Major International Business Headlines Brief::: 19 November 2020

[Bulls n Bears]

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Major International Business Headlines Brief::: 19 November 2020

 


 

 


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ü  Coronavirus: Facebook accused of forcing staff back to offices

ü  Apple to pay $113m to settle iPhone 'batterygate'

ü  Boeing's 737 Max cleared to fly in the US after crashes

ü  Nissan warns on its UK future without a Brexit deal

ü  McDonald's sorry for stopping couriers using toilets

ü  UK giant Unilever bets on vegan food with 'scary target'

ü  Apple slashes commission fees to developers on its App Store

ü  Clothes and food price rises push inflation higher

ü  Pfizer-BioNTech vaccine deliveries could start 'before Christmas'

ü  Asia stocks ease from highs, bonds count on Fed support

ü  U.S. airline CEOs renew request for more aid in letter to Congress

ü  Nigeria: We Are Buying Off Gold to Stop Its Exchange for Arms - Zamfara Govt

ü  Ghana: Consume Cocoa Products to Boost Local Industry - CEO Cocobod

ü  South Africa: New Energy Regime Will Deepen Inequality

ü  Mozambique: Mozambican Public Debt Is Now 12.37 Billion Dollars

ü  Tanzania Hit By a Shortage of Cement

 

 

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


Coronavirus: Facebook accused of forcing staff back to offices

More than 200 Facebook workers from around the world have accused the firm of forcing its content moderators back to the office despite the risks of contracting coronavirus.

 

The claims came in an open letter that said the firm was "needlessly risking" lives to maintain profits.

 

They called on Facebook to make changes to allow more remote work and offer other benefits, such as hazard pay.

 

Facebook said "a majority" of content reviewers are working from home.

 

"While we believe in having an open internal dialogue, these discussions need to be honest," a spokesperson for the company said.

 

"The majority of these 15,000 global content reviewers have been working from home and will continue to do so for the duration of the pandemic."

 

The people policing the internet's most horrific content

Facebook to pay $52m to moderators over PTSD

In August, Facebook said staff could work from home until the summer of 2021.

 

But the social media giant relies on thousands of contractors, who officially work for other companies such as Accenture and CPL, to spot materials on the site that violate its policies, such as spam, child abuse and disinformation.

 

In the open letter, the workers said the call to return to the office had come after Facebook's efforts to rely more on artificial intelligence to spot problematic posts had came up short.

 

"After months of allowing content moderators to work from home, faced with intense pressure to keep Facebook free of hate and disinformation, you have forced us back to the office," they said.

 

"Facebook needs us. It is time that you acknowledged this and valued our work. To sacrifice our health and safety for profit is immoral."

 

This letter gives a fascinating behind the scenes glimpse into what is happening at Facebook - and all is not well.

 

Mark Zuckerberg's dream is that AI moderation will one day solve some of the platform's problems.

 

The idea is that machine learning and sophisticated software will automatically pick up and block things like hate speech or child abuse.

 

Facebook claims that nearly 95% of offending posts are picked up before they are flagged.

 

Yet it's still easy to find grim stuff on Facebook.

 

On Monday I published a piece showing the kinds of racist and misogynistic content aimed at Kamala Harris on the platform.

 

Facebook removed some of the content, however even though I flagged it to Facebook, some of it is still there - a week after I reported it.

 

What this letter suggests is that AI is simply not working as Facebook execs would hope.

 

Of course, these are voices of moderators - Facebook will have a different take.

 

You could also argue that human voices may have a vested interest to say AI doesn't work.

 

But clearly, as the spotlight is well and truly on Facebook, there are internal problems that have now spilled out into the open.

 

Presentational grey line

Facebook said the reviewers have access to health care and that it had "exceeded health guidance on keeping facilities safe for any in-office work".

 

But the workers said only those with doctors' notes are currently excused from working at home and called on Facebook to offer hazard pay and make its contractors full-time staff.

 

"Before the pandemic, content moderation was easily Facebook's most brutal job. We waded through violence and child abuse for hours on end. Moderators working on child abuse content had targets increased during the pandemic, with no additional support," they said.

 

"Now, on top of work that is psychologically toxic, holding onto the job means walking into a hot zone."

 

The letter is addressed to Facebook boss Mark Zuckerberg and chief operating officer Sheryl Sandberg, as well as the chiefs of Accenture and CPL. It was organised by UK law firm Foxglove, which works on tech policy issues. More than 170 of the signatories were anonymous.

 

Facebook is not the only company to face staff worries about in-person work amid the pandemic.

 

Amazon has also come under fire for conditions in its warehouses, while outbreaks at firms from manufacturers to finance companies have stirred fears.

 

It comes just a day after Washington lawmakers grilled Mr Zuckerberg on the firm's content review policies.--BBC

 

 

 

Apple to pay $113m to settle iPhone 'batterygate'

Apple will pay $113m (£85m) to settle allegations that it slowed down older iPhones.

 

Thirty-three US states claimed that Apple had done this to drive users into buying new devices.

 

Millions of people were affected when the models of iPhone 6 and 7 and SE were slowed down in 2016 in a scandal that was dubbed batterygate.

 

Apple declined to comment, however, it has previously said the phones were slowed to preserve aging battery life.

 

The deal is separate from a proposed settlement Apple reached in March to pay affected iPhone owners up to $500m in a class action lawsuit.

 

In 2016 Apple updated software on models of the iPhone 6, 7 and SE - which throttled chip speeds on aging phones.

 

Unusual slowdowns

Apple acknowledged its update reduced power demands after researchers found unusual slowdowns in 2017.

 

The states argued that Apple had acted deceptively and should have replaced batteries or disclosed the issue.

 

According to an Arizona filing, millions of users were affected by power shutoffs.

 

Apple denies that the slowdown was for financial gain.

 

But Arizona Attorney General Mark Brnovich wrote in a court document made public on Wednesday: "Many consumers decided that the only way to get improved performance was to purchase a newer-model iPhone from Apple.

 

"Apple, of course, fully understood such effects on sales."

 

Under the settlement, Apple did not admit to any wrongdoing or breaking any law.

 

The tech titan also agreed for the next three years to provide "truthful information" about iPhone power management across its website, software update notes and iPhone settings.

 

The settlement comes after a series of other allegations against Apple.

