Major International Business Headlines Brief::: 10 December 2020

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Major International Business Headlines Brief::: 10 December 2020

 


 

 


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ü  UK growth slows again in October as rebound stalls

ü  Facebook facing US legal action over competition

ü  Brexit: UK and Singapore sign free trade agreement

ü  UK has 'no authority' to impose tariffs in Boeing row says US

ü  Treasury eyes VAT charges for gig economy firms

ü  Brompton bikes: Production delay after UK port problems

ü  UK to drop US goods tariffs in bid for trade deal

ü  Tesla: Elon Musk moves to Texas in Silicon Valley snub

ü  Top investor BlackRock to expand climate talks with companies in 2021

ü  S&P DJI boots Chinese firms from indices after U.S. blacklisting

ü  SoftBank shares surge on $11 billion DoorDash investment gain

ü  French watchdog fines Google 100 million euros for breaching cookies
rules

ü  Kenya: Why Revival Cotton Industry in Nyanza May Take Longer

ü  Nigeria: Ugwuanyi Presents Enugu's N169.85 Billion 2021 Budget Estimates

ü  Kenya and Ethiopia Reaffirm Their Commitment Cross-Border Infrastructure
Projects

 

 


 <mailto:info at bulls.co.zw> 

 


UK growth slows again in October as rebound stalls

The UK economy grew by just 0.4% in October as the recovery continued to
slow.

 

The economy remains well below the size it was before the pandemic began,
the Office for National Statistics (ONS) said.

 

The UK has been recovering from a record slump earlier this year induced by
the first coronavirus lockdown.

 

But output is expected to shrink again in November after England's second
shutdown forced firms to close.

 

The ONS said there had been some areas of growth during October but the UK
economy "still remains around 8% below its pre-pandemic peak".

 

"Public services output increased, while car manufacturing continued to
recover and retail again grew strongly," said ONS deputy national
statistician Jonathan Athow.

 

"However, the reintroduction of some restrictions saw services growth hit,
with large falls in hospitality, meaning the economy overall grew only
modestly."

 

October was the sixth consecutive month of growth for the UK after sharp
falls seen earlier this year amid the first lockdown.

 

UK unemployment rate continues to surge

The economy initially rebounded at a record rate, and grew by 10.2% between
August and October compared with the previous three months.

 

But growth has begun to slow and the economy remains fragile, with
unemployment continuing to surge.

 

Before England's November lockdown, a growing number of regions were subject
to tougher coronavirus restrictions - a situation likely to last well into
the new year.

 

Suren Thiru, head of economics at the British Chambers of Commerce, said
companies in hospitality, who were most exposed to the renewed restrictions,
had suffered "particularly badly".

 

"October's slowdown is likely to be followed by a significant contraction in
economic activity in November as the effects of the second coronavirus
lockdown are felt, despite the prospect of a temporary boost from Brexit
stockpiling," he added.

 

"While a vaccine offers real hope, failure to avoid a disorderly end to the
transition period or further lockdown restrictions before a mass vaccine
rollout is achieved would severely drag on any economic recovery.-BBC

 

 

 

Facebook facing US legal action over competition

US federal regulators and more than 45 state prosecutors have sued Facebook,
accusing the social media company of taking illegal actions to buy up rivals
and stifle competition.

 

The lawsuits are one of the most significant legal actions the US government
has taken against the firm.

 

Officials are asking the court to consider breaking up the company, which
also owns Instagram and WhatsApp.

 

Facebook said the deals under scrutiny were approved by regulators years
ago.

 

"The government now wants a do-over, sending a chilling warning to American
business that no sale is ever final," Facebook general counsel Jennifer
Newstead said.

 

She said the company had invested millions to make Instagram and WhatsApp
successful and would defend itself "vigorously".

 

"Antitrust laws exist to protect consumers and promote innovation, not to
punish successful businesses," Facebook said, describing the government's
arguments as "revisionist history".

 

The lawsuits filed by the states and Federal Trade Commission (FTC) focus on
Facebook's 2012 acquisition of Instagram, 2014 purchase of WhatsApp and
rules governing outside software developers.

 

Officials accused Facebook of taking a "buy or bury" approach to potential
rivals, hurting competitors and users, who have lost control of their own
data to support the firm's advertising revenue.

 

The legal filings cite internal messages from Facebook boss Mark Zuckerberg,
such as one 2008 email that said it was "better to buy than compete".

 

"For nearly a decade, Facebook has used its dominance and monopoly power to
crush smaller rivals and snuff out competition, all at the expense of
everyday users," said New York Attorney General Letitia James, who is
leading the legal fight by the states.

 

"No company should have this much unchecked power over our personal
interaction and social interactions. That's why we are taking action today."

 

It's quite hard sometimes to comprehend just how massive Facebook is.

 

Facebook, Facebook Messenger, WhatsApp and Instagram - all owned by Facebook
- all have more than a billion monthly users.

 

WhatsApp and Facebook have more than two billion.

 

What the Federal Trade Commission (FTC) is arguing is that there's a reason
why Facebook came to dominate this highly lucrative sector - it acquired the
competition illegally.

 

In 2012 Instagram was growing rapidly. Facebook was worried.

 

Zuckerberg has admitted himself previously that Instagram was a competitor
to Facebook.

 

It was bought, for what now seems a ludicrously low figure of $1bn.

 

WhatsApp too in 2014 was growing at incredible speeds. Was it going to
threaten Facebook's own messenger service?

 

Facebook bought WhatsApp too.

 

Both of these acquisitions were previously looked at by the FTC and were
approved.

 

That is Facebook's argument - that they bought these companies when they
were much smaller - that there was nothing pre-ordained about their success.
In other words, don't punish Facebook for building strong American
companies.

 

Whether Instagram and WhatsApp will be cleaved off from Facebook will now be
decided in the courts - and these antitrust lawsuits take time.

