Major International Business Headlines Brief::: 07 December 2020

[Bulls n Bears]

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Major International Business Headlines Brief::: 07 December 2020

 


 

 


 <https://www.gemportal.co.zw/> 

 


 

 


ü  Zalando boss to quit 'to prioritise wife's career'

ü  Coronavirus: Weekend shopping returns but numbers down on 2019

ü  Asian shares ease from record high; oil falls on virus case surge

ü  Airbnb plans to raise price target range for IPO: source

ü  Foley-backed blank-check acquisition firm nears $9 billion Paysafe deal

ü  'On a knife edge': Britain and EU in last-ditch trade talks

ü  Chick-fil-A sues top poultry suppliers alleging bid-rigging, price fixing

ü  Oil prices stumble as coronavirus resurgence forces more lockdowns

ü  Federal agency finds no wrongdoing in Kodak loan: report

ü  JPMorgan hires UBS's Huang for Asia ECM role: sources

ü  Nigeria: Labour Backs Emefiele On CBN's Naira Valuation

ü  Nigeria: Chiniki, Nine Other Nigerian It Startups Compete for Top Awards in Dubai

ü  Sierra Leone: Illegal Fishing Crippling Economy

ü  Nigeria: Anglican Faults Fuel Price Hike, Demands Review

 

 


 <mailto:info at bulls.co.zw> 

 


Zalando boss to quit 'to prioritise wife's career'

A chief executive of Europe's largest online fashion site has announced plans to step down from his role, saying his wife's "professional ambitions should take priority".

 

Rubin Ritter has been co-CEO of Zalando since 2010.

 

The company, which began as a Berlin-based start-up 12 years ago, today has 36m customers and recorded revenue of €1.85bn (£1.6bn) last quarter.

 

He will step down in May, cutting short a contract that runs to late-2023.

 

"My wife and I have agreed that for the coming years, her professional ambitions should take priority," Mr Ritter said in a statement.

 

"I want to devote more time to my growing family. After more than 11 amazing years where Zalando has been my priority, I feel that it is time to give my life a new direction."

 

The statement gave no further details about his wife or her job.

 

Zalando's other two bosses, Robert Gentz and David Schneider, will continue to lead the company, the firm said.

 

Two models wear Zalando products, a pink and green suit

Mr Ritter was in charge of strategy and communications on the three-way management team, but he was also finance chief until last year.

 

Commenting on Mr Ritter's decision, Mr Gentz said: "When we started to ship the first shoes to our customers from the basement of our office, we did not know where the journey would lead us.

 

"It is impossible to overstate Rubin's impact on Zalando's success."

 

Zalando's customers are spread across 17 countries. The online platform sells accessories and beauty products alongside fashion.--BBC

 

 

 

Coronavirus: Weekend shopping returns but numbers down on 2019

Shoppers flocked to High Streets and shopping malls across England this weekend, but in numbers well below pre-pandemic levels.

 

It was the first weekend since stores in England reopened on Wednesday.

 

Many business owners are pinning their hopes on a curtailed pre-Christmas trading period, having endured two national lockdowns already this year.

 

But on average, shopper numbers were a quarter below 2019 levels, according to the market researcher Springboard.

 

It says across the UK as a whole, footfall was down by 30% compared to the same December weekend last year.

 

It comes on the back of a horror week for the retail industry when Topshop-owner Arcadia went into administration, Debenhams announced the closure of its 124 stores, and Primark reported an estimated £430m loss in sales caused by Autumn lockdowns across Europe.

 

Central London remains far emptier than usual because of the coronavirus pandemic, despite some crowds flocking to specially pedestrianised shopping areas in Regent Street on Saturday.

 

On Sunday, shopper numbers in the capital were half what they would normally be weeks out from Christmas, Springboard reported.

 

Boutique-owner Rowena Howie

Rowena Howie, who runs a womenswear boutique called Revival Retro in central London, said there were far fewer shoppers in her store than she would normally expect in the lead up to Christmas.

 

"We definitely wouldn't have been as busy in the shop as we might have been in a normal year, particularly in the first weekend of December," she said.

 

Although Ms Howie - who took part in a campaign promoting small businesses on Saturday - said strong online sales meant she was able to record a good day's trading, the first since before Covid-19.

