Major International Business Headlines Brief::: 25 November 2020

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Major International Business Headlines Brief::: 25 November 2020

 


 

 


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ü  Coronavirus: Second-hand car website becomes latest 'unicorn'

ü  Elon Musk becomes world's second richest person

ü  Amazon sorry for Sidewalk 'confusion'

ü  US shares set records as investor optimism grows

ü  Clariant plans 1,000 job cuts amid divestments

ü  At China's premier internet conference, few address the regulatory
elephant in the room

ü  Gap misses profit estimates on higher costs from online shift

ü  Catch-all travel insurance booms as U.S. flyers take Thanksgiving risks

ü  Global stocks hit record high as Biden, vaccine lift global prospects

ü  Nigeria: Naira - Basing Devaluation On Parallel Market Rate Wrong - CBN

ü  Tanzania: VP Demands Airport Authorities to Improve Services

ü  Tanzania: Reps Told to Ensure Isles Benefit From Oil, Gas Wealth

ü  Nigeria: Deploying Modular Refineries Will Raise Products' Export -
Buhari

 

 

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


Coronavirus: Second-hand car website becomes latest 'unicorn'

A second-hand car website has seen its value rocket to more than $1bn
(£750m), putting it into unicorn status.

 

India's Cars24 has seen a big rise in business during the pandemic as people
look to alternatives to public transport such as pre-owned cars.

 

India's popular but unreliable rail networks were shut off completely when
the country went into lock-down.

 

A unicorn refers to a privately-owned start-up firm that is now valued at
more than $1bn.

 

Other start-ups that have gone on to become unicorns, and household names,
include Uber and Airbnb.

 

Covid-19 infections in India have now surpassed 9 million and further
lockdowns are being considered.

 

While trains and buses in India's big cities have resumed services, many
commuters are avoiding public transport over fears they could catch the
virus while commuting.

 

 

media captionIndia's Covid-19 outbreak in 200 seconds

This has led to a rise in demand for Cars24, which is based in the city of
Gurgaon, near New Delhi.

 

By the middle of this year, sales had risen 20% from pre-lockdown levels and
continue to rise.

 

"People who did not have cars were looking to own a car due to safety issues
while many others wanted to upgrade from two-wheelers," said founder and
chief executive Vikram Chopra.

 

Unicorn club

The firm's potential has caught the eye of investment firm DST Global, which
spearheaded a $200m funding deal for Cars24 which it announced on Tuesday.

 

This latest round of financing values the online platform at more than $1bn.
Business analytics firm CB Insights says there are now 500 unicorn companies
around the world.

 

Mr Chopra started Cars24 after finding he could not sell his Hyundai Accent,
eventually giving it away to a friend.

 

"The market for used cars and bikes in India is a huge $50bn opportunity,"
he explained.

 

DST Global is based in Hong Kong and has backed a number of high-profile
tech companies over the years, including Facebook, WhatsApp and Alibaba.

 

In India, DST has invested in the online shopping company Flipkart, which
sold an 80% stake to Walmart two years ago.--BBC

 

 

 

Elon Musk becomes world's second richest person

Elon Musk's personal fortunes have shot up by more than $15bn (£12bn).

Tech entrepreneur Elon Musk has topped Microsoft founder Bill Gates to
become the world's second richest man after a meteoric rise in his personal
fortune.

 

Mr Musk's net worth jumped by $7.2bn (£5.4bn) to $128bn after shares in his
car firm Tesla surged.

 

Only Amazon founder Jeff Bezos is richer, according to the Bloomberg
Billionaires Index.

 

It comes after news Tesla shares will be added to the S&P 500, one of the
main share indexes in the US.

 

That triggered a fresh wave of buying of the electric carmaker's shares,
sending the company's market value above $500bn and boosting the value of Mr
Musk's holding in the business.

 

Tesla is already the most valuable car firm in the world, despite producing
a fraction of the vehicles of rivals such as Toyota, VW and General Motors.

 

On Tuesday, in a speech in Germany, Mr Musk said it could "make sense" for
Tesla to expand in Europe by entering the mass-market segment with a small
car.