 

It is currently locked in a legal battle with Epic Games - amid accusations the iPhone-maker uses its stranglehold over its App Store to unfairly charge developers.--BBC

 

 

 

Boeing's 737 Max cleared to fly in the US after crashes

US safety regulators have cleared Boeing's 737 Max plane to fly again, lifting grounding orders put in place in March 2019 after two deadly crashes.

 

It marks a milestone for Boeing which was thrust into crisis by the tragedies and investigations that blamed company failures for the accidents.

 

Its financial woes deepened this year as air travel slowed due to the virus.

 

Existing aircraft will need to be modified before going back into service, with changes to their design.

 

Safety regulator, the US Federal Aviation Administration (FAA), said the clearance would not allow the plane to "return immediately" to the skies.

 

Alongside the software and wiring changes, pilots will also need training.

 

The FAA said the design changes it had required "have eliminated what caused these particular accidents".

 

The boss of the FAA said he was "100% confident" in the safety of the plane.

 

"We've done everything humanly possible to make sure" these types of crashes do not happen again," Steve Dickson said.

 

As well as improvements to the plane, Boeing chief executive Dave Calhoun said the company had strengthened its safety practices and culture since the disasters.

 

"We will never forget the lives lost in the two tragic accidents that led to the decision to suspend operations," said Mr Calhoun, who took over when his predecessor, Dennis Muilenburg, was fired last year.

 

"These events and the lessons we have learned as a result have reshaped our company and further focused our attention on our core values of safety, quality and integrity."

 

Paul Njoroge

image captionPaul Njoroge, who lost his wife, three children and mother-in-law in the Ethiopian Airlines crash, says he lacks confidence in Boeing

Wednesday's approval comes roughly a year after Boeing had first hoped, but too soon for many of the families of those killed on the flights.

 

Some expressed "sheer disappointment" over the decision, while others said they did not have confidence in regulators or Boeing, which initially sought to pin the crashes on pilot error and is still fighting victims' families in court.

 

"Who's going to believe them? Not me," said Paul Njoroge, whose wife, three children and mother-in-law were killed in the Ethiopian Airlines flight 302 crash.

 

Will the 737 Max be safe?

 

Boeing and the FAA insist it will be - and certainly the direct cause of the accidents has now been fixed. Pilots and safety experts seem confident that the changes made to the plane will be effective.

 

But both Boeing and the regulator still have much to prove.

 

For Boeing, that the scathing criticisms of its corporate culture have been addressed, and that safety really is, as it often claims, its number one priority.

 

For the FAA, that it can stand up to the aerospace giant and recover from the failures that allowed a deeply flawed plane into service, resulting in tragedy.

 

The aircraft is coming back, but the world has changed. It was designed for a booming market, in which airlines desperately needed new planes and in which high fuel prices put a premium on efficiency.

 

Now, the aviation industry is on its knees thanks to the Covid crisis. It's no surprise then that some airlines have been cancelling orders.

 

However, the industry looks to the long term. Air traffic will ultimately recover, and pressure to keep costs down will return. Environmental pressures are only going to grow.

 

The 737 Max still has a role to play.

 

Presentational grey line

The US is the first to reverse the grounding orders, which hit the firm around the world in March 2019. European aviation officials have said they are close to making a similar decision.

 

A spokesperson for the UK Civil Aviation Authority said the European Union Aviation Safety Agency (EASA) was in charge of re-certification for EU member states, as well as the UK. "We continue to work closely with EASA on all issues relating to the B737 Max and any EASA decision on a return to service," he added.

 

On a briefing with reporters, Mr Dickson said the FAA had been working closely with officials in Europe, Canada and Brazil and he expected them to re-certify the plane in a "matter of days".

 

But analysts have said the process in other places, such as China, is likely to take longer.

 

Crashes

The crashes in Indonesia and Ethiopia came within five months of each other and together killed 346 people. They have been attributed to flaws in automated flight software called MCAS, which prompted the planes to nosedive shortly after take-off.

 

A US congressional report last month said Boeing's rush to production, a decision to ignore internal safety concerns and concealment of key changes to the plane, including pilot training needs, contributed to the accidents.

 

It also faulted the FAA for oversight lapses, including "excessive delegation to Boeing".

 

Congress has since approved legislation intended to reform the agency.

 

Boeing, which has estimated the cost of the grounding at roughly $20bn, still faces investigations, potential fines and other lawsuits as it tries to rebuild its reputation in the midst of what it has described as an unprecedented downturn in air travel.

 

Before the crashes, Boeing churned out more than 50 of the popular 737 Max per month. But airlines around the world have cancelled and delayed orders since the pandemic.

 

Last month, Boeing said it did not expect its production rate to top 30 planes a month until 2022. It warned investors of a backlog of about 450 737 Max planes, of which only about half of which would be delivered by the end of next year.

 

Which airlines fly the 737 Max?

American Airlines said it expected its first 737 Max flights in the US to resume on 29 December. United Airlines and Southwest Airlines said they planned to put their planes into service next year.

 

But Consumer association Which? warned that many passengers may remain uncomfortable with the idea of flying the jet, which is used by airlines such as Tui and Ryanair in the UK.

 

"Airlines that plan on flying these aircraft should give passengers with existing bookings the option of transferring to another flight for free, while operators should also make clear which planes will be used for future bookings, so people can make an informed choice before travelling," travel editor Rory Boland said.

 

John Grant of aviation data firm OAG said upgrades, maintenance and pilot training required by the FAA are a logistical "nightmare" for airlines at a time of week demand, making it likely that many jets will not return to the skies soon.

 

The stain on Boeing will linger as well, he warned.

 

"It's got a bad name and it's going to take some time to recover," he said. "It will do. It's been certified, it's safe, but it's going to take time."--BBC

 

 

 

Nissan warns on its UK future without a Brexit deal

With a Brexit deadline just days away, Britain's biggest car plant "will not be sustainable" if there is no deal, Nissan has warned.

 

The company employs 7,000 workers at its Sunderland factory but said that increased tariffs would raise costs.

 

It cautioned that any delay in overseas supplies of parts because of new customs checks could slow production.

 

The EU has warned the UK it has less than 10 days left to secure a deal that will govern trade from next year.

 

Nissan said there must be agreement on a free-trade deal by next week if it is to be ratified in time for the end of the Brexit transition period.

 

"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 chief operating officer Ashwani Gupta told Reuters.

