Major International Business Headlines Brief::: 11 February 2020

[Bulls n Bears]

 <http://www.bulls.co.zw/> Bulls.co.zw
<mailto:info at bulls.co.zw?subject=View%20and%20Comments> Views & Comments
<http://www.bulls.co.zw/blog> Bullish Thoughts
<http://www.twitter.com/BullsBears2010> Twitter
<https://www.facebook.com/BullsBearsZimbabwe> Facebook
<http://www.linkedin.com/pub/bulls-n-bears-zimbabwe/57/577/72> LinkedIn
<mailto:info at bulls.co.zw?subject=Unsubscribe> Unsubscribe

 


 

 


Major International Business Headlines Brief::: 11 February 2020

 


 

 


 <http://www.nedbank.co.zw/> 

 


 

 


 

 

ü  Eskom's urgent bid for bigger tariffs rejected by S.Africa court

ü  Google plan to buy into largest African wind farm ended by delay

ü  Nigeria's petroleum bill to be passed by mid-2020, says oil minister

ü  South Africa's rand inches up ahead of key data

ü  Route cuts intended to make South African Airways sustainable - rescue
team

ü  Barrick CEO Bristow eyes Freeport's flagship Grasberg mine

ü  Sudan dissolves central bank board, governor remains

ü  Harry's razors: $1.4bn takeover falls through

ü  Ride-sharing war looms as Ola enters London market

ü  Coronavirus: Sony and Amazon pull out of major tech show

ü  Work 'under way' into Scotland-Northern Ireland bridge feasibility

ü  Scottish salmon producers warn of 'huge' Brexit burden

ü  China wants to import more consumer goods as virus dents business

ü  What's Next For Bitcoin After Its Drop Below $10,000?

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Eskom's urgent bid for bigger tariffs rejected by S.Africa court

JOHANNESBURG (Reuters) - Eskom’s urgent bid for larger electricity tariff
increases was rejected by the Pretoria High Court on Monday, in a fresh
setback for the cash-strapped South African power utility.

 

Eskom lodged an urgent application with the court for a tariff increase of
16.6% from April and a rise of 16.7% from April 2021 to compensate for what
it said was an error by energy regulator Nersa.

 

On Monday the court ruled that the utility had failed to prove that its
dispute with Nersa was urgent, meaning that Eskom will now likely face
months of court hearings as it argues its case with the regulator.

 

Eskom believes Nersa miscalculated its tariffs for the financial years
beginning in 2019 to 2021 by treating 69 billion rand ($4.8 billion) of
bailouts which the utility has been promised as revenue. [nL8N29K3ZH]

 

Last year Nersa set Eskom’s tariff rises at 9.4% for 2019/20, 8.1% for
2020/21 and 5.2% for 2021/22. [nL5N20U4OL]

 

Eskom supplies more than 90% of South Africa’s electricity but is struggling
with high debts and power stations in need of refurbishment.

 

It has been forced to impose several rounds of severe power cuts in the past
year that have dented the country’s economic growth.

 

Eskom said it would respect the court’s judgment but was encouraged that it
indicated that there was merit to its case.

 

“The judge indicated that ‘Nersa violated the basic principle of accounting
by treating an equity injection as revenue’,” Eskom said in a statement
regarding the ruling.

 

Nersa will comment after it has studied the judgment, a spokesman said.

 

 


 <mailto:info at bulls.co.zw> 

 


 

Google plan to buy into largest African wind farm ended by delay

COPENHAGEN (Reuters) - Google’s plans to buy a 12.5% stake in Africa’s
largest wind farm have been canceled after delays to the project, Danish
wind turbine maker Vestas said on Monday.

 

The 310 megawatt (MW) Lake Turkana wind farm in Kenya was initially set for
completion 2017, after which Google had committed to buy the stake from
Vestas.

 

But the delay led to the cancellation of the deal with Google in 2019,
Vestas said.

 

“Due to delays relating primarily to the transmission line, the Vestas
agreement with Google was canceled in 2019,” a Vestas spokesman told
Reuters, adding that it was in talks with other potential buyers of the
stake.

