Major International Business Headlines Brief::: 16 November 2020

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Major International Business Headlines Brief::: 16 November 2020

 


 

 


 <https://www.gemportal.co.zw/> 

 


 

 


ü  RCEP: Asia-Pacific countries form world's largest trading bloc

ü  Japan leads economic 'Zoom boom' out of recession

ü  Covid insurance test case heads to Supreme Court

ü  New skills programme risks excluding 1.4m workers

ü  Felixstowe Port in 'chaos' as Christmas and Brexit loom

ü  Port Talbot steelworks: 'Resist speculation' over future

ü  Walmart nearly exits Japan after selling majority stake in Seiyu

ü  Simon Property cuts purchase price for Taubman stake amid COVID hit

ü  Asian stocks hit record peak as vaccine hopes dampen virus fears

ü  Africa: Mondia Launches Its 'Pay-As-You-Go' Digital Content Platform
Monsooq in South Africa but Plans Roll-Out in Nigeria, Egypt, Tunisia and
Kenya

ü  Kenya: Colonial-Era Citrus Fruit Crisis That Troubles Farmers to Date

ü  Rwanda: Small Batches of Rwandan Coffee Pack Big Punch in World Market

ü  Nigeria: In Four Years, Budget Proposal for Buhari's Presidential Air
Fleet Increased By 191%

ü  South Africa: SA Economy - Jobs Blight Worsens

 

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


RCEP: Asia-Pacific countries form world's largest trading bloc

A handout image of a video conference made available by the Vietnam News
Agency (VNA) shows leaders and trade ministers of 15 Asia-Pacific nations
posing for a virtual group photo during the 4th Regional Comprehensive
Economic Partnership (RCEP) Summit in Hanoi, Vietnam, 15 November 2020.

 

Fifteen countries have formed the world's largest trading bloc, covering
nearly a third of the global economy.

 

The Regional Comprehensive Economic Partnership (RCEP) is made up of 10
Southeast Asian countries, as well as South Korea, China, Japan, Australia
and New Zealand.

 

The pact is seen as an extension of China's influence in the region.

 

The deal excludes the US, which withdrew from a rival Asia-Pacific trade
pact in 2017.

 

President Donald Trump pulled his country out of the Trans-Pacific
Partnership (TPP) shortly after taking office. The deal was to involve 12
countries and was supported by Mr Trump's predecessor Barack Obama as a way
to counter China's surging power in the region.

 

Negotiations over the RCEP began in 2012. The deal was signed on Sunday on
the sidelines of a meeting of the Association of Southeast Asian Nations
(Asean), hosted by Vietnam.

 

"I am delighted to say that after eight years of hard work, as of today, we
have officially brought RCEP negotiations to a conclusion for signing," said
Vietnam's Prime Minister Nguyen Xuan Phuc.

 

Officials took turns signing copies of the agreement and showing them off on
camera at the virtual summit.

 

Leaders hope that the deal will help to spur recovery from the coronavirus
pandemic.

 

"Under the current global circumstances, the fact the RCEP has been signed
after eight years of negotiations brings a ray of light and hope amid the
clouds," said Chinese Premier Li Keqiang.

 

Mr Li described the agreement as "a victory of multilateralism and free
trade".

 

India was also part of the negotiations, but it pulled out last year over
concerns that lower tariffs could hurt local producers.

 

Signatories of the deal said the door remained open for India to join in the
future.

 

Members of the RCEP make up nearly a third of the world's population and
account for 29% of global gross domestic product.

 

The new free trade bloc will be bigger than both the US-Mexico-Canada
Agreement and the European Union.

 

The RCEP is expected to eliminate a range of tariffs on imports within 20
years.

 

It also includes provisions on intellectual property, telecommunications,
financial services, e-commerce and professional services.

 

But it's possible the new "rules of origin" - which officially define where
a product comes from - will have the biggest impact.

 

Already many member states have free trade agreements (FTA) with each other,
but there are limitations.

 

"The existing FTAs can be very complicated to use compared to RCEP," said
Deborah Elms from the Asian Trade Centre.

 

Businesses with global supply chains might face tariffs even within an FTA
because their products contain components that are made elsewhere.

 

A product made in Indonesia that contains Australian parts, for example,
might face tariffs elsewhere in the Asean free trade zone.

 

Under RCEP, parts from any member nation would be treated equally, which
might give companies in RCEP countries an incentive to look within the trade
region for suppliers.--BBC

 

 

 

Japan leads economic 'Zoom boom' out of recession

Japan's economy has bounced back from its recession with growth of 5%.

 

Japan's economy has bounced back from its recession with growth of 5% in the
third quarter of this year.

 

It had seen its economy shrink during 2020 as lockdowns hit its
manufacturing sector and consumer spending.

 

The world's third biggest economy is now showing signs of recovery according
to gross domestic product (GDP) data released on Monday.

 

Asian economies are leading the way for a global economic recovery, in what
analysts are calling a "Zoom boom".

 

This refers to the increase in demand for screens and laptops as more people
work from home, and use online meeting platforms like Zoom.

 

Asian economies are among the largest producers of laptops, communication
equipment and other electronics.

 

A rise in domestic demand as well as exports have helped drive economic
growth in Japan.

 

The Asian region will also get a boost after signing up to a mega trade deal
agreed over the weekend, called the Regional Comprehensive Economic
Partnership (RCEP).

 

Other signatories include China, South Korea, Australia and Singapore.

 

Japan's third-quarter growth of 5%, covering July to September, is compared
to the previous quarter, which saw its economy shrink 8.2%.

 

This turnaround is the fastest pace on record for Japanese economic growth.
At an annualised rate, assuming this growth continued for 12 months, it
represents expansion of 21.4%.

 

GDP for the second quarter, covering April to June, was Japan's worst figure
since data became available in 1980 - worse than that of the 2008 global
financial crisis.

 

The bounceback is welcome news for Japan's government which has avoided the
tough lockdown measures seen in some other countries.

 

The global economy as a whole is expected to contract by 4.4% this year,
while the US will shrink by 4.3%, according to the International Monetary
Fund.

 

However, Asian economies are leading the way when it comes to showing signs
of recovery. China remains on track to grow by about 2% this year, the most
of any major economy.

 

Vietnam is also expected to grow 1.6%.

 

"We call it the Zoom boom," said Rory Green, an economist at research firm
TS Lombard.

 

Suga-coated

Earlier this year, Japan unveiled two stimulus packages worth a combined
$2.2tn (£1.7tn), including cash payments to households and small business
loans.