 

He said Nissan was not seeking compensation from the UK for costs incurred from any no-deal Brexit, after reports suggested that the company and Toyota Motor Corp would do so.

 

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

 

Additional costs

Nissan warned in June that the prospect of additional costs from tariffs and possible border delays threatens the viability of its UK business.

 

Mr Gupta told the BBC the EU was the Sunderland factory's biggest customer and warned that Nissan's commitment could not be maintained if there was not tariff-free EU access.

 

"We are the number one carmaker in the UK and we want to continue," he said.

 

"Having said that, if we are not getting the current tariffs, it's not our intention but the business will not be sustainable. That's what everybody has to understand."

 

Nissan's Sunderland plant opened in 1986 and is scheduled to build Nissan's new hybrid Qashqai model, which will go on sale next year.

 

It is the third generation of the Qashqai, which came out in 2006 and is the plant's most successful car.

 

The Sunderland factory also makes Juke and electric LEAF models.

 

Mr Gupta added that the company is ready to meet Britain's revised plan to move up a UK ban on new petrol and diesel cars and vans to 2030 from 2035.

 

"That is not only the UK's transition plan, every country is talking about electrification. We are ready," he said.--BBC

 

 

 

McDonald's sorry for stopping couriers using toilets

McDonald's has apologised to food delivery drivers after they were denied access to its toilets in lockdown.

 

It comes after the Health and Safety Executive (HSE) had to remind restaurants of their legal obligations following complaints from couriers.

 

Fast food chains KFC, Subway, Nando's and Wagamama have also been accused of blocking access to their facilities.

 

Under health and safety law, restaurants must give drivers access to "suitable sanitary conveniences".

 

"We apologise to any courier that has been affected," McDonald's said.

 

"We are sorry to hear that on some occasions this guidance has not been implemented, and we will be reminding our restaurant teams about the policy."

 

Takeaway delivery drivers have been crucial through the pandemic to enable restaurants to continue to trade.

 

But the HSE said it had received complaints suggesting some restaurants were breaching the Workplace (Health, Safety and Welfare) Regulations of 1992.

 

These not only oblige restaurants to provide toilet access for delivery drivers, but also washing facilities at "readily accessible places".

 

In a joint letter to restaurant chains earlier this month, the HSE and the Department for Transport said: "Ensuring that hygiene facilities are readily available to visiting drivers is especially important during the current Covid-19 crisis, to avoid unwanted public health implications and to help tackle the spread of the virus."

 

This was at a time "when there are fewer locations operating with facilities that drivers can access", it added.

 

A spokesman for Nando's, which has also been accused to denying toilet access, said its policy was to let delivery drivers use the facilities at all of its restaurants.

 

"We've reiterated this to all restaurants again [this week]," he added.

 

A KFC spokesman said guest toilets were available for couriers at its outlets, adding: "We're ensuring all our team members are aware this is the case."

 

The BBC has approached Subway and Wagamama for comment.

 

'Welcome step'

The App Drivers & Couriers Union (ADCU) called McDonald's apology a "welcome step".

 

"However, the entire process for food pick up at McDonalds is a shambles which needs urgent management attention," general secretary James Farrar told the BBC.

 

The Unite union agreed, stressing that fast food chains and restaurants needed to heed their legal obligations to delivery drivers.

 

"The restaurant's staff will still be able to use the toilets and food couriers have the same legal rights to use the toilets," said Unite national officer Adrian Jones.

 

"McDonald's must end the ban which is endangering the health of the couriers and their customers or the Health and Safety Executive should take immediate action."--BBC

 

 

 

UK giant Unilever bets on vegan food with 'scary target'

One of the UK's biggest consumer goods firm is betting on more people eating vegan food and has set itself a "scary target" to increase sales.

 

Unilever wants to increase its annual sales of plant-based meat and dairy products five-fold within seven years, hitting €1bn (£900m) by 2027.

 

"It's a scary target, but it's important we set it," the firm said.

 

Consumers are increasingly turning to vegetarian foods for health and environmental reasons.

 

In the UK, there has been exponential growth in vegan food sales with sales of meat-free products in the UK up from £488m last year to £577m this year, according to analyst firm Kantar.

 

It doesn't necessarily mean people are becoming vegetarian, said Tesni Steele-Jones, consumer insight director at Kantar.

 

"Shoppers are looking for healthier alternatives and adopting a more flexitarian routine," she said.

 

"The most popular plant-based products are those that can be used when cooking from scratch or baking as people try their hand at new recipes while we are all spending more time at home."

 

'Scary' target

The EAT-Lancet Commission, a group of 37 scientists, reported this summer that eating more fruit and vegetables and fewer foods from animals gave health and environmental benefits.

 

Unilever said that the global plant-based meat market alone is estimated to be worth $35.4bn by 2027.

 

But the consumer goods giant will still have to pull out all the stops to reach its target.

 

"It will require really, really high growth rates," Hanneke Faber, president of Unilever's foods and refreshment business, said.

 

In 2019, Unilever's total sales were €52bn, with foodstuff sales of €19.3bn.

 

The company is betting on growing its plant-based meat brand The Vegetarian Butcher, which it acquired two years ago, and now sells in 30 countries.

 

It's through this brand that Unilever supplies Burger King's plant-based Whopper in 26 countries, with the fast-food chain having plans to sell its plant-based nuggets.

 

Unilever also wants to push its vegan dairy ranges, which include Vegan Ben & Jerry's ice cream, Magnum Vegan, Vegan Cornetto, and Hellmann's Vegan mayonnaise.

 

Price point

Plant-based mince from the Vegetarian Butcher is more expensive, pound-for-pound, than some premium beef mince products.

 

This could weigh on some price-conscious consumers minds, especially as the coronavirus crisis continues to affect the global economy.

 

However, Unilever is confident that by scaling up its plant-based food production it can bring prices down.

 

"Scale is going to make a difference over time," Ms Faber said, although it could be a few years before plant-based meat prices are comparable, she added.

 

Retailers are increasingly placing an emphasis on their vegetarian and vegan ranges.

 

In September, Tesco said it wanted to sell four times as much meat alternative protein by 2025 as part of a sustainability drive.

 

Green efforts

Along with its plant-based target, Unilever has also committed to halving food waste from factory to shelf by 2025, and to continue lowering calorie, salt and sugar levels in its products.