 

"In the US, the cars tend to be bigger for personal taste reasons," he said.
"In Europe, (they) tend to be smaller."

 

And after years of losses, Tesla has seen five consecutive quarters of
profit as sales of its cars perform well despite the pandemic.

 

The California-based firm will be the biggest new entrant on the S&P 500,
with a market value of more than $500bn.

 

It means investment funds tracking the index will automatically hold its
stock and benefit from gains in its share price - news that has excited
investors.

 

Bill Gates, who co-founded Microsoft, was the world's richest person for
years before Mr Bezos knocked him off the top spot in 2017.

 

Mr Gates's fortune is worth $127.7bn but would be higher had he not donated
large sums to charity over the decades.

 

Jeff Bezos's net worth is estimated at £182bn by Bloomberg. He too has seen
his personal fortune rise this year as demand for Amazon's services climbed
in the pandemic.

 

Mr Musk, who regularly courts controversy, has had an eventful past few
weeks.

 

Last weekend he tweeted that he "most likely" had a moderate case of
Covid-19 and has had symptoms of "a minor cold."

 

It came the day before four astronauts were launched to the International
Space Station in a rocket built by Mr Musk's SpaceX.--BBC

 

 

 

Amazon sorry for Sidewalk 'confusion'

Amazon has apologised after UK customers received an email announcing the
launch of a service available in the US only.

 

Amazon Sidewalk uses customer broadband accounts to create a
neighbourhood-wide network for local devices.

 

It can be accessed by certain Amazon-branded devices up to 500m (0.3 miles)
away if the home wi-fi is out of reach or not working.

 

But customers with a US-registered device only should have been contacted.

 

And UK customers who received Amazon's email have told BBC News this was not
the case.

 

"We recently began emailing customers with Echo devices registered in the US
to give them more information about Amazon Sidewalk," an Amazon spokeswoman
said.

 

"This service will only be available in the US when it launches.

 

"We apologise for any confusion."

 

Security cameras

Sidewalk was originally announced in 2019.

 

It means Amazon-branded security cameras and smart speakers can still
function without a connection.

 

For US customers, the update will arrive in the form of a software update
and owners of devices which can use it - including the Ring security camera
and Amazon Echo - have to opt out of being part of it.

 

Only certain Amazon devices will be able to access it - not, for example,
individual smartphones.

 

'Longer distances'

Amazon says in the email that Sidewalk "uses a small portion of your
internet bandwidth" for the service.

 

"Sidewalk can also extend the coverage for Sidewalk-enabled devices, such as
Ring smart lights and pet and object trackers, so they can stay connected
and continue to work over longer distances," it adds.

 

Security researcher Kevin Beaumont tweeted Amazon appeared to be offering
only very limited access to other people's broadband connections.

 

"It isn't blindly allowing anybody to browse the internet from your
connection," he said.

 

Opt out

Amazon has published a paper outlining Sidewalk's security set-up.

 

However, Prof Alan Woodward, a cyber-security expert from Surrey University,
said he thought people should not be added to the network by default.

 

"I think you should opt in rather than opt out of these things," he said.

 

"It feels wrong not knowing what your device is connected to."—BBC

 

 

 

US shares set records as investor optimism grows

US shares hit fresh records on Tuesday with the Dow Jones index closing
above 30,000 points for the first time amid hopes of a strong economic
recovery and end of political uncertainty.

 

The S&P 500 also hit an all-time high as investors bought economically
sensitive financial and energy stocks.

 

Trading was fuelled by positive Covid vaccine news and moves to start the
Joe Biden presidential transition.

 

Europe's main markets also jumped, with London's FTSE 100 closing up 1.5%.

 

President Donald Trump has given the green light for the formal transfer of
power to begin following Mr Biden's election victory.

 

And positive news about coronavirus vaccines has boosted hopes that the US
and global economies could be on the path to normality next year.

 

Asian markets followed Wall Street's lead, with Japan's Nikkei up nearly 2%
and Hong Kong's Hang Seng Index 1.4% higher.

 

Indexes in South Korea, Australia, New Zealand and Singapore have all edged
higher.