 

Prime Minister Yoshihide Suga, who took over in September, has also
instructed his cabinet to come up with another package to boost Japan's
pandemic-hit economy.

 

Despite this latest quarterly growth, the Japanese economy is still expected
to shrink by 5.6% for its full fiscal year, which ends in March 2021.--BBC

 

 

 

Covid insurance test case heads to Supreme Court

A hotly-contested case about insurance payouts for small businesses who were
unable to trade owing to lockdown heads to the Supreme Court on Monday.

 

A host of businesses closed or faced significant losses, so made claims on
their business interruption insurance.

 

But many insurers disputed the claims, arguing policies were never meant to
cover such unprecedented restrictions.

 

Supreme Court judges will make a final judgement after the hearing, which is
expected to last four days.

 

The issue will have had implications for 370,000 - mostly small -
businesses, and involves potential payouts of £1.2bn.

 

High Court judges earlier found mostly in favour of insurers having to pay
out to policyholders regarding a selection of policy types. Some of these
decisions are now being appealed against at the Supreme Court.

 

What is the case about?

Many thousands of businesses could not operate during the first national
lockdown because, for example, they were unable to enter their premises.

 

It meant some went out of business. Others - like Anna and Robin Smart's
photography studio in Oxfordshire - had to downsize, make staff redundant,
or relocate.

 

The Smarts moved their studio into their back garden and said the whole
situation caused "immense stress".

 

They, like others, looked to their insurer for compensation via their
business interruption insurance policies. Some businesses paid premiums of
many thousands of pounds a year for such cover.

 

Some insurers refused to pay out, in some cases because they said disease
clauses in contracts did not cover such a scenario.

 

What has happened so far?

The City watchdog, the Financial Conduct Authority, brought a test case with
eight insurers agreeing to take part in proceedings.

 

This went to the High Court, where judges found that most, but not all, of
the policies involved should pay out offering a potential lifeline to many
of these small businesses.

 

But many have still had to wait while the proceedings were fast-tracked to
the highest court in England and Wales - the Supreme Court.

 

What will the Supreme Court be looking at?

The High Court looked at 21 policy types as part of a test case, and rulings
on 13 have been appealed against.

 

These will be discussed in complex legal arguments over four days at the
Supreme Court.

 

Of these, the lower court said 11 should have led to payouts - decisions now
being appealed against by insurers. Judges said two should not pay out, and
these are the subject of appeal by the FCA.

 

For two insurers, Zurich and Ecclesiastical, the judgement found entirely in
their favour and the FCA decided not to appeal against the findings.

 

The final ruling by the Supreme Court judges will provide authoritative
guidance for the other policies, and potentially of similar ones not part of
the case.

 

For example, the Financial Ombudsman Service and courts in Scotland and
Northern Ireland are expected to use the judgment to rule on other, similar
cases.

 

When will there be a conclusion?

The Supreme Court will give judgement some weeks after next week's hearing.

 

The FCA will expect insurers to respond quickly to the final judgement, if
the result means they are required to do so.

 

Many businesses will have renewed annual policies since the first lockdown
began and these will have Covid exclusions, so claims are mostly relevant
for older policies during the first UK lockdown.—BBC

 

 

New skills programme risks excluding 1.4m workers

The government's Lifetime Skills Guarantee could be keeping away workers who
need it most, according to new research.

 

The scheme aims to offers courses for adults without any A-Levels or
equivalent qualifications,

 

But the Work Foundation think tank discovered that 1.4m low-paid workers
aged 25-49 had at least one qualification that would rule them out.

 

It also found that older workers are less likely to retrain.

 

The research cited the Office for National Statistics' Labour Force Survey.

 

Prime Minister Boris Johnson announced the new programme in September as
part of a broader shake-up in adult education. The programme will offer a
fully funded college courses to all people over 18 in England without an
A-level or equivalent qualification.

 

These include level 3 NVQs and music grades 6, 7 and 8.

 

Previously, only people aged under 23 qualified for a fully-funded
qualification at this level.

 

"The Lifetime Skills Guarantee offers a real opportunity to boost life-long
learning," said Ben Harrison, director at the Work Foundation, which did the
research with recruiter Totaljobs.

 

"But as things stand there is a real risk that millions of those who would
most benefit from additional training won't access it - either because they
are not eligible, or because the Covid-19 pandemic is exacerbating financial
and family pressures."

 

The report suggests that the government should rethink who is eligible for
the free training and to help with childcare.

 

Former lawyer Jake Levy became an analyst at an investment firm which
focuses on socially responsible projects.

 

"At the moment, there's a lot of talk about people having multiple careers
and mid-career shifts, but I don't think it's easy and I think for people
who don't have the resources to retrain, there's a shortage of specialist
on-the-job training," he said.

 

Mr Levy was able to switch careers with the help of a programme called On
Purpose, which allowed him to "try before you buy" through two six-month
work placements while being paid and trained.

 

"There are more programmes emerging but it could be a lot easier," he said.
"I have a couple of young kids so the stakes are higher".

 

A spokesperson for the Department for Education, said that as well as the
scheme: "We have also launched The Skills Toolkit, which includes over 70
free to access courses from everyday maths, digital marketing to personal
branding for career success and coding, which is available to anyone who is
thinking of a career move.,"

 

"Through our £2.5 billion National Skills Fund we will also make sure more
adults can retrain and upskill so we can unlock even more potential and
level up opportunities across the country."

 

Employer training

Many people who do make the move to a new career are relying on employers or
private programmes for retraining, or industries such as teaching which have
established means of retraining entrants who have had other careers.

 

Julie Fitzpatrick decided to become a carer while on furlough, and received
training from her employer Bluebird Care in Evesham in the West Midlands.
Being trained on the job was a big advantage, she said.

 

She previously worked in the sales department of a manufacturing company.

 

For her, "it was a lot easier" than she thought.

 

Most of the barriers were "what-ifs", she said. "Especially with everything
going on with the viruses, can they keep you, with all the redundancies? It
was scary."

 

But Ms Fitzpatrick was inspired by local carers she saw enjoying their jobs
and is glad she changed career.

 

Oliver Seadon made the move into teaching after discussing it with friends
and family members already working in the profession and after losing his
job in March.

 

He worked as a tour director for circus giant Cirque du Soleil but
coronavirus meant its tour was cancelled.

 

Instead of working in Sao Paulo, he is now teaching in Wimbledon, South
London.

 

Like Mr Levy and Ms Fitzpatrick, he is glad he made the switch - in his
case, Mr Seadon has planned it for a long time - but says it could have been
easier.

 

Had he had more time, he might have made the move later, having saved more
and been able to financially plan.

