Major International Business Headlines Brief::: 27 November 2020

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Major International Business Headlines Brief::: 27 November 2020

 


 

 


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ü  China slaps tariffs on Australian wine as tensions grow

ü  Amazon spends $500m on bonuses for Christmas staff

ü  Dyson to spend $3.67bn on new technologies

ü  If public spending was £100, how would it be split?

ü  Covid crisis could 'cut pay by £1,200 a year by 2025'

ü  New rules to limit Google and Facebook's market power

ü  New jobs in UK hospitality sector 'non-existent'

ü  Stocks hover near record high, oil skids on demand outlook

ü  How parent of BMW's China partner drove to the brink of bankruptcy

ü  Rwanda: Israeli Airline Makes Maiden Flight to Rwanda

ü  Nigeria's Traditional Textiles Threatened By Chinese Imports

ü  Kenya: Two Million Slide Into Grinding Poverty as Country Slips Into
Recession

ü  Tanzania: Uganda-Tanzania Pipeline Runs Into Legal Challenges

ü  Nigeria: House Okays Buhari's Request to Refund N148 Billion to Five
States

ü  Southern Africa: Moody's Downgrades SA Banks Too

ü  Disney increases planned layoffs to 32,000 as virus hits park attendance

 

 

 

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


China slaps tariffs on Australian wine as tensions grow

China will impose taxes on Australian wine of up to 212%, starting on
Saturday.

 

Its commerce ministry said these were temporary anti-dumping measures to
stop subsidised imports of Australian wine.

 

The duties will range from 107% to 212%, intensifying trade tensions between
the two countries.

 

In recent months, Beijing has targeted Australian imports including coal,
sugar, barley and lobsters amid political tensions.

 

Officials in China have argued that some Australian wine is being sold
cheaper there (dumped) than in its home market through the use of subsidies.
Australia has rejected that assertion.

 

China is the biggest destination for Australia's wine exports, accounting
for 39% in the first nine months of 2020, according to Wine Australia.

 

China has been carrying out a year-long investigation into anti-dumping,
looking at wines being sold in China at prices alleged to be lower than in
Australia.

 

Following the announcement on Friday, Treasury Wine Estates (TWE), one of
the world's biggest winemakers saw its share price slump more than 13%.

 

media captionRuss and Phillipa in the vineyard

TWE, the maker of Penfolds and Wolf Blass, has built up a powerhouse
business selling into China which analysts estimate is worth A$4bn (£2.2bn;
$3bn) alone after six years of robust growth.

 

Other Australian winemakers have been singled out alongside TWE, including
Casella Wines and Australian Swan Vintage.

 

China's commerce ministry didn't specify how long the measures would last
for.

 

'Extremely disappointed'

Australia's agriculture minister David Littleproud reacted to the
announcement via Twitter, saying the government was "extremely
disappointed".

 

 

"The Australian government categorically rejects any allegation that our
wine producers are dumping product into China," he said.

 

"Australian wine is hugely popular both in China and across the globe due to
its high quality and we are confident that a full and thorough investigation
will confirm this."

 

Australia's trade minister Simon Birmingham said the new tariffs make
Australian wine unviable and unmarketable in China.

 

"This is a very distressing time for many hundreds of Australian wine
producers, who have built, in good faith, a sound market in China," he said.

 

Mr Birmingham has raised the idea of taking China to the World Trade
Organisation (WTO) over the restrictions.

 

Growing tensions

Political relations between China and Australia have deteriorated this year
to their lowest point in decades, experts say.

 

The year when Australia and China hit 'lowest ebb'

Australia backed a global inquiry into the origins of the coronavirus in
April, and effectively singled out China, according top Chinese diplomat.

 

Since then, Australian imports have been under the spotlight while Chinese
students and tourists were warned against travelling to Australia citing
fears of racism.-BBC

 

 

 

Amazon spends $500m on bonuses for Christmas staff

Amazon is spending hundreds of millions of dollars on bonuses for Christmas
staff after sales at the online giant soared during the pandemic.

 

Full-time warehouse workers in the UK and the US will receive £300 or $300,
with £150 or $150 for part-time staff.

 

The money, $500m in total, will go to staff working between 1-31 December.

 

The firm, run by Jeff Bezos, the world's richest man, praised staff for
"serving customers' essential needs" during the pandemic.

 

In a blog post, Dave Clark, senior vice president of Amazon Worldwide
Operations, wrote: "I'm grateful to our teams who continue to play a vital
role serving their communities.

 

"As we head into the peak of the holiday season, we want to share our
appreciation through another special recognition bonus, totalling more than
$500 million for our front-line employees."

 

The firm has come under intense scrutiny for working practices in its
warehouses during the coronavirus pandemic.

 

Labour activists in the US, for example, recently called on big retailers
like Amazon and Walmart to do more to protect workers as surging Covid-19
cases coincide with the holiday shopping rush.

 

They are calling for hazard pay, paid sick leave and better communication
about outbreaks.

 

Amazon workers have raised concerns about their health and working
conditions in Europe as well as in the US, claiming it is almost impossible
to practice social distancing.

 

Black Friday protests

Earlier this year, Amazon was forced to shut down several warehouses in
France in an ongoing row over conditions.

 

The company has previously said that its guidelines are adequate and that it
provides employees with face masks.

 

However, the company said in a statement that it "provides some of the most
advanced workplaces of their kind in the world, with industry-leading pay,
processes and systems to ensure the wellbeing and safety of all employees".

 

Amazon said it had introduced additional cleaning and other safety measures
to increase protection, and in the UK had started a pilot scheme offering
voluntary Covid testing for employees.

 

The retail giant has been one of the retail winners during coronavirus
lockdowns as online deliveries skyrocketed when High Street shops closed.

 

Sales will also be boosted during the Black Friday bonanza, although a
coalition of trade unions, environmentalists and other activists have urged
consumers to boycott the firm.