 

There will also be ample opportunity for appeals. Don't expect a breakup of
Facebook soon.

 

But this is yet more indication of where the courts and politicians are now
headed.

 

Big Tech is a little too big in many peoples' eyes - and it needs to cutting
down to size.

 

Monopoly claims

The lawsuits come as US regulators are taking a closer look at the power
enjoyed by tech companies.

 

This summer, the bosses of Google, Amazon, Facebook and Apple were forced to
testify before Congress, as part of a bigger investigation of their
influence on the market.

 

In October, the Department of Justice sued Google, accusing the search giant
of violating US competition laws to maintain a monopoly on internet searches
and online advertising.

 

More than 2.5 billion people use one of Facebook's apps each day. The firm,
valued at nearly $800bn, employs more than 56,000 people and reported more
than $18bn in profit last year.

 

The Open Markets Institute, a Washington think tank that has been pushing
regulators to take a more aggressive stance against tech companies, said the
lawsuits were a "critical step" forward.

 

"There's still more to do, but this is a big moment," the organisation wrote
on Twitter.--BBC

 

 

 

Brexit: UK and Singapore sign free trade agreement

Singapore and the UK signed a free trade deal in the Southeast Asian
city-state on Thursday.

 

The deal will cover a trade relationship worth more than $22bn (£17bn).

 

The agreement largely mirrors an existing deal between Singapore and the
European Union (EU).

 

It is part of a broader set of trade negotiations for the UK, as it tries to
replicate trade pacts which will cease when the EU transition period ends.

 

Britain's secretary of state of international trade, Liz Truss, and
Singapore's trade minister, Chan Chun Sing, signed the deal at a ceremony in
Singapore.

 

The deal comes as British Prime Minister Boris Johnson and the European
Union's chief executive gave themselves until the end of the weekend to seal
a new trade pact, following a three-hour dinner that left the two sides "far
apart".

 

What does the deal do?

The agreement removes tariffs and gives both countries access to each
other's markets in services.

 

It will also cut non-tariff barriers for electronics, cars and vehicle
parts, pharmaceutical products, medical devices and renewable energy
generation.

 

Duties will be eliminated by November 2024, the same timeline as the pact
between the EU and Singapore.

 

"Beyond the significant benefits to our respective businesses, the (deal) is
a strong statement against protectionism and nativism," said Mr Chan.

 

He added that it will be "crucial in ensuring a strong and resilient
post-pandemic recovery for the world".

 

The deal will be important for Singapore, which counts Britain among its top
trading partners for goods and services globally, and its top investment
destination in Europe.

 

The agreement is also the UK's first with a member of the Association of
Southeast Asian Nations.

 

The 10-country bloc is home to 650 million people and, prior to the
pandemic, was a key growth region.

 

Although Singapore is a small country, it's a key financial and trading hub
which serves as a regional headquarters for many multinationals operating in
Southeast Asia.

 

Prawn dumplings and spicy anchovies are just some of the food products
Singapore will be able to sell more of to the UK - and in return Singaporean
companies will get a chance to bid for more government projects there.

 

But while both sides are keen to tout this deal as a success - it is
effectively a rollover of the EU Singapore free trade agreement.

 

And it's not massively significant in terms of size and scale: Singapore
accounts for just a fraction of the UK's total exports.

 

In 2019, the UK sold just under £9bn pounds worth of goods and services to
the island.

 

But what the deal lacks in size, it might make up in symbolism.

 

The two countries have always had strong historical links.

 

Singapore is a former British colony, and many in the city-state study in
the UK or work there.

 

It's also a gateway for businesses to access the rest of the region.

 

As Brexit edges closer, the UK needs all the friends it can line up and time
is running out.

 

While it was an EU member, the UK was automatically part of around 40 trade
deals which the EU had with more than 70 countries.

 

In 2018, these deals represented about 11% of total UK trade.

 

So far, more than 20 of these existing deals have been rolled over and will
start next year.

 

The UK also signed a trade deal with Japan in October, ensuring 99% of UK
exports there will be free of tariffs.

 

Any country without a deal will trade with the UK under World Trade
Organisation rules.--BBC

 

 

UK has 'no authority' to impose tariffs in Boeing row says US

The UK has "no authority" to impose tariffs as part of an aircraft subsidies
row after leaving the EU, the US has said.

 

The response comes after the UK said it would drop tariffs against the US
over subsidies for aerospace firms.

 

This was in a bid to reach a post-Brexit trade deal with Washington.

 

In November, the EU hit $4bn of US goods with duties of up to 25% in
retaliation for illegal state aid given to American aerospace giant Boeing.

 

Earlier this week the UK government said tariffs will be suspended in the UK
from 1 January, when the current post-Brexit transition period ends.

 

But the US responded saying the UK had no right to impose the tariffs
anyway.

 

The US Trade Representative said only the EU sued the US at the WTO, while
the UK "did not bring a case in its individual capacity."

 

"Therefore, the UK has no authority from the WTO to participate in any such
action after it no longer is part of the EU."

 

Tractors, juice and ketchup

The tariffs, which were authorised by the World Trade Organisation (WTO),
applied to a variety of imports from the US, including tractors, ketchup and
orange juice.

 

Last year, the WTO said the US was justified in imposing its own tariffs on
whisky, wine and cheese to pressure Europe to drop subsidies for plane maker
Airbus.

 

The US has argued that it has the authority to impose those tariffs on the
UK because it "sued the EU as well as France, Germany, Spain, and the UK
individually over massive subsidies to Airbus."

 

"As a result, the WTO authorized the US to impose countermeasures on each of
those countries and the entire EU," it said.

 

However, it said that a negotiated settlement "best serves the interests of
all parties".

