaging app? Well, it broke its
word. 

 

Why Data Portability Legislation Is Not Good Enough for Facebook’s Rivals

It is no secret that Facebook has heavily relied on copying, acquiring, or
destroying startup rivals to maintain growth and dominance.

 

With nearly 3 billion users across the world, over $50 billion cash in hand,
and a market cap of over $750 billion, few can match Facebook’s power.

 

Facebook has not grown to a user base of nearly 3 billion by playing “nice.”


During the antitrust hearing last month, Facebook’s strategy of keeping
competitors away from gobbling its lunch was well outlined.

 

Last month Congresswoman Pramila Jayapal accused Facebook of employing the
“copy, acquire, and kill” strategy to maintain a near-monopoly. Mark
Zuckerberg was at pains to deny this categorically. Watch the video below:

 

 

 

The Art of Dominating

Most recently, Facebook’s strategy of copying rivals has been evident. In
the case of TikTok, for instance, Facebook introduced a short-form video
feature on Instagram after its standalone app meant to fend off TikTok
failed.

 

 

Facebook’s latest product, Instagram Reels, is copied from the
ByteDance-owned TikTok.  

Instagram, on the other hand, was an acquisition that came after Zuckerberg
reportedly threatened to destroy the app.

 

Facebook’s embrace of data portability is also arising out of inevitability.
The European Union has already made data portability a requirement under the
bloc’s privacy law known as General Data Protection Regulation (GDPR).

 

Facebook is not advocating for the legislation out of the goodness of its
heart. It is doing so because putting it off is not viable. Such law is
meant to inflict minimal pain on Facebook while possibly forestalling a more
significant impact.

 

Disclaimer: The opinions expressed in this article do not necessarily
reflect the views of CCN.com and should not be considered investment or
trading advice from CCN.com. Unless otherwise noted, the author holds no
investment position in the above-mentioned securities.-cnn

 

 

 

Tesla Tops $2,000 a Share, Is Now Worth More Than ExxonMobil, Shell, and BP
Combined

A belief in a better tomorrow and exhilarating sky-high returns are two of
the many reasons Tesla (NASDAQ:TSLA) embodies every stock investor's dream.
It's a decade-long story of what it means to truly win in the stock market
by sticking with a company through the ups and downs.

 

But there's another story: the story of the rise and fall of oil giants like
ExxonMobil (NYSE:XOM), Royal Dutch Shell (NYSE:RDS.A) (NYSE:RDS.B), and BP
(NYSE:BP). Last week, Tesla stock passed $2,000 a share for the first time
in its history, making Tesla worth more than those three oil giants
combined.

 

Tesla is rising and oil stocks are falling, but here's why you may not want
to buy Tesla right now. 

 

A white Tesla Model S cruising by a snowy mountain. 

 

The ephemeral king

For the first decade of the 21st century, oil stocks helped make people
rich. Strong oil demand and limited supply caused oil prices to quadruple in
eight years, leading oil stocks to dominate the list of the most valuable
companies by market capitalization. At the helm was ExxonMobil, which
reached a peak market cap of over $525 billion on Oct. 18, 2007. If you
invested in Exxon at the beginning of 1995 and held it for 13 years, the
share price appreciation and dividends would have increased your investment
762%.

 

Many technology giants like Microsoft began the 21st century with market
caps comparable to the oil majors, but the oil majors soon pulled away.

 

For the first 10 years of the 21st century, an investment in energy would
have more than doubled your money, whereas an investment in tech would have
cut it in half and then some. 

 

But then, the world changed, and tech giants began competing with ExxonMobil
for the title of the most valuable company. Although there was a time when
buying oil stocks would have made you rich, you would have been much better
off owning technology stocks over the past 10 years.

 

Today, technology comprises over a quarter of the S&P 500, whereas energy
makes up just 3%. 

 

Let there be light

But what about Tesla? You may be questioning how Tesla could be worth more
than some of the world's biggest oil companies combined, when it posted its
first annual profit in January of this year. It all has to do with future
expectations and where investors think a company is going.

