Major International Business Headlines Brief::: 01 December 2020

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Major International Business Headlines Brief::: 01 December 2020

 


 

 


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ü  China-US trade war: Beijing escalates tit-for-tat with Washington

ü  Zoom boosts sales forecast as pandemic drags on

ü  Topshop owner Arcadia goes into administration

ü  China gets tough on firms over single-use plastics

ü  Microsoft files patent to record and score meetings on body language

ü  Unilever explores four-day working week

ü  Asian shares extend gains on recovery hopes, following stellar November

ü  LG Chem to double China battery capacity to meet Tesla demand - sources

ü  Biden urged by 32 advocacy groups to reject Big Tech influence

ü  Cyber Monday poised to mark record for U.S. online retail sales

ü  S&P 500 to swallow Tesla in one gulp; shares surge

ü  U.S. judge rejects $648 million Bayer PCB contamination settlement

ü  Nigeria: Govt Should Unlock Investment, Prioritise Spending - Report

ü  Rwanda: New Broadband Provision Model to Be Tested in Rwanda

ü  Africa: AfCFTA - Africa Readying for Free Trade Come January 2021

ü  Southern Africa: Strategy to Ensure Namibia Benefits From AfCFTA

ü  Namibia: Multi-Billion Steel Plant to Tackle Unemployment

 

 

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


China-US trade war: Beijing escalates tit-for-tat with Washington

China has introduced tough new laws which restrict the export of "controlled
items".

 

The rules primarily focus on the export of military technologies and other
products that might harm China's national security.

 

The export controls are widely believed to be in response to similar actions
by the US.

 

TikTok, Huawei and Tencent are among the casualties of Washington's Chinese
technology crackdown.

 

There are concerns the new regulations, which came into effect on Tuesday,
could escalate the ongoing trade war with the US.

 

Trade tensions between the world's two biggest economies began in 2018 but
have ramped up this year.

 

Tech cold war

President Donald Trump's administration has introduced executive orders
against a range of Chinese firms arguing they could share data with the
Chinese government.

 

China's new export laws are "a reaction to this escalation of the tech war
and it's China looking to cover its own advantages", said Alex Capri,
visiting professor at the National University of Singapore.

 

Speaking on BBC's Asia Business Report, Mr Capri added: "The other thing I
find really interesting is China has placed AI and algorithms under these
export controls.

 

"This was prompted by the US ban on TikTok. The Chinese government does not
want to share this AI."

 

Mr Capri believes the ongoing trade war between the US and China will follow
the "same trajectory" under Joe Biden. "We're in a cold war with China -
it's a tech cold war," he said.

 

What do the new laws do?

The Export Control Law establishes several categories of “controlled items”,
which include nuclear, military items and “dual use” items that can be used
for both civilian and military purposes.

 

The law also covers items that are considered vital to the protection of
China’s national security.

 

Exporters must apply for a license in order to export any item listed on a
control list or subject to temporary controls.

 

Data associated with the controlled items is also covered by the law.

 

The law imposes penalties of ten times the value of the offending
transaction up to $760,000 (£569,000).

 

It also allows for the punishment of overseas organisations or individuals,
suggesting Beijing might attempt to use it to restrict the sale of sensitive
technology globally.

 

Rare earth

Prices for rare earth minerals have increased in anticipation that the law
could affect their export.

 

China is the world’s biggest supplier of rare earth minerals, which are used
in products ranging from consumer electronics - like smart phones - to wind
turbines.

 

"China has a massive overwhelming advantage when it comes to rare earths,"
said Mr Capri. "Essentially, over the past 30 years, the ability to extract
rare earths lies with China. It's going to be hugely important when it comes
to jet fighters, automotive, etc."--BBC

 

 

 

Zoom boosts sales forecast as pandemic drags on

Video conferencing company Zoom has said annual sales will be even higher
than expected as the pandemic drives demand for its software.

 

The California firm said revenue could hit more than $2.5bn (£1.9bn) - more
than twice what it forecast in March.

 

The prediction comes as Zoom, once a niche tech name, has shot to prominence
during the pandemic.

 

Millions have turned to the app to socialise with family and friends, teach
and meet with colleagues.

 

Zoom founder and chief executive Eric Yuan said the company was converting
more and more businesses to paying customers, as they adapt to "a new world
of work from anywhere".

 

At the end of October, Zoom had nearly 434,000 business customers that had
more than 10 employees - up approximately 485% from the same quarter a year
ago.

 

The surge has lifted revenue and profits and sent the firm's stock soaring.

 

Zoom said sales in the August-October period hit $777m, up 367%
year-on-year. Profits were $198.4m in the quarter, compared to $2.2m in the
same period a year earlier.

 

On Monday, the company revised higher its full-year forecast for a third
time, telling investors it expected full-year sales of more than $2.5bn, up
from $2.37bn it forecast in August.

 

That would compare to just $622.7m in the prior financial year.

 

Despite the gains, shares in the firm fell in after-hours trade, after Zoom
said it expected sales between $806m and $811m in the last three months of
its financial year, implying a slight slowdown in the firm's blockbuster
growth rate.

 

Investors are eager to see how Zoom will fare as coronavirus concerns fade.

 

Zoom chief financial officer Kelly Steckelberg said the firm remained
"optimistic on Zoom's outlook", but cautioned investors to remember that
"the impact and extent of the COVID-19 pandemic and its associated economic
concerns remain largely unknown".

 

"Our higher outlook for FY21 is based on our current perspective of the
business environment," she said.

 

She said while many smaller businesses and individual users may leave Zoom
as life returns to normal, she expected remote working to remain more common
than it was.

 

"Remote work trends are here to stay," she said on a conference call to
discuss the firm's results.--BBC

 

 

 

Topshop owner Arcadia goes into administration

Topshop, Burton and Dorothy Perkins owner Arcadia has gone into
administration, putting 13,000 jobs at risk.

 

The High Street giant has hired administrators from Deloitte after the
pandemic "severely impacted" sales across the group.

 

No redundancies would be announced immediately, it said in a statement.

 

And Arcadia's stores will continue to trade as Deloitte considers all
options available to the group.

 

All orders made over the Black Friday weekend will also be honoured, the
administrators added.

 

Sir Philip Green's retail empire had failed to secure extra funding to pay
its debts after sales slumped during the pandemic.

 

The group, which runs 444 stores in the UK and 22 overseas, said 9,294
employees are currently on furlough.

 

The administration will give Arcadia breathing space from creditors, such as
landlords for its shops or clothing suppliers, while a buyer is sought for
all or parts of the company. Arcadia executives will still hold day-to-day
control over the business.

