Major International Business Headlines Brief::: 10 April 2021

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Major International Business Headlines Brief::: 10 April 2021

 


 

 


 <https://www.nedbank.co.zw/> 

 


 

 


ü  Amazon defeats historic Alabama union effort

ü  Wedding venues: 'It's costing me £250,000 a month'

ü  Home movers have a spring in their step, says the Halifax

ü  EXCLUSIVE Berkshire Hathaway gives activist okay to phone it in on May 1

ü  S&P 500, Dow climb for third day and close at records

ü  U.S. senators criticize Apple for not testifying on antitrust concerns

ü  Wall St Week Ahead With stocks at record highs, investors look to
upcoming earnings

ü  Elon Musk's Neuralink shows monkey with brain-chip playing videogame by
thinking

ü  China fines Alibaba record $2.75 bln for anti-monopoly violations

ü  BHP, Vale Samarco JV files for Brazil bankruptcy protection

ü  More money poured into stocks in past 5 months than over last 12 years -
BofA

ü  Credit Suisse's U.S. brokerage files lawsuit over personal data leak

ü  Nigeria's SEC Moves Against Investment Platforms Trading Foreign
Securities

ü  South Sudan to Upgrade Aviation Infrastructure

ü  Namibia: Outdated Transport Law Creates Chaos Over Easter

ü  South Africa: Workers Pay for CCMA Services That Were Once Free

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Amazon defeats historic Alabama union effort

Amazon has defeated activists hoping to establish the company's first
unionised warehouse in the US.

 

Workers at the Bessemer, Alabama warehouse voted 1,798 to 738 against the
effort, labour officials said.

 

That represented a majority of votes cast in the contest, which was seen as
a key test for Amazon after global criticism of its treatment of workers
during the pandemic.

 

The union said it would challenge the results.

 

It accused Amazon of interfering with the right of employees to vote in a
"free and fair election", including by lying to staff about the implications
of the vote in mandatory meetings and pushing the postal service to install
a mailbox on company grounds in an effort to monitor the vote.

 

"Amazon has left no stone unturned in its efforts to gaslight its own
employees," said Stuart Appelbaum, president of the Retail, Wholesale and
Department Store Union (RWDSU), which organised the effort.

 

"We won't let Amazon's lies, deception and illegal activities go
unchallenged, which is why we are formally filing charges against all of the
egregious and blatantly illegal actions taken by Amazon during the union
vote."

 

Amazon said on Friday that it was "not true" that it had intimidated staff.

 

It said the firm worked hard to listen to concerns and improve, casting the
outcome as a choice by staff, rather than a company victory.

 

"We're not perfect, but we're proud of our team and what we offer, and will
keep working to get better every day," it said.

 

RWDSU leaders had hoped that the pandemic, which sent Amazon's business
soaring while exposing its workers to new health risks, had created an
opportunity for the union to make inroads and set a new standard for Amazon
workers across the country.

 

If successful, the union drive would have meant that Amazon, the second
largest employer in the US, would have had to negotiate a contract with
union officials on issues such as work rules and pay.

 

Organisers tied the fight at the warehouse - where the majority of the
nearly 6,000 workers are black - to broader issues of civil rights and
racial justice and cited complaints, such as intrusive monitoring and
abrupt, impersonal treatment by management.

 

Amazon contended that the union did not represent the views of most of its
staff.

 

It said it offered competitive salaries and benefits and told workers that
the union would collect hundreds of dollars in dues without being able to
deliver changes.

 

'Outsize power'

Rebecca Givan, professor of labour studies at Rutgers University, said she
was not surprised by Amazon's win, given the outsize power employers have to
fight union efforts under current US law.

 

"Employers have a huge advantage in these situations," she said. "They have
almost unlimited money and almost unlimited access to the workers to bombard
them with messages of anxiety and uncertainty and we see the result of that
here."

 

Change will come?

Workers at Amazon's warehouse in Bessemer had one message after the outcome
of the union drive was revealed - and it didn't matter which side they were
on.

 

Both said they expected the vote - the first one Amazon has faced since 2014
- to make a difference.

 

At a press conference organised by Amazon, anti-union staff said the company
had committed to reviewing concerns with workers at the facility over the
next 100 days, like the need to give managers more training.

 

They said they hoped to work with colleagues who voted to unionise on the
issues raised by the debate.

 

"We can get those same goals and things accomplished without a union," said
Will Stokes, adding that he felt the complaints in articles about the
campaign had distorted life at the facility. "We're not against unions - we
just feel like at this facility in Bessemer, we don't need a union."

 

Meanwhile pro-union workers said they were not discouraged and planned to
continue to push for improvements.

 

"Things will not stay the same after this point," said Emmit Ashford. "We
will keep our heads held up, we will keep fighting ... It's not over. It's
only a matter of time before things change."

 

The election in Bessemer, a town of 27,000 people outside of Birmingham, was
closely watched.

 

Union membership has steadily dwindled in the US in recent decades, but the
pandemic also re-ignited concerns about income inequality and worker safety,
with Amazon drawing much of the public scrutiny.

 

Last month, US President Joe Biden called the vote a "vitally important
choice". Celebrities and national Democratic politicians travelled to the
state to support the union campaign, which even drew some Republican
backing.

 

Christy Hoffman, general secretary of UNI Global Union, a global federation
of unions, said Amazon's conduct during the campaign showed that US labour
law was "broken".

 

But she said the movement had already inspired workers elsewhere.

 

"While this vote was happening, there were strikes in Germany and Italy, and
a massive new effort to reach Amazon workers was launched in the UK. It will
continue to give hope to workers demanding a voice at work and a job with
dignity," she said.

 

"The impact of Bessemer has already rippled out far beyond the warehouse
walls and cannot be understated."

 

Amazon execs will be heaving a sigh of relief tonight.

 

The company has been desperate to avoid its workforce unionising, believing
industrial action could threaten their business model of sending packages
quickly and reliably.