 

"We're in Fitzrovia, having a bricks and mortar store, our takings have been really impacted," she said.

 

Shoppers appear more eager to visit retail parks than malls and High Streets. On Saturday, footfall numbers for England's retail parks were slightly higher than they were this time last year, but on Sunday they fell back and were 10% below last year's figure.

 

We are still a nation of shoppers. Overall, retail sales are above pre-pandemic levels, according to the ONS.

 

But that number masks a mixed picture of what we're buying and how we are buying it.

 

Clothing sales for example are down by 25%. And there has been a dramatic shift to online, accelerating a growing trend.

 

It's this dramatic change that has been so devastating for the High Street.

 

Some of the pictures from this weekend might seem to show a bounce back.

 

But the figures show that the numbers of people out and about are well down on last December. That comes on top of lengthy closures for non-essential shops.

 

The Centre for Retail Research predicts more than 20,000 shops will close compared to 16,000 last year - and that job losses will rise to 235,000 people compared to 143,000 last year.

 

The cost of running a shop is just too much for many. One independent retailer in central London told me she couldn't see herself still in bricks and mortar next year.

 

Despite a 12-month break from business rates offered by the government, the rent, coupled with falling shopper numbers, is just too much to bear.

 

In one encouraging sign for retailers and small business owners, shoppers seem far more comfortable returning to public shopping areas after the second national lockdown than they did after the first.

 

Footfall across England was 60% higher this weekend than on 20-21 June, the first weekend shops were allowed to reopen after the country's first lockdown, which began in March.

 

"Part of this is timing - the proximity to Christmas means there is huge pent up demand amongst consumers to shop in store to purchase gifts," said Diane Wehrle, Springboard's marketing director.

 

"However, it is also an indicator of 'lockdown fatigue', whereby after many months of being restricted to their homes, consumers are keen to visit retail stores again, particularly to experience the excitement of Christmas.

 

"They have become accustomed to the 'new normal' that involves wearing face masks in stores and queuing in order to adhere to social distancing rules which we were not all comfortable with in June."--BBC

 

 

 

Asian shares ease from record high; oil falls on virus case surge

SYDNEY (Reuters) - Asian shares retreated from a record peak on Monday after a Reuters report the United States was preparing to impose sanctions on some Chinese officials highlighted geopolitical tensions, while oil prices fell on surging virus cases.

 

In a signal markets elsewhere would start weaker, eurostoxx 50 futures were 0.4% down, futures for Germany’s DAX eased 0.3% while those of London’s FTSE were flat. E-Mini futures for the S&P 500 slipped 0.2%.

 

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.1% following four straight sessions of gains. The index hit a record high of 644.3 points early on Monday.

 

It is up about 16% so far this year, the best since a 33% jump in 2017.

 

China’s blue-chip index dropped 0.8%, largely ignoring strong export data, while Hong Kong’s Hang Seng was down 1.7%.

 

Japan’s Nikkei declined 0.46% while Australian shares were up 0.6%.

 

The sell-off began after Reuters exclusively reported, citing sources, that the United States was preparing sanctions on at least a dozen Chinese officials over their alleged role in Beijing’s disqualification of elected opposition legislators in Hong Kong.

 

The move comes as President Donald Trump’s administration keeps up pressure on Beijing in his final weeks in office.

 

“One thing that the market has been concerned about is that on his (way) out of office Trump would look for some retribution on China. So this news speaks to that fear,” said Kyle Rodda, market strategist at IG Markets in Melbourne.

 

“At the end of the day, the market knows he only has six weeks left. The broader focus is still on vaccine roll-outs and U.S. fiscal stimulus.”

 

Asian markets had initially started higher on hopes of a faster global recovery as coronavirus vaccines get rolled out, starting this week in Britain.

 

U.S. authorities will also this week discuss the programme before the expected first round of vaccinations this month.

 

Hopes the vaccines will help curb the pandemic, which has so far killed more than 1.5 million people globally, sent shares soaring in recent weeks.

 

On Wall Street, stock indexes reached fresh all-time highs on Friday with the Dow rising 0.8%, the S&P 500 gaining 0.9% and the Nasdaq adding 0.7%.