 

Ian Grabiner, the boss of Arcadia, said it marked an "incredibly sad" day
for the group.

 

"The impact of the Covid-19 pandemic, including the forced closure of our
stores for prolonged periods, has severely impacted on trading across all of
our brands," he said.

 

"Throughout this immensely challenging time our priority has been to protect
jobs and preserve the financial stability of the group, in the hope that we
could ride out the pandemic and come out fighting on the other side.

 

"Ultimately, however, in the face of the most difficult trading conditions
we have ever experienced, the obstacles we encountered were far too severe."

 

Matt Smith, joint administrator at Deloitte, said that it would be working
with Arcadia management to assess all of the options available to the
group's brands, which also include Evans and Outfit.

 

He said Deloitte would rapidly seek expressions of interest and expected to
identify one, or more, buyers to hopefully ensure the future of the
businesses.

 

Fashion retailer Boohoo is seen as a potential buyer for some of Arcadia
Group's big name brands, such as Topshop. In the past it has bought
struggling brands Oasis, Warehouse, Karen Millen and Coast.

 

The prospects for the 13,000 workers look very challenging. There is a lot
of industry chatter that online-only retailers might want to snap up the
names that still have some consumer power - such as Topshop and Topman.

 

But while the likes of Boohoo and Asos may want the brands, they will not
want to take on a portfolio of physical stores - which is where most of the
jobs are. Other brands like Wallis, Evans, Dorothy Perkins and Burton are
not considered very relevant to a new generation of consumers.

 

And what of Sir Philip? His gruff and combative style belies - or is perhaps
explained by - the fact he is much more thin-skinned and sensitive than you
might think. He will feel this failure personally - but that will be little
comfort to the thousands of employees facing an uncertain future with
Christmas round the corner and rising unemployment limiting their other job
options.

 

He is also very stubborn. That resistance to change, and insisting he knew
best, was at the heart of Arcadia's demise. It's hard to see another act in
what has been a career full of drama and controversy.

 

As many have said, at heart he was not really a retailer - he was a shrewd
financier - a money man. The future of retail requires a very different
skill-set.

 

Arcadia was once a darling of the High Street, but long before coronavirus,
Sir Philip's brands were struggling against newer, online-only fashion
retailers such as Asos, Boohoo and Pretty Little Thing.

 

Julie Palmer, partner at professional services firm Begbies Traynor, said:
"While the Covid-19 crisis has undoubtedly accelerated the company's
decline, in reality, the writing had been on the wall for Arcadia for some
time.

 

"Its competitors forged ahead with high-profile online propositions that it
simply failed to match."

 

In its most recent accounts for the year to 1 September 2018, Arcadia
reported a £93.4m pre-tax loss compared with a £164.6m profit in the
previous 12 months. It also said sales fell 4.5% to £1.8bn.

 

The pandemic did also lead to a huge drop-off in sales as stores had to shut
for long stretches.

 

While the business persuaded its landlords to lower its rents in June, it
was not enough to steady the ship.

 

Job worries

Arcadia's 13,000 workers now face an anxious wait. One store manager told
the BBC they felt "angry, sad and disappointed" on Monday.

 

"I've now got a large team that's all terrified of what's going to happen to
them and their futures", they said.

 

"I am just hoping that something can be done to preserve the brands and the
employees' jobs."

 

Dave Gill, from retail trade union Usdaw, said: "It is crucial that the
voice of staff is heard over the future of the business.

 

"We are seeking urgent meetings [with the administrators] and need
assurances on what efforts are being made to save jobs, the plan for stores
to continue trading and the funding of the pension scheme."

 

Adding to the uncertainty facing the thousands of Arcadia staff is an
estimated £350m hole in the company's pension fund, which has 10,000
members.

 

Stephen Timms, chairman of the Work and Pensions Committee, called on Sir
Philip to cover a shortfall in the pension scheme and urged the pension
watchdog to fight on behalf of the group's workers.

 

Business Secretary Alok Sharma tweeted on Monday that the independent
Pensions Regulator "has a range of powers to protect pension schemes", and
that he would be keeping a "very close eye" on the administrators' report on
director conduct.

 

Sir Philip previously faced controversy for selling off BHS, the former
department store chain, for £1 to businessman Dominic Chappell. The
following year, BHS went bust with the loss of 11,000 jobs and a pension
deficit of £571m.

 

Sir Philip reached a deal with the Pensions Regulator to inject £363m into
that scheme. Meanwhile, Mr Chappell was recently sentenced to six years for
tax evasion.

 

High Street woes

Arcadia is the latest major retailer to have been hammered by store closures
during the pandemic.

 

Competitors Debenhams, Edinburgh Woollen Mill Group, Oasis and Warehouse
have all slid into insolvency since lockdown measures were first imposed in
March.

 

The collapse of Arcadia could also affect Debenhams as it is feared it could
scupper a sale of the department store chain to JD Sports.

 

Arcadia is the biggest concession in Debenhams, accounting for about £75m of
sales. It sells brands such as Miss Selfridge and Evans across the
department store chain.

 

JD Sports had been closing in on a rescue deal to buy Debenhams, which is
currently in administration for the second time in a year.

 

Debenhams has already cut about 6,500 jobs since May, and now has about
12,000 employees across 124 stores.

 

--BBC

 

 

China gets tough on firms over single-use plastics

China is forcing restaurants, e-commerce platforms and delivery services to
report their use of single-use plastics.

 

The Ministry of Commerce said it had established a nationwide system for
retailers to report their plastic consumption.

 

The Ministry’s proposal is part of a wider push to deal with China’s huge
waste problem.

 

The rise in home food deliveries has also caused volumes to surge.

 

In September, the ministry said single-use plastic bags and eating utensils
would be banned from major cities by the end of the year, while single-use
straws would be banned nationwide.

 

A new “solid waste law” also came into effect in September, increasing fines
tenfold for those who break rules.

 

The new law also mandated the construction of new recycling infrastructure.

 

Plastic pollution

Wang Wang, chairman of the China Scrap Plastic Association, told Reuters the
bans would “only resolve the most visible types of plastic pollution”.

 

He said they were just one part of the country’s efforts to tackle waste.

 

In January, China’s National Development and Reform Commission issued a
five-year roadmap to reducing waste.

 

The policy called for a nationwide ban on plastic bags by 2022, as well as a
30% reduction in the use of single-use plastic items by restaurants.

 

Hotels were told that they must not offer free single-use plastic items by
2025.

