Major International Business Headlines Brief::: 02 April 2021

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Major International Business Headlines Brief::: 02 April 2021

 


 

 


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ü  Stock markets hit new records on Biden spending plan

ü  Italian restaurant owner wrongly targeted by US sanctions

ü  Taiwanese chip-maker announces $100bn investment

ü  Green energy tariffs often 'misleading'

ü  How bees and drones team up to find landmines

ü  Robust U.S. employment growth expected in March, jobs deficit remains large

ü  Asia set to follow U.S. stocks higher as dollar, bond yields ease

ü  U.S. manufacturing sector index races to 37-year high in March - ISM

ü  Goldman promotes a flurry of female partners to executive roles

ü  Brooklyn man accused of using information from Bloomberg reporter for insider trading

ü  In Huawei extradition case, arguments wrap up about alleged U.S. international law violation

ü  Nigeria: World Bank Revises Nigeria, Others' Growth Forecast to 3,4%

ü  Nigeria: Despite Govt's Repeated Promises, Importation of Dirty Fuels Continues in Nigeria

ü  Ethiopia Cruises Through 10-Year of Zigzags, Loopholes in Building GERD

 

 

 

 


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Stock markets hit new records on Biden spending plan

Asian markets rose on Friday following a record-breaking session on Wall Street.

 

The S&P 500 broke the 4000-point barrier for the first time, while the Nasdaq and Dow Jones also made gains.

 

Investors were buoyed by President Joe Biden's new $2.3tn (£1.7tn) infrastructure spending plan and growing optimism about the economy.

 

Markets in Tokyo and Seoul were up more than 1%, while Shanghai was also in positive territory.

 

Trading was thin in Asia, as markets in Hong Kong and Australia were closed for Good Friday.

 

Renewed optimism

The latest highs in the US point to renewed confidence among investors that the economic recovery is gaining pace.

 

The S&P 500 has gained 7% since the start of 2021, although the Nasdaq is about 5% below its peak in February.

 

President Biden's mega rebuilding package - which follows the passage of a $1.9tn stimulus - has stirred more enthusiasm among investors.

 

"Investors greeted optimistically President Biden's infrastructure plan," brokerage TD Securities wrote in a note to clients.

 

A key measure of US manufacturing activity also soared to its highest level in more than 37 years in March, a strong sign that a rebound is underway.

 

The Institute for Supply Management (ISM) said its index of national factory activity jumped to a reading of 64.7 last month from 60.8 in February.

 

A reading above 50 indicates expansion in manufacturing, which accounts for 12% of the US economy.--BBC

 

 

 

Italian restaurant owner wrongly targeted by US sanctions

One of Donald Trump's last sanctions before he left office was mistakenly on a restaurant owner in Verona, Italy.

 

The error happened as part of the Trump administration's crackdown on blacklisted Venezuelan crude oil.

 

In a case of mistaken identity, restaurant owner Alessandro Bazzoni found himself on the US Treasury's blacklist in January, but was this week finally taken off.

 

Legal experts say this type of mistake happens regularly and can be costly.

 

In 2019, the Trump administration imposed sanctions on Venezuelan state oil company Petroleos de Venezuela (PDVSA) as part of its strategy to force the resignation of President Nicolas Maduro.

 

Mr Maduro was accused of corruption, human rights violations, and rigging his 2018 re-election.

 

In its last full day in office in January this year, the Trump administration imposed sanctions on a different Alessandro Bazzoni over accusations he was tied to a network attempting to evade sanctions on Venezuela's oil sector.

 

The US Treasury also slapped sanctions on a number of companies it said were tied to Bazzoni, catching the Italian restaurant owner in its net.

 

Months later, the mistake was spotted and restaurant owner has now been removed.

 

On Wednesday, the US Treasury acknowledged its error and removed him from its "specially designated nationals list".

 

Speaking from his restaurant in Verona, Mr Bazzoni told Reuters news agency it was a mistake.

 

Mistaken identity

Sanctions are punishments a country (or group of countries) imposes on another country or specific companies.

 

For example, the US bans American companies in certain industries from exporting their goods to Iraq.

 

The consequences of being put on a US sanctions list can be devastating for individuals and companies, given America is the world's biggest economy and a superpower.

 

Experts say there are many cases that happen behind the scenes, where banks are told to freeze payments of individuals and companies that are wrongly targeted in US government investigations.

 

"Often the targets are completely innocent, but the impact to their business can be devastating. It can take months to sort it out at great expense," Nicholas Turner, a lawyer at Steptoe & Johnson in Hong Kong, told the BBC.

 

"We expect the US government to have access to superior information about the people it targets, but that is not always the case.

 

"Sometimes, the government is using information that anyone can find online. If that information hasn't been properly verified, it's easy for mistakes to happen."

 

Chinese tech giant

In January, Donald Trump also imposed new sanctions on Chinese technology companies during his last days of office, including phone maker Xiaomi.

 

He claimed the Chinese firms he targeted were tied to its military or shared data with the government.

 

Last month, Xiaomi was granted a preliminary injunction against some of these US sanctions because a court found there was insufficient evidence to support claims it was affiliated with China's military.

 

"If these mistakes can happen with a company as big as Xiaomi, it's no wonder that smaller players find themselves in this situation. Unfortunately they might not have the resources of Xiaomi to fight it," added Mr Turner.--BBC

 

 

 

Taiwanese chip-maker announces $100bn investment

Taiwanese chip manufacturer TSMC has announced plans to invest a mammoth $100bn (£73bn) over the next three years to increase its capacity.

 

Taiwan Semiconductor Manufacturing Co is the world's largest contract chip-maker with clients including Apple.

 

The company had already flagged a plan to spend up to $28bn this year to develop and produce advanced micro chips.

 

The major investment comes as a global chip shortage hits the car industry.

 

Volkswagen, Honda, Toyota and General Motors have all had to reduce production as a result of the shortage.

 

The shortage emerged because car companies cancelled their orders when demand slumped due to the Covid-19 pandemic last year.