 

Google was not immediately available for comment.

 

 

 

Nigeria's petroleum bill to be passed by mid-2020, says oil minister

ABUJA (Reuters) - Nigeria’s oil ministry will send a new Petroleum Industry
Bill to parliament next week, aiming to pass it into law by mid-2020,
Minister of Petroleum Timipre Sylva said on Monday, hoping to end years of
delay that have hampered investment.

 

For nearly two decades, the bill has seen various incarnations under
successive administrations, but none has managed to sign it into law. The
resulting uncertainty has left oil companies and investors lukewarm about
putting their money into Nigeria, Africa’s largest crude producer.

 

The lack of a bill “really brings a lot of uncertainty to the investment
climate”, and passing it is essential to attract much-needed funding to
Nigeria’s oil sector, Sylva said.

 

When it is sent to parliament the draft legislation will become a public
document, he said.

 

The most recent version of the bill was during President Muhammadu Buhari’s
first term, but disagreements between lawmakers and the executive saw the
leader reject parliament’s efforts.

 

Now, the relationship between the legislature and the presidency is on
better footing, and could pave the way for a smoother drafting and adoption
of the bill.

 

“We are on the same page as the National Assembly,” Sylva said, referring to
Nigeria’s parliament, adding that he hoped international oil majors were
also on board.

 

 

 

South Africa's rand inches up ahead of key data

JOHANNESBURG (Reuters) - The South African rand ended local trading slightly
firmer on Monday, with dealers holding fire ahead of major economic data and
President Cyril Ramaphosa’s state of the nation address in the coming week.

 

At 1500 GMT, the rand was 0.1% firmer at 15.0300 per dollar, compared with
Friday’s three-month low of 15.1200 when the currency was hit by global
concerns over the coronavirus outbreak and the resumption of local power
outages.

 

Volumes were light, with traders waiting for unemployment, retail,
manufacturing and mining production figures this week, as well as President
Ramaphosa’s third annual speech at the opening of parliament on Thursday
evening.

 

BNP Paribas chief economist Jeff Schultz said policymakers were beginning to
say the “right things”, and investors would be looking to Ramaphosa’s speech
for signs of policy alignment, clarity, and urgency.

 

“Before the coronavirus hit, it (the rand) was being driven by global
liquidity dynamics. The Fed, the ECB, Bank of Japan, and even the People’s
Bank of China continued to pump liquidity into the market, and was
supportive for high-yielding currencies like the rand.

 

“But it really comes down to policy.”

 

Bonds were weaker, with the yield on the 2030 government bond up 2 basis
points to 8.89%.

 

On the stock market, the Top-40 index fell 0.76% to 51,007 points, while the
broader all-share was down 0.75% to 56,847 points, with fuel-maker Sasol,
Aspen and miner GoldFields leading the decline.

 

Sasol dropped 5% to 222.17 rand, hit by tanking global crude prices linked
to the virus scare and weaker Chinese oil demand.

 

Brent crude slipped to 1.1% on Monday, and is down 20% this year.

 

 

 

 

Route cuts intended to make South African Airways sustainable - rescue team

JOHANNESBURG (Reuters) - Plans to cut some of South African Airways’ (SAA)
domestic and international routes are aimed at making the airline
sustainable and free from government funding after restructuring, experts
appointed to try to rescue the company said on Sunday.

 

State-owned SAA entered a form of bankruptcy protection in December and is
fighting for its survival. [nL8N28F0D5}

 

The rescue specialists said on Thursday that SAA would cease flights to
Durban, East London and Port Elizabeth from Feb. 29, as well as cutting some
international routes, as part of efforts to conserve cash and make the
airline more attractive to potential equity partners. [nL8N2A667D]

 

South African President Cyril Ramaphosa said on Friday his government did
not agree with plans to cut some of SAA’s domestic routes, plunging rescue
efforts for the cash-strapped carrier into uncertainty. [nL8N2A75IN]

 

“We recognize the concerns raised, especially around the domestic routes. We
will continue to engage with stakeholders, with a commitment to include
inputs into the final business rescue plan, which is due to be published by
the end of this month,”SAA business rescue practitioners Les Matuson and
Siviwe Dongwana said in a statement.