 

China has for years struggled to deal with the waste its 1.4 billion
residents generate.

 

In fact China’s largest rubbish dump - which is the size of 100 football
fields - was full 25 years ahead of schedule.

 

The country is the world’s single biggest producer of plastic waste,
although it throws away far less on a per person basis than most western
countries.

 

The China National Resources Recycling Association said the country produced
63 million tonnes of plastic in 2019, with a recycling rate of around 30%.

 

The rest ended up in landfills or was burnt or abandoned.

 

The country produces around 20 million tonnes of single-use
non-biodegradable material annually, including 3 million tonnes of shopping
bags.--BBC

 

 

 

Microsoft files patent to record and score meetings on body language

Technology giant Microsoft has filed a patent for a system to monitor
employees' body language and facial expressions during work meetings and
give the events a "quality score".

 

A filing suggests it could be deployed in real-world meetings or online
virtual get-togethers.

 

It envisions rooms being packed with sensors to monitor the participants,
which could raise privacy concerns.

 

Microsoft is already under fire over a separate "productivity-score" tool.

 

'Employee-surveillance tool'

That feature was introduced last year but came to prominence only after a
public demo at a corporate event.

 

It allows managers to keep track of individual workers' use of Microsoft's
Office 365 software - including Outlook email and the Teams meeting and
Excel spreadsheet apps.

 

Microsoft points out the facility is not enabled by default and suggests its
primary goal is to identify IT shortcomings.

 

But critics say it is effectively an employee-surveillance tool.

 

Facial expressions

Companies do not always make use of patents they register.

 

But they often reveal ideas in development before they appear in commercial
products.

 

Details of the "meeting-insight computing system" were filed in July, ahead
of being made public this month.

 

They say the sensors could record:

 

·         which invitees actually attend a meeting

·         attendees' body language and facial expressions

·         the amount of time each participant spent contributing to the
meeting

·         speech patterns "consistent with boredom [and] fatigue"

They also suggest employees' mobile devices could be used to monitor whether
they were simultaneously engaged in other tasks - such as texting or
browsing the internet - as well as to check their schedule to take into
account whether they had had to attend other meetings the same day.

 

All that information would then be combined with other factors, such as "how
efficient the meeting was, an emotional sentiment expressed by meeting
participants, [and] how comfortable the meeting environment was", into an
"overall quality score", Microsoft says.

 

'False premise'

The patent also suggests the technology could be used to identify problems
that can make meetings ineffectual.

 

For example, if too many people were packed into a room or if the location
becomes uncomfortably hot in the afternoon sun.

 

"Many organisations are plagued by overly long, poorly attended, and
recurring meetings that could be modified and/or avoided if more information
regarding meeting quality was available," the patent says.

 

But one privacy campaigner suggested the system would be "invasive" and a
"major step back for workers' rights".

 

"This type of employee surveillance software obstructs diversity in
workplaces by operating on the false premise that there is a uniform,
normative way that people work optimally," Big Brother Watch director Silkie
Carlo said.

 

"A lot of surveillance tech is marketed as 'innovative' but in reality is
astoundingly retrograde."

 

'Discriminatory outcomes'

A Microsoft representative said it applied for "many patents" to protect its
engineers' work

 

"However, the application of a patent doesn't necessarily indicate that the
technology described will be implemented in a product," they added.

 

It comes as the Trades Union Congress (TUC) releases a report into the use
of technology in the workplace - including when artificial intelligence (AI)
starts to take on management functions.

 

The report "looks at exactly these types of technologies and the dangers
they pose of unfair and discriminatory outcomes for workers", TUC policy
officer Mary Towers said.

 

"In particular, we advocate more worker consultation and transparency over
when technologies like facial recognition and speech recognition are used
and how they are being used to make decisions about people at work," she
added.--BBC

 

 

 

Unilever explores four-day working week

Consumer goods giant Unilever plans to test a four-day working week in New
Zealand, giving staff a chance to slash their hours by 20% without hurting
their pay.

 

The Dove soap, Marmite and Lipton tea owner said it was exploring what the
results could mean for Unilever "on a broader scale in the future".

 

The trial comes as the pandemic has shaken up work practices.

 

"The old ways of working are outdated," the firm's New Zealand boss said.

 

Nick Bangs, managing director of Unilever New Zealand, said the goal of the
test was to "measure performance on output not time".

 

Covid-19, which has led many of his 81 staff to work remotely, played a
"catalytic role" in the decision to experiment, he added.

 

"Essentially, this is about a holistic understanding of how work and life
fit together, and improving mental and physical wellbeing," he said.

 

"We look forward to sharing the lessons from this trial with other Kiwi
businesses, in the hopes of influencing others to reflect on their own ways
of working."

 

Improved productivity?

Since the pandemic struck this year, many firms have introduced remote
working and more flexible hours, arrangements they say are likely to linger
even after concerns about the virus abate.

 

But interest in a shorter working week pre-dates the virus.

 

In 2019, Microsoft Japan reported a sales boost of 40% when it reduced the
working week there. New Zealand estate planning firm Perpetual Guardian
provided inspiration closer to home, Mr Bangs said.

 

Unilever's trial will run from December 2020 to December 2021. The firm is
working with Sydney's University of Technology (UTS) Business School
researchers to measure how performance fares.

 

Unilever, which employs more than 150,000 people globally, has been active
in New Zealand for more than 100 years. Its operations on the island are
focused on import and distribution. All 81 employees there are eligible to
participate.--BBC

 

 

 

Asian shares extend gains on recovery hopes, following stellar November

SYDNEY/NEW YORK (Reuters) - Asian share markets began the new month with a
bang on Tuesday, buoyed by the prospect of a COVID-19 vaccine fueling a
global economic recovery, buoyant Chinese factory activity and expectations
of continuing fiscal and monetary support.

 

MSCI’s broadest index of Asia-Pacific shares outside Japan added 1.08% after
closing the month 9% higher, the best November since 2001.

 

China’s blue-chip CSI300 index jumped to be 1.56% higher on Tuesday, after a
business survey showed on Tuesday activity in China’s factory sector
accelerated at the fastest pace in a decade in November.

 

“That was one of the strongest readings we’ve had for many, many, many years
in China, indeed, supporting the broader economic recovery story for the
region,” said John Woods, Asia Pacific Chief Investment Officer at Credit
Suisse’s Private Bank.

 

“Where the China PMI goes, the MSCI Asia ex-Japan follows, so we would
expect to see further capital appreciation on the strong growth story in
China.”