 

"It is widely recognised that the current global food system is inequitable and inefficient," said Ms Faber.

 

"One billion people around the world are hungry while two billion are obese or overweight. One third of all food produced is thrown away. 

 

"And animal agriculture is the second largest contributor to greenhouse gas emissions after fossil fuels and a leading cause of deforestation, water and air pollution and biodiversity loss."

 

In September Unilever pledged to drop fossil fuels from its cleaning products by 2030 to reduce carbon emissions.--BBC

 

 

 

Apple slashes commission fees to developers on its App Store

Apple is halving the commission it takes from the sale of apps and virtual goods sold within them from many of the smaller developers using its stores.

 

>From January, any existing app-maker who earned $1m (£830,000) or less from Apple's marketplaces in 2020 will only have to give up a 15% cut in 2021.

 

That compares to the standard rate of 30%. New developers also qualify.

 

It follows widespread criticism by developers of the fees Apple charges, and coincides with anti-trust scrutiny.

 

Chief executive Tim Cook was questioned several times about the rates his firm charges when he appeared before US lawmakers at a competition hearing in July. It emerged there that Amazon had negotiated a special 15% rate for in-app charges within its Prime Video app.

 

And the preceding month the European Commission opened its own probe into the marketplace's rules.

 

Apple, however, has characterised the move as being a natural evolution of its policies, which it had made after listening to feedback from its developer communities.

 

About 28 million developers use Apple's store, and the firm says the vast majority of those who charge fees will benefit.

 

But it has not provided a figure for how many it forecasts will be affected.

 

One of those who will earn more told the BBC he welcomed the move, but said that might not be true of everyone.

 

"Earlier in the year, Apple faced a lot of bad PR because it was seen to be capitalising on the pandemic by charging its 30% cut on small businesses - like those offering fitness training or classes - that had gone virtual via an app," said Benjamin Mayo, creator of the Daily Dictionary and Bingo Machine apps.

 

"So they and others of us in the indie community will see this as a good thing.

 

"But the bigger apps like Spotify and Epic will likely see this as unfair as they're being excluded despite earning the App Store more money."

 

Video game Fortnite's developer Epic later confirmed this point.

 

"This would be something to celebrate were it not a calculated move by Apple to divide app creators and preserve their monopoly on stores and payments, again breaking the promise of treating all developers equally," said the firm's chief executive Tim Sweeney.

 

Sole store

By design, the scheme will exclude the highest-earning software creators for Apple products.

 

At present, the only way for developers to offer native apps - rather than those that run via a web browser - for iPhones, iPads, Apple Watches and the Apple TV set-top box is via the firm's App Store.

 

By contrast, they can sell their products directly to consumers or via alternative marketplaces on its Mac computers.

 

Apple App Store

image captionApple claims the App Store ecosystem made about $519bn in commerce possible in 2019

Under the new scheme, the 15% rate applies if their total earnings from apps sold via Apple fell below the $1m threshold the previous year.

 

But it rises to 30% again for any additional sales made beyond $1m during 2021.

 

The $1m figure is calculated on the basis of the developers' post-commission earnings rather than the total revenue of their products.

 

And Apple intends to continue the initiative in later years.

 

Cut-off point

One quirk of the scheme is that it gives developers an incentive to pull products or make them free towards the end of the year to avoid crossing the cut-off point.

 

This is because if a software-maker earns $1,000,001 they would face the full 30% rate the following year, but if they made $999,999 they would qualify for the discount.

 

An alternative would have been to simply let all developers benefit from the lower rate on the first $1m of their earnings.

 

But the tech giant has indicated it wanted to limit the scheme to its smaller, independent developer community and believed this was the best way to do that.

 

Market research firm Sensor Tower told the BBC its data suggests about 4.9% of the App Store's total revenue in 2019 came via those earning less than $1m.

 

"Other platform holders who have yet to budge on their own 30% cut will be taking note and may now feel the need to act," said Craig Chapple, a strategist at the firm.

 

This is a clever move by Apple to try to show both developers and regulators that it is responding to concerns that it abuses its dominant position in the iOS app market.

 

But there is less to this change than meets the eye.

 

Sure, the cut in commission will probably benefit the vast majority of its 28 million developers.

 

But as Apple won't be transparent about how many of them release paid apps but earn less than $1m a year from them, we can't put a number on how many will be affected.

 

Similarly, the company won't tell us what proportion of its App Store revenue comes from developers earning more than $1m who will continue to pay a 30% commission.

 

What we do know is that services now make a very important contribution to Apple's bottom line and it's thought it earned $50bn from the App Store in 2019.

 

You can bet that this move is not going to affect that flow of cash in any material fashion.

 

Cynics will say this is a divide-and-rule strategy to quieten the complaints from smaller developers.

 

But don't expect the giants - or indeed the EU regulators - to turn down the volume.--BBC

 

 

 

Clothes and food price rises push inflation higher

Rises in the cost of clothing and food helped to push UK inflation higher-than-expected last month.

 

The UK's inflation rate, which tracks the prices of goods and services, jumped to 0.7% in October from 0.5% in September, official figures show.

 

Second-hand cars and computer games also saw price rises, but these were partially offset by falls in the cost of energy and holidays.

 

Analysts had expected the rate to remain flat at 0.5%.

 

"The rate of inflation increased slightly as clothing prices grew, returning to their normal seasonal pattern after the disruption this year," said Office for National Statistics deputy statistician Jonathan Athow.

 

Normally prices for clothes and shoes fall each year between June and July in summer sales before autumn ranges come in, and then rise before sales towards the end of the year, the ONS said.

 

However, the coronavirus crisis has changed how prices move.

 

Throughout 2020 this pattern has been different, with increased discounting in March and April, probably as a response to lockdown, it said. After a small increase in July and August, prices rose by more than a year ago.

 

Inflation is the rate at which the prices for goods and services increase.

 

It affects everything from mortgages to the cost of our shopping and the price of train tickets.

 

It's one of the key measures of financial well-being, because it affects what consumers can buy for their money. If there is inflation, money doesn't go as far.

 

Food prices rose between September and October, with most of the increase coming in fruit and vegetables, the ONS said.

 

Analyst firm Capital Economics said food price inflation could continue to rise in November as supermarket demand continues to increase during the Covid-19 lockdown.

 

During the first lockdown, there was a fall in the amount of supermarket promotions as shoppers bulk bought essentials.