 

It employed experts in their field at great expense to sculpt an anti-union
narrative. Their attack line was that unions equalled uncertainty, would
cost workers money in dues, and wouldn't necessarily fight for their needs.

 

The demographics of the workers in Bessemer led some to think the union had
a chance.

 

Alabama isn't a place known as a hotbed of union action. However the
workforce is around 85% black and majority female and the union thought that
might help their cause.

 

Politicians too, from Democrat Bernie Sanders to Republican Marco Rubio
backed the union. Joe Biden also supported the push.

 

The RWDSU will now appeal the vote, saying that Amazon used illegal tactics
to win the vote.

 

For now though, this is a moment to savour for Amazon.-BBC

 

 

 

Wedding venues: 'It's costing me £250,000 a month'

In the grounds of Nunsmere Hall Hotel, in the heart of rural Cheshire, Chris
Naylor has a huge, permanent, marquee which can seat more than 400 people.

 

If he ran a restaurant business, he could open the sides next week, when
Covid restrictions on hospitality begin to ease, and serve about half that
number, socially distanced. But this is a wedding venue and different rules
apply.

 

>From 12 April in England, only weddings with 15 guests are permitted. which
is not financially viable. And most licensed wedding venues will not be
allowed to open, unless they are outdoors.

 

Receptions for up to 30 guests can go ahead indoors from 17 May, while
unrestricted weddings will be allowed from 21 June..

 

"It's so frustrating. I've got all this space and I can't use it. Easter is
normally the start of the wedding season, but we can't get going," he says.

 

Chris Naylor

Chris runs three hotels in total which specialise in weddings. But he has
held only a handful in the past year because of Covid restrictions.

 

"It's costing me £250,000 a month in lost sales to stay closed," he says.

 

What are the rules for weddings and can I hold a reception?

What's the roadmap for lifting lockdown?

Chris says the industry needs time and clarity to prepare for a full June
reopening, the start of what should be a wedding bonanza, given the backlog
in couples eager to tie the knot.

 

"It's June or bust for many in this industry. Weddings are a very seasonal
business and if we don't hit the June date, I fear a lot of businesses will
give up or not be able to continue.

 

"We've basically got another two months of just waiting. It's having an
impact not just on people's businesses, but on their personal well-being as
well."

 

Chris is part of the UK Weddings Taskforce, set up last year to represent
the sector, which generates an estimated annual £14.7bn for the economy.

 

Although it employs some 400,000 people, it's an industry that feels
forgotten about.

 

Chris runs a multi-million pound company, but most of the businesses in this
sector are small or sole traders, often women. And they're hanging on as
best they can for the post-lockdown boom.

 

The wedding photographer

Caroline White

Caroline White has been a successful international wedding photographer for
17 years.

 

Most of her work is at one of Chris's venues, Peckforton Castle. It used to
be a three-minute walk from her cottage, where she did all her editing and
post production.

 

Caroline had 47 weddings lined up for 2020, but only managed four at the
beginning of the year. Then her income vanished.

 

As a limited company director, she wasn't entitled to the same government
support as self-employed workers. She has had to get by on furlough payments
of about £800 a month.

 

But that wasn't enough to live on and pay her mortgage, so the 48 year-old
had to sell her home. The new owner took the keys on 1 April.

 

"It's heartbreaking. It was my forever home. And it was the perfect set-up,
so close to where I do most of my work. But I didn't have a choice really,"
she says.

 

"If I'd been registered as self-employed, receiving more government support,
instead of a limited company director where I get very little, I think I
could have hung on until we got going again."

 

Caroline wasn't able to secure any discretionary grants, but did take out a
£20,000 Bounce Back Loan, which she could only use to cover some business
costs, including a tax bill.

 

She did manage to secure a six-month mortgage holiday, but felt she still
had little choice but to put her home up for sale.

 

"I live on my own. I wanted to relieve the financial uncertainty and
pressure in an orderly, way. It's a quirky, 400 year-old Grade 2 style
listed cottage and I knew it would take time to find the right buyer, which
I've now done."

 

Caroline has now downsized and is now focusing on better times ahead. She
has 64 weddings booked for this year and is raring to go.

 

"I absolutely love my job and working with all my couples. It's going to be
amazing when it all starts again. People will be desperate to get together
and have family portraits," she says

 

The wedding florist

Ian Lloyd

For Ian Lloyd, the pandemic has led to him giving up his shop in Wilmslow
after 16 years. He's a high-end, high-profile florist and weddings are his
speciality, as well as making up the vast majority of his sales.

 

"I've run a successful business for many years. But I just feel as an
industry we've been left behind," he says.

 

"The toll has been financial as well as emotional, because you're also
dealing with brides who are upset. When you're talking to 150 or so who are
having to postpone two or three times, it gets to you."

 

He's had some tough decisions to make. He is now online-only, with the loss
of three staff. The government support wasn't enough to cover his costs, he
says. Ian's priority has been keeping his bigger floral events business
alive.

 

"It's been massively frustrating. All during lockdown last year, we were
limited to 15 or 30 people," Ian says.

 

"We do large events in castles, stately homes or huge marquees and yet we
would drive past a restaurant that would have 100 people inside crammed in,
all strangers.

 

"It seemed to be one rule for restaurants and hospitality and another one
for weddings. If we'd been able to have 50 or 80 guests at weddings, that
would have been viable for many to open. That would have taken some of the
pressure off the supply chain."

 

As a limited company director, Ian has been running down his savings. His
events business has received grants from his local council, but he's still
nursing about £500,000 worth of lost sales.

 

Like many in the industry, Ian's now preparing to go from one extreme to the
other, cramming two years' worth of weddings into one year's work.

 

"I've got four weddings for the week of 21 June," he says. "It's great to be
finally talking to our brides with more optimism who think that their
weddings will now happen."

