Major International Business Headlines Brief::: 18 November 2020

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Major International Business Headlines Brief::: 18 November 2020

 


 

 


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ü  Covid-19 shakes up world’s most expensive city club

ü  Ban on new petrol and diesel cars in UK from 2030 under PM's green plan

ü  Cryptocurrency: Bitcoin hits three-year high as investors jump in

ü  British Airways to launch Covid testing trial for arrivals

ü  EasyJet slumps to first annual loss amid pandemic

ü  Amazon launches online pharmacy service

ü  U.S. to approve 737 MAX return as Boeing faces strong headwinds

ü  How two companies sprinted ahead in extraordinary race for a COVID
vaccine

ü  U.S. judge dismisses part of diesel criminal case against Fiat Chrysler
engineer

ü  Malaysia's Najib seeks to depose Goldman Sachs, ex-banker in 1MDB defence

ü  Tesla surges as fund managers face big decision: How much to own

ü  Nissan's UK business tough to sustain without Brexit trade deal: COO
Gupta

ü  Rwanda: Top Kigali Restaurants Closed Over Hygiene, Safety

ü  Africa: Inefficient Energy Killing 600,000 Women, Children Annually

ü  Kenya: Debt Weighs Down Country's Economic Growth Outlook

 

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


Covid-19 shakes up world’s most expensive city club

The world’s three most expensive cities are now Hong Kong, Zurich and Paris,
according to a new cost of living report.

 

Singapore and Osaka, which were equal first with Hong Kong last year, have
slipped down the rankings.

 

The Economist Intelligence Unit’s annual survey said Singapore’s prices fell
because of an exodus of foreign workers due to the Covid-19 pandemic.

 

Most Chinese cities have risen as US-China tensions push up prices.

 

“Asian cities have traditionally dominated the rankings in the past years
but the pandemic has reshuffled the rankings of this edition,” said Upasana
Dutt, the EIU’s Head of Worldwide Cost of Living.

 

Bangkok also slipped twenty places, and is now ranked 46th most expensive.

 

The EIU’s report is geared towards expatriates, with the data used by
multinationals to help them calculate the cost of business trips and
expatriate packages.

 

In previous years Singapore government figures and academics at the Lee Kuan
Yew School for Public Policy have taken issue with the rankings, suggesting
the index more closely reflects expatriate lifestyles than local expenses.

 

This year, it appears foreign workers may have dragged Singapore lower on
the list, with a 2.1% decline in the non-resident population sending prices
lower.

 

“With the city state’s overall population contracting for the first time
since 2003, demand has declined and deflation has set in,” the report said.

 

Expensive Europe

Cities in the Americas, Africa and Eastern Europe have become less expensive
since last year, while Western European cities have become costlier.

 

Western Europe accounted for four of the ten most expensive cities on the
index, with Zurich and Paris taking equal first place.

 

Geneva and Copenhagen were seventh and ninth respectively.

 

This partly reflects the relative strength of European currencies on an
index that compares every city to the cost of living in New York.

 

The biggest price gains were in Iran’s capital Tehran, which moved 27 places
up the rankings due to US sanctions, which have impacted the supply of
goods.

 

Pricey cigarettes, cheap shirts

The EIU's Worldwide Cost of Living index compared the prices of 138 goods
and services in about 130 major cities in September.

 

Overall, prices have been fairly flat, but the report said the prices of
essential goods have been more resilient than those of non-essential goods.

 

Logistical challenges also affected prices, with shortages of goods such as
toilet roll and pasta fuelling price rises in some categories.

 

Of the ten categories covered by the report, tobacco and recreation saw the
biggest price increases, while clothing prices have seen the steepest
decline.

 

“In terms of consumer goods, there has been a sharp increase in the prices
of computers, while clothing prices have seen a decline,” said Ms Dutt.--BBC

 

 

 

Ban on new petrol and diesel cars in UK from 2030 under PM's green plan

New cars and vans powered wholly by petrol and diesel will not be sold in
the UK from 2030, Boris Johnson has said.

 

But some hybrids would still be allowed, he confirmed.

 

It is part of what the prime minister calls a "green industrial revolution"
to tackle climate change and create jobs in industries such as nuclear.

 

Critics of the plan say the £4bn allocated is far too small for the scale of
the challenge.

 

The total amount of new money announced in the package is a 25th of the
projected £100bn cost of high-speed rail, HS2.

 

The government says it is part of a broader £12bn package of public
investment that is expected to draw in much more private sector funding.

 

The plan includes provision for a large nuclear plant - likely to be at
Sizewell in Suffolk - and for advanced small nuclear reactors, which it is
hoped, will create an estimated 10,000 jobs at Rolls-Royce and other firms.

 

The government hopes that as many as 250,000 jobs will be created overall -
especially in the north of England and in Wales, with 60,000 in offshore
wind.

 

The clean energy revolution will also affect some people's homes.

 

The government will bring forward, to 2023, the date by which new homes will
need to be warmed without using gas heating.

 

Free home insulation: Too good to be true?

It will aim to install 600,000 heat pumps a year by 2028 - these are
low-energy electrical devices for warming homes.

 

And it has extended the Green Homes Grant for home insulation for a year
after the first tranche was massively over-subscribed.

 

Clean hydrogen will be blended into the natural gas supply to reduce overall
emissions from gas, and the government wants a town to volunteer for a trial
of 100% hydrogen for heat, industry and cooking.

 

The hydrogen - attracting a subsidy of up to £500m - will be produced in
places such as north-east England, partly by energy from offshore wind.

 

The government wants to breathe new life into de-industrialised areas by
teaming hydrogen production with the manufacture of wind turbines, and with
four clusters of firms using carbon capture and storage.

 

This is when emissions from chimneys are captured and forced into rocks
underground. The hope is to transform depressed areas into high-tech hubs.
This will get funding of an extra £200m.

