Major International Business Headlines Brief::: 11 December 2020

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Major International Business Headlines Brief::: 11 December 2020

 


 

 


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ü  UK banks can weather pandemic, says Bank of England

ü  Pop Mart: China's mystery toymaker becomes multi-billionaire

ü  US telcos ordered to 'rip and replace' Huawei components

ü  Royal Mail delays blamed on 'exceptional' volumes of post

ü  Investors mob Airbnb listing giving it $100bn value

ü  Ridley Scott inspires Network Rail’s cave-exploring drone

ü  Britons could be barred from EU entry on 1 January

ü  Frasers Group confirms interest in Arcadia brands

ü  Africa: 'Atoms 4 Development' In Africa - Experts Weigh In

ü  Liberia: Government of Liberia Dedicates Modern Mobile-Based Tower in
Gbarpolu County

ü  Morocco - Budget Deficit of 59.2 Bln Mad At End of November (Ministry)

ü  Kenya: Health Ministry Snubbed Sh576m to Cover Medics

 

 


 <mailto:info at bulls.co.zw> 

 


UK banks can weather pandemic, says Bank of England

UK banks are well prepared for serious economic shocks and can continue to
lend during the pandemic, the Bank of England has said.

 

Banks have built up strong capital buffers since the financial crisis more
than a decade ago, the Bank said in its latest financial stability report.

 

Most risks to the UK's financial stability posed by a no-deal Brexit have
been mitigated, it said.

 

But it warned that "some disruption to financial services could arise".

 

Businesses, with the support of government guarantees, have borrowed £80bn
so far this year, compared with £20bn by this time last year, according to
the Bank.

 

It said the major UK banks could absorb credit losses in the order of
£200bn, but that would involve "incredibly severe" shocks that were unlikely
to occur.

 

For instance, unemployment would have to rise to 15% and house prices to
fall by 30%.

 

Former Bank of England Monetary Policy Committee member Andrew Sentance told
the BBC that the Bank saw the banking system as "very resilient".

 

"I think that the Bank's assessment makes sense," he said.

 

However, he warned that outside the financial system, a no-deal Brexit would
pose big challenges.

 

"The real economy is going to struggle if we go into a Brexit no-deal," he
added.

 

Market volatility

"Financial sector preparations for the end of the transition period with the
EU are now in their final stages," the Bank's report said.

 

"Most risks to UK financial stability that could arise from disruption to
the provision of cross-border financial services at the end of the
transition period have been mitigated."

 

However, it added: "Financial stability is not the same as market stability
or the avoidance of any disruption to users of financial services. Some
market volatility and disruption to financial services, particularly to
EU-based clients, could arise."

 

The Bank said financial institutions should continue taking measures to
minimise disruption.

 

Mortgage debt

On the housing market, the Bank noted that activity had picked up sharply in
recent months, but the number of advertised mortgage products had continued
to fall and was "materially lower" than earlier in the year.

 

"While some lenders have reintroduced products since the early stages of the
pandemic, others have withdrawn further, especially at higher
[loan-to-value] ratios," it said.

 

The Bank said it was important to prevent a rapid build-up of mortgage debt,
which it said had "historically been an important source of risk to
financial and economic stability".

 

To that end, the Bank's Financial Policy Committee had recommended limiting
the proportion of new mortgages with high loan to income ratios, guarding
against an increase in the number of highly indebted households.

 

Those recommendations are under review and the conclusions will be published
next year.--BBC

 

 

 

Pop Mart: China's mystery toymaker becomes multi-billionaire

A Chinese mystery toymaker has seen his wealth surge after his company was
floated on the stock market on Friday.

 

Pop Mart, founded by Wang Ning, has grown rapidly to become a company worth
around $7bn (£5.3bn).

 

The firm sells collectible figures for about $8 each in packaging that
doesn't allow buyers to see what's inside.

 

Mr Wang owns around 50% of Pop Mart following the stock market launch in
Hong Kong on Friday, and now has a net worth of $3.2bn, according to Forbes.

 

Beijing-based Pop Mart raised $674m from the share sale, which it will use
to open more stores and expand overseas. It shares rose 100% higher in early
trading after the stock market debut.

 

"Chinese are stressed over long hours but face low pay at work and
unaffordable housing prices, so they look for cheap forms of entertainment
and purchases," said Shaun Rein, managing director at China Market Research
Group.

 

Pop Mart sells its products in 21 countries outside China and says its
customers are mostly aged 18 to 35, while 75% are female.

 

media captionCovid: "A memory of Christmas in an unusual year"

"Young Chinese like cute items to decorate their desks and homes. The
surprising nature of what one gets also excites consumers,"Mr Rein added.

