Major International Business Headlines Brief::: 17 April 2021

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Major International Business Headlines Brief::: 17 April 2021

 


 

 


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ü  Archegos collapse costs Morgan Stanley $911m

ü  Brexit: Euro MPs' vote bolsters EU-UK trade deal

ü  Hammerson: Shopping centre giant slashes rents in revival bid

ü  Ocado in self-driving vans push with £10m stake in Oxbotica

ü  Hundreds lose job in British Gas contracts row

ü  Citigroup to exit consumer banking in 13 markets

ü  Deliveroo apologises to riders for bonus overpayments

ü  S&P 500, Dow hit record highs on bank earnings boost

ü  Pandemic destroyed fewer U.S. businesses than feared, Fed study shows

ü  'NASA rules,' Musk says as SpaceX wins $2.9 billion moon lander contract

ü  Nigeria: Burger King Announces Grand Entry Into Nigerian Market

ü  Angola: Sonangol Sells Its Shares in Puma Energy At Usd 600 Mln

ü  Nigeria: CBN Moves to Place Sugar, Wheat On Forex Restriction List

ü  Sierra Leone Mining Dispute Highlights Pitfalls for U.S. Firms

ü  Africa: Rising From Devastation - IMF Says Africa Will Bounce Back
(Slowly)

 

 

 

 

 

 

 

 


 <https://www.facebook.com/Hyundaizimbabwe/> 

 


 

Archegos collapse costs Morgan Stanley $911m

US investment bank Morgan Stanley has admitted that the collapse of hedge
fund Archegos cost it nearly $1bn.

 

The Wall Street bank said in its first-quarter results that the $911m
(£660m) charge was related to losses at "a single prime brokerage client"
that it later identified as Archegos.

 

Despite the Archegos hit, Morgan Stanley's profits for the period were up
150% thanks to a deal-making boom.

 

Net profit came in at $3.98bn, up from $1.59bn a year ago.

 

Net revenue soared to $15.67bn as the bank took in more fees from a slew of
business mergers, acquisitions and companies listing on the stock market.

 

The Archegos write-off muddied what was also a record first quarter for the
investment bank.

 

What happened at Archegos?

Hedge funds make money buying and selling shares. It is thought that
Archegos made some large investments in certain companies that started to go
wrong.

 

Its backers then insisted it raise money in a hurry, in what is known as a
margin call, prompting some unusually large share sales.

 

A margin call is when a bank asks a client to put up more funds if a trade
partly funded with borrowed money has dropped steeply.

 

If they can't afford to do that, the lender will sell the shares to try to
recover what it is owed to the bank.

 

By the end of March, Archegos owed Morgan Stanley $644m, while the
investment bank lost another $267m by selling out of shares linked to its
trades with the hedge fund.

 

Chief executive James Gorman said the decision to write off its trading with
its client Archegos was "necessary and money well spent".

 

Morgan Stanley was one of six big banks that had exposure to Archegos when
it was forced last month to sell stocks quickly at a loss in an effort to
recover funds.

 

Switzerland's Credit Suisse previously warned it would have to withstand a
loss of more than $4.2bn due to its trading with the now-collapsed hedge
fund.--BBC

 

 

 

Brexit: Euro MPs' vote bolsters EU-UK trade deal

Two key European Parliament committees have overwhelmingly approved the UK's
post-Brexit trade deal with the EU, bringing its ratification closer.

 

The wide-ranging EU-UK Trade and Co-operation Agreement was clinched on 24
December. It is in force provisionally.

 

The EU still has concerns about the way the UK is implementing the separate
protocol for Northern Ireland.

 

MEPs are yet to vote on the trade deal in a full session. The deadline for
that is the end of this month.

 

There were 108 votes in favour, one against and four abstentions in the
parliament's trade and foreign affairs committees.

 

Why does the trade deal matter?

There was relief on both sides when the deal was finally struck before
Christmas, because a no-deal scenario on 1 January would have meant the
imposition of many tariffs (import taxes) and quotas under World Trade
Organization (WTO) rules.

 

Even with the deal, Brexit has brought extra paperwork and other
administrative costs for UK and EU businesses. But without the deal the
costs would have been greater, along with disruption to transport and
various other EU-UK links.

 

media captionIs the point-scoring coming to an end - or have we only seen
the first half of this grudge match?

The EU is in a legal row with the UK because the UK government unilaterally
extended a series of "grace periods" to ease trade between Britain and
Northern Ireland. Under the protocol, new EU checks are to be imposed on
that trade, but the UK's move has delayed them.

 

Why are there Brexit checks in Northern Ireland?

The controversial protocol, which followed years of legal wrangling, is
designed to keep Northern Ireland inside the EU's single market for goods.
But as Britain is now outside, various bureaucratic hurdles have arisen. And
that has fuelled political tensions. The protocol is seen as a factor in the
recent street clashes in Belfast.

 

The different rules are aimed at maintaining an open border - and smooth
trade - between Northern Ireland and the Republic of Ireland, which remains
in the EU.

 

The threat of non-ratification is still there. EU governments approved the
deal, but MEPs still have to ratify it, otherwise no-deal becomes reality.

 

Austrian MEP Andreas Schieder gave a mixed message. He said the deal would
"bind the UK to our current high labour and environmental standards", but
warned that "all progress could be lost if the UK continues to unilaterally
breach the Withdrawal Agreement and the protocol on Northern Ireland".

 

The BBC's Kevin Connolly in Brussels says the parliament's threat is the
only real tool for applying pressure on the UK - but now ratification looks
more likely.