 

Another key point of the plan is a £1.3bn investment in electric vehicle
(EV) charging points. Grants for EV buyers will stretch to £582m to help
people make the transition.

 

There is also nearly £500m for battery manufacture in the Midlands and
north-east England.

 

The UK is now in second place after Norway, with its fossil fuel vehicle
abolition date of 2025.

 

UK car makers have warned about the scale of the challenge, but the
government believes that forcing technological change can give firms a
competitive edge.

 

Experts said the £4bn would go a long way if it were spent on
labour-intensive insulation, but not far if ploughed into expensive,
mechanised carbon capture.

 

The prime minister said: "My 10-point plan will create, support and protect
hundreds of thousands of green jobs, whilst making strides towards net zero
by 2050.

 

"Our green industrial revolution will be powered by the wind turbines of
Scotland and the North East, propelled by the electric vehicles made in the
Midlands and advanced by the latest technologies developed in Wales, so we
can look ahead to a more prosperous, greener future."

 

The prime minister made it clear that his plans aim to create jobs and
address climate change at the same time. This time next year he will host an
international climate summit in Glasgow, known as COP.

 

The COP - or COP26 UN summit, which was postponed by 12 months because of
the pandemic - is seen as the most important round of talks to tackle
climate change since the Paris Agreement in 2015.

 

The plans are aimed to put the UK on track to meet its goal of net zero
emissions by 2050.

 

·         Offshore wind: Produce enough offshore wind to power every home in
the UK, quadrupling how much it produces to 40 gigawatts by 2030, and
supporting up to 60,000 jobs.

·         Hydrogen: Have five gigawatts of "low carbon" hydrogen production
capacity by 2030 - for industry, transport, power and homes - and develop
the first town heated by the gas by the end of the decade.

·         Nuclear: Pushing nuclear power as a clean energy source and
including provision for a large nuclear plant, as well as for advanced small
nuclear reactors, which could support 10,000 jobs.

·         Electric vehicles: Phasing out sales of new petrol and diesel cars
and vans by 2030 to accelerate the transition to electric vehicles and
investing in grants to help buy cars and charge point infrastructure.

·         Public transport, cycling and walking: Making cycling and walking
more attractive ways to travel and investing in zero-emission public
transport for the future.

·         Jet zero and greener maritime: Supporting research projects for
zero-emission planes and ships.

·         Homes and public buildings: Making homes, schools and hospitals
greener, warmer and more energy efficient, including a target to install
600,000 heat pumps every year by 2028.

·         Carbon capture: Developing world-leading technology to capture and
store harmful emissions away from the atmosphere, with a target to remove 10
million tonnes of carbon dioxide by 2030 - equivalent to all emissions of
the industrial Humber.

·         Nature: Protecting and restoring the natural environment, with
plans to include planting 30,000 hectares of trees a year.

·         Innovation and finance: Developing cutting-edge technologies and
making the City of London the global centre of green finance.

 

 

'Falls well short'

Shadow business secretary Ed Miliband criticised the plan, saying that the
funding "in this long-awaited" announcement does not "remotely meet the
scale of what is needed" to tackle unemployment and the climate emergency.

 

"Only a fraction of the funding announced today is new."

 

He said Labour wanted the government to bring forward £30bn of capital
investment over the next 18 months and invest it in low-carbon sectors to
support 400,000 additional jobs.

 

The Green Party called for a transformation of the entire economy to reduce
emissions, including scrapping the £27bn road-building programme, which will
actually increase emissions.

 

Mike Hulme, professor of human geography at the University of Cambridge,
said critics should not "nit-pick about precise details" of the plan as it
was "far more important is to endorse the direction of travel that has been
set for the next decade".

 

Tanya Steele from WWF-UK said the government had "fired the starting gun on
the action we need to see".

 

She added: "We now need the chancellor to live up to the ambition expressed
today through a spending review that tests every line of public spending to
ensure it's compatible with meeting our climate goals."--BBC

 

 

 

Cryptocurrency: Bitcoin hits three-year high as investors jump in

Bitcoin, the world's best-known cryptocurrency, has jumped above $17,000
(£12,800) to hit a three-year high.

 

The digital currency has suffered plenty of wild price swings since it was
launched in 2009.

 

But investors have been flocking to cryptocurrencies during the
pandemic-driven volatility on global stock markets.

 

However, experts have cautioned about viewing them as a "safe haven".

 

On Wednesday, Bitcoin had climbed more than 7% to $17,891, its highest level
since December 2017.

 

Some analysts said the Covid-19 pandemic has encouraged investors to
reassess the long-term outlook for Bitcoin and other cryptocurrencies.

 

But there are still concerns about the fraudulent trading in
cryptocurrencies following a succession of high-profile hacks.

 

'Bouncing like a yo-yo'

During times of volatility, investors tend to move their money out of shares
and into what are considered safer havens, like cash and gold.

 

Some feel cryptocurrencies are now being viewed as a shelter from stock
market volatility.

 

"Covid-19 has disrupted the traditional safe-haven trade and gold's
inability to outperform. Periods of extreme risk aversion have forced many
traders to diversify into Bitcoin," said Edward Moya, at trading firm Oanda.

 

One attraction of Bitcoin is its limited supply, which is capped at 21
million.

 

Some feel this scarcity provides an innate value and shields Bitcoin from
inflation, which is becoming a worry.

 

But Shane Oliver, head of investment strategy and chief economist at AMP
Capital, warned about jumping into Bitcoin.

 

"Its huge volatility hardly makes it a safe haven as a store of value. I
have far more confidence in the $50 note in my wallet retaining its value
over time than Bitcoin, which seems to bounce around like a yo-yo."

 

Going mainstream

Last month, PayPal announced that its customers will be able to buy and sell
Bitcoin and cryptocurrencies using their PayPal accounts, allowing customers
to buy things from the 26 million sellers which accept PayPal, it said.