 

Many investors believe that Tesla's best days are still ahead. Its
first-mover advantage in the electric vehicle space has proved invaluable.
Although it took a few very turbulent years to work out the kinks of
producing its cars at scale, Tesla is now the undisputed market leader in an
industry that could surpass internal combustion engine cars over time.

 

For this reason, investors are willing to pay a big premium for Tesla stock,
believing that Tesla will continue to grow revenue and earnings for years to
come. So, although Tesla doesn't make a lot of money right now, the
widespread conviction that it will be extremely profitable later on is why
investors keep making money on Tesla stock.

 

Aside from wanting to make money, many people want to invest in companies
that they truly believe are creating a better tomorrow. This type of
investing is called environmental, social, and governance (ESG) investing.
For folks who believe electric vehicles are one answer to a brighter future,
investing in an ESG stock like Tesla is a way to make investing fulfilling
and profitable.

 

 

>From oil to energy

By contrast, many people believe that the best days for oil and gas have
passed. And for the first time ever, many oil and gas companies agree with
that statement.

 

Shell CEO Ben van Beurden noted during the company's first-quarter earnings
call that even he doesn't know if oil demand will ever return to its
pre-pandemic levels.

 

On Aug. 4, BP made it clear that it doesn't even want to be an oil company
anymore, posting a press release titled "From International Oil Company to
Integrated Energy Company." In that release, BP said it would cut its oil
production by 40% by 2030 and increase its annual low carbon investment by
1,000% between now and 2030. 

 

Meanwhile, ExxonMobil has dug in its heels, showing little interest in
investing in renewables. It continues its mission to be the best oil and gas
company in the world.

 

The dangers of valuation

It may not be a good idea to invest in Tesla right now for the same reason
investing in ExxonMobil in 2007 wasn't a good idea: valuation. Exxon could
dominate when oil was king and it was the king of oil.

 

Right now, Tesla seems like it can do no wrong, benefiting from competition
that hasn't caught up and a seemingly endless runway of possibilities. But
Tesla has a lot to prove, and its increased stock price has taken away a lot
of upside. Near a $400 billion valuation, it's hard to see Tesla going up
from here.

 

 

Contrarian ESG investing

Oil's best days may be behind it, but I disagree that Tesla should be valued
more than Exxon, Shell, and BP combined. And with many oil majors now
embracing renewables, a few oil giants could turn into renewable energy
stocks. Investing in an oil giant that is trying to get away from oil could
be a contrarian way to approach ESG investing.

 

In the meantime, Exxon, BP, and Shell all yield over 4% and are on sale for
40% off their prices at the beginning of the year. Tesla is an amazing
growth story, but at today's prices, I'd go with a downtrodden oil major
that wants to be a diversified energy company or an elite oil stock.

 

Daniel Foelber owns shares of BP and Royal Dutch Shell (A Shares). The
Motley Fool owns shares of and recommends Tesla. The Motley Fool has a
disclosure policy.

 

The Motley Fool Makes 5G Buy Alert

 

5G is one of the greatest arrivals in technology since the birth of the
internet.

 

And in 2020
 we could see an onslaught of new wealth-building opportunities
that would potentially dwarf any that came before them.

 

There’s a perfect storm being created by some of the biggest tech titans in
the world
 with each one fighting tooth and nail to win the 5G arms race.

 

But the smart money is doing something different


 

Fortunately, our team at Motley Fool Rule Breakers has identified one
under-the-radar California company that’s cleverly positioned itself to
dominate the 5G industry with its unique business model and technology.

 

 

 

Bitcoin Price Manipulators Watch Closely as BTC Loses Bullish Momentum

On Sunday Aug. 2 the price of Bitcoin (BTC) dropped by 12% in just 5
minutes. In the same period of time Ether (ETH) dropped by 21% and similar
losses were observed with many other altcoins.

 

In retrospect, the general consensus on the cause was an unknown entity
unloading roughly $1 billion on the open market during a time of low volume
and liquidity.