 

China's millennials spend more on mystery toys than any other hobby,
including designer shoes and e-sports, according to a report from e-commerce
platform Tmall, which is owned by Alibaba.

 

Market leader

Pop Mart, the market leader, saw its revenues triple last year to 1.68bn
yuan ($256.8m), according to its prospectus. It has licensing deals with
Walt Disney and Universal Studios and also sells products from third-party
suppliers.

 

Research firm Frost & Sullivan says sales of pop toys, a mix of pop culture
and trendy content, amounted to 20.7bn yuan in China last year.

 

Mystery toy boxes trace their origins back to Japan's vending machine
capsule models, known as Gashapon.--BBC

 

 

 

US telcos ordered to 'rip and replace' Huawei components

The US Federal Communications Commission (FCC) has ordered certain US
telecommunications companies to remove Huawei equipment from their network.

 

The FCC has also started the process of revoking China Telecom's
authorisation to operate in the US.

 

The "rip and replace" order is the latest US move against Huawei made on
national security grounds.

 

The order includes subsidies for smaller carriers for removing and replacing
the equipment.

 

However, the commission can't actually implement the reimbursements without
the approval of funding from congress.

 

FCC chairman Ajit Pai said Huawei has close ties to the Chinese military and
intelligence communities as well as the Communist Party, and those ties are
at "every level of the company—all the way up to its founder".

 

"The concerns about Huawei aren't just hypothetical: Independent entities
have identified numerous security vulnerabilities in Huawei equipment and
found it to be less secure than that of other companies—perhaps deliberately
so," Mr Pai said.

 

He said Huawei is also subject to "sweeping" laws compelling the company's
assistance and cooperation with Chinese intelligence services and forbidding
the disclosure of that assistance.

 

The FCC will publish a list of communications equipment and services
determined to be a risk to national security.

 

It has estimated the programme will require at least $1.6bn (£1.2bn) to
reimburse eligible providers, who take federal subsidies mostly to provide
service in rural areas of the US.

 

Huawei has long denied US accusations that it is a government-run company
and a threat to national security.

 

In a statement, the company expressed disappointment with the decision.

 

"This overreach puts US citizens at risk in the largely underserved rural
areas - during a pandemic - when reliable communication is essential," the
company said.

 

On Thursday the FCC also rejected a petition from Huawei asking the agency
to reconsider its decision designating the company as a national security
threat to communications networks.

 

China Telecom ban

The FCC also began the process of revoking China Telecom's authorisation to
"provide domestic interstate and international telecommunications services
within the United States".

 

The company's US subsidiary was asked in April to "show cause why the
Commission should not start a process for revoking and terminating" its
authorisation.

 

The FCC said that China Telecom had "failed to provide a satisfactory
response to the concerns".--BBC

 

 

 

Royal Mail delays blamed on 'exceptional' volumes of post

Royal Mail has acknowledged delays to its deliveries amid "exceptionally
high volumes" of post and anti-Covid measures.

 

Despite "exhaustive planning", some customers may be experiencing "slightly
longer delivery timescales" than normal, the postal group said.

 

It came as people complained of late or missed deliveries.

 

Retailers including John Lewis, Boots and HMV have also blamed Royal Mail
for delivery delays.

 

'Exhaustive planning'

On Thursday, online shoppers messaged Royal Mail, as well as contacting
retailers directly, to complain about parcels failing to arrive in time - in
some cases weeks after they were expected.

 

People also complained their post was arriving less frequently.

 

Others expressed sympathy for postal workers having to meet a surge in
demand during the pandemic.

 

Mariusz Luczakowski runs a small chocolate company in Worcestershire and
uses Royal Mail to send out orders to customers via first class delivery.
Over the past few days he says he has received emails from customers
complaining of delays - sometimes of seven or more days.

 

"I am feeling frustration, but at least it's not only me," he told the BBC.

 

"It is a really scary and uncertain time for a small business owner and so
easy to destroy the reputation of your own company by not delivering on time
as promised."

 

Mariusz Luczakowski

Neil Watts, 58, from Edinburgh, told the BBC he ordered a Christmas present
online for his wife on 27 November and he still has not received it despite
paying for next day special delivery.

 

"It's the frustration of trying to resolve it," Mr Watts said. "Tomorrow is
two weeks before Christmas. Do I cancel the order or wait?"

 

A postman from Manchester, who did not want to be named, said their delivery
office was short-staffed and had lost "around 20 staff" over the last two
years.

 

"On top of that we're also receiving a far greater number of both parcels
and letters than normal even for the time of year and are being told to
prioritise tracked packets over everything else," the postman said.

 

"Everyone I speak to in the office feels awful that people aren't getting
their Christmas cards and presents and many of us are working several hours
overtime every day to try and prevent things backing up too much."