 

“The vaccine will break the link between mobility and infection rate, allowing for the strongest global GDP growth in more than two decades,” JPMorgan analysts wrote in a note, forecasting global growth of 4.7% in 2021.

 

Still, expectations of a U.S. stimulus aid package gathered pace after weak payrolls data last week, following months of deadlocked negotiations.

 

The U.S. economy added the fewest workers in six months in November, with nonfarm payrolls increasing by 245,000 jobs last month, much lower than expectations for a 469,000 increase.

 

A bipartisan group of Democrats and Republicans proposed a compromise $0.9 trillion package that leaders on both sides appear open to agreeing to.

 

In currencies, investor focus is on a last-ditch attempt by Britain and the European Union to strike a post-Brexit trade deal this week, with probably just days left for negotiators to avert a chaotic parting of ways at the end of the year.

 

If there is no deal, a five-year Brexit divorce will end messily just as Britain and its former EU partners grapple with the severe economic cost of the COVID-19 pandemic.

 

The pound was a shade weaker at $1.3419 while the single currency was up 0.1% at $1.2133, not too far from an April 2018 high of $1.2177.

 

The risk sensitive Australian dollar was up 0.1% at $0.7433.

 

That left the U.S. dollar down 0.1% at 90.702 against a basket of major currencies, after hitting a 2-1/2-year low last week.

 

In commodities, oil prices slipped from their highest levels since March as a continued surge in coronavirus cases globally forced a series of renewed lockdowns, including strict new measures in Southern California.

 

U.S. crude was off 24 cents at $46.02 per barrel and Brent was down 26 cents at $48.99. Brent has lost about a quarter of its value so far this year.

 

Spot gold, which hit a record high of $2,072.49 an ounce, was last at $1,838.9, still up a hefty 21% this year.

 

 

 

Airbnb plans to raise price target range for IPO: source

(Reuters) - Airbnb Inc has plans to raise the target price range for its initial public offering (IPO) to between $56 and $60 per share, underscoring demand for new U.S. stocks, a person familiar with the matter said on Sunday.

 

The U.S. home rental firm had on Tuesday set a price range for its IPO to sell shares at $44 and $50 apiece.

 

Airbnb could communicate the upwardly revised price range to investors in a public filing on Monday, the source added, requesting anonymity as the plans are private.

 

At the upper end of the new range, Airbnb would sell $3.1 billion in stock and have a fully diluted valuation, which includes securities such as options and restricted stock units, of $41.8 billion.

 

This is well above the $18 billion Airbnb was worth in an April private fundraising round in the early weeks of the COVID-19 pandemic in the United States, and above the $31 billion in its last pre-COVID-19 fundraising in 2017.

 

Airbnb’s stock market debut, slated for Dec. 10 on Nasdaq, will be one of the largest and most anticipated U.S. IPOs of 2020, which has already been a bumper year for flotations.

 

Record label Warner Music Group, data analytics firm Palantir Technologies and data warehouse company Snowflake Inc have all gone public in the past few months.

 

Food delivery startup DoorDash Inc on Friday also raised its IPO target price range.

 

News of the planned IPO price increase was first reported by the Wall Street Journal.

 

 

 

Foley-backed blank-check acquisition firm nears $9 billion Paysafe deal

NEW YORK (Reuters) - A blank-check acquisition firm backed by veteran investor Bill Foley is nearing a deal to merge with Paysafe, valuing the payments company at around $9 billion, including debt, people familiar with the matter said on Sunday.

 

Paysafe’s merger with Foley Trasimene Acquisition Corp II will result in the London-based company listing in New York, according to the sources.

 

Paysafe’s current owners, private equity firms Blackstone Group Inc and CVC Capital Partners, will retain a significant interest in the company following the merger, the sources said. The deal could be announced by Monday, the sources added.

 

Part of the financing for the deal will come in the form of a so-called private investment in public equity (PIPE) worth $2 billion, which would make it one of the largest such instruments ever raised, according to the sources.

 

The sources requested anonymity ahead of an official announcement. Paysafe, Foley Trasimene Acquisition Corp II and the private equity firms did not immediately respond to requests for comment.