 

PayPal plans to roll out buying options in the US over the next few weeks,
with the full rollout due early next year.

 

But Oanda's Mr Moya warned traders to prepare for more volatility.

 

"The amount of hedge funds and high-frequency trading systems driving
Bitcoin higher will likely deliver exaggerated moves once its price nears
the $20,000 level," he added. "Traders need to expect $1,000 swings in a
matter of minutes."

 

Some believe the recent rise in Bitcoin is partly driven by the "fear of
missing out" (FOMO).

 

"Its rebound is creating more interest from speculators and so they are
jumping in which then pushes it even higher," added Mr Oliver.

 

"I think most people would put more faith in a digital currency run by their
government rather than one like Bitcoin that they have trouble understanding
or explaining."

 

China is one such country working towards launching its own
government-backed digital currency - known as Digital Currency Electronic
Payment (DCEP).

 

One trader, Jon Son, told the BBC: "I think more people are beginning to buy
Bitcoin first not to miss the rise and then research into what exactly
Bitcoin is."--BBC

 

 

 

British Airways to launch Covid testing trial for arrivals

British Airways is to launch a voluntary Covid-19 test for passengers
travelling to the UK from three US airports.

 

The airline wants to persuade governments that testing travellers will make
quarantining unnecessary.

 

American Airlines is also taking part in the trial, which follows a similar
effort by United Airlines.

 

The government is looking at how testing can reduce the time travellers to
the UK need to self-isolate.

 

British Airways owner IAG has long criticised the 14-day quarantine imposed
on arrivals, saying it deters people from flying and damages airlines.

 

It is also trying to convince the US government to open its borders to UK
nationals, who have been barred since March.

 

And British Airways flight BA114 from New York John F. Kennedy to Heathrow.

Customers will be tested 72 hours before their trip, as well as during and
after travelling.

 

If they test positive before travelling, they will have to reschedule or
cancel their flight, but will be able to rebook at a later date without a
fee.

 

The trial will run to mid-December, and British Airways would like to test
500 passengers.

 

Boss chief executive Sean Doyle, who was parachuted into the role in
October, said: "If we have a testing formula it gives people certainty from
which they can plan."

 

He added that he was "confident" the airline would demonstrate that a test
three days before flying would make quarantining unnecessary.

 

Heathrow is already offering rapid coronavirus tests for people travelling
to destinations where proof of a negative result is required on arrival.

 

It comes as airlines struggle with a massive slump in demand that has cost
the industry $84.3bn (£64bn) in lost sales globally this year.

 

The UK government has set up a taskforce to look at how tests could reduce
the quarantine period for people flying to the UK, but it says travellers
would still need to isolate for a number of days.

 

A Department for Transport spokesperson said: "The government's Global
Travel Taskforce is working at pace, with clinicians, devolved
administrations and the travel industry to develop measures as quickly as
possible to protect air connectivity and consider how testing could be used
to reduce the self-isolation period."—BBC

 

 

 

EasyJet slumps to first annual loss amid pandemic

EasyJet has reported its first annual loss in the airline's 25-year history
as the coronavirus crisis continues to affect the travel industry deeply.

 

The airline posted a loss of £1.27bn for the year to 30 September as
revenues more than halved.

 

EasyJet added that it expected to fly at just 20% of normal capacity into
next year.

 

The pandemic has hit airlines hard, with lockdowns and restrictions cutting
the number of people travelling.

 

However, EasyJet welcomed the possibility of a Covid-19 vaccine being rolled
out, and said underlying demand was strong for air travel.

 

Chief executive Johan Lundgren told BBC Radio 4's Today programme said that
the recent developments on Covid vaccines "certainly is good news, because
we know that is going to be a very critical part of the recovery".

 

"But I don't think it's only about the vaccine, I think it's also about the
fact that we need to have testing in place, we need to have also refined
development of the quarantine system," he added.

 

"We know that people want to travel. On the news of the vaccine last Monday,
bookings were up close to 50%, so it just gives evidence to the fact that
any good news that comes out of here makes people more confident making
bookings going forward."

 

EasyJet results chart

EasyJet's revenues plunged due to government travel restrictions in most of
its markets, the airline said.

 

These included full national lockdowns, which led the airline to ground its
entire fleet for 11 weeks.

 

There was some recovery in demand in the summer as lockdowns were eased, but
widespread quarantine restrictions in September once again eroded demand, it
said.

 

The news on possible vaccines may be good, but EasyJet is still hunkering
down for a long, hard winter, running a fifth of its normal schedule.

 

The airline was one of the original standard bearers for low-budget aviation
in Europe. Its business model has always been focused on cost control.

 

Even so, it has had to cut its outgoings aggressively in order to save cash.
A tight belt has become even tighter - although deals with unions allowed it
to tone down plans for sweeping redundancies.

 

The simple fact is that if airlines can't fly, they can't make money, and
even a relatively lean operation like EasyJet will burn through cash.

 

But there is one positive. The airline believes that passengers still want
to fly and demand will be there once travel restrictions have been removed.

 

The pandemic has put great pressure on EasyJet's finances, forcing it to
take on more debt, go to shareholders for extra cash, and sell dozens of its
aircraft.

 

Mr Lundgren said that in the near future EasyJet should not need more than
the £3bn it has already raised.

 

"No, we think we're in a good position at this moment in time," he told the
Today programme.

 

"But we always also said that we're going to continue to review all the
options that are out there to make sure we can cope with the circumstances,
and you know, there's still a lot of uncertainty about when the recovery is
going to take place."

 

EasyJet has been making use of UK government support, borrowing £600m in
April.

 

The airline said on Tuesday that after talks with the Bank of England and
the Treasury, it would extend its borrowing under the government Corporate
Finance Facility scheme, and stagger repayments.

 

'Pent up demand'

EasyJet's results "show the stark reality of a global pandemic on a once
profitable airline," said Julie Palmer, partner at Begbies Traynor.