 

The wedding audio-visual and entertainment business

Scott Shorrock

Scott Shorrock usually deals with dancefloors, lighting and general wedding
entertainment, but over the last 12 months he's switched to driving a van
and doing deliveries to make ends meet.

 

As the weddings dried up, he put his business, Hipswing, into hibernation.
Then he and his wife Tansy, who "fell through the cracks" as limited company
directors, decided to find other sources of income to pay the domestic
bills.

 

"We didn't want to sit around. I've done deliveries for Hermes and through a
family contact, I've also been earning money delivering and collecting
lawnmowers for servicing. My wife's been working at a Covid test centre,"
says Scott.

 

"It's very hard because when we get home, we then have to keep working on
our main business, answering emails and so on."

 

He says the financial support for Hipswing, especially from Cheshire
Council, has been very good, with grants continuing to roll in - enough to
keep things ticking over. But he has lost two colleagues. He also has a
£50,000 Bounce Back Loan to pay back eventually.

 

"We managed to put some staff on furlough, one member of staff left and
another asked for redundancy. If we'd known furlough was going to continue,
we could have kept them all on," he says.

 

He too is desperate to restart: "We've adapted and survived and we're now
keeping our fingers crossed that we're nearing the end."

 

The government has repeatedly insisted that a phased approach to weddings is
necessary and the steps to reopening are clearly laid out in the roadmap
published in February.

 

"We understand how difficult the pandemic has been for individuals and
businesses, including those in the wedding industry, and our priority
remains to protect people and livelihoods as we build back better from the
pandemic," a spokesperson said.

 

"As set out in the Budget, the government has provided an unprecedented
£352bn package of support to businesses across the UK, including by
extending the Coronavirus Job Support Scheme and Self Employment Income
Support to the end of September and providing £5bn for new Restart
Grants."-BBC

 

 

Home movers have a spring in their step, says the Halifax

The extension of the stamp duty holiday put a "spring in the step" of home
movers in March, according to the UK's biggest mortgage lender.

 

The Halifax, part of Lloyds Banking Group, said there was "something of a
resurgence" in the UK housing market in March.

 

Extensions to stamp duty holidays in England, Northern Ireland and Wales
were key to the rise in activity.

 

As a result, the average house price was 6.5% higher than a year ago.

 

It meant the typical home was valued at £254,606 in March.

 

Although rising house prices will be welcomed by some, it will frustrate
those wanting to buy a home for the first time - particularly if Covid
uncertainty has affected their income and ability to borrow through a
mortgage.

 

There was some support announced in the Budget as a government guarantee
means first-time buyers should get a wider choice of mortgages that require
a deposit of just 5% of the loan.

 

When does the stamp duty holiday extension end?

How Covid has changed where we want to live

The economic fallout of the pandemic could affect longer-term pricing of
property, according to Russell Galley, managing director at the Halifax.

 

"With the economy yet to feel the full effect of its biggest recession in
more than 300 years, we remain cautious about the longer-term outlook," he
said.

 

"Given current levels of uncertainty and the potential for higher
unemployment, we still expect house price growth to slow somewhat by the end
of this year."

 

Defying expectations

The Halifax said that UK house prices rose by 1.1% in March compared with
February, according to figures based on the lender's own mortgage data.

 

That meant they had risen in cash terms by £15,430 over the last year - a 12
months dominated by Covid, with various lockdowns and other restrictions.

 

House prices

"Casting our minds back 12 months, few could have predicted quite how well
the housing market would ride out the impact of the pandemic so far, let
alone post growth of more than £1,000 per month on average," Mr Galley said.

 

Anna Clare Harper, chief executive of asset manager SPI Capital, suggested
that lockdowns and rising living standards had encouraged existing owners to
buy bigger properties.

 

However, she said inequality among generations and incomes meant many would
need to rent instead, which could increase demand in that sector.

 

The UK housing market is judged by average prices, but there are a host of
local markets in which schools, housing development and regional employment
that can affect property values.-BBC

 

 

 

EXCLUSIVE Berkshire Hathaway gives activist okay to phone it in on May 1

Berkshire Hathaway Inc (BRKa.N) reversed course on Friday and told an
activist group it could present a shareholder proposal remotely for the
company's May 1 annual meeting, in line with renewed guidance from the U.S.
securities regulator.

 

Warren Buffett's insurance and investment company traditionally draws
thousands to its extravagant annual meeting in Omaha but, like many top U.S.
corporations during the coronavirus pandemic, had asked investors to log in
to the meeting remotely instead of attending in person.

 

 

The shift to online has stymied many activist investor groups whose
shareholder resolutions often animate the meetings, however. Some have been
muted via the technology or told they could only present resolutions in
person despite the health risks.

 

That was the case at Berkshire for As You Sow of Berkeley, California, which
filed a measure calling for the company's subsidiaries to report on
diversity and inclusion efforts, and was told it would have to send a
representative to Los Angeles where some directors and staff would gather
for the livestreamed webcast.

 

Asked about the situation on Friday, Berkshire Chief Financial Officer Marc
Hamburg told Reuters via e-mail:

 

"We would have preferred that As You Sow present their proposal at the
location of the shareholders meeting in Los Angeles. However, we will
provide As You Sow an opportunity to provide a recording to be played at the
meeting as a means of presenting their shareholder proposal."

 

As You Sow welcomed the decision. The organization is "unwilling to risk
other people’s health, so we are relieved that the company changed course,"
President Danielle Fugere told Reuters.

 

When Berkshire Hathaway contacted the group, it cited new instructions from
the U.S. Securities and Exchange Commission, As You Sow said.

 

As You Sow was among a group of activists and investors that on April 5
asked the SEC to extend last year's guidance to allow the virtual
presentation of proposals, which a number of companies seemed to be
prohibiting this year, in time for the 2021 springtime shareholder meeting
season.

 

"From the standpoint of pandemic safety, it is not yet time to require
proponents to appear personally," the letter stated.