 

"In that regard, the US encourages the UK to bring renewed focus to
settlement discussions," the Office of the US Trade Representative said.

 

On Wednesday, Prime Minister Boris Johnson's spokesman said Britain's
Department for International Trade had "confirmed that we would be able to
legally impose these tariffs outside of the EU".

 

The government is keen nevertheless to defuse the row as it seeks a
post-Brexit trade deal with the incoming administration of President-elect
Joe Biden.

 

"We are serious about de-escalation and as a gesture of our determination to
unlock a deal, we will be suspending retaliatory tariffs resulting from the
Boeing dispute from January," the spokesman said.--BBC

 

 

 

Treasury eyes VAT charges for gig economy firms

The Treasury is looking at ways of taxing services provided by gig economy
firms such as Uber, Airbnb and TaskRabbit.

 

It is concerned that tax rules are not up-to-date enough to cover these type
of tech platforms.

 

The gig economy has grown rapidly and is expected to be worth £140bn by
2025.

 

Not charging VAT means the the Treasury loses out on revenue, at a time when
it is facing a huge hole in public finances due to the coronavirus crisis.

 

However, its concerns about the "sharing economy" predate the start of the
pandemic.

 

On Thursday, the Treasury published a consultation paper called VAT and the
Sharing Economy to call for feedback on the issue.

 

When self-employed contractors carry out the service booked on a platform
such as Uber, Airbnb or Task Rabbit, they often individually fall below the
£85,000 VAT registration threshold.

 

But if they were employees and the service was provided by the platform
company, consumers would have to pay the tax.

 

Level playing field

The review is part of the government's aim of "ensuring fair competition and
a level playing field for all businesses, whether operating in the sharing
economy or as a traditional business, regardless of their size and
location".

 

Based on the predicted size of the gig economy by 2025, it would equate to a
loss of up to £28bn a year in VAT for the Treasury.

 

The consultation document highlighted examples of the business practices it
wanted to investigate for action where "no VAT [was] being charged where it
might have been in the traditional economy".

 

These included car-booking rides where "the drivers at this firm are all
self-employed".

 

The Treasury added that the review was designed to "test the government's
view of the VAT challenges the sharing economy creates".

 

Last month's spending review by the Office for Budget Responsibility
revealed there was a £40bn a year hole in the public finances.

 

Sharing economy

Another issue is defining what is consider part of the sharing economy as
definitions differ.

 

The Treasury says it should cover "any digital platform which facilitates
the supply of services between two or more unconnected parties."

 

This would include labour for household repairs, renting out an apartment
and a driver offering passenger transport using their personal car.--BBC

 

 

 

Brompton bikes: Production delay after UK port problems

Over a million parts destined for Brompton's bicycle factory have been
delayed due to problems at UK ports.

 

The British maker of folding bicycles which has worldwide sales, said it was
"juggling like crazy" to keep production moving.

 

It has warned staff may be sent home if parts do not arrive.

 

The government says it is "working closely" with the freight industry to
help with the challenges facing ports.

 

Congestion at UK container ports has been building up in recent weeks,
causing problems initially at Felixstowe, but recently at Southampton and
London Gateway as well.

 

The backlog has built up as companies increased orders after the initial
pandemic lockdown, while some have looked to stockpile goods before the end
of the Brexit transition period.

 

The Brompton bike company is famous for its folding bikes, a design which
requires 1,200 separate parts to be assembled at its factory in Greenford in
Middlesex.

 

Over the past six weeks, 1.5m of Brompton's parts travelling to the UK from
the Far East have either gone missing in containers or have been cancelled
due to delays at British ports, the company said.

 

'Bumpy ride'

Lorne Vary, from Brompton Bikes said: "The implications are huge. Our bikes
are made up of 1,200 parts and if we run out of just one then we grind to a
halt.

 

"If we send staff home then of course we will continue to pay them but
paying for overheads when you are unable to produce is obviously
unsustainable."

 

'Price rises likely' due to UK shipping problems

Port in 'chaos' as Christmas and Brexit loom

Alex Veitch, the director of Public Policy at Logistics UK said it had been
a "bumpy ride all year" for deliveries due to the initial shutdown of
production in China.

 

As Christmas and uncertainty over a Brexit deal intensifies, Mr Veitch said
many businesses are suffering from 'the three Cs': "A combination of the
Christmas rush for goods, coronavirus disrupting supply chains, and customs
uncertainty as companies rush to move their goods in and out of the UK in
case of a no-deal Brexit."

 

The Department for Transport said: "Resilient supply chains and free-flowing
freight are integral to the UK economy and we will do everything we can to
resolve the situation as quickly as possible."--BBC

 

 

UK to drop US goods tariffs in bid for trade deal

The UK will drop tariffs against the US over subsidies for aerospace firms,
in a bid to reach a post-Brexit trade deal with Washington.

 

In November, the EU hit $4bn of US goods with duties of up to 25% in
retaliation for illegal state aid given to planemaker Boeing.

 

They will be suspended in the UK from 1 January - when the current
post-Brexit transition period ends.

 

International Trade Secretary Liz Truss said the UK wanted to find
compromise.

 

"As an independent trading nation once again, we finally have the ability to
shape these tariffs," she said.

 

"Ultimately, we want to de-escalate the conflict and come to a negotiated
settlement so we can deepen our trading relationship with the US and draw a
line under all this," she added.

 

The fight over aircraft subsidies to Boeing and European rival Airbus
pre-dates outgoing US President Donald Trump's time in office, but trade
tensions between the two allies have become strained recently.

 

Donald Trump's administration hit the European Union (EU) with tariffs on
$7.5bn worth of goods in retaliation for state support given to Airbus.
Products such as Scotch whisky were affected by the ongoing row.

 

However, the ADS Group, which represents the UK aerospace industry, said on
Wednesday that it was "disappointed" the UK made the decision without
"securing some reciprocal action to resolve this dispute".