 

"The possibility of having a vaccine next year increases the odds that we're
going to see demand return in the new year," said Phil Flynn, senior analyst
at Price Futures Group in Chicago.

 

Ross Mayfield, investment strategy analyst at US-based Baird, said: "If 2020
has shown us anything it is that stock markets have a tremendous ability to
look past bad news if there is sun on the horizon."

 

Analysts say market sentiment was also helped by news suggesting Mr Biden
wants former Federal Reserve chief Janet Yellen as his treasury secretary.

 

Yellen tipped as first US female treasury secretary

 

Fed fights move to end some Covid support measures

 

Among the big Wall Street share movers were plane-maker Boeing, up 3.3%, and
oil company Chevron, 5% ahead. Investment banks Goldman Sachs and JPMorgan
Chase closed up 3.8% and 4.6% respectively.

 

Other big gainers included Disney, American Express and IBM. A rise in Tesla
shares took the electric carmaker's market value above $500bn (£374bn).

 

At the close, the Dow Jones was up 1.54% at 30,046.2, while the S&P 500
gained 1.62% to 3,635.4. The tech-heavy Nasdaq index rose 1.3%, to 12,036.7.

 

Oil prices also rose, with US crude up 4.25% to $44.89 a barrel and Brent up
4% at $47.89. The gold price, a favoured asset when investors are fearful,
fell 1.6% to $1,806 an ounce.

 

But the bullish sentiment comes despite US coronavirus cases surging and
millions of Americans still unemployed, and some analysts fear shares are
due a reality check.

 

Rising Covid-19 cases and delayed economic stimulus measures are red flags,
said James McDonald, chief executive of Hercules Investments.

 

But it is not just in the US where shares are surging. The pan-European
STOXX 600 index rose 0.91%, while the MSCI's gauge of stocks across the
globe gained 1.44%, putting it on track to close at a record high.--BBC

 

 

 

Clariant plans 1,000 job cuts amid divestments

ZURICH (Reuters) - Clariant AG plans to cut around 1,000 jobs as it slims
down amid a series of divestments, the Swiss speciality chemicals company
said on Wednesday.

 

“The rightsizing programme foresees a reduction of approximately 1,000
positions in service and regional structures. Approximately one third of the
reductions will be included in the divestment transfers,” it said, adding it
would book a provision of around 70 million Swiss francs ($76.9 million) in
the fourth quarter for the programme.

 

 

 

At China's premier internet conference, few address the regulatory elephant
in the room

WUZHEN, China (Reuters) - China’s annual World Internet Conference is
usually a forum for luminaries from the country’s online giants and
government bodies to discuss pressing issues of the day.

 

But this year, few people spoke of what is expected to be a seismic shift
for the industry - plans by the central government announced just this month
that aim to rein in a slew of anti-competitive behaviours.

 

The plans have been described by analysts as the first serious attempt on
the part of Beijing’s antitrust authorities to regulate the tech companies
whose services pervade Chinese daily life, particularly Alibaba Group
Holding Ltd and Tencent Holdings Ltd.

 

But despite the presence of top officials including the head of the
Cyberspace Administration of China, Zhuang Rongwen, and Liu Liehong, vice
minister for industry and information, as well as executives from a raft of
tech firms, the sensitive topic was barely broached in speeches and panel
discussions.

 

The lone person to touch on it in a keynote speech was Alibaba CEO Daniel
Zhang, who called the tightening oversight “very timely and necessary”.

 

Regulatory ire in China can be fierce and drastic in its consequences. This
month regulators slammed the brakes on Ant Group’s $37 billion IPO,
thwarting the world’s largest stock market debut just days ahead of its
launch and marking a stunning rebuke for Ant and Alibaba founder Jack Ma.

 

According to the 22-page draft guidelines, Chinese authorities will be
looking to curb the unfair use of discounts and subsidies and the use of
restrictions placed on businesses that prevent them from selling their goods
and services on other platforms.

 

Regulators have also separately said they are seeking to strengthen
oversight of consumer rights and data protection, which will also affect
internet companies.

 

For some observers, greater regulation is a natural development given that
incumbent tech giants can prevent rival start ups from thriving.