 

Foley Trasimene Acquisition Corp II is a special purpose acquisition company (SPAC) that raises money in an initial public offering (IPO) to merge with another company, typically within two years.

 

The SPAC secured $1.3 billion from investors in August.

 

The SPAC model has become an increasingly popular route to the public markets this year over a traditional IPO, including for other payments firms such as Paya and Billtrust.

 

The appeal of financial technology companies as acquisition targets has increased during the pandemic, as more people shop online and make more of their payments digitally.

 

The deal marks a return to the stock market for Paysafe, which was taken private by Blackstone and CVC in 2017 for $4.7 billion, inclusive of debt.

 

Paysafe had almost $100 billion of annualized transactional volume go through its platforms in 2019, and provides both in-store and digital payments solutions. It is moving into areas such as digital wallets and supporting payments to the emerging sports betting sector in the United States, according to its website.

 

Foley made his name as head of insurance firm Fidelity National Financial Inc, where he is still non-executive chairman. His other financial services interests include being chairman of mortgage data firm Black Knight Inc, while he is the owner of the NHL team the Vegas Golden Knights.

 

 

 

'On a knife edge': Britain and EU in last-ditch trade talks

LONDON/DUBLIN (Reuters) - Britain and the European Union will make a last-ditch attempt to strike a post-Brexit trade deal this week, with probably just days left for negotiators to avert a chaotic parting of ways at the end of the year.

 

Ireland’s prime minister, whose country would face more economic pain than any of the other 26 EU member states in the case of a “no deal”, cautioned against over-optimism, putting the chances of an agreement at only 50-50.

 

British Prime Minister Boris Johnson and European Commission President Ursula von der Leyen spoke over the weekend to get their teams back to the negotiating table after talks stalled on three thorny issues.

 

They are due to hold another call on Monday evening in the hope that, by then, stubborn differences over fishing rights in UK waters, fair competition and ways to solve future disputes will have narrowed.

 

The Guardian newspaper reported after talks resumed on Sunday that there had been “a major breakthrough” on the rights of European fleets to fish in UK waters, leaving only a wrestle over how closely Britain should hew to EU environmental, social and labour standards over time to ensure a level playing field.

 

A British government source said there had been no breakthrough on fishing rights on Sunday.

 

EU officials did not immediately comment on the report.

 

Irish Prime Minister Micheal Martin was not optimistic.

 

“My sense, having spoken to some of the key principals here, is that it is a very challenging issue to resolve, particularly around the level playing field ... Things are on a knife edge here and it is serious,” he told national broadcaster RTE.

 

Since Britain formally left the EU on Jan. 31, negotiators have missed several deadlines for a deal with the world’s largest trading bloc before a status quo transition period ends on Dec. 31.

 

EU negotiator Michel Barnier will brief EU countries’ ambassadors to Brussels on the state of play early on Monday and talks are expected to continue through the day ahead of another check-in by Johnson and von der Leyen.

 

 

If there is no deal, a five-year Brexit divorce will end messily just as Britain and its former EU partners grapple with the severe economic cost of the COVID-19 pandemic.

 

BACK-UP VACCINE PLAN

Mairead McGuinness, Ireland’s commissioner on the EU’s executive, said the next 48 hours were “very crucial”, but even if negotiators fail to reach an accord the two sides will still have to discuss their future relationship in the new year.

 

“So it doesn’t go away: there has to be an agreement, there has to be a settlement,” she told the Newstalk Radio podcast.

 

Even with a deal, there will be major disruption to the movement of goods and people because from new year’s day Britain will sit outside the EU’s single market and customs union.

 

There will be more elaborate checks at borders, leading to delays in supplies affecting a range of industries, particularly those that rely on just-in-time deliveries.

 

The Observer newspaper reported that, under UK government contingency plans, tens of millions of COVID-19 vaccine doses could be flown from Belgium by military aircraft to avoid delays at ports caused by Brexit.

 

The British government declined to comment on the report, but farming minister George Eustice told Sky News the end of the UK’s transition period would not disrupt vaccine supplies.

 

“A huge amount of work has gone on to maintain the flow of goods at the border ... and we’ve also got contingency plans in place, including a government-procured ferry that’s on standby and of course the option, should it be needed, to use air freight too,” he said.