 

Japan’s Nikkei was up 1.34% while South Korea was up 1.5%. Australia’s
S&P/ASX 200 was 1% higher after Australia’s central bank said the country’s
economy would need fiscal and monetary support “for some time” while noting
the run of better news.

 

“What we are seeing today is that upward trend reasserting itself, given the
positive news on the vaccine front, China’s growth picking up, and the
tremendous faith in the ability of central banks to keep the markets
afloat,” said Stephen Miller, market strategist for GSFM Funds Management.

 

MSCI’s gauge of stocks across the globe was 0.18% higher and E-Mini futures
for the S&P 500 were up 0.9%.

 

“We’ve seen clearly a huge wave of liquidity coming to equities in response
to the vaccine news and in response to U.S. election news,” said Hamish
Tadgell, a portfolio manager at SG Hiscock & Company.

 

“But there are still risks, and as a result we could see the market
pullback, I think, particularly as we come into the Christmas period.”

 

Moderna Inc applied for U.S. emergency authorization for its COVID-19
vaccine after full results from a late-stage study showed it was 94.1%
effective with no serious safety concerns.

 

The progress on the COVID-19 vaccines and hopes of a swift economic rebound
next year were adding to the optimistic sentiment in the market, analysts
said.

 

“I think that markets are pricing in, if not fully pricing a recovery, they
are pricing in the vast majority of it (and) it’s very hard to meet these
elevated expectations,” said Interactive Brokers Chief Strategist Steve
Sosnick.

 

The dollar was under pressure on Tuesday, after closing out its worst month
since July with a little bounce and as investors reckon on even more U.S.
monetary easing.

 

The U.S. bond market was slightly weaker, as the U.S. Congress began a
two-week sprint to secure government funding and avoid a possible shutdown
amid the coronavirus pandemic.

 

Benchmark U.S. 10-year yields rose with U.S. Treasury futures trading one
pip lower at $138.51.

 

Oil prices were slightly lower on uncertainty about whether the world’s
major oil producers would agree to extend deep output cuts at talks this
week.

 

U.S. crude eased back 35 cents to $44.99 a barrel on Tuesday, while Brent
crude futures were 33 cents lower at $47.55.

 

 

 

LG Chem to double China battery capacity to meet Tesla demand - sources

SEOUL (Reuters) - South Korea’s LG Chem Ltd plans to more than double
production capacity of battery cells it makes in China for Tesla Inc
electric vehicles (EV) next year, sources said, to keep up with its U.S.
client’s growth in the biggest car market.

 

The firm, a supplier for Tesla’s Shanghai-built Model 3, will also ship its
increased output from China as well as Korea to Tesla’s factories in Germany
and the United States, said two people with knowledge of the matter,
signalling an increased role in the supply chain of the world’s leading EV
manufacturer.

 

The plan comes as Tesla, LG Chem’s primary customer, scrambles to secure
cells as part of an aggressive global production expansion plan, as it
targets soaring demand fanned by governments promoting EVs to curb air
pollution.

 

LG Chem has already added production lines in South Korea this year mainly
to meet demand from Tesla’s U.S. plant, the people said. Moreover, the
automaker has asked Japan’s Panasonic Corp - which supplies the U.S. plant -
to also supply its Shanghai factory, said one of the people, who declined to
be identified as the matter was confidential.

 

“Tesla simply doesn’t have enough battery cells,” said the person. “So LG
Chem is going to more than double China output.”

 

Tesla’s growth represents a boon for LG Chem, Panasonic and Chinese supplier
Contemporary Amperex Technology Co Ltd (CATL), with Chief Executive Elon
Musk revealing plans in September to increase purchases.

 

Still, Musk said supplies were insufficient and announced Tesla’s plans to
make its own, cheaper battery cells - a prospect that could injure
suppliers’ pricing power.

 

“We’re continuing to expand capacity for cylindrical battery cells in
response to growing demand from automakers but we can’t comment on specific
customers,” an LG Chem spokesman said.

 

LG Chem, whose battery cell business on Tuesday became an independent unit,
in October said it would triple capacity of cylindrical cells to 60 gigawatt
hours by 2023, without naming Tesla or disclosing other details. Its China
plan and Germany and U.S. destinations are reported here for the first time.

 

 

Tesla was not immediately available for comment. Panasonic declined to
comment.

 

MODEL Y

LG Chem will invest $500 million over the next year to raise annual
production capacity of 21700 cylindrical battery cells - a type used by
Tesla - at its Nanjing plant by 8 GWh, the local government said last week,
without disclosing current capacity.

 

The two people told Reuters the plan involved increasing the number of
production lines to at least 17 from eight.

 

LG Chem, alongside CATL, supplies battery cells for Tesla’s Model 3 sedan
built in Shanghai, where production began last year and whose current annual
capacity is 250,000 cars. Tesla aims to start making its Model Y
sport-utility vehicle at the plant next year, for which capacity will reach
250,000 by 2022, Morningstar previously reported.

 

Each model uses 4,416 battery cells, and each LG Chem line is able to
produce up to 7 million cells a month, one of the people said. LG Chem’s 17
lines in Nanjing would therefore be able to cater for up to 323,000 vehicles
a year, a Reuters calculation showed.

 

Initially, LG Chem will be the sole supplier for Shanghai-built Model Y
cars, said one of the people. CATL was not immediately available for
comment.

 

LG Chem’s China factory will also initially supply battery cells for Tesla
vehicles in Berlin when production there begins, the person said. The
automaker needs permission should it want to make its own cells locally.

 

 

 

 

Biden urged by 32 advocacy groups to reject Big Tech influence

WASHINGTON (Reuters) - U.S. President-elect Joe Biden was urged to reject
the influence of Big Tech companies on his administration, by 32 antitrust,
consumer advocacy, labor and related groups in a letter sent on Monday.

 

Earlier this month, Reuters reported that more executives from technology
companies than outspoken tech critics were named to Biden’s transition team,
offering clues on who will ultimately influence his administration’s
thinking.

 

The letter urged that the Biden administration exclude executives, lobbyists
and consultants working for or with companies such as Facebook Inc,
Amazon.com Inc, Alphabet-owned Google, Apple Inc and Microsoft Corp . The
groups argue that the companies’ business practices hurt consumers and the
U.S. economy.

 

Signatories include Public Citizen, American Economic Liberties Project,
Open Markets Institute, Progressive Democrats of America, the Revolving Door
Project and Athena.