 

'Exceptionally high volumes'

In a statement, the postal group said there had been a "greatly increased
uptake of online Christmas shopping", driven "in no small part" by the
lockdown.

 

This meant all delivery companies were experiencing "exceptionally high
volumes" of post, it said.

 

The company said it had hired about 33,000 temporary workers to support its
115,000 permanent postmen and women and had expanded its seasonal sites to
help manage the anticipated growth in parcel volumes.

 

Coronavirus-related absences had also affected services, the Royal Mail's
customer service account said.

 

"Despite our best efforts, exhaustive planning and significant investment in
extra resource, some customers may experience slightly longer delivery
timescales than our usual service standards.

 

"This is due to the exceptionally high volumes we are seeing, exacerbated by
the coronavirus-related measures we have put in place in local mail centres
and delivery offices.

 

"In such cases, we always work hard to get back to providing our usual level
of service as quickly as we can."

 

The company advised customers to visit the service update page of its
website.--BBC

 

 

 

Investors mob Airbnb listing giving it $100bn value

Shares in holiday booking platform Airbnb have surged on their first day of
public trade, giving the firm a valuation of more than $100bn.

 

The massive listing - the biggest of the year in the US - raised $3.5bn
(£2.6bn) for the firm.

 

The firm said it would use the money to help it survive the pandemic, which
has devastated travel.

 

The flotation comes as investor appetite for tech firms has sent US markets
soaring.

 

Demand for Airbnb shares was so hot, prices in opening trade more than
doubled from the $68 apiece fetched ahead of the listing. That figure was
already more than the firm had initially targeted.

 

Chief executive Brian Chesky told the BBC the firm planned to use the
unexpectedly large windfall to help navigate the crisis.

 

"We are still in a storm," he said. "We don't know how long the storm is
going to last so we hope for the best but we plan for the worst."

 

"We're going to be very prudent and very thoughtful about our investment,
especially in a world of a huge amount of uncertainty, which is clearly
where we still are right now," he added.

 

Airbnb bookings crashed this spring, forcing it to slash staff numbers by
25% and raise $2bn in emergency funds.

 

Last month, the firm said travel had returned somewhat over the summer, as
people looked to escape locked down cities with long-term rentals within
driving distance. The company reported a surprise profit for the July,
August and September months.

 

But the firm has warned that renewed lockdowns in many places will weigh on
recovery.

 

Russ Mould, investment director at AJ Bell, said the money Airbnb raised
despite the turmoil was a sign of hope that the travel industry will rebound
quickly.

 

"Investors are clearly looking to [Airbnb] for a company that is a long term
disruptor but at the same time a short-term winner if and when people start
to travel in greater numbers in 2021," he said.

 

He added: "You've also got very, very enthusiastic stock markets right
now... Some people think they may be running a little bit too hot but we
shall find out."

 

More companies have raised more money by floating on US exchanges this year
than any year since 2014, according to Renaissance Capital, a
Connecticut-based firm that offers investments focused on initial public
offerings.

 

In addition to Airbnb, US restaurant delivery company DoorDash raised $3.3bn
just this week.

 

Airbnb origins

The listing has cemented the billionaire status of the firm's three
founders, who started the company as a home-sharing site in 2008.

 

Since then, it has grown into a global juggernaut, with more than four
million people listing properties on the platform in countries around the
world.

 

Last year, roughly 54 million people reserved stays through the company,
which takes a cut of each booking and made roughly $4.8bn in revenue last
year.

 

"When they launched they put a lot of pressure on hotel rates and I think
they inspired consumers to really create their own travel experience," said
Rebecca Crook, chief growth officer at UK-based digital product agency Somo.

 

"Because of that they became quite renowned in terms of disrupting what
consumers really wanted and expected from travel brands."

 

Risks ahead

Airbnb's growth has challenged hotel rivals and caused headaches for cities
worried about an influx of tourists to new areas.

 

Those complaints have subsided since the pandemic, but the threat of more
regulation is still a "major risk that Airbnb are going to have to tackle,"
Ms Crook said.

 

The company has also lost money every year since its founding - with losses
of roughly $696m in the first nine months of this year.

 

As of September, bookings remained more than 20% lower than in September
2019. And the firm warned they could fall farther again as officials in some
places re-imposed lockdowns.

 

In Kenya, much of the tourist trade has dried up, said Karen Fraser, who
hosts guests in a double decker bus in her garden.

 

"We're still getting our weekend bookings... but it's totally empty during
the weeks," she said.

 

Prior to the pandemic, the business was doing so well she gave up her day
job.

 

She says she's hopeful the pandemic has created pent-up demand that will
make next year better than ever.

