Major International Business Headlines Brief::: 17 December 2020

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Major International Business Headlines Brief::: 17 December 2020

 


 

 

	
 


 

 


ü  UK and US in talks over mini trade deal

ü  Bitcoin hits all-time high rising above $20,000

ü  Boeing hires its own pilots to smooth return of 737

ü  Toy deliveries to miss Christmas amid port delays

ü  Backlash over Japan cosmetics boss 'racist' comments

ü  Fraud victims' pay deducted for money they don't owe

ü  Google ad practices under fire in new lawsuit

ü  US labels Switzerland a currency manipulator

ü  Fed: Brighter forecast but challenging months still ahead

ü  Facebook accuses Apple of anticompetitive behavior over privacy changes

ü  Luxury goods group Kering says it will co-operate on tax probe, denies
any wrongdoing

ü  Stocks and oil soar, dollar sinks as stimulus beckons

ü  Texas, nine U.S. states accuse Google of working with Facebook to break
antitrust law

ü  Kenya: Uganda and Kenya Dance, but Don't Like the Music

ü  Kenya: KQ Launches Expanded Southern Africa Operations to Fly Cargo
Directly From Johannesburg

ü  Nigeria: Abia, Kebbi, Kwara Residents Pay Highest for Petrol in November
- NBS

 


 

 


UK and US in talks over mini trade deal

The outgoing US administration is in talks with the UK to try to seal a
mini-deal to reduce trade tariffs, Donald Trump's trade chief has said.

 

US Trade Representative Robert Lighthizer told the BBC he was hopeful for a
deal that could see punitive tariffs on Scottish whisky lowered.

 

The UK recently 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 his first international interview, Mr Lighthizer suggested the UK would
need to go further than last week's announcement breaking with the EU's
support of European plane maker Airbus.

 

"I'm talking to [International Trade Secretary] Liz Truss, about trying to
work out some kind of a deal... I'm hopeful we can get some kind of an
agreement out you know, we don't have a lot of time left," he said.

 

"We have the advantage in that both the US and the UK - particularly the
current government of the UK - are not big subsidisers, where some other
countries are more inclined to subsidise. So it would be helpful if we could
come to some kind of agreement," he said when asked about lowering tariffs
on whisky and cashmere. "We are in discussions, we'll see how that works
out."

 

Last week, the UK unilaterally broke with European support of Airbus in a
long-running transatlantic trade dispute, changing policy expressed only in
January this year of ongoing support even after Brexit, by announcing it
would no longer apply tariffs to imports of Boeing aircraft.

 

Liz Truss said that she wanted to "de-escalate" the 16-year-old conflict
over subsidies.

 

The Airbus-Boeing tariff row

However, the BBC understands that in a phone call, the USTR told the trade
secretary directly that the US would not treat this as a concession,
because, outside of the EU, the UK had "no authority" to continue to apply
retaliatory measures on the US.

 

"For sure, it's true that the UK as an individual was not a party to that
Airbus-Boeing litigation, right," said Mr Lighthizer.

 

"We brought an action against the EU, France, Germany and the UK. The EU
just brought one against us, the member states did not in all cases. so
there's no question that as a legal point, that is correct," he added.

 

Instead, the US wants the UK to make concessions on the separate EU dispute
over steel and aluminium, where US bourbon was among products upon which
European tariffs were levied.

 

The talks are part of a general move by President Trump's trade team to wrap
up the Boeing-Airbus dispute with the EU, and the UK separately, outside the
auspices of the World Trade Organization (WTO).

 

The US' top trade negotiator also explained why, despite high hopes even
this year for a full US-UK free trade agreement, the next administration had
a "short period" now in the first half of 2021 to try to wrap up a deal.

 

While he said it was "extremely likely" that a full deal would be struck
"before long", he emphasised that "tough compromises have to be made" on
agricultural issues, for example.

 

'Each side has to get something out of it'

Asked about demands to adapt UK food standards on beef and chicken, as well
as reforms to the way the NHS pays for US medicines, Mr Lighthizer said:
"These negotiations are ongoing.

 

"You know, clearly, the US needs to get additional access to the
agricultural market in the UK - that's an important part of it, each side
has to get something out of it. These are complicated technical issues. And
they're the kinds of things that will be worked out, I think, in the in the
final stages of negotiation."

 

He also indicated that the US team were never convinced that the UK was
actually going fully to depart from EU trade rules, because of the sheer
amount of UK-EU trade, despite that being the stated policy of the current
government.

 

"The Brexit situation was always something that was on our mind, if you
think about it," he stressed.

 

"The nature of our relationship is going to be affected by the nature of the
relationship between the EU and the UK, right. They're a much bigger trading
partner to you than we are, so that has an impact... I've always had the
view that there's just an awful lot of trade between the UK and the EU and
it was hard to see there weren't going to be any rules to that."

 

Mr Lighthizer made it clear that giving the US "new access" to UK markets
was important, but would be "less significant" should the same deal be
offered by the UK to another country.

 

"But, you know, that'll be sorted out here probably in the next two or three
weeks or so... one way or another. And then I think there's no reason why
the US and the UK can't get to a deal fairly expeditiously after that," he
added.

 

Mr Lighthizer confirmed that the Trump administration was still planning to
hit back against countries levying digital services tax hitting big US tech
firms "unfairly".

 

He also defended the actions of the current administration in ripping up
decades of multilateral action in building a global trade system.

 

However, he said he had no regrets and had helped "reorient the global
trading system" to help ordinary American workers rather than large
corporations.--BBC

 

 

 

Bitcoin hits all-time high rising above $20,000

Bitcoin has hit a new all-time high breaking through $20,000 (£14,800).

 

The volatile virtual currency has gained more than 170% this year amid stock
market turmoil.

 

On Wednesday Bitcoin jumped 4.5% to as much as $20,440 buoyed by demand from
large investors keen on its potential for quick profits.

 

There are also expectations that it may gain more widespread traction as a
payment method from the likes of Starbucks and Microsoft.

 

But it has been a bumpy ride for investors, with the cryptocurrency passing
$19,000 in November before dropping sharply.