 

“We believe that your administration must confront the threats posed by the
monopolistic Big Tech companies. ... however, we can only bring these
companies to account if you do not rely on affiliates of these very
companies to make up your government,” the letter said.

 

Microsoft, Google and Facebook declined to comment. Amazon and Apple did not
immediately respond to requests for comment. All companies, except
Microsoft, are facing federal and state investigations against their
business practices.

 

“We believe that eliminating the decades-old revolving door between Silicon
Valley and your administration will only help your cause,” the letter added.

 

In October, Reuters reported Amazon and Big Tech were cozying up to the
Biden administration with cash and connections.

 

 

 

Cyber Monday poised to mark record for U.S. online retail sales

(Reuters) - Cyber Monday was set to become the biggest online shopping day
ever for the United States, garnering up to $11.4 billion as the coronavirus
pandemic prompts consumers to stay at home and turn to the internet for
their holiday shopping needs.

 

The robust performance comes despite nearly two months of offers since
Amazon.com Inc held its Prime Day sales event in October, with retailers
seeking to recoup business lost during this year’s COVID-19-driven closures
of malls and stores.

 

Estimates from Adobe Analytics showed this year’s conclusion to Thanksgiving
weekend promotions would come in between $10.8 billion and $11.4 billion.

 

While that was down from an earlier estimate of as much as $12.7 billion, it
still easily surpasses this year’s Black Friday figure of $9 billion, which
was the strongest Black Friday online sales result to date, as well as last
year’s Cyber Monday total of $9.4 billion.

 

Consumers are likely to keep up that spending too, said Taylor Schreiner,
director of Adobe Digital Insights.

 

“While COVID-19, the elections and uncertainty around stimulus packages
impacted consumer shopping behaviors and made this an unprecedented year in
e-commerce, we expect to see continued, record-breaking e-commerce sales
from now until Christmas,” Schreiner said in a statement.

 

Adobe said top-selling items included hoverboards, televisions from LG
Electronics and Samsung Electronics, Apple Inc’s AirPods and watches and the
Nintendo Switch.

 

Amazon, one of the biggest beneficiaries of the pandemic-induced shift away
from physical stores, did not appear to have any major technical glitches
during the day.

 

Bill Hon, 49, a cook in Crawfordsville, Indiana, said Amazon was still
drawing his business despite offers from other firms.

 

“I go online a little bit and look around and do some comparison shopping,
but Amazon pretty much beats everything,” he said.

 

Amazon alone has needed to add hundreds of thousands of staff to its rosters
to meet demand for home delivery during the pandemic. Its third-quarter
sales jumped 37% to $96.1 billion.

 

 

S&P 500 to swallow Tesla in one gulp; shares surge

(Reuters) - Tesla Inc shares jumped 4% in extended trade on Monday after S&P
Dow Jones Indices said it would add one of Wall Street’s most valuable
companies to the S&P 500 index all at once on Dec. 21.

 

Adding Elon Musk’s Tesla to Wall Street’s most followed benchmark will force
index funds to buy about $73 billion worth of its shares, S&P Dow Jones
Indices said.

 

The electric car maker’s stock has surged over 40% since Nov. 16, when it
was announced Tesla would join the index.

 

At that time, S&P Dow Jones Indices said it would consult investors about
whether to potentially add Tesla in two tranches a week apart to make the
addition easier to handle for index funds.

 

“In its decision, S&P DJI considered the wide range of responses it
received, as well as, among other factors, the expected liquidity of Tesla
and the market’s ability to accommodate significant trading volumes on this
date,” S&P Dow Jones Indices said in a media statement.

 

With a stock market value around $550 billion, Tesla will be among the most
valuable companies ever added to the index. Tesla will account for just over
1% of the S&P 500.

 

Up about 600% in 2020, the California-based car maker has become the most
valuable auto company in the world, by far, despite production that is a
fraction of rivals such as Toyota Motor, Volkswagen and General Motors.

 

A blockbuster quarterly report in July cleared a major hurdle related to
profitability that had prevented Tesla’s inclusion in the S&P 500.

 

About a fifth of Tesla’s shares are closely held by Musk, the chief
executive, and other insiders. Since the S&P 500 is weighted by the amount
of companies’ shares actually available on the stock market, Tesla’s
influence within the benchmark will be slightly diminished, putting it at
around seventh place, currently held by Johnson & Johnson.

 

S&P Dow Jones said it would announce on Dec. 11 which company Tesla would
replace in the S&P 500.

 

 

 

U.S. judge rejects $648 million Bayer PCB contamination settlement

(Reuters) - A federal judge has rejected Bayer AG’s proposed $648 million
settlement of class-action litigation by cities and other claimants over
contamination from polychlorinated biphenyls, or PCBs, made by the former
Monsanto Co.

 

In a Nov. 25 decision, U.S. District Judge Fernando Olguin in Los Angeles
said the accord appeared “overly broad” because it could shield Bayer from
future claims, and require the settling plaintiffs to indemnify Bayer
against those claims.

 

Olguin also said most of the 2,528 class members stood to receive “very
modest” payments of just $15,000 to $30,000, making the indemnification
provision “troubling.”

 

Bayer, which bought Monsanto for $63 billion in 2018, said in a statement it
would work with the plaintiffs to address Olguin’s concerns, and was
confident it would reach a revised preliminary settlement by the Dec. 31
deadline he set.

 

Los Angeles County and the cities of San Diego, Baltimore and Portland,
Oregon are among the plaintiffs, which came from 36 U.S. states. The payout
was to include $550 million for class members and up to $98 million for
legal fees and expenses.

 

The German company announced the settlement in June, when it also proposed
paying roughly $12 billion to resolve litigation tied to Monsanto.

 

Most of that was to resolve claims that Monsanto’s Roundup weedkiller caused
cancer. Bayer has said Roundup is safe for human use.

 

PCBs were once used widely to insulate electrical equipment, and also used
in such products as carbonless copy paper, caulking, floor finish and paint.
They were outlawed by the U.S. government in 1979 after being linked to
cancer and other health problems. Monsanto produced PCBs from 1935 to 1977.

 

The case is City of Long Beach et al v. Monsanto Co, U.S. District Court,
Central District of California, No. 16-03493.

 

 

 

Nigeria: Govt Should Unlock Investment, Prioritise Spending - Report

The federal government has been advised to unlock investment opportunities
in the economy by focusing on labour intensive sectors in order to reducing
unemployment.

 

A report by pan-African credit rating agency, Agusto & Co. Limited, titled:
"Nigeria vs. Bangladesh: A Tale of Two Countries," stated that government
could position Nigeria as a leading recipient of foreign direct investments
(FDIs) by pursuing sound macroeconomic policies, investing heavily in social
and physical infrastructure.