 

Protests are being planned in several countries, and in Germany, the trade
union Verdi has organised three-day strikes at Amazon warehouses,

 

Sales at the internet giant shot to $96.1bn in the three months to 30
September - up 37% from the same period in 2019. And profits hit a record
$6.3bn, nearly three times last year's total.

 

But that level of growth has not come without additional costs. Amazon said
it had $2.5bn in Covid-related expenses.

 

In the UK it has also had to create thousands of jobs, as well as 20,000
seasonal posts, in a bid to keep up with shoppers.--BBC

 

 

 

Dyson to spend $3.67bn on new technologies

Dyson says it will invest an additional $3.67bn (£2.75bn) into new
technologies and products over the next five years.

 

The investment will allow the company to double the number of products it
sells, and expand into new areas.

 

The investments will be focused in Singapore, the UK, and the Philippines,
and will focus on emerging technologies.

 

The company announced it would relocate from the UK to Singapore in 2019.

 

Dyson is best known for vacuum cleaners, air purifiers and hair dryers.

 

But the new investment will pay for more engineers and scientists in fields
such as software, machine learning and robotics.

 

"Now is the time to invest in new technologies such as energy storage,
robotics and software which will drive performance and sustainability in our
products for the benefit of Dyson's customers," Dyson's chief executive
Ronald Krueger said.

 

"We will expand our existing product categories, as well as enter entirely
new fields for Dyson over the next five years. This will start a new chapter
in Dyson's development."

 

The company said it would invest further into research in the fields of
robotics, next generation motor technology, intelligent products, machine
learning and connectivity.

 

Another key focus will be the commercialisation of Dyson's solid state
battery technology, which is under development in the US, UK, Japan and
Singapore.

 

The company says its technology will be safer, cleaner and longer-lasting
than existing alternatives.

 

Focus in UK and Asia

In the UK, the company said it would expand its robotics research and
artificial intelligence programs at its Hullavington Airfield Campus in
Wiltshire.

 

In Singapore, Dyson will expand its advanced research and development
facilities, which cover a growing number of fields including machine
learning and robotics.

 

The company will also establish a new university research programme in
Singapore, and is planning for a new advanced manufacturing hub.

 

Dyson had plans to manufacture an electric car in the city state, but
scrapped the idea after deciding the car wasn't commercially viable.

 

The company will also create a new dedicated software hub at Alabang, in the
Philippines.--BBC

 

 

If public spending was £100, how would it be split?

Along with the keys to No 11 Downing Street, the chancellor is given the job
of doling out hundreds of billions of pounds of taxpayer money every year.

 

In fact, for the first time this year, government spending will top a
massive £1 trillion. But where does it actually go?

 

1. How is Rishi Sunak spending our money?

Like most of us, the chancellor has priorities, necessities, a wishlist -
and unforeseen bills

 

For every £100 the central government spends next year, the biggest slice -
more than £20 - will go on welfare payments such as pensions and universal
credit. Much of that is dictated by factors such as an ageing population or
unemployment. These fluctuate and so are hard for the government to control.

 

The next biggest chunk - £17.50 - goes on health. Education accounts for a
further £7, while defence covers £4.50.

 

Public spending in £100

We've heard a lot about how the government has to borrow to help fund the
spending bill this year. But as part of that debt has been picked up by the
Bank of England, and interest rates are so low, that slice accounts for just
£2 of every £100 - the smallest in decades.

 

That interest too is hard to predict. And with spending already sketched out
for some big departments, such as health and defence, the chancellor's
announcement only revealed plans for about £35 of every £100 the government
will be spending in the next year.

 

Foreign aid has grabbed headlines but accounts for just 70p; the cuts
announced now reduces that to 50p.

 

2. Is austerity over?

Be it fixing potholes or extra cash for the armed forces, government
departments have to plead their case with the chancellor. And there are
always winners and losers.

 

In the past couple of years, the government has claimed that austerity is
over, the spending tap has been reopened and every department has been
bestowed with more cash.

 

But over the past decade or so, the cost of living has risen and the
population has grown. So money has to stretch further. And that money is
split between day-to-day spending - from salaries to operations - and
investment in the likes of roads, or capital investment.

 

Strip out that investment spending, and allow for inflation and the growing
population, and while the health service will be better off in the next few
years, defence actually won't be. In other words, it is more of a stretch to
maintain day-to-day public services

 

NHS and Schools are the spending review winners

3. What about public sector pay?

One in every £4 the government spends, goes towards paying our 5.5 million
public sector workers.

 

Frontline staff from nurses to police officers were awarded
inflation-busting pay rises in the summer as they battled in the face of the
virus.

 

But they were also warned not to expect more. Now 1.3 million people will
have their pay rises "paused" for a year, saving the chancellor a billion or
two.

 

Breakdown of public sector workforce

His argument is that it's not fair to give wholesale rises when so many
private sector workers have seen their incomes shrink or been laid off - and
it is they who foot some of the public sector pay bill.

 

Exempt from the freeze will be the 31% who work in the health service - and
anyone whose pay is under £24,000.

 

Also exempt will be those employed by local government and the devolved
administrations, whose pay will be determined there. But the employers of
those two groups could decide to impose curbs themselves.

 

4. How much is the war on Covid costing?

The curb on public sector pay may feel like that Rishi Sunak is playing
Scrooge.

 

But the cost of fighting the spread of coronavirus, and limiting the
economic fallout has soared. It has now hit £280bn for this year -
accounting for about £25 in every £100 the government is spending.

 

Much of that has gone on health and other services. About £40bn has gone on
test and trace, PPE and vaccine implementation - the equivalent of more than
£1,500 per household. Questions are already being asked if those sums have
been spent wisely or effectively.

 

Covid Spending

And then there's the support to the economy. The bill for furlough is
expected to reach almost twice as much, at £70bn, with a further £20bn going
to help the self-employed.