 

A previously rally in 2017 saw it come close to breaking through the $20,000
level. But it has also hit extreme lows and has fallen below $3,300
previously.

 

'Very nervous'

Bitcoin is widely traded much like real currencies such as the pound and the
US dollar. But it also has growing support as a form of payment with PayPal
among the most recent adopters of digital currencies.

 

However, Bank of England Governor Andrew Bailey has cautioned over its use
as a means of payment.

 

"I have to be honest, it is hard to see that Bitcoin has what we tend to
call intrinsic value," Mr Bailey said in October. "It may have extrinsic
value in the sense that people want it."

 

He said he was "very nervous" about people using Bitcoin for payments
pointing out that investors should realise its price is extremely volatile.

 

While the price of Bitcoin has seen a massive increase this year, it has
seen many peaks and troughs since it was created in 2009.

 

Speaking on the BBC's Asia Business Report, Yana Afanasieva, founder of
consultancy firm Competitive Compliance, said to expect more "ups and downs"
in the coming months.

 

When asked about a potential crash she said: "That's the nature of
cryptocurrencies as there are some players who could try and manipulate it
and there is no government or international body that would try to somehow
preserve the price."

 

Lucas Huang at currency exchange platform Tokenlon said it was "surprising"
that Bitcoin had hit an all-time high, saying it "may be a sign that
institutional buyers have a bigger play in this bull run".--BBC

 

 

Boeing hires its own pilots to smooth return of 737

Aerospace giant Boeing is reportedly hiring 160 pilots to be embedded at
airlines in a bid to help the 737 Max return to smooth service.

 

The new “Global Engagement Pilots” will act as instructors or cockpit
observers on 35-day assignments.

 

The planes were grounded worldwide in March 2019 following two deadly
crashes that killed 346 people.

 

Brazil's Gol recently became the first airline to resume commercial flights
with the model.

 

“We continue to work closely with global regulators and customers to safely
return the 737-8 and 737-9 to service worldwide,” Boeing told the BBC in a
statement.

 

The move is part of a broader programme to support customers on all Boeing
commercial models.

 

The pilots will be paid an equivalent annual salary that could reach
$200,000, for a total potential cost of $32m, according to Reuters news
agency.

 

Pilots in the programme must have 1,000 hours of instructor experience and
“no incidents, accidents, losses or violations,” and be licensed on the 737
and other Boeing jetliners.

 

The strategy also includes 24/7 surveillance of 737 Max flights globally and
talking points for flight attendants to reassure passengers.

 

Cleared for take-off

Lion Air Flight 610 crashed after take-off from Jakarta in October 2018,
while Ethiopian Airlines Flight 302 crashed after take-off from Addis Ababa
airport in March 2019.

 

Before the 737 Max was cleared to fly again, Boeing updated flight control
software, revised crew procedures and rerouted internal wiring.

 

When it was cleared to fly again, the head of the Federal Aviation
Administration Steve Dickson said he was "100% confident" in the safety of
the plane.

 

The European Union Aviation Safety Agency is yet to clear the plane for a
return to service, but is expected to do so in January.

 

media captionZipporah Kuria's father Joseph Waithaka was one of 157 people
killed when a Boeing 737 Max crashed in March 2019

A smooth return to service is seen as vital for Boeing, which announced its
fourth straight quarterly loss in October, along with deeper job cuts.

 

The 737 MAX issue saw annual orders drop to their lowest level in two
decades.

 

Boeing’s problems have also been compounded by the Covid-19 pandemic, which
has affected the entire aviation sector.--BBC

 

 

 

Toy deliveries to miss Christmas amid port delays

Delays at UK ports mean a number of toy orders will now miss Christmas,
according to the British Toy and Hobby Association (BTHA).

 

The industry body has called on the government to help "save the festive
season" by easing port congestion.

 

Toy sellers say they expect to lose thousands of pounds in sales as port
bottlenecks hold up stock deliveries.

 

Some store owners have told the BBC it is impossible to order some popular
toys including Lego, puzzles and dolls.

 

While many UK importers are struggling with the congestion issues at
Felixstowe and Southampton, the toy sector has been particularly hard hit,
since the problems have coincided with the peak Christmas season.

 

Hellen Stirling-Baker, who runs a toy store in Sheffield, says she has lost
an estimated £20,000 in sales because of container delays, or 40% of her
annual turnover.

 

She's been told that her order of Dinkum Dolls, made in China, won't arrive
in England until 7 January. The British company that designs the dolls told
her their container is held up in customs, but it's already experienced
seven weeks of delays due to the pandemic, port congestion and other
logistics issues.

 

Other toy orders Ms Stirling-Baker has made have arrived incomplete.

 

"I just received an order today which I placed three weeks ago, and only
part [of it] has come. The rest is stuck in ports," she said. "Demand has
been really high but stock levels are low."

 

The Leeds-based toy designer Boxer Gifts, which manufacturers its products
in China, estimates a loss in sales of up to £1m this year due to stock
delays.

 

Managing director Thomas O'Brien says one of his containers is currently
stuck in the Belgian port of Zeebrugge and there's no way it will get to the
UK in time for Christmas.

 

"Some of the ships are bypassing the UK and tipping off at European ports,
but others are just slowing down because they've got nowhere to unload," he
said.

 

"Various games and stocking-filler toys such as Grow-a-Sloth are hugely
popular, but we've had stock outages for months because shipments are
delayed and that's costing us sales.

 

"More importantly it's reducing availability for consumers to find fun
gifts. There's less about."

 

Like many importers, Mr O'Brien has also had to contend with a sharp rise in
shipping costs, as shipping firms hike up freight rates in response to port
congestion and a shortage of empty containers in Asia.

 

He says containers shipped from Qingdao, China to Felixstowe are costing him
$10,000 (£7,492.03), rather than the normal rate of $2,500.

 

'Save the festive season'

BTHA has called on the government to help where it can.

 

"We would urge the government to help at this crucial time for business, to
save the festive season and alleviate blockages now ahead of the UK's
departure from the EU," said a spokesman.