 

Chip-makers switched to selling their products to other industries with greater demand, and the automakers couldn't retrieve their cancelled orders when demand grew again.

 

In January, TSMC said it would prioritise production of chips for the motor industry, in an effort to ease the shortage.

 

Because of strong demand globally, the shortage has spread to a number of other sectors including consumer electronics.

 

TSMC is predicting continued strong growth in demand for semiconductor technology as the Covid-19 pandemic further accelerating digitalisation.

 

"We are entering a period of higher growth as the multiyear megatrends of 5G and high-performance computing are expected to fuel strong demand for our semiconductor technologies in the next several years," the company said.

 

The additional funds will "increase capacity to support the manufacturing and research and development of advanced semiconductor technologies".

 

The announcement comes days after Intel announced a $20bn plan to expand its capacity.

 

US-based Intel said last month that it would build two new factories at an existing campus in Arizona.

 

The factories will not only make Intel chips, but would be open to outside customers, which could bring Intel into direct competition with TSMC.

 

TSMC announced plans to build its own factory in Arizona last May.--BBC

 

 

 

 

Green energy tariffs often 'misleading'

Energy suppliers offering environment-friendly tariffs are not always as green as they sound, experts say.

 

Many "100% renewable" electricity tariffs use energy generated by fossil fuels, which is then "offset" for a small price.

 

Sustainable energy think tank Regen complains of "loose language and loose marketing" around green energy tariffs.

 

But industry body Energy UK says all renewable tariffs help to transform the grid for a low-carbon future.

 

The vast majority of energy suppliers now offer green tariffs and many promise 100% renewable electricity as standard.

 

However, some energy companies accuse others of "greenwashing" - using marketing spin to make "dirty" electricity seem clean.

 

"The sale of green tariffs increased remarkably in the period since 2015. In fact, it doubled between 2017 and 2018," says Rob Gross, the director of the UK Energy Research Centre.

 

Informed choice

For many consumers, electricity which is environmentally friendly plays a role in which supplier they choose.

 

That was the case for Su in Gainsborough, who told the Jeremy Vine Show on BBC Radio 2: "The tariff we're on at the moment has 100% renewable electricity, so they source all their energy from renewables. So wind, solar, hydro."

 

We explained to Su that the supplier she was with sources the majority of its electricity from the wholesale market, which includes energy generated by gas and coal.

 

Then it purchases cheap renewable energy certificates called REGOs to effectively "offset" this. That allows her supplier to legally call the electricity "100% renewable".

 

In response, Su said: "I'm not very impressed with that at all. To claim that all your energy is sourced renewably and then to do that is very misleading.

 

"That's not giving consumers an informed choice about where they're getting their electric from."

 

Johnny Gowdy is a director at Regen, a not-for-profit organisation supporting the transition to a net-zero energy future.

 

He says: "The good news is, there's a lot of demand for green energy products and that's why the industry is responding to that.

 

"So there's a success story here which has been muddied somewhat by loose language and loose marketing around green energy tariffs."

 

What are REGOs?

REGO stands for Renewable Energy Guarantees of Origin. When an renewable unit of electricity is generated - for example, by a wind turbine - the regulator Ofgem issues a REGO to prove that this energy is green.

 

The person who owns that wind turbine is now allowed to sell the electricity and the REGO separately.

 

It means there is a marketplace where leftover REGOs are traded, and there are enough of them "going spare" that energy suppliers are able to purchase enough to cover the proportion of fossil fuels they sell to customers.

 

Some industry experts are supportive of REGOs and many agree that they have a role to play in expanding and supporting the renewable energy market.

 

The problem is how much they cost. They are cheap.

 

An energy supplier can make electricity from the wholesale market, which includes fossil fuels, look entirely green for just £1 or £2 per customer per year. The majority of UK energy suppliers are doing this to some extent.

 

The Department for Business, Energy & Industrial Strategy says: "We will be reviewing the REGO scheme this year. This will include ensuring people can make informed decisions over their energy supplier's green credentials."

 

Bigger picture

For environmentally-conscious consumers, finding a truly "green" tariff is confusing.

 

Many suppliers have contracts to buy electricity directly from renewable electricity generators and some invest directly in renewable energy infrastructure. These are arguably "greener", but tend to cost more.

 

The regulator, Ofgem, acknowledged this when it exempted three suppliers from the UK-wide energy price cap.

 

Ecotricity, Good Energy and Green Energy UK are allowed to charge more than their competitors because their electricity costs more to supply.

 

Energy UK, the trade body representing all suppliers, says that the bigger picture is very promising.

 

Its chief executive, Emma Pinchbeck, says: "All renewable tariffs, including those with REGOs, are supporting renewables in some way. Over a third of our power now comes from renewables.

 

"The reason we're having this debate is everyone's so enthused about a low-carbon world and that's so exciting for us in the industry."--BBC

 

 

 

How bees and drones team up to find landmines

Among the virtues of bees you may not be aware of is their knack for detecting bombs.

 

Thanks to the fact that they can pick up the scent of explosives with their antennae, researchers in countries such as Croatia have spent years perfecting how to use bees as landmine locators.

 

But there's a problem. As the insects whizz merrily about a mine-contaminated area, it's extremely difficult for humans to keep track of where they go, not least because chasing bees across a minefield is not a great idea.

 

That's where the drones come in. A team from Bosnia and Herzegovina and Croatia have come up with a way of using drones to monitor the bees while they work. The unmanned aerial vehicles fly around, capturing footage of the insects, which is later analysed by computers to reveal where landmines may be hidden in the ground.

 

Landmines buried during wars that happened decades ago continue to present a deadly threat in many parts of the world. Many thousands were planted during the Balkans war of the 1990s and many persist today.

 

Balkans war: A brief guide

There are an estimated 80,000 landmines in Bosnia and Herzegovina and a further 30,000 or so in Croatia. Clearing the devices is seen as a long-term, arduous project with no easy solutions. But technological innovations could still make a difference.