 

At first thought, one would assume that selling such a huge amount in an
illiquid market would be to the detriment of the seller, but given the size
of the move, we don’t think the seller was unaware of what would happen.

 

In fact, it's entirely possible that the orchestrated move was 100%
intentional. Here is how the crypto market was thrust into a sharp
correction with one large sell.

 

How the flash crash may have been intentional

This was a well thought out move which involved the buyer beginning to buy
coins in the spot market when the price was nearing and obvious kety
technical resistance.

 

After the investor built a position, they then put in a large market order
to take down all the offers on the order book and push the price sharply
below a key resistance level.

 

This maneuver triggered a significant number of buy orders from other
investors who had stops to buy above the resistance level. At the same time,
a short-squeeze was caused due to traders who were short from this
resistance level.

 

The investor who submitted the large market order now enjoys the price
appreciation of the coins bought before the breakout, following the ignited
momentum.

 

After some time, this trader decides that it’s time to ring-up the register.
Thus, he quietly builds a short futures position on various exchanges using
different accounts to be as stealth as possible.

 

Using 30x to 50x leverage, the investor is able to maintain the position
even if the price of the underlying asset goes up by 2% or 3%.

 

Once he has accumulated a big enough short futures position, he then sells
the previously purchased stash of BTC at market rate when the market
exhibits low liquidity again.

 

By doing this, all the bids in the order book are taken out, resulting in a
price crash which ignites as he had built before a short position with
futures. The result is, a nice profit is locked in from the short position.

 

A few examples of how it’s done:

Let’s say BTC is trading at $9.9K and the key resistance is at $10K.

 

A trader builds a stealthy position of 100 BTC with about $1 million of cash
at an average price of $9.9K. Then he puts a market order to buy 100 BTC at
the time when the market liquidity is low and this pushed the price
instantly to $10.4K.

 

This means his average position is 200 BTC at $10,150. The move above the
obvious resistance price triggers other traders to buy above $10K, and also
catalyzes a short-squeeze that forces short traders to cover their position
by buying back the underlying. This results in even more upward pressure on
the price of the underlying and phase 1 of the traders plan is complete.

 

Now BTC sits at $11.8K and the trader manipulating the market begins to
build a short futures position with 30x to 50x leverage. For simplicity,
let’s consider 50x leverage, meaning for $1 invested, $50 of the underlying
asset is obtained.

 

The trader again builds a stealth short position in futures markets across
several exchanges using multiple accounts. As he is leveraged 50x, in order
to cover his long position of 200 BTC worth $2.36 million, he needs to sell
shorts for only 200BTC / 50 = 4 BTC.

 

He would then use some of the proceeds from his initial buy to cover the
margin of futures contracts worth 4 BTC.

 

Of course he can also sell more futures in order to further magnify the move
and his upcoming ill-gotten profit also.

 

The final move

The trader completes his witty strategy by selling the 200 BTC he initially
bought at market all at once when market liquidity is low.

 

This results in crashing the price of BTC from $11.8K to $10.1K. His long
position price was $10,150 so while he takes a little $10K loss on his
initial position, he profits significantly from the futures sold short. The
result is a net gain of $330K or 16.5% of the initial $2 million invested
and all of this was done with minimal risk.

 

The takeaway

Obviously, this is an overly simplified example of how big players
manipulate the market and take advantage of weekends when liquidity and
trading volumes are lower.

 

This sort of setup requires a significant amount of upfront capital and
decent trading infrastructure in order to execute seamlessly. But, given the
liquidity and volatility of the crypto market versus traditional markets,
just $10 million of capital could lead to decent returns with minimal risk.

 

This is at least feasible until regulators step in.

 

There are ways to perpetrate this maneuver with even more leverage. By using
futures to take the initial long position which requires on a fraction of
their notional value to trade, and buying put options instead of selling
futures to profit even more off the provoked downward move due to the
convexity of the options.

 

However, such practice requires specific market conditions (i.e. a
well-regarded instrument with price nearing a key technical point) and an
easy to manipulate instrument (i.e. an instrument for which derivatives
exist). Therefore, this play cannot be conducted all the time.