 

Adding to the calls for government to intervene at the ports are the British
Retail Consortium (BRC) and the Food and Drink Federation (FDF). The two
trade bodies have written to MPs to request an urgent inquiry into the
ongoing disruption at UK ports and skyrocketing shipping rates.

 

A spokesman for the Department for Transport (DfT) said: "This is not a
problem unique to the UK, with ports around the globe experiencing similar
container capacity issues. The government is working closely with the
freight industry to work through the challenges some of our ports are
facing. "Ports are employing more staff, as well as working with hauliers to
improve container collection and with shipping lines to maximise efficient
utilisation of port capacity. We will do everything we can to resolve the
situation as quickly as possible."

 

While many small toy shops are struggling, some larger toy retailers say
they've managed to avoid problems at the ports by stockpiling early in the
year. Many have also benefitted from booming toy sales as families spent
more time at home during coronavirus lockdowns.

 

ToyTown, which has 30 outlets across the UK, says it has had a bumper year
with especially high orders of puzzles and games.

 

"We took a decision to load up pre-Brexit - if companies run a
'just-in-time' model, they'll suffer," explains managing director Alan
Simpson.

 

He says it is typical for some toy lines to run-out of stock before
Christmas, but this year's port problems are "limiting choice" for
retailers, and he's had to closely monitor his supply chain.

 

Charlotte Khan from children's boutique Moo Like a Monkey in Folkestone,
Kent, says her business has had to be "more resilient than ever this year".

 

After losing thousands of pounds due to shipping problems that have left her
having to hold onto late-arriving stock for next year, she is planning to
refocus on stockists much closer to home.

 

"I'm going to look much more locally for suppliers now, they're the ones
who've kept us in more reliable stock," she said.

 

"Even though we've taken a hit on our Christmas turnover, we've dealt with
worse this year, and at least we've been able to trade during our peak
season. I'm grateful to still be in business." --BBC

 

 

 

Backlash over Japan cosmetics boss 'racist' comments

A major Japanese cosmetics firm has faced calls for a boycott after its
chief executive used a derogatory term for Koreans.

 

DHC’s boss Yoshiaki Yoshida made the comments in a message on the company’s
website.

 

In it, he disparaged rival firm, the beverage-making giant Suntory, as
‘Chontory’ for its use of Japanese-Korean models.

 

"Chon" is a derogatory term for Koreans in Japan.

 

Although Suntory primarily makes drinks, it competes with DHC in the health
supplement sector.

 

"For some reason, the models hired for Suntory's commercials are almost all
Korean-Japanese. So that's why it seems they're mocked on the Internet as
'Chontory,'" Mr Yoshida wrote.

 

He also wrote that DHC's employees by comparison were all "pure Japanese".

 

DHC describes itself as "one the largest global Japanese-born beauty
brands".

 

Online backlash

The company has since faced an online backlash with some Japanese Twitter
users, who have created the hashtag "I no longer buy products from
discriminatory DHC."

 

The cosmetics company told Japanese media that they had “no particular
response” to the issue.

 

This is not the first discriminatory comment made Mr Yoshida has made
against Koreans.

 

In 2016, in a message on the DHC website, he described Koreans in Japan as
“pseudo-Japanese” and suggested they return to South Korea.

 

Discrimination against Koreans in Japan goes back decades, and persists
against a backdrop of an often tense relationship between Seoul and Tokyo
over issues related to wartime history.

 

Recently Nike faced a backlash over an advert which highlighted racial
discrimination in the country.

 

Nike Japan said the ad highlights how people "overcome their daily struggles
and conflicts to move their future through sports".--BBC

 

 

 

Fraud victims' pay deducted for money they don't owe

Thousands of people have received letters from the Department for Work and
Pensions (DWP) demanding repayment of benefits never claimed or received.

 

Criminal gangs steal people's details to apply for advance payments of
universal credit. The money is paid to them but the person whose identity
has been stolen gets the bill.

 

If the money is not repaid voluntarily the DWP instructs employers to deduct
the money directly from salaries.

 

Many cases involve more than £1,000.

 

The DWP has apologised to victims who've struggled to get through on the
phone numbers they provide to report frauds.

 

BBC Radio 4's Money Box programme has heard from several people affected in
recent weeks.

 

All of them received letters out of the blue demanding repayment and then
struggled to report their concerns to the DWP.

 

Upset and frustration

Jo spent hours trying to get through to the DWP helpline to let them know
that she's never applied for universal credit let alone received an advance.

 

When she told the DWP that she'd heard that a lot of this type of fraud was
happening she was told "not to believe everything you read on Facebook".

 

Two weeks later, her employer called her to tell her that they'd been
instructed by the DWP to deduct money from her December salary.

 

"That was actually really upsetting because it felt like they hadn't taken
on my concerns regarding the fraud and they'd already started to recover
that debt without fully investigating the situation," she told Money Box.

 

The DWP issues Direct Earning Notices to employers to recovers monies owed.
The employer faces a fine of up to £1,000 if it fails to comply.

 

Another listener, Martin, was advised to report the fraud online but because
he didn't know the identity of the person committing the crime he was unable
to do so.

 

"I've spent a lot of time and had a lot of frustration with this and I still
don't know whether they're going to request my employer to deduct money from
my salary."

 

Updated guidance

In total, Money Box raised the cases of four victims with the DWP and in
each instance it decided to close the claims.

 

A spokesman told the programme: "We do suspect, as they suggest, that there
is fraud involved and we have also suspended the recovery so they shouldn't
have money taken off their wages."

 

The DWP set up a Stolen Identity team to investigate claims of fraud earlier
this year. But Stephen Timms, chair of the Work and Pensions Committee told
Money Box that it wasn't working the way it should be.

 

Last week Conservative MP Will Quince, Parliamentary Under-Secretary at
Department for Work and Pensions, answering a question put to him by Mr
Timms, revealed that there had been nearly 6,000 suspected cases of
universal credit identity hijack in the last six months.

 

In March this year the National Audit Office reported that this type of
fraud could have cost the government up to £221m.