 

Some surveys of consumers had suggested renewed stockpiling as health restrictions spread through Scotland, Wales and Northern Ireland in October.

 

A one-month lockdown was announced for England at the end of the month and started on 5 November.

 

cpi inflation

Second-hand car prices also rose in October as people tried to reduce their reliance on public transport.

 

However, car prices may stabilise and fall back in the middle of 2021 should a vaccine become widely available, according to Samuel Tombs, chief UK economist for Pantheon Macroeconomics.

 

Energy watchdog

One of the largest downward pressures on inflation came from a fall in household energy prices.

 

Gas prices dropped by 12.3% and electricity prices fell 3.2% between September and October.

 

This was mainly due to energy regulator Ofgem's latest six month energy price cap, which came into effect on 1 October, the ONS said.

 

Inflation may have ticked up in October but delve into the figures and you're reminded: it's not the risk of inflation that looms large right now but the opposite.

 

Services are still rising in price but if you take the price of goods there's been no inflation at all in the past year.

 

The price of energy fell - not only this time because of the price cap, but because anti-virus measures have caused a sharp economic contraction worldwide, cutting global demand and pulling down the wholesale price of oil and gas.

 

Where some prices are slowly rising, the national lockdown measures currently in place can only exert further deflationary pressure.

 

There's not a lot the Bank of England can do here to stimulate activity when the battle against Covid is pulling in the other direction.

 

But if we're to avoid deflation, further fiscal measures may be needed to stimulate and repair a stricken economy once mass vaccination is underway.--BBC

 

 

 

Pfizer-BioNTech vaccine deliveries could start 'before Christmas'

(Reuters) - Pfizer Inc PFE.N and BioNTech 22UAy.DE could secure emergency U.S. and European authorization for their COVID-19 vaccine next month after final trial results showed it had a 95% success rate and no serious side effects, the drugmakers said on Wednesday.

 

 

The vaccine’s efficacy was found to be consistent across different ages and ethnicities - a promising sign given the disease has disproportionately hurt the elderly and certain groups including Black people.

 

Tracking the vaccine race tmsnrt.rs/3nEc4Gz

 

The U.S. Food and Drug Administration could grant emergency-use by the middle of December, BioNTech Chief Executive Ugur Sahin told Reuters TV. Conditional approval in the European Union could be secured in the second half of December, he added.

 

“If all goes well I could imagine that we gain approval in the second half of December and start deliveries before Christmas, but really only if all goes positively,” he said.

 

The success rate of the vaccine developed by the U.S. drugmaker and German partner BioNTech was far higher than what regulators had said would have been acceptable. Experts said it was a significant achievement in the race to end the pandemic.

 

Of the 170 volunteers who contracted COVID-19 in Pfizer’s trial involving over 43,000 people, 162 had received a placebo and not the vaccine, meaning the vaccine was 95% effective. Of the 10 people who had severe COVID-19, one had received the vaccine.

 

“A first in the history of mankind: less than a year from the sequence of the virus to the large-scale clinical trial of a vaccine, moreover based on a whole new technique,” said Enrico Bucci, a biologist at Temple University in Philadelphia. “Today is a special day.”

 

BioNTech’s Sahin said U.S. emergency use authorization (EUA) would be applied for on Friday.

 

 

 

Asia stocks ease from highs, bonds count on Fed support

SYDNEY (Reuters) - Asian shares drifted off all-time highs on Thursday as widening COVID-19 restrictions in the United states weighed on Wall Street, while bonds were underpinned by speculation the Federal Reserve would have to respond with yet more easing.

 

 

Japan also reported record news cases as Tokyo raised its pandemic alert to the highest level, shoving the Nikkei .N225 down 0.8% and away from a 29-year closing top.

 

MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS fell 0.6%, off their historic high. Chinese blue chips .CSI300 added 0.4% as President Xi Jinping vowed to cut tariffs and expand imports of high-quality goods and services.

 

E-Mini futures for the S&P 500 ESc1 steadied after Wall Street took a late dip on Wednesday. The Dow .DJI ended down 1.16%, while the S&P 500 .SPX lost 1.16% and the Nasdaq .IXIC 0.82%.

 

Pfizer Inc PFE.N shares had gained after the drugmaker said its COVID-19 vaccine was 95% effective and it would apply for emergency U.S. authorization within days.

 

Pfizer's announcement came on the heels of a similar report from Moderna Inc MRNA.O.

 

Yet, the U.S. death toll still neared a world record of a quarter million as government officials in dozens of states weighed or implemented shutdown measures.

 

New York closed its schools on Wednesday, while Minnesota ordered bars and restaurants to cease in-door dining.

 

“The vaccines news are a positive medium-term impulse for the global economic outlook and investors are trying to weigh that against the prospect of an imminent stalling of the European and U.S. recovery amid the prospect of extensions of current lockdown measures,” said Rodrigo Catril, a senior FX strategist at NAB.

 

FORCING THE FED

The drag from new U.S. restrictions was only amplified by the total lack of progress on a fiscal stimulus bill, fuelling speculation the Federal Reserve would have to expand its asset-buying campaign at a December policy meeting.

 

Two top Fed officials on Wednesday held out the option of doing more.

 

The chance of further easing has helped nudge 10-year Treasury yields down to 0.85% US10YT=RR and away from an eight-month top of 0.975% touched last week. [US/]

 

It has also weighed on the dollar, which slipped for five sessions in a row before steadying a little on Thursday. Against a basket of currencies it was last at 92.477 =USD, still close to recent lows of 92.129.

 

The dollar has likewise been in a slow decline against the Japanese yen to reach 103.72 JPY= and was approaching the recent eight-month trough at 103.16.

 

The euro has had pandemic problems of its own as lockdowns spread across the continent, keeping it capped at $1.1844 EUR= and short of the recent peak of $1.1919.

 

Sterling dipped to $1.3230 GBP=D3 as Brexit talks dragged on. The Times reported Europe's leaders would demand the European Commission publish no-deal plans as the deadline neared.

 

Bitcoin BTC=BTSP, sometimes regarded as a safe haven or at least a hedge against inflation, rose to more than $18,000 for the first time in nearly three years. It last stood at $17,808.

 

All the talk of policy easing put a floor under gold prices, leaving the metal steady at $1,868 an ounce XAU=.