 

Basically, the entire maneuver is market manipulation and it is completely
illegal in traditional markets. However, in the wild west of crypto-land,
unscrupulous traders can still act with little worries for now.

 

The hope is that as crypto markets mature, these kinds of price manipulation
plays will disappear.

 

As the market grows, the larger amount of cash needed to perpetuate these
sorts of acts, and the increased risk that an even larger player could
counter the one who initiated the move may deter manipulation.

 

The views and opinions expressed here are solely those of the author and do
not necessarily reflect the views of Cointelegraph. Every investment and
trading move involves risk. You should conduct your own research when making
a decision.-cointelegraph

 

 

 

Dollar bides time as traders look to economic data, Jackson Hole

The dollar steadied against major currencies on Monday as traders looked to
more data for a gauge on the health of the global economy and the Federal
Reserve’s annual Jackson Hole retreat for guidance on the outlook for U.S.
monetary policy.

 

Sentiment for the greenback has improved somewhat due to supportive data on
business activity and home sales, but there are still concerns that
additional monetary easing may be necessary to keep economic growth on
track.

 

Traders in the yuan, and across the broader financial markets, are also
nervously watching Sino-U.S. ties as President Donald Trump’s wide-ranging
diplomatic dispute with China shows no signs of abating.

 

“There could be a short-term bounce in the dollar, especially against the
euro,” said Junichi Ishikawa, senior foreign exchange strategist at IG
Securities in Tokyo.

 

“In the long term, the dollar will resume its decline because the Fed has to
commit to aggressive easing for an very long time.”

 

Against the euro, the dollar held steady at $1.1803, clinging onto gains
made late last week.

 

The British pound bought $1.3095 and traded at 90.14 pence per euro.

 

The greenback fetched 0.9121 Swiss franc, holding onto a 0.5% gain from
Friday.

 

The yen held steady, with the dollar changing hands at 105.76 yen, showing
little reaction after Japanese Prime Minister Shinzo Abe entered hospital on
Monday amid speculation about his health.

 

Federal Reserve Chairman Jerome Powell will discuss monetary policy on
Thursday at the opening day of the Kansas City Fed’s annual symposium.

 

This year the meeting will be held online, and not at the hunting and
fishing resort of Jackson Hole, Wyoming because of the coronavirus pandemic.

 

The quantitative easing that the Fed has deployed so far has flooded
financial markets with excess liquidity and weighed on the dollar.

 

Last week the dollar index against a basket of six major currencies fell to
the lowest in more than two years. It was last trading at 93.155, little
changed from Friday.

 

The world’s policymakers have unleashed an unprecedented wave of monetary
easing and fiscal support to offset the economic drag caused by the
pandemic.

 

However, many countries are now battling a second wave of infections, which
could further delay a full-fledged economic recovery. As usual, investors
will also be watching out for a further run of data this week for clues on
the global economy, including a second estimate of U.S. GDP for the second
quarter as well as weekly jobless claims and some second tier Asian
indicators.

 

The euro was on the defensive following disappointing manufacturing and
services sector data for Europe released on Friday.

 

The common currency’s next major hurdle is the release of the
closely-watched Ifo sentiment survey on Tuesday.

 

The euro has pulled back slightly from a two-year high versus the dollar
reached last week, which makes it vulnerable to short-term profit taking,
some analysts say.

 

Net short positions in the dollar declined from a more than nine-year high
hit a week earlier, according to calculations by Reuters and U.S. Commodity
Futures Trading Commission data released on Friday, which suggests that the
greenback’s declines could start to slow.

 

The speculative community has been short the U.S dollar since mid-March.

 

The onshore yuan traded at 6.9175, little changed on the day amid lingering
doubts about frayed U.S.-China ties.

 

Trump on Sunday raised the possibility of decoupling the U.S. economy from
China as part of a broad-ranging dispute with Beijing over China’s role in
global trade and advanced technology.

 

The Australian dollar edged up to $0.7175 after the state of Victoria
reported its lowest daily rise in new coronavirus infections in seven weeks
on Monday, fuelling optimism that a deadly second wave there is subsiding.