 

Most of such schemes will end come next March. But the health response won't
- Mr Sunak expects that he'll have to fork out another £55bn, over 5% of the
spending pot, on that in the next financial year.

 

5. How are we paying for all this?

In normal years, the government covers the vast majority of its spending
through the tax it takes in - from income tax to VAT to Air Passenger Duty -
around £94 of every 100 last year.

 

But this year those sources of income have suffered - just as outgoings have
soared. For the first time, government spending will top £1 trillion.

 

This year the government will only fund about two-thirds of spending through
taxation. That's equal to the biggest shortfall since World War Two.

 

Taxes

At present, the government can borrow cheaply to plug the gap. But not
forever. Rishi Sunak has already indicated he'll be looking to raise taxes -
not yet, (for it's more than the economy could stand ) but in the years
ahead.

 

The chancellor may still be doling out cash - but payback is coming.-BBC

 

 

 

Covid crisis could 'cut pay by £1,200 a year by 2025'

The covid crisis is on track to cut average pay packets by £1,200 a year by
2025, according to new analysis.

 

The prediction comes from the Resolution Foundation, a think tank focused on
improving living standards for people on low-to-middle incomes.

 

It comes a day after Chancellor Rishi Sunak warned unemployment could surge
to 2.6 million by mid-2021.

 

The economic downturn will continue to squeeze living standards in Britain
warned the foundation.

 

"The Covid crisis is causing immense damage to the public finances, and
permanent damage to family finances too, with pay packets on track to be
£1,200 a year lower than pre-pandemic expectations," warned Torsten Bell,
chief executive of the Resolution Foundation.

 

Its new research published on Thursday, Here Today, Gone Tomorrow, says that
"the combined effects of weaker pay growth and higher unemployment will
serve to prolong Britain's living standards squeeze".

 

Households under pressure

Its analysis shows household incomes have been growing at a slower pace even
before the pandemic.

 

They are on course to grow just 10% during the 15 years from the start of
the 2008 global financial crisis until 2023.

 

But household incomes grew by a much higher 40% in the 15 years leading up
to the financial crisis.

 

The Resolution Foundation says further pressure will come next April, when
about six million households will lose more than £1,000 through reduced
Universal Credit payments.

 

It also warned the bulk of the government's extra spending to deal with the
"economic emergency" will need to come from tax rises.

 

"While the priority now is to support the economy, the permanent damage to
the public finances mean taxes will rise in future," added Mr Bell.

 

Three in a lifetime

"The pandemic is just the latest of three 'once in a lifetime' economic
shocks the UK experienced in a little over a decade, following the financial
crisis and Brexit," he added.

 

"The result is an unprecedented 15-year living standards squeeze."

 

In Mr Sunak's Spending Review he pledged £280bn this year to help get the
country through the pandemic downturn.

 

"But which taxes those will be, like which Brexit we can expect, are
questions the chancellor left for another day."

 

The chancellor told MPs the UK economy is predicted to shrink by 11.3% in
2020, which has been described as the "largest fall in output for more than
300 years".--BBC

 

 

 

New rules to limit Google and Facebook's market power

The UK will impose new rules next year aimed at preventing Google and
Facebook from abusing their market dominance.

 

The Competition and Markets Authority (CMA) said the two firms accounted for
around 80% of the £14bn ($18.7bn) spent on advertising online in 2019.

 

The new regime will attempt to give consumers more control over their data.

 

It will also "help small businesses thrive, and ensure news outlets are not
forced out by bigger rivals," according to the government.

 

"There is growing consensus in the UK and abroad that the concentration of
power among a small number of tech companies is curtailing growth of the
sector, reducing innovation and having negative impacts on the people and
businesses that rely on them," said Digital Secretary Oliver Dowden, in a
statement.

 

"It's time to address that and unleash a new age of tech growth."

 

The new code will set clear expectations for the most powerful firms over
what represents acceptable behaviour when interacting with competitors and
users.

 

Platforms that are funded by digital advertising could be required to be
more transparent about the services they provide and how they are using
consumers' data.

 

They will be expected to give consumers a choice over whether to receive
personalised advertising, and prevented from placing restrictions on their
customers that make it hard for them to use rival platforms.

 

The code will be enforced by a new dedicated unit within the CMA.

 

The Digital Markets Unit could be given powers to suspend, block and reverse
decisions made by technology firms and to impose financial penalties for
non-compliance.

 

Google and Facebook have previously said they are committed to working with
the British government and regulator on digital advertising.

 

Changes to news

The new code could also affect the media industry, which has lost much of
its advertising revenues to Facebook and Google.

 

The new code will attempt to govern commercial arrangements between
publishers and platforms to help keep publishers in business.

 

It will try to stop online platforms from imposing unfair terms on news
publishers that limit their ability to monetise their content.--BBC

 

 

 

New jobs in UK hospitality sector 'non-existent'

Paul Gilley says he has never seen so few new jobs in the UK hospitality
sector - across restaurants, bars and hotels.

 

Recruitment is bad overall but in hospitality it is "non-existent", says the
boss of London-based recruitment firm PJ Search & Selection.

 

Mr Gilley has run his business for 20 years, specialising in the hospitality
sector. Back in March, he says that everything stopped overnight.

 

"Contracts were being cancelled, all permanent vacancies were drying up and
within a week we had nothing," he says.

 

Despite England being set to come out of the current lockdown on 2 December,
returning to a tier-based system and with Christmas fast approaching, Mr
Gilley does not see things improving until well into 2021.

 

"The hospitality sector is going to try its damnedest to have a good
Christmas, but with social distancing rules in place you can have only less
than half the normal number of customers, so extra staff just aren't
needed," he says.

 

"Places are opening their doors not to make money, but to lose less."

 

Recruitment agencies are a very good barometer of a country's economy. And
across the UK they have seen business dry up, as unemployment has risen due
to Covid and the subsequent lockdowns and tier restrictions.