 

 

In a statement posted on its website on Friday, the SEC said that in light
of COVID concerns, corporations were encouraged to "provide shareholder
proponents or their representatives with the ability to present their
proposals through alternative means, such as by phone" during the 2021
season.

 

The agency also said proponents who couldn't travel to meetings would have
good cause to refile their proposals later.

 

Hamburg did not respond to questions about how it would be handling other
shareholder groups.-The Thomson Reuters Trust Principles.

 

 

 

S&P 500, Dow climb for third day and close at records

The S&P 500 and the Dow rose on Friday to close at record highs, posting a
third straight weekly rise partly on a lift from growth stocks, with a
late-day rally building gains ahead of quarterly earnings season next week.

 

Growth names (.RLG) have found their footing over the past two weeks after
being outperformed by value stocks (.RLV) for most of the year. A pullback
in the 10-year U.S. Treasury yield from a 14-month high hit in late March
encouraged buying in growth. read more

 

Data showed U.S. producer prices increased more than expected in March,
bringing the largest annual gain in 9-1/2 years. read more

 

Many investors now expect higher inflation as vaccine rollouts help the U.S.
economy rebound from lockdowns, yet stocks showed little concern as the
Federal Reserve has maintained it will allow inflation to overshoot its
target.

 

"This is why all week long (Powell) was jawboning, he made sure everyone
understood they were expecting a spike and they are ready for it, it wasn’t
a surprise," said Ken Polcari, managing partner at Kace Capital Advisors in
Jupiter, Florida.

 

"Which is why the market is not backing off, because he succeeded in
jawboning the anxiety and stopped people from getting really panicked about
it."

 

The Dow Jones Industrial Average (.DJI) rose 297.03 points, or 0.89%, to
33,800.6, the S&P 500 (.SPX) gained 31.63 points, or 0.77%, to 4,128.8 and
the Nasdaq Composite (.IXIC) added 70.88 points, or 0.51%, to 13,900.19.

 

American flags hang from the facade of the New York Stock Exchange (NYSE)
building after the start of Thursday's trading session in Manhattan in New
York City, New York, U.S., January 28, 2021. REUTERS/Mike Segar/File Photo

For the week, the S&P rose 2.71%, the Dow advanced 1.96% and the Nasdaq
climbed 3.12%.

 

The banks kick off first-quarter earnings season next week with Goldman
Sachs (GS.N), JPMorgan (JPM.N) and wells Fargo (WFC.N) scheduled to report
on Wednesday. Analysts expect profits for S&P 500 firms to show a 25% jump
from a year earlier, according to Refinitiv IBES data. That would be the
strongest performance for the quarter since 2018.

 

Megacap names such as Apple (AAPL.O), Amazon (AMZN.O) and Microsoft
(MSFT.O), which are in the growth index, advanced to pace the S&P 500.
Amazon shares rose 2.21% as warehouse workers in Alabama rejected an attempt
to form a union. read more

 

The Russell 1000 growth index, comprised largely of technology stocks,
outperformed its value counterpart (.RLV), made up mostly of cyclical stocks
such as financials (.SPSY) and energy (.SPNY) names, for a second week
following the pullback in longer-dated Treasury yields.

 

Bank of America's weekly fund flow figures showed investors have pumped more
money into equities over the past five months than in the last 12 years.
read more

 

A 3.24% gain in Honeywell (HON.N) helped lift the Dow as Jefferies and J.P.
Morgan raised their price targets on the U.S. aero parts maker's shares.

 

Volume on U.S. exchanges was 8.69 billion shares, compared with the 11.71
billion average for the full session over the last 20 trading days.-The
Thomson Reuters Trust Principles.

 

 

U.S. senators criticize Apple for not testifying on antitrust concerns

Apple Inc (AAPL.O) is refusing to testify at an upcoming U.S. Senate
subcommittee hearing on competition issues related to mobile app stores, the
bipartisan leaders of the panel said on Friday.

 

App makers long have accused Apple's App Store for iPhones and iPads, along
with Google's (GOOGL.O) Play store for Android devices, of engaging in
anticompetitive behavior by requiring certain revenue sharing payments and
setting strict inclusion rules. A subcommittee hearing was being planned for
late April but no date has been set yet.

 

Senators Amy Klobuchar, a Democrat, and Mike Lee, a Republican, said they
wrote to Apple Chief Executive Tim Cook on Friday urging the company to
reconsider.

 

"A little more than two weeks before the planned hearing, Apple abruptly
declared that it would not provide any witness," the letter said. "Apple's
sudden change in course to refuse to provide a witness to testify...is
unacceptable."

 

Apple did not respond to a request for comment.

 

Apple and game maker Epic Games are scheduled to square off on those issues
in a federal trial beginning May 3 in California. read more

 

Google has agreed to testify at the subcommittee hearing, a spokeswoman for
Klobuchar said. The company did not have immediate comment.-The Thomson
Reuters Trust Principles.

 

 

Wall St Week Ahead With stocks at record highs, investors look to upcoming
earnings

Wall Street is kicking off a crucial reporting season as U.S. companies
provide quarterly results a year after the coronavirus pandemic crippled the
economy and as investors look for reasons to support a stock market at
record highs.

 

Results begin in earnest next week with major banks. Overall S&P 500
earnings are expected to have jumped 25% in the first quarter from a year
ago, according to IBES data from Refinitiv.

 

 

That would be the biggest quarterly gain since 2018, when tax cuts under
former President Donald Trump drove a surge in profit growth.

 

With the S&P 500 index (.SPX) at record highs, valuations are stretched
heading into the season, leaving some investors looking to earnings for
further support.

 

 

"We've seen earnings estimates go up, but... when you look at the market
price as a multiple of those forward earnings, it has stayed pretty steadily
at around 22 times," said Brad McMillan, chief investment officer at
Commonwealth Financial Network.

 

"If we're going to see significant moves going forward, it's going to come
from earnings."