 

 

A "danger of death" sign is seen at a minefield in a woodland in Sarajevo, Bosnia and Herzegovina on November 20, 2017.

 

"We wanted to try to exclude humans from potential danger… and try to use drones," says Vladimir Risojević from the University of Banja Luka in Bosnia and Herzegovina.

 

Previously, another team of fellow researchers had honed a method for training bees in landmine detection. They achieved this by getting the bees to associate the smell of TNT with food - a sugar solution.

 

In the field, the trained bees tend to cluster near to places where mines are buried, in the hope of finding food.

 

Such efforts have been active for many years but Prof Risojević says he and his team realised that computers could help by automatically analysing footage of the mine-seeking bees, in order to plot their activity and more easily locate the mines.

 

Even this proved tricky.

 

"It's very difficult for human observers to find these flying bees in this video footage let alone computer vision systems," he says.

 

"There were moments when I thought that we are outright crazy for trying to do that but I am pleasantly surprised with the results that we obtained."

 

The team began with drone-captured footage of an outdoor area, onto which they superimposed "synthetic bees" - fuzzy grey blobs zooming about the scene.

 

When they managed to get the synthetic bees to look indistinguishable from footage of real bees, the team turned to a machine-learning algorithm, and trained it to accurately detect and follow the blobs on screen.

 

In tests described in a recently published paper, the algorithm proved more than 80% accurate at tracking these digital bees.

 

The researchers then took to a minefield, a safe one with real but defused mines buried in undisclosed locations at the Croatia Mine Action Center, to see how the system performed under authentic conditions.

 

Details of the test results are yet to be published in an academic paper but Prof Risojević says there was a strong correlation between where the bees clustered and the locations of known mines at the test site.

 

At the moment, the system works by using drones programmed to fly along a predetermined route, criss-crossing the minefield while capturing footage of the bees as they buzz around. Analysis of the footage later reveals where the bees clustered.

 

It may be a few years before this approach is used in a place blighted with dangerous, active mines, says Prof Risojević. However, he thinks it could complement other demining techniques. Among the technological tools already used for demining are handheld metal detectors with built-in ground-penetrating radar.

 

Even with the help of technology like that, it's hard for demining teams to know for sure that they have removed every single mine from a contaminated area. The bees and drones could check afterwards, for example, to confirm that none have been missed.

 

"Good technological innovation that can help to… delineate the boundaries and confirm a hazard area are really helpful," says Matthew Breay Bolton at Pace University in New York, author of Political Minefields: The Struggle against Automated Killing.

 

However, he adds that there are no quick fixes to the minefield problem. Often, political wrangling and lack of resources mean clearance projects can stall, no matter what technologies are available to help. Plus, in countries such as Yemen, mines continue to be planted to this day.

 

Prof Risojević is hopeful that, despite the hurdles, his team's system will one day help to decontaminate minefields in countries such as Croatia or Bosnia and Herzegovina.

 

And there may be other applications too.

 

In recent years, computer vision researchers have developed experimental systems able to track and follow insects in the wild. Prof Risojević and his team suggest that such tools could one day monitor pollinators. These insects, including bees, are crucial to the health of crops and ecosystems but their numbers have been declining lately, largely due to pollution caused by human activities.

 

Insects and machines working together - a fun idea, and potentially good for the planet.--BBC

 

 

 

Robust U.S. employment growth expected in March, jobs deficit remains large

U.S. employers likely stepped up hiring in March amid increased vaccinations and more pandemic relief money from the government, which would cement expectations for a boom that could push this year's economic growth to the strongest since 1984.

 

The Labor Department's closely watched employment report on Friday is also expected to show people, mostly women, wading back into the labor market, drawn by those brightening economic prospects. But the labor market is hardly out of the woods yet, with the jobs deficit still huge and long-term unemployment becoming entrenched.

 

"The economy is on fire, fueled by vaccines and government stimulus," said Sung Won Sohn, a finance and economics professor at Loyola Marymount University in Los Angeles. "All the stars are lined up to surprise us on the upside."

 

Nonfarm payrolls likely surged by 647,000 jobs last month after increasing by 379,000 in February, according to a Reuters survey of economists. That would be the biggest gain since October. Estimates ranged from as low as 115,000 to as high as 1.1 million jobs.

 

Friday's report marks a painful anniversary for the labor market. The March 2020 employment report was the first to reflect the mandatory closures of non-essential businesses such as restaurants, bars and gyms to slow the onset of the just-emerging COVID-19 pandemic. Nearly 1.7 million jobs were lost that month, and another 20.7 million would vanish the next.

 

Even if the March 2021 employment gains come in as estimated, it would leave the labor market roughly 8.8 million jobs shy of its peak level in February 2020. Economists estimate it could take at least two years to recoup the more than 22 million jobs lost during the pandemic.

 

As of Tuesday morning, the United States had administered 147.6 million doses of COVID-19 vaccines in the country and distributed 189.5 million doses, according to the U.S. Centers for Disease Control and Prevention. The White House's massive $1.9 trillion pandemic relief package approved in March is sending additional $1,400 checks to qualified households and fresh funding for businesses.

 

That led to a significant improvement in labor market conditions last month. Reports this week showed a measure of factory employment jumped in March to the highest since February 2018, while layoffs announced by U.S. companies were the fewest in more than 2-1/2 years.

 

Small businesses also reported hiring more workers and the Conference Board's measure of household employment rebounded after three straight monthly decreases.

 

Employment gains last month were likely led by the leisure and hospitality industry, which has borne the brunt of the pandemic. A strong increase in hiring is expected at factories as well as construction sites after being held down by unseasonably cold weather in February.

 

PENT-UP DEMAND

 

Economists expect job growth will average at least 700,000 per month in the second and third quarters. That, combined with the fiscal stimulus and about $19 trillion in excess savings accumulated by households during the pandemic, is expected to unleash a powerful wave of pent-up demand.