 

The latest official figures show that the UK unemployment rate rose to 4.8%
in the three months to September, up from 4.1% in the previous quarter. And
the unemployment rate among 16 to 24-year-olds, who make up much of the
staff across restaurants, bars and hotels, is now 14.6%, also according to
official data. Overall UK unemployment is now expected to reach 7.5% next
year.

 

This bleak situation also applies to retail, and is replicated globally,
says Ann Swain, the chief executive of APSCo, an international trade body
that represents the recruitment sector.

 

"In March, education recruitment fell off a cliff because schools were
closed down, and other markets followed with permanent recruitment dying for
weeks or longer for the likes of retail and hospitality," she says.

 

But Ms Swain says recruitment has since picked up in areas such as
distribution, healthcare and the pharmaceutical sector, where firms have
been looking for Covid vaccines.

 

In fact, some entrepreneurs are launching new recruitment firms to
capitalise on these trends. One such is UK industry veteran David
Spencer-Percival, who has started Life Sciences People, focusing on the
pharmaceutical and life sciences sector.

 

"The sector is seeing record investment," he says. "If you are already in a
downturn or recession then there's everything to play for if you time it
right, as the economy can only move one way - up."

 

Looking at how the UK's recruiters have fared this year compared with other
countries, Ms Swain says German firms have had an easier time, because
Germany has had fewer coronavirus cases.

 

Meanwhile in Australia, the situation has varied from city to city, she
says. The stricter the Covid restrictions, the more unwilling firms have
been to recruit. As a result, recruiters in Melbourne were badly affected
while the situation was much better for those in Sydney.

 

"In Singapore and South East Asia it has been a lot of 'on-off', whereby
everything goes back to some normality, then closes down, therefore
permanent recruitment has been restricted," says Ms Swain.

 

Kathryn Woof, managing director of 33 Talent, a Singapore recruitment firm
for the public relations and marketing sectors, says she might have had to
close her business if it had only focused on recruitment.

 

In March "we went from working on a million dollars' worth of jobs to zero
in three weeks," she says.

 

"Even though our sector was not as affected as hospitality, a lot of our
clients didn't have the luxury of proceeding as if nothing was wrong. They
had to freeze their headcount, reduce wages and shorten work weeks because
they were assuming the worst."

 

Ms Woof says her business was already doing some human resources consulting
and training work, so pivoted her team to focus on those two areas instead.

 

As a result of gaining business in these areas, as well as moving to a
four-day week, she has been able to keep all 12 of her staff employed.

 

While the recruitment side of the business is now slowly recovering, it is
only working on about 20% of the number of jobs compared with pre-Covid
levels, she says.

 

The bounce back for recruitment firms in other parts of the world has been
better. This has been the case for MatcHR in Ukraine, which helps western
firms employ remote tech staff. Its clients include Booking.com, TikTok,
Stripe and Merck.

 

"In March the whole world stopped, so in a matter of two to three weeks we
lost 70% of our turnover. We had to fire 60% of our staff, and we were still
bleeding money," says MatcHR co-founder Adriaan Kolff.

 

A deal with TikTok signed in February kept the business going, he says. Then
in recent months a growing number of US firms have been wanting to hire
Ukrainian tech workers.

 

Mr Kolff say this has helped MatcHR return to making 90% of its pre-pandemic
earnings and it has hired back some of the staff it had made redundant.

 

While MatcHR is one of the lucky ones, many recruitment firms are pinning
their hopes on the roll-out and success of the Covid-19 vaccines.

 

Until then, Paul Gilley in London says he is more focused on an e-commerce
business he set up earlier this year, to bring in a much-needed income.

 

APSCo's Ann Swain says: "The global recruitment market is always a
bellwether for the economy because the minute organisations or governments
feel unease they stop recruiting."--BBC

 

 

 

Stocks hover near record high, oil skids on demand outlook

TOKYO (Reuters) - Asian shares stalled near record highs on Friday as
investors weighed renewed doubts about a highly-anticipated coronavirus
vaccine against hopes that some of the region’s economies will recovery
quicker than their Western peers.

 

MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.04% but
remained with striking distance of a life-time peak touched this week.

 

Australian shares ended down 0.53%. Treasury Wine Estates Ltd tumbled by
11.25% after China slapped tariffs on Australian wine, which is likely to
worsen a diplomatic row between Beijing and Canberra.

 

Japan’s Nikkei rose 0.33% in choppy trade.

 

Shares in China rose 0.13% after data showed Chinese industrial profits
surged at the fastest pace since early 2017. South Korean stocks also rose
0.27%.

 

U.S. S&P 500 e-mini stock futures fell 0.09%. U.S. financial markets were
closed on Thursday for the Thanksgiving holiday and will trade on a partial
schedule later on Friday.

 

Euro Stoxx 50 futures were down 0.26%, German DAX futures fell 0.24%, and
FTSE futures were down 0.22%, suggesting a soft start to the European
session.

 

U.S. oil prices extended their declines from a seven-month high due to signs
of oversupply.

 

British drugmaker AstraZeneca’s coronavirus drug was touted as a “vaccine
for the world” due to its inexpensive cost, but the efficacy of the vaccine
is now facing more intense scrutiny, which experts say could delay its
approval.

 

Several scientists have raised doubts about the robustness of results
showing the shot was 90% effective in a sub-group of trial participants who,
by error initially, received a half dose followed by a full dose.

 

“With global case numbers having now topped 60 million... there is certainly
some rough terrain ahead for the global recovery, and that can create
economic scarring,” analysts at ANZ Bank wrote in a memo.

 

MSCI’s broadest gauge of world stocks was up 0.08% on Friday, sitting just
below a record high reached in the previous session.

 

Concerns about the distribution of a coronavirus vaccine have placed renewed
focus on the current state of the pandemic, which looks grim for many
places.

