Major International Business Headlines Brief::: 30 December 2020

Wed Dec 30 13:14:25 CAT 2020

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Major International Business Headlines Brief::: 30 December 2020

ü  Is the Ant Group shake-up a sign of things to come?

ü  Tata grabs bigger slice of AirAsia and India's airline industry

ü  Boeing 737 Max returns to the skies in the US

ü  Snapchat boss: US faces ‘century of competition’

ü  Brexit: UK sausage makers face EU export ban

ü  Tesla: Soaring share price creates army of 'Teslanaires'

ü  FTSE 100 index of leading shares hits highest since March

ü  Billionaire UK beauty boss continues expansion with US deal

ü  Asian shares jump to record high as investors bet on healthier 2021

ü  Bitcoin hits record $28,600 as 2020 rally powers on

ü  IPOs paid out big for U.S. investors in 2020

ü  Tanzania: Bushmeat Now On Sale Legally in Tanzania

ü  Nigeria: We'll Wrestle Food Inflation in 2021 - Buhari

ü  Tanzania: Imports Bill for Goods, Services Nosedives

ü  Nigeria: Lafarge, Jabi Mall, Grand Pela, 31 Other Firms Enjoying Tax Holiday in Nigeria (Full List)

Is the Ant Group shake-up a sign of things to come?

China’s central bank hauled in executives from Ant Group over the weekend, and ordered a major shake-up of the company’s operations.

The move comes about a month after regulators scuppered the company’s listing on the Hong Kong and Shanghai exchanges.

Some see the move as a vengeful communist party lashing out at the company’s outspoken founder Jack Ma.

But analysts note that reforming the financial sector is a long-standing policy goal, and other companies could also end up in the crosshairs of regulators.

“Ant Financial is the first cab off the rank when it comes to these new requirements and an increased level of scrutiny,” said Michael Norris, research and strategy lead at AgencyChina.

“While the talk about palace intrigue between Jack Ma and his various detractors is titillating, it does ignore that policy environment where slowing up the build-up of risk is clear and resolute as a priority.”

Ant Group is China’s biggest payments provider, with more than 730 million monthly users on its digital payments service Alipay. But it’s the company’s lending practices that appears to worry the regulators more.

Ant acts as a marketplace for loans. It takes a fee to match borrowers with banks, who then take on the risk.

What happened to Ant?

Over the weekend central bank officials met with executives from Ant Group, and ordered the company to “rectify” its lending, insurance and wealth management services.

According to People’s Bank of China (PBOC) Vice Governor Pan Gongsheng, regulators drew attention to Ant’s poor corporate governance, defiance of regulatory demands and its use of its market size to squeeze out competitors.

Ant was urged to return to its origins as a payments business, and to enhance transaction transparency and avoid unfair competition.

Mr Pan also said Ant should be properly licensed to operate a credit business, should establish a holding company, and must ensure capital adequacy.

Under draft rules published by the People’s Bank of China in November, online lenders must provide at least 30% of any loan they fund jointly with banks.

In other words, under the new rules Ant Group will be expected to behave a little more like a traditional lender.

Hangzhou-based Ant Group said in a statement it would establish a “rectification” working group and fully implement regulatory requirements.

Risky business

Mr Norris said it appears the regulators are worried that easy credit could mean investors will borrow on margin to make risky investments in shares.

This isn’t a new concern in China. Easy access to credit helped fuel share market turbulence in 2015, when some investors were unable to repay their margin loans after a share market rout.

Also, if Ant Group bears none of the risk, then its main incentive is to process as many loans as possible, with little regard to the effect they might have on the lending institutions that actually underwrite them.

“The regulators would much prefer the risk is shared between the platform and the financial institution, and that the financial institution has a greater oversight of the lending practices and the matching criteria that are going on,” Mr Norris said.

“Pawn shops”

The Chinese regulators first moved to rein in Ant Group shortly before its planned Initial Public Offering (IPO) in early November.

The move came after Ant Group’s billionaire founder and controlling shareholder Jack Ma had criticised China’s state-dominated banking sector at a fintech conference in Shanghai.

Mr Ma likened China’s banks to “pawn shops” and lamented their lack of innovation.

The timing of the crackdown fuelled speculation that his speech had offended the top echelons of the communist party, who had responded by cracking down on Ant Group.

Nearly two months later, the regulators still appear to be interested in Mr Ma. In addition to its moves against Ant Financial, last week China’s antitrust authorities said they had launched a probe into Mr Ma’s e-commerce platform Alibaba.

He has been advised by the Chinese government to stay in the country, Bloomberg reported.

But even if high ranking party officials bear a grudge against Mr Ma (something they’re unlikely to confirm publicly) that doesn’t mean the authorities don’t have legitimate concerns about the emerging financial technology sector.

Ant might have been the first fintech company to be hauled before the regulators, but it’s unlikely to be the last. Many other large players have waded into the industry, including Tencent and Alibaba’s e-commerce competitor JD.com.

Already, some of Ant Group’s competitors are changing the way they operate ahead of major changes in the rules. For example, online providers JD Digits, Tencent, Baidu and Lufax all stopped selling interest-bearing deposits on their platforms after Ant was forced by regulators to do the same.

“I don’t think anyone’s immune at this stage, and certainly the principles by which Ant Group matches consumers and financial products is broadly similar to the way that Tencent does the same,” said Mr Norris.--BBC

Tata grabs bigger slice of AirAsia and India's airline industry

Tata Group has increased its stake in AirAsia India as it looks to increase its share of India's airline industry.

On Tuesday the company announced it would increase its holdings in the Indian-based joint venture with AirAsia from 51% to 84%.

AirAsia, owned by Malaysian tycoon Tony Fernandes, has been scaling back its operations during the Covid pandemic.