 

Mr Seadon said he got a bursary to help him train and had to take on a
student loan "neither of which are particularly comfortable, but what would
I have done otherwise?".--BBC

 

 

 

Felixstowe Port in 'chaos' as Christmas and Brexit loom

Retailers, shipping and haulage companies have complained of "chaos" at
Felixstowe Port in Suffolk, affecting goods in the run-up to Christmas.

 

One ship due to be unloaded at the port last week was redirected to
Rotterdam because of "unacceptable" delays.

 

The owner, Hutchison Ports, blames pre-Brexit stockpiling and the pandemic.

 

Freight manager Matt Hudson warned that "if the chaos continues, increased
shipping prices will be passed on to consumers".

 

Mr Hudson, whose company distributes goods picked up at the port, said
containers were being left on the quayside because haulage companies could
not book a slot to enter the site.

 

"It's delaying freight going into shops for consumers to buy," he said.
"Shops are struggling anyway at the moment because of the impact from the
coronavirus.

 

"If retail outlets can't sell what is actually en-route at the moment in
time for Christmas, potentially they could lose even more money than they
have done already this year."

 

Part of the problem is a shipment of 11,000 containers of PPE ordered by the
government that is clogging up the port.

 

'Totally unacceptable'

Last week, Taiwanese shipping firm Evergreen directed one of its ships to
bypass Felixstowe because of "serious port congestion".

 

The ship's cargo was unloaded in Rotterdam instead and ferried back to the
UK via London's Thamesport.

 

An Evergreen spokesman said the firm had been told by Felixstowe's owner
that a berthing slot - where cargo is unloaded - would not be available for
up to 10 days after the ship's scheduled arrival.

 

"Such a delay is totally unacceptable," he said.

 

In a statement, Hutchison Ports UK said: "The imbalance in UK trade and
Brexit stockpiling exacerbate current operational challenges and we are
working with our customers and stakeholders to get through the current
congestion.

 

"Performance at the port remains under pressure due to the Covid pandemic,
high levels of import traffic, the large number of empty containers and a
large amount of unusually long-stay containers held at the port."

 

But in an operational note posted on its website, the company said delays at
Felixstowe would continue "at least into December and possibly through into
the New Year" - potentially causing havoc for firms still waiting on
pre-Christmas stock.

 

In a sign of the company's woes, Hutchison Ports UK recently reinstalled its
former boss Chris Lewis as chief executive. He came out of retirement to
take up the role for a second time, having last led the firm in 2010.

 

For months, hauliers have complained about Felixstowe's Vehicle Booking
System (VBS) which lorry drivers must use to gain ticketed entry to the
port. Freight manager Mr Hudson says in recent weeks, the situation has
become worse.

 

"There are more containers waiting on the port while all trucking companies
are logging on trying to get a slot. Sometimes the port cancels some of the
VBS [slots] when drivers are actually on port waiting," he said.

 

"We need to see improvement quickly. It's ruining a lot of people's
businesses."

 

A spokesman for Hutchison Ports UK disputed the claims about the VBS,
pointing out that in recent days, empty slots have been available and that
improvements to the system are under way.

 

Mona Kalantar runs Boldcube Scooters, which imports scooters for children.

 

She currently has five containers of stock on ships that are waiting to dock
at Felixstowe.

 

She says it's incredibly frustrating because one of the ships has been
waiting to unload its cargo for three weeks and she's turning away potential
customers who want to buy Christmas presents for their kids.

 

"Effectively we are out of stock of our best-selling products and we've not
been able to run the promotions we'd like to run because we're not going to
be able to meet the demand in the lead up to Christmas," she said.

 

"We've done everything we needed to do, we ordered in plenty of time - but
we can't access the stock because it can't get into the port."

 

She said she keeps getting messages from the shipping companies telling her
'Sorry, it's going to be another week's delay'.

 

'We are worried'

Logistics UK, the trade association representing supply chain firms, said
there had been a huge spike recently in the volume of cargo entering the UK.

 

Part of that dates back to the summer, when the UK's first lockdown eased
and firms increased stock orders as the economy started to pick up. More
recently, businesses have been looking ahead to 1 January and preparing for
uncertainty at the end of the Brexit transition period.

 

"We are worried about the situation but we understand the port are working
on solutions now," said Logistics UK policy manager Zoe McLernon.

 

"With the end of the transition period coming, we've got to make sure that
our ports can take the goods we need."

 

Port of Felixstowe

Two months ago, the former Transport Secretary Chris Grayling was hired to
advise the port's parent company Hutchison Ports Europe, which is based in
London. The register of MPs' financial interests shows he's being paid
£100,000 for "around seven hours" of work per week.

 

The Department for Transport says it's aware of the issues at Felixstowe
Port and, while it stressed this is a commercial matter for industry to
resolve, it said it would continue to monitor the situation for any impact
on wider supply chains.--BBC

 

 

 

Port Talbot steelworks: 'Resist speculation' over future

There has been a call to "resist dealing in speculation" over the future of
steel production at Tata's plant in Wales.

 

Welsh Secretary Simon Hart said the firm "want to make steel in Wales, and
that's a good place to be starting this debate from".

 

It followed an announcement that Tata is looking to sell part of its
European arm.

 

About 4,000 people work at its Port Talbot steel making plant.

 

Tata announced on Friday that Swedish firm SSAB had initiated talks over the
acquisition of its Netherlands-based operations.

 

The move would separate the UK and Dutch parts of Tata's business, which
merged back in 1999, then as British Steel and Koninklijke Hoogovens.

 

Wales' Economy Minister Ken Skates said the news was "extremely worrying"
for Tata's 8,000 workers across the UK.

 

Steelworker

Stephen Kinnock, MP for Port Talbot's Aberavon constituency, said it was
"time for a partnership" between Tata Steel and the government.

 

He told BBC Radio Wales that Tata's decision "puts the spotlight very firmly
on the UK government that has to now step up and provide support to the
British steel industry".

 

He added: "It is about the UK government now stepping up to the plate and
saying 'okay, this is a British business, we need it for decarbonisation,
for climate change objectives, we need it to build sovereign capacity after
Brexit'."

 

Tom Hoyles, of the GMB Wales union, said public ownership and UK government
support "should be on the table" if necessary.

 

"Those are two options we think they should look at," he said.

 

"Port Talbot and steel go together like fish and chips.

 

"It's not just the jobs that are there that will be affected but supply
lines... the smaller businesses and families who live in the town as well
who will be worried."

 

The UK government has also said it "will continue to work with Tata Steel
and other stakeholders" as the company shapes its business strategy for the
future.