 

The New Zealand dollar was steady at $0.6542.—cnbc

 

 

 

Market timing when ‘clocks have no hands’ — Warren Buffett’s warning is as
relevant now as it was in 2000

‘They know that overstaying the festivities — that is, continuing to
speculate in companies that have gigantic valuations relative to the cash
they are likely to generate in the future — will eventually bring on
pumpkins and mice. But they nevertheless hate to miss a single minute of
what is one helluva party. Therefore, the giddy participants all plan to
leave just seconds before midnight. There’s a problem, though: They are
dancing in a room in which the clocks have no hands.’

 

That’s a quote from Warren Buffett’s letter to shareholders way back in
2000, but it resurfaced on Reddit on Sunday, with investors comparing it to
the current stock market environment.

 

At the time, the Berkshire Hathaway BRK.B, +0.63% chairman was comparing
those cashing in during the frenzy of the dot-com bubble to Cinderella at
the ball.

 

“The line separating investment and speculation, which is never bright and
clear, becomes blurred still further when most market participants have
recently enjoyed triumphs,” Buffett wrote in the letter. “Nothing sedates
rationality like large doses of effortless money.”

 

Today’s investor knows a thing or two about effortless money, as the
disconnect between the market highs and the reality of the devastated
economy has never been more pronounced, thanks in large part to the Federal
Reserve’s commitment to pumping cash into the system.

 

Buffett’s fairy-tale quote isn’t the only thing harkening back to those
heady tech days. The “Buffett Indicator,” which takes the Wilshire 5000
Index and divides it by the annual U.S. GDP, recently touched its highest
level since right before the 2000 bubble popped.

 

“What does that mean for us? It means stay long stocks in longer-dated
accounts, and make sure you own assets (such as a house, etc.),” Sevens
Report Research founder Tom Essay recently explained to Yahoo Finance. “But
it also means this asset inflation cycle better not stop, because... if
asset inflation stops, it’s a long, long way down to fundamental support.”

 

Meanwhile, the “giddy participants” keep dancing, with stocks looking to
extend Friday’s gains. At last check, futures on the Dow Jones Industrial
Average YM00, +0.26% , Nasdaq Composite NQ00, +0.36% and S&P 500 ES00,
+0.25% were all pointing to a positive start to the week.

 

And if you’re looking for signs of bubble behavior among investors, look no
further than Reddit’s jayjay16022, who offered this take in the comment’s
section under the Buffett quote:

 

“I can’t help but feel like we live in times when the old rules don’t apply
any longer. It’s not just Tesla TSLA, +2.40% . Apple AAPL, +5.15% is worth
almost ten times its revenue. Same goes for Alphabet AAPL, +5.15% and many
other NASDAQ COMP, +0.41% companies,” he wrote in his Reddit post. “Is this
really just another giant bubble, or is this the New Age fueled by low
interest rates and massive bond buying by the FED? Only time will tell.”

 

So, is it really different this time?

 

A financial-markets whodunit is rocking the exchange-traded world

When an exchange-traded note in a death spiral was taken off the exchange
where it traded, someone may have seen an opportunity to put the screws on a
short seller,-markewatch

 

 

 

Corporations’ hunger for renewables to drive clean energy deployment in
Taiwan

Corporate demand for renewables will drive the growth of clean energy
markets in Taiwan amid falling solar and wind prices, ambitious government
targets, and the liberalisation of power trade in the country, said experts
at a virtual dialogue organised by the Global Wind Energy Council this
month.

 

The dialogue, Corporate Sourcing of Renewable Energy in Taiwan, gathered
government representatives, industry players, and legal experts to delve
into the opportunities and challenges in corporate clean energy procurement
in Taiwan.

 

Efforts to spur firms to source green power and facilitate clean electricity
trade mean that the future for developers looks rosy in Taiwan, speakers
said. Meanwhile, companies that procure renewable energy stand to benefit
from coveted business opportunities as investors and supply chains become
increasingly sustainability-minded.-ecobusiness

 

 

 

 

New Binance Exclusive Reveals The Bitcoin Exchange Might Have A Serious
Problem

Bitcoin, despite its growing mainstream popularity, is a favourite tool of
cyber criminals, with one ransomware variant, known as Ryuk, thought to have
stolen $61 million since it was created in 2018, according to the FBI.