Last week Tata also put in a bid for the country's struggling national carrier Air India.

Tata Group is paying AirAsia around $38m (£28m) for the increased stake in the AirAsia India joint venture which began in 2014.

The deal puts the Indian conglomerate firmly in command of the budget carrier.

AirAsia has been looking to reduce its cash-burn and its Japan unit filed for bankruptcy last month.

AirAsia India has struggled to make money in a market considered to be one of the world's toughest due to high fuel taxes and fierce competition.

It said "India is a non-core market" and the transaction would allow it to concentrate on recovery in its key markets of Malaysia, Thailand, Indonesia and the Philippines.

Aviation experts believe this acquisition could give Tata a stronger position in the sector, and help secure Air India, which has been put up for sale by the Indian government.

The Tata Group - widely known as the Tatas in India - which also owns Jaguar Land Rover, originally founded the airline in 1932 but sold its stake to the government in the 1950s.

Tata also operates the Vistara airline in partnership with Singapore Airlines.

With the Tatas now in full control of AirAsia India, they will get a significant say in the running of the airline, which has had a tumultuous run and faced stiff competition from rivals since it launched operations back in 2014. AirAsia India presently has under 7% market share.

The deal also marks the return of the Tatas to the aviation market in full force, displaying a stronger commitment to deploy capital and resources to make its aviation ambitions a success, say experts.

"This could disrupt India's aviation sector. The Tatas are bringing back air transport as their core revenue and business driver," aviation expert Mark D Martin (MRAeS), founder of Martin Consulting, told the BBC.

"They have a foot in the low-cost carrier space with Air Asia, in the niche luxury segment through Vistara, and in all probability, Air India will go back to them as well."

The major challenge for the Tatas would be to derive "operational synchrony" among its various brands and manage them without clashes and overlaps, according to Mr Martin.

Also, Vistara and AirAsia India have together lost around $845m through March this year, according to the Centre for Asia Pacific Aviation (CAPA), with Covid-19 exacerbating the challenges facing the airline industry.

But the Tatas are in the game for the long haul believe experts. "They will be looking at a 30-40-50 year investment horizon to script the turnaround story" added Mr Martin.--BBC

Boeing 737 Max returns to the skies in the US

Boeing’s 737 MAX has resumed passenger flights in the US with an American Airlines flight between Miami and New York.

Regulators grounded the plane in March 2019 following two separate deadly crashes within five months.

The Federal Aviation Administration (FAA) lifted the ban last month after Boeing agreed to new safeguards.

American Airlines' flight on Tuesday showed its confidence in the safety of the 737 MAX.

"This is an aircraft that has been more highly scrutinised than any ever before. We're very confident that this aircraft is the safest in the skies," the airline's president Robert Isom said before the flight's departure.

American Airlines currently has 31 737 MAX aircraft, including seven which were delivered after the FAA lifted its safety ban in November.

The airline and aerospace giant Boeing have both sought to reassure the public over the plane’s safety, although polls suggest that might be difficult.

A Reuters/IPSOS poll shows that more than half of passengers are wary of taking the jet when reminded of two fatal crashes that led to the grounding.

Troubled history

Regulators initially pulled the plane from service after two catastrophic crashes killed 346 people.

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.

Although the FAA has already lifted its ban, the European Union Aviation Safety Agency isn't expected to clear the plane to fly until January.

American Airlines is the third carrier globally to resume flights following Brazilian low-cost carrier Gol Linhas Aereas Inteligentes and Grupo Aeromexico earlier this month.

A smooth return to service could be 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 both airlines and manufacturers.

The International Air Transport Association predicts global passenger traffic will not return to pre-pandemic levels until 2024

-BBC

Snapchat boss: US faces ‘century of competition’

The US is entering a new era of global competition and the country needs to invest much more in future generations, the boss of Snap has told the BBC.

Evan Spiegel, whose firm includes the Snapchat app, said the US faces a "century of strategic competition" from fast-growing economies like China.

"This is not something we have confronted before," he said.

Mr Spiegel, who was guest editing Radio 4's Today, said the US needed to think long-term to compete in the future.

Mr Spiegel, who launched Snapchat while studying at Stanford University and became one of the world's youngest billionaires at the age of 25, also said he would be "happy" to pay more taxes.

He feels that it was "inevitable" that Silicon Valley tech firms have grown in power due to the advent of the internet, and that it was "reasonable" for there to be increased regulatory scrutiny of tech giants.

Snapchat hit almost 250 million daily users in October.

However he stressed that governments and technology have a symbiotic relationship, and that if tech giants pay more taxes, at least some of that money needs to be put back funding research into developing new technologies like artificial intelligence.

"The history of great nations really tends to be built on huge breakthroughs in technology and a lot of times that technology is founded on government investment," he explained.

"I think it's really easy today in our political system to focus on the failures, rather than these amazing successes.

"Regulation is only one part of a comprehensive technology strategy - the rest of it really has to be oriented around...investment in new technology."--BBC

Brexit: UK sausage makers face EU export ban

Raw sausages and other minced meats can no longer be exported to the EU from 1 January, according to new rules.

The guidance is part of the post-Brexit trade deal agreed between the UK and the EU last week.

Meat industry bodies attended a conference call with ministers on Tuesday to seek clarification about the issue.

The British Meat Processors Association said it was one of several issues causing concern.

New EU rules on exports dictate that from 1 January, the following animal products cannot be exported into the EU:

Composite products containing dairy products made from unpasteurised milk (for example, a ready meal topped with unpasteurised cheese)

However, these new rules do not affect exports of raw minced meats to Northern Ireland.

The British Meat Processors Association's (BMPA) chief executive Nick Allen said: “This was just one of the issues that was causing us some concern, but I guess towards the end we sort of knew that wasn't going to come through in the negotiations, the way they were going.