 

"With the vaccine offering light at the end of a very long tunnel EasyJet
will have to navigate its way through a lengthy winter saddled with
considerable debt."

 

The airline's management "has administered some tough medicine" she said,
including cutting its workforce and "even flying its planes slower to reduce
its fuel bill".

 

"However, if EasyJet can keep its head above water it could really fly in
the second half of 2021 as pent up consumer demand fuels a return to foreign
holidays," Ms Palmer added.--BBC

 

 

 

Amazon launches online pharmacy service

Amazon has launched its own online pharmacy that will allow customers to buy
prescription medicines.

 

Amazon Prime members are eligible for free two-day delivery and discounts of
up to 80% on generic medicines and 40% on prescribed brand-name drugs.

 

Customers need to provide some basic health information, such as whether
they are pregnant, as well as date of birth, gender and insurance details.

 

Some questioned the wisdom of giving health data to a tech corporation.

 

Amazon Pharmacy vice-president TJ Parker said it was hoping to transform an
industry that "can be inconvenient and confusing".

 

"We work hard behind the scenes to handle complications seamlessly so anyone
who needs a prescription can understand their options, place their order at
the lowest available price and have their medication delivered quickly," he
said.

 

'Data problem'

Doctors can send prescriptions directly to Amazon Pharmacy, currently
available in the US only, or patients can request a transfer from their
existing retailer.

 

Amazon, which acquired online pharmacy Pillpack for $753m (£568) in 2018,
said health data would remain separate and distinct from that on its retail
site and no information would be shared with advertisers without permission.

 

But former Amazon executive James Thomson previously told BBC News he could
imagine Amazon offering gym equipment, specific groceries or other products
based on the health data of a particular customer.

 

"When those types of things start to happen, I believe it will become much
more apparent that we have a major major data problem here," he said.—BBC

 

 

 

U.S. to approve 737 MAX return as Boeing faces strong headwinds

WASHINGTON/SEATTLE (Reuters) - After nearly two years of scrutiny, corporate
upheaval and a standoff with global regulators, Boeing Co is set on
Wednesday to win approval from the U.S. Federal Aviation Administration to
fly its 737 MAX jet again after two fatal disasters.

 

The FAA will detail software upgrades and training changes Boeing must make
in order for it to resume commercial flights after a 20-month grounding, the
longest in commercial aviation history.

 

The 737 MAX crashes in Indonesia and Ethiopia killed 346 people within five
months in 2018 and 2019 and triggered a hailstorm of investigations, ousted
executives, frayed U.S. leadership in global aviation and cost Boeing some
$20 billion.

 

The U.S. planemaker’s best-selling jet will resume commercial service facing
strong headwinds like a resurgent coronavirus pandemic, new European
tariffs, and mistrust of one of the most scrutinized brands in aviation.

 

“Our family was broken,” Naoise Ryan, whose 39-year-old husband died aboard
Ethiopian Airlines flight 302, told a news conference on Tuesday. “We are
suffering and we’ll most likely continue to suffer for a very long time, if
not for the rest of our lives.”

 

The 737 MAX is a re-engined upgrade of a jet first introduced in the 1960s.
Single-aisle jets, like the MAX and Airbus’ rival A320, are short-haul
workhorses that dominate global fleets and provide a major source of
industry profit.

 

Anticipating FAA approval, American Airlines plans to relaunch commercial
MAX flights on Dec. 29. Southwest Airlines, the world’s largest MAX
operator, does not plan to fly the aircraft until the second quarter of
2021.

 

When it does fly, Boeing will be running a 24-hour war room to monitor all
MAX flights for issues that could impact the jet’s return, from stuck
landing gear to health emergencies, three people familiar with the matter
said.

 

LONG RUNWAY AHEAD

FAA Administrator Steve Dickson is expected to sign an order lifting the
flight ban on Wednesday and the agency is set to release an airworthiness
directive detailing the required changes.

 

The FAA is requiring new pilot training and software upgrades to deal with a
stall-prevention system called MCAS, which in both crashes repeatedly and
powerfully shoved down the jet’s nose as pilots struggled to regain control.

 

Leading foreign regulators in Europe, Brazil and China also must issue their
own approvals after independent reviews - illustrating how the 737 MAX
crashes upended a once U.S.-dominated airline safety system in which nations
large and small for decades moved in lock-step with the FAA.

 

The FAA, which has faced accusations of being too close to Boeing in the
past, said it would no longer allow Boeing to sign off on the airworthiness
of some 450 already-built 737 MAXs. So it plans in-person, individual
inspections that could take a year or more to complete, prolonging the jets’
delivery.

 

Boeing meanwhile is scrambling to keep up maintenance and find airline
buyers for many of its mothballed 737 MAXs since the coronavirus downturn
sapped airlines’ desire to refresh fleets.

 

Even with all the hurdles, resuming deliveries of the 737 MAX will open up a
crucial pipeline of cash for Boeing and hundreds of parts suppliers whose
finances were strained by production cuts linked to the jet’s safety ban.

 

Numerous reports have faulted Boeing and the FAA on the plane’s development.
A U.S. House of Representatives report in September said “Boeing failed in
its design and development of the MAX, and the FAA failed in its oversight
of Boeing and its certification of the aircraft.”

 

The report said Boeing made “faulty design and performance assumptions,”
while it also criticized Boeing for withholding “crucial information from
the FAA, its customers, and 737 MAX pilots” including “concealing the very
existence of MCAS from 737 MAX pilots.”

 

The House on Tuesday unanimously passed a bill to reform how the FAA
certifies airplanes, while a Senate panel is to consider a similar bill on
Wednesday.