 

Airbus, which has a huge UK factory making aircraft wings, said that it
still aims to "find a negotiated settlement of this long-standing dispute to
avoid lose-lose tariffs".

 

The industry is being polite officially, expressing "surprise" and
"disappointment", but is privately furious at what one top industry official
said was a "capitulation" over the Airbus-Boeing dispute.

 

In January, Andrea Leadsom, then Business Secretary, told an Airbus audience
the UK would continue to support EU efforts to negotiate a settlement over
the dispute.

 

So why the change, and why now? The only plausible explanation is the
government hopes to get a very late "mini deal" out of the departing Trump
administration, and perhaps boost the slim odds of a Biden deal before his
Congressional authority to do so expires in 2021.

 

There is a political carrot in the possible removal of US Scotch whisky
tariffs, which could be used as electoral capital in Holyrood elections. But
there are no guarantees. And, Team Biden shows no interest in doing trade
deals with any nation quickly.

 

The UK employs tens of thousands in the Airbus supply chain, and the company
is already having to deal with the impact of new frictions and barriers in
trade with the EU. But now its arch competitor, Boeing, will be able to sell
its planes 15% cheaper to the UK.

 

Trade Secretary Liz Truss clearly believes this sort of unilateral move will
help "jump start" talks with the US. But Airbus is also a symbol of the
pan-European co-operation that the UK wants to protect. Allowing the US to
split the European position on this while make-or-break Brexit trade talks
continue, will not go unnoticed in Brussels.

 

Scotch Whisky Association chief executive Karen Betts described the
announcement on Tuesday as "an encouraging step".

 

"It shows the UK government's determination to de-escalate the damaging
transatlantic trade disputes that have seen Scotch whisky exports to the US
fall by over 30% in the past year," she said.

 

"We now call on the US government to reciprocate by suspending the tariffs
on UK goods stemming from the Airbus-Boeing dispute, so that industries in
the UK and the US affected by this dispute can once again trade freely."

 

Downing Street views a trade deal with the US as one of the major prizes on
offer as a result of the UK's exit from the EU.

 

But while the Trump administration said the UK would be "first in line" for
a deal once it quit the bloc, President-elect Joe Biden has been cooler on
the idea.

 

Steel protection

Earlier this year, he said any deal had to be "contingent" on respect for
the Good Friday Agreement governing the Irish border.

 

And last week he said he would not enter any new trade agreement with a
foreign power until the US has made "major investments here at home and in
our workers and in education".

 

On Tuesday the UK said it would maintain tariffs imposed by the EU after
President Trump put duties on foreign steel and aluminium in 2018.

 

"We are protecting our steel industry against illegal and unfair tariffs -
and will continue to do so - but are also showing the US we are serious
about ending a dispute that benefits neither country," Ms Truss said.

 

The EU said in November that it still hoped to settle the fight, and one
trade official has said that President-elect Joe Biden's win might help
"reboot" talks.

 

Analysts have previously suggested that Mr Biden will, at least, shy away
from escalating the tariffs and might remove existing ones - as well as
those applied to imports of steel and aluminium.--BBC

 

 

Tesla: Elon Musk moves to Texas in Silicon Valley snub

Elon Musk has announced he is leaving Silicon Valley for Texas, and predicts
the tech hotspot could lose its influence.

 

The billionaire entrepreneur declared that California had "too much
influence in the world" but that its power is waning.

 

Tesla, valued at $500bn (£372bn), has its headquarters in California, but
will build a new factory in Austin.

 

Space X - Mr Musk's spaceflight company - already has facilities in Texas.

 

"The two biggest things that I got going on right now are the Starship
development in South Texas ... and then the big new US factory for Tesla,"
Mr Musk told the Wall Street Journal.

 

Living in California "wasn't necessarily a great use of my time," he added.

 

In May, Mr Musk threatened to move Tesla to Texas, after local officials
refused to let the car company reopen its factory during the coronavirus
pandemic.

 

"Frankly, this is the final straw," he tweeted.

 

"Tesla will now move its HQ and future programs to Texas/Nevada immediately.
If we even retain Fremont manufacturing activity at all, it will be
dependent on how Tesla is treated in the future."

 

Frankly, this is the final straw. Tesla will now move its HQ and future
programs to Texas/Nevada immediately. If we even retain Fremont
manufacturing activity at all, it will be dependen on how Tesla is treated
in the future. Tesla is the last carmaker left in CA.

 

Republican Senator Ted Cruz, who represents Texas, welcomed the Tesla chief
executive in a tweet: "Texas loves jobs & we're very glad to have you as a
Texan," he said.

 

This echoes a growing discontent in Silicon Valley, with the cost of living
in the area, poor housing provision and high levels of crime.

 

Last week, the business-focused tech firm Hewlett Packard Enterprise
announced it would be moving its headquarters to Houston, Texas. Its
predecessor, Hewlett-Packard, was created out of a garage in Palo Alto in
1938, a place which now features a landmark plaque as the "birthplace of
Silicon Valley".

 

And Palantir - a leading tech data firm - moved its headquarters out of
Silicon Valley to Denver, Colorado this year.

 

Mr Musk likened the state of California to a successful sports team: "They
do tend to get a little complacent, a little entitled, and then they don't
win the championship any more."

 

It "has been winning for a long time, and I think they're taking [firms] for
granted a little bit," he added.

 

Texas might also offer some tax benefits for the world's second-richest man.

 

It does not collect personal income tax, while California has some of the
highest state tax rates in the United States.

 

Last month, Mr Musk's net worth jumped by $7.2bn to $128bn after shares in
Tesla surged.