"We hope they will be carrying on talking to the EU and that they will push through and create an export health safety certificate for these products so they can go through.

The BMPA is hoping that more clarity on what businesses need to do will help it to prepare their members ahead of the new year.

Mr Allen added that the call was also to decide the wording on the new export health certificates.

"That wording tells us what we have to comply with and we hope we are not going to hear that there are things we're not expecting to be on there," he said.

Wilfred Emmanuel Jones is a British Devon-based farmer and founder of The Black Farmer line of meat products, including raw sausages.

Since he will no longer be allowed to export fresh sausages to the EU, he has decided to send them frozen instead.

"There's a really big opportunity to do premium frozen sausages for the continent," he explained. "One problem we have with sausages is that in this country at least, anything frozen is seen as down-market, not a premium product."

The UK is the only country in Europe that makes and exports raw sausages. Other countries, as well as the US, all produce pre-cooked sausages, as they have a longer shelf life than raw ones, said Mr Jones.

But rather than give up on British traditions and make pre-cooked sausages, he thinks that sausage makers need to bring in freezing equipment.

"I think we should have a British sausage mark, so if you're going to be selling sausages to any part of the world, it's unique to any of the sausages around the world," he added.

A government spokeswoman said: “We have agreed a deal based on friendly cooperation between sovereign equals, centred on free trade and inspired by our shared history and values.

“It takes the UK completely out of the EU’s customs union and single market – which means businesses should continue their preparations for changes next year.”--BBC

Tesla: Soaring share price creates army of 'Teslanaires'

Tesla's rocketing share price this year has created an army of millionaires - self-named 'Teslanaires'.

Shares in Elon Musk's electric car firm have risen more than 700% during 2020 to become the world's most valuable car company.

But it's been a roller-coaster ride for long-term investors with wild swings since it joined the stock market a decade ago.

For those who have stuck with Tesla, it has been a very wealthy journey.

This month was a milestone for the car company as it joined the S&P 500, an index of the biggest stocks in the US which includes the likes of Apple, Microsoft and Facebook. Tesla shares rocketed and it became one of the top 10 most valued companies on the index.

Tesla stock is now worth more than the combined valuations of General Motors, Ford, Fiat Chrysler Automobiles and Toyota. Yet, Tesla makes just a fraction of the cars of its more established rivals.

"Tesla is a very polarising stock. It has its fans, many of whom do own Tesla cars, and its fair share of critics, particularly in the financial community, who say the company's shares are overvalued," said Will Rhind, chief executive at investment firm GraniteShares.

"Investors that bought shares early on, have done very well and some are now millionaires as a result."

Much of Tesla's share price growth has come from its improving car sales, boosted by strong demand from China and hopes of subsidies for electric vehicles. The shift towards electric cars globally has put car companies like Tesla in the sweet spot.

Many investors also believe there is strong growth to come from other parts of Tesla's business including its self-driving software and battery power storage.

Tesla went public in June 2010 at a price of $17 per share. This week, the price stood at more than $650 - and that's even after a 5-for-1 stock split earlier this year that boosted the number of shares in circulation.

Given its rapid share price rise this year, even more surprising given it has come during a global pandemic, Tesla critics say it is overvalued.

In a research note earlier this month, analysts at JPMorgan wrote:"Tesla shares are in our view and by virtually every conventional metric not only overvalued, but dramatically so".

But other investment experts argue not to look at Tesla as just a car company. "Part of the appeal of Tesla for many investors is that it is more than a car company and the success of their batteries will open many revenue streams," said Edward Moya, a senior market analyst at OANDA.

"Think about the role Tesla is playing in the transition from fossil fuels to electric power and storage. In that sense, the question for investors today is how do you value the technology of tomorrow?" added Mr Rhind.

Tesla also sells solar panels and back-up residential power for homes.

"Teslanaires"

There is an army of fans who believe strongly in Tesla and predict the share price to continue rising, based on a bright future for Elon Musk's car firm.

Los Angeles-based engineer Jason DeBolt's first investment in Tesla was 2,500 shares which cost him $19,000. "I first started investing in Tesla in 2013 after purchasing a Tesla Model S and going on a factory tour," he said. Since then, he has been buying more shares, and the 15,000 he now owns are worth around $10m.

He agreed it has been a roller-coaster ride as a long-term investor and that "it was very difficult seeing the media attack Elon and Tesla. That was worse for me than the share price decline, which I knew would eventually bounce back."

Mr DeBolt is a member of the Tesla Shareholders Club and regularly chats with other investors via the Facebook group.

New York-based Scott Tisdale began investing in Tesla when he first laid eyes on the Model S back in 2013 and has built up a holding of around 4,000 shares which are currently worth around $2.8m.

"I am not finished investing in them yet because I think their real story is just about to begin and people have been saying the stock is 'overvalued' since before the time I began to buy it," he said.

"As amazing as it is to be included in this growing group of 'Teslanaires', it is almost as satisfying to be able to tell all the naysayers 'I told you so.'"

The road ahead

Experts say it is unlikely Tesla's share price will see growth of more than 700% again next year, limiting the number of new Teslanaires created.

They also point to growing competition from the likes of Apple which has revitalised plans to build an electric car along with Chinese rivals. "Tesla's competition has bigger pockets and can afford to take bigger risk," added OANDA's Mr Moya.

Investment experts also caution about investing in a single stock and recommend funds that spread your money across a number of companies.--BBC

FTSE 100 index of leading shares hits highest since March

Britain's index of leading shares closed at its highest since the pandemic sparked a market rout in March as investors on Tuesday cheered the post-Brexit trade deal.

In the first day of trading since markets closed on Christmas Eve, the FTSE 100 ended up 1.6% at 6,603 points.

It was the Footsie's best day since 9 November, and only falls in bank shares stopped the index from rising further.