 

 

 

How two companies sprinted ahead in extraordinary race for a COVID vaccine

(Reuters) - Just as the novel coronavirus was gaining a foothold in the
United States in mid-March, Pfizer Inc Chief Executive Albert Bourla called
on his top vaccine scientists and laid out a clear mission:

 

“He basically said, ‘Your mandate is to get this vaccine made. And if you
need resources, you come and you ask for them, and you’re going to get
them’,”chief viral vaccine scientist Philip Dormitzer told Reuters.

 

The assignment was both inspiring and daunting. It provided researchers with
the backing to tackle something that had never been done before: design a
vaccine to stop a pandemic in its tracks in less than a year.

 

“He did not want us to focus on the potential barriers we might face, but
instead said that it is much better to try to do something that seemed
impossible, and even if you don’t succeed, you still (will) have done
something great, ” said Dormitzer, noting that new vaccine development can
cost on the order of $1 billion.

 

What followed was a full-bore effort carried out under strict coronavirus
lockdown conditions, borrowing elements from ongoing flu and cancer
research, according to Reuters interviews with half a dozen scientists
critical to the vaccine program run by Pfizer and its German partner
BioNTech SE. On Nov. 9, the companies reported the first promising results
from large-scale, scientifically rigorous clinical trials around the world -
although potential roadblocks remain and widespread distribution is not
expected until at least April.

 

On Monday, Moderna Inc, a scrappy biotech with nearly $1 billion in research
and development backing from the U.S. government, announced what appeared to
be its own successful vaccine, using the same new technology that brought
Pfizer such rapid results.

 

Both companies have reported preliminary findings of more than 90%
effectiveness - an unexpectedly high rate - raising hope for an end to the
pandemic that has killed more than 1.3 million people globally, upended
economies and disrupted daily life for billions of people.

 

Their work validates that of several tiny biotechnology firms, which for
years have been laboring to prove a once-unorthodox idea: The human body can
act as its own vaccine factory. Both the Pfizer and Moderna inoculations
work by injecting people with customized genetic code that instructs human
cells to make key virus proteins to induce an immune response.

 

In Pfizer’s and BioNTech’s case, decision-making that normally would take
months was reduced to days, including the crucial call on which vaccine
version to use in a human clinical trial that has enrolled about 44,000
people worldwide so far.

 

In many ways, however, the work has just begun. Pfizer-BioNTech and Moderna
still must finalize their data on efficacy and safety, and share that
information with the scientific community and regulators - including the
U.S. Food and Drug Administration, which will make the call on whether to
authorize the vaccines for emergency use. The companies will have to
increase production to as much as 2 billion doses or more by the end of 2021
- and face a massive task in distributing them.

 

BORROWING FROM FLU AND CANCER RESEARCH

Pfizer’s Dormitzer is more prepared than many to meet the challenges, having
led research efforts at Novartis AG in the 2009 H1N1 swine flu pandemic.
That project produced three licensed vaccines in the most rapid pandemic
vaccine response until now.

 

At Novartis AG, Dormitzer began testing novel ways to make vaccines using
messenger ribonucleic acid, or mRNA, which contains instructions for human
cells. In this case, scientists introduce mRNA instructions for cells to
make a portion of a virus, which the immune system recognizes as a threat
and counters with a protective response. No actual virus is involved in the
process.

 

By contrast, to create a typical vaccine, scientists use bits of dead or
weakened virus, which are then injected to produce the immune response.

 

The appeal of mRNA vaccines - and a key secret to their speed - is they are
plug-and-play: The mRNA vehicle does not need to change, only the specific
genetic instructions it carries. If the virus changes or mutates, the
details of the instructions can be altered accordingly.

 

 

At Pfizer, one of Dormitzer’s colleagues, Julia Li, had been scouting for
potential partners with mRNA technology for a few years. Li settled on a
little-known German biotech firm called BioNTech that was using mRNA
technology to make cancer treatments. The company was co-founded by Chief
Executive Ugur Sahin and his wife, Chief Medical Officer Oezlem Tuereci.

 

“I originally wasn’t that interested,” Dormitzer said. “Why would I look at
an oncology company?” he recalled. “We’re doing viral infectious diseases.”

 

Li saw something more. BioNTech had mRNA production capacity, a solid team
of scientists and a desire to start working on infectious diseases. “We
ended up going into Germany and meeting the folks at BioNTech,” said
Dormitzer.In August 2018, the two companies began work on an mRNA-based flu
vaccine.

 

Already concerned about a possible coronavirus pandemic, Sahin decided in
January that BioNTech should begin developing a vaccine, said Katalin
Karikó, the company’s senior vice president and one of the pioneers behind
the mRNA technology. The CEO designed several of the vaccine candidates
himself, she said.

 

Again, the companies proved to have complementary skills. “BioNTech is a
smaller company, more flexible,” said Karikó. “A big pharma, like Pfizer,
has the infrastructure, knows how to scale up, how to run things.”

 

In early March, the pair decided to expand their partnership, embarking on a
coronavirus vaccine deal worth up to $750 million.

 

Both companies recognized that mRNA vaccines work very differently in
animals compared to humans. For that reason, after doing preliminary animal
studies to ensure vaccine candidates were safe, they pared back additional
animal studies, which are aimed at identifying the single best candidate,
and moved into human trials with several prototype vaccines.

 

In the spring, the drugmakers’ first human trials began, starting with the
phase 1 safety trials in Germany in April, followed by those in the United
States in May. They tested four versions in all. The aim was “to figure out
in a quick, quick clip, what really was working best in people,” Dormitzer
said.

 

Pfizer and BioNTech disclosed preliminary Phase 1 data on 45 U.S. adult
volunteers on July 1, showing one version of the vaccine - called B1 for
short - appeared to be safe. Scientists noticed then that the vaccine
appeared to induce antibody production exceeding that in people who
recovered on their own from COVID-19.

 

On July 20, the companies’ German trial indicated for the first time that
the vaccine also induced production of T-cells that are thought to be
important in activating an immune response against the coronavirus.