 

Only Amazon founder Jeff Bezos is richer, according to the Bloomberg
Billionaires Index.--BBC

 

 

 

Top investor BlackRock to expand climate talks with companies in 2021

LONDON/BOSTON (Reuters) - BlackRock on Thursday said it would more than
double the number of companies it engages with over climate-related issues
to over 1,000 and laid out stronger goals on other fronts for portfolio
firms ahead of the upcoming shareholder meeting season.

 

 

BlackRock, the world’s biggest asset manager with around $7.8 trillion in
assets, said its enhanced target list would cover 90% of the greenhouse gas
emissions linked to the operations of the companies its clients invest in,
globally.

 

It also made explicit its call for companies to lay out plans to reach
net-zero emissions by 2050, in line with the recommendations of the Task
Force on Climate-related Financial Disclosures.

 

“We will step up our engagement efforts with this universe and consider
accelerated voting actions should the substance of companies’
climate-related commitments and disclosures not meet our expectations,” the
company said.

 

The changes come at a time of rising pressure on companies to help address
environmental and social problems. New York-based BlackRock said performing
well on such sustainability measures can help companies improve long-term
returns.

 

After a year marked by growing concern over the lobbying activities of some
companies, particularly around climate, BlackRock also said it would look
for companies to align their lobbying activities with their public
statements.

 

It also called for them to make their boards more diverse.

 

In addition, the money manager said it would be more likely to support some
climate-related shareholder proposals than in the past - a sore point with
many climate activists.

 

In a report on Thursday, the company said it had increased its support for
climate- and social-related shareholder proposals since July 1, backing 11
out of 22.

 

“We’ve really intensified our engagement approach,” said London-based Sandy
Boss, the asset manager’s top stewardship executive, who joined in April.
She cited the example of Spanish airports operator Aena, where BlackRock
backed a shareholder resolution calling for an annual vote on its climate
plans.

 

 

 

S&P DJI boots Chinese firms from indices after U.S. blacklisting

SHANGHAI (Reuters) - S&P Dow Jones Indices on Thursday became the second
major index provider to remove some Chinese companies from its index
products following a Trump administration executive order, in the latest
market disruption from persistent Sino-U.S. tensions.

 

Outgoing U.S. President Donald Trump’s executive order, unveiled in
November, is designed to deter U.S. investment firms, pension funds and
others from buying shares of Chinese companies designated by the U.S.
Defense Department as backed by the Chinese military.

 

S&P DJI said it would remove mainland-listed A-shares, Hong Kong-listed
H-shares and American Depositary Receipts (ADRs) of 10 companies including
Hangzhou Hikvision Digital Technology Co Ltd and Semiconductor Manufacturing
International Corp (SMIC) from all equity indices prior to the market open
on Dec. 21.

 

The company said it will also remove 11 securities issued by Chinese
companies from its fixed income indices before Jan. 1.

 

“The order ... may impact the ability of market participants to replicate
S&P DJI Equity and Fixed Income Indices containing securities affected by
the order,” S&P DJI said in a statement.

 

A spokeswoman for Hikvision called the order’s decision to pursue Hikvision
“groundless.”

 

“We strongly protested when Hikvision was included on this list in June
because, as we have shown time and again, Hikvision is not a ‘Chinese
military company’,” she said.

 

SMIC did not immediately respond to a request for comment.

 

FTSE Russell said last week that it would remove eight Chinese firms from
its products to comply with the U.S. executive order, which bars U.S.
investors from buying securities of blacklisted firms starting in Nov. 2021.

 

The index providers’ moves to comply with the U.S order effectively shut
passive investors out of the stocks and bonds affected and could challenge
investor assumptions that a Joe Biden administration will mean a warmer
bilateral relationship.

 

“It’s significant and even more importantly it’s not necessarily going to be
unwound by the Biden administration,” said Kay Van Petersen, global macro
strategist at Saxo Capital Markets in Singapore.

 

“There are more ripples from it and it raises possible questions: What about
Alibaba, which is listed in the U.S. ... What if it was the other way
around? How would people like those apples? And no-one’s talking about that
yet.”

 

President-elect Biden has said he will not immediately cancel existing
tariffs set by the Trump administration against China, and legislation
taking a hard line on Chinese business and trade practices tends to have
broad bipartisan support in Washington.

 

Last week, the U.S. House of Representatives unanimously passed a law to
kick Chinese companies off U.S. stock exchanges if they do not fully comply
with the country’s auditing rules.

 

Kiyoshi Ishigane, chief fund manager at Mitsubishi UFJ Kokusai Asset
Management in Tokyo, said that funds following the S&P indices “will have to
sell”.

 

“This goes beyond the routine annual changes to names on the index,” said
Ishigane.

 

“Once the passive funds start selling, the active funds will be inclined to
do the same.”

 

China said last week it firmly opposes the United States’ “wanton
oppression” of its companies and asked America to stop abusing the concept
of national security.

 

Hikvision shares in Shenzhen shrugged off the index announcement to close
2.95% higher on Thursday. SMIC’s Shanghai shares closed up 1.08% and its
Hong Kong shares were up 0.22% in late afternoon trade.

 

“Although foreign ownership in A-shares is rising, it remains relatively
small, accounting for 4-5% in total,” said Max Luo, director of asset
allocation at UBS Asset Management in Shanghai.

 

“We’re watching these developments closely, but we don’t think these events
will trigger major concern or panic in Chinese markets.”

 

 

 

SoftBank shares surge on $11 billion DoorDash investment gain

NEW YORK/TOKYO (Reuters) -SoftBank Group Corp shares surged 11% after the
investment conglomerate scored a $11.2 billion gain in the value of its
stake in DoorDash Inc following the U.S. food delivery app’s blockbuster
stock market debut.

 

SoftBank, which invested $680 million in DoorDash in the last three years,
saw the value of its 25% stake in the company rise to $11.9 billion on the
first day of trading in New York.