US shares hit record highs in early trading although ended slightly lower.

Wall Street was buoyed by US President Donald Trump agreeing to release hundreds of billions of dollars in pandemic spending support. He had previously refused to sign off on the deal.

On the FTSE 100, international companies such as Unilever and Diageo gave the biggest boost to the index, while drugmakers AstraZeneca and GlaxoSmithKline also added to the gains.

"The [Brexit trade] deal should see sentiment towards the FTSE indices recover just as the dividend payout ratio improves, vaccines are rolled out and overseas revenues accelerate. We lift UK equities to Bullish," analysts at brokerage Jefferies wrote in a note.

UK set for 'bumpy' period as new EU rules come in

Banks accounted for three of the five biggest fallers on the FTSE 100, with worst-hit Lloyds suffering a near 5% drop.

One analyst, Shanti Keleman from Brown Shipley, put the falling UK bank shares down to "no agreement on financial services equivalency in the Brexit deal".

However, Simon French of Panmure Gordon pointed out that trading was thin even by the usual standards of this time of year. "The usual market narratives are even shakier than normal," he added.

After four years of uncertainty, the deal made it a lot more clear what the UK's relationship with its closest neighbours is likely to look like in the years ahead. It also removed the prospect of a no-deal Brexit, which had put downward pressure on markets.

Vaccine boost

Among the biggest risers in London was drug firm AstraZeneca, which gained 3.3% on reports that the government is poised to approve its Covid-19 vaccine, paving the way for UK citizens to receive it as early as next week.

Travel shares also benefited from market optimism, led by Intercontinental Hotels Group, which climbed 3%.

London's rise on Tuesday followed gains on Monday for the main markets in Frankfurt and Paris, as well as on Wall Street.

The Paris Cac-40 continued its rally on Tuesday, adding 0.4%. However, Frankfurt's Dax index took a sudden turn for the worse late in the afternoon, dipping 0.2%.

Earlier, shares in Asia surged in Tuesday trading, with Japan's Nikkei closing more than 2.6% higher.--BBC

Billionaire UK beauty boss continues expansion with US deal

Billionaire entrepreneur Matthew Moulding's Hut Group has snapped up online skincare firm Dermstore from US retail giant Target for £259m.

Shares in the company - whose websites include the Lookfantastic beauty products business - soared more than 9% on the news.

Since it floated in September at 500p, its shares have risen more than 50%.

That triggered a massive £1bn payout for the boss, one of the biggest paydays in UK corporate history.

The company has grown rapidly by snapping up skincare and lifestyle brands while also operating online platforms for other brands.

Health and beauty boss in line for £830m payout

Manchester group donates £10m to coronavirus fight

It owns brands such as Glossybox and MyProtein and powers the websites of major businesses, including Honda and Nestle.

It said the purchase of Dermstore would "enhance its beauty strategy by substantially enhancing its relationships with the key global beauty brands".

"A key driver behind the decision to list THG on the London Stock Exchange just over three months ago was to enable the group to make major global investments," said Mr Moulding.

Nutrition

The Hut Group also added UK nutrition product suppliers Claremont Ingredients and David Berryman to its portfolio on Tuesday for £59.5m.

Claremont Ingredients operates a flavour manufacturing and development laboratory for sports nutrition and beverages, while the David Berryman business supplies and develops fruit-based ingredients.

Both companies had been suppliers for the Hut Group and the company said it bought them to support its commitment "to investing in and building best-in-class product innovation and manufacturing facilities".

Mr Moulding founded the Manchester-based business in 2004 selling CDs.

It now runs more than 100 websites and sells a range of consumer goods, from cosmetics to protein supplements.

In addition to his £1bn in shares payout, Mr Moulding is paid a basic salary of £750,000 a year, up from the £318,000 he took in 2019.

However, since the flotation, he has committed to donating his salary payments to charity.--BBC

Asian shares jump to record high as investors bet on healthier 2021

TOKYO (Reuters) -Asian shares hit a record high on Wednesday with investors betting on a strong economic recovery next year, as there is little sign policymakers wind back massive stimulus efforts aimed at staving off coronavirus-fuelled downturns.

MSCI’s gauge of Asia-Pacific shares excluding Japan rose 1.2% to hit a record high, led by gains in Chinese shares and bringing its gains so far this year to 18.9%.

Japan’s Nikkei share average lost 0.45% on its last trading day of 2020 after jumping to a 30-year high on Tuesday. For the year, it was up 16.0%.

European shares are seen dipping slightly with Euro Stoxx 50 futures down 0.2% and FTSE futures losing 0.1%.

Convictions that global monetary authorities will continue to pump liquidity into the banking system to support the pandemic-stricken economy underpin risk assets.

“We think continued monetary and fiscal policy support means investors should take risk. Stocks will do better than bonds. Within bonds, corporate bonds should beat government bonds,” said Hiroshi Yokotani, head of Asia-Pacific fixed-income business at State Street Global Advisors.

E-Mini futures for the S&P 500 rose 0.41%, erasing losses made in the previous day after U.S. Senate Majority Leader Mitch McConnell put off a vote on President Donald Trump’s call to boost COVID-19 relief checks.

Although many Republican Senators remain adamantly opposed, worried about the cost to taxpayers, support is growing among them, including two from Georgia, who are running in the crucial races that will determine who will control the Senate.

END OF ILLUSION?

Even an alarming spread of a COVID-19 variant in many countries has so far done little to curb investors’ appetite.

The United States has detected its first-known case of the highly infectious coronavirus strain already spotted in Britain and South Africa.

But a crack may be appearing in market euphoria, said Yasuo Sakuma, chief investment officer at Libra Investments, noting some red-hot U.S. small cap shares, such as biotech and software-as-a-service stocks, have failed to catch up with a broader rally.