 

Ransomware hackers, who encrypt their victims' files before demanding
bitcoin or other cryptocurrencies to unlock them, began increasingly
targeting hospitals and healthcare providers during the coronavirus
pandemic, Interpol reported in April, with criminals taking advantage of an
influx of remote workers.

 

Now, researchers who say they are concerned by this trend have compiled
information that could be damaging to Binance, one of the largest bitcoin
exchanges in the world—suggesting the exchange is failing to prevent Ryuk
hackers from turning the stolen bitcoin into cash.

 

Researchers found that bitcoin worth over $1 million from several addresses
connected to Ryuk ransomware attacks made its way to a wallet on the Binance
exchange over the last three years, with the wallet still active as of this
month.

 

"Out of the 63 sampled transactions worth around $5,700,000, it was found
that over $1 million was sent from the hacking team wallets to the Binance
exchange platform to cash out their ransom payments," the researchers, who
asked to remain anonymous, wrote in a document seen by this reporter and
shared with Binance.

 

"Thirteen other bitcoin addresses associated with Ryuk, containing a total
of $1,064,865, followed a similar pattern. All were sent from the hackers’
wallets to several other addresses, and eventually to Binance, enabling them
to cash out their ransom payments."

 

The remaining $4.7 million worth of bitcoin traced by the researchers is
currently still being held at various off-exchange addresses, suggesting
Binance is the cyber criminals' exchange of choice.

 

Asked about the report's findings, the Binance security team said that
"fighting money laundering, ransomware, and other malicious activities is a
never-ending endeavor at Binance."

 

"It is our top priority to ensure the safety of our customers and the
integrity of the broader crypto space," Binance said, pointing to a number
of "security features" and "engineering techniques" it uses to identify
illicit activities, including "detection algorithms to flag potentially
malicious activities."

 

"Unfortunately, when it comes to tracking illicit activity on-chain,
attribution is not always black and white," Binance added, explaining "the
recipient may be completely unaware of the fraudulent source of the
transaction" and the exchange "has a wide variety of customers operating on
its platform."

 

Binance chief executive, Changpeng Zhao, often known simply as CZ, has
previously said the exchange relies on mixture of in-house "blockchain
analysis" and social media reports to prevent hackers and cyber criminals
using its services.

 

Cracking down on unlawful use of bitcoin exchanges is "truely a tough
balance," one widely-respected blockchain industry expert said via Telegram,
prefering to speak anonymously.

 

"If you clamp down with policies and procedures in order to try to slow
these bad actors, it negatively affects all the innocent users. [There's] no
easy answer."

 

Binance's own analysis of the fund flows found the Singapore-based bitcoin
and cryptocurrency exchange Huobi received around 400 bitcoin indirectly
sourced from a combination of ransomware campaigns with the now defunct
exchange BX Thailand also receiving some 140 bitcoin from the Ryuk
ransomware.

 

Meanwhile, Binance this month helped Ukraine authorities take down a group
of criminals involved in a global $42 million ransomware and money
laundering operation.-forbes.com

 

 

 

Newly-listed ChiNext shares surge in historic reform

SHANGHAI (Reuters) - Shares of 18 companies surged on their ChiNext debut on
Monday, kicking off a historic reform that will see Shenzhen officially
challenge Shanghai for tech listings, while adding fuel to a “technology
war” with the United States.

 

Investors piled into the first batch of companies that list on Shenzhen’s
tech-focused start-up board under a streamlined system for initial public
offerings (IPOs) that will help make the process less bureaucratic. Trading
restrictions will also be loosened.

 

The biggest gainer among them, automotive cable maker Ningbo KBE Electrical
Technology Co 300863.SZ, jumped more than 500% in morning trading.