 

Under South African company law, the business rescue team is entitled to
take decisions that are deemed necessary to turn a distressed company
around, independently of government. In theory it could ignore the
government’s objections.

 

SAA is among several South African state entities including power company
Eskom that are mired in financial crisis after nearly a decade of
mismanagement.

 

 

 

Barrick CEO Bristow eyes Freeport's flagship Grasberg mine

(Reuters) - Barrick Gold Corp does not want to buy copper mining giant
Freeport McMoRan Inc, although it is interested in its rival’s flagship
Grasberg mine in Indonesia, Chief Executive Mark Bristow said on Thursday.

 

The strategy replicates one that Bristow successfully deployed in 2019:
aggressively float interest in an entire company even though the ultimate
goal is just one asset.

 

Rumors that Barrick, the world’s second-largest gold miner, planned to bid
for Freeport are “completely wrong”, Bristow told Reuters on the sidelines
of the Mining Indaba conference in Cape Town. “People jump to conclusions,”
he said.

 

The rumors, though, were flamed in recent weeks by Bristow himself in
meetings with analysts and investors that leaked out to various media.

 

“People say, ‘Are you interested in Grasberg?’ I say, ‘I have to be; it’s a
tier one asset,’” Bristow said. Tier one assets refer to high-grade,
long-life mines.

 

Buying Grasberg - the world’s largest gold mine and second-largest copper
mine - would fit nicely into Barrick’s strategy of expanding in the Pacific
Rim and capitalizing on rising copper demand from the electric vehicle
industry.

 

Bristow said he believes copper will be “the most-strategic metal on this
planet” in a decade.

 

A Freeport spokeswoman did not immediately respond to a request for comment.
In an interview with Reuters last week, Freeport CEO Richard Adkerson
declined to discuss Barrick.

 

Bristow last February launched a hostile takeover bid for rival gold miner
Newmont Corporation. The fight turned nasty - Bristow at one point called
Newmont’s then-CEO a “loser” - but ultimately Bristow got what he wanted: a
cost-saving joint venture between the two companies in Nevada.

 

Buying all of Freeport, which traces its roots back to 1834, could bring
legacy risk associated with old mines, Bristow said.

 

Freeport in late 2018 relinquished majority control of Grasberg under
pressure from the Indonesian government. The deal smoothed relations with
Jakarta and keeps Freeport the mine’s operator until 2041.

 

Freeport is now spending more than $15 billion to expand Grasberg in what
will be the largest underground mine ever developed.

 

Struggling with unrest at the Porgera mine in Papua New Guinea (PNG),
Bristow said Barrick offered the government a 52% share of the economic
benefits of the mine in response to government demands for a larger stake.

 

If Barrick succeeds in resolving the dispute in PNG, the market will be more
comfortable with the company taking on more risk the Pacific Rim, Bristow
said.

 

 

 

Sudan dissolves central bank board, governor remains

KHARTOUM (Reuters) - A Sudanese legal committee dissolved the boards of the
country’s central bank and 11 other state-owned banks under a law that aims
to dismantle the regime of the toppled president Omar al-Bashir, the
committee said on Thursday.

 

The Empowerment Removal Committee also fired the managers of eight of the
banks, it said. Badr Eldin Abdelrahim, the central bank governor, remains in
his post and new boards will replace the dissolved ones soon, a committee
member told Reuters.

 

Sudan in November passed a law to dismantle the system built by Bashir, who
was ousted in April after nearly three decades in power.

 

Last month, the legal committee formed to apply the law seized the assets of
Bashir’s now dissolved National Congress Party. [nL8N29D4RL]

 

The committee said on Thursday that it also dissolved the boards of nine
government companies and institutions, and that it will appoint
commissioners to run two private newspapers whose assets were frozen last
month.