 

The two companies believed they were ready to test this candidate in a
clinical trial that would ultimately enroll 44,000 people in the United
States, Argentina, Brazil, Germany, South Africa and Turkey.

 

But on July 24, just days before they were scheduled to start the crucial
trial, data on a different candidate called B2 became available. That
version turned out to produce a similar immune response to B1, but had fewer
side effects in older adults.

 

The researchers pivoted quickly to B2.

 

Work proceeded so fast that some researchers went weeks without seeing their
families. Dormitzer hasn’t seen his wife and kids since March, apart from
Zoom calls.

 

“The urgency, the coordination, the intensity, I’ve never felt it more
strongly 
 there is no downtime,” said Dr. Pei-Yong Shi of the University of
Texas Medical Branch in Galveston, who developed a new method to test the
strength of the antibodies generated by the vaccine.

 

At the same time, hundreds of workers at the Pfizer research center in Pearl
River, New York, were held to rigorous coronavirus prevention protocols:
They couldn’t touch door handles so all doors were propped open. They had to
list everyone they came into contact with every day so that if anyone got
sick, they’d have a map of potential exposures.

 

As the late-stage trial quickly enrolled volunteers, Pfizer’s Bourla
announced that efficacy data could come as early as October. It took a
little longer - but not by much.

 

On November 9, based on results from a total of 94 infections, Pfizer made
its bombshell announcement. Dormitzer says he only learned the apparent
efficacy of the vaccine hours before the public did.

 

“I don’t think any of us expected to see greater than 90% efficacy,”
Dormitzer said, adding that the FDA had specified a goal of at least 50%.

 

Karikó said she never had any doubt the vaccine would work. “We could see
the high level of cellular immune responses,” she said. “I was not nervous.
I was so confident.”

 

 

 

U.S. judge dismisses part of diesel criminal case against Fiat Chrysler
engineer

WASHINGTON (Reuters) - A judge in Detroit on Tuesday dismissed a portion of
a criminal case against a Fiat Chrysler FCHA.MI senior manager who was
charged as part of the government's probe into cheating on diesel emissions
tests by the automaker.

 

Emanuele Palma was charged in September 2019 with making and causing Fiat
Chrysler to make misstatements to U.S. regulators about diesel engines’
emission control systems and wire fraud.

 

Of the 13 count indictment, U.S. District Court Judge Nancy Edmunds
dismissed four counts and a portion of one count - all relating to wire
fraud, ruling the causal connection between the alleged deceit and
customers’ loss of money was “tenuous at best.”

 

Palma, an Italian citizen and auto engineer, is set to go trial in April
2021.

 

The U.S. Attorney’s Office in Detroit, Fiat Chrysler and lawyers for Palma
did not immediately comment late Tuesday.

 

U.S. officials embarked on a wide-ranging investigation into diesel
emissions cheating in the auto industry after Volkswagen AG VOWG_p.DE
admitted in September 2015 to using secret software to evade emissions
rules.

 

Nine people have been charged in the Volkswagen probe, while only Palma has
been charged in the Fiat Chrysler case. Two people charged in the Volkswagen
case received prison sentences after pleading guilty, while the other seven
including former CEO Martin Winterkorn remain abroad and have never made
U.S. court appearances.

 

Fiat Chrysler in January 2019 agreed to an $800 million settlement to
resolve civil claims from the Justice Department, California Air Resources
Board and vehicle owners that it used illegal software which produced false
results on diesel-emissions tests.

 

Last month, the Italian-American automaker recognized a new 222 million euro
($263 million) provision to settle matters primarily related to the DOJ’s
ongoing criminal probe into diesel emissions.

 

Fiat Chrysler said at the time that settlement talks were ongoing and it was
not clear if an agreement would be reached.

 

It separately agreed in September to pay $9.5 million to settle allegations
by the Securities and Exchange Commission that it misled investors over its
compliance with emissions regulations.

 

 

 

 

Malaysia's Najib seeks to depose Goldman Sachs, ex-banker in 1MDB defence

KUALA LUMPUR (Reuters) - Former Malaysian prime minister Najib Razak asked a
U.S. court on Tuesday for permission to seek documents and testimony from
investment bank Goldman Sachs to help in his defence against criminal
charges in Malaysia over the 1MDB financial scandal.

 

Najib, who is on bail after being sentenced to 12 years in jail in July on
charges of corruption and money laundering, is expected to appeal the
conviction in February and faces four more trials related to the scandal.

 

The U.S. Justice Department has said about $4.5 billion was misappropriated
from state fund 1Malaysia Development Berhad (1MDB), which Najib co-founded
in 2009, including some funds Goldman had helped raise for the firm.

 

In a court filing in New York, Najib said Goldman Sachs and its former
Southeast Asia chairman, Tim Leissner, probably had evidence that 1MDB
officials schemed to defraud the fund and were now falsely implicating him
to avoid responsibility.

 

Najib added that efforts by Leissner and others to hide the money trail
misled him to believe that 1MDB funds that went into his accounts were
political donations from the Saudi royal family.

 

“This effort spanned continents and multiple jurisdictions, included the
deployment of an array of shell companies, and involved numerous
individuals,” Najib said in the filing.

 

A Goldman Sachs spokesman declined to comment, as did a lawyer for Leissner.

 

Goldman has agreed to pay more than $5 billion, including a record $2.9
billion in the United States, to settle investigations into its role in
underwriting $6.5 billion in bond sales for 1MDB.

 

Leissner pleaded guilty to conspiracy to launder money and conspiracy to
violate the Foreign Corrupt Practices Act in 2018.

 

 

 

Tesla surges as fund managers face big decision: How much to own

(Reuters) - Love it or hate it, a much broader universe of portfolio
managers will soon have to take a stance on Tesla’s stock, which surged 8%
on Tuesday following the announcement that it will join the S&P 500.