 

 

 

Chick-fil-A sues top poultry suppliers alleging bid-rigging, price fixing

(Reuters) - U.S. fast-food restaurant chain Chick-fil-A sued top chicken suppliers alleging they artificially raised prices on billions of dollars of its purchases in the latest litigation facing the poultry industry.

 

The lawsuit filed Friday names 17 defendants including Perdue Farms, Tyson Foods Inc, Pilgrim’s Pride and Sanderson Farms Inc alleging they shared bids and pricing details, leading the Atlanta-based restaurant chain to overpay for supplies.

 

The U.S. Department of Justice has indicted 10 industry executives in separate cases this year and several suppliers have faced lawsuits alleging conspiracy to inflate broiler chicken prices from grocers, retailers and consumers. Broiler chickens account for most chicken meat sold in the United States.

 

In October, Pilgrim’s Pride, which is mostly owned by Brazilian meatpacker JBS SA, pleaded guilty to one count of conspiracy to limit competition in chicken product sales and paid a $110.5 million fine.

 

“We believe these claims are unfounded and plan to contest the merits,” said spokeswoman for Perdue Andrea Staub.

 

Representatives for Tyson, Pilgrim’s Pride and Sanderson Farms did not immediately respond to a request for comment.

 

Chick-fil-A, best known for its fried chicken sandwiches, is seeking unspecified damages and to recoup its legal expenses.

 

 

 

Oil prices stumble as coronavirus resurgence forces more lockdowns

SINGAPORE (Reuters) - Oil prices fell on Monday as a continued surge in coronavirus cases globally forced a series of renewed lockdowns, including strict new measures in Southern California in the United States, the world’s top oil consumer.

 

Brent crude oil futures were down 20 cents, or 0.4%, at $49.05 a barrel by 0401 GMT, while West Texas Intermediate oil futures fell 20 cents, or 0.4%, to $46.06 a barrel.

 

Both benchmarks gained for a fifth consecutive week last week.

 

“Crude pared earlier vaccine roll-out gains after Los Angeles county had another record high in coronavirus cases and South Korea raised their alert level,” said Edward Moya, senior market analyst at OANDA.

 

“COVID restrictive measures and lockdowns across the globe seem poised to keep crude prices heavy in the short term.”

 

The restrictions in California call for bars, hair and nail salons and tattoo shops to close again.

 

The southern German region of Bavaria announced on Sunday it would impose a tougher lockdown from Wednesday until Jan. 5, while South Korean authorities heightened social distancing rules for the capital Seoul and surrounding areas that would last until at least the end of the month.

 

Also weighing on prices, U.S. energy firms last week added oil and natural gas rigs for the 11th time in 12 weeks as producers return to the wellpad even as most are cutting spending this year and next.

 

Iran, meanwhile, has instructed its oil ministry to prepare installations for production and sale of crude oil at full capacity within three months, state media said on Sunday.

 

“Adding to the pressure on oil prices is the potential Iranian increase to production in three months. Iran is optimistic the U.S. will ease restrictions if they return back to the 2015 nuclear deal,” Moya added.

 

Still, rapid demand recovery in China and developments in COVID-19 vaccines capped price losses.

 

China’s exports in November rose at their fastest pace since February 2018, helped by strong global demand and as the recovery in manufacturing in the world’s second-largest economy outpaced those of its major trading partners.

 

 

 

Federal agency finds no wrongdoing in Kodak loan: report

(Reuters) - A federal agency found no wrongdoing concerning the stalled U.S. government loan to Eastman Kodak Co, the Wall Street Journal reported on Sunday.

 

The inspector general for the U.S. International Development Finance Corp (DFC), which was administering the loan, told Democratic lawmakers he found no evidence that agency officials had any conflicts of interest in the plans, the report said.

 

It is unclear whether the agency will now move forward with the loan.

 

Representatives for Kodak and DFC did not immediately respond to a request for comment from Reuters.

 

Shares of the once iconic photography company surged in September when an earlier review by law firm Akin Gump, also cleared company executives of wrongdoing.

 

Kodak stock has swung wildly since July when it announced that it would receive a $765 million loan to help produce pharmaceutical ingredients for potential COVID-19 treatments, but the process ground to a halt after Democratic lawmakers raised concerns about potential insider trading around the time of the announcement.