 

First-quarter gross domestic product estimates go as high as an annualized rate of 10.0%. The economy grew at a 4.3% pace in the fourth quarter. Growth this year could top 7%, which would be the fastest since 1984. The economy contracted 3.5% in 2020, the worst performance in 74 years.

 

"Hiring is positioned to ratchet substantially higher as COVID cases are widely expected to continue to retreat, the economy more fully reopens as herd immunity is reached and the benefits of the fiscal stimulus, in part, fuel the release of pent up demand," said Sam Bullard, a senior economist at Wells Fargo Securities in Charlotte, North Carolina.

 

Strong job growth likely pushed down the unemployment rate, which is forecast falling to 6.0% from 6.2% in February. The unemployment rate has been understated by people misclassifying themselves as being "employed but absent from work."

 

The anticipated return of more people to the labor force could even raise the jobless rate. The labor force participation rate, or the proportion of working-age Americans who have a job or are looking for one, is expected to have inched up from near 50-year lows. More than 4 million workers, over half of them women, have dropped out of the labor force since February 2020.

 

"As more schools increase in-person teaching, we may see more rebound in women's labor force participation, perhaps enough to raise the unemployment rate for women as they begin searching for new jobs," said Erica Groshen, senior economic advisor at Cornell University's School of Industrial and Labor Relations.

 

The share of long-term unemployed Americans likely remained elevated in March, leading to an erosion of skills that could make it harder for many to find higher paying jobs. At least 18.2 million Americans were collecting unemployment checks in mid-March.

 

"The result is a scarring in the labor force that will be hard to overcome," said Joe Brusuelas, chief economist at RSM in New York. "Studies have shown that the length of time that a person is out of work affects the probability of that person regaining employment."

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

 

Asia set to follow U.S. stocks higher as dollar, bond yields ease

Asian markets were set to open higher on Friday in a holiday-lightened trading session, riding a surge of strong factory data and falling bold yields that pushed U.S. and European benchmark stock indexes to record highs.

 

U.S. President Joe Biden's $2.3 trillion plan to rebuild America's crumbling infrastructure added to the enthusiasm for risk assets, as did accelerating vaccine rollouts. read more

 

The China Financial Futures Exchange CIS 300 Index Futures index was up 1.76%, the Nikkei futures index was up 1.23% and E-Mini S&P 500 futures index was up 1.18%. Australia, New Zealand, Hong Kong and Singapore were among the Asian countries observing the Good Friday holiday.

 

The dollar eased off of nearly three-year highs hit in the first quarter, while U.S. crude futures rose more than 4% after the Organization of the Petroleum Exporting Countries and allies agreed to start easing production cuts in May.

 

U.S. crude oil prices settled up 3.52% at $61.24 per barrel and Brent was at $64.73, up 3.17%.

 

"Investors greeted optimistically President Biden's infrastructure plan," TD Securities wrote in a note to clients.

 

On Wall Street, the S&P 500 (.SPX) hit another new high as it charged past the 4,000 mark after the Institute for Supply Management said its index of U.S. factory activity soared to its highest level in more than 37 years in March. read more

 

The S&P 500 gained 1.18% to close at 4,019.87 and the Nasdaq Composite (.IXIC) rose 1.76%, to 13,480.11. The Dow Jones Industrial Average (.DJI) lagged, up only 0.52%, to 33,153.21.

 

Earlier, Germany's DAX index (.GDAXI) scaled a new peak after IHS Markit's Manufacturing Purchasing Managers' Index (PMI) showed euro zone factories were seeing their fastest pace in growth in the survey's near 24-year history. 

 

Long bond yields fell after the U.S. Labor Department said on Thursday that the number of Americans filing new claims for unemployment benefits unexpectedly rose last week.

 

Continuing a dip that began overnight in Asia, the 10-year Treasury yield was down 7.3 basis points to 1.674%.

 

Markets were looking ahead to March U.S. nonfarm payroll data on Friday, where more than one bank was expecting a reading above consensus of 647,000. Goldman Sachs estimates 775,000.

 

The dollar index fell 0.325%, with the euro up 0.01% to $1.1776.

 

The Japanese yen weakened 0.01% versus the greenback at 110.60 per dollar.

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

 

 

U.S. manufacturing sector index races to 37-year high in March - ISM

A measure of U.S. manufacturing activity soared to its highest level in more than 37 years in March, driven by strong growth in new orders, the clearest sign yet that a much anticipated economic boom was probably underway.

 

The Institute for Supply Management (ISM) said on Thursday its index of national factory activity jumped to a reading of 64.7 last month from 60.8 in February. That was the highest level since December 1983.

 

A reading above 50 indicates expansion in manufacturing, which accounts for 11.9% of the U.S. economy. Economists polled by Reuters had forecast the index rising to 61.3 in March. The year-long COVID-19 pandemic has boosted demand for goods.

 

Economic growth is expected take off this year, juiced up by the White House's massive $1.9 trillion pandemic relief package and the reopening of nonessential businesses as more Americans are vaccinated against the coronavirus.

 

The relief package passed last month is sending additional $1,400 checks to qualified households and extending the government safety net for the unemployed through Sept. 6. Households have also accumulated about $19 trillion in excess savings, which are expected to fuel pent-up demand.

 

President Joe Biden on Wednesday unveiled a plan to spend roughly $2 trillion on infrastructure like roads and bridges over 10 years.

 

First-quarter gross domestic product estimates are as high as a 10.0% annualized rate. The economy grew at a 4.3% pace in the fourth quarter. Growth this year could top 7%, which would be the fastest since 1984. The economy contracted 3.5% in 2020, the worst performance in 74 years.

 

An employee works at the Kirsh Foundry in Beaver Dam, Wisconsin, U.S., April 12, 2018. REUTERS/Timothy Aeppel/File Photo

But the massive fiscal stimulus could leave the economy pushing against domestic capacity constraints and fan inflation.