 

U.S. hospitalizations for COVID-19 are at a record and experts warn that
Thanksgiving gatherings could lead to further infections and deaths.

 

More than 20 million people across England will be forced to live under the
toughest restrictions even after a national lockdown ends on Dec. 2. Partial
lockdowns in some European countries have also raised concern about economic
growth.

 

The European Central Bank’s chief economist highlighted these concerns in
dovish comments on Thursday, which pushed European bond yields lower.

 

The euro, which last bought $1.1924, showed little reaction because currency
traders have largely priced in expectations for additional ECB easing next
month.

 

The dollar index fell toward its lowest in more than two months.

 

The yield on benchmark 10-year Treasury notes fell to 0.8586% as some
investors sought the safety of holding government debt.

 

U.S. crude dipped 1.82% to $44.88 a barrel. Brent crude fell 0.17% to $47.72
per barrel.

 

Fuel demand is falling due to renewed coronavirus lockdowns, but some oil
producers are not complying with agreed production cuts, which raises
concerns about oversupply.

 

Bitcoin, the world’s biggest cryptocurrency, edged up to $17,256 on
Thursday, but it tumbled by 8.4% in the previous session after failing to
take out its record high of $19,666.

 

The cryptocurrency showed little reaction to a report in the Financial Times
that Facebook will launch its own Libra digital currency in limited format
next year.

 

Bitcoin has rallied around 140% this year, fuelled by demand for riskier
assets.

 

 

 

How parent of BMW's China partner drove to the brink of bankruptcy

BEIJING (Reuters) - In October 2003, the first China-made BMW 325i sedan
rolled off a new production line owned by the German luxury brand and its
joint venture partner, Brilliance, a subsidiary of provincially owned
automaker Huachen Group.

 

It was a milestone for the iconic Bavarian marque, whose cars proved
massively popular in what became the world’s largest market. Over the next
nearly two decades, the joint venture was a cash cow for both BMW and
Huachen, which is run by the government of the northeastern rust-belt
province of Liaoning.

 

But this month, Huachen stands on the brink of bankruptcy, defaulting on 6.5
billion yuan ($987.48 million) in debt obligations. Chinese regulators have
launched an investigation into possible violations of disclosure laws by the
company.

 

The defaults by Huachen and two other Chinese state-owned companies have
angered investors, who say their faith in the firms’ top-notch ratings,
seemingly sound finances and implicit state backing has been violated.

 

An examination of dozens of bond filings as well as interviews with former
Huachen employees and experts shows how the carmaker squandered its
advantage of having a gold-plated partner and was unable to leverage its
know-how to develop competitive cars of its own. Some strategic missteps on
the choice of models hurt it badly and an expansion into electric vehicles,
funded by debt, came too late.

 

“Management’s key selling point to BMW to win the partnership was simple: as
a smaller and weaker Chinese company, Brilliance will follow what BMW says
without making trouble,” said a person close to Brilliance’s top management
at the time, declining to be named given the sensitivity of the matter.

 

Bigger state carmakers like SAIC Motor and Guangzhou Automobile Group were
actively involved in their joint ventures and used the expertise of foreign
partners to build stronger domestic brands.

 

Huachen and its Hong Kong-listed Brilliance unit, which also has a joint
venture with Renault SA, did not respond to requests for comment. BMW
declined to comment for this story.

 

BMW told Reuters last week that the JV’s operations “are not directly
affected by the payment difficulties” of the Huachen group. The German
company has agreed to pay 3.6 billion euros ($4.2 billion) in 2022 for a
further 25% stake in the venture with Brilliance, a deal brokered in 2018 by
China’s Premier Li Keqiang and German Chancellor Angela Merkel.

 

Renault said its JV “is running normally”.

 

A court has accepted a restructuring application by creditors of Huachen,
which employs over 40,000 people and has assets worth 190 billion yuan,
including the BMW Brilliance tie-up. Huachen said in a filing that if it is
not able to restructure, it will declare bankruptcy.

 

Lou Weiliang, a Shanghai-based lawyer at Fangda Partners, said it was
possible that all or part of Huachen’s stake in China Brilliance could be
sold to a third-party under a restructuring, with proceeds used to repay
creditors. But nothing will be clear until a restructuring plan is
announced, he said.

 

‘DRAGON HEAD’

 

As recently as May 13, in a call with nearly 90 investors, Huachen
executives told creditors that money to repay debt due in the second half of
the year had been “adequately arranged.”

 

Chief Accountant Gao Xingang said that as a “dragon head”, or leading,
automaker in Liaoning province, Huachen enjoyed strong local government
backing, according to meeting minutes seen by Reuters.

 

But at the end of September, one month before its bond delinquency, Huachen
transferred its prize 30% stake in Brilliance to a subsidiary, making it
harder for bondholders to access those assets.

 

Investors cried foul.

 

“After all, Huachen is a big state-owned company in Liaoning province, and
we thought they had core assets including an attractive stake in the BMW
joint venture,” said Shanghai-based hedge fund manager Vincent Jin.

 

BMW Brilliance sold a record 550,000 vehicles last year and made 7.6 billion
yuan in profit, helping generate dividends of HK$1.8 billion ($232.17
million) for Huachen.

 

In the early days of China’s automotive boom, Huachen was a competitive
player in its own right, selling more than 200,000 vehicles in 2013 under
its Zhonghua, or “China” brand.

 

“We thought we would be the first domestic carmaker to sell premium cars
well in China,” said a former Huachen executive who now works for another
Chinese carmaker.

 

But its competitors sped ahead while Zhonghua’s domestic sales slumped to
just 25,270 cars last year and only 5,312 in the first three quarters of
2020, according to consultancy LMC.

 

Chinese rivals such as Geely and Great Wall developed stronger products and
technology, while state-backed SAIC Motor and Guangzhou Automobile grew with
the know-how of joint venture partners.