 

The electric car maker’s stock market value shot up about $40 billion on
expectations that Tesla’s inclusion in Wall Street’s most-followed U.S.
stock index in December, announced late on Monday, will force passive funds
tracking the index to buy over $50 billion of its shares.

 

Its inclusion will also force actively managed funds that try to beat the
S&P 500 to grapple with a question many have avoided for years: whether to
own shares of Wall Street’s most controversial companies, and if so, how
many?

 

“Tesla is a very under-owned stock across actively managed funds,” said King
Lip, chief investment strategist at Baker Avenue Asset Management in San
Francisco, which owns Tesla shares.

 

“If Tesla starts to take off
 and if they don’t own Tesla, then they are
going to underperform by a pretty meaty amount,” he said.

 

Many fund managers until now have avoided Tesla, according to Lip, because
its low profitability and high debt exclude it from screening lists drawn up
by fund managers considering new investments.

 

Refinitiv Eikon data shows that, excluding index funds, about 700 investment
funds own or recently owned Tesla, compared to over 2,100 funds owning
Johnson & Johnson JNJ.N, an S&P 500 component with a value similar to Tesla.

 

Up over 400% in 2020, the California-based car maker has become the most
valuable auto company in the world, by far, despite production that is a
fraction of rivals such as Toyota Motor 7203.T, Volkswagen VOWG_p.DE and
General Motors GM.N.

 

Entry to the S&P 500 will put Tesla among the index's 10 most valuable
companies, larger than JPMorgan Chase JPM.N and approaching the value of
Visa V.N.

 

Many investors believe Tesla’s stock is in a bubble, and some have warned
against adding it to the S&P 500 at current levels. Adding to uncertainty
around Tesla is Chief Executive Elon Musk, viewed by many as a genius
entrepreneur, but who in 2018 agreed to pay $20 million and step down as
chairman to settle fraud charges.

 

With Tesla in the S&P 500, actively managed funds that avoid its shares will
risk falling behind if Tesla’s blistering rally continues. On the other
hand, they may find themselves ahead if they keep the company out of their
portfolios and the stock’s high-flying performance reverses.

 

“Many active managers shadow the S&P 500, so this makes it more difficult
for them to ignore Tesla,” said Quincy Krosby, chief market strategist at
Prudential Financial in Newark, New Jersey.

 

Krosby compared Tesla’s inclusion in the S&P 500 to China’s gradual addition
in recent years to MSCI’s widely tracked equity benchmarks, which led global
investors that rate their performance against those indexes to pour hundreds
of billions of dollars into the country’s stock markets.

 

Adding companies with extremely high stock market values to the S&P 500 is
exceedingly rare, and S&P Dow Jones Indices said Tesla’s addition will
generate a massive amount of trading by index funds. To ease its addition,
S&P Dow Jones Indices said it may add Tesla to the index in two parts, with
the company fully added as of Dec. 21.

 

“Many so-called active management funds are benchmark huggers and now
they’re going to have to tinker with what weighting to apply” to Tesla, said
David Barse of index company XOUT Capital. “Many of them are going to
realize they have to add it.”

 

 

 

Nissan's UK business tough to sustain without Brexit trade deal: COO Gupta

TOKYO (Reuters) - Any final exit by Britain from the European Union that
worsens business conditions through increased tariffs would threaten the
sustainability of Nissan Motor Co's 7201.T UK operations, the Japanese car
maker's chief operating officer (COO) cautioned.

 

Nissan, which employs 7,000 people at Britain’s biggest auto plant in
Sunderland, north-eastern England, in June urged for an “orderly balanced
Brexit”. Its latest warning, however, comes as the EU cautions Britain it
has less than 10 days left to secure a deal that will govern trade from next
year.

 

“If it happens without any sustainable business case obviously it is not a
question of Sunderland or not Sunderland, obviously our UK business will not
be sustainable, that’s it,” Nissan’s COO Ashwani Gupta told Reuters on
Wednesday.

 

Almost 11 months after it formally quit the union, Britain and the EU have
still not worked out a deal that will affect nearly $1 trillion in annual
trade following a transition period that has kept custom rules in place.

 

Prime Minister Boris Johnson has warned his top ministers that a trade
agreement is far from certain, but that Britain would thrive with, or
without, a deal.

 

Nissan in March said it will push ahead with a 52-million-pound ($69
million) expansion at Sunderland to build its new Qashqai sports utility
vehicle.

 

When it announced the plan in 2016, Nissan, which builds it Leaf electric
cars there, said Britain had reassured it Brexit would not affect its
competitiveness.

 

But tariffs resulting from a no-deal Brexit would raise costs for Nissan,
while any delay in parts supply from overseas due to new customs checks
could slow production.

 

Gupta said Nissan was not seeking compensation from Britain for costs
incurred from any no-deal Brexit, contradicting press reports that it and
Toyota Motor Corp 7203.T would do so.

 

“We are absolutely not thinking that and we are not discussing it,” he said.

 

On a separate plan announced by Johnson to move up a UK ban on new petrol
and diesel cars and vans to 2030 from 2035, the Nissan executive said his
company was ready to respond.

 

“That is not only the UK’s transition plan, every country is talking about
electrification. We are ready.”

 

($1 = 0.7544 pounds)

 

 

Rwanda: Top Kigali Restaurants Closed Over Hygiene, Safety

The City of Kigali authorities have ordered the closure of up to 12 food
outlets after inspections revealed they were dangerous for revellers.

 

The closures are part of regular operations that have been going on for the
last four months, The New Times has learned.

 

Those that up their standards and meet the City's hygiene requirements are
allowed to re-open after getting a green light from the inspectors.

 

Among the restaurants that were asked to close is Billy's, a high-end
restaurant located in the affluent Nyarutarama neighbourhood.

 

Other popular places that have been closed include Classic Hotel - Kicukiro,
Come Again Bar - Remera and Nyirasafari Chantal Restaurant located in the
buzzing Nyabugogo area.