“There are lots of loss-making companies that are valued at more than $10 billion. I think the time is up for the illusion that they can make money by doing business only in a virtual world. Soon these firms could find themselves no longer able to attract money just because they have a nice business idea or some nice test products.” he said.

The Russell 2000, a U.S. stock index that includes small cap shares, fell 1.85% on Tuesday.

In the currency market, the dollar dropped on the first day of trading for settlement in 2021 as traders started to dump the safe-haven U.S. currency anew.

The euro rose 0.3% to $1.2295, a level last seen in April 2018.

“The start of COVID‑19 immunization campaigns in several countries as well as additional U.S. fiscal support reduce downside risk to the global economy and bode well for general financial market sentiment,” analysts at Commonwealth Bank of Australia said in a note.

The Australian dollar rose 0.6% to $0.7663, hitting a 2 1/2-year high, while sterling traded up 0.30% at $1.3556.

The Japanese yen also gained 0.15% to 103.36 per dollar.

The U.S. dollar index losing 0.25% to stand at 89.798, having hit a 2 1/2-year low of 89.711 at one point.

A sluggish dollar supported gold, with bullion prices up 0.14% at $1,880.70 an ounce. [GOL/]

Oil prices extended gains after a rebound overnight as investors hoped that an expanded U.S. pandemic aid stimulus would spur fuel demand and stoke economic growth.

U.S. West Texas Intermediate crude futures were up 0.21% at $48.10 a barrel. [O/R]

Treasuries were little changed after trading sideways overnight in thin trade amid the year-end holidays. U.S. two-year yields were steady at 0.127% and benchmark 10-year yields stood at 0.9364%. [US/]

Bitcoin hits record $28,600 as 2020 rally powers on

LONDON (Reuters) - Bitcoin on Wednesday hit a record $28,599.99, taking gains this year past 295% amid heightened interest from bigger investors.

The world’s most popular cryptocurrency was last up 3.7% at $28,375. Since breaking $20,000 for the first time on Dec. 16 it has surged by nearly half.

Bitcoin has increasingly seen demand from larger U.S. investors, in particular, attracted by its perceived inflation-hedging qualities and the potential for quick gains, as well as expectations it would become a mainstream payments method.

IPOs paid out big for U.S. investors in 2020

(Reuters) - Wall Street investors with access to newly listed stocks at their exclusive IPO prices reaped huge returns in 2020, while retail investors who generally miss out on the best prices still made tidy gains.

Shares of companies that went public via IPOs or direct listings this year on average have surged 75%, with corporations that have yet to report a profit jumping more than twice as much as those with positive bottom lines, according to a Reuters analysis.

It is a stunning result in a year that saw stocks plunge when the COVID-19 pandemic rapidly spread in the spring and communities across the country went into lockdown, then turn around and scale fresh highs. In addition, companies seeking to list shares have been embraced on expectations they will benefit from low interest rates, eventual economic recovery and a rollout of vaccines.

The analysis includes about 200 companies that held IPOs in the United States this year, and a handful of direct listings from companies such as Asana and Palantir Technologies. About 70% of the companies listing their shares this year are not run profitably, according to Refinitiv data and company filings.

Underwriters reserve most of the new shares in red-hot IPOs for top institutional investors, mostly cutting out small investors who can buy shares only once they start trading.

A non-professional investor who bought into all of 2020’s public listings at the closing price of each stock’s first day of trade would be up about 28% for the year, less than half the return of an investor who bought in at each IPO price. That is better than the S&P 500’s 15% gain so far in 2020, but far short of the over 40% gain that buying a Nasdaq index fund at the start of the year would have provided.

Brokerage Citadel Securities has said that retail investors have accounted for as much as 25% of stock market activity in 2020.

Tanzania: Bushmeat Now On Sale Legally in Tanzania

The Tanzania government has started the sale of bushmeat to the public under strict rules. This follows President John Magufuli's order to authorities early this year to open game meat selling points across the country in a bid to stop illegal hunting.

Besides maintaining the overall cleanliness of the selling facilities, operators will be required to issue Electronic Fiscal Device receipts to buyers and show "sources of meat at a particular selling time."

One of the rules is that operators must "slaughter animals at a licensed meat abattoir and surrender any trophy including skull and skin unless they have a trophy ownership certificate." Also, the butchers will be subjected to constant scrutiny by a ministerial committee composed of professionals in wildlife veterinarian; wildlife management; food and drugs control; health control management and meat inspection.

The first selling point was inaugurated in Dodoma, where wildlife management officials joined residents at the butchery, which sold meat for about $2 per kilogramme.

"We are ready to supply you with mitamba (young animals) to rear in the ranches, which you are going to set up," said Hamisi Semfuko the chairperson for the board of directors of the Tanzania Wildlife Management Authority (Tawa) at the event.

The butchers will set up in 23 already identified administrative regions in the country. Tawa will oversee them plus the entire supply chain from the wild to the marketplace to ensure safety.

Recent statistics show that about 2,000 tonnes of ill-gotten bush meat is seized annually in the country valued at $50 million, with 80,000kg consumed by the Serengeti communities alone per week.

Meanwhile, paramilitary operations in key wildlife parks and game reserves has seen 11,838 illegal hunters arrested in the past four years.-East African.

Nigeria: We'll Wrestle Food Inflation in 2021 - Buhari

President Muhammadu Buhari has promised that his administration will keep a keen eye on food inflation in the New Year.

He made the promise on Tuesday at the fifth regular meeting with the Presidential Economic Advisory Council held at the State House, Abuja.

The president, who directed the Central Bank of Nigeria (CBN) not to give money for food importation, said: "Already about seven states are producing all the rice we need. We must eat what we produce."