 

The day before the announcement which catapulted the stock to $30 a share from $2 over three sessions, there was heavy trading volume. Executives earned a windfall as the shares jumped more than 1,000% in the weeks after the news, partly due to retail investors on the Robinhood trading app piling into the shares.

 

However, reports of probes into the deal by federal agencies including the Securities and Exchange Commission have sunk the stock back below $10 a share.

 

Kodak stock finished last week’s session at $7.53 a share.

 

 

 

JPMorgan hires UBS's Huang for Asia ECM role: sources

HONG KONG (Reuters) - JPMorgan has hired UBS banker Peihao Huang to become the co-head of its equity capital markets (ECM) business in Asia, not including Japan, according to two sources with direct knowledge of the matter.

 

Huang was UBS’s head of Asia ECM but resigned from the Swiss bank on Monday to join the U.S. firm, the people said.

 

The sources could not be named because the information has not yet been made public. JPMorgan and UBS declined to comment.

 

At JPMorgan, Huang will be the co-head of ECM Asia, ex-Japan, alongside Gregor Feige.

 

UBS will have its head of Asia Pacific Capital Markets Lauro Baja cover Huang’s responsibilities, one of the sources said.

 

In October, JPMorgan appointed Francesco Lavatelli to become the head of its ECM business for Asia Pacific, according to a memo sent to staff at the time.

 

 

 

Nigeria: Labour Backs Emefiele On CBN's Naira Valuation

Organized labour has commended the recent measures of the Central Bank of Nigeria (CBN) aimed at shoring up the value of the Naira.

 

The Naira recently reversed its depreciation trend in the parallel market, recording N20 gain against the United States Dollar closing at N470 per dollar due to what observers attributed to the new rules introduced by the CBN, which allowed beneficiaries of diaspora remittances and foreign exchange transfers into domiciliary account, and collect the proceed in foreign currencies.

 

Speaking at the one-day interactive session with stakeholders on the five-year policy trust of the apex bank in Kaduna, weekend, Vice President of Industriall Global Union, Comrade Issa Aremu, hailed the CBN's Monetary Policy Committee ( MPC) for resisting the pressures to benchmark the real value of Naira with what he called "speculative parallel market rates."

 

The front line labour leader described currency devaluation in a developing economy as "false economics".

 

He observed that Naira's worth was better determined by "market fundamentals" aimed at driving growth and development protecting wage income rather than satisfying "the insatiable urge of currency speculators for unearned profits on the streets."

 

He said Nigeria depends on imported inputs for industrial production, adding that "unmanaged exchange rates" and attendant devaluation would further increase the cost of production, depress wages, making the country uncompetitive and economic recovery intractable.

 

Comrade Aremu decried the rising inflation and price of foodstuff despite the efforts of the CBN to maintain price stability, blaming it on insecurity which he said had undermined agricultural production in the rural areas.

 

He urged the fiscal authorities in ministries of trade and investment, interior and agriculture to compliment CBN's measures and stabilise the economy through appropriate industrial, agricultural and security policies that would stimulate and guarantee seamless productivity in the country.

 

Participants, drawn from affiliate unions of NLC and TUC and informal sector workers in the state, also acknowledged and commended the CBN's development financing interventions in transportation, agriculture, cotton and textile sub-sectors, oil and gas sector aimed at self-reliance and domestic production.

 

On security, Aremu called for what he called "bi-partisan statesmanship through cooperation by states and non-state actors to confront banditry and criminal violence".

 

"The recent nationwide concerns about growing insecurity are welcome, but Nigeria should not be a debating society but a functioning secured Republic.

 

"Blame games and calls for resignations of President or Service Chiefs are not helpful. In fact, acrimonies and discordant voices only benefit criminals.

 

"What is needed is bi-partisan cooperation to confront insecurity and the burden is on President Buhari to rally the nation against growing threats to lives and livelihoods."

 

He observed that the lasting solution to "physical insecurity is economic security" which can only come through decent jobs for millions of unemployed youth across the federation.-Vanguard.

 

 

 

Nigeria: Chiniki, Nine Other Nigerian It Startups Compete for Top Awards in Dubai

Last year, one of the startups sponsored by Nigeria, Chiniki, won the top prize for AI solutions at the event.