 

It also urged Nigeria to prioritise its spending to improve the wellbeing of
the people.

It could also capitalise on its low labour costs like Bangladesh and its
status as Africa's largest economy.

 

This, it added, will reverse the negative trend, which has seen the
country's proportion of FDIs to total investment flows dropping from 20 per
cent in 2016 to a meagre four per cent in 2019.

 

"The lack of investor interest in committing patient capital, which confers
substantially greater benefits to the economy, is a key area of concern.

 

"The underlying challenges associated with poor infrastructure are further
aggravated by unfavorable policies such as the multiple exchange rate
regimes, which all act to deter long-term investment inflows," the report
stated.

 

It urged the federal government to re-assess its priorities as reflected in
the country's fiscal spending that is largely channelled towards a
burgeoning recurrent expenditure, which has resulted in a fast build-up of
public debt.

 

The report noted that "in Q1 2019, debt servicing accumulated 99 per cent of
the federal government's retained revenue. This spending pattern is not
sustainable, and the economy is reeling from a lack of sufficient capital
expenditure to plug critical gaps in healthcare, education and other key
sectors."

 

It urged the government to eliminate subsidies in the economy and to ensure
that the savings are redirected into productive capital spend.

 

"From 2015-2018, Nigeria spent N2.3 trillion on petrol subsidies, an amount
which if harnessed judiciously, could have provided a meaningful
contribution to the country's decayed infrastructure," it added.

 

It challenged the government to identify sectors in which Nigeria has a
strong comparative advantage and strategically position them for exports.

 

"In Bangladesh, this export-led model is the impetus for the country's high
growth rates and encouraging signs of economic take-off. Through its garment
industry, Bangladesh has been able to strategically place itself as the
world's second leading exporter of ready-made garment while creating
broad-based growth.

"For Nigeria, a key thrust for the government is transforming the
agriculture sector to be the leading driver of job creation and export
diversification," the report said.

 

The report made a comparative analysis of the two countries' economic
developments since 1990s, saying that Nigeria should engender social
policies that are targeted at empowering the populace at the grassroots
level and ensure that they are successfully implemented at scale.

 

The report said: "While Bangladesh and Nigeria are by no means homogenous,
both countries share similar scenarios which make progress challenging to
achieve.

 

"However, the former (Bangladesh) has been making significant strides
suggestive of a nascent economic transformation building momentum in the
country, and the latter (Nigeria) can look to it for pointers on how to
refocus."

 

The report identified one of the most remarkable aspects of Bangladesh's
economic progress, which Nigeria must emulate, as the country's ability to
translate economic growth into substantial improvement in social outcomes
and livelihoods for poor earners.

 

"Public investment in technology, rural infrastructure and human capital
boosted the country's agricultural productivity. As a result, Bangladesh
made substantial progress toward food security despite its high population
density, lack of arable-land, and frequent natural disasters, and
agriculture accounted for 90 per cent of the reduction in poverty between
2005 and 2010.

 

"Also, the labour-intensive nature of the economy's key driver of exports-
the garment industry- has helped made growth inclusive, with 80 per cent of
garment workers being women.

 

This is further re-enforced by the country's success in implementing
grassroots level, pro-poor policies, with gender at the heart of its
development strategy," it said.

 

The report recommended that in supporting sectors for growth, the federal
government should identify the root cause of underperformance "so that
policies are targeted at addressing fundamental concerns, as opposed to
providing palliatives, or in some cases, aggravating existing problems."

 

It cited the banning of foreign exchange access for key products, including
agricultural produce, and the border closure as prime examples of government
policies that have complicated challenges in the economy.-This Day.

 

 

 

Rwanda: New Broadband Provision Model to Be Tested in Rwanda

Africa50, a pan-African investment platform is set to pilot a high-speed
broadband concept to homes and SMEs in low income and semi-rural areas in
Rwanda following an initiative aimed at sourcing innovative solutions, to
help increase access to reliable and affordable internet connectivity in
under-served areas across Africa.

 

The financier early this month announced winners of the first edition of its
Innovation Challenge, following the sourcing innovative solutions, with an
aim help increase access to reliable and affordable internet connectivity.

 

Poa! Internet, a Kenya-based Internet Services Provider providing wireless
high-speed broadband to homes and SMEs in low income and semi-rural areas,
emerged as the winner of the innovation challenge.

Poa will receive $100,000 dollars as prize money and will be added to
Africa50's investment pipeline.

 

Poa will be considered for a potential investment, subject to Africa50's due
diligence process and Poa's fit with Africa50's investment criteria.

 

If an investment is approved, Africa50 will seek to launch a pilot program
in Rwanda to test the solution's business model in a rural context and
demonstrate its viability to be scaled across the continent.

 

The project will then be rolled-out in Rwanda as the pilot country, with the
intention to scale up to other African countries.

 

Rwanda-based ARED Group also recieved a Special Recognition Award for its
solution, Shiriki Hub and will receive a $50,000 cash prize for its efforts
to increase the adoption of internet connectivity in rural areas, through
the provision of digital services, tailored to the needs of local
communities.

It is a solar-powered kiosk which has a mobile router that provides
connectivity and allows offline functionality.

 

Special Advisor to Africa50 CEO, Carole Wainaina said; "When we initiated
the Innovation Challenge in 2019, we were aware of the importance of ICT as
a driver of sustainable development in Africa. We believe that solving the
continent's key infrastructure development challenges provides tremendous
investment opportunities and it requires new kinds of innovative
collaborative approaches that leverage technology".

 

The Africa50 Innovation Challenge was launched in 2019 after a global
sourcing campaign, attracting 673 solutions, of which 80% were from Africa.
The solutions were assessed on their innovativeness, scalability,
modularity, sustainability, and readiness. After a thorough assessment
process involving 33 experts and technical advisors, Poa! Internet and
Shiriki Hub were selected among seven finalists who were announced in July
2020.

 

Africa50 prioritizes investment in medium-to large scale projects in the
power, transport, ICT and midstream gas sectors, providing appropriate
risk-adjusted return to investors, while delivering development impact.-New
Times.

 

 

 

Africa: AfCFTA - Africa Readying for Free Trade Come January 2021

One day in February 2020, Accra-based coffee and cocoa trader Meron Dagnew
visited the Secretariat of the new African Continental Free Trade Area
(AfCFTA) to introduce herself, even before the Secretariat was fully
operational.