 

The DWP told Money Box that it had updated telephone messaging and guidance
for call handlers and introduced a new process for claimants who say they
are being used in a fraud.

 

It also urged anyone who had been unable to contact them to try again using
the number 0800 916 0647.--BBC

 

 

 

Google ad practices under fire in new lawsuit

Ten US states, led by Texas, are suing Google, accusing it of taking illegal
steps to preserve its monopoly over the online advertising market.

 

The alleged moves include striking a deal with Facebook to manipulate online
advertising auctions, the states said.

 

This is the latest legal complaint facing the tech giant, which is under
pressure from regulators globally.

 

Google rejected the claims, saying it would be "strongly" defending itself
in court.

 

"We've invested in state-of-the-art ad tech services that help businesses
and benefit consumers. Digital ad prices have fallen over the last decade.
Ad tech fees are falling too. Google's ad tech fees are lower than the
industry average," a company spokesperson said in response to Wednesday's
lawsuit. "These are the hallmarks of a highly competitive industry."

 

Facebook declined to comment.

 

The lawsuit takes aim at Google's control of the online advertising market,
which it says was cemented in 2008 with its purchase of DoubleClick, the
main software that publishers use to sell online advertising.

 

Google's advertising sales account for over 80% of its revenues.

 

The 10 states suing Google are Texas, Arkansas, Indiana, Kentucky, Missouri,
Mississippi, South Dakota, North Dakota, Utah and Idaho, all of which have
Republican prosecutors.

 

The states claim Google used its new role to benefit other parts of its
business, for example by forcing publishers to license its advertising
servers. The lawsuit also says the firm took steps to secretly undercut
innovations that were circumventing its fees.

 

#BREAKING: Texas takes the lead once more! Today, we’re filing a lawsuit
against #Google for anticompetitive conduct.

 

This internet Goliath used its power to manipulate the market, destroy
competition, and harm YOU, the consumer. Stay tuned

pic.twitter.com/fdEVEWQb0e

 

The lawsuit also accuses Google of giving Facebook advantages in online
advertising markets, in exchange for the firm dropping some of its plans to
compete.

 

"Google repeatedly used its monopolistic power to control pricing, engage in
market collusion to rig auctions in a tremendous violation of justice," said
Texas Attorney General Ken Paxton in a video announcing the lawsuit, posted
on Twitter.

 

"Right now, when you visit the website of a news outlet you know and trust,
like the Wall Street Journal or your favourite local paper, you'll see
advertisements likely placed there by Google. But Google doesn't tell you -
the public - that they manipulate the advertising auctions, and they
continually illegally profit by taking money away from those web pages and
putting it in their own pockets."

 

He added that the tech giant was a "Goliath of a company" using its power to
manipulate the market, and that this was causing harm to every US citizen.

 

"It isn't fair that Google can harm the web pages you visit and read," said
Mr Paxton.

 

"Let me put it this way - if the free market were a baseball game, Google
positioned itself as the pitcher, the batter and the umpire."

 

Regulator pressure

The lawsuit adds to the scrutiny facing Google's operations, in which it
serves as both a search engine serving up results, as well as a broker of
online advertising sales.

 

In October, the US Department of Justice (DoJ) filed a landmark
anti-monopoly lawsuit against the firm, focusing on the billions of dollars
Google pays each year to ensure its search engine is installed as the
default option on browsers and devices like mobile phones.

 

Google has maintained that it is operating in a competitive market, with new
threats emerging from Amazon and others.

 

But it is not the only tech firm to find itself in regulators' crosshairs -
in the UK and Europe in recent weeks, officials have announced plans for new
rules aimed at regulating Big Tech.

 

Facebook this month was hit by lawsuits from the Federal Trade Commission
(FTC) and nearly all 50 US states, also over monopoly abuse.

 

And over time, internet giants are increasingly being criticised for their
impact on the global media industry and content publishers.

 

Many news providers say they are struggling to survive and feel tech giants
and social networks have thrived by reposting and aggregating news content.

 

Earlier this month, Facebook announced that it would begin paying UK news
publishers for some articles in January, following a similar move in the
US.--BBC

 

 

 

US labels Switzerland a currency manipulator

The US has labelled Switzerland and Vietnam "currency manipulators",
accusing the countries of intervening to limit the rise of their currencies
against the dollar.

 

It said Vietnam wanted to keep the cost of its exports low, while
Switzerland's designation was due in part to its response to financial
turmoil from the pandemic.

 

Switzerland rejected the label.

 

It said it remained "willing to intervene more strongly" in the market.

 

"Foreign exchange market interventions are necessary in Switzerland's
monetary policy to ensure appropriate monetary conditions and therefore
price stability," the country added.

 

The designations came in the US Treasury Department's semi-annual report,
which examines currency practices of major US trade partners.

 

The US said 10 other countries also warranted monitoring, including China,
Japan, South Korea and Germany. It further added Taiwan, Thailand and India
to the watch list.

 

In making a determination, the US looks at how much a country intervenes in
currency markets, the size of its trade surplus with the US, as well as a
broader measure of trade that includes financial flows.

 

What does the US say Switzerland and Vietnam did?

In the case of Switzerland, the US said the country's trade surplus with the
US surged over the 12 months through June, in part due to a rush of gold
exports in the first half of 2020, as American investors spooked by the
pandemic bought up what is considered to be a less risky asset.

 

Swiss efforts to offset a spike in demand for the Swiss franc, likewise
considered a "safe haven currency", also led to intervention in currency
markets amounting to 14% of the country's economic output, the US said.

 

The intervention was "significantly larger than in previous periods," it
added.

 

The Swiss have maintained that a sudden spike in the value of the franc
would hurt the country's economy, expressing commitment to their practices,
which include buying large amounts of US stocks.

 

But the US said Switzerland should use "a more balanced" policy mix to
achieve its goals.

 

The US said Vietnam - where many firms relocated to avoid tariffs the US put
on Chinese goods in 2018 and 2019 - had stepped up its intervention in
foreign currency markets over the 12 months through June 2020.