 

“When two giants are dominating lots of aspects of the Chinese market, how
can others grow?,” Wang Yiwei, professor of international studies at Renmin
University in Beijing, said on the sidelines of the conference.

 

 

 

Gap misses profit estimates on higher costs from online shift

(Reuters) - Gap Inc fell short of Wall Street estimates for quarterly profit
on Tuesday as a pivot to online sales fueled a surge in marketing and
shipping costs, sending the apparel retailer’s shares down about 11% in
extended trading.

 

The company also forecast fourth-quarter sales to be flat or slightly higher
than last year, and warned of pressure on margins from elevated shipping
costs, including air freight, as retailers rush to move merchandise ahead of
the holiday season.

 

Online sales surged 61% in the third quarter as stuck-at-home customers
shopped for comfortable joggers, yoga pants and tops from its Old Navy and
Athleta brands, helping Gap report a surprise rise in comparable sales.

 

But that came at a cost, with operating expenses rising about 8% in the
quarter.

 

Gap, which has launched digital campaigns such as “Stand United” and “Be the
Future”, will continue to make marketing investments, Chief Executive
Officer Sonia Syngal said.

 

“With this COVID environment and really a lot of the weaker players seeing
significant amount of disruption, we see this as an important time to be
investing in our brands for demand generation,” Syngal told analysts.

 

Comparable sales rose 5%, trouncing the average estimate for a 0.62% fall,
according to IBES data from Refinitiv.

 

Store sales declined 20% in the third quarter, and Gap reiterated its
intention to close several hundred Gap and Banana Republic stores globally,
while opening profitable Old Navy and Athleta stores.

 

The San Francisco-based retailer reported a net income of $95 million, or 25
cents per share, for the three months ended Oct. 31, down from a profit of
$140 million, or 37 cents per share, a year earlier.

 

Analysts had expected the company to earn 32 cents per share.

 

 

 

Catch-all travel insurance booms as U.S. flyers take Thanksgiving risks

(Reuters) - U.S. websites have seen a surge in travelers seeking expensive
ironclad insurance this Thanksgiving, as Americans desperate to break the
monotony of a year spent at home look to cover themselves against
coronavirus-related risks.

 

Data from insurance comparison website Squaremouth on Tuesday showed the
number of insurance policies purchased for U.S. domestic trips over the
upcoming holiday was up 170%, compared to the same period of 2019.

 

Some 40% of all Thanksgiving travelers specifically searched for coronavirus
cover, replacing top concerns from previous years, such as weather and
financial defaults, and spurring a rise in the overall cost of cover.

 

“Cancel-for-any-reason” policies, which typically allow cancellations up
until two days before departure and a 75% reimbursement, cost up to 40% more
than a regular policy.

 

“It’s just gotten to a point I think people are tired of being stuck at home
and they’re looking to get away and go somewhere,” said Jeremy Murchland,
president of U.S. travel insurer Seven Corners.

 

More than 3 million passengers passed through U.S. airports over the
weekend, discarding advice from the Centers for Disease Control and
Prevention to stay at home as coronavirus infections reached daily records.

 

Overall traveler numbers are still down 60% from a year ago, but
Squaremouth, one of the country’s main insurance price aggregators, said its
data suggested that the total number of travelers seeking cover was up 26%
year-on-year.

 

The data from Squaremouth is based on all travel insurance policies
purchased on its website between March 12 and Nov. 9 for travel over the
week of Thanksgiving.

 

With trips to popular European destinations effectively banned, and the
risks of quarantine and other curbs weighing on travelers’ decision making,
overall requests for cover to foreign locales were lower than those for
domestic trips.

 

Those for the Bahamas and Costa Rica were down by just over half. Requests
for insurance for trips to Mexico, however, were down just 23% year-on-year,
and for the Turks and Caicos islands, just off Haiti, where luxury hotels
are guaranteeing COVID-19-secure bubbles, they are up more than 500%.

 

For those traveling outside the United States, a travel insurance policy
that also has medical cover for COVID-19 will cover medical treatment that a
normal healthcare policy would not, as well as potentially medical
evacuation.