 

The Welsh Secretary said the UK government and Tata had agreed to "work
together" to protect the industry.

 

Mr Hart said it was a positive sign that Tata had made a commitment to a
"sustainable steel manufacturing presence" in Wales.

 

Asked whether the UK government would step in and protect jobs at Tata, he
said it needed to see what Tata planned for Port Talbot.

 

He added: "We stepped in and saved Celsa Steel in Cardiff at the beginning
of lockdown.

 

"We have a good track record in Wales of where the arguments add up, of
stepping in and helping. We saved 800 jobs in Cardiff."--BBC

 

 

 

 

Walmart nearly exits Japan after selling majority stake in Seiyu

TOKYO (Reuters) - Walmart Inc WMT.N is selling a majority stake in Japanese
supermarket chain Seiyu to investment firm KKR KKR.N and e-commerce company
Rakuten 4755.T for over $1 billion, after suffering years of poor
profitability amid stiff competition.

 

The deal, which values Seiyu at 172.5 billion yen ($1.65 billion) including
debt, comes after on-off speculation about the world’s biggest retailer
looking to exit Japan. It is below the 300-500 billion yen it reportedly
sought a few years ago.

 

KKR will buy 65% of Seiyu and Rakuten will acquire a 20% stake while Walmart
will retain 15%, the companies said in a joint statement on Monday.

 

Walmart first entered the Japanese market in 2002 by buying a 6% stake in
Seiyu, and gradually built up its stake before a full takeover in 2008.

 

But it has struggled in Japan, like other foreign entrants such as Tesco PLC
TSCO.L and Carrefour SA CARR.PA who were lured by the high spending power of
Japanese consumers but were frustrated by tough competition.

 

The Seiyu deal is the latest divesture of underperforming assets by Walmart,
following its exits in Britain and Argentina, as it struggled to compete
with nimble local rivals.

 

In Asia, it pulled out of South Korea in 2006 and shifted focus in China to
expanding members-only warehouse chain Sam's Club as competition from online
marketplaces such as Alibaba BABA.N intensified. Walmart is expanding in
India, though, with its $16 billion purchase of ecommerce provider Flipkart.

 

Japanese media reported two years ago that Walmart was seeking to sell Seiyu
for around 300 billion to 500 billion yen. Sources said at the time that it
failed to find a buyer.

 

Addressing reports that it was looking to leave Japan, Walmart announced
last year that it aimed to list Seiyu and retain a majority stake in the
business.

 

But Monday’s announcement also comes as Seiyu is starting to show signs of
improvement, with its relatively early start in e-commerce finally yielding
results, helped by a 2018 partnership with Rakuten.

 

Walmart Japan, mainly the Seiyu business, booked a net profit of 47 million
yen in 2019 after reporting losses in most previous years. Seiyu told
Reuters earlier this year that the coronavirus pandemic had bolstered
interest in online grocery shopping in Japan.

 

For Rakuten, the deal with Seiyu helps it compete against rival Amazon
AMZN.O. Large Japanese supermarkets such as Aeon Co Ltd 8267.T and Seven & I
Holdings Co Ltd's 3382.T Ito-Yokado have also been stepping up their
investments in e-commerce as Japanese consumers, long wary of buying food
online, are starting to use online grocery services.

 

 

 

Simon Property cuts purchase price for Taubman stake amid COVID hit

(Reuters) - Simon Property Group Inc SPG.N, the biggest U.S. mall operator,
will cut its purchase price for an 80% stake of rival Taubman Centers Inc
TCO.N by 18%, both companies said on Sunday, as the coronavirus upends the
retail industry sector.

 

The agreed discount comes as the two companies settled a legal dispute over
the transaction, which Simon had previously threatened to walk away from,
citing the hit to the industry from COVID-19.

 

Under the revised terms, Simon will pay $2.65 billion for the 80% stake in
the Taubman Realty Group (TRG), cutting its offer price to $43 per share in
cash from $52.50 originally announced in February.

 

The Taubman family will sell about one-third of its ownership interest at
the transaction price, leaving them with a 20% stake in TRG, the companies
added.

 

The companies said they also have settled their pending litigation in a
Michigan court over the merger and the companies expect the deal to close
later this year or early next year.

 

Simon, which runs shopping chains such as the Woodbury Common Premium
Outlets in New York, said in June it was abandoning the deal.

 

Simon said at that time the coronavirus outbreak had “disproportionately
hurt” Taubman’s malls given their location in densely populated metropolitan
areas and reliance on tourism.

 

Online shopping growth had already slashed foot traffic at brick-and-mortar
retail stores and the pandemic has only accelerated that trend.

 

Simon also said Taubman did not cut costs to mitigate the impact of the
pandemic.

 

Taubman had said Simon’s termination of the deal was without merit and filed
a lawsuit rejecting Simon’s allegations.

 

 

 

 

Asian stocks hit record peak as vaccine hopes dampen virus fears

SYDNEY (Reuters) - Asian stocks hit a record high on Monday as vaccine
optimism and strong economic data from China and Japan outshone worries
about rising coronavirus cases, lifting just about every sector.

 

MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS
gained 1% to hit its highest since its launch in 1987 with markets across
the region making milestone peaks.

 

Japan's Nikkei .N225 traded at 29-year highs, South Korea's Kospi .KS11 at
its highest since early 2018 and Australia's ASX 200 .AXJO hit an
eight-month peak in the morning, before a glitch halted trade. 

 

S&P 500 futures ESc1 rose 0.6% following the index's record close on Friday,
Nasdaq 100 futures NQc1 leapt 1% and European futures were up strongly with
EuroSTOXX 50 futures STXEc1 up 0.8% and FTSE futures FFIC1 up half a
percent.

 

“There’s just mountains of cash sitting on the sidelines, waiting to be put
to work and since we’ve got this vaccine news, as well as diminished risk
around the U.S. elections, all of this is flying into equities,” said Kyle
Rodda, analyst at IG Markets. “Everyone’s thinking now that it’s the cue to
get in.”

 

Currencies and commodity markets were a little more circumspect, but the
dollar was down a tad against trade-exposed currencies and oil prices firmed
after falling on Friday. 

 

Japanese economic growth, which beat records and forecasts to pull the
world’s third-largest economy out of recession and better-than-expected
industrial output in China added to the enthusiastic mood, as did a weekend
trade deal.

 

While light on detail, 15 Asia-Pacific economies, including China and Japan,
but excluding the United States, agreed to reduce future tariffs at a time
of rising protectionism elsewhere.