 

"We're all hoping for a bumper year," she said. "Whether that happens or
not, we'll have to wait and see."--BBC

 

 

 

Ridley Scott inspires Network Rail’s cave-exploring drone

When Hollywood director Ridley Scott filmed astronauts looking for aliens in
his 2012 movie Prometheus, little did he know that it would one day inspire
a Network Rail drone project.

 

But, bizarrely, that's exactly what has happened. Network Rail, which owns
and maintains most of the railway infrastructure in Britain - from vast
stretches of track to thousands of bridges, tunnels and level crossings -
has long sought cheaper and easier ways of surveying the many underground
caves and abandoned mines dotted around its property.

 

Engineers must account for "shallow" subterranean voids when doing building
work or moving heavy machinery, because the caverns might collapse and cause
the ground above to shift. There are more than 5,000 shallow voids in
Britain.

 

At an innovation workshop in 2018, Network Rail's principal mining engineer
Neal Rushton found himself seated at a table with electronics experts and
robot researchers. He sketched a simple drawing of the sort of device he was
looking for - something that could travel down a 15cm borehole, enter an
underground cave and map its interior.

 

Existing methods of mapping these areas are slow and sometimes hazardous.
Surveyors either drill multiple boreholes into the ground, through which
they poke sensors at the end of long sticks in order to scan the space
below; or technicians enter the mine shafts and caverns themselves to
collect the data by hand. Dangerous gases, cave-ins and even explosions are
all possible causes of harm to such workers.

 

When Simon Watson, a robotics engineer at the University of Manchester, saw
Mr Rushton's drawing, he immediately piped up: "Eh, I've watched a film
about that," he said. "It's Prometheus."

 

In a well-known scene in the science-fiction blockbuster, four spherical
drones whizz off into a creepy, unexplored alien structure, scanning it with
lasers as they go in order to build up a 3D model of the environment. It's a
tantalising moment in which the human space travellers realise the enormous
scale of the outlandish place they have stumbled upon.

 

Mr Rushton knew the film and so instantly recognised Mr Watson's analogy,
which got everyone at the table talking. "A tool like that would be
invaluable," says Mr Rushton today. "Not just for us but for hundreds of
applications around the world."

 

This is how the "Prometheus" drone project got its name and, although the
caverns Network Rail hopes to explore with the device will be smaller than
the alien tunnels in the film, the technological principles are almost
exactly the same.

 

There are special challenges though. For one thing, the drone has to fit
through a snug 15cm (6in) borehole - a standard size used for underground
surveys. Mr Watson, his PhD student Liam Brown and colleagues have come up
with a folding design in which the drone's propeller-equipped arms raise up
into the "flight" position once the device has been pushed through the
borehole and into the gloomy mine below.

 

At that point, the drone detaches and zooms off into the underground space
on its mission. But no human will have control over where it goes because of
the lack of light and difficulty of maintaining a wireless signal to the
surface. Prometheus must instead explore the subterranean space
autonomously.

 

To gather data about its environment and avoid slamming into cave walls or
stalactites, the drone will carry a camera that uses lasers and infrared
imaging to make 3D maps of its environment. The device has been miniaturised
so that it can fit onto the drone. If all goes as planned, once it has
acquired a map of the cave's interior, the drone will then fly back to the
borehole where it will autonomously dock with a rig and be pulled back up to
the surface.

 

The consortium behind the project involves various organisations, including
- among others - the universities of Manchester, Bristol and Royal Holloway,
all working on the drone itself; and Headlight AI, a London-based tech firm
tasked with designing the special camera and other components.

 

"The challenge with the Prometheus drone is, number one, it has to navigate
when there's no GPS," explains Puneet Chhabra, co-founder and chief
technical officer at Headlight AI, who was present when the idea for the
Prometheus project arose at the innovation lab meeting in 2018. "That means
you have to create a 3D map and that map has to update itself as the drone
moves - you have to localise in that space, if you like."

 

Not only that, but because of the drone's diminutive size, it can carry only
a small battery so will have to complete its mission in just 10 minutes,
says Mr Watson: "You have to navigate quite quickly but also slow enough to
gather up all the data."

 

The team has already trialled some of the technology during test flights,
such as the docking equipment - which uses locking pins and magnets to hold
the drone in place until it is ready to drop down and fly away - and 3D
mapping. Their work is described in a recently published scientific paper.

 

Plus, Mr Watson and his colleagues have also tested some off-the-shelf
drones, which unlike the completed Prometheus, can't fly by themselves and
don't have scanning equipment.

 

Nevertheless, the experiments in caves in Shropshire gave the team a sense
of how the devices cope with turbulence in confined spaces. It's important
to account for this, because, should the actual Prometheus drone crash
underground on one of its future expeditions, there's more or less zero
chance that engineers will be able to retrieve it.