 

Courtney Glass, a California-based stage actress, is insuring a trip with
her parents to Guatemala to rendezvous with her sister and newborn niece
Madi.

 

“Madi arrived right as the virus did. She’s crawling and trying to talk now
and we just don’t want to miss any more of this time,” she said.

 

“If we don’t go now, we probably won’t go until after the holidays. And
potentially, not until after the vaccine that everybody’s talking about is
distributed.”

 

 

 

 

Global stocks hit record high as Biden, vaccine lift global prospects

TOKYO/WASHINGTON (Reuters) - World shares rallied to a record peak on
Wednesday, following an overnight surge that saw the Dow Jones benchmark
crack 30,000 for the first time as investors cheered a dramatically improved
global outlook.

 

The formal start of U.S. president-elect Joe Biden’s transition to the White
House and increasing confidence a COVID-19 vaccine would be ready soon
ushered in renewed appetite for global shares.

 

After weeks of waiting, President Donald Trump’s administration on Monday
cleared the way for Biden to prepare for the start of his administration,
giving him access to briefings and funding.

 

“The main thing now is that it has become official that the Biden
administration will start. And we have ample liquidity from the world’s
central banks,” said Norihiro Fujito, chief investment strategist at
Mitsubishi UFJ Morgan Stanley Securities.

 

“I expect the honeymoon between financial markets and the Biden
administration and stocks’ bull trend could continue until around his
inauguration in January,” he said, adding reality checks could follow, once
he will be sworn in.

 

Reports that Biden planned to nominate former Federal Reserve Chair Janet
Yellen as Treasury Secretary -- a move that could shift the focus heavily
toward efforts to tackle growing economic inequality -- also cheered
markets.

 

That pushed MSCI’s broadest gauge of world stocks up 0.2% to a record level.
Its index of Asia-Pacific shares outside Japan gained 0.45% while Japan’s
Nikkei rallied 1.7% to a 29-year high.

 

On Wall Street on Tuesday, the Dow Jones Industrial Average rose 1.54% to
30,046.24 while the S&P 500 gained 1.62%, to 3,635.41, also a record high.
The Nasdaq Composite added 1.31%.

 

E-mini futures for the S&P 500 rose another 0.5% in early Wednesday trade.

 

“Sentiment is running very hot as we come to the end of a cracker month for
risk assets, so it does make you wonder whether the market is starting to
exhibit signs of euphoria, and is due for a bit of a retracement in the
short-term,” said IG Australia markets analyst Kyle Rodda.

 

“But for all the risks the pandemic poses over the next few months...market
participants appear happy to look through it all, and position for a
post-pandemic world.”

 

Investors bet forthcoming virus vaccine shots could ease the pain on various
industries that have been hit hardest by the pandemic, from tourism to
energy, despite the ongoing severe outbreak of the virus in many parts of
the world.

 

U.S. energy shares have risen almost 38% so far this month.

 

In the currency market, risk-sensitive currencies held an upper hand against
safe-haven currencies, including the U.S. dollar.

 

The euro held firm at $1.1901, near the top of its recent trading range. The
British pound stood at $1.3359, near Monday’s two-month high, supported also
by hopes of a Brexit deal.

 

Bitcoin also held firm at $18,999, near its record peak of $19,666 touched
almost three years ago.

 

On the other hand, the yen, seen as a safe harbour currency, was little
changed at 104.56 per dollar.

 

Gold has also lost lustre, having hit a four-month low of $1,800.80 on
Tuesday and last stood at $1,806.10 per ounce.

 

U.S. Treasuries were also pressured by expectations that Yellen’s nomination
as Treasury Secretary could ease the passage of a potential fiscal stimulus
package, which would mean more debt.

 

The 10-year U.S. yield rose to 0.885%, compared with Thursday’s low of
0.818%.

 

Oil prices also held near highest levels since March on the improved global
economic outlook.

 

Brent futures gained 1.2% to $48.45 per barrel, a high last seen in early
March.

 

 

 

Nigeria: Naira - Basing Devaluation On Parallel Market Rate Wrong - CBN

Those using parallel market rate to put pressure on the Central Bank of
Nigeria (CBN) to devalue the Naira won't have their way.