 

REASONS TO BE CAUTIOUS

The flow driven gains came despite plenty of reasons to worry. U.S.
President Donald is digging in for a drawn-out transition to President-elect
Joe Biden.

 

Axios reported that Trump plans a flurry of aggressive policy moves against
China in the coming 10 weeks.

 

Coronavirus cases are surging in Europe and the United States and new
outbreaks have emerged in South Korea, Japan and Australia. Brexit talks are
at delicate crossroads, again.

 

A wave of state-owned enterprise defaults in China has also spooked mainland
bond investors.

 

A few of these fears kept currency market moves in check and left oil, a
proxy for global growth, well below last week’s peaks as traders brace for a
grim winter ahead.

 

“The risk of even tighter restrictions loom in order to contain the spread
of the virus,” said Commonwealth Bank of Australia commodity analyst Vivek
Dhar. “Oil demand is particularly exposed to restrictions that limit
mobility since transport accounts for two thirds of global oil consumption.”

 

On the Brexit front, the departure of hardline adviser Dominic Cummings from
Downing Street is seen as a positive, perhaps allowing more British
concessions, but chief negotiator David Frost said on Twitter that talks
“may not succeed”.

 

Sterling crept higher against the dollar GBP= and euro EURGBP=. The common
currency EUR= rose 0.1% against the dollar to $1.1848.

 

The kiwi NZD=D3 rose 0.5% to $0.6883 while the Australian dollar lagged a
tad ahead of a week of central bank speeches and significant data, beginning
with Reserve Bank of Australia Governor Philip Lowe at 0840 GMT.

 

A slew of U.S. Federal Reserve speakers are also up this week, beginning
with Vice Chair Richard Clarida at 1900 GMT.

 

Bonds, which had sold off strongly on vaccine news last week, were steady
with where they left off on Friday, with the yield on benchmark U.S. 10-year
debt US10YT=RR at 0.8930%, down from last week's high above 0.97%. [US/]

 

Oil prices inched higher, with Brent crude futures LCOc1 up 0.7% at $43.08 a
barrel but below last week's two-month high of $45.30. U.S. crude CLc1 rose
1% to $40.55 a barrel.

 

 

 

 

Africa: Mondia Launches Its 'Pay-As-You-Go' Digital Content Platform Monsooq
in South Africa but Plans Roll-Out in Nigeria, Egypt, Tunisia and Kenya

London — The making of the mobile industry was the moment that pre-paid
calling was implemented. Users with no secure income but relatively small
amounts of money could become customers when they had money. This week
Mondia has launched a content platform that might become the "pre-pay"
moment for digital content in Africa. Russell Southwood talked to Paolo
Rizzardini, CCO, Mondia about its plans.

 

Mondia came up with idea for its 'Pay-As-You-Go" digital content platform
just 8 months ago:"We were analyzing data from the African market and
realized how difficult it was to monetize Africa subscribers in a US or
European 'all-you-can-eat' subscription."

"We looked for a model that can work for the African consumer. We know that
they're interested in content and that they are increasingly more and more
smartphones. So we said let's give them a one-stop shop where you can taste
in a convenient way. You can buy a bucket of entertainment time."

 

Monsooq is currently a web portal but will transition to also becoming an
app as user numbers increase. The portal has four categories: watch, listen,
play (online games) and read. It was only launched Monday but the Watch and
Play categories are the ones currently getting the attention.

 

The service launched Monday (9 November) in South Africa at R2 (US13 cents)
for 30 minutes. In content terms the aim is to have half-and-half local and
international content. Currently the content portfolio feels a little thin
but Mondia is promising some important content announcements before
Christmas and they will be adding more as they go forward:"We have 50
content partners who we are currently integrating."

Content providers will get 50% of revenues spent on their content on a
monthly basis. Mondia has its own dedicated content team and would be
interested to hear from African content owners.

 

The current content available includes South African lifestyle channel Viva
Nation TV; Weflix, a Netflix-style platform; Indian Bollywood platform Epic
On; music content from Universal Music; and e-sports content. The launch has
been based on the user purchasing time on a card or coupon. The latter can
be give as free time as loyalty rewards by sponsors to users.

 

Mondia's big strength is its relationship with MNOs, of which it has more
than 80 using its other services including Vodafone, Telefonica and Vodacom.
In time, it will persuade some of these customers to integrate carrier
billing into Monsooq.

 

It is talking to MNOs about "content+data" bundles that can be sold and also
be given as part of a SIM starter pack:"We're helping operators to monetize
in a fragmented market and we see them as strategic partners in terms of
reach. The MNOs we've talked to are excited and see this as an innovative
approach. It is a new way to engage with their customers."

If the launch in South Africa goes well, Monsooq will be rolled out in
Nigeria, Egypt, Tunisia and Kenya:"Our first milestone will be 1 million
users and we have sub-milestones based on an engagement with the content KPI
that we'll look at in June." Over time Mondia would like to see Mondia
become a 'super-app' with a widening set of other applications. 

 

 

 

 

Kenya: Colonial-Era Citrus Fruit Crisis That Troubles Farmers to Date

Citrus fruits include oranges, lemons, lime and tangerines. They were
introduced in Kenya during the early years of the 20th century.

 

The fruits are native to South and East Asia, where they were domesticated
about 3,000-1,500 years before the Christian era. They then reached Europe
through trade and Kenya during British colonial rule.

 

Like other exotic fruits that were introduced in the country, citrus fruits
are valued for their citric acid, pleasant flavour when eaten fresh, drunk
as juice, used in bread as marmalades and in cooked dishes. In particular,
lemons and lime are used in cooked fish and meat. They are also added to
tea, hot water and strong alcoholic beverages.

Citrus fruits are an excellent source of vitamins A, B and C. The last two
enhance the body's immune system.

 

Citrus fruits are also rich in potassium, phosphorous, magnesium and copper.
They further have other vital health uses in the human body, including
anti-inflammatory and anti-oxidant effects.

 

Apart from being a source of fibre, citrus fruits are known to reduce the
risk of kidney stones, assist in the fight and protection against cancer and
boost the health of the heart.

 

Multiple values

 

It was because of their multiple values that many pioneer European settlers
grew many varieties of citrus fruits on parts of their expansive farms in
the country.

 

Kenya Highlands and the Coast became home to varieties of oranges such as
Washington Navel, Parramatta, Golden Nugget and Seville from Australia,
South Africa and Southern Europe.

As for lemons, the Lisbon variety was the most extensively grown. Lime
varieties like Limetta from the West Indies and the small sweet type from
India also did well. Tangerines also thrived in very limited quantities
where climatic and soil conditions permitted.