 

But with more than 800 ChiNext-listed companies trading at roughly 60 times
earnings on average - compared with 38 for Nasdaq .NDX - some market
watchers warn of bubble risks.

 

“The ChiNext reform is a significant part of China’s grand competition
strategy with the U.S.,” wrote Hao Hong, head of research at BOCOM
International.

 

But describing ChinNext as “a venue for speculation,” Hong said that
“falling stock prices, instead of rising, should be the sign of whether such
market reform is successful”.

 

China’s top securities regulator Yi Huiman reiterated on Monday that
regulators will have “zero tolerance” toward market misbehaviors, but will
not interfere with normal trading activities.

 

The 18 companies listed on Monday also include Contec Medical Systems Co
300869.SZ, which jumped nearly 500% in morning trading, and Chengdu Dahongli
Machinery Co 300865.SZ, which was up about 200%.

 

Based on Shanghai’s year-old STAR Market, the broadening IPO reform will
help strengthen the appeal of China’s capital markets at a time when Chinese
tech firms face growing U.S. scrutiny and risk of being delisted from U.S.
markets.

 

Abrahman Zhang, chairman of Shenzhen China Europe Capital Co, said the IPO
reform benefited Chinese venture capitalists, who are finding it easier to
raise tech-focused funds, and exit their investments via listings.

 

“Top policymakers are recognising that venture capitalists help boost
productivity, rather than seek arbitrage,” Zhang said.

 

“One concern is that too much hot money is now chasing a limited number of
quality companies in China.”

 

 

 

 

Iraq pledges to deepen oil output cuts in Aug, Sept by 400,000 barrels/day

DUBAI (Reuters) - Iraq said on Friday it would cut its oil production by
another 400,000 barrels per day in both August and September to compensate
for its overproduction in the past three months.

 

Iraq oil minister Ihsan Abdul Jabbar said in a joint statement with his
Saudi counterpart Prince Abdulaziz bin Salman that Iraq's output cut was in
addition to the 850,000 bpd it had committed to cut in August and September
under an OPEC+ supply pact.

 

 

 

The total reduction to Iraq's production in August and September will amount
to 1.25 million bpd for each month.

 

"The reduction could be adjusted when the six secondary sources publish
their production figures," the joint statement said, referring to oil
industry data providers such as the International Energy Agency.

 

The two ministers stressed their full commitment to an OPEC+ deal curbing
oil production.

 

Abdul Jabbar confirmed Iraq's firm commitment to the OPEC+ agreement, adding
that Iraq would reach 100% conformity by the beginning of August.

 

The two ministers discussed in a phone call the latest developments in the
oil markets, continued recovery in global demand and progress made towards
implementing the OPEC+ agreement.

 

The Organization of the Petroleum Exporting Countries and allies, known as
OPEC+, began a record supply cut in May to bolster oil prices hammered by
the coronavirus crisis.

 

OPEC and allies led by Russia, known as OPEC+, agreed to cut output by 9.7
million bpd, or around 10% of global output, from May 1, and to taper off
the cuts to 7.7 million bpd from August.

 

In July, OPEC delivered 5.743 million bpd of its share of the cuts, equal to
94% compliance, a Reuters survey found.

 

Iraq agreed to cut output by 1.06 million bpd under the deal.

 

The Saudi and Iraqi energy ministers said efforts made by OPEC+ member
states would enhance the stability of global oil markets, accelerate its
balancing and send positive signals to the markets, the statement said.

 

OPEC oil output rose by more than 1 million bpd in July as Saudi Arabia and
other Gulf members ended their voluntary extra curbs on top of the OPEC-led
deal, and other members made limited progress on
compliance.-business-standard

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2020

 


Company

Event

Venue

Date & Time

 


RTG

AGM

Virtual

24 August 2020 | 12pm

 


SeedCo International

AGM

Virtual (https://eagm.creg.co.zw/eagmzim/Login.aspx#)

26 August 2020 | 9am

 


SeedCo

AGM

Virtual (https://eagm.creg.co.zw/eagmzim/Login.aspx#)

28 August 2020 | 9am

 


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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