 

 

 

Harry's razors: $1.4bn takeover falls through

The planned $1.4bn (£1.1bn) takeover of millennial razor brand Harry's has
been pulled amid competition concerns.

 

Edgewell Personal Care, which owns brands such as Wilkinson Sword, had
planned to buy its hipper rival amid a boom in the male grooming market.

 

But it said the threat of legal action by the US Federal Trade Commision
(FTC) had caused too much "uncertainty".

 

The regulator had warned the deal would harm competition and hurt consumers.

 

Harry's, founded in New York in 2013, has helped to shake up the men's
grooming market, which has been long dominated by established giants such as
Edgewell and Procter & Gamble.

 

The firm, which sells razors, as well as face washes, lotions and some
women's products, began as an online retailer before placing its products in
stores in 2016.

 

The challenger brand now accounts for about 2% of the $2.8bn US men's
shaving industry, according to research firm Euromonitor.

 

The proposed takeover came amid an upswing in the male grooming industry,
which has seen men spending more on skin creams, hair products and
deodorants. It had spurred other mergers, including Unilever's $1bn
acquisition of Dollar Shave Club in 2016.

 

But earlier this month the FTC announced it would file a lawsuit to block
Edgewell's plan to buy Harry's, saying it promised "serious harm to
consumers".

 

On Monday, Edgewell boss Rod Little said his firm disagreed with that view
but did not have the resources to fight the lawsuit.

 

"Given the inherent uncertainty of a potential trial, the required
investment of resources and time... we determined that proceeding with our
standalone strategy is the best course of action for Edgewell," he
said.--BBC

 

 

 

Ride-sharing war looms as Ola enters London market

The UK's taxi app market has stepped up a gear with the launch of Indian
firm Ola's services in London.

 

The ride-hailing company began operating in Cardiff in 2018 and has since
spread to other UK locations.

 

It has its sights trained on US-based rival Uber, which is appealing against
a decision to end its London licence following repeated safety failures.

 

But one expert sees the sector as a "winner-take-all" market that can only
be profitable as a monopoly business.

 

Ola says it already has three million customers across the UK and hopes to
be number one in London within a year.

 

However, it is not the only challenger to have moved in since Transport for
London (TfL) said Uber was "not fit and proper" to be a licence holder.

 

So what are Ola's chances of knocking out its competitors? And how does it
compare with other services?

 

What is the state of the market?

Ola's services in London began on Monday and its licence will initially run
until the end of 2020.

 

It already offers its services in large parts of the country, including
seven big UK towns and cities: Bath, Birmingham, Bristol, Cardiff, Exeter,
Liverpool and Reading.

 

Across the UK, there are now about a dozen app-based ways to book a cab.

 

Some work with traditional licensed taxi drivers and are merely an
alternative to making a phone call. But the majority are hoping to displace
Uber by building their own networks of drivers.

 

Uber is still operating in London after appealing against the decision not
to renew its licence.

 

But however bleak its long-term prospects may seem, it still has the
advantage of brand recognition - and it still has more registered drivers in
London than any of its rivals.

 

Uber has 45,000 drivers in the capital, as against 35,000 for its closest
rival, Bolt. Ola has recruited 25,000 drivers in London, while another
contender, Kapten, has 20,000.

 

What does Ola say?

Ola's head of international, Simon Smith, told the BBC: "We are confident
that we can become the market leader in London within a year."

 

He said the number of Londoners who had downloaded the firm's app so far was
"in six figures" and stressed that Ola was "very much focused on safety and
reliability".

 

"It's in our DNA to always follow the law, whether that's in Birmingham,
Brisbane or Bangalore," he added.

 

Mr Smith said Ola aimed to cover the whole of the UK: "The only limit on the
pace of our expansion in the UK is how quickly we can get the relevant
licences."

 

And what makes it so hopeful?

The Indian firm is clearly striving to learn from the experience of Uber,
which was upbraided for failing to screen its drivers properly, potentially
putting passengers at risk.