 

The CBN Governor, Mr. Godwin Emefiele gave this indication at the end of the
last 2020 Monetary Policy Committee (MPC) meeting, in Abuja, yesterday.

 

He said "It is unfair that even analysts who should know are using parallel
market rate to say that our currency is overvalued and therefore calling for
devaluation. This is very unfortunate.

 

"The parallel market is a shallow market of only about 5 per cent of the
foreign exchange market which is patronized by people who go there for cash
to offer bribes and corruption. Parallel market is the place where people
who don't want to provide documents go.

"I don't see why those who should know are asking for devaluation. We don't
agree that the determination of the foreign exchange should be based on a
market that is tainted. We will not use this as our benchmark to determine
the value of our currency.

 

"At the E& I (Import& Export) Window, the rate is about N386 or N387 / $1.
We don't control the I & E window. Why will anyone use the parallel market
to say that the exchange rate is over N480/$1?"

 

According to the governor, the Naira had already been devalued by about 28
per cent this year, just like many other currencies of the world.

 

COVID-19: 149bn to 317 beneficiaries

 

Governor Emefiele disclosed that about N149 billion had been given to 317
beneficiaries of the COVID-19 Fund, consisting of Targeted Households, as
well as, Small and Medium Enterprises (SMEs).

He said that the organization was encouraged to increase funding beyond the
initial N50 billion due to the positive impact it had on the Nigerian
economy by boosting outputs and consumption.

 

According to him, another N92 billion was given to operators under the
Agri-business/Small and Medium Enterprises Investment Scheme (AGSMEIS) and
another N60 billion to healthcare sector players, in the battle to contain
the COVID-19 pandemic and improve the nation's health sector.

 

Similarly, Mr. Emediele disclosed that about N2. 9 billion of the Creative
Industry Initiative Fund has been disbursed among operators in the fashion,
music and Information, Communication Technology and the movie industries.

 

According to the CBN boss, "the various funds have been "quite impactful"
adding, these have been helpful in moderating the impact of the COVID-19
pandemic in the country."

An elated Mr. Emefiele said that the various funds disbursements would be
done in such a way that all regions of the country would benefit from the
interventions.

 

"We have insisted that it should be done in such a way that it will go round
all the zones. This will boost consumption and ensure output is impacted for
the good of our people."

 

On the current recession, the governor said, "We are somewhat cautiously
optimistic that with the record of performance of various sectors, in the
first quarter of 2021, we will exit the recession."

 

According to the CBN boss, the external reserves position, stood at US$35.18
billion as at November 19, 2020 compared with US$35.95 billion at end of
September 2020, as crude oil prices continue to fluctuate with downward
pressure.

 

The CBN retained Monetary policy Rate (MPR) at 11.5%

 

It also retained all other parameters with Cash Reserve Ratio and Liquidity
Ratio at 27.5 per cent and 30 per cent respectively.

 

Consequently, the MPC retained the asymmetric corridor of +100/-700 basis
points around the MPR.-Vanguard.

 

 

 

 

Tanzania: VP Demands Airport Authorities to Improve Services

IN efforts to improve efficiency at the Zanzibar International Airport, the
Second Vice-President, Mr Hemed Suleiman Abdalla has directed the airport
authorities to ensure all screening machines operate efficiently.

 

"Since our airport has an international status, we must ensure everything is
in order, including all scanners," Mr Abdalla said as he expressed his
disappointment with reports that some of the scanners at the airport are not
working.

 

During his impromptu visit at the 'Abeid Amani Karume International Airport
(AAKIA)', the Second Vice- President said that management inefficiency
provides room for illegal business such as narcotic drugs to find its way
through the airport.

He said that entry points to the country- airports and seaport must have
standard equipment for inspection, because such points contribute heavily to
the growth of the economy.

 

"We need to work diligently with executives and all staff at our points of
entry and be vigilant ... they are required to ensure there is no tax
evasion," he said.

 

Mr Abdalla also pointed out that challenges facing the airport must be
resolved as soon as possible because there is no justification for prolonged
problems.