 

Suppliers are already struggling to deliver materials to manufacturers, pushing up production costs. That has been most evident in the automobile industry, where a global semiconductor chip shortage has forced cuts in production.

 

The ISM survey's measure of prices paid by manufacturers last month hovered near its highest since July 2008.

 

Its forward-looking new orders sub-index jumped to 68.0 in March. That was the highest reading since January 2004 and was up from 64.8 in February. Factories also received more export orders, while order backlogs swelled.

 

There is room for further expansion, with inventories at manufacturers and their clients still lean. With demand robust, factories hired more workers in March. The survey's manufacturing employment gauge shot up to 59.6, the highest reading since February 2018, from 54.4 in February.

 

That supports expectations for a sharp acceleration in employment growth in March. According to a Reuters survey of economists, nonfarm payrolls likely increased by 647,000 jobs last month after rising by 379,000 in February. The government is due to publish March's employment report on Friday.

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

 

Goldman promotes a flurry of female partners to executive roles

Goldman Sachs Group Inc (GS.N) on Thursday promoted four female partners to senior leadership roles at the firm, according to memos seen by Reuters.

 

Among them, Goldman's head of investor relations, Heather Kennedy Miner, was given the No. 2 job in the bank's asset management business, and Jacqueline Arthur was named deputy chief of staff for the executive office.

 

 

Goldman has set some of the most aggressive and specific goals among big U.S. banks for increasing the presence of Black, Latino and female professionals at all job levels. Thursday's promotions reflect what Chief Executive David Solomon has said was a lack of diversity in the bank's senior ranks.

 

Solomon said at a virtual event last year hosted by the Economic Club of New York that he was "not pleased" with the levels of diversity among the bank's senior leaders.

 

Goldman has four women on its board of directors and will have a fifth if shareholders approve the nomination of Royal Dutch Shell plc Chief Financial Officer Jessica Uhl later this month. read more But Solomon has urged the bank to increase diversity in the top ranks more quickly.

 

A recent analysis of the companies included in the Russell 30000 Index, which includes Goldman, shows women held just 12% of the "named executive officer" positions, up from 9% in 2015.

 

 

In the memos, Miner was named chief operating officer for Goldman's asset management division. She previously led investor relations for the bank since 2017.

 

The head of Goldman Sachs's bank unit and deputy treasurer, Carey Halio, was appointed to replace Miner as head of investor relations.

 

Arthur will serve as deputy chief of staff and secretary to the management committee, reporting to John Rogers.

 

Lisa Donnelly was given an expanded role as head of core operations responsible for coordinating common practices, standards and protocols for the bank's global divisions. She succeeds Phil Armstrong, who is retiring.

 

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

 

Brooklyn man accused of using information from Bloomberg reporter for insider trading

A Brooklyn man indicted for an insider trading scheme used information from a Bloomberg News reporter about certain deals to trade, according to a review of the charging documents, in a case that comes as the volume of leaked information about mergers and acquisitions is rising.

 

On March 23, a federal grand jury indicted 38 year-old Jason Peltz for trading on "material nonpublic information" obtained from a company insider and a financial reporter.

 

 

Peltz has been charged with securities fraud, money laundering, tax evasion, among other offenses, according to the indictment filed in the Eastern District of New York.

 

Reuters was unable to obtain contact information for Peltz and a company called Peltz Financial Firm, where the indictment says he was formerly the principal. His lawyer Jeremy Temkin of Morvillo Abramowitz law firm declined to comment.

 

The indictment does not name the journalist or the media outlet, but Reuters and other media outlets have identified him as Ed Hammond, a deals reporter with Bloomberg in New York, based on a review of articles mentioned in the indictment.

 

Hammond, who is not accused of any wrongdoing, declined to comment through a spokeswoman.

 

"Ed Hammond is a very accomplished reporter. We're not aware of any facts to suggest any wrongdoing on his part," the same Bloomberg spokeswoman said in an email statement.

 

The U.S. Securities and Exchange Commission did not immediately respond to requests for comment. Brooklyn prosecutors declined to comment.

 

Among the trades Peltz allegedly executed, the indictment said, was the purchase of securities and options in chemical manufacturer Ferro Corp. (FOE.N). based on information, obtained from a friend, that Ferro had received a takeover offer.

 

After Peltz began placing the trades with the help of co-conspirators between Feb. 22, 2016 and March 11, 2016, Peltz had "numerous contacts" with Hammond over the phone and in person, the indictment alleges. Bloomberg published a story by Hammond about the approach on March 15, 2016, which pushed Ferro's stock up 4.7%.

 

 

A spokesperson for Ferro did not immediately respond to a request for comment.

 

The case casts a stark light on the workings of the world of corporate mergers and acquisitions, where a cadre of bankers, lawyers and other advisers as well as executives know about talks. Information often leaks, studies have shown.

 

Despite a long-term trend of increased oversight and enforcement, the percentage of M&A deal leaked globally increased 1.3 points to 8.7% in 2019, the second-highest rate in a decade, according to research published by the University of London last year.

 

Wall Street intermediaries have an incentive to leak prospective deals because doing so typically attracts more suitors, driving up the target price, the report said.

 

"The motivations for intermediaries and other sell-side parties related to M&A transactions to leak information are clear. Our research shows that over the past ten years leaked deals have commanded an average premium that is 124 percent higher than for non-leaked deals," the reported noted.

 

Apart from the Ferro deal, Peltz is accused of continuing to have frequent conversations with Hammond during which he obtained material nonpublic information about stories Hammond was working on regarding certain companies.

 

Peltz used this information "to trade in certain companies' stocks just prior to the publication of an article about each respective company written by the Reporter," the indictment alleges.

 

Those were biopharmaceutical companies Medivation Inc and INC Research Holdings, communications company R.R. Donnelley and healthcare provider Community Health Systems Inc., according to the indictment.

 

Each of the stories referenced in the indictment cite multiple sources and involved two or more reporters.

 

The companies did not immediately return Reuters requests seeking comment.