 

Ten startups innovations in information technology selected by the National Information Technology Development Agency (NITDA) will represent Nigeria at this year's Feature Stars competition as part of the annual Gulf Information Technology Exhibition (GITEX).

 

Last year, one of startups pitched for the awards by Nigeria, Chiniki, won the top prize for AI solutions at the 2019 GFS.

 

The 40th edition of th exhibition opens on Sunday at the World Trade Centre in the United Arab Emirates' city, with participants from over 80 countries.

The Minister of Communications and Digital Economy, Isa Ibrahim, who inaugurated Nigeria's pavilion at the exhibition grounds, expressed optimism on the viability of the startups selected to represent the country at the global competion.

 

He said the purpose of Nigeria's participation at the event was not just for the delegates to observe what was brought by others, but to also present the country's innovation at the world stage.

 

"As we all know, last year we won the first position in the category of artificial intelligence. I do hope that this yeat we are going to do the same or even better than what we have achieved last year," the minister said.

 

Mr Ibrahim admonished all participants to maximise the benefits of participating in the event through attending exhibitions, conferences and other learning opportunities.

The minister also expressed hope that Nigeria's attendance at the exhibition will aid the ministry and the country in implementing its National Digital Economy Policy and Strategy (NDEPS) develped under Mr Ibrahim's watch.

 

NITDA, which is leading Nigeria's participation at the exhibition, said GITEX 2020 was anchored on promoting youth-led enterprises to showcase innovations coming from its tech startups community, and the country's strong policy-thrust on digital economy.

 

The agency is offering full sponsorship to a number of startups across the country to participate in the Global Future Stars (GFS), a major highlight of GITEX 2020 offering a veritable window for the country's startup community to leverage international exposure, attaract investors and mentorship

 

NITDA director general, Kashifu Abdullahi, said the agency will be projecting its anchor-themes at the GITEX Africa Investment Forum (AIF) round exploring the new generation of entrepreneurs, investors and government leaders making the most of technology to continue bringing economic growth and prosperity to the continent generally, and Nigeria specifically.

The 2020 GITEX AIF, according to the agency, is a one-day programme that will cover key tech trends across industries with representation from Nigeria and other parts of Africa.

 

Mr Abdullahi said Nigeria targets early recovery from the impact of COVID-19 pandemic and sees strong economic rebound through the tech innovations of its youths even as it explores the digital economy space to seek for global collaboration so as to re-energise and re-engineer its economy.

 

"Nations are increasingly navigating the pandemic to keep their economy growing, and avoid complete stagnation. NITDA's firm belief in the Nigerian youth and the capacity of the tech innovation ecosystem to join in transforming the nation's economy underscore the numerous support of the agency for youth entrepreneurship and specifically continuous sponsorship of startups to the GITEX."

 

The organisers said GITEX 2020 will be the only major technology show to be held physically this year,

 

"As the only face to face technology event to be held in 2020, GITEX 2020 attendees will be able to hear key insights from a huge range of international speakers and influencers and interact with exhibitors across the conference agenda and exhibition areas centre on the key themes of 5G, AI, Analytics, Future Mobility, Digital Economies, Cybersecurity and Cloud and Edge computing - everything that will underpin the future digital living

 

GTEX 2020 is reinforcing post pandemic recovery, offering the over 100, 000 visitors a real-life platform to explore opportunities and challenges beyond COVID-19.

 

"This year will feature 26 exhibition sectors from over 80 countries and an opportunity for a see-through on what's coming next in the world of technology and business, as top technology enterprises, startups and think-tanks from around the world reveal their eureka moments and life-changing innovations."-Premium Times.

 

 

 

Sierra Leone: Illegal Fishing Crippling Economy

A group of fishmongers rush towards the dock at Freetown's Funkia Wharf at the sight of an approaching boat.

 

The boat is one of about half a dozen that went to sea from this wharf in the west end of the Sierra Leonean capital in 24 hours, according to Santigie Kargbo, who is visibly happy at the prospect of getting his first job in two days.

 

Kargbo makes a living these days cleaning fish for people who come to the wharf to buy for home consumption. He had to sell his boat after failing to pay a loan he took to buy it.