He spoke on the strides made in agricultural production by his administration following the programme of diversification from over-reliance on oil it instituted.

Buhari wondered where the country would have found itself by now in view of the devastating economic crisis brought about by COVID-19, if the country had not embraced agriculture.

"Going back to the land is the way out. We depend on petrol at the expense of agriculture. Now the oil industry is in turmoil. We are being squeezed to produce at 1.5 million barrels a day as against a capacity to produce 2.3 million. At the same time, the technical cost of our production per barrel is high, compared to the Middle East," he said in a statement issued by his spokesman, Garba Shehu.

The president, who stressed the place of agriculture in the efforts to restore the economy, however, agreed that measures must be put in place to curtail inflation in the country.

"We will continue to encourage our people to go back to the land. Our elite are indoctrinated in the idea that we are rich in oil, leaving the land for the city for oil riches. We are back to the land now. We must not lose the opportunity to make life easier for our people. Imagine what would have happened if we didn't encourage agriculture and closed the borders. We would have been in trouble," he said.

The meeting, which was for a review of, and reflections on the global and domestic economy in the outgoing year, was attended by the Vice President, Professor Yemi Osinbajo, as well as ministers of Finance and Humanitarian Affairs, agreed on a number of measures.-Daily Trust.

Tanzania: Imports Bill for Goods, Services Nosedives

The decrease in imports of capital and intermediate goods pulled down imports bill for goods and services to 8,966.4 million US dollars in the year ending November from 10,516.9 million US dollars registered in the corresponding period in 2019.

According to Bank of Tanzania (BoT) monthly economic review for December, much of the decrease was recorded in transport equipment and oil.

The value of oil imports, which accounted for 17.1 per cent of goods imported declined by 28.8 per cent to 1,310.6 million US dollars owing to decrease in both price and volume.

Meanwhile, the value of transport equipment dropped by 34.7 per cent to 750.0 million US dollars.

On monthly basis, imports bill for goods decreased to 635.7 million US dollars from 734.1 million US dollars recorded in November 2019, with much of the decline recorded in imports of oil, transport equipment, industrial raw material, and building and construction material.

Meanwhile, service payments amounted to 1,318.1 million US dollars in the year ending November, lower than 1,776.4 million US dollars in the year ending November last year due to decrease in travel payments.

On month-to-month basis, service payments declined by 43.9 per cent to 93.0 million US dollars in November 2020, largely explained by low travel payments associated with containment measures to limit the spread of Covid- 19. Primary income account, which comprises income from compensation of employees and capital related transactions, narrowed to a deficit of 954.7 million US dollars from 994.6 million US dollars recorded in the year ending November 2019, largely due to decrease in income payment.

Likewise, on monthly basis, deficit in the primary income account widened by 24.6 per cent to 87.7 million US dollars in November this year compared with the corresponding month in 2019.

Secondary income account- that captures unilateral current transfers-recorded a surplus of 262.5 million US dollars compared to a surplus of 389.3 million US dollars recorded in the corresponding period in 2019, following a decline in inflows.

On monthly basis, the secondary income account recorded a surplus of 2.4 million US dollars in November this year lower than a surplus of 50.3 million US dollars during the corresponding month in 2019, mainly on account of decrease in official transfers.-Daily News.

Nigeria: Lafarge, Jabi Mall, Grand Pela, 31 Other Firms Enjoying Tax Holiday in Nigeria (Full List)

The Pioneer Status Incentive grants a tax holiday for companies working in industries considered not sufficiently developed enough in Nigeria but with favourable prospects.

Thirty four companies are currently enjoying tax holiday in Nigeria, according to a report by the Nigerian Investment Promotion Commission.

The federal government gives companies in critical sectors of the economy tax holiday, also known as the Pioneer Status Incentive, to encourage and attract investment into sectors that could significantly impact development and deliver key benefits to the country.

The incentive, provided under the Industrial Development Income Tax Relief Act, is essentially a tax holiday that grants benefitting firms relief from the payment of corporate income tax for an initial period of three years, extendable for one or two additional years.

The NIPC, on the authority of the Minister of Industry, Trade, and Investment, processes the PSI applications and on the authority of the president, approves and extends them. The agency issues the pioneer certificates and can also cancel them if the provisions of the Act and some set guideline documents are contravened.

According to the PSI report of the third quarter of 2020, 34 companies are currently enjoying tax relief under the pioneer certification incentive.

These companies presently have about 6,550 staff, and have helped in reducing the rate of unemployment in the country.

The certificates of seven out of the 34 companies will expire by the last day of the year, December 31, 2020. However, they can apply for an extension one or two additional years. Five out of these 34 companies are already in their two years extension period.

Since the relief is usually granted to companies operating in industries considered not sufficiently developed enough in Nigeria but with favourable prospects if encouraged with such pioneer status, almost half of the companies are in the manufacturing sector.

Fifteen out of the 34 companies are in the manufacturing sector, seven from the agriculture sector, six from the construction sector, three from electricity and gas supply, while the e-commerce, information & communication, and the power sector got one company each.

Beneficiaries

Rensource Distributed Energy Limited

According to details on the site, this company deals in renewable (solar) energy under the electric power generation, transmission, and distribution pioneer industry In Kano. It has 28 staff members and invested N158 million. Its certificate will expire by December 31.

The company was registered on February 23, 2016, with registration number RC 1317198.

It has four directors; Ademola Adesina, Jussi Savukoski, Jussi Nykanen, Oludayo David Olusegun, Oyindamola Oyeduntan and Ademola Adesina as the secretary.

Sumo Steels Limited (Pipeline division)

With its 565 staff, it invested N500 million in the manufacturing of basic iron and steel in Ogun. The company is currently enjoying its two years extension period and its certificate will expire by December 31, 2020.

The company was registered on April 20, 2012, with the registration number 1027579.