 

Ola has announced a raft of safety features, including one that traces a
driver's route and flags up any "irregular vehicle activity". The app also
has a "panic button" that users can push if anything goes wrong.

 

The firm also bars drivers who have more than six penalty points on their
licence.

 

And it is making an effort to fix the brand recognition problem too, with a
lavish advertising campaign.

 

What do analysts think?

Transport commentator Christian Wolmar is deeply sceptical about the entire
ride-hailing sector, which he believes has an unsustainable business model.

 

He told the BBC that Ola, Uber and other such firms offered little that was
not already provided by existing minicab firms or licensed taxi drivers.

 

"They have flooded the market, spending vast amounts of money, and the only
way they can win is to create a monopoly that allows them to control the
price," he said.

 

"Clearly, that's their strategy - to wipe out the competition."

 

Mr Wolmar compared the current free-for-all in the ride-hailing market to
the deregulation of UK buses in the 1980s, which saw the brief rise of small
operators such as "Mr Bloggs running buses down Sheffield High Street".

 

But in the end, he said, the small operators were all bought up by bigger
firms who "carved out" local monopolies.

 

Ride-hailing services were popular with young people because they were
cheap, he said. "But that can't last."--BBC

 

 

 

Coronavirus: Sony and Amazon pull out of major tech show

Sony and Amazon are the latest major companies to pull out of one of the
world's largest tech shows because of risks posed by coronavirus.

 

Sony said it would no longer take part in Mobile World Congress in Barcelona
after "monitoring the evolving situation" after the coronavirus outbreak.

 

The organiser has said the event, which attracts 100,000 people, will go
ahead.

 

But it admitted other companies are considering whether to attend.

 

South Korea's LG Electronics, Ericsson, the Swedish telecoms
equipment-maker, and US chip company NVIDIA have all withdrawn from the
conference, which runs between 24 and 27 February.

 

The GSMA, which organises the show in the Spanish city, said that while it
could "confirm some large exhibitors have decided not to come to the show
this year with others still contemplating next steps, we remain more than
2,800 exhibitors strong".

 

However, it revealed that it had put in place additional measures to
"reassure attendees and exhibitors that their health and safety are our
paramount concern".

 

These include a ban on all travellers from China's Hubei province, the
epicentre of the outbreak, while people who have been in China must provide
proof they have been outside the country for 14 days.

 

The GSMA estimates that between 5,000 and 6,000 people visit Mobile World
Congress.

 

The GSMA also says it will suggest participants should not shake hands with
each other at the show, and microphones used by speakers will be disinfected
and changed.

 

Coronavirus has now killed more than 800 people - the vast majority in
mainland China - and infected 34,800 others.

 

Sony and Amazon pull out of major tech show

 

The Singapore Airshow, which is due to open on Tuesday, has also seen major
firms pull out of the event, including US aerospace giant Lockheed Martin.

 

Bombardier and Gulfstream Aerospace have also said they will not
attend.--BBC

 

 

 

Work 'under way' into Scotland-Northern Ireland bridge feasibility

Work is under way "by a range of government officials" to look at the idea
of building a Scotland-Northern Ireland bridge, No 10 has said.

 

Boris Johnson has described the bridge as a "very interesting idea", while
Ireland's premier Leo Varadkar has said it was "worth examining".

 

But Nicola Sturgeon said there were "more important priorities".

 

Two routes have previously been floated - from Portpatrick to Larne or near
Campbeltown to the Antrim coast.

 

The Portpatrick route would be more than 20 miles across the Irish Sea.

 

Scotland-Northern Ireland bridge 'worth examining'

The prime minister's spokesperson said: "The prime minister has said it
would have some merit - as a result you would expect government to be
looking into it.

 

"Work is under way by a range of government officials."

 

However shadow environment secretary Luke Pollard accused Mr Johnson of
being "a master of distraction," adding: "every moment spent talking about a
bridge no one wants, is airtime not spent focusing on the crises right in
front of us".

 

Scotland's First Minister Ms Sturgeon said her mind was not closed to the
idea but added "if he [the prime minister] has got £20bn to build such a
bridge going spare at the moment - that could be spent on more important
priorities".