 

The S&P 500 was trading at 22.3 times forward earnings as of Friday compared
with a long-term average of about 15, based on Refinitiv's data.

 

Early quarterly results have been strong. Strategists say that bodes well
for the rest of the season, and it could be a sign that results may exceed
already high expectations.

 

 

The 20 S&P 500 companies that reported earnings as of Thursday topped
analyst estimates by 11% on average, said Nick Raich, chief executive of The
Earnings Scout, an independent research firm. That is about 1.5 times the
average for those companies over the last three years and about triple the
longer-term average, he said.

 

Another positive sign is that estimates overall have been rising heading
into the earnings period. Estimates typically drop ahead of a reporting
period after companies give conservative outlooks.

 

At the start of March, analysts expected first-quarter S&P 500 earnings
growth of 22%, based on Refinitiv data.

 

Still, some fear that investors will be disappointed after the sharp run up
in earnings expectations, which could dent stock prices after a months-long
rally led by economically sensitive groups including energy and financials.

 

Investors have bet that these stocks are the most likely to benefit from the
reopening of the U.S. economy. read more

 

For all of 2021, S&P 500 earnings growth is expected to be 26.5% versus a
decline of 12.6% last year.

 

One risk to future earnings is the threat of U.S. President Joe Biden's
corporate tax hikes from their current 21%. A 28% tax rate would take 7.4%
off S&P 500 companies' earnings per share, according to UBS. read more

 

BANKS UP FIRST

 

Two sectors to watch are financials and materials, McMillan said, noting:
"If businesses are starting to grow again, they're going to need to borrow
money."

 

Financials are expected to show one of the biggest earnings gains, up 75.6%
year-on-year, while materials are seen up 45.4%.

 

JPMorgan Chase (JPM.N) is due to report Wednesday, and results from other
big banks are also due during the week. The banks are expected to produce
astounding bottom-line profit increases from a year-ago as they release
funds held aside for potential loan losses and perhaps report a record
quarter for capital markets revenue.

 

Financials were one of the best performers in the first quarter, with the
S&P financial index (.SPSY) up 15%, while the energy sector (.SPNY) led S&P
500 sector gains in the first quarter, rising 29%. Technology (.SPLRCT) was
one of the worst-performing sectors, rising just about 2% in the quarter.

 

Investors also may be looking to see whether "stay-at-home" companies and
other technology-related names that performed well early in the pandemic can
sustain their growth.

 

Technology shares in recent sessions have begun to outperform more
economically focused shares.

 

Investors are optimistic companies will offer more guidance now after being
reluctant give projections at the start of the pandemic.

 

"We'll probably see more companies giving outlooks," said Tim Ghriskey,
chief investment strategist at Inverness Counsel in New York. "That will
give the market a lot of confidence."-The Thomson Reuters Trust Principles.

 

 

 

Elon Musk's Neuralink shows monkey with brain-chip playing videogame by
thinking

Billionaire entrepreneur Elon Musk's brain-chip startup released footage on
Friday appearing to show a monkey playing a simple videogame after getting
implants of the new technology.

 

The 3-minute video by Neuralink shows Pager, a male macaque with chips
embedded on each side of its brain, playing 'Mind Pong'. Although he was
trained to move a joystick, it is now unplugged. He controls the paddle
simply by thinking about moving his hand up or down.

 

"First @Neuralink product will enable someone with paralysis to use a
smartphone with their mind faster than someone using thumbs," Musk tweeted
on Thursday.

 

"Later versions will be able to shunt signals from Neuralinks in brain to
Neuralinks in body motor/sensory neuron clusters, thus enabling, for
example, paraplegics to walk again. The device is implanted flush with skull
& charges wirelessly, so you look & feel totally normal."

 

Neuralink works by recording and decoding electrical signals from the brain
using more than 2,000 electrodes implanted in regions of the monkey's motor
cortex that coordinate hand and arm movements, the video's voiceover said.

 

"Using these data, we calibrate the decoder by mathematically modeling the
relationship between patterns of neural activity and the different joystick
movements they produce."

 

Co-founded by Musk in 2016, San Francisco-based Neuralink aims to implant
wireless brain computer chips to help cure neurological conditions like
Alzheimer's, dementia and spinal cord injuries and fuse humankind with
artificial intelligence.

 

In August 2020, Musk unveiled a pig with a Neuralink chip implant,
describing it as "a Fitbit in your skull."

 

Musk has a history of bringing together diverse experts to develop
technology previously limited to academic labs, including for rockets and
electrical vehicles, through companies such as Tesla Inc (TSLA.O) and
SpaceX.-The Thomson Reuters Trust Principles.

 

 

China fines Alibaba record $2.75 bln for anti-monopoly violations

Chinese regulators have fined Alibaba Group Holding Ltd 18 billion yuan
($2.75 billion) for violating anti-monopoly rules and abusing its dominant
market position, marking the highest ever antitrust fine to be imposed in
the country.

 

The penalty, equivalent to around 4% of Alibaba's 2019 revenues, comes amid
an unprecedented regulatory crackdown on home-grown technology conglomerates
in the past few months that have weighed on company shares.

 

Alibaba's billionaire founder Jack Ma's business empire has been
particularly put under intense scrutiny after his stinging criticism of
China's regulatory system in late October.

 

In late December, China's State Administration for Market Regulation (SAMR)
announced it launched an antitrust probe into the company. That came after
authorities scuttled a planned $37 billion IPO from Ant Group, Alibaba's
internet finance arm.

 

While the fine brings Alibaba a step closer to resolving its antitrust woes,
Ant still needs to agree to a regulatory-driven revamp that is expected to
sharply cut its valuations and rein in some of its freewheeling businesses.

 

"This penalty will be viewed as a closure to the anti-monopoly case for now
by the market. It's indeed the highest profile anti-monopoly case in China,"
said Hong Hao, head of research BOCOM International in Hong Kong.