 

"I couldn't wait," she told Africa Renewal in a recent interview "I need
free trading in Africa to begin as quickly as possible; it will be so good
for my business."

 

The AfCFTA Secretariat officially opened in Accra on 17 August 2020,
although, because of the COVID-19 pandemic, free trading will now begin on
1st January 2021 instead of the originally scheduled date of 1 July 2020.

 

Ms. Dagnew is eager to take advantage of reduced tariffs and a consolidated
market -- potential spinoffs from AfCFTA -- to expand the operations of her
company, BE Kollective that imports Ethiopian coffee to Ghana and exports
Ghanaian cocoa to Ethiopia.

"I am hoping to not pay as much as 35 per cent tariffs on my goods; I am
hoping that soon I can take my value-added cocoa and coffee to African
countries without problems of rules of origin. I could then make more
profit, expand my business and hire more people," she says.

 

Ethiopia is one of the world's largest coffee producers and Ghana is the
world's second-largest cocoa producer, after Côte d'Ivoire. Ms. Dagnew is
particularly attracted to West Africa's market of 380 million people.

 

High tariffs and non-tariff barriers such as customs delays and
administrative bottlenecks at border posts underscore the challenges facing
African traders and at the same time accentuate a strong desire by traders
for a free trade zone.

 

The AfCFTA eliminates tariffs on 90 per cent of goods produced on the
continent, tackles non-tariff barriers to trade and guarantees the free
movement of persons.

Ms. Dagnew's business slowed down in March 2020 just as the pandemic began
to rage. As African economies start to slowly open while adjusting to the
realities of the pandemic, Ms. Dagnew intends to restart trading soon.

 

Yet, she frets about other structural challenges to intra-African trade,
such as the competition with big global brands that compete on an uneven
playing field. For example, BE Kollective, according to Ms. Dagnew, competes
with Nescafé, which is imported into Ghana by retailers.

 

"The problem is that importers of Nescafé from countries in Europe or Asia
pay much less tariff than I pay because those countries have favourable
trade agreements with African countries," she stresses. "Therefore, the odds
are currently stacked against us intra-African traders."

Ms. Dagnew is also concerned that countries' customs services lack adequate
information about the AfCFTA.

 

"Not long ago, I went to the customs service in Ghana and told them I
wouldn't need to pay tariffs at some point because of AfCFTA. They didn't
understand what I was talking about," she recalls. "There are many traders
who have no idea what AfCFTA is all about."

 

She recommends a massive information campaign to raise awareness of AfCFTA
among customs services, traders and other key actors in countries
participating in the free trade area.

 

Lack of infrastructure

 

A lack of adequate modern transport infrastructure also impedes traders'
desire to reap the full benefits of free trade, studies show. With the right
transport infrastructure and high integration, manufacturers of consumer
goods could earn up to $326 billion per year, according to McKinsey &
Company, a US-based management consulting firm.

 

And according to the World Bank, it takes about three and a half weeks for a
container of car parts to be cleared by Congolese customs. While East
African countries Tanzania and Uganda have established a one-stop border
post to slash time for cargo movement between them, new delays in the form
of divergent standards for goods have quickly emerged, underscoring the
mutating nature of non-tariff barriers.

 

African countries could rake in $20 billion yearly by simply tackling
non-tariff barriers that slow the movement of goods, according to the UN
Conference on Trade and Development, the UN entity that deals with trade
investment and development issues.

 

The African Union (AU)'s efforts at boosting infrastructure through its
Programme for Infrastructure Development in Africa (PIDA) are expected to
yield the Lagos-Abidjan transport corridor, the Zambia-Tanzania-Kenya power
transmission line, the Lagos-Algiers highway and the Brazzaville-Kinshasa
bridge, among others.

 

But experts encourage individual countries to invest in modern port, airport
and rail line infrastructure.

 

Women traders

 

Widely spoken about in intra-African trade conversations are the challenges
that women traders face.

 

Women constitute 70 per cent of Africa's informal cross-border traders, and
according to a 2019 study by UN Women titled Opportunities for Women
Entrepreneurs in the Context of the AfCFTA, African women traders often
confront corruption, insecurity and sexual harassment.

 

The AfCFTA agreement itself requires countries to protect the vulnerable,
including women traders, and to address corruption.

 

African states with bilateral trade agreements with foreign countries or
other regions such as the European Union will need to walk a tightrope in
meeting prior commitments while implementing the AfCFTA.

 

In February 2020, for instance, East Africa's economic giant Kenya began
bilateral trade talks with the US, a move seemingly at odds with the
country's commitment to Africa's free trade area.

 

Optimistic projections of the benefits of Africa's free trade are, in
theory, based on orthodox economic calculations -- a linear demand and
supply correlation that may not fully encompass externalities such as the
availability of countries' implementation capacity, requisite
infrastructure, policy coherence and so on.

 

The World Economic Forum signals that AfCFTA's full and effective
implementation is what will lead to its transformative impacts, meaning that
its touted benefits are by no means guaranteed.

 

The Secretary-General of AfCFTA, Wamkele Mene, acknowledges the enormous
tasks ahead. "We have to roll up our sleeves and work," he told Africa
Renewal in an earlier interview.

 

Yet there is much to celebrate regarding the free trade agreement. The pact
consolidates a market of 1.2 billion people and a combined GDP of $2.5
trillion. It would represent the world's largest trading block by the number
of participating countries if all AU member states were to ratify the
agreement.

 

While some 30 countries have so far ratified the agreement, more countries
are expected to join the bandwagon when free trading begins and its benefits
become tangible.

 

Mr. Mene estimates that intra-African trade could increase from its current
18 per cent to 50 per cent by 2030.

 

It will boost earnings for traders, strengthen Africa's competitiveness in
the global marketplace, foster export diversification and enhance value
addition to produce and transform natural resources.

 

Because of the AfCFTA, Africa's manufacturing output is expected to double
to $1 trillion, creating 14 million jobs by 2025, writes Landry Signé for
Brookings Institution, a Washington, D.C.-based think tank.

 

An industrializing continent will catalyze the agricultural sector. In the
coming years, Mr. Signé anticipates, manufacturing will complement
"agricultural production and agro-processing plants, which provide the food
and energy to meet growing African and global demand."

 

He adds that African youth engaged in computer software and apps development
will seize the opportunity to produce "leapfrog" technologies to meet
increasing domestic demand. In other words, good paying jobs will be created
for the continent's bulging youth population.

 

"Across all subsectors and countries, Africa's industrial revolution appears
imminent," Mr. Signé declares, optimistically.