 

Huachen, by comparison, used a scattershot approach to planning, with
vehicles such as a mid-size sedan and compact SUV that were not
complementary, said Yale Zhang, head of consultancy AutoForesight.

 

“Zhonghua did not plan its products systematically,” he said. “That made
their products fail to meet the fast-changing market demand in China.”

 

MPV DEBACLE

About a decade ago, consultants hired by Huachen warned it against plans to
develop a premium MPV (multi-purpose vehicle), citing competition, an
unclear outlook for the segment and Huachen’s technology disadvantage
compared with the popular Buick GL8 made by General Motors Co.

 

Huachen, led by longtime Chairman Qi Yumin, formerly vice mayor of the port
city of Dalian, approved the Huasong project anyway.

 

“Qi was too confident about his plans. Unlike officials with deep experience
in the auto industry who tend to seek opinions from different departments,
Qi made decisions on his own,” one person familiar with Qi and Huachen
management said.

 

Qi, who retired last year, could not be reached for comment.

 

Last year, Huachen sold just 1,184 Huasong MPVs, while GM sold around
150,000 GL8s in China.

 

Efforts to freshen Huachen’s portfolio helped lead to its current
predicament. Fourteen bonds that Huachen has said it is unable to repay were
issued between 2017 to 2020 to roll over debt, for working capital and to
fund product upgrades and two plant projects.

 

In one 7.5 billion yuan project, Huachen planned a revamp of a factory to be
completed this year to create capacity for 100,000 vehicles, including
30,000 electric ones, based on a new car platform.

 

The investment came way too late, as China’s saturated electric vehicle
market underwent a painful consolidation after Beijing cut generous purchase
subsidies. By then, rivals like Geely and BYD had rolled out more
sophisticated EV strategies.

 

“Huachen missed the golden time when Chinese brands rose and all of a sudden
it fell behind smaller rivals,” the former Huachen executive said.

 

As recently as August, Huachen Vice President Qi Kai, who is not related to
Qi Yumin, told an industry conference that the group planned to sell around
1.95 million vehicles annually by the end of 2025, including 1 million from
the BMW Brilliance JV.

 

Analysts call that target unrealistic. The group sold just 800,000 vehicles
last year - the majority from the BMW Brilliance joint venture.

 

($1=7.7529 Hong Kong dollars)

 

($1 = 6.5824 Chinese yuan renminbi)

 

 

 

Rwanda: Israeli Airline Makes Maiden Flight to Rwanda

Israeli private airline company, Israir on Thursday, November 26 made its
maiden flight to Rwanda, at the Kigali International Airport.

 

The airline which is also Israel's third-largest airline has announced that
it will be offering weekly flights, every Thursday until next year, January
7.

 

Onboard of the maiden flight were over 80 Israel tourists.

 

Speaking to The New Times in an exclusive interview, Ron Adam, the
Ambassador of Israel to Rwanda noted that the development will among others
boost the people to people relations between the two sister countries.

"It is very important for the embassy to materialize the need for People to
People relations between the sister countries."

 

The innaugural Israeli airline has landed at Kigali International Airport
with over 80 tourists. This has been announced by the Israeli envoy to
Rwanda @AmbRonAdam pic.twitter.com/uHxdan58hw

 

- The New Times (Rwanda) (@NewTimesRwanda) November 26, 2020

 

He added that "There is still a lot to do in order to rebrand Rwanda in
Israel as a modern land of 1000 hills and also see this as a new and
adventurous destination."

 

Amb. Adam pointed out that Israelis can come here and enjoy exemption of
quarantine while going back to Israel.

 

In August, the government of Israel listed Rwanda among the green countries,
a move that would exempt Israelis from a 14-day quarantine upon returning
home.

 

The ambassador reiterated that the countries were determined in accordance
with the rate of Covid-19 infections prevailing in them and the mechanisms
in place to contain the virus.

 

Rwanda opened her skies to commercial flights at the beginning of August. So
far the country's national carrier RwandAir has resumed 70% pre-Covid
routes.-New Times.

 

 

 

Nigeria's Traditional Textiles Threatened By Chinese Imports

Cheap Chinese manufacturing means it doesn't make good business sense to
produce textiles locally.

 

Nigeria has been producing traditional, handmade, beautiful fabric designs
for centuries. But preservers of the ancient art say modern manufacturing
and cheap Chinese imports threaten this way of life.

 

Kano's Kofar Mata dye pit is one of the last surviving hand-coloring textile
makers in Nigeria.

 

Over the years, the workers at the pit have become fewer and fewer due to
reduced patronage.

 

Mamood Abubakar bends over the one-meter deep dye pit in a continuous
dipping process that produces rich indigo fabrics.

 

Abubakar has done this for the last 70 years to earn a living and sustain
the tradition, but as he gets older, he worries about the future of the
trade.

 

"This place has been around for more than 500 years," Abubakar said.

"Arabs, Whites, and people from all over Africa come here because this
business is not a small one. We expect that the youth should desire to be
part of it so that when we are gone, they will replace us," he said

 

Not far from the Kofar Mata Dye pit is the Kantin Kwari Textile Market, the
largest in Nigeria.

 

Ismaila Abdullahi, a designer at the market, says cheap Chinese
manufacturing means it doesn't make good business sense to produce textiles
locally.

 

"The progress we have made in this business is that we now have our own
graphic designer, who draws the designs and sends them to China for them to
produce the textiles and send back to us," he said.

 

Hamma Kwajaffa, the director general of the Nigerian Textile Manufacturers'
Association, blames the decline in locally made fabrics on Chinese imports,
which he says are often smuggled into the country.

"They take our designs and go to China and bring it to sell it cheaper. Five
yards like this, they will sell it for 1,000 naira, while our factories
cannot produce this product at less than 3,000 naira. Because these
smugglers, they have no workers, they don't pay taxes, they don't add any
value, so they can afford to sell it cheaper," he said.