 

"The market has been anticipating some sort of penalty for some time ... but
people need to pay attention to the measures beyond the anti-monopoly
investigation."

 

SAMR said on Saturday that it had determined that Alibaba had been "abusing
market dominance" since 2015 by preventing its merchants from using other
online e-commerce platforms.

 

It said the practice violates China's anti-monopoly law by hindering the
free circulation of goods and infringing on the business interests of
merchants.

 

The SAMR ordered Alibaba to make "thorough rectifications" to strengthen
internal compliance and protect consumer rights.

 

Alibaba said in a statement posted on its official Weibo account that it
"accepted" the decision and would resolutely implement SAMR's rulings.

 

It said it would also work to improve corporate compliance.

 

The Chinese e-commerce giant said it will hold a conference call on Monday
to discuss the penalty decision.

 

'FINE BILL IS A MILESTONE'

 

Alibaba had come under fire in the past from rivals and sellers for
allegedly forbidding its merchants from listing on other e-commerce
platforms.

 

The practice of preventing merchants from listing on rival platforms is a
long-standing one, and the regulator spelled out in rules issued in February
that it was illegal. read more

 

"The fine bill is a milestone and road sign with great importance," Shi
Jianzhong, antitrust consultant committee member of the State Council and
professor of China University of Political Science and Law, wrote in
state-backed Economic Times.

 

"It indicates that the antitrust law enforcement on internet platforms has
entered a new era, and released clear policy signal."

 

Beijing has vowed to strengthen oversight of its big tech firms, which rank
among the world's largest and most valuable, citing concerns that they have
built market power that stifles competition, misused consumer data and
violated consumer rights.

 

Besides Ma's Alibaba, regulators have also been targeting other internet
behemoths.

 

Although Ma has stepped down from corporate positions and earnings calls, he
retains significant influence over Alibaba and Ant, and has promoted them
globally at business and political events.

 

Ma, who commands a cult-like reverence in China, had briefly disappeared
from public view since Oct. 24, when he blasted China's regulatory system in
a speech at a Shanghai forum. He reappeared in January. 

 

($1 = 6.5522 yuan)-The Thomson Reuters Trust Principles.

 

 

 

BHP, Vale Samarco JV files for Brazil bankruptcy protection

Samarco Mineracao SA, a joint venture between Brazilian miner Vale SA
(VALE3.SA) and BHP Group Ltd (BHP.AX), has filed for bankruptcy protection
to prevent creditors' claims from affecting its operations, Vale said in a
Friday securities filing.

 

The collapse of a dam at the Samarco mine complex in 2015 killed 19 people
and severely polluted the Doce River with mining waste, one of Brazil's
worst environmental disasters. The facility, which resumed production in
December, is the focus of significant litigation from bondholders holding
nearly $5 billion in debt.

 

"The (judicial reorganization) filing is necessary to prevent legal actions
already underway ... from affecting Samarco's ability to produce, ship,
receive for its exportations and to fund the normal course of its
activities," the company said.

 

Vale said the bankruptcy protection filing would not impact Samarco's
ability to pay reparations to those affected by the 2015 dam burst. It said
out-of-court negotiations with creditors had slowly broken down over time.

 

The in-court reorganization request, filed in the state of Minas Gerais, is
roughly analogous to a Chapter 11 bankruptcy filing in the United States.

 

Samarco has $4.7 billion of financial debt from non-related parties, Vale
said. In the years following the Samarco disaster, Samarco had negotiated
with creditors to reach a restructuring agreement. However, those talks
slowed in 2019 after changes in dam regulations in Brazil, which materially
affected operations at Samarco, Vale said.

 

In 2019, another dam burst at a Vale mine in Brazil, killing some 270 people
and prompting a tightening of the rules governing mining damns.

 

A significant portion of the debt is now held by "investors active in the
distressed assets market," rather than the original bondholders at the time
of the disaster, Vale said.-The Thomson Reuters Trust Principles.

 

 

 

More money poured into stocks in past 5 months than over last 12 years -
BofA

Investors have pumped more money into equities over the past five months
than in the last 12 years, BofA's weekly flow figures showed on Friday, as
ultra-easy monetary policies and unprecedented stimulus has sparked a
secular shift into stocks.

 

BofA said $576 billion had gone into equity funds in the past five months,
beating the combined $452 billion inflows seen in the last 12 years,

 

Based on clients' asset allocations, Bofa said a record 63.6% of the money
was invested in stocks, 18.5% in debt and 11.6% in cash.

 

The exuberance has however slowed in recent weeks, with investors pouring
$22.7 billion into cash during the week to Wednesday, on top of the nearly
$100 billion committed in the last two weeks.- The Thomson Reuters Trust
Principles.

 

 

 

Credit Suisse's U.S. brokerage files lawsuit over personal data leak

The U.S. brokerage subsidiary of Credit Suisse Group AG (CSGN.S) has
disclosed that former employees' personal data was leaked last month and
that it had filed a lawsuit over the matter, in the latest snafu for the
Swiss banking giant.

 

Credit Suisse Securities has sued one or more individuals for sending
private information about former employees to media outlets, law enforcement
and former employees via a March 20, 2021 email, according to a legal filing
on Thursday.

 

The data was sent from a fake Gmail account in the name of Thomas Gottstein,
the chief executive officer of the Swiss banking group, the lawsuit said. It
included the former employees' addresses, social security numbers and bank
account details, among others. It did not disclose how many former employees
were affected by the leaked data.

 

"Upon learning of the email, we immediately initiated an investigation to
determine the scope of the incident. We have now notified affected
individuals and offered them 24 months of credit monitoring services," a
spokeswoman for the bank said.

 

The lawsuit, which was filed in a federal court in San Francisco, also
accused the unnamed individuals of threatening to disclose other
confidential data.