 

The operation has also seen butcheries that do not meet the hygiene standard
closed.

 

In an exclusive interview with The New Times, the Mayor of Kigali, Pudence
Rubingisa called on businesses to adhere to the City's guidelines to avoid
disruptions in their operations.

 

"We need to make sure that the standards of this city are upheld be it in
cleanliness, urbanization, or environment protection among others,"
Rubingisa said, adding that on a positive note, people in the city are
pleasantly responsive to in regard to such policies.

 

On safety, the Mayor said that businesses that operate in locations that are
still construction sites pose a danger to the public and the City is
swinging into action to ensure safety.

 

Century Park, a complex that comprises high-end villas, two restaurants
[Billy's and Tung Chinese Cuisine], a lounge - Chillax, and incomplete
apartment blocks have been deemed hazardous and ordered to shut down.

 

"They [Century Park] are running a restaurant at a construction site. This
is not proper because security-wise, it is risky for people to come and park
under scaffoldings and so on," Mayor Rubingisa said.

 

"From an engineering point of view, it is not safe for people to be in such
an environment that is more of a construction site."

 

The Mayor added that inspections will continue in different parts of the
city to ensure standards are not breached.-New Times.

 

 

 

Africa: Inefficient Energy Killing 600,000 Women, Children Annually

Some 600,000 women and children die annually in Africa due to use of
inefficient energy sources.

 

And this is a wakeup call to governments and development partners to take
urgent action and end the mortalities, Dr Amani Abou-Zeid, Commissioner for
Infrastructure and Energy at the African Union Commission (AUC) said during
a recent webinar Empowering Women in the Energy Sector in Africa.

 

"It is really tragic that we are in 21st Century and there are more than
800,000 Africans who do not have access to clean cooking fuel and depend on
charcoal and wood for cooking and heating needs, the majority of whom are
women,' she said during the webinar organised by Energy Regulators
Association of East Africa.

 

 

Energy value chains

 

"That of course to be added to more than 600 million Africans who do not
have access to electricity. This has to change and has to change very fast,"
she said.

 

Empowering women along the energy value chains could significantly enhance
their income generating opportunities and reduce their poverty and those of
their households, she said.

 

It could also boost their families' food security alongside promoting their
social and economic wellbeing, Dr Zeid noted.

 

The commissioner said the women waste hours collecting and using the
inefficient fuel, time which would otherwise be spent in more productive
economic activities.

 

Efficient equipment

"It is important to note that most of the SMEs (small and medium
enterprises) are owned by women," she said, "That means if they have access
to modern and sustainable energy services, they would be able to apply
modern and efficient equipment to run their businesses thereby, increasing
their income.

 

"Therefore, it is important that women empowerment initiatives include
provision of modern energy services and technology, in addition to ensuring
effective participation and leadership of women in the energy sector," she
added.

 

She noted that cultural barriers and gender stereotypes had pushed women
away from energy-related courses.

 

Preserve of men

 

"Women avoid building expertise in energy sector value chain because the
knowledge, science and engineering in this sector is traditionally seen as a
preserve of men,' she said.

 

She called on governments and development partners to offer girls
scholarships and bursaries as incentives to high uptake of energy-related
courses.

 

"Women need to be encouraged, in big numbers, to build their skills in
science, technology and engineering. Create awareness that the energy sector
is not a preserve of men,' she said.-Nation.

 

 

Kenya: Debt Weighs Down Country's Economic Growth Outlook

The swelling public debt, dwindling savings and a plunge in government
integrity have weighed down Kenya's economy over the past decade.

 

The country has been ranked at position 108 out of 167 for economic quality
globally, four points down from the number 104 in 2010. This is according to
the Legatum Prosperity Index, which measures countries' changes in
prosperity overtime.

 

"Although the world has changed, how prosperity is generated and perpetuated
within a nation is unchanged. While many nations continue to grapple with
the social, economic and health impacts of Covid-19, choices need to be made
that are likely to have longer-term consequences," said Dr Stephen Brien,
director of policy at the Legatum Institute.

 

This year's report shows that Kenya scored 43.0 points in terms of economic
quality, down from 43.8 points in 2010.

 

Grim picture

 

The report paints a grim picture of Kenya's fiscal sustainability, where all
aspects of economic resilience have been failing.

 

For instance, the government's budget balance dropped from -4.3 per cent in
2010 to -7.8 per cent. Public debt rose from 41.5 per cent to 60.1 per cent.
And gross savings reduced from 14.5 per cent to 9.2 per cent.

 

In 2010, Kenya ranked at position 92 in terms of budget balance, but today
it is at number 159 out of the 167 countries, already in the red mark. This
means that even though the government's spending continues to grow, its
revenues cannot match because most of the money is being used to service
debts.

 

 

Kenya's overall fiscal sustainability dropped from 49.4 points to 35.9, as
Kenya is now ranked 148 from position 109 in 2010. The government integrity
dropped as independent and non-governmental checks on its powers weakened
during the period.

 

Overall prosperity

 

However, Kenya scored better in terms of overall prosperity, which measured
aspects of Inclusive Societies, Open Economies and Empowerment of People.
Overall, Kenya ranked at position 113 out of the 167 countries that were
assessed, scoring 51 points, up from position 121 and 46 points in 2010.

 

"The Index reveals that, prior to the pandemic, global prosperity stood at a
record high, with 147 out of 167 countries seeing prosperity rise over the
last decade, driven by improved health, education, and living conditions,
and more open economies," the report released on Monday stated.

 

All regions had seen an improvement in education in the last 10 years, with
people starting education earlier and continuing later in life, researchers
observed.

 

The report, which assessed the overall performance between 2010 and 2020
pre-Covid-19 times poked holes on the country's governance system and its
lack of accountability, which seems to be failing the other performing
sectors of life.-Nation.

 

 

 

 


 


 


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
344 1674

 


 

 

 

 

 

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