 

It said officials wanted to limit appreciation of the dong as its trade with
the US increased, thereby "gaining unfair competitive advantage in
international trade".

 

Vietnam did not comment.

 

What does the label mean?

The US rarely names countries currency manipulators.

 

When it hit China with the label last year at the urging of President Donald
Trump - a determination it quickly reversed - it was the first time it had
made such a determination since the early 1990s.

 

The finding, in theory, triggers talks mediated by the International
Monetary Fund (IMF). It also allows the US to limit access to certain funds,
such as procurement contracts.

 

Under Mr Trump, US trade negotiators had already raised concerns about about
the issue in talks with Vietnam, raising the prospect of tariffs.

 

It is not clear how president-elect Joe Biden will approach the issue.

 

In a statement, US Treasury Secretary Steven Mnuchin said the US would push
Vietnam and Switzerland to change their practices, arguing that they
threatened to hurt American businesses and workers.

 

"The Treasury Department has taken a strong step today to safeguard economic
growth and opportunity for American workers and businesses," Treasury
Secretary Steven Mnuchin added.

 

"Treasury will follow up on its findings with respect to Vietnam and
Switzerland to work toward eliminating practices that create unfair
advantages for foreign competitors."-BBC

 

 

 

Fed: Brighter forecast but challenging months still ahead

Prospects for the US economy have brightened since September, despite a
recent surge in coronavirus cases, America's central bank said on Wednesday.

 

Federal Reserve officials said they expected growth of roughly 4.2% next
year, better than previously forecast.

 

They forecast a fall in the unemployment rate from 6.7% to 5%.

 

The update comes as US medical authorities begin to distribute vaccines
against Covid-19.

 

Federal Reserve Chair Jerome Powell warned that the coming months would be
"particularly challenging," as the US battles a surge in coronavirus cases,
while businesses and the unemployed face deepening hardship.

 

But he said he was hopeful that widespread distribution of the vaccines
would enable a strong rebound in the second half of 2021.

 

"You have to think that sometime in the middle of next year, you will see
people comfortable going out and engaging in a broad range of activities,"
he said. "The issue is more the next four or five months."

 

Policymakers said they expected to keep interest rates near zero and
continue other stimulus until they saw "substantial" progress toward
recovery.

 

Economic slowdown

In recent weeks, hiring has slowed and retail sales have dropped, as
consumers avoid restaurants and cut back spending.

 

Officials in some places such as California have re-imposed strict
lockdowns, while others, such as New York City have warned of such steps.

 

Meanwhile poverty rates have surged as government virus assistance expires.

 

Mr Powell said there was need for more support and he was optimistic that
Congress would approve additional aid, describing the roughly $900bn
(£666.9bn) package being debated in Washington as "substantial".

 

Analysts have also said they expect the US economy to improve as vaccines
become more widely available.

 

"Until then it is going to be a long bleak winter," wrote Paul Ashworth,
chief US economist at Capital Economics.

 

'Substantial' progress

As the recovery shows signs of faltering, some analysts had suggested the
Fed might move to increase its support for the economy by altering its
bond-buying programme, which the bank uses to keep financial markets steady,
easing the flow of money and credit to households and businesses.

 

At their meeting this week, officials opted against increasing the bank's
purchases of US debt and mortgage-backed securities or changing the
composition of the programme.

 

However, the statement from the bank on Wednesday did tie the programme to
economic goals, with officials saying they would continue the programme
until there was "substantial" progress to recovery.

 

Some analysts said the new wording was a signal the programme could continue
for longer than expected, but others worried the Fed had missed an
opportunity to do more.

 

"We're surprised to see no reference to the deterioration in the
near-real-time data," wrote Ian Shepherdson, chief economist at Pantheon
Macroeconomics.

 

"We appreciate that the start of vaccination makes the 2021 outlook brighter
- not that it gets a mention here - but in the near term, the economy needs
all the help it can get."

 

In September, Fed leaders had said they expected growth of roughly 4% in
2021, with the unemployment rate falling to 5.5%.--BBC

 

 

 

Facebook accuses Apple of anticompetitive behavior over privacy changes

PALO ALTO/NEW YORK (Reuters) - Facebook Inc accused rival Apple Inc of
engaging in anticompetitive practices on Wednesday, firing another shot in a
monthslong standoff between the two tech giants over Apple’s planned privacy
changes for iOS14.

 

“Apple is behaving anticompetitively by using their control of the App Store
to benefit their bottom line at the expense of creators and small
businesses. Full stop,” Facebook Vice President for Ads and Business
Products Dan Levy told reporters.

 

In response, Apple said its new rules will not require Facebook to change
its “approach to tracking users and creating targeted advertising” but
instead requires Facebook to give users on Apple devices a choice of whether
to opt in to those practices.

 

“We believe that this is a simple matter of standing up for our users. Users
should know when their data is being collected and shared across other apps
and websites — and they should have the choice to allow that or not,” Apple
said in a statement.

 

The world’s biggest social media company ran full-page ads in major
newspapers criticizing Apple’s plans, which will limit apps’ ability to
gather data from people’s phones that can be used for targeted advertising.

 

It said in a blog post that Apple's own personalized ad platform would be
exempt from the new prompt requirement the iPhone maker is planning to
impose on other companies. (Blog: bit.ly/2KxevfP)

 

Apple said in June that such activity will require a pop-up notification
asking iOS users for “permission to track you across apps and websites owned
by other companies,” which digital advertising firms expect most will
decline.

 

Levy said that although Facebook disagreed with Apple’s approach, it would
comply with the new rules and display a prompt. “We don’t have a choice if
we want our app to be available in the App Store,” he said.

 

He declined to say whether Facebook would take any action to push back
against the policy.

 

Facebook and Apple have also tangled over commission fees the iPhone maker
charges apps listed on iOS devices, with Facebook again aligning itself with
small developers most affected by the policy.

 

Opposition against Apple continued to grow on Wednesday as Digital Content
Next, a digital media trade association representing members such as The New
York Times and The Washington Post, said it had joined the Coalition for App
Fairness.