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

 

In Huawei extradition case, arguments wrap up about alleged U.S. international law violation

A branch of arguments in Huawei Chief Financial Officer Meng Wanzhou’s bid to stop her extradition to the United States from Canada ended on Thursday with a prosecutor saying her lawyers had an "impoverished" view of the facts over their assertion U.S. authorities violated international law.

 

Meng, 49, was arrested at Vancouver International Airport in December 2018 on a U.S. warrant for bank fraud. She is accused of misleading HSBC about Huawei’s business dealings in Iran, putting the bank at risk of violating U.S. sanctions.

 

 

Meng has maintained she is innocent of the charges and is fighting the extradition while under house arrest in Vancouver. Her legal team is seeking a stay of proceedings, citing abuses of process.

 

The British Columbia Supreme Court judge has already heard arguments that alleged rights violations during Meng’s arrest and political interference by former U.S. President Donald Trump should invalidate the extradition and allow Meng to return to China.

 

This week Meng’s legal team made submissions that the U.S. indictment itself violated international law because the misleading statements at the heart of the case did not have a substantial enough connection to the United States.

 

Canadian prosecutor Robert Frater urged the judge to reject that argument, saying it should be up to Canada’s minister of foreign affairs to make decisions about U.S. jurisdiction.

 

He said the argument denied important context, and was based on an “impoverished” interpretation of the facts of the case.

 

“The lies in Hong Kong are not about risks in Hong Kong. They are about risks primarily in the United States,” Frater said, referring to the misleading statements Meng allegedly gave to HSBC at a meeting in Hong Kong, which form the basis of the United States’ case against her.

 

Defence lawyer Gib van Ert argued U.S. authorities’ claimed jurisdiction over Meng’s conduct in Hong Kong is unfounded, calling it a “plain power grab” on Tuesday.

 

Meng’s legal team is expected to argue one more attempt to cancel the extradition, based on allegations of misrepresentations in the record of the case, starting on April 26. Her case is set to wrap up in May.

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

 

Nigeria: World Bank Revises Nigeria, Others' Growth Forecast to 3,4%

The Washington-based institution, in its latest Africa's Pulse, titled: 'The Future of Work in Africa: Emerging Trends in Digital Technology Adoption,' anticipated that the continent would grow between 2.3 per cent and 3.4 per cent in 2021, after a two per cent contraction last year.

 

However, the report noted that a slower spread of the virus and lower COVID-19-related mortality, strong agricultural growth and a faster-than expected recovery in commodity prices has helped many African economies weather the economic storm induced by the COVID-19 pandemic.

It said economic recovery was also hinged on reforms that would create jobs, encourage investment and enhance competitiveness.

 

In the report, World Bank Chief Economist for Africa, Mr. Albert G. Zeufack, said: "African countries have made tremendous investments over the last year to keep their economies afloat and protect the lives and livelihoods of their people.

 

"Ambitious reforms that support job creation, strengthen equitable growth, protect the vulnerable and contribute to environmental sustainability will be key to bolstering those efforts going forward toward a stronger recovery across the African continent.

 

"Growth in the region is forecast to rise between 2.3 and 3.4 per cent in 2021, depending on the policies adopted by countries and the international community.

 

"A second wave of COVID-19 infections is partly dragging down the 2021 growth projections, with daily infections about 40 per cent higher than during the first wave."

 

He stated that while some countries had a significant drop in COVID-19 infections due to containment measures adopted by their governments, other countries were facing a spike in infections.

 

Real GDP growth for 2022 for the region was estimated at 3.1 per cent.

 

For most countries in the region, activity will remain well below the pre-COVID-19 projections at the end of 2021, increasing the risk of long-lasting damage from the pandemic on people's living standards, he added.

 

The report urged African countries to speed up their recovery by ramping up efforts to support their economies and people in the near term, especially women, youth and other vulnerable groups.

 

"Reducing countries' debt burdens will release resources for public investment, in areas such as education, health and infrastructure.

 

"Investments in human capital will help lower the risk of long-lasting damage from the pandemic which may become apparent over the longer term and can enhance competitiveness and productivity.

 

"The next twelve months will be a critical period for leveraging the African Continental Free Trade Area in order to deepen African countries' integration into regional and global value chains," it stated.- This Day.

 

 

 

Nigeria: Despite Govt's Repeated Promises, Importation of Dirty Fuels Continues in Nigeria

The Nigerian government has since 2016 been making repeated promises to end the importation of dirty fuels.

 

In June 2016, members of the Economic Community of West African States convened for a two-day workshop in Abuja.

 

The sole aim was to chart ways to transit into using low sulphur fuels in their respective countries.

 

At the end of the event, Nigeria, Benin, Togo, Ghana and Côte D'Ivoire agreed to ban the importation of Europe's dirty fuels, thus limiting sulphur in fuels from 3000ppm to 50ppm.

 

The United Nations Environment Programme (UNEP) said the move would help to drastically reduce vehicle emissions and help over 250 million people to breathe safer and cleaner air.

 

By the end of that year, Nigeria again hosted a sub-regional high-level ministerial meeting on low sulphur fuels, which was held in Abuja and hosted by former minister of environment, Amina Mohammed.

Joined by Ghana, Togo, Benin and Côte D'Ivoire, the countries agreed to adopt low sulphur diesel fuel standards of 50 ppm, and a target of July 2017 was set. Only Ghana met the deadline.

 

By the set date, Mrs Mohammed, now deputy secretary-general of the United Nations, again reiterated the Nigerian government's goal to reduce the sulphur in fuels imported into the country, starting from July 2017.

 

"Everybody knows that this is going to take some efforts, which is why we gave the six-month notice," she said at the time. "What is more important is that we are working with the refineries on a long-term approach."

 

The deadline would be shifted by another year.

 

A year after the last deadline was set, officials at the major importer of petroleum products, Nigeria's public oil company, NNPC, rehashed Nigeria's resolve to end the importation of dirty fuels into the country by July 2018.