 

An in-cave flight test using a prototype of Prometheus itself is scheduled
for spring 2021, says Mr Chhabra.

 

It's not the first time that someone has attempted to build an autonomous,
cave-mapping drone. Three years ago, a team in Australia demonstrated one
such device - though it was much larger than Prometheus will be.

 

Meanwhile, Guido de Croon, at Delft University of Technology in the
Netherlands, and colleagues, have experimented with a swarm of small,
autonomous drones designed to map an unknown environment. Their research was
published in the journal Science Robotics last year.

 

Prof de Croon says Network Rail's ambition is impressive.

 

"I think it's very exciting. I was not aware of this problem, I must say,"
he comments.

 

"There's a whole world underneath that's hardly accessible, and dangerous
for humans."

 

Although the project presents multiple challenges, he praises the approach
chosen by the Prometheus team. And he notes how discussion of Ridley Scott's
film has also come up among his students while working on similar projects.

 

"Movies make people dream," says Prof de Croon. "Researchers, they have an
eye out for this kind of cool stuff that they would like to realise in
reality.

 

"It also works the other way round. Some of the research work you do
inspires movie-makers."

 

All well and good, so long as Prometheus doesn't find anything too startling
on its future missions - alien spawn lurking beneath the East Coast Main
Line, for instance.

 

"It's when we find the cavern and it's full of eggs and we're like
 erm,
right," says Mr Watson, with a nervous laugh.--BBC

 

 

 

Britons could be barred from EU entry on 1 January

UK travellers could be barred from entering the EU from 1 January as travel
rules associated with being part of the EU expire and pandemic restrictions
block entry.

 

Unrestricted travel to countries within the bloc will no longer
automatically apply to UK residents from then.

 

This means entry into the EU would then be based on essential travel only.

 

Currently only countries with low coronavirus infection rates qualify for
non-essential travel.

 

There are only eight countries with low Covid rates that are on the approved
list for free travel and there are currently no plans to add the UK to that
list.

 

Foreign Secretary Dominic Raab told the BBC's Today programme that Covid
restrictions would depend on what the EU and its member states decide.

 

He added that "restrictions on travel, inevitably, is going to be something
that's kept under review".

 

With talks about a trade deal between the UK and the EU still continuing,
there is a possibility this could change.

 

Alternatively, individual member state countries could decide to override
the EU rules and create a corridor with the UK.

 

'Cool heads'

At the moment, the UK is considered to have the same status by the EU as
countries such as Norway and Switzerland, which are members of the European
Free Trade Association, travel expert Simon Calder told the BBC.

 

Mr Calder said that many regions dependent on tourism, such as the Canary
Islands, may well make an exemption for British tourists, "but there's no
obligation to at the moment".

 

Paul Charles, chief executive of travel consultancy the PC Agency, agreed,
saying: "Cool heads need to prevail at this politically difficult time as
travel and tourism is such a key contributor to economic growth in Europe.

 

"I'm sure that individual countries who need UK tourism will be sensible and
override any EU-bloc decision which prevents entry. It is so important now
for countries to work together globally to create a consistent approach."

 

A spokesperson for airline EasyJet said: "There is no EU blanket law which
requires individual states to limit entry from those arriving from outside
the EU and so just as they do today, we expect individual European countries
to continue to apply their own rules."

 

It might come as a big surprise that UK travellers could be barred from
entering the EU after 31 December. Remember - Europe is our top holiday
destination with more of us going to Spain than any other country.

 

But with infection rates still rising, countries have to do what they can to
protect themselves and now we're out of the EU, we have to follow new rules.

 

Travel corridors, set up in the summer to help travellers bypass quarantine
with countries with low infection rates, could come back.

 

They've operated between individual EU countries like Spain, France and
Italy before, and could return so individual countries can welcome lucrative
UK holidaymakers to spend their pounds in hotels, bars and restaurants.

 

But for now, yes, we could be barred. However, this scenario could also be
negotiated away as part of the talks that go on until Sunday.

 

A spokesman for ABTA, the travel industry trade body, said: "The EU has
sought to adopt a common approach to travel restrictions, but this is only a
recommendation and individual countries are able to implement their own
measures, including options like travel corridors and testing."

 

"It is too early to say what restrictions might be in place on 1 January
given the uncertain nature of the pandemic, but we know that UK travellers
are hugely important to a number of EU destinations, including some winter
sun favourites like the Canary Islands and Madeira."

 

A spokesman for Airlines UK said: "We expect EU member states that gain
enormously from the tourism and air travel from the UK, and the billions of
pounds it generates, to continue to apply their own rules, in order to
provide certainty to consumers and families looking to travel to the EU from
January onwards."