 

Credit Suisse said its investigation to date has determined that the
defendants may be one or more former employees "but there is not yet
sufficient information to conclusively link the Email to any specific
individual or group of individuals.

 

"We have been working diligently to investigate and contain the incident,
and to prevent this type of incident in the future," the spokeswoman added.

 

Credit Suisse announced this week that it would take a $4.76 billion hit
from its dealings with Archegos Capital Management which imploded this month
after its leveraged bets on media company stocks soured, causing billions of
dollars of losses for the fund and the banks that financed its trades. read
more

 

The Swiss bank is also reeling from the collapse of client Greensill
Capital.-The Thomson Reuters Trust Principles.

 

 

 

Nigeria's SEC Moves Against Investment Platforms Trading Foreign Securities

The regulator warns operators to stop trading "unregistered" securities that
are based in other countries.

 

Nigeria's Securities and Exchange Commission (SEC) has warned capital market
operators to stop giving support to online investment trading platforms
providing access to foreign securities in Nigeria.

 

In a statement Thursday, the regulator said those securities were not
registered in Nigeria, and platforms providing access to them were acting
against the law. It warned capital market operators in partnership with the
platforms to desist from providing brokerage services for foreign
securities.

 

The apparent move by the SEC to bar fintechs from selling, issuing or
offering for sale foreign securities not listed on any exchange registered
in Nigeria, if seen through, will negatively impact thousands of Nigerians
who have lately been drawn by technology to investing in foreign securities.

Platforms like Bamboo, Trove, and Risevest that offer Nigerians access to
stocks, bonds and other securities in both local and international markets,
have in recent years grown in popularity in the Nigerian fintech space,
especially amongst young people.

 

The investment platforms have worked with local and foreign brokerage firms
to provide the services, in a way sidestepping the difficult task of
obtaining SEC approval.

 

In December 2020, the SEC tackled Chaka, another investment platform it
accused of engaging in investment activities, including providing a platform
for purchasing shares in foreign companies such as Google, Amazon, and
Alibaba, outside the Commission's regulatory purview and without requisite
registration.

 

In its statement Thursday, SEC said, "The attention of the Securities and
Exchange Commission (the Commission) has been drawn to the existence of
several providers of online investment and trading platforms which
purportedly facilitate direct access of the investing public in the Federal
Republic of Nigeria to securities of foreign Companies listed on Securities
Exchanges registered in other jurisdictions. These platforms also claim to
be operating in partnership with Capital Market operators (CMOs) registered
with the Commission.

"The Commission categorically states that by the provisions of Sections
67-70 of the Investments and Securities Act (ISA), 2007 and Rules 414 & 415
of the SEC Rules and Regulations, only foreign securities listed on any
Exchange registered in Nigeria may be issued, sold or offered for sale or
subscription to the Nigerian public. Accordingly, CMOs who work in concert
with the referenced online platforms are hereby notified of the Commission's
position and advised to desist henceforth.

 

"The Commission enjoins the investing public to seek clarification as may be
required via its established channels of communication on investment
products advertised through conventional or online mediums."

 

The move is coming months after the Central Bank of Nigeria barred banks
from allowing cryptocurrency-related transactions in the country.

 

Nigerians have reacted to the new directive.

 

"I don't understand this SEC memo. Were any capital market operators working
with the platforms or are the platforms themselves capital market
operators?" asked Osaretin Asemota, a Twitter user who describes himself as
a "retired investor". "I don't know why we like making things hard for no
reason. Money is going to move elsewhere as they will only go global."

 

Another user, Prince Humphrey, wrote, "I think these folks are genuinely
afraid of losing their historical economic power. Young people are just
finding ways to break free and they will find a way - I now see the power of
crypto enabled global investment opportunities."-Premium Times.

 

 

South Sudan to Upgrade Aviation Infrastructure

South Sudan is revamping its aviation infrastructure to assert control over
its airspace for the first time.

 

Last week, Juba signed a contract with airspace management specialist
NavPass, to set up ground infrastructure that will enhance the country's
capacity to manage air traffic and earn more revenue from navigation
services.

 

South Sudan's Minister for Transport Madut Biar Yel said revamping the
country's aviation infrastructure was likely to attract more airlines and
investment to the country.

 

"Combining this important work, with the collection of fees from passing
aircraft for South Sudan, will be a great benefit to the country and our
people, and help attract more air operators and increase economic
development in our country," he said.

South Sudan has outdated, minimal air navigation infrastructure with
aircraft flying mostly undetected over large swathes of its territory. This
not only creates safety gaps, but also makes the country lose revenue from
aircraft using its airspace.

 

With the new automated technology, South Sudan could potentially earn tens
of millions of dollars annually from overflight fees because the aircraft
will be detected and billed.

 

"Capturing the movement of all aircraft in the country's skies in real time,
the technology will automate the fee collection process with proceeds
invested back into the country's air infrastructure, in line with the United
Nations' International Civil Aviation Organisation (ICAO) principles, said
NavPass chief executive Thomas Perkins.

Revenues collected will be transferred into an escrow account from which the
bulk of the proceeds will be ploughed back into development of aviation
infrastructure.

 

As part of the deal, NavPass will also train South Sudan's civil aviation
staff and help the country achieve compliance with International Civil
Aviation Organisation safety standards. This includes training for air
traffic control officers, establishing new protocols with neighbouring
airspaces, and improving communications equipment.

 

NavPass will first work with the government to optimise its lower airspace,
covering the departures and arrivals of flights into Juba to make them more
efficient and safer.

 

The NavPass system will also provide situational awareness to air traffic
control towers.

 

giving them the ability to see the aircraft in their skies for the first
time.-East African.

 

 

 

Namibia: Outdated Transport Law Creates Chaos Over Easter

Chaos ensued on the roads this past Easter weekend due to a 44-year-old law
prohibiting seven-seater vehicles from operating.

 

Passengers at the B1 Service Station and all over the country were left
stranded or sent back to Windhoek as a result.