At another high-level ministerial meeting organised by ECOWAS, which was held between February 5 and 7, 2020, in Ouagadougou, the capital of Burkina Faso, 15 environment and energy ministers of the regional bloc, including that of Nigeria, met again.

 

Nigeria alongside others adopted a comprehensive set of regulations for introducing cleaner fuels and vehicles in the region in order to ensure that their fuel's sulphur content meet global standard peaks at 50 ppm.

 

However, petrol and kerosene remain over 20 times (1000 ppm) and diesel 30 times what is required to be within safe limits.

 

Oil-rich, but not oil independent

 

Nigeria's production of crude oil, which is sweet because of its low sulphur content, non-acidic because it contains less CO2 and has high API gravity, is put at about 2.5 million barrels daily.

Energy giants like Shell, Chevron and ExxonMobil do the drilling in the Niger Delta region of the country and they in turn pay production entitlements, taxes, royalties and fees, and other remittances to the Nigerian government.

 

Of the volume drilled, little is refined in state-owned refineries, which for several years have not been functioning despite draining billions of naira, and this little cannot meet the volume for national needs.

 

To bridge the deficit, the country turns to foreign refineries, including European refineries, from where refined and highly sulphured fuels - because they are cheaper - are imported into Nigeria, much to the chagrin of health and environmental campaigners and at the detriment of the well-being of Nigerians.

 

According to the statistics bureau, NBS, in 2019, imported petrol reached 20.89 billion litres, up from 20.14 billion litres in 2018 and 17.3 billion litres in 2017. Petroleum imports cost the country N289.46 billion in Q1 2019, almost tripling to N837.67 billion by Q2.

 

When these fuels are imported into Nigeria through each refinery jetty, they are blended to Nigeria's standard (as set by the Standard Organisation of Nigeria) for cost optimization, Saheed Abolaji, a quality control personnel at Schneider and Schroeder Services Limited, an Edo-based energy firm, explained.

 

He said the blending processes include dewatering, re-gassing and desulfurization.

 

In spite of these processes, fuels consumed in the country still contain as high as 1,000 ppm of sulphur content, unlike neighbouring Ghana and other East African cousins like Burundi, Kenya, Rwanda, Tanzania and Uganda who have transitioned to 50 ppm fuel standard, the acceptable threshold in Europe.

 

"There is a serious problem with our environmental control which is seriously affecting us," Mr Abolaji noted.

 

He added that "the contention with environmental pollution has to mostly do with the practices of waste management and also the combustion of our exhaust vehicle design" as most of the used vehicles imported into Nigeria are not up to the standard in Europe.

 

Lax regulations to restrict the quality of the vehicles being imported into the country, coupled with the aforesaid poor fuel quality, has ensured that air pollution continues to dog the country.

 

Nigeria is home to the highest fleets of used light-duty vehicles after Serbia and the United Arab Emirates, according to a 2020 report by UNEP.

 

The imported fuels cost Nigerians huge outlays with NBS saying Nigerians spent 5 per cent, or some ₦2 trillion, of their incomes on fuel and electricity in 2019.

 

According to the NNPC, 2.26 billion litres of petroleum products were sold and distributed in the country in December as against 1.72 billion litres in November.

 

Better fuel will cost more

 

As identified by a world bank study, the top three sources of PM2.5 (tiny dangerous pollutants) in Nigeria's commercial centre of Lagos (where, against the 10 μg/m3 guideline set by WHO for annual mean PM2.5 concentration level, it can be as high as 68 μg/m3) are overstretched road transport, industrial emissions and generators.

 

Generators made the list because of erratic electricity, which the world bank says 80 million Nigerians do not have access to, an albatross that pushed them to spend an estimated $14 billion a year on small-scale generators, and made Nigeria lose $29 billion in 2019.

 

By implication, local consumption of fuel will continue to surge in a country like Nigeria with a teeming population of over 200 million.

 

With fuel subsidies soon to be stopped as promised by the government, for Nigerians to get cleaner fuels to meet their massive demands, they may have to pay more.

 

However, this may be a tall order for many in a country where about a quarter of the population live on less than N377 daily and about a third are unemployed.

 

Yet, it is a choice that has to be made.

 

A litre of petrol averaged 5.36 Ghanaian cedi (which is about N355 at N66 to a cedi) between February and March in Ghana, a price that increased by over 50 per cent since 2017.

 

In Kenya, petrol currently retails at about 125 Kenyan shilling, which, at N3.46 to a Kenyan shilling, is equivalent to N432.5.

 

An effort to raise the pump price of petrol (currently N162) as high as this is likely to be met with heavy pushback from Nigerians; except their purchasing power improves just as significantly, analysts believe.

 

Ghana for one has been able to reduce deprivations from access to healthcare, education, and improved living standards by nine percentage points from 55 per cent in 2011 to about 46 percent in 2017.

 

When this was compared to the purchasing power of the 31 million population, about 6 million Ghanaians (or about 1 in 5) are concurrently poor in both measures of poverty.

 

There are, nonetheless, indications that the pump price of petrol will increase in Nigeria in the coming months after NNPC boss, Mele Kyari, announced that the government was unwilling to continue subsidising petrol.

 

With the cost of importation and handling charges amounting to N234 per litre, the government has pegged the selling price at N162 per litre, a variation that the British government said cost Nigeria N10 trillion between 2006 and 2018; and could cost the country about N102.5 billion, according to an analysis by PREMIUM TIMES.

 

(Support for this report was provided by the Premium Times Centre for Investigative Journalism (PTCIJ) through its Natural Resource and Extractive Programme).- Premium Times.

 

 

 

 

Ethiopia Cruises Through 10-Year of Zigzags, Loopholes in Building GERD

Ethiopians of all walks of life are currently marking the 10th Anniversary of GERD with various programs which among other things included Bond Sales Week and organizing a National Symposium related to the timeline of the progress in the construction and development of GERD.