 

The nonprofit, which includes members like Epic Games and Spotify, is
calling on regulators around the world to fight “anticompetitive” app store
practices such as Apple’s 30% revenue cut on purchases made within apps.

 

Facebook previously tried to push a notification to its users about Apple’s
fees but said Apple rejected its “transparency notice.”

 

Facebook said in a blog post that it was “committed to providing relevant
information” in a federal antitrust lawsuit filed by Epic Games challenging
the commission fee rules, but declined to specify how it would participate
in the litigation.

 

 

 

Luxury goods group Kering says it will co-operate on tax probe, denies any
wrongdoing

PARIS (Reuters) - Kering, the French luxury goods group whose brands include
Gucci and Saint Laurent, said on Thursday that it would co-operate fully on
a tax probe into the company, while rejecting any charges of wrongdoing.

 

Kering confirmed that the office of France’s national financial prosecutor
had opened a preliminary inquiry into the company in February 2019, which
the firm said was related to tax matters.

 

“The group intends to fully cooperate with the inquiry, in complete
transparency and serenity. Kering will continue to communicate diligently
and openly about tax litigation,” Kering said in a statement.

 

 

 

Stocks and oil soar, dollar sinks as stimulus beckons

SINGAPORE (Reuters) - Stocks scaled record heights, the dollar plumbed
two-year lows and oil prices hit their strongest since March on Thursday, as
monetary support and the hope of fiscal stimulus in the United States put
traders in a festive mood.

 

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.4% to an
all-time high. Japan’s Nikkei rose 0.3% to sit just shy of a 29-year peak.
[.T]

 

December S&P 500 futures were one point short of a record top and, after the
Nasdaq printed a record close on Wednesday, Nasdaq 100 futures climbed
higher into uncharted territory on Thursday. European futures rose.

 

The euro and currencies from the Asia and the Antipodes to Scandinavia hit
multi-year highs. The dollar index fell to a two-year low. [FRX/]

 

Brent crude oil futures, a proxy for global energy consumption and growth,
rose nearly 1% to $51.54 a barrel, the highest level since early March -
before over-production fears and virus worries pushed oil prices off a
cliff. [O/R]

 

“My suspicion is markets are inclined to extend this rally for two reasons,”
said Vishnu Varathan, head economist at Mizuho in Singapore, citing U.S.
monetary policy support and the good news on the horizon as vaccines roll
out globally.

 

“If new infection numbers don’t go crazy...I think there is some scope for a
so-called Santa rally into the end of the year,” he said. “That’s what
markets appear to be poised for.”

 

U.S. Federal Reserve Chairman Jerome Powell vowed on Wednesday to keep
pouring cash in to markets until the U.S. economic recovery is secure.

 

Bond traders were disappointed he didn’t extend the Fed’s purchase program
deeper down the yield curve, and U.S. Treasuries sold off at longer tenors,
but everybody else took it as a signal that the bank will have their back.
[US/]

 

“The message was clear – the Fed is willing and capable of doing more if
needed,” said Kerry Craig, global market strategist at J.P. Morgan Asset
Management in Melbourne.

 

“The meeting also made clear that rates are highly unlikely to move until
bond purchases come to an end. This means the market focus turns to the
prospect of a pre-Christmas fiscal package from Congress.”

 

CHRISTMAS PACKAGE

U.S. lawmakers edged closer to agreement on a $900 billion virus-relief
spending package on Wednesday with top Democrats and Republicans sounding
more positive than they have in months about getting something done.

 

The proposal is expected to include $600-$700 stimulus checks and extended
unemployment benefits and cannot come soon enough as U.S. COVID-19
infections soar to record levels.

 

“The market is buying it and the mood music from (Republican Senate leader
Mitch) McConnell and others is good,” said Gavin Friend, senior market
strategist at National Australia Bank, while adding the package likely to
wind up relatively modest.

 

Elsewhere better-than-expected labour data in Australia pushed the Aussie as
high as $0.7593, its strongest since mid 2018. [AUD/]

 

The Aussie is also riding high on surging prices for iron ore and a mood
that has pushed currencies in Malaysia, Singapore, Thailand, Taiwan, Sweden
and Norway to milestone peaks. [EMRG/FRX]

 

The kiwi rose to its strongest since early 2018 after New Zealand’s economic
growth beat expectations.

 

U.S. Treasuries steadied with the yield on benchmark ten-year government
bonds flat at 0.9246%.

 

Asia’s outlier was South Korea, where a record daily rise in coronavirus
cases pushed the Kospi a tiny bit lower.

 

Cryptocurrency bitcoin extended gains after breaking past $20,000 overnight.
It rose 4% to $22,318.

 

Investors are attracted by its momentum - it is up 200% this year - and its
purported resistance to inflation because of its limited supply.

 

Gold rose 0.3% to $1,869 an ounce. [GOL/]

 

 

 

Texas, nine U.S. states accuse Google of working with Facebook to break
antitrust law

WASHINGTON (Reuters) - Texas and nine other states sued Google on Wednesday,
accusing it of working with Facebook Inc in an unlawful manner that violated
antitrust law to boost its already-dominant online advertising business.

 

The states asked that the Alphabet Inc-owned company, which controls a third
of the global online advertising industry, compensate them for damages and
sought “structural relief,” which is usually interpreted as forcing a
company to divest some of its assets.

 

The Texas lawsuit is the second major complaint from regulators against
Google and the fourth in a series of federal and state lawsuits aimed at
reining in alleged bad behavior by Big Tech platforms that have grown
significantly in the past two decades.

 

Google called the Texas lawsuit “meritless.” Facebook did not immediately
respond to a request for comment.

 

Wednesday’s action raises the legal stakes for Google, which is expected to
face a third antitrust lawsuit from more than 30 attorneys general on
Thursday, according to a source familiar with the matter.

 

Online publishers including Genius Media Group and news website The Nation
alleged on Wednesday in a separate antitrust lawsuit, which seeks class
action status, that they lost revenue because of Google’s dominance in
online ads. They demand Google divest part of its ads business.