 

Nigeria's Central Bank said last month that it has provided cotton producers
with more than $300 million in loans in recent years to support the domestic
textile industry, once Africa's largest.

 

In 2017, Vice President Yemi Osinbajo, filling in for the president, ordered
the government to give priority to products made in Nigeria when buying
uniforms and footwear.

 

John Adaji, the president of the National Union of Textile Garment and
Tailoring Workers of Nigeria, says the policy needs to be expanded.

 

"South Africa had a policy on textile and it simply said, 'Buy South African
-- wear South African.' And they have a tax in force that enforces that. So,
it is government. Government must be seen to provide an enabling ground for
business," he said.

 

Craftsman Abubakar says the government should buy their handmade fabrics and
export them to the world if they want these traditional Nigerian textiles to
survive.-Premium Times.

 

 

 

Kenya: Two Million Slide Into Grinding Poverty as Country Slips Into
Recession

The Covid-19 pandemic has impoverished an additional two million Kenyans, a
new report by the World Bank reveals.

 

With a growing unemployment, the development is a setback to the poverty
reduction efforts made in the last five years.

 

The report, which confirms that Kenya has slipped into a recession, projects
that the economy will contract by one per cent this year.

 

However, Treasury says the growth projection for 2020 is 0.6 per cent and
not 2.9 per cent as was captured in the Economy Recovery Strategy report.

 

The economy contracted by 5.7 per cent in the second quarter, and it would
require a significant growth in the remaining period to offset this decline.

 

That looks highly unlikely, given the current conditions.

 

"The global economy is tipped for a deep recession in 2020, with significant
and potentially more prolonged negative spillovers on Kenya," says the
"Kenya Economic Update, November 2020."

It adds that the coronavirus crisis has wiped out the recent gains the
country has made in fighting poverty.

 

"The pandemic increased poverty by four percentage points through impacts on
livelihoods and sharp decreases in incomes and employment," the report made
public yesterday says.

 

It adds that joblessness has gone up sharply, approximately doubling to 10.4
per cent in the second quarter as measured by the Kenya National Bureau of
Statistics Quarterly Labour Force Survey.

 

Reduced average revenue

 

Those still employed face reduced working time, with average weekly hours
decreasing from 50 to 38.

 

Almost a third of household-run businesses are not operating.

 

Worse still, the average revenue from household-run businesses reduced by
almost 50 per cent between February and June.

"This has exacerbated food insecurity and elevated suffering," the report
says.

 

Almost all companies experienced a decline in sales.

 

The World Bank says 93 per cent of companies reported a reduction in sales
in the last 30 days compared to the same period in 2019, while only two per
cent reported an increase.

 

It adds that more than one in five businesses in Kenya laid off employees.

 

As a result, the World Bank has revised its economy projections for Kenya.

 

The institution expects the economy to contract by one per cent in 2020 in
the baseline scenario, and 1.5 per cent in a more adverse case.

 

"This revision essentially adopts the adverse scenario outlined in the April
2020 update, reflecting the more severe impact of the pandemic to date than
had been initially anticipated, including on the measured output of
education following the March closure of learning institutions," the report
says.

 

The poor state of affairs explains why Kenya is hard pressed to renegotiate
its mounting debt.

 

The country plans to seek a moratorium from foreign lenders to enable it
navigate the economic headwinds.

 

"Tax revenue dropped below target due to the slowdown in the economic
activity as well as tax relief as part of the fiscal response package by the
government," it says.

 

Despite the taxman missing the revenue targets, Kenya did not slow down on
its expenditure, given that it needs resources to strengthen the capacity of
the healthcare system to manage infections, protect the most vulnerable
households and support businesses.

 

As a result, the report says, the fiscal deficit widened to 8.2 per cent of
the GDP, up from the pre-Covid budgeted target of six.

 

Disruption of business

 

The debt to GDP ratio had risen to 65.6 per cent as of June 2020, from 62.4
per cent of GDP in the same period last year.

 

Fiscal deficit arises when a country cannot finance its entire budget. This
is why it ends up borrowing.

 

For the past three years, Kenya has had an annual deficit of more than Sh600
billion. This has been financed through debt.

 

The problem with loans is that repayment is prioritised, denying the country
resources to fund development, unless it goes out for more debt!

 

The report says Kenya should set aside sufficient resources to fight
coronavirus.

 

In the short term, a key priority is to alleviate the restriction of cash
flows due to lower demand and the disruption of business activity.

 

"Direct measures the government could take to address liquidity pressure
could include continued efforts to accelerate VAT refunds and ensure prompt
payment of pending bills," the report says.

 

It also calls for a more targeted cash transfer scheme to ensure money is
sent to the vulnerable.-Nation.

 

 

 

Tanzania: Uganda-Tanzania Pipeline Runs Into Legal Challenges

Four non-governmental organisations have moved to the East African Court of
Justice to block the construction of the East African Crude Oil Pipeline
(EACOP) by Uganda and Tanzania.

 

The four -- the Centre for Food and Adequate Living Rights Ltd and the
Africa Institute for Energy Governance both based in Kampala; the
Nairobi-based Natural Justice-Kenya and the Center for Strategic Litigation
Ltd based in Zanzibar -- want the construction of the pipeline stopped until
the matter is heard and determined.

 

In the case filed on November 6 through the Kampala based M/S Semuyaba, Iga
& Company Advocates together with Dalumba Advocates, the applicants are
seeking orders against both Uganda and Tanzania ensures that, "prior to any
similar project, the following are conducted; climate change impact
assessment; Human rights impact assessment; and meaningful, effective and
transparent public consultations ensuring robust community and broad public
participation."

The four NGOs claim that the EACOP project, announced a month ago by
Uganda's President's Yoweri Museveni and his Tanzania's counterpart John
Magufuli is yet to conduct an environmental and social impact assessment as
required by both the EAC Treaty and other international laws.