 

SoftBank’s shares climbed as much as 19% in Tokyo trading and closed at new
two-decade highs at 8,306 yen.

 

DoorDash shares ended trading up 87.5% following their debut on Wednesday,
valuing the company at $68.4 billion, more than four times its valuation in
a private fundraising round six months ago.

 

SoftBank’s DoorDash gains are a boon to Chief Executive Masayoshi Son’s
efforts to revive its $100 billion Vision Fund, which recorded a string of
losses in the past year on soured bets ranging from office space-sharing
start-up WeWork to dog-walking startup Wag.

 

The group’s growing market capitalisation, which neared $170 billion on
Thursday, raises the costs of management buyout proposals, which have been
debated internally but face considerable opposition.

 

Last month, SoftBank said its Vision Fund was now worth about $76.4 billion,
slightly more than the $75 billion paid for its 83 investments, following
the rebound in public markets from a coronavirus-induced downturn earlier
this year. It has also booked other gains such as $4.5 billion from exited
investments.

 

SoftBank has been investing on a smaller scale with its Vision Fund 2 as it
looks to win the trust of backers of the first fund, like Saudi Arabia’s
sovereign wealth fund, and demonstrate the strength of its investment
thesis.

 

SoftBank’s recent wins include a rally in the shares of ride-hailing app
Uber Technologies Inc, where it is a top shareholder, and the sale of chip
designer Arm to Nvidia Corp for $40 billion.

 

Uber said this week it was selling its struggling self-driving car and air
taxi businesses, raising questions over whether SoftBank has backed a likely
winner in the shift to autonomous driving.

 

Vision Fund had invested in DoorDash over four fundraising rounds. It paid
$280 million for its first DoorDash stake in March 2018, before buying more
shares over two rounds in the following year for about $350 million. The
fund made its last DoorDash investment worth about $50 million in June 2020,
according to regulatory filings.

 

 

 

French watchdog fines Google 100 million euros for breaching cookies rules

PARIS (Reuters) - France’s data privacy watchdog has handed out its biggest
ever fine of 100 million euros ($121 million) to Alphabet’s Google for
breaching the country’s rules on online advertising trackers (cookies).

 

The CNIL said in a statement on Thursday it had also fined U.S. e-commerce
giant Amazon 35 million euros for breaching the same rules.

 

The regulator found the French websites of Google and Amazon didn’t seek the
prior consent of visitors before advertising cookies were saved on
computers, it said in a statement.

 

Google and Amazon also failed to provide clear information to internet users
about how the two firms intended to make use of such online trackers and how
visitors of their French websites could refuse any use of the cookies, the
watchdog said.

 

The CNIL said Amazon and Google had three months to change the information
banners. If they failed to do so, they would face an additional fine of
100,000 euros per day until the modifications are made.

 

The financial penalty against Google is the biggest ever issued by the CNIL,
a spokesman for the watchdog said.

 

The previous record fine of 50 million euros also targeted the U.S. tech
giant for breaching European Union data privacy rules.

 

Amazon and Google didn’t immediately respond to requests for comment.

 

 

 

Kenya: Why Revival Cotton Industry in Nyanza May Take Longer

Fluctuating prices and ineffective management of cooperative societies are
derailing the revival of the cotton industry in Siaya county.

 

Farmers in Rarieda are stuck with 8,000 tonnes of cotton after a bumper
harvest two months ago.

 

Mr Willis Ochieng, one of the affected farmers, said some families began
harvesting their cotton in late September but cannot sell it due to the low
prices offered.

 

Mr Ochieng, who had an acre under cotton, said the price of a kilo has
fallen from Sh52 to Sh48.

 

The Directorate of Fibre Crops, which is under the Agriculture Food
Authority (AFA), convenes a stakeholders' meeting to review prices every
year. They price usually depends on trends in the global market.

The annual meeting is usually attended by farmers' representatives, ginners,
spinners and officials from the regulator.

 

Farmers say they feel shortchanged as they were not represented at this
year's forum. To produce a tonne of cotton, one uses at least Sh40 ,000.

 

Farmers sell their cotton to cooperative societies, which in turn sell to
ginners. Farmers say one with an acre can only make a Sh8,000 profit.

 

Mr Zedekiah Adul Ajuang, who put three acres under cotton in the last
season, said producing the crop is labour intensive.

 

He said the cotton variety farmers are being encouraged to grow takes nine
months to mature and requires to be weeded five times.

 

"The returns are not worth the effort," Mr Ajuang told the Nation on
Tuesday.

He added that the black cotton soil in parts of Rarieda favours weeds.

 

Pests are also common, meaning the cotton has to be sprayed several times
before it is ready for harvesting.

 

Mr Ajuang is the secretary of 4,000-member Uyuma Cotton Growers Cooperative
Society, which was revived in 2013.

 

Members of the society planted a fast maturing and high yielding cotton
variety.

 

"An acre of land can produce 1.5 tonnes of this variety. For the local
variety, one can only get 600 kilos," Mr Ajuang said.

 

The co-op society expects 8,000 tonnes of cotton this year. It bought 143
tonnes from farmers last year.

 

For the 30 years he has grown cotton, Mr Ajuang has encountered many
challenges.

Once lucrative industry

 

He says lack of political goodwill and liberalising the market almost ground
the once lucrative industry to a halt.

 

"The free market economy meant the government could not set or regulate
prices. The cotton sub-sector almost collapsed since brokers took advantage
of the situation to exploit farmers," Mr Ajuang said.

 

The government then established the Fibre Crops Directorate under AFA.

 

The directorate was given the mandate to regulate the price of cotton,
license ginners and ensure farmers are not exploited.

 

But the farmers' woes are far from over. The BT cotton variety, which was
introduced in Kenya and popularised by the Ministry of Agriculture, is not
readily available.

 

The variety grown in Siaya county ends up being attacked by pests and
diseases three months after being planted.