CDK Integrated Industries Limited

The company has 440 staff and invested N14 billion in ceramics tiles in Ogun State. Its certificate, which will expire by December 31, 2020, is for the manufacture of refractory products.

It was registered on July 29, 2020, with the registration number 903054. It is owned by Longe Bernard and Chagoury Ronald.

Lafarge Africa Plc

With 71 staff, the company was granted the certificate for the manufacturing of clinker and cement, lime, plaster. It has invested N120 billion in the project going on in Cross River. Its certificate will expire by December 31, 2020.

It was registered on February 24, 1959, with the registration number 1858.

Edimara Properties Limited

The company got relief through its pioneer industry that constructs and operates nonresidential buildings in Lagos. So far it has invested N9 billion, also with 33 staff and its certificate will expire by December 31, 2020.

It was registered on July 22, 2013, with the registration number 1130149. It has eight directors namely; Samuel Oniorosa, Adewale Adegbite, Paul Kokoricha, Enelamah Enyinna, Kokoricha Oje, Oniovosa Samuel, Adegbite Olumide, Adegbite Michael.

Wacot Rice Limited

The company got the relief for the manufacture of grain mill products in Kebbi State. It has 154 staff and has invested N18.4 billion.

It was registered on August 12, 2014, with registration number 1209432 and its certificate will expire by December 31, 2020.

It has Cornelis Geradus, Jerome Shogbon, Rahul Savara as Directors; Investment Limited Tropical General, Gerardus Cornelis, Olagunju Jerome, as Shareholder and Associates Gafol Continental Management as its secretary.

Tribute Lifestyle Global Concept Limited

It got relief for e-commerce through sales done predominantly or exclusively online, which it invested N121 million and employed 17 staff. The certificate will expire by December 31, 2020.

The company was registered on June 22, 2016, with registration number 1344015 and has Anders Einarsson, Stephen Naude, Jonathan Strom as its directors.

Owerri Mall Development Company Limited

With over N16.2 billion investment and 206 staff, the company was granted a tax holiday for the construction and operation of nonresidential buildings like shopping malls and stores in Imo State. Its certificate will expire on February 28, 2021.

It was registered on March 5, 2014, with the registration number 1175661 and has twelve directors; Shonekan Olatunde, Muller James, Marshall Holden, Buhrs Jason, Chikwe Onyegbuleonweya, Akinsanya Kayode, Resilient Africa Proprietary Limited, Tidlock Nigeria Limited, Somachi Investment Limited, Median Infrastructure Dev. Co Limited, Terestria Mall Dev. Limited, and Ajaja Oluseyi.

Power Gas Delta Innovations Limited

It was given the PSI certificate for distributing and supplying gaseous fuel (LPG), which it invested N8.6 billion and employed 55 staff in Lagos. Its certificate will expire on February 28, 2021.

The company was registered on May 7, 2012, with the registration number 1031156, with Rishi Chandra, Rilak Sen, and Swapan Hazra as its directors.

Asaba Mall Development Company Limited

With over N13.3 billion investment and 200 staff, the company was granted a tax holiday on the construction and operation of nonresidential buildings like shopping malls and stores in Delta State. Its certificate will expire on March 31, 2021.

It was registered on October 8, 2013, with the registration number 1146422 and has seven directors; Edward Mc Donald, Akinsanya Kayode, Justin Muller, Jason Buhrs, Owolabi Odekunu, Jacobus Van Biljon, and Cornelius Semiteje.

Triton Aqua Africa Limited

This company got relief for investment in agriculture through marine and freshwater fishing (Tilapia), and aquaculture, which it invested N4.4 billion and employed 416 staff. Its certificate will expire by March 31, 2021.

The company was registered on September 30, 1996, with the registration number 300858 and has Krishnamoorthy Kalyanasundaram, Nigli Kelvin, Muhtari-inuwa Obiageli, and Adeyeye Daniel as its directors.

ATC Nigeria Limited

The telecommunication company got a two years extension on its relief for investing infrastructure in Lagos. It invested N260 billion and employed 197 staff, with its certificate set to expire by March 31, 2021.

Confluence Metal Fabricating Company Limited

The company got the PSI certificate on the manufacturing of tanks, reservoirs, and containers of metal. It has invested N1.9 billion and employed 31 staff in Kogi State. Its certificate will expire by April 30, 2021.

The company was registered on March 4, 2015, with the registration number 1246282 and has Bernard Calil, Mark Hadad, Kabiru Shuaibu, Wissam Hazzoury, and Uzor Kalu as its directors.

Unicane Industries Limited

The company got relief for the manufacture of basic chemicals (ethanol) in Kogi State. It has 32 staff and has invested N31 billion.

It was registered on August 16, 2013, with registration number 1135511 and its certificate will expire by April 30, 2021.

It has Marta De Saavedra, Bernard Call, Shuaibu Kabiru, Derjani Naheed, Hazzoury Wissan, and Kalu Uzor as its directors.

Grand Pela Hotels and Suites Limited

The hospitality company got relief for the construction of a hotel it invested N1.2 billion with 112 staff in FCT. Its certificate will expire by April 30, 2021.

It was registered on February 9, 2011, with registration number 935307. Its directors are; Nwakaeze Ebuechukwu, Nwakaeze Chidinma, Nwakaeze Onyinyechukwu, Nwakaeze Uju, and Nwakeze Chukwudi.

Globus Resources Limited

With about N19 billion investment and 111 staff, the company was granted a tax holiday for the processing and packaging of fresh, chilled, or frozen meat/poultry (production of table birds) in Oyo State. Its certificate will expire on April 30, 2021.

It was registered on August 30, 2003, with the registration number 491412 and has six directors; Nigli Kelvin, Inuwa Obiageli, Krispalani Sunil, Jain Yashpal, Enterprise Limited, and Hamels Nominees Ltd.