 

The NGOs are now seeking a permanent injunction against Uganda, Tanzania and
the EAC, whom they have sued, from constructing the pipeline through
protected areas, among other orders.

 

The pipeline will transport crude oil from Hoima district in Uganda to
Chongoleani in Tanga, Tanzania.

 

"As a requirement by national as well as the EAC law, the project developer
for the EACOP project in Uganda must be issued with a certificate of
Approval of Environment and Social impact Assessment approved by the
government of Uganda's National Environmental Management Authority but the
same was not issued prior to the signing of the agreements by both Uganda
and Tanzania," reads the application. The matter is yet to be assigned
judges.-Monitor.

 

 

 

Nigeria: House Okays Buhari's Request to Refund N148 Billion to Five States

The House of Representatives yesterday approved the issuance of promissory
notes worth N148.141 billion to Bayelsa, Cross River, Ondo, Osun and Rivers
states as refund for federal road projects executed in these states on
behalf of the federal government.

 

President Muhammadu Buhari had in a letter dated August 13, 2020, sought the
approval of the National Assembly for the refund.

 

While Bayelsa State will receive N38,404,564,783.40; Cross River will get
N18,394,732,608.85; Ondo, N7,822, 147,577.08; Osun, N4,567,456 673.63; and
Rivers, N78,953,067,518.29.

 

The approval followed the consideration and adoption of the report by the
Committee on Aids, Loans and Debt Management.

Laying the report, Chairman of the Committee, Hon. Ahmed Safana Dayyabu
said, "that the House do consider the Report of the Committee on Aids, Loans
and Debts Management on the Promissory Notes Programme and Bond Issuance as
refund to Rivers, Bayelsa, Cross River, Osun and Ondo States Government for
projects executed on behalf of the Federal Government and approve the
recommendations therein."

 

"Approve the Promissory Notes Programme and Bond Issuance to settle
outstanding claims and liabilities of five (5) State Governments in the sum
of One Hundred and Forty-Eight Billion, One Hundred Forty-One Million, Nine
Hundred and Sixty-Nine Thousand, One Hundred and Sixty-One Naira,
Twenty-Four Kobo only (N148, 141, 969, 161. 24) based on the claims by each
State as follows, Bayelsa State N38, 404, 564, 783. 40; Cross River
State,N18, 394, 732, 608.85; Ondo State, N7, 822, 147, 577. 08

 

Osun State N4, 567, 456, 673. 63; Rivers State, N78, 953, 067, 518, .29."

 

Dayyabu said that the report captured the commitment of the federal
government through the issuance of promissory notes and bonds to the
above-listed state governments for the reimbursement of funds expended by
them for projects executed on behalf of the Federal government.

 

The House adopted the report following a motion for the adoption moved by
Hon. Alhassan Ado-Doguwa and seconded by Hon. Ndudi Elumelu.-This Day.

 

 

 

Southern Africa: Moody's Downgrades SA Banks Too

Credit-rating agency Moody's Investors Service yesterday downgraded five
South African banks on the backdrop of the recent downgrade of the country's
status.

 

Last week, Moody's downgraded the country deeper into junk status, further
crippling its ability to attract money and fund its expansionary budget.

 

It is normal practice that when rating agencies downgrade a sovereign state,
major businesses that operate in that country are also downgraded.

 

The five banks are Standard Bank of South Africa Limited, FirstRand Bank
Limited, Absa Bank Limited, Nedbank Limited, and Investec Bank Ltd, as well
as holding companies Standard Bank Group Limited the Absa Group Limited.

Moody's also says it will maintain a negative outlook on the above seven
entities.

 

In its commentary on the banks, Moody's said the weakening in the sovereign
credit profile of South Africa, has direct implications on the banks, as
they hold significant sovereign securities on their balance sheets, and the
gradual weakening of the banks' standalone credit profiles, as Covid-19
exacerbates an already challenging operating environment.

 

"The big five South African banks' direct and indirect exposure to the
sovereign (including loans to state-related entities) increased to 200% of
their combined capital base as of June 2020, from 176% as of December 2019,"
said Moody's.

 

Moody's further said it expects the banks' asset quality to deteriorate
materially, as systemwide problem loans over gross loans have already
increased to 5% in September 2020 from 3,9% in December 2019, with further
deterioration expected over the next 12 months .

 

"Profitability also remains under pressure with the systemwide return on
assets declining to 0,62% during the 12 months ending September 2020
compared to 1,2% in 2019, as a result of increasing provisioning," said the
agency.

 

On a positive note, the agency said South African banks will continue to
maintain solid capital buffers, along with sound funding and liquidity, and
gross loans-to-deposit ratio was healthy at 89%, and liquidity coverage
ratio at 147,4%, as of September 2020.-Namibian.

 

 

Disney increases planned layoffs to 32,000 as virus hits park attendance

(Reuters) - Walt Disney Co said on Wednesday it would lay off about 32,000
workers, primarily at its theme parks, an increase from the 28,000 it
announced in September, as the company struggles with limited customers due
to the coronavirus pandemic.

 

The layoffs will be in the first half of 2021, the company said in a filing
with the Securities and Exchange Commission.

 

A spokesman for Disney confirmed that the latest figures include the 28,000
layoffs announced earlier.

 

Earlier this month, Disney said it was furloughing additional workers from
its theme park in Southern California due to uncertainty over when the state
would allow parks to reopen.

 

Disney’s theme parks in Florida and those outside the United States reopened
earlier this year without seeing new major coronavirus outbreaks but with
strict social distancing, testing and mask use.

 

Disneyland Paris was forced to close again late last month when France
imposed a new lockdown to fight a second wave of the coronavirus cases.

 

The company’s theme parks in Shanghai, Hong Kong and Tokyo remain open.

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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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.

 


 

 


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