 

Perched under the foot of Guba Mountain and majestically positioned 20 kilometers to the border with Sudan, the biggest dam in Africa and ranking 7th in the world, GERD has now reached a point of no return with almost 79 percent of its entire construction completed.

The people and government of Ethiopia possess all the reasons to mark the 10th anniversary of ground breaking and cornerstone placing, boldly and proudly by the late Prime Minister of Ethiopia, Meles Zenawi.

 

Originally GERD was planned to be completed in a period of five years but it has taken 10 years to witness the first filling of the dam. What are the reasons behind such a delay?

 

As the country faced a considerable amount of opposition from Egypt in soliciting fund from international financial magnets, Ethiopia decided to build the dam from its own resources through massive public mobilization and sensitization to raise fund at national level which understandably took a longer period of time to collect enough finance from free financial donations and sales of treasury bonds. Besides, a number of adjustments were made on the blue print of the dam over time to ensure effective output of hydroelectric power.

 

The original projected budget for the dam was 78.3 billion birr but so far close to 112 billion birr has already been expended. It is estimated that the construction of GERD upon completion will cost 160 billion birr.

Undoubtedly, Ethiopia is at the threshold of lighting up Ethiopia and Africa with high tech electrical power changing the old rules of colonial conspiracy of controlling the sources of the Nile by generating 6.45GW of hydroelectric power. It is worthwhile to probe into the timelines of the preceding events that led to the construction of GERD.

 

The Anglo Egyptian treaty of 1929 which was the brain child of the British version of the Scramble for Africa barred all its colonies in East Africa from utilizing the Nile without consent from Egypt. Emboldened by this treaty and with no consultations with upper Nile riparian countries, Egypt and Sudan entered into a treaty that prevented all Nile riparian countries from utilizing the Nile.

 

In the most egoistic manner Egypt secured 55 billion cubic meters of water from the Nile annually while Sudan was left with 18.5 billion cubic meters of water per year. With all intents and purposes and with utter disregard to Ethiopia which contributes 86 percent of the Nile waters, both countries claimed a hydro veto power in gross miscarriage of justice on Ethiopia and other riparian countries.

In 1995, Ethiopia entered into an amicable agreement with the ousted President Hosni Mubarak to resolve any dispute on the Blue Nile in accordance to the cardinal principles of international law governing the utilization of Trans Boundary Rivers.

 

On February 22, 1999, the Nile Basin Initiative (NBI) composed of DR. Congo, Rwanda, Burundi, Kenya, Ethiopia, South Sudan, The Sudan, Egypt, Tanzania and Uganda was instituted in which Eretria assumed a status of observer.

 

Following the initiative, a Cooperative Framework Agreement was drafted in 2010 and as the result of their disagreement with Article 14, b of the agreement which stated ... not to significantly affect the internal security of any other Nile Basin State which all countries except for Egypt and Sudan agreed to ratify, Egypt came up with her own version of the article which stated not to adversely affect the water security and current uses and rights of any other Nile Basin State.

 

In 2015, Ethiopia, Sudan and Egypt signed the Declaration of Principle (DoP) and in 2018, a Joint Research Group was formed but could not agree on the general framework of the research program.

 

With a lobby from Egypt, the Donald Trump Administration and the World Bank attempted to participate in the Tripartite Negotiations as observers but shifted themselves to the level of arbitrators in which the US Treasury Department issued an agreement document which was not in its mandate and tried to force Ethiopia to sign the document which the country categorically rejected. President Trump openly threatened that Egypt can bombard the dam at any time contrary to international diplomatic ethics giving himself the right to directly interfere into the internal affairs of Ethiopia.

 

On the 19th of June, Egypt requested the UNSC to interfere into the negotiation process but the UNSC referred the case to the AU. On June 25 and 26, the three countries agreed to accept the negotiating role of the AU.

 

However, Sudan and Egypt were repeatedly withdrawing and rejoining the negotiations and were busy with looking for a means to pressurize Ethiopia to sign a binding document which stresses drought mitigation measures that Ethiopia should take. Ethiopia continued to stress that the DoP itself is enough to come to final agreement.

 

Responding to questions raised by the MPs recently regarding the current status of GERD, Prime Minister Abiy said that Ethiopia has no intention to harm the neighboring brotherly countries but will definitely keep the promise made to the peoples of Ethiopia by filling GERD on the second round. I call upon the countries to cooperate with Ethiopia in helping to develop the waters of the Nile for their mutual benefits.

 

As the nation celebrates the 10th Anniversary of GERD, the second round of filling the dam will no doubt take place in July and the government is completing all the technical requirements needed to process up the preparations for the inevitable filling of Ethiopia's flagship dam project. Indeed, Egypt has built the Aswan Dam on the Nile and Sudan has also built Merowe and employing any means to obstruct the second round of filling GERD is not only against the law but also a triple jeopardy hurdled on Ethiopia.

 

Even then, Ethiopia will continue to work on the remaining issues related to the finalization of agreements on GERD in good faith and in a spirit of mutually beneficial approach on the equitable utilization of the waters of the Nile but the country will not accept any attempt on arm twisting the nation to sign binding documents that are not in line with the national interest of its peoples.

 

By December 2023, Ethiopia is to complete the entire construction of GERD and will start to generate electric power from the largest dam in Africa contributing to the fulfillment of not only local needs of the country but also to share power with African countries near and afar.- ENA.

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2021

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


CFI

AGM

Farm & City Boardroom, 1st Floor Farm & City Complex, 1 Wynne Street

31/03/21 | 11am

 


 

Good Friday

 

02/04/21

 


 

Easter Sunday

 

04/04/21

 


 

Easter Monday

 

05/04/21

 


 

Independence Day

 

18/04/21

 


 

Public Holiday in lieu of Independence Day falling on a Sunday

 

19/04/21

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


ART

PPC

Dairibord

 


Starafrica

Fidelity

Turnall

 


Medtech

Zimre

Nampak Zimbabwe

 


 

 

 

 


 <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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