Karshi Agro Farms Limited

The agro company got relief for the production of poultry and animal feed concentrate, feed supplements, and animal feeds, which it invested about N3 billion and employed 171 staff in Kaduna. The certificate will expire by April 30, 2021.

The company was registered on March 22, 2016 with the registration Number 1323854 and has Shikha Bansal, Gaurav Bansal as its Directors.

Obu Cement Nigeria Limited

The company got its tax relief from the manufacturing of clinker and cement in Edo. It invested about N89 billion and 573 staff and its certificate will expire by May 31, 2021.

Txtlight Power Solutions Limited

The company was relieved of tax for operating generation facilities that produce electricity (Solar) in FCT. It invested N589.4 million and had 57 staff. Its certificate will expire by June 30, 2021.

The company was registered on August 20, 2013, with the registration number 1136227 and has Nova Lumos Netherlands B.v, David Vorman, and Uzodinma Iweala as its directors.

Crown Flour Mills Limited

With about N41 billion investment and 206 staff, the company was granted a tax holiday for the manufacturing of animal feed concentrates and feed supplements in Kwara State. Its certificate will expire on June 30, 2021.

It was registered on May 24, 1971, with the registration number 8575.

Sumo Steels Limited (Cold rolled flat sheet division)

With its 243 staff, it invested N300 million in the manufacturing of cold-rolled flat steel in Ogun. The company is currently enjoying its two-year extension with Its certificate set to expire by June 30, 2021.

The company was registered on April 20, 2012, with the registration number 1027579.

Skretting Nigeria Limited

The company got relief for the manufacturing of animal feed concentrates and feed supplements, which it invested about N239 million and employed 123 staff in Oyo State. Its certificate will expire by June 30, 2021.

Dharul Hijra Fertilizer Company Limited

According to the commission's website, the company was granted the PSI certificate, which will expire on August 31, 2021, for the manufacturing of organic fertilisers and nitrogen compounds in Kaduna State. It invested N769 million and has 22 staff.

The company was registered on April 12, 2016, with registration number 1328117.

Olam Hatcheries Limited

The company was relieved of tax for the raising and breeding of animals in ranches and farms in Kaduna State. It invested N23 billion and has 166 staff. Its certificate will expire by August 31, 2021.

The company was registered on March 14, 2016, with the registration number 1322305 and has Chandrasekaran Balaji and Anurag Shulkla as its directors.

Jabi Mall Development Company Limited

With about N124 billion investment and 170 staff, the company was granted a tax holiday for the construction and operation of nonresidential buildings like shopping malls and stores in FCT. Its certificate will expire on September 30, 2021.

It was registered on December 12, 2012, with the registration number 1084178 and has Jabi Lake Mall (mall) Limited, Foac Nominees Limited, Ejekam Chu'di, and Usman Mohammed as its directors.

Harvestfield Industries Limited

It got relief for the production of Insecticides (pesticides and agrochemicals) in Ogun State. It has 179 staff and invested about N5 billion. Its certificate will expire on September 30, 2021.

The company was registered on April 4, 2000, with the registration number 377960 and has as its directors; Awofisayo Martins, Awofisayo Patience, Awofisayo Isaac, and Awofisayo Deborah.

Power Gas Global Investment Limited

The company got relief for the distribution and supply of gaseous fuel (LPG), which it invested about N7 billion and 27 staff in Rivers State. The certificate will expire by September 30, 2021.

Polar Petrochemicals Limited

The company got relief for the manufacturing of lubricants which it invested about N1.1 billion and employed 700 staff in Kwara State. The certificate will expire by October 31, 2021.

Hayat Kimya Nigeria Limited

With about N12 billion investment and 561 staff, the company was granted a tax holiday for the manufacturing of sanitary towels, tampons, and diapers in Lagos. Its certificate will expire on December 31, 2021.

It was registered on March 6, 2014, with registration number 1176010. It is owned by Hayat Kiuya and Mehmet Kigili.

Kalambaina Cement Company Limited

The company got tax relief for the manufacturing of cement, lime, plaster, which it invested about N108 billion. It has 153 staff and its certificate will expire by December 31, 2021.

It was registered on March 5, 2018, with the registration number 1475842. Its directors are Abdulsamad Rabiu, Kabiru Rabiu, and Chimaobi Madukwe.

Dangote Sinotrucks West Africa

With about N1.5 billion investment and 208 staff, the company was granted tax holiday for the manufacturing of trucks, tippers, tractors, and its components in Lagos State. Its certificate will expire by December 31, 2021.

It was registered on June 16, 2014, with the registration number 1197597.

Royal Pacific Group Limited

The company got relief for the construction of an hotel, in which it invested about N5 billion with 190 staff in the FCT. Its certificate will expire by December 31, 2021.

It was registered on March 14, 1979, with registration number 28080. Its directors are; Maruf Ahmed, Attia Nasreddin, Ali Sallam, and Attia Nasreddin.

Wells-Hosa Greenhouse Farms Limited

It got relief for the growing of tomatoes, peppers, cucumbers in Edo State. It has 143 staff and invested about N5.4 billion. Its certificate will expire by December 31, 2022.

The company was registered on December 28, 2016, with the registration number 1382725 and has as its directors; Idahosa Okunbo, Osahon Okunbo, and Nosa Igiehon.

Honeywell Flour Mills Nigeria Plc

With N49.4 billion investment and 390 staff, the company was granted a tax holiday for the production of pasta and macaroni in Ogun State. Its certificate will expire by March 31, 2022.

It was registered on June 21, 1983, with the registration number 55495.-Premium Times.

Invest Wisely!

Bulls n Bears 

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INVESTORS DIARY 2020

Company

Event

Venue

Date & Time

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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