 

The once vibrant ginneries have all but collapsed.

 

The more than 7,000 members of Asembo and Uyoma cooperative societies in
Rarieda sell their cotton in Salawa, Elgeyo Marakwet county.

 

Rarieda cooperative officer Mary Muyoyo said value addition would ensure
farmers earn more from their cotton and other crops.

 

"This is possible when there is a ginnery. Farmers will earn from cotton
lint, oil and cake which fetch better prices," Ms Muyoyo said.

 

AFA senior technical officer Harrison Fundi said fluctuating cotton prices
have been occasioned by low demand in the international market.

 

He added that the coronavirus pandemic has also contributed to the decline
in demand.

 

"The annual stakeholders meeting decides the prices. The directorate then
implements the resolution of the deliberation," he said.

 

Mr Fundi advised farmers to bulk their cotton in order to negotiate for
better prices.

 

"After the minimum price is set, the buying begins in October and ends in
February. We don't allow ginners to buy directly from farmers. They must
also buy within the set standards like the use of digital weighing scales,"
he said.-Nation.

 

 

 

Nigeria: Ugwuanyi Presents Enugu's N169.85 Billion 2021 Budget Estimates

Mr Ugwuanyi disclosed that it "is 13.8 per cent higher than our revised 2020
budget."

 

Governor Ifeanyi Ugwuanyi of Enugu State, on Wednesday, presented to the
State House of Assembly, the 2021 Budget estimates of One Hundred and Sixty
Nine Billion, Eight Hundred and Forty Five Million, Seven Hundred and Fifty
Eight Thousand, Five Hundred Naira (N169,845,758,500.00), for consideration
and passage.

 

Presenting the budget proposal tagged: "Budget of Recovery and Continued
Growth", Mr Ugwuanyi disclosed that it "is 13.8 per cent higher than our
revised 2020 budget".

 

 

The governor explained that the budget proposal was carefully designed to
strategically enhance the recovery of the state from the drawbacks of 2020,
occasioned by the unexpected and unpleasant outbreak of the Coronavirus
Disease (COVID-19) and the negative effects of the #EndSARS protests, which
were hijacked by miscreants and hoodlums to unleash mayhem on the country,
"pushing back all the efforts at economic recovery from COVID-19 challenge".

 

Mr Ugwuanyi added that these setbacks to the full implementation of the 2020
budget ensued shortly after his administration commenced payment of the new
minimum wage of N30,000 in February this year with its consequential
adjustment.

 

"We had adjusted to this new cost centre and set in motion procurement
processes for the delivery of services to Ndi Enugu as appropriated by this
Honourable House. Suddenly, we slept in one world and woke up in another,
confronted with the unpleasant news of a strange illness - Corona Virus
Disease (Covid-19)", he said.

 

Mr Ugwuanyi pointed out that the COVID-19 pandemic lockdown and pertinent
restriction of economic activities across the country caused a significant
drop in the global energy demand that led to oil prices crash with huge drop
in Statutory Allocation accruing to states in Nigeria, as well as the
Internally Generated Revenue (IGR), which compelled state governments to
revise their 2020 approved budgets as directed by the National Economic
Council and inspired by World Bank.

 

On the 2020 budget performance, the governor said that apart from the
payment of the N30,000 Minimum Wage to workers, provision of critical road
infrastructure in urban and rural areas, interventions in security,
judiciary, education, tourism, legislature, religious, agriculture,
redevelopment of the Akanu Ibiam International Airport, Enugu, Urban water
supply, among others, his administration has made huge investment in the
health sector/COVID-19 related interventions.

 

 

On the 2021 budget estimates, Mr Ugwuanyi revealed that the projections were
predicated on the macro and micro-economic indicators of national inflation
rate of 11.95 per cent, national real GDP growth of 3 per cent, oil
production benchmark of 1.86 million barrels per day, oil price benchmark of
$40 per barrel, and exchange rate of N380 per US dollar.

 

He further stated that the "Enugu State Medium Expenditure Framework (MTEF)
2021-2023 and Fiscal Strategy Paper (FSP) are aimed at prudent fiscal
management coupled with prioritisation of public expenditure", stressing
that "this is focused on achieving a better balance between capital and
recurrent expenditures".

 

The governor noted that out of the total budget size of N169.85 billion, the
sum of N68.711 billion, representing 40 per cent of the total budget is for
Recurrent Expenditure while the sum of N101.1 billion is for Capital
Expenditure, representing 60 per cent of the budget size.

 

Consequently, Mr Ugwuanyi highlighted that the key deliverables of the 2021
capital budget include rehabilitation of the 9th Mile crash water borehole
programme; commencement of AFD-funded 3rd National Urban Water Sector Reform
Project; completion and landscaping of International Conference Centre and
construction of a flyover Bridge at T-Junction of Nike Lake Resort Road/Nike
Road, Enugu.

 

The governor hinted that the all-important flyover project will necessitate
closure of the Nike Lake Resort/Nike Road T-junction and all approach routes
to it, adding that "preparatory to the project commencement therefore,
alternative routes for traffic diversion are being prepared and will be
adequately communicated to the public in due course".

 

Other key deliverables were the completion of construction of ESUT Teaching
Hospital Igbo Eno; installation of Astro-turf & Tartan Tracks, floodlighting
with associated Works at Nsukka Stadium, Nsukka LGA;
rehabilitation/construction of more Urban and Rural roads; construction of
Station Road-Subway Flyover/Underpass to Ogui road with a spur to market
road by Red-Cross; construction of additional type III Model Primary Health
Centers in Oji River, Aninri, and Awgu LGAs; establishment of Fertilizer
blending plant and cottage Rice Mill; completion of the rehabilitation of
Enugu Ezike General Hospital and construction of its Amenity Building;
integration of Adada Water Scheme and rehabilitation of other Water Schemes
in Enugu North Senatorial District, and drilling of new Water boreholes with
storage facilities and reticulation across the State.