 

Oil prices eased as virus restrictions hit fuel demand across Europe and the U.S. [O/R]

 

U.S. crude CLc1 fell 35 cents to $41.47 a barrel, while Brent crude LCOc1 futures lost 23 cents to $44.11.

 

 

 

U.S. airline CEOs renew request for more aid in letter to Congress

WASHINGTON/CHICAGO (Reuters) - The chief executives of the seven largest U.S. airlines made a fresh plea for more payroll relief before the end of the year and pointed to the challenges of distributing a COVID-19 vaccine in a letter to Congressional leaders on Wednesday.

 

The letter, seen by Reuters, was sent by the main industry lobby Airlines for America and signed by the heads of the top seven U.S. airlines.

 

“As the nation looks forward and takes on the logistical challenges of distributing a vaccine, it will be important to ensure there are sufficient certified employees and planes in service necessary for adequate capacity to complete the task,” they said.

 

U.S. airlines received $25 billion in federal aid to keep employees on payroll between March and September and have asked for a second round of support after cutting tens of thousands of jobs either through furloughs or early retirements in recent months.

 

They have argued that they need trained employees to help service an economic rebound, with the prospects of a vaccine in the coming months underscoring the urgency.

 

The number of travelers that passed through Transportation Security Administration checkpoints on Tuesday was down two-thirds from the same day in 2019, an improvement from the start of the pandemic but not enough to bring airlines out of their cash hole, particularly with further lockdowns looming as COVID-19 cases rise.

 

Still, the industry’s aid request has received wide bipartisan support but has so far failed to pass as Congress remains deadlocked over a broader COVID-19 relief and stimulus plan.

 

They are now hoping that Congress can pass airline aid through some other vehicle such as a funding bill this year, people familiar with the matter have said.

 

Congress is not expected to return until Nov. 30.

 

Southwest Airlines LUV.N, which has never laid off any employees in its 49-hi

 

 

 

Nigeria: We Are Buying Off Gold to Stop Its Exchange for Arms - Zamfara Govt

Zamfara state government is buying off gold from artisanal miners to stop the commodity’s exchange for arms by foreigners, the state commissioner of Environment, Mining and Solid Minerals Development Dr. Nuruddeen Isah has disclosed on Wednesday

 

Dr. Nuruddeen Isah said the state government never in any way claimed ownership of gold reserve in the state as they are aware that the state's gold deposit is on the federal government's exclusive list and the state never owned any mining company.

 

He said those saying that the state government has hijacked the mineral deposits in the state as against the constitutional provision are being mischievous and are saying it out of sheer ignorance of the true situation on ground.

 

"Zamfara state is being plagued by armed banditry, cattle rustling and kidnappings and these crimes are being fuelled by the influx of arms from the foreign lands. We found out that those dealing in golds are mostly foreigners from Niger Republic and Burkina Faso and are bringing in arms in exchange for golds"

 

 

"We swiftly intervened by going to establish contact with artisanal miners to buy off what they mined and to ascertain who and who are players in the mining sector in the state," he said.

 

"Moreover, people should understand that 80% of the players in the mining sector in the state acquired only explorations licenses not mining leases and are not even indigenous inhabitants of the state, they are from all over the country cutting across different spheres of life"

 

"There is a south easterner with investment in mining sector in the state and whose investment in the state's gold mine is worth over N6bn.

 

"Those unfairly attacking the state should go and make discrete investigation about this not to be making false allegations out of mischief"

 

"We expect at least the southern governors to at least consult with governor Bello Muhammad Matawalle as one of their colleagues before rushing in to conclusion," he added.-Daily Trust.

 

 

 

Ghana: Consume Cocoa Products to Boost Local Industry - CEO Cocobod

Chief Executive Officer (CEO) of Ghana Cocoa Board, Mr Joseph Boahen Aidoo has urged Ghanaians to consume cocoa products in order to boost the local cocoa industry.

 

Speaking at the 2020 Ghana Cocoa Awards held in Accra on Saturday, he said, the consumption of Ghanaian cocoa products would not only reduce the exportation of most of Ghana's cocoa but ensure that young people gain the health benefits of consuming cocoa products.

 

Mr Aidoo who was the 2019 Cocoa Personality of the Year added that, Ghanaian companies would expand if guaranteed of local consumption across the country which would eventually boost the economy.

"With a population of over 29 million, and the youth forming the majority, cocoa products must be consumed here to not only boost local production," he stated.

 

The cocoa industry, he added had huge prospects as efforts were being put in place to ensure Ghana produced three million metric tonnes of cocoa annually.

 

"Now we are doing vertical production where 40 bags of cocoa can be produced in an acre of land with over 2000 pods of cocoa registered on one tree. Meaning farmers would not require large acres of land to produce cocoa," he stated.

 

He congratulated winners of this year's Ghana Cocoa Awards for their performance and efforts in ensuring a vibrant cocoa industry.

 

This year's event, the second edition, saw the CEO for Ecom Ghana, Mr Rahul Gopinath adjudged Cocoa Personality of the Year.

 

Mr Gopinath who also won the CEO of the Year, beat stiff competition from Head of Cocoa Life Ghana, Yaa Peprah Amekudzi to win the ultimate award on the night.

Madam Amekudzi won the Sustainability Personality of the Year award while Cocoa Life Ghana was also adjudged Sustainability Initiative of the Year.

 

Other awards on the night, included Entrepreneur of the Year which went to Michael Zormelo of Omnifert Limited with the Outstanding Contribution of the Year won by Robert Austin, Country Director, Meda Ghana.

 

In all, 30 awards were presented to companies and individuals as well as 12 special awards for personalities and institutions.

 

The Chief Executive Officer of the Ghana Investment Promotion Centre (GIPC), Mr Yofi Grant reiterated that Ghana needed to do more as far as the consumption of cocoa was concerned despite being a global leader in production.

 

"Ghana exported a total number of 13.4 million worth of chocolate and other products containing cocoa to the world with Nigeria remaining the highest consumer of Ghanaian chocolate," he stated.

 

The founder of the Ghana Cocoa Awards, Mr Kojo Hayford expressed gratitude to companies and individuals who supported in ensuring a successful second edition of the awards.-Ghanaian Times.

 

 

 

South Africa: New Energy Regime Will Deepen Inequality

If the state and workers collaborate, however, new rules for electricity generation could benefit all as small-scale renewable energy plants add power to the grid - and to the people.