 

Norway, which is part of the EU travel arrangement, said British citizens
who do not live in the country will be barred from entering the country from
1 January, the Financial Times newspaper reported.--BBC

 

 

 

Frasers Group confirms interest in Arcadia brands

Mike Ashley's Frasers Group has confirmed it is considering buying Arcadia
brands such as Topshop.

 

"We do tend to look at almost everything on the High Street," Frasers' chief
financial officer Chris Wootton told the BBC's Today programme.

 

He also said Frasers Group was still in discussions around potentially
buying Debenhams.

 

The Sports Direct owner has reported a rise in profits, despite a fall in
sales.

 

The company said this was partly due to business rates relief, particularly
for its House of Fraser stores.

 

The once-mighty Arcadia retail empire, which also includes Burton and
Dorothy Perkins, entered administration on 30 November, putting 13,000 jobs
at risk.

 

Mr Wootton said it was still the case that Frasers Group is interested in
Arcadia brands "but the process has only just started so there's a long way
to go as to ascertain what - if anything - we look at with that".

 

Frasers Group reported a 7% fall in sales for the six months to 25 October
because of temporary store closures during the coronavirus lockdown.

 

However, pre-tax profits for the period were £106m, up from £90m last year.

 

The group said its growing online business and the opening of new Flannels
stores also helped push up profits.

 

The latest results do not include the period when England entered a second
national lockdown in November, but Mr Wootton said sales had been strong
since stores reopened.

 

Frasers Group chairman David Daly called the results "pleasing" given that
nearly all of its stores were closed until mid-June.

 

"In an industry sector blighted by the decline of the High Street we are
really proud of our performance," he said.

 

'Huge task'

Last week, Debenhams said that its 124 stores would close - and 12,000
workers would lose their jobs - unless a last-ditch buyer could be found.

 

Both Debenhams and Arcadia's brands had been struggling before the pandemic,
but were hit hard by the loss in sales caused by lockdowns.

 

Given the current retail climate, Frasers' strong financial results are "no
mean feat" said Julie Palmer, partner at financial consultants Begbies
Traynor.

 

"The company has undoubtedly benefitted from the trend towards consumers
exercising more during lockdown periods, and the growing appetite for
athleisure and loungewear," she said.

 

"However, after Mike Ashley confirmed this week that the group was in talks
with the administrators of Debenhams, investors will be mindful of the huge
task before him to turn around the ailing business should the transaction
succeed."

 

Frasers Group owns 491 Sports Direct stores and 46 Flannels outlets across
the UK.--BBC

 

 

 

Africa: 'Atoms 4 Development' In Africa - Experts Weigh In

Sixty years after the first nuclear weapons tests were conducted in Africa,
many countries on continent are exploring how nuclear energy could be used
for socio-economic development.

 

Seventeen African states have already expressed interest: some have active
nuclear research and development programmes, while others are investigating
the possibility of a nuclear build. For the time being, South Africa has the
continent's only operational nuclear power plant, but this will change in
the near future.

 

To promote knowledge and awareness around the peaceful use of nuclear energy
in Africa, there is a need to strengthen relevant bodies responsible for
nuclear governance on the continent and improve national-level legislation
on nuclear safety and security. The following four videos [AllAfrica
editors' note - see links on this page, and the SAIIA website] and these key
messages and policy recommendations aim to promote public debate on how the
continent could harness nuclear power to achieve its development goals.

 

Many African countries already possess natural resources required for
nuclear energy, and according to Article IV of the Treaty on the
Non-Proliferation of Nuclear Weapons, have the right to the peaceful use of
nuclear technology. This could specifically be used to achieve developmental
objectives in the African Union's long-term vision Agenda 2063 and the
Sustainable Development Goals (SDGs) endorsed by the United Nations.
However, with rights come responsibilities.

 

Countries interested in nuclear energy firstly need to ensure the safe and
secure handling of nuclear materials, plants, reactors and waste disposal.
Messaoud Baaliouamer, the Executive Secretary of the African Commission on
Nuclear Energy (AFCONE), emphasises the need to cultivate a safety culture
in countries interested in the pursuit of nuclear energy at all levels:
directing the responsibilities of the national regulatory authority and the
general population.

 

It is also important not to see nuclear technology as the only solution to
development and to consider the costs involved. Knox Msebenzi, the Managing
Director of the Nuclear Industry Association of South Africa, advocates for
adding nuclear energy to a country's energy mix. He adds that African states
embarking on nuclear builds need to ensure that they pay competitive
interest rates to make these projects cost-efficient. While it may take 20
to 25 years to pay off loans to build nuclear power plants, the plants have
a lifespan of 50 to 60 years.