 

In its lawsuit, Texas asks a judge to find Google guilty of breaking
antitrust law and to order the violations to stop. It accuses Google of
abusing its monopoly over the digital ads market, allowing its own exchange
to win ad auctions even when others bid higher and overcharging publishers
for ads.

 

It also accused Google of working with Facebook. The two companies compete
heavily in internet ad sales and together capture over half of the market
globally.

 

“As internal Google documents reveal, Google sought to kill competition and
has done so through an array of exclusionary tactics, including an unlawful
agreement with Facebook, its largest potential competitive threat,” the
lawsuit said.

 

The lawsuit, filed in the Eastern District of Texas, also hews closely to
concerns publicly raised by Rupert Murdoch-owned News Corp and other media
companies to regulators in the United States and Europe over the last two
years. It said Google lowered its fees to near zero to gain dominance among
publishers, used deceptive tricks to broker transactions between publishers
and advertisers, and extracted high fees from both parties for playing
referee.

 

FREE MARKET

In a video posted on Twitter, Texas Attorney General Ken Paxton said, “If
the free market were a baseball game, Google positioned itself as the
pitcher, the batter and the umpire.”

 

Paxton, who faces allegations he abused the power of his office and
committed bribery, also recently contested the results of Nov. 3’s U.S.
presidential election in several battleground states. The Supreme Court
rejected that suit.

 

A Google spokeswoman said the company will defend itself from the Texas
lawsuit’s “baseless claims in court.” She added: “Digital ad prices have
fallen over the last decade. Ad tech fees are falling too. Google’s ad tech
fees are lower than the industry average. These are the hallmarks of a
highly competitive industry.”

 

Paxton, along with 10 other state attorneys general, also joined a U.S.
Justice Department’s lawsuit against the company in October that accused the
$1 trillion California-based company of illegally using its market power to
hobble rivals.

 

The nine states that joined Texas on Wednesday are Arkansas, Indiana,
Kentucky, Missouri, Mississippi, South Dakota, North Dakota, Utah and Idaho.
All have Republican prosecutors.

 

Google ad sales account for over 80% of Alphabet’s revenue. But most of the
sales and the bulk of Alphabet’s profits come from Google’s high-margin
operation of placing text ads above search results.

 

The business targeted on Wednesday - placing ads on partner apps and
websites - matters far less to Google.

 

Alphabet reported quarterly digital advertising revenue of $37.1 billion in
its latest financial report. Alphabet shares ended 0.2% lower at $1,757.19
on Wednesday. Facebook shares, which briefly turned negative after details
of the Texas lawsuit were published, reversed losses and ended little
changed.

 

 

Kenya: Uganda and Kenya Dance, but Don't Like the Music

In recent weeks, Ugandan traders have again been griping about Kenya,
complaining that their eastern neighbour is erecting hurdles to their trade.

 

A wide range of Ugandan products, from sugar, rice, milk, eggs, and onward
to booze are being blocked, even as Kenyan goods are allowed to trade
relatively freely in Uganda.

 

They want the Kampala government to act; either get Nairobi to be
business-friendly, or retaliate against Kenyan goods.

 

If this column had been written for a Ugandan newspaper barely 15 years ago,
it would have opened exactly like this, except you would have had to
exchange Kenya and Uganda.

 

At that time, Ugandan traders were screaming for the government to block
Kenyan goods, to give the local industry time to grow and mature. The then
very influential Uganda Manufacturers' Association (UMA) led the fight. At
that time too, the Uganda government, said "no".

 

We've written before in this space about this reversal of roles, but it's a
long story with many layers.

 

There are things like electricity and water, that are cheaper for businesses
in Uganda than in Kenya. Also, until about 10 years ago, Uganda had one of
the freest economies not just in the region, but in Africa.

 

Ahead of the Tokyo International Conference on African Development (Ticad)
in 1998, a business publication in Asia whose editor had probably had too
much rum with his coffee, rated Uganda the freest economy in the world. In
any event, a burst of enterprise developed and it has fruited fully in the
last few years.

 

Cheap Dubai goods

 

Despite this, the Uganda economy itself, surprisingly remains one that not
too many people in the region understand. Traders in Moshi, Tanzania, find
it quicker and cheaper to cross to Uganda to buy cement and other goods.
They can also buy goods from Dubai cheaper in Uganda, than if they went to
Dubai.

 

The economy has become primed to supply South Sudan, eastern Democratic
Republic of Congo, half of Kenya from the northwest through the Rift Valley,
down to western Kenya and, until the recent bump in the road, Rwanda.

 

In the Christmas of December 2013, after the civil war broke out in South
Sudan, I remember watching a TV report on the holiday's season shopping.

 

One trader in downtown Kampala bemoaned the war in South Sudan, showing his
stock piled to the roof, which was unbought. He had stocked, hoping it would
be cleared by the South Sudanese as usual.

 

He denounced Ugandans, saying, they were mean-fisted shoppers. A Ugandan man
walks into his shop with his wife and two children, and buys one or two
items for each of them, he said. A South Sudanese man, he said, walks in
with his six wives and 30 children, and buys 10 items for each of them.
Kampala, and a handful of other towns, are like a vast Eastleigh market.

 

Apart from the earlier factors, and tax system, the other elements of this
are complicated. Part of it has to do with the Uganda footprint in the
African Union Mission in Somalia (Amisom). There is a vast supply network
that regularly brings goods by cargo plane between Uganda and Somalia for
the military, and the supply chain extends to the Gulf states and Asia.

 

They also bring consumer goods, which aren't subject to duty, and they end
up in the shops at prices you can't compete against.

 

However, unlike any other country in East Africa, it sprouted a whole new
"native" post-war commercial class, starting from 1990, which didn't have
legacy issues or was encumbered by old industries, enabling it to be quite
nimble and efficient.

 

New major roads

 

Equally interesting, is how the country has been building out its roads
towards, especially, Kenya. In just the last few weeks, it commissioned a
new 44.5 kilometre road from the key commercial town of Mbale to Lwakhakha
on the Uganda-Kenya border.