 

While expressing profound appreciation to members of the State House of
Assembly for their diligence and commitment to the task of taking Enugu
State to an enviable height, "consistent with our founding fathers' dream of
a peaceful, united, secure and prosperous Enugu State", Mr Ugwuanyi also
appreciated deeply the people of the state "for their unflinching support,
cooperation and resilience especially in the face of all the storms of year
2020."

 

Responding, the Speaker of the State House of Assembly, Rt. Hon. Edward
Ubosi thanked Gov. Ugwuanyi for weathering the storms during the year to
ensure that his administration provided the dividends of democracy to the
people of the state especially in the rural areas.

 

The Speaker therefore assured the governor that the House will pay diligent
attention to the budget for residents of the state to continue to enjoy
peace and good governance.-Premium Times.

 

 

 

Kenya and Ethiopia Reaffirm Their Commitment Cross-Border Infrastructure
Projects

Lamu — Kenya and Ethiopia today reaffirmed their commitment to the continued
implementation of cross-border infrastructure projects.

 

In a joint press address shortly after inspecting the ongoing construction
of the new 32-berth Lamu Port, President Kenyatta and visiting Ethiopian
Prime Minister Dr Abiy Ahmed said Kenya and Ethiopia are fast tracking the
development of the Mombasa-Nairobi-Addis Ababa Road Corridor Project so as
to promote trade and regional trade. The corridor is part of the
Trans-Africa Highway network.

 

"Additionally, we have embarked on the development of the Lamu Port-South
Sudan-Ethiopia Transport (LAPSSET) Corridor, which is being developed to
complement the Mombasa-Nairobi-Addis Ababa Road Corridor.

"Through this new Transport Corridor, Ethiopia will have a more reliable and
more direct road access route; connecting Moyale and Isiolo to the Lamu Port
on the Indian Ocean," the President Kenyatta said.

 

The Kenyan Head of State noted that since reaching the understanding to
develop transport corridors jointly, the two countries have witnessed
significant progress in the actualization of the Port of Lamu.

 

"The 1st Berth is complete and the other two berths are progressing well;
indeed, they are 86% complete. Therefore, by end of October 2021, I hope to
invite you and the President of South Sudan to join me in commissioning the
First Three Berths of the Port of Lamu," President Kenyatta said.

 

Expressing satisfaction on the progress of the Lamu Port, the President said
he looked forward to the commencement of world-class logistics operations at
the port so that traders can make Lamu the premier port of choice in East
Africa.

He disclosed that the two countries will, in due course, unveil their
detailed proposals for how they intend to rejuvenate the logistics and
transport business in the region and position East Africa as a global
logistics centre serving as the leading gateway into both the wider region
as well as the rest of the continent.

 

President Kenyatta also observed that the completion of the first three
berths of the Lamu Port will require a road off-take system to provide
connectivity from Lamu to Moyale, to Hawassa and Addis Ababa spanning about
2,000km.

 

"I am glad to inform you that most of the Kenyan sections of that road
network are either complete or very near completion," President Kenyatta
informed Prime Minister Abiy.

 

He said the complete Isiolo-Moyale road is a game changer by opening up
trade and transportation opportunities across the border.

President Kenyatta added that the Lamu-Witu-Garsen road is progressing well
and is now 80 per cent complete.

 

"This road will provide the initial off-take route, and will serve as a good
link to Ethiopia from Isiolo through Garissa.

 

"We have also commenced the process for the construction of the new
Lamu-Garissa road (250Kms), which will provide yet another transport artery
to the Lamu Port," the President said.

 

President Kenyatta said following his tour of industrial parks in Hawassa in
Ethiopia, the two countries have resolved to collaborate in establishing a
Special Economic City in Moyale so that cross-border trade can thrive and
improve the livelihoods of local communities.

 

The President added that Kenya plans to establish an industrial city in Lamu
to serve the region and the world at large.

 

He affirmed Kenya's commitment to the development of transport economic
corridors that will provide seamless connectivity and enhance trade and
logistics within the region, saying the transport projects will help spur
inter-regional trade and further strengthen regional integration.

 

"We must consider all transport corridor projects as regional projects,
where Kenya, Ethiopia and our neighbouring countries, have a real stake,"
the President said.

 

On his part, Prime Minister Abiy Ahmed said the Lamu Port will benefit
Ethiopia and South Sudan, encouraging the two countries to work as part of
the efforts to integrate the whole of Africa.

 

"This afternoon we are witnessing the potential of Lamu Port not only for
Ethiopia but also for South Sudan. This will help us to realize our vision
which we have already been discussing and working on for economic
integration of our region and the transformation of the lives of our
people," said the visiting Ethiopian PM.

 

He said there was a lot of potential in Ethiopia but without ports and road
connectivity it would be difficult to export their products or import from
other countries.

 

Dr Ahmed underscored the importance of infrastructure and economic
integration, saying it would be hard for countries to survive in the 21st
century without good infrastructure.

 

"Without infrastructure, without economic integration there is no way we can
survive in the 21st century. We can transform the Horn of Africa as long as
each government dedicates their time and resources to invest in
infrastructure like my brother did in Kenya," PM Abiy Ahmed said.

 

Opposition Leader Raila Odinga joined the two leaders during the Lamu Port
tour that was led by Infrastructure CS James Macharia accompanied by Foreign
Affairs CS Raychelle Omamo and Chief of Defence Forces Gen Robert Kibochi
among other high ranking government officials.-Capital FM.

 

 

 

 


 


 


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.

 


 

 


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<mailto:info at bulls.co.zw> info at bulls.co.zw Tel: +263 4 2927658 Cell: +263 77
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