 

Because of the insatiable domestic demand for fruits, the colonial state
permitted the importation of large quantities of fresh, canned and dried
citrus fruits.

 

Many packages of fruit trees were also imported before the Department of
Agriculture set up its own farms.

 

Here, the department grew fruit seedlings for distribution to both European
and African growers. In 1938, a total of about 450 bags of orange seedlings
each weighing 200 pounds were distributed in Central Province for
distribution.

 

In addition, 50 bags of rough lemon seedlings were distributed to farmers in
the province from the Local Native Council (LNC) fruit seedling farms.

It was not until after the World War II that many Africans in Fort Hall
(Murang'a) and Kiambu took keen interest in fruit growing.

 

In 1945, it was reported that 20,000 orange and 3,600 lemon trees
respectively were grown in the two districts.

 

The colonial State made similar but very limited attempts to encourage
citrus fruit growing in Nyanza, the Rift Valley and the Coast.

 

Great potential

 

By 1950, it was reported that the introduction of citrus fruits in Nyanza
had been going on in a small way and that the results were hardly noticeable
while fruit growers at the Coast continuously struggled to meet the demand
for oranges in Mombasa, this was "at prices in excess of what the produce
was really worth".

 

In Taita Hills, a cooperative society planted and sold substantial numbers
of citrus fruits in Nairobi and Mombasa.

 

In 1952, the director of agriculture reported that "the potential fruit,
vegetable and flower production of the African areas could be increased
many-fold under sound guidance and by providing and selling planting
material".

 

He further lamented the fact that the amount of fruits produced did not meet
demands in major towns like Nairobi, Mombasa and Kisumu, which continued to
be met by imports.

 

The major problems that citrus, as well as other fruits, faced despite their
great potential in many parts of the country, included the disproportionate
preference the colonial State gave to traditional export crops such as tea,
coffee and wheat, mostly grown by European farmers.

 

The other reason was the low quality of fruits in relation to the price its
few growers, private canners and bottlers demanded.

 

Further, the Department of Agriculture was for many years unable to employ a
sufficient number of agricultural officers to offer extension services
particularly in African Reserves.

 

Lastly, grown citrus plants were also infested by aphids, whitefly, and
scale insects and infected by some types of bacteria and virus.

 

Diverted the attention

 

It is, therefore, notable that, after much procrastination, the colonial
State designed plans for improving horticultural African areas from the
early 1950s.

 

This included the appointment and training of five assistant agricultural
officers and 25 African instructors at the Molo and Matuga stations.

 

These "experts" were to be posted to the plum and citrus industries in
Muranga, Taita Hills and Nyanza. Once trained, these officers were required
to work under the respective provincial agricultural officers. But this
ameliorative measure was too late and too little.

 

The Mau Mau rebellion, which erupted in 1952, diverted the attention of the
colonial State from fruit growing to counterinsurgency measures.

 

It affected the whole of Central Province where many Africans were already
growing citrus and other fruits. By independence year in 1963, citrus fruit
growing and processing had not taken off in any meaningful way throughout
the country.

 

Today, Kenya still depends on citrus fruit imports from South Africa, Egypt
and neighbouring Uganda for its people's ever-growing demand.

 

Given citrus fruits' immune boosting and other nutritional qualities, the
Ministry of Agriculture, the county governments, non-governmental
organizations, religious organisations and commercial farmers should explore
the possibilities of producing and distributing grafted and budded seedlings
throughout most of the suitable areas.

 

Potential growers should be instructed about the pre-requisites of citrus
growing, that is, importance of planting the improved high-yielding
varieties in suitable climatic and soil conditions, right spacing, weeding,
constant spraying and supply of adequate water.

 

These will enable as many families as possible grow citrus fruits either for
their own subsistence or sale.-Nation.

 

 

 

Rwanda: Small Batches of Rwandan Coffee Pack Big Punch in World Market

Nairobi — They may be from the smallest country in eastern Africa, but
coffee farmers in Rwanda can still compete in the international market with
giant coffee exporters like Colombia, Brazil and Mexico.

 

The way they 'punch above their weight' is to ensure that hey export high
quality coffee, while remaining united through their cooperative movements,
according to Angelique Karekezi, the managing director at the Rwanda Small
Holder Specialty Coffee Company (RWASHOSCCO).

 

"Our farmers do not export much coffee produce, but the little that reaches
the international market is of very high quality. This has enabled their
products to remain competitive amid price fluctuations, which keep changing
every second," says Karekezi.

 

It is not price fluctuations alone that continue to frustrate coffee farmers
in eastern Africa. Long value chains, exploitative intermediaries and
limited access to lines of credit also stifle the growth of the coffee
sector in the region, according to Samuel Kamau, the executive director at
the African Coffee Association.

 

Climate change, too, affects coffee produce, due to erratic weather, where
strong winds in countries like Rwanda have been known to destroy
plantations.New pests and diseases also leave a destructive trail in their
wake, says Karekezi.

 

But the worst of these challenges reared its head this year when Covid-19
sickened the world, shutting markets and businesses from access to financial
institutions, she says, adding that harvest volumes were low, due to fewer
farmers picking cherries during the lockdown.

 

"It took long for farmers to process produce for export due to the health
protocols put in place by the government to curb the spread of the virus.
The export markets, too, were affected, because there were fewer buyers due
to the lockdown," says Karekezi.

 

But farmers kept going, united by the cooperative movement which has strong
historical roots in the country.

 

Rebecca Ruzibuka, the managing director at Africa Development Consultant Ltd
(ADC) says communities are held together by the self-help principle, locally
known as Muganda, which has also helped spur the growth of the cooperative
movement in Rwanda.

 

According to Ruzibeka, more than four million farmers are engaged in the
cooperative movement, where 45 percent of them are active in the agriculture
and livestock sector. At RWASHOSCCO, which was founded in 2005, about 13,800
coffee farmers are active in the cooperative movement.

 

One reason cooperatives are attracting smallholder farmers in Rwanda is the
need to access the international market and gain production and management
skills. Another is the support they are getting from development partners
like the United States Development Foundation (USADF),  an independent U.S.
government agency established by Congress to invest directly in African
grassroots enterprises and social entrepreneurs.

 

Rwashoscco

Rwashoscco coffee cooperative's managing director Angelique Karekezi was
recently appointed to the board of directors or the Development Bank of
Rwanda.

By inviting local organizations like ADC to work with cooperatives, USADF
has enabled farmers to gain value addition skills and insights on how they
can expand the coffee sector to compete with bulk producers in eastern
Africa and the rest of the world, says Ruzibuka.