 

A spokesperson for the UK Chamber of Shipping said the bridge would simply
"replicate" ferry services already operating between Scotland and Northern
Ireland.

 

"The money could be far better spent improving road and rail links to our
ports across the UK," they added.

 

Critics think it's mad. And it certainly won't be easy.

 

The cost could be more than £20bn and the Irish Sea isn't the most
hospitable terrain for a major infrastructure project - Beaufort's Dyke is
littered with munitions dumped after World War II.

 

Leading architects - however - have said it would be possible.

 

And Boris Johnson is taking it seriously - having made it clear he is keen
on the idea.

 

Officials are looking at feasibility at the moment and reporting directly to
Number 10.

 

I'm told we should find out later this year if there's any prospect of this
moving forward. If engineering challenges can be overcome - then cost will
be important too.

 

But it's worth remembering Boris Johnson's track record on ambitious bridge
projects is a troubled one.

 

As London Mayor - he backed a Garden Bridge over the Thames.

 

It was cancelled by Sadiq Khan because of the financial risk - but still
cost around £53m.

 

The price of any construction would, obviously, be dependent on the route
chosen.

 

More than a decade ago the think tank the Centre for Cross Border Studies
suggested a 21-mile bridge from Dumfries and Galloway could provide
international rail links and ease the strain on air services.

 

At that time it estimated the cost of the scheme would be about £3.5bn.

 

However, by last year the suggested price tag had risen considerably.

 

Some experts have suggested £15bn might be required for the project but
others have said that £20bn would be a "conservative estimate".--BBC

 

 

 

Scottish salmon producers warn of 'huge' Brexit burden

Salmon farmers face "huge unnecessary burdens" and a loss of market share
under UK government plans for Brexit.

 

The chief executive of the Scottish Salmon Producers Organisation (SSPO)
said firms were being told to prepare for trade barriers with the EU.

 

The industry is also warning that added red tape could see £9m on costs and
delays to the departure of fresh fish.

 

The UK government said it would inform producers later this year on the
measures they needed to take.

 

SSPO chief executive Julie Hesketh-Laird said planned changes would require
salmon farmers to have an export health certificate for every consignment,
signed by a vet or health official.

 

She warned that could mean up to 100,000 certificates a year, with the cost
estimated at up to £9m annually, depending on the fees set by councils.

 

Producers said that such a process would delay the departure of fresh fish,
in addition to expected delays at Channel ports.

 

Ms Hesketh-Laird said producers were also concerned that the long-term
relationship with Europe could see a 2% tariff on fresh fish rising to 13%
for smoked salmon.

 

Looming battle

That would put Scottish salmon exports at a disadvantage, creating an
opportunity for Irish, Norwegian, Faroese and Canadian exporters to gain
market share.

 

Firms are also concerned that salmon exports could become entangled in the
looming battle over access to fish stocks in UK waters after the end of this
year.

 

Salmon farming plays no part in the Common Fisheries Policy, but exports
could be penalised by the EU if its boats do not retain a large share of the
catch quotas in UK waters.

 

It comes as salmon exporters into China, where customers buy premium large
fish, are already seeing a downturn in trade due to the coronavirus.

 

The most recent figures, for 2018, show nearly 39,000 tonnes of Scottish
salmon was sold to other EU nations.

 

Global export value topped £500m, with half of that sales to the European
Union.

 

In the first half of last year, exports rose by 25% on the start of 2018.
That made Scottish salmon the biggest of Britain's food exports. The full
year figures for 2019 are expected soon.

 

Salmon does not currently require certification within the single market,
because fish welfare, food safety and hygiene rules are standardised across
Europe. That remains the case until the end of this year, while the UK is in
transition.

 

Customer costs

Ms Hesketh-Laird said future certification would place "huge unnecessary
financial and bureaucratic burdens on our sector, potentially undermining
what is one of the UK's biggest modern export success stories".

 

She said: "Scottish salmon is a fantastic product, but we compete with other
jurisdictions from Faroes to Norway to Ireland.