 

The Department of Mineral Resources and Energy recently announced legislative changes that allow municipalities to develop small-scale capacity to generate electricity. This will weaken Eskom's monopoly over electricity sales, encourage renewable energy generation and allegedly open a path for municipalities to chart a just recovery for the economy.

 

To understand whether these developments will transform the economy or simply deepen existing faultlines, it is important to map the dynamics that prompted this shift.

 

 

The government's October budget is intent on an "infrastructure-led" economic recovery plan, with President Cyril Ramaphosa set to solicit private investment to restimulate the economy. Minister of Finance Tito Mboweni also confirmed the move to unbundle Eskom into separate generation, transmission and distribution companies.

 

Procurement for large-scale energy infrastructure is determined by the government's Integrated Resource Plan (IRP). This includes new Eskom projects and private independent power producers (IPPs), which largely consist of renewable energy resources. IPPs make use of power-purchasing agreements, typically covering a 20 to 25-year period, that define the tariff of electricity sales and quality of supply conditions, among other factors.

 

The City of Cape Town, run by opposition party the Democratic Alliance, has historically played a prominent role in lobbying for municipal generation as part of a broader effort to increase the participation of private enterprises in the energy sector. The City has gone as far as developing its own mini-integrated resource plan, dividing its anticipated generation capacity into smaller projects for which private entities can bid.

 

 

This means participating municipalities will have to secure substantial investment finance, as renewable energy systems tend to require a large initial capital outlay. This will privilege larger metros such as Cape Town and Johannesburg, which have a higher likelihood of raising money for new projects.

 

In addition, as is the case with IPPs at the national level, municipalities will need to assume a significant portion of the contractual risks of new projects to provide greater security for investors. This could end up effectively excluding the participation of municipalities that are already struggling.

 

 

Municipal electricity generation in South Africa

 

Municipal generation is not new in South Africa. Early utility-scale electricity generation has its roots in private power provision to increase mechanisation in the lucrative mines of the Witwaterstrand in the early 20th century.

 

As wealthy, largely white residents and commercial enterprises began to make use of an expanding array of consumer electronics, municipal coal-powered plants were built to meet the rising suburban demand, alongside increasing demand in the mines during the early phases of industrialisation.

 

Growth in the mining sector attracted local and international capital for early power plants, with land and coal mine owners competing to secure concessions to build transmission lines and acquire favourable purchase agreements.

 

Eskom, initially Escom, was developed as a formidable state-owned enterprise through the expropriation of private plants and, following waves of strikes at municipal plants, limiting municipal generation. This formed a state monopoly for electricity generation, transmission and distribution.

 

As houses, mines and factories began using more electricity, a national grid was formed, connecting previously separate power networks across South and Southern Africa. Large-scale plants were built in strategic areas, allowing for the dispatch of energy to other parts of the country. Eskom began to benefit from economies of scale.

 

A turn towards neoliberal economic policies, widespread corruption and mismanagement, and a steady decline in the manufacturing and mining sectors, has prompted the move to unbundle Eskom's operations. The state's monopoly in the energy sector is now unravelling.

 

The myth of municipalities going off grid

 

The complexity of procurement procedures will prove a hurdle for municipalities, and it remains unclear what role the National Treasury will play in mitigating risk for the projects.

 

Officials promoting municipal generation through new private, potentially renewable energy plants say it will reduce dependency on Eskom, assuring residents and commercial enterprises of a consistent supply during load shedding.

 

Despite remarks from the media that these developments imply municipalities will go "off grid", the reality is that these plants feed into the existing national grid, which offers stability, storage and additional capacity.

 

This is true for countries such as Germany and Denmark, with high levels of renewable energy in their national grid. They benefit from the stability offered by their physical grid connections to neighboring state's power systems. Services such as NordPool and the European Power Exchange, connecting 16 and 8 countries respectively, derive energy from an array of sources across Europe with complementary characteristics.

 

Far from being independent of public grids, private generation is reliant on public infrastructure to dispatch power, and to maintain and sustain the networks from which IPPs solicit profits. It is, in essence, a public-private partnership.

 

Legislative clarity is slowly emerging on the rules for decentralised private electricity generation, but it is clear that as private generators sell more reliable supply solutions to businesses and industries of various scales, Eskom stands to lose massive amounts of money. This despite its network infrastructure itself being central to the economic viability of the small-scale private energy solutions.

 

A turn towards worker-run industries

 

A report by the Public Affairs Research Institute discusses the effect of the development of Eskom's Medupi power station on the expansion and development of the Lephalale local municipality.

 

The boom in economic activity in the area, stemming from investment by Eskom and coal giant Exxaro, led to an increase in the municipality's population and subsequently in electricity demand. The municipality, like most across the country, carries the weight of racial segregation characterised by unequal access to basic infrastructure, compounded by rapid urban growth. The municipal funding system is reliant on the collection of rates and water and electricity tariffs, which disadvantages under-resourced municipalities such as Lephalale. These municipalities battle to raise the capital to build new infrastructure, particularly in shack settlements. Self-organised connections are routinely used by residents, and municipalities cannot meet their financial obligations to Eskom. Without the implementation of significant reforms, these trends in inequality will continue to grow between differently resourced municipalities, and between the impoverished and the wealthy.

 

In February, the Congress of South African Trade Unions put forward a proposal to the National Economic Development and Labour Council for an Eskom bailout using workers' pensions invested in the Public Investment Corporation, the Investment Development Corporation and the Development Bank of South Africa.

 

The call accompanied requirements for a comprehensive forensic audit of Eskom, along with decisive action against corruption. National Union of Metalworkers of South Africa (Numsa) deputy secretary Karl Cloete criticised the proposal as focused on covering the outstanding debt and "saving Eskom" without giving clarity on how to finance the energy transition.

 

Much needs to be debated by workers on the proposal to use pension funds to bail out Eskom. But what is not being foregrounded is how refinancing Eskom with workers' pensions could be used to increase worker control of the state-owned enterprise through governance reform, shifting from its present neoliberal corporate structure.

 

Coordination between state instruments and worker committees in failing manufacturing companies facing imminent closure could explore, experiment and materially support the seizure of these companies to re-establish manufacturing under state ownership or worker self-management. The devastating impact of the current economic crisis is an opportunity to take a chance on ourselves in favour of solutions that prioritise bailout funds for large corporations under the gospel of trickle-down economics.