 

Kargbo says many other fishermen have lost their jobs because those who owned fishing boats have been forced out of operation due to low fish catch.

 

The scramble for fish is a sad illustration of this perennial problem, so much for a country endowed with a vast reserve of marine resources.

>From Goderich, where Funkia is, to Tombo in the outskirts of Freetown, to the southern and northern regions of the country, the complaints of Sierra Leone's artisanal fishermen are the same -- dwindling fish catch -- and the anger and frustration is directed at the large industrial fishing trawlers.

 

They say the trawlers encroach into the forbidden 36 km Inshore Exclusive Zones (IEZ) to fish and, in the event, destroy their nets.

 

The IEZ is an area close to shore that is preserved for small-scale fishermen, and as a breeding and nursery ground for fish.

 

Invasive foreigners

 

Most fishermen use paddle canoes and small boats with outboard machines. The size of these boats leave them vulnerable to the effect of the violent sea waves caused by the larger trawlers.

 

These trawlers are also accused of engaging in a host of illegal fishing practices, including "pair trawling", that lead to overfishing and consequent depletion of the country's fish stock.

 

The UN Food and Agriculture Organisation estimates that about 83,000 tonnes of fish is caught from Sierra Leone's waters annually. But most of this quantity, according to campaigners, is caught by the foreign-operated vessels -- mainly Chinese and Koreans -- who sell to foreign markets around the world, particularly in Europe and the US.

 

Government data show that Sierra Leone loses about $100 million every year as a result of this phenomenon.-East African.

 

 

Nigeria: Anglican Faults Fuel Price Hike, Demands Review

Gombe — The Church of Nigeria (Anglican Communion), Gombe Diocese, yesterday faulted the decision of the federal government to increase pump price of premium motor spirit (PMS), saying it would make life more difficult for the masses.

 

The church, however, commended governments at all levels for steps taken collectively to combat security in the country. It expressed this concern in a statement issued at the end of its seventh Synod held at St. Peter Anglican Church, Bolari, Gombe.

 

In the statement by the Bishop of Gombe Diocese, Rev. Cletus Tambari, the church said despite the security measures put in place by Government, there were reported cases of kidnappings, banditry, terrorism, armed robbery and other security breaches in the country.

The bishop said that the recent end SARS protest was an eye opener and signal that the masses possess ultimate power over the elected.

 

It condemned the hike in fuel price, saying the increment "is a continuous injury to the damage COVID-19 pandemic has caused to the citizen's financial standing."

 

It lamented the high cost of living and the recent declaration of the federal government that Nigeria has entered the second session and called on the government to re-strategize on how to pull the country out of recession.

 

It also called on the federal government "to ensure that any palliative scheme or empowerment programme such as trader's money, COVID-19 palliative, National Youth Investment Fund, N-Power, among others, initiated to minimise the harsh economic effects on the citizens should not be frustrated by saboteurs, administrative bottlenecks, lopsidedness and favouritism towards a section of the country in the distribution and sharing of these incentives."

 

The church, also, applauded the administration of Inuwa Yahaya for sustained efforts in providing security in Gombe State.

 

It also commended other programmes such as the 3G (Afforestation) programme, development in the education sector and construction of roads across the state.

 

It called for a meticulous balance and equality during political appointments across the state as any colouration of political and religious favouritism would be a recipe for crisis.

 

The theme for this synod, "By love serves one another", also directed Christians to make Jesus Christ their epitome of love.

 

It said Jesus Christ left His throne and came "to die for the redemption of mankind out of the deep love for us. He suffered, He was mocked, beaten and nailed to cross for the sins he never committed. He did this out of His great affection, no one has ever shown this to mankind."-This Day.

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2020

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


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

 

 

 


 

 

 

 


ART

Seed co Int.

Dairibord

 


Starafrica

Medtech

Turnall

 


Seed co

 

 

 


 

 

 

 


 <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.

 


 

 


(c) 2020 Web: <http://www.bullszimbabwe.com>  www.bullszimbabwe.com Email:  <mailto:info at bulls.co.zw> info at bulls.co.zw Tel: +263 4 2927658 Cell: +263 77 344 1674

 


 

 

 

 

 

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