 

Meanwhile, African traders envisage the end of the COVID-19 pandemic or at
least its receding soon. They hope the teething problems that arise will be
tackled and that AfCFTA will be a shot in the arm for Africa's development.

 

"It will be a dream come true for traders like me," enthuses Ms.
Dagnew.-Africa Renewal.

 

 

 

Southern Africa: Strategy to Ensure Namibia Benefits From AfCFTA

Namibia is in the process of developing a National Africa Continental Free
Trade Area (AfCFTA) Implementation Strategy and Action Plan. Once
implemented, this strategy is expected to enable the country to identify key
value addition and trade opportunities while attending to operational
constraints to optimally benefit from the AfCFTA.

 

Minister of Industrialisation and Trade, Lucia Iipumbu, said the strategy
will provide the private sector with important entry points into the
regional markets as well as to alert the state to the required support to
stakeholders. Iipumbu was speaking at the annual general meeting (AGM) of
the Namibia Chamber of Commerce and Industry (NCCI) on Friday.

 

"Other agreements that our private sector can benefit from are the Southern
African Development Community-European Union Economic Partnership Agreement,
which gives us duty-free and quota-free market access, as well as the
Southern African Customs Union (SACU) and SACU-European Free Trade
Association Preferential Trade Agreements, which also provide for duty-free
and quota-free market access on a selected number of products. The SACU
Mozambique United Kingdom (UK) Economic Partnership Agreement is a rollover
agreement necessitated by the UK's withdrawal from the European Union,"
Iipumbu outlined.

She added that government, through the industrialisation and trade ministry,
is mandated to create a conducive business environment and has thus far
carried out a series of activities and interventions in response to the
prevailing Covid-19 situation.

 

Iipumbu noted that the main aim is to develop and sustain Namibia's
productive capacity to manufacture essential goods pivotal to the fight
against the pandemic and to ensure the continuity of business operations.
According to Iipumbu, the Industrial Upgrading and Modernisation Programme
(IUMP) grant scheme is one of the programmes under the ministry, which has
yielded great results since the pandemic struck. She said the scheme was
designed to enhance the productivity and competitiveness of selected firms,
focusing on the firm level diagnosis and implementation of supply-side and
regional value chain interventions.

The IUMP's industry grant scheme was set out to enhance Namibia's level of
industrialisation by targeting 11 growth sectors. The SADC Trade Related
Facility (TRF) assisted IUMP with the awarding of industry grants to
qualifying enterprises. This month, 45 companies were awarded assistance to
the tune of approximately N$10 million. The minister stated that on regional
and international levels, Namibia has ratified the AfCFTA and the SACU plus
Mozambique -UK Economic Partnership Agreement.

 

"These ratifications bring along a wider market opportunity for the Namibian
private sector. The AfCFTA is an engine for economic growth and
industrialisation for sustainable development on the continent and brings to
us a 1.3 billion market population," stated Iipumbu.

The AfCFTA is envisaged to promote continental integration which will make
Africa competitive by promoting productivity and enhancing competitiveness
and value chains. Furthermore, the benefits would accrue to the producers,
processors, exporters, importers, consumers, and the national economy
overall. The private sector is a key stakeholder and beneficiary of the
AfCFTA because businesses move goods and services and invest in-and-across
borders. Meanwhile, governor of Bank of Namibia, Johannes !Gawaxab, said
Namibia should use scarce policy leeway to consolidate recovery. He made
these sentiments at the same occasion.

 

According to !Gawaxab, public policy support continues to be critical,
particularly to vulnerable households and viable businesses, saying that
both reorientation of spending and even more targeted support are essential.

 

"Financial market deepening in the form of greater credit availability and
wider access to finance is a complementary policy priority, and Namibia
should exploit AfCFTA opportunities, and preferential treatment of Namibian
entities in local procurement," !Gawaxab concluded.-New Era.

 

 

 

Namibia: Multi-Billion Steel Plant to Tackle Unemployment

Otavi — The envisaged N$2.6 billion steel factory is expected to create job
opportunities for the destitute young people at the town of Otavi in the
Otjozondjupa region.

 

The Otavi town council is spearheading effort to set up a steel plant, which
is expected to absorb many youths at the town, who are currently loitering
around due to high unemployment.

 

The town's former mayor, who has been duly elected as the new Otavi
constituency councillor, George Garab, said the council has partnered with
NedBank, among other partners, for the realisation of the envisaged factory,
where smelting of metals is planned.

Garab noted the council has already allocated 77 hectares of land for the
planned steel manufacturing project.

 

"Land is available. Unemployment is extremely high. Our youth are not
employed. Council is lobbying for investors to come to Otavi instead. We
will make sure the youth will be employed," Garab said.

 

He said the Otavi town council will have a 20% shareholder in the steel
manufacturing plant.

 

Otavi Rebar manufacturing managing director Andre Neethling, who also owns
20% stake in the envisaged steel factory, said the study will be completed
this year and the development capital to secure financial closure will be
available in the first quarter of 2021.

 

As the lead financial arranger, Nedbank has requested a revised market study
to include SADC, he said.

 

Neethling said Urban Econ, a credible market research and advisory
specialist, was appointed to conclude the 3rd market study in February 2020.

"This process was negatively affected by the Covid-19 international
lockdown.

 

"Construction of the plant will commence immediately after financial closure
has been achieved, which is expected from the second half of 2021. All other
studies have been completed and the land has been secured," Neethling
stated.

 

According to Garab, the only nearby youth employment opportunities are
B2Gold and Ohorongo cement.

 

However, he feels such mines do not largely recruit locals, which could be
attributed to lack of expertise.

 

Garab added the council also allocated 50 hectares of irrigation land for
the young people.

 

The land is located at Klein Otavi No 799 Remainder or Prijon for crop
production.

 

On housing delivery, he indicated council has availed N$4 million for
sewerage and water supply in New Kairo.

 

"Sewer services at New Kairo have been finalised partly and the water supply
will be constructed by our water department very soon. We will also avail
plots for the elderly. We established a reception area to accommodate 350
plots," Garab said.-New Era.

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2020

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


Axia Corporation

AGM

virtual https://escrowagm.com/eagmZim/login.aspx

24/11/2020 | 8:14am

 


Zimbabwe

National Unity Day

Zimbabwe

22/12/2020

 


 

Christmas Day

 

25/12/2020

 


 

Boxing Day

 

26/12/2020

 


 

New Year’s Day

 

01/01/2021

 


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
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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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