 

Once these companies are seized, they could repurpose a portion of the industries' productive capacity to develop products and materials for renewable energy systems, among other products providing basic services, that could be used locally and exported when in surplus. Smaller-scale municipal plants to generate renewable energy, financed by union finance instruments and pension funds, could then be built, in part, to benefit a new state or worker-controlled manufacturing plant, linking the benefits of economic small-scale generation technologies to stimulate the planned development of labour-intensive industries. If public land is used, parasitic rental agreements with wealthy landowners can be avoided for these new infrastructure developments.

 

To support this shift, it will be crucial to leverage technical skills in universities and technical and vocational education and training colleges to develop infrastructure solutions compatible with community ownership and worker self-management. These centres of learning should develop programmes that introduce cooperative development planning, along with courses to upskill technical workers interested in transforming existing enterprises.

 

Opportunities for municipal generation linked to cooperatives in waste recycling and energy and food production have been outlined by the Alternative Information and Development Centre and deepened by coalitions such as the Co-operative and Policy Alternative Center and the Climate Justice Charter.

 

In the spirit of Soweto Electricity Crisis Committee founder Trevor Ngwane's remarks, "Electricity and water are basic necessities which every human being should have access to. Electricity is produced by the workers - they pay twice as they pay with labour and they pay with cash... "

 

The 2012 resolution of Numsa's ninth congress asserted the need for social ownership as a potentially important strategy for the working class to stop private interests coopting renewable energy technology in the name of environmentalism and market efficiency.

 

Municipal generation should not be used by private developers to cash in on low-risk investments backed by the state. Rather, it could present a way to socialise the ownership of the sector at a small scale as part of the broader strategy to meet the basic needs of the majority of South Africans.

 

This article forms part of work towards the Tricontinental: Institute for Social Research's energy project.-New Frame.

 

 

 

Mozambique: Mozambican Public Debt Is Now 12.37 Billion Dollars

Maputo — According to the Minister of Economy and Finance, Adriano Maleiane, Mozambique's public debt currently stands at 12.37 billion US dollars, of which about 16 per cent is owed to China.

 

Speaking in the country's parliament, the Assembly of the Republic, and answering a question from the main opposition party, Renamo, about how much money is owed to China, Maleiane put the amount at 2.02 billion dollars.

 

The great majority of this, 1.97 billion dollars, is owed to the Chinese Exim Bank, and was mostly used to pay for roads and bridges, including the Maputo Ring Road, the suspension bridge across the Bay of Maputo, and the roads from the southern end of the bridge to the border with the South African province of Kwazulu-Natal.

 

 

Maleiane did not envisage difficulties in repayment. He pointed out that motorists must pay tolls to use the bridge and the roads and so, in the long run, they will pay for themselves.

 

Of the total 12.37 billion dollars of public debt, 9.85 billion is foreign debt, and the rest domestic debt, raised through high interest bearing treasury bonds. 4.35 billion dollars of the foreign debt is owed to multilateral institutions such as the World Bank and the African Development Bank (ADB).

 

Maleiane said the debts owed by the fraudulent, security related companies Proindicus and MAM (Mozambique Asset Management) have been excluded from the public debt. These were two of the companies that contracted loans from the banks Credit Suisse and VTB of Russia in 2013 and 2014, on the basis of illicit loan guarantees issued by the government of the day, under the then President Armando Guebuza.

 

 

The guarantees, for what have become known as "the hidden debts", were mostly signed by the then Finance Minister Manuel Chang, who is wanted in both Mozambique and the United States for his part in the fraud.

 

Both these loans are now before courts in London. Mozambique is suing Credit Suisse over the Proindicus loan, and VTB is suing the Mozambican state over the MAM loan (despite a VTB promise in 2019 that it would never issue an ultimatum to a "friendly country" such as Mozambique).

 

Maleiane claimed that Mozambique's current relations with the International Monetary Fund are "excellent". He admitted that, in 2016, when the true scale of the hidden debts became clear, "the IMF could have punished us for misreporting" - in other words, for concealing the truth about Mozambique's debts.

 

But the only action the IMF took was to suspend its programme with Mozambique. "The country has been doing all it can to deserve the confidence of its partners", said Maleiane. Loans were continuing to flow in, he added, particularly from the World Bank.

 

 

 

Tanzania Hit By a Shortage of Cement

Tanzania's Ministry of Trade and Industry has blamed the recent high cement prices on non-production by four main cement manufacturers in the country that had gone into maintenance.

 

A 50kg bag of cement retails for Tsh15,000 ($6), but according to the National Bureau of Statistics data for October, the price had risen by 30 percent to Tsh22,000 ($9) in parts of the country.

 

Permanent Secretary Dr Riziki Shemdoe told The EastAfrican that "some cement manufacturing industries had stopped production for a short term programme, which then paved the way for thorough maintenance of machines, and this lead to stopping production for a while."

 

This affected supply, which dropped to 150,000 tonnes for October, compared with 450,000 tonnes supplied to the market in the past two previous months.

 

The four main cement manufacturers are Twiga Cement based in Dar es Salaam, Tanga Cement in Tanga, Mbeya Cement in Mbeya and Dangote Cement located in Mtwara in Southern region.

FOREIGN BUYERS

 

Twiga, the leading cement manufacturer with a capacity of 700,000 tonnes annually, is sagging under the demand, and this week its depot at Wazo Hill on the outskirts of Dar es Salaam was swamped by importers from neighbouring Rwanda and Burundi, which largely depend on Tanzanian cement.

 

A meeting between government officials and the manufacturers recently discovered that demand for industrial cement was unusually high as government implements mega construction projects across the country.

 

It was agreed that manufacturers increase production to check the price increases by unscrupulous traders.

 

The Dangote plant stopped production early October for maintenance. Company lawyer Clara Koshuma, tweeted that production will resume mid-November.

 

Benny Lema, director of Tanga Cement, said inefficient supply of electricity had contributed to low production. He, however, said it was normal for the plant to go into maintenance every September. Their wholesale price of 50kg bag is Tsh11,500 ($5).

 

In a bid to put a stop hoarding and overcharging by traders, Tanga Regional Commissioner Martin Shigela has launched a crackdown on agents' depots and retailers.-East African.

 

 

 

 

 

 


 


 


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.

 


 

 


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