 

A new 105-kilometre road from Musita, Mayuge, a short distance from the
industrial town of Jinja, was completed recently connecting to Busia at the
Uganda-Kenya border.

 

There is a major rebuild of the 77-kilometre-long Suam road underway, to
link to Endebess in Trans Nzoia County.

 

The road from the northeastern town of Soroti to Moroto -- a spitting
distance from Kenya's northwestern border -- has been upgraded to bitumen,
and another loop from Mbale to Moroto is underway.

 

If you add the old traditional links at Busia and Moroto, Uganda will, in
the space of five years, have built essentially five new major road links to
its border with Kenya alone, creating an inexpensive pipeline of goods.

 

Most of this is fuelled by the Kampala government's view of East African
trade not as a market issue, but a strategic and national security
imperative. It is the price it has to pay as a landlocked economy to gain
access to sea routes.

 

But it's also doing a lot to just make it cheaper to produce in Uganda than
in Kenya. For the long-term, Kenya will have to muster a competitive, not
bureaucratic, response to this emerging challenge.-Nation.

 

 

 

Kenya: KQ Launches Expanded Southern Africa Operations to Fly Cargo Directly
>From Johannesburg

Nairobi — Kenya Airways has launched its expanded Southern Africa operations
that will see the airline fly cargo directly from Johannesburg to other
countries in the region.

 

Currently all connections are done through its hub in Nairobi and going
forward all cargo from Southern Africa will be delivered directly, resulting
in shorter connecting times and speed to market, one of the unique selling
propositions to its customers.

 

The COVID-19 pandemic has had tremendous impact on the global aviation
sector with the International Air Transport Association (IATA) forecasting a
net loss of $118 million in 2020, in what has been declared the worst year
in aviation history.

 

The pandemic has not only challenged the Air Cargo sector, that accounts for
approximately 35 percent of global trade by value, but also shown the
resilience of the cargo community that has quickly adapted to the rapidly
evolving situation.

 

"Even as the movement of people across the globe became increasingly
restricted, one thing remained unchanged, the need to keep the much-needed
supplies and other goods moving in order to sustain economies and to help
fight the pandemic. This has reaffirmed the importance of our cargo
operations and the significance of air travel in spurring trade and
supporting economic growth even during tough times. South Africa is the
largest intra-Africa exporting nation which was part of the fundamental
opportunity principles driving the project," said Allan Kilavuka - Group
Managing Director & CEO, Kenya Airways.

 

The expanded cargo operations will be one of the key instruments KQ Cargo
will deploy to promote swift connectivity in the southern region countries
that include Zambia, Mozambique, Zimbabwe, and Malawi.

 

The airline will continue to provide one weekly schedule to Lusaka, Maputo,
Lilongwe, Harare, and will step up frequencies as demand picks up.

 

"It is key to reconsider how Africa's airfreight market is positioned in
order to maximise its full potential. Governments should leave behind
protectionist approaches to regulating aviation and embrace liberalisation,
because when such policies are adopted, countries benefit from improved
connectivity with a positive impact on trade. We strongly believe in
Africa's aviation potential, and we are ready to offer a solid and long-term
partnership," said Dick Murianki - General Manager, KQ Cargo.

 

Intra-Africa Connectivity remains at the centre of the KQ Cargo agenda with
intra-Africa airfreight volumes averaging about 5% of total exports from
Africa, which is way below other continents that average well over 30%.

 

A well interconnected Africa will catalyze trade and Kenya Airways will play
its part diligently in connecting the world to Africa and Africa to the
world.

 

"The expansion of KQ cargo freight to more Southern Africa countries will
boost intra-African trade as well as enhance connectivity in the southern
region. Similarly, I wish to challenge KQ to venture into cargo business
with countries in the regions that KQ has no footprints such as Eswatini and
this will go a long way in increasing volume of cargo as well facilitate the
generation of more income," added Ambassador Jean Kamau High Commissioner of
the Republic of Kenya to South Africa.-Capital FM.

 

 

 

 

Nigeria: Abia, Kebbi, Kwara Residents Pay Highest for Petrol in November -
NBS

NBS says the average price paid by consumers for petrol increased by 14.62
per cent year-on-year.

 

The National Bureau of Statistics (NBS) says Abia, Kebbi and Kwara residents
paid the highest amount for petrol (Premium Motor Spirit) in Nigeria in
November.

 

The bureau stated this in its "Premium Motor Spirit (Petrol) Price Watch"
publication for November and released on its website on Thursday in Abuja.

 

According to NBS, Abia residents paid N178.70 per litre for the product
while Kebbi residents paid N174.76 and Kwara residents N172.33.

 

It, however, stated that Zamfara paid N161.73, Bauchi -N161.78 and Kaduna -
N163.83 per litre being the lowest average prices for the product.

 

NBS further stated that the average price paid by consumers for petrol
increased by 14.62 per cent year-on-year and month-on-month by 3.79 per cent
to N167.27 in November from N161.17 in October.

 

Similarly, the average price paid by consumers for Automotive Gas Oil
(Diesel) increased by 1.79 per cent month-on-month and decreased by -0.59
per cent year-on-year to N223.74 in November from N219.80 in October.

 

The bureau said that states with the highest average price of diesel in the
month under review were Benue at N263.33, Kebbi at N258.57 and Taraba at
N251.67.

 

The lowest average price of diesel which is N182.50 was in Kwara, followed
by N192.67 in Osun and N196.33 in Nasarawa.

 

Fieldwork for the report was done by more than 700 NBS staff in all states
of the federation supported by supervisors who were monitored by internal
and external observers.

 

Fuel prices were collected across all the 774 local governments across all
states and the FCT from over 10,000 respondents and locations.

 

The price reflected actual prices households bought fuel together with the
prices reportedly sold by the fuel suppliers.

 

The average of all these prices was then reported for each state and the
average for the country was the average for the state. (NAN)-Premium Times.

 

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

Cellphone:      <tel:%2B263%2077%20344%201674> +263 77 344 1674

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Skype:         Bulls.Bears 



 

 

 


 

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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