 

"During work hours, everyone must be busy and accountable. Spending more
time on social media while in office should stop," he warned.

 

The Second Vice-President also raised concern over alleged dubious deals at
the airport, ordering an immediate investigation into the authenticity of
contracts and projects to clear corruption allegations.

 

He said "Efficiency at the airport should also include solving labour
disputes with staff. Workers' rights must be observed. There are some
workers who were fired from work, but after legal battle, they won their
appeal, but have not been allowed back."

 

In response to the Vice-President's concerns, technicians at the AAKIA led
by the Zanzibar Airports Authority (ZAA) Director Mr Said Iddi Ndombogani
said some of the scanners have not been approved because they are still
under testing period.-Daily News.

 

 

 

Tanzania: Reps Told to Ensure Isles Benefit From Oil, Gas Wealth

LEGISLATORS have been urged to approve laws that ensure the expected 'Oil
and natural Gas' wealth benefits all citizens in the Islands of Zanzibar.

 

The legislators are attending orientation seminars which started after the
launch of the 10th House of Representatives two weeks ago.

 

Lecturer at the Diplomacy College, Dr Salim Hamad was one of the
facilitators of the seminar for the law makers, who cautioned that bad laws
and inequality in natural wealth, when it becomes a reality, always lead to
conflicts in the society.

 

"You are the law makers and are expected to approve laws and policies
regarding use of the natural resources, including the highly expected oil
and gas. You have to be careful so that you do not plunge the country into
crisis because of the wealth," Dr Salim said.

Before leaving office, retired President Ali Mohamed Shein said that
exploration results indicate that Zanzibar areas may have oil and gas, and
that verification of data has been going on well.

 

Similar sentiments have been made by his successor, Dr Hussein Mwinyi. The
leaders promised that once drilling starts in the near future, the wealth
will benefit all the people in the Islands.

 

And, one of the facilitators at the legislator's seminar reminded them about
risks of conflict over oil and gas if laws and policies are not well
written.

 

"As the oil and gas programme continues, you should find areas that may lead
to disputes and avoid them by having workable laws, regulations, and
policies regarding drilling and distribution of the wealth," the facilitator
said.

 

Dr Juma Kanuwa- a lecturer also from the Diplomacy College made a
presentation of "Economy and Oil and Gas", putting emphasis on having better
planning and good management/administration so that Zanzibar's economy can
grow smoothly.

 

Discussing the topic, several legislators commended the facilitator for a
timely topic on oil and gas organised by the 'Zanzibar Petroleum Regulatory
Authority (ZPRA)', saying "It is better to take precaution to avoid
conflicts before drilling starts."-Daily News.

 

 

 

Nigeria: Deploying Modular Refineries Will Raise Products' Export - Buhari

President Muhammadu Buhari on Tuesday said the implementation of his
administration's refinery road map rolled out in 2018 would make Nigeria a
net exporter of petroleum products with the deployment of modular
refineries.

 

President Buhari said this at the virtual inauguration of the 5,000 barrels
per day Waltersmith Modular Refinery in Ibigwe, Imo State, as well as the
ground-breaking ceremony for the Phase-2 works to expand the capacity of the
refinery to 50,000 barrels/day.

 

The president said the establishment of modular refineries in the country,
which is one of the four key elements of the road map, would make petroleum
products like kerosene, diesel, and premium motor spirit (PMS), popularly
known as petrol, available in the country and eliminate importation.

 

"The role played by the federal government through the Nigerian Content
Development and Monitoring Board (NCDMB) in going into collaboration with
Waltersmith Refining and Petrochemical Company is novel in concept and
superb in delivery," he said in a statement issued by his spokesman, Femi
Adesina.-Daily Trust.

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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

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

Website:         <http://www.bullszimbabwe.com> www.bullszimbabwe.com 

Blog:
<https://bullszimbabwe.com/category/blogs/bullish-thoughts/>
www.bullszimbabwe.com/blog

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www.facebook.com/BullsBearsZimbabwe

Skype:         Bulls.Bears 



 

 

 


 

INVESTORS DIARY 2020

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


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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