 

The Ministry of Works and Transport is still enforcing the Road
Transportation Act 74 of 1977 - despite the transport sector having seen
some transformation.

 

The act regulates road and passenger transport and the relevant permits
required for this.

 

Ministry spokesperson Julius Ngweda says laws that have not been replaced
since independence are still valid and binding until they are repealed or
replaced.

"If by 21 March 1990 we repealed all the laws we would be in a vacuum," he
says.

 

He acknowledges that the transport sector has evolved and that the presiding
law and others are outdated, but said they are being repealed and replaced
gradually.

 

Until then, all citizens are bound to follow these laws, he says.

 

"We have realised we have to replace [some laws] totally. We proposed a bill
to replace the 1977 law seven years ago. But it takes consultation to amend
the law. We have been to all 14 regions to consult," Ngweda says.

 

The proposal to replace the 1977 act is currently with legal drafters.

 

Road transporters with permits to operate within a certain area are allowed
to travel anywhere while the sector awaits the enactment of the bill.

New permits are, however, not issued any more.

 

Ngweda says the proposed bill would decentralise power between two types of
boards in all regions: one for the issuing of permits, and a review board
for appealing rejected applications.

 

The bill would also provide clarity on safety concerns regarding sedans and
seven-seater vehicles.

 

ROAD CHARGES DILEMMA

 

The ministry has been accused of preferential treatment, since road fees for
buses are based on weight, but seven-seaters are not paying anything towards
road maintenance.

 

According to the current law, only vehicles with a weight of more than 3 500
kg are required to pay road charges, due to the potential damage it can
cause to roads.

 

Frequent road users, such as seven-seater vehicles, are becoming more
preferred due to their convenience.

 

Ngweda refutes suggestions that the ministry is protecting buses.

 

He, however, agrees hat big buses contribute significantly by paying road
fees.

 

They also contribute more towards employment opportunities as opposed to
seven-seaters.

 

Once legal drafting is done, the bill would be forwarded to the attorney
general, and then to the parliament for deliberation, after which the
president needs to approve it by signing the legislation.

 

"Hopefully it would not go to the second session of parliament. We want it
done this year," Ngweda says.

 

Once enacted, the law would be in line with current transportation market
dynamics and emerging trends.-Namibian.

 

 

 

South Africa: Workers Pay for CCMA Services That Were Once Free

CCMA in Benoni "has outsourced to the internet cafe next door"

 

CCMA offices in Johannesburg and Benoni no longer accept walk-in cases.

 

Workers rely on security guards outside the offices to get forms and have to
use internet cafes for a service that was once free.

 

Scammers have also moved into the gap.

 

The Open CCMA Campaign is demanding the commission reopens fully, including
walk-in facilities.

 

The Commission for Conciliation, Mediation and Arbitration (CCMA) offices in
Johannesburg and Benoni have stopped allowing walk-in cases. Workers are
queueing outside for hours before being directed by officials to nearby
internet cafes to complete their dispute referral process online. As a
result, workers are paying up to R80 at the internet cafes for a service the
CCMA used to offer for free.

When GroundUp visited the office in Johannesburg on Wednesday, about 12
people were queuing outside and access to the building was limited to staff
only.

 

Queueing workers are getting instructions on how to fill out their forms by
security guards who sometimes give incorrect instructions.

 

Thabo Moloi, a worker queueing outside the office on Wednesday, said, "They
tell us different things and we don't know if our papers get to the
officials."

 

Carol Maseko told GroundUp that she was queuing for the third time. She had
been waiting outside the CCMA offices for seven hours when GroundUp arrived.

"They [the security guards] just took our papers and told us to wait," said
Maseko.

 

She was trying to open a case of unfair dismissal but she had filled in her
forms incorrectly and they were returned to her.

 

"The money we had spent printing and making copies went down the drain," she
said.

 

Nthabiseng Mabaso, also queuing, said workers can't afford to "cough up
[their] own money to make copies" of their forms, especially since the CCMA
doesn't help them fill out their documents correctly and they get sent back.

 

Members of the Casual Workers Advice Office (CWAO) and the Open CCMA
Campaign were outside the offices in Johannesburg and Benoni for three weeks
in March, assisting workers with filling out their referral forms.

 

Edgar Mokgola, a member of the CWAO, said, "The security guards have become
officials of the CCMA. They are the ones going outside giving, taking
queries, calling for cases, and so forth."

Constance Masekwameng, a member of the Open CCMA Campaign, said that when
they went to Benoni, they discovered "the CCMA has outsourced the dispute
referral system to the internet cafe next door" and workers are paying up to
R80 for this service.

 

The Open CCMA Campaign, which started in February, has demanded that the
CCMA reopens fully, including walk-in facilities and having part-time
commissioners hear cases.

 

Masekwameng also said that outside the Johannesburg offices con artists and
scammers were "taking advantage of desperate workers". These people would
charge workers in need of CCMA services between R200 and R900 to help them.

 

GroundUp has repeatedly tried to get comment from CCMA spokesperson Amos
Tshabalala for two weeks. We were told that the queries would be addressed
at a media briefing on 1 April. This media briefing was postponed and follow
up requests were not responded to by the time of publication.-GroundUp.

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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

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Skype:         Bulls.Bears 



 

 

 


 

INVESTORS DIARY 2021

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

Independence Day

 

18/04/21

 


 

Public Holiday in lieu of Independence Day falling on a Sunday

 

19/04/21

 


 

Workers Day

 

01/05/21

 


FCB

AGM 

virtual

06/05/21 : 3pm

 


 

Africa Day

 

25/05/21

 


 

 

 

 

 


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.

 


 

 


(c) 2021 Web: <http://www.bullszimbabwe.com>  www.bullszimbabwe.com Email:
<mailto:info at bulls.co.zw> info at bulls.co.zw Tel: +263 4 2927658 Cell: +263 77
344 1674

 


 

 

 

 

 

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