 

Indeed, many countries on the continent are already achieving progress in
adding nuclear to their energy portfolio. Egypt plans to become the second
country on the continent with a nuclear power plant; and construction of
four nuclear reactors is under way. According to Noel Stott, Senior
Researcher at the Verification Research, Training and Information Centre,
Ghana, Kenya and Nigeria are a tier below: still developing nuclear
infrastructure, creating necessary laws and regulations, training personnel
and establishing a regulator. All these hurdles must be overcome prior to
getting a licence and starting construction of nuclear plants and reactors.

 

There is a clear need for practical policy recommendations for African
governments already using nuclear energy for peaceful purposes, and those
planning to do so in the future. Given that this is a new area for most of
them, it would also be worthwhile for these governments to share lessons
learned and best practices with each other. This would include closely
cooperating with established nuclear actors in the North and South, as well
as continental and regional organisations, such as AFCONE and the
International Atomic Energy Agency. Such cooperation would assist aspiring
nuclear powers in establishing credible, robust nuclear non-proliferation
regimes which are essential for the safe and peaceful use of nuclear energy.

 

 

 

Liberia: Government of Liberia Dedicates Modern Mobile-Based Tower in
Gbarpolu County

Bokomu District, Gbarpolu County- The Government of Liberia has formally
dedicated the second mobile-based station tower in Gbarpolu County through
its Universal Access Program.

 

The Universal Access Program is a joint initiative by government and
partners through the Liberia Telecommunication Authority (LTA).

 

Speaking during the dedication ceremony in Gbarngba-borqueta, Bokomu
District, LTA Commissioner for Government and Consumer Affairs, Israel
Akinsanya said it is the right of every Liberian to have access to
telecommunication and internet.

 

Commissioner Akinsanya told an excited gathering that the LTA and other
actors in government decided to intervene into areas where Mobile Phones
companies were reluctant to invest by giving them access to
telecommunication services.

He called on the community to take care of the facility by keeping it safe,
clean and well protected.

 

"This tower construction started since March this year but we slowed down
due to Covid-19 and today December 4, 2020 we are here to turn it over to
you. Right now it is only Lonestar Cell that you can talk to the rest of the
world with, while Orange will follow later," Commissioner Akinsanya said
amidst wide cheers from the audience.

 

He then presented about 250 phones and accessories including power banks to
the people of Gbarngba-borqueta as a gift from President George Manneh Weah.

 

Deputy Minister of Post and Telecommunications Cllr. Edward Goba lifted
profound praises to the LTA for bridging the telecommunications gap in
places where the mobile phone companies could not reach in both Gbarpolu and
Grand Kru Counties.

 

For his part, Gbarpolu's County Development Superintendent Joseph Arkoi said
the people of the town and county were excited by the development and the
economic impact based station will make in their lives .

 

Mr. Arkoi said he was excited because the facility is a modern solar
technology which will enable them not to worry about the cost of fuel oil.

 

He said the charging station that will enable people in the town charged up
to three hundred phones at a time was also welcoming and thanked the
Government of Liberia for such an impactful development.-FrontPageAfrica.

 

 

 

Morocco - Budget Deficit of 59.2 Bln Mad At End of November (Ministry)

Rabat — The budget deficit stood at 59.2 billion dirhams at the end of
November 2020, against 40.5 billion dirhams a year earlier, that is an
increase of 18.7 billion dirhams, according to the situation of charges and
resources of the Treasury (SCRT) published by the Ministry of Economy,
Finance and Administration Reform.

 

Compared to October, this deficit is worsening by 8.8 billion dirhams,
mainly resulting from the acceleration of the pace of execution of
investment expenditure (+ 5.7 billion dirhams compared to October 2020),
said the same source.

 

If we exclude the surplus recorded by the Special Fund for the Covid-19
pandemic management, the deficit amounts to nearly 67.6 billion dirhams, an
increase of almost 27 billion dirhams compared to the same period in 2019,
said the ministry, noting that the evolution of ordinary receipts and
expenditure shows a negative ordinary balance of nearly 14.4 billion
dirhams, against 13.4 billion dirhams at the end of October, reflecting an
acceleration in the execution pace of ordinary expenditure versus receipts.

Compared to the forecasts of the 2020 amending appropriation bill, the rate
of implementation of ordinary revenues, on a net basis of refunds, rebates
and tax refunds, stood at 87.9% against 86% a year earlier. This revenue
behavior covers realization rates of 93.3% of tax revenues and 58% of
non-tax revenues, added the same source, noting that compared to the same
period of the year 2019, these revenues recorded a decrease of MAD 16.8
billion, including MAD 13.7 billion in tax revenue and MAD 2.8 billion in
non-tax revenue.