 

"Any extra cost will eventually be borne by the consumer, so keeping the
bureaucracy and administrative costs to a minimum is really important.

 

"But it's non tariff barriers that can really strangle a sector - so (along)
with delays at the border, additional paperwork, the fact that fish won't go
out in as fresh a state as we want it to, these certification issues will
hugely snarl up a successful Scottish business."

 

The SSPO is calling for UK-EU negotiations to retain alignment on seafood
exports, making transit without the health certificates a key condition in
talks and to speed up digital certificates, to make them swifter and
simpler.

 

Responding to the SSPO warning, a spokesman at the Cabinet Office in
Whitehall said: "We will inform industry later this year about actions they
need to take to ensure they can continue trading after the transition period
has ended."--BBC

 

 

 

China wants to import more consumer goods as virus dents business

China will increase imports of meat and other goods to address shortages, an
official at its commerce ministry said on Monday, amid a coronavirus
outbreak that has disrupted the country's economy.

 

Zhu Xiaoliang, director-general of the ministry's market system development,
made the comments during an online briefing.

 

The ministry also said on Monday that there is no reason to adopt
interventionist policies on international trade due to the outbreak.

 

The ministry is closely monitoring the impact of the outbreak on foreign
trade and hopes other countries will cooperate and provide favourable
conditions for normal trade, it said.

 

Workers began trickling back to offices and factories around China on Monday
as the government eased some restrictions on working and travelling during
the virus outbreak.

 

More than 900 people have died due to the virus, with most of the deaths
occurring in China.

 

The death toll of 97 on Sunday was the largest in a single day since the
outbreak was detected in December.

 

A team of experts headed by the World Health Organization (WHO) was in
Beijing on Monday to help assess the latest outbreak.

 

Authorities had told businesses to add up to 10 extra days onto Lunar New
Year holidays that had been due to finish at the end of January.

 

Even on Monday, a large number of workplaces remained closed and many people
worked from home.

 

Few commuters, all wearing masks, were seen during the morning rush-hour on
one of Beijing's busiest subway lines.

 

Companies try to resume work

The extended closure of factories in the world's second-largest economy has
raised concerns about disruptions cascading through global supply chains.

 

China's central bank has taken a series of steps to support the economy,
including reducing interest rates and flushing the market with liquidity.
>From Monday, it will provide special funds for banks to relend to businesses
combating the virus.

 

Taiwanese chipmaker Foxconn has received Chinese government approval to
resume production at a key plant in the northern Chinese city of Zhengzhou,
a source with direct knowledge of the situation told Reuters on Monday. But
the southern city of Shenzhen rejected a company request to resume work at a
plant there.

 

Tesla, Daimler and Ford Motor Company are among carmakers that have said
that they will restart production at their factories on Monday. Gaming giant
Tencent Holdings said it had asked staff to continue working from home until
February 21.

 

United States carmaker General Motors said it would restart production in
China from February 15, with a staggered restart across plants with local
partners over the next two weeks, a company spokeswoman told Reuters.

 

Samsung Electronics resumed production at its home appliances factory in
China on Monday, while it continues to run its chip factory there, a
spokeswoman said. It extended the suspension of work at a television factory
to February 17.

 

South Korean carmaker Hyundai said its suppliers in China resumed production
but volume was negligible. Kia Motors is suspending production at all three
Korean plants due to a shortage of parts, although one of them will resume
production on Tuesday.

 

SOURCE: REUTERS NEWS AGENCY

 

 

 

 

What's Next For Bitcoin After Its Drop Below $10,000?

Bitcoin prices have been making headlines lately, surpassing $10,000 over
the weekend and then falling back below this key, psychological level early
today.

 

The digital currency declined to as little as $9,752.20 this morning, after
climbing to roughly $10,200 on Saturday, CoinDesk data shows.

 

Since then, the cryptocurrency has been trading mostly between $9,800 and
$10,000, additional CoinDesk figures reveal.