 

"As the project developers, we identify the actual need of cooperatives and
which needs require funding. This ensures the sustainable running of the
project," she says. ADC also trains cooperatives on project monitoring and
evaluation.

 

By working with ADC, she says, Rwanda coffee cooperatives have been able to
adopt the latest technology in coffee processing and develop skills in book
keeping, as well as upgrade their record management.

 

Geoffrey Kayigi, the USADF country program coordinator in Rwanda for the
last 10 years, identifies RWASHOSCCO as the most successful cooperative in
the country, and for a good reason.

 

The cooperative has managed to make world-class coffee brands, including
Café de Maraba, the first Rwandan specialty coffee, and Angelique's Finest,
a brand that stands out for its mix of sweetness laced with a touch of
chocolate and citrus.

 

RWASHOSCCO has branches in five provinces which work through export and
roasting departments, one of which is stationed in Hamburg, Germany. The
cooperative also has coffee washing stations, warehouses and a coffee
capping laboratory.

 

"The adoption of dry coffee processing by farmers in Rwanda has so far been
very successful. Their brands have attracted new buyers and have continued
to raise interest in the international market," says Kayigi.

 

Karekezi, the RWASHOSCCO managing director, says 60 percent of international
buyers the cooperative has been able to net have remained loyal to the
Rwanda brands for over 15 years.

 

Achieving these milestones, however, has not been an easy feat. As an outfit
that in its earlier days did not have well-developed management structures
and value-addition facilities, RWASHOSCCO was struggling to remain afloat.

 

But internal reorganization and an enterprise expansion grant of US$ 392,000
that USADF gave to the cooperative in 2007 helped it transform into a world
class coffee exporter, says Kayigi.

 

Apart from establishing coffee roasters, warehouses and renting premises,
the grant has enabled the cooperative to put in place a system of
traceability, as required by the international market, he says.

 

"Our focus is to work with grassroots communities organized through
cooperatives bringing farmers with shared values together," says Kayigi,
adding that USADF also supports farmers growing maize, beans and rice.

 

The US development agency has also invested in solar off grid energy in the
country, where it supports farmers to acquire home solar units. Here, women
led groups are given the first priority, he says.

 

 

Rwashoscco

Rwanda's coffee cooperatives operate a cafe for tasting.

For groups to qualify for USADF support however, they must be legally
registered with the government and must have operated in their area of
specialization for more than three years. Financial reports and data records
must also be in order.

 

USADF has some 22 active projects in Rwanda, where the agency is working to
promote a new initiative, the Academy for Women Enterprenuers.

 

Kayigi says the greatest challenge USADF has faced while working with
farmers is on skills development, because most of the farmers lack the
necessary education. Although nearly 80 percent of Rwandans under 24 years
of age have been educated by aggressive government initiatives, the literacy
rate among people 65 and older remains below 60 percent.

 

Another challenge had been how to transport produce to the export market.
Rwanda has struggled because of its geographic positioning. The country does
not have direct access to sea ports, as do Kenya and Tanzania. Through
partners like ADC, farmers have been able to gain production, processing and
even infrastructure positioning.

 

With a renewable contract with USADF, Ruzibuka of ADC says her organization
has helped coffee farmers in Rwanda adjust to the pressures of climate
change. ADC trains farmers on how to adapt coffee trees that are less
affected by erratic weather and new pests and diseases, in a particular
region. ADC has trained farmers on water harvesting techniques, where the
water collected is used to wash the coffee, instead of using water sources
that must be purchased.

 

"We have also helped farmers streamline their leadership structure within
the cooperatives, so that they feel they own the process of generating their
products from production to the end market," says Ruzibuka. Farmers are now
able to access health insurance, school fees and farm incentives like
fertilizers.

 

Future prospects are keeping Karekezi's eyes open at RWASHOSCCO. As the
fourth - and the only female - managing director at the cooperative, she is
keen on enabling women build brands from other products for the
international market in the next five years.

 

Through the International Women's Coffee Alliance (IWCA), she says, she is
creating opportunities for RWASHOSCCO to source coffee from the other 22
chapters of the alliance in Africa.

 

Karekezi says RWASHOSCCO has acquired the certification needed for the
international market like Fiartrade, Organic Coffee, UTZ and Rainforest
Alliance. The cooperative is also working to acquire the Food Safety
Management Systems certification.

 

For now, however, she would like Angelique's Finest to flood local and
international markets, while also protecting Rwanda coffee exports by
registering them as international brands.

 

"We want to remove middlemen from the coffee value chain, because they have
been fleecing farmers. This way farmers' incomes will increase, because they
are directly linked with their coffee consumers in Europe and other export
destinations," says Karekezi.

 

 

 

Nigeria: In Four Years, Budget Proposal for Buhari's Presidential Air Fleet
Increased By 191%

The proposed budget for the air fleet has increased annually in the past
four years.

 

The budgetary proposals for the Presidential Air Fleet (PAF) have gone up by
over 190 per cent in the last four years, a PREMIUM TIMES' analysis has
shown.

 

According to details of the 2021 budget proposal, the government proposes to
spend N12.5 billion (12,550,018,897) on the Presidential Air Fleet (PAF).
This consists of N3.9 billion (3,934,390,091) for overhead and N8 billion
(8,175,622,044) capital allocation.

 

The new figure is 190.6 per cent higher than the N4.37 billion appropriation
in the 2017 budget, which consisted of N3.97 billion for recurrent and
N399.5 million for capital projects.

 

Last month, President Muhammadu Buhari presented the 2021 budget proposal to
the National Assembly.

 

The president proposed N13.08 trillion expenditure for 2021, while raising
concerns about the nation's debt and revenue challenges.

Based on some fiscal assumptions and parameters, Mr Buhari said that total
federally distributable revenue is estimated at N8.433 trillion in 2021
while the total revenue available to fund the 2021 federal budget is
estimated at N7.886 trillion.

 

This includes grants and aid of N354.85 billion as well as the revenues of
60 government-owned enterprises.

 

The deficit, Mr Buhari said, will be financed mainly by new borrowings
totalling N4.28 trillion, N205.15 billion from privatisation proceeds, and
N709.69 billion in drawdowns on multilateral and bilateral loans secured for
specific projects and programmes.

 

However, compared to the N8.51 billion allocation for PAF in the 2020
budget, the government proposes to spend more on the presidential air fleet
in 2021.

 

Breakdown

PREMIUM TIMES' analysis of the budgetary details on PAF revealed that N440
million (440,006,762) would be spent on personnel, consisting of salary,
wages, social contributions. and related expenses.