The ministry also underlined that ordinary expenditure recorded an execution
rate of 88.5% compared to the forecasts of the amending appropriation bill
and increased by nearly 10.1 billion dirhams (+ 5%) compared to the same
period of the year 2019.

 

Regarding investment spending, issues showed a realization rate of 78.4%
compared to the forecasts of the amending appropriation bill and a decrease
of nearly 2.3 billion dirhams (-4.1%) compared to the same period of 2019,
said the same source, explaining that this evolution is mainly attributable
to the decrease in spending under ministerial budgets.

 

As for the special treasury accounts, they showed a surplus of MAD 10.7
billion against MAD 4.9 billion a year earlier, ie an increase of MAD 5.8
billion. This surplus is explained, by up to MAD 8.3 billion, by the surplus
generated by the Special Fund for the Covid-19 pandemic management and, for
the rest, by the positive net flows recorded by the other special Treasury
accounts against 4.9 billion dirhams at the end of November 2019.-MAP.

 

 

 

Kenya: Health Ministry Snubbed Sh576m to Cover Medics

Treasury set aside Sh576 million for a State-funded medical cover for
doctors on contract but the Ministry of Health did not make a follow-up,
prompting a recall of the money.

 

Health workers who have contracted coronavirus would have had access to the
cover from July had the ministry requisitioned the money.

 

Treasury officials told the Senate Health Committee yesterday that the money
was allocated to the Health Ministry in the financial year that ended in
June.

 

The money was to cater for the medical cover and psychosocial support for
health workers, especially during the Covid-19 pandemic.

National Treasury Principal Secretary Julius Muia said failure by the
Ministry of Health to get the money and send to the National Health
Insurance Fund (NHIF) led to the allocation being taken back.

 

"The money was approved in the 2019/20 supplementary estimate number one but
the Ministry of Health did not use it. Any appropriation not spent by the
end of the financial year is taken back to Treasury," Mr Muia said.

 

He added that the Ministry of Health did not even request for the funds.

 

Exchequer requisition

 

In the absence of the exchequer requisition, the National Treasury could not
transfer the money to the accounts of the Ministry of Health.

 

Health Administrative Secretary Mercy Mwangangi, who represented Cabinet
Secretary Mutahi Kagwe at the Senate committee hearing, defended her
ministry saying the money could not be transferred to the NHIF because it
was allocated towards the end of June.

She, however, added that the ministry requested for Sh520 million in the
current financial year for the same purpose and the money was sent to the
national medical insurer in less than seven days.

 

Mr Muia said funds can be made available to the Ministry of Health within
seven days.

 

Dr Mwangangi said her ministry would waive medical fees incurred by health
workers who get infected with coronavirus as a temporary measure.

 

"The bills of health workers who seek services at a public hospital will be
waived until the NHIF enlists them in the cover," Dr Mwangangi told the
Senate Health Committee.

 

Health insurance for medical workers, especially those on contract, has been
a thorny issue of late. The contract employees mainly work in high risk
coronavirus areas.

Medical insurance

 

Some have contracted the virus and died in the course of their work.

 

The most recent death Dr Stephen Mogusu who did not have medical insurance.

 

Kenyans were outraged on learning that he had not been paid despite getting
infected with the very virus he was fighting.

 

Mogusu was one of the 200 doctors deployed to rural counties five months ago
under the universal health coverage to serve in Covid-19 isolation stations.

 

The Ministry of Health says 2,839 health professionals have been infected
with coronavirus.

 

Thirty two of the health employees have died. Nairobi leads with the highest
number of infections at 691. It is followed by Uasin Gishu which hosts Moi
Teaching and Referral Hospital with 284 cases and Mombasa with 256.

 

Kiambu has 212 infected health workers, Nakuru (199), Busia (106), Kajiado
(105), Garissa (99), Kakamega (91) while Turkana has 78 cases.

 

Others are Kilifi with 67, Kisii (61), Nyeri (47), Meru (46), West Pokot
(44), Laikipia (41), Tharaka Nithi(35), Machakos (31), Bungoma (30), Kitui
(28), Narok (23), Kisumu and Wajir (20e each), Lamu, Nandi and Murang'a (19
each), Isiolo (18), Taita Taveta (17), Marsabit (14), Elgeyo Marakwet (11),
Makueni (10), Bomet and Nyandarua (nine each), Trans Nzoia (eight), Migori,
Samburu, Siaya and Kirinyaga (seven each), Kericho and Kwale (five each),
Nyamira, Tana River and Embu (four each), Vihiga (three), Baringo (two) and
Homa Bay and Mandera (one each).-Nation.

 

 

 

 

 


 


 


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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