 

[Ed note: Investing in cryptocoins or tokens is highly speculative and the
market is largely unregulated. Anyone considering it should be prepared to
lose their entire investment.]

 

When explaining these latest price movements, market observers pointed
largely to technical factors.

 

“The recent rally had also entered into the overbought zone, exhausting
bulls and resulting in the current decline,” said Joe DiPasquale, CEO of
cryptocurrency hedge fund manager BitBull Capital.

 

Today In: Money

Now, the digital currency is trying to “establish a support level in the
zone between $9,800 and $10,000,” he stated.

 

Going forward, “we can expect some consolidation in the current range before
technical indicators cool down and Bitcoin makes another move above
$10,000,” added DiPasquale.

 

PROMOTED

 

Jon Pearlstone, publisher of the newsletter CryptoPatterns, also weighed in.

 

“Studying the daily chart since the most recent lows in December 2019 shows
a continued grinding up pattern, and this continues around the $9500-$10500
range,” he stated.

 

“There are bullish signs here but for now we are testing this key price
range that has been hit multiple times over the last 18 months,” said
Pearlstone.

 

“Our pattern analysis indicates 2 months of grinding higher is a sign of a
growing trading market with a bullish edge (currently) that means a lot more
than the psychological price level of $10000,” he stated.

 

Kiana Danial, CEO of Invest Diva, also commented on this bullish trend.

 

“Bitcoin has entered a long-term uptrend, however, unlike the bubble of
2017, this time around its gains are more measured,” she stated.

 

“That means, instead of just moving up out of hype, short-term investors
take the time to take profit and get back in for more,” said Danial.

 

“This time around we could see drops to as low as $9,500 or even $9,000
before we see the next move towards $11,000,” she noted.

 

“This is a much healthier long-term uptrend for Bitcoin, which could sustain
a lot longer and prevent a catastrophic crash.”--forbes.com

 

 

 

 

 

 

 

 

 


 

 


 

INVESTORS DIARY 2020

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


Bindura Nickel Corporation

 

 

 


Padenga Holdings

 

 

 


Delta Corporation

 

 

 


Meikles Limited

 

 

 


 <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.bulls.co.zw >  www.bulls.co.zw Email:
<mailto:info at bulls.co.zw> info at bulls.co.zw Tel: +263 4 2927658 Cell: +263 77
344 1674

 


 

 

 

 

 

 

Invest Wisely!

Bulls n Bears 

 

Telephone:      <tel:%2B263%204%202927658> +263 4 2927658

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

Alt. Email:       <mailto:info at bulls.co.zw> info at bulls.co.zw  

Website:
<http://www.google.com/url?q=http%3A%2F%2Fwww.bulls.co.zw&sa=D&sntz=1&usg=AF
QjCNH8LYgdY55h-XKseuM8Kpr-JKdfhQ> www.bulls.co.zw 

Blog:
<http://www.google.com/url?q=http%3A%2F%2Fwww.bulls.co.zw%2Fblog&sa=D&sntz=1
&usg=AFQjCNFoIy6F9IXAiYnSoPSgWDYsr8Sqtw> www.bulls.co.zw/blog

Twitter:         @bullsbears2010

LinkedIn:       Bulls n Bears Zimbabwe

Facebook:
<http://www.google.com/url?q=http%3A%2F%2Fwww.facebook.com%2FBullsBearsZimba
bwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA>
www.facebook.com/BullsBearsZimbabwe

Skype:         Bulls.Bears 



 

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20200211/f1b07247/attachment-0001.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.jpg
Type: image/jpeg
Size: 23068 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20200211/f1b07247/attachment-0005.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.jpg
Type: image/jpeg
Size: 35508 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20200211/f1b07247/attachment-0006.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image003.jpg
Type: image/jpeg
Size: 33732 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20200211/f1b07247/attachment-0007.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image004.jpg
Type: image/jpeg
Size: 31402 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20200211/f1b07247/attachment-0008.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image005.jpg
Type: image/jpeg
Size: 4846 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20200211/f1b07247/attachment-0009.jpg>