 

Similarly, local as well as international travels and training will gulp
N461 million (461,306,000), the proposal showed.

 

Allocation for utilities will gulp N168 million (168,787,359), which
consists of electricity, sewage, water, telephone charges (N10 million) and
internet access (N18 million).

 

On materials and supplies, office stationeries, books and newspapers will
gulp N5 million, N3 million and N1.2 million, respectively. Similarly,
foodstuff and catering material supplies would gulp N160 million.

 

General maintenance of motor vehicles, office furniture, IT equipment,
plant/generators and others would gulp N1.6 billion while training, both
local and international, would gulp N326 million.

A line item tagged "security vote (including operation)" would gulp N260
million while cleaning and fumigation would gulp N5 million.

 

The N467 million (467,860,000) was proposed for oil and lubricants while
financial charges would gulp N264 million (264,150,000).

 

N184 million (184,025,000) was allocated for miscellaneous expenses, within
which N38 million (38,000,000) was allocated for refreshment and meals.

 

Similarly, N3.6 billion (3,680,543,000) was allocated for rehabilitation and
repairs, among other expenses.

 

Rising Trend

 

Since 2017, PREMIUM TIMES' analysis has shown that budgetary proposals for
the presidential air fleet have continued to rise, despite the nation's
shrinking revenue and turbulent economic climate.

 

The sum of N4.37 billion was proposed in the 2017 budget, which consisted of
N3.97 billion for recurrent and N399.5 million for capital projects.

 

In the 2018 budgetary proposal, the figure rose as N7.26 billion
appropriation was put forward for PAF in the 2018 budget, with N4.3 billion
for recurrent expenditure and N2.8 billion for capital expenditure.

 

In 2019, the Nigerian government proposed to spend N7.30 billion
(7,297,022,065) on the PAF, a figure a little higher than in 2018.

 

In 2020, the government increased the proposed allocation to N8.51 billion
(8,517,022,065), with a recurrent appropriation of N4,360,896,853 and
N4,156,125,212 capital appropriation.

 

For the 2021 budgetary proposal, the government has since raised the
appropriation figure to N12.5 billion, representing a 47 per cent increase
from the last allocation.

 

Increased Allocation to PAF amid mounting debt

 

There have been concerns about how Nigeria plans to fund its budget amidst
shrinking revenue and unstable oil prices in the international market.

 

Last October, while presenting the budget to the National Assembly, Mr
Buhari emphasised the effect of poor earnings on budget performance.

 

"Let me emphasise that revenue generation remains our major challenge," he
told federal lawmakers in Abuja.

 

"Nevertheless, the government is determined to tackle the persisting
problems with domestic resource mobilisation, as there is a limit to deficit
financing through borrowing. The time has come for us to maintain a healthy
balance between meeting our growing expenditure commitments and our
long-term public financial health."

 

Since the coronavirus pandemic broke out, Nigeria has been under immense
pressure to maintain fiscal stability amid collapsing oil revenues.

 

As rising debt continues to put a lot of pressure on government's earnings
and performance, analysts opine that there was no better time to cut down on
waste and improve budgetary appropriation than now.

 

Controversial fleet

 

When President Muhamadu Buhari came on board in 2015, he promised to cut
down on the waste of public resources and assured Nigerians his
administration would cut down on the number of aircraft (on the PAF)
inherited from former President Goodluck Jonathan.

 

The PAF is widely considered the second-largest airline in the country,
after Nigeria's biggest but now troubled airline, Arik Air. For years,
maintenance of the PAF has remained a controversial subject, as many
Nigerians considered the fleet a waste of scarce resources.

 

The Jonathan government was heavily criticised for its failure to cut down
on the number of aircraft in the PAF.

 

In November 2015, presidential spokesperson, Garba Shehu, said there were 10
aircraft in the fleet. They included two each of Augusta 149, Augusta 101
and Falcon 7X, as well as one each of HS 4000, G500, G550 and 737 BBJ
series.

 

By October 2016, the Buhari administration advertised the sale of two of the
aircraft - a Falcon 7X executive jet and Hawker 4000. The proposed sale was
however scuttled by negotiations, officials said at the time.

 

When contacted for details of the proposed sale at the time, Mr Shehu told
PREMIUM TIMES that the sale of the Falcon and the Hawker was still to be
concluded.

 

"The bids are being reviewed by both sides. One thing I want to assure
Nigerians is that the present administration is determined to secure the
country's best interest in a market that is sounding hawkish," he said.

 

Nothing has been heard of the proposed sale ever since.

 

When PREMIUM TIMES reached out to Mr Shehu on Wednesday, he did not reply to
a text message nor answer his telephone line.

 

(This report is part of the fulfilment for the ATUPA fellowship by Civic
Hive in collaboration with the U.S Embassy).-Premium Times.

 

 

 

South Africa: SA Economy - Jobs Blight Worsens

South Africa's official unemployment rate is north of 30% again, while the
expanded definition, which includes discouraged job seekers, has climbed
beyond 43%, data for the third quarter of 2020 shows. Both are record highs.

 

First published in DM168

 

So it's official: unemployment remains South Africa's national tragedy and
President Cyril Ramaphosa's greatest challenge. All the talk about
attracting investment and growing the economy will mean nothing if the ranks
of the unemployed don't start shrinking.

 

Statistics South Africa (StatsSA) said on Thursday that the official
unemployment rate rose 7.5 percentage points to a record high of 30.8%. But
that was off a distorted base in the previous quarter, when many people
stopped looking for work or were unable to do so during the hard lockdown to
contain the Covid-19 pandemic.

 

"The results ... for the third quarter of 2020 indicate large movements out
of the 'other not economically active' category to 'employed' and
'unemployed' between Q2 and Q3 2020. The number of employed persons
increased by 543,000 to 14.7 million compared to the second quarter of
2020," StatsSA said.

 

"Unemployment increased substantially by 2.2 million to 6.5 million compared
to Q2 of 2020 resulting in an increase of 2.8...-Daily Maverick.

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2020

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


Simbisa Brands

AGM

SAZ, Northend Close, Borrowdale, Harare as well as virtually on:
https:/escrowagm.com/eagmZim/Login.aspx

20/11/2020 | 8:15am

 


Axia Corporation

AGM

virtual https://escrowagm.com/eagmZim/login.aspx

24/11/2020 | 8:14am

 


Zimbabwe

National Unity Day

Zimbabwe

22/12/2020

 


 

Christmas Day

 

25/12/2020

 


 

Boxing Day

 

26/12/2020

 


 

New Year’s Day

 

01/01/2021

 


Companies under Cautionary

 

 

 


 

 

 

 


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