 

UK Brexit Minister Lord Frost is to hold talks over dinner in Brussels
shortly with EU Commission Vice-President Maros Sefcovic, in a further bid
to resolve the protocol dispute.-BBC

 

 

 

Hammerson: Shopping centre giant slashes rents in revival bid

Hammerson, owner of Birmingham's Bullring, is to cut rents for its retail
tenants by 30% as it aims to recover from a year of lockdowns.

 

The firm's UK boss Mark Bourgeois said it had been a "challenging" period
when it had tried to "share the pain" with retailers forced to shut.

 

Non-essential shops in England and Wales reopened on Monday.

 

Hammerson said footfall had been stronger than the week after the first
lockdown ended in June.

 

Over the past year, Hammerson, which also owns London's Brent Cross,
collected about 75% of rents owed by its tenants and agreed abatements with
those shops who needed it.

 

However, it expects to continue helping the retailers in its shopping
centres which also include The Oracle site in Reading and the Victoria
Quarter in Leeds.

 

"Typically, we're resetting our rents to more affordable levels," Mr
Bourgeois told the BBC's Today programme.

 

"We reckon across the board and our business we'll probably reduce rents
from their peak by about 30% so we are really doing our bit as are... all
landlords to make sure we maintain vibrancy in these centres."

 

Mr Bourgeois said that the bounce back in footfall in the past week had been
more pronounced than equivalent period last June.

 

He said that the Covid-19 vaccine roll-out has made shoppers "feel safer",
adding it was likely there was "more cash in people's pockets and they are
feeling perhaps more confident to go and spend".

 

Record loss

The Bank of England estimates that UK households have amassed £125bn in
pent-up savings during the pandemic.

 

But Mr Bourgeois also said: "People just love to get out. You can only do so
much online shopping [people want to] get out and feel the products and
brands in real life."

 

Over its last financial year, for the 12 months to 31 December, Hammerson
reported a record £1.7bn loss.

 

However, even before the coronavirus pandemic forced the closure of large
parts of the economy, retailers and their landlords were struggling as more
consumers chose to shop online.

 

Last June, Intu, the heavily-indebted owned of Manchester's Trafford Centre,
was forced to file for administration.

 

Mr Bourgeois said: "Retail has always been about winners and losers and
that's been really accelerated during Covid."

 

He said Hammerson was now working to "repurpose" space left by the likes of
department store Debenhams, which closed all its high street stores after
falling into administration and selling the brand to online fashion firm
Boohoo.

 

"We have a planning application in Leicester for instance where we are
preparing to demolish a Debenhams store and put 300 flats there," said Mr
Bourgeois. "So we're bringing homes right into the heart of the city."--BBC

 

 

 

Ocado in self-driving vans push with £10m stake in Oxbotica

Online grocery retailer Ocado has unveiled a major push into autonomous
driving technology.

 

It has teamed up with another British company, Oxbotica, to build
self-driving vehicles for itself and others who use its platform.

 

That could include automatic forklift trucks at warehouses, self-driving
delivery vans, or even "kerb to kitchen" robots for the final leg.

 

As part of the deal, Ocado has bought a £10m stake in Oxbotica.

 

Together, they say they plan to build hardware and software for autonomous
vehicles.

 

"We want the entire end to end operation, ultimately, to be autonomous -
from the receipt of stock to the warehouse all the way through to the
customer's door," said Alex Harvey, Ocado's head of advanced technology.

 

"From a customer's perspective you open your door and outside you will see
an autonomous van or another autonomous vehicle pull up outside your house,
and most likely an autonomous robot will get out of that autonomous vehicle,
will collect your groceries, and hand them to you at the doorstep."

 

In recent years, Ocado has tried to project itself as a technology platform
to be used by global retailers, rather than just an online grocery store.

 

It has developed robots which now pick and pack groceries at its
state-of-the-art fulfilment centres, and this week, America's Kroger
supermarket chain unveiled its first warehouse using the Ocado technology.

 

Grocery shopping has changed for good, says Ocado

Self-driving car tests begin on Oxford's roads

Kroger's delivery vans also use software developed by Ocado to plot the most
efficient routes.

 

The new partnership with Oxbotica will aim to take this idea further.

 

Driverless deliveries?

Oxbotica builds autonomous driving software for a range of global clients.
The company was founded in 2014 by two Oxford professors - Paul Newman and
Ingmar Posner - whose university research focused on self-driving cars.

 

The startup company has just raised new funding from investors in the UK, US
and China. Ocado's £10m stake is part of that funding round, and will give
it a seat on Oxbotica's board.

 

In its announcement, Ocado tempered expectations and said that getting
permission from regulators to operate autonomous vehicles on public roads -
allowing driverless deliveries to customers' homes - may take some time.

 

But it said that "last-mile" deliveries to customers' homes are a
significant part of an online retailer's costs, with labour accounting for
half of that - so autonomous vans could produce big savings.

 

In the short term, it sees vehicles operating in restricted areas such as
its own warehouses, with the first prototypes coming within two years.

 

Ocado executives hate it when you call it an online grocer. The company
wants to be seen as a technology platform for the world's retailers. This
partnership with another British business, the scrappy autonomous software
startup Oxbotica, is meant to signal the scale of its ambitions.

 

For Oxbotica's Paul Newman, it's an exciting opportunity for two UK
companies to become a global force in technology which has been dominated by
American and Chinese players - "we've got a global vision, we're going to
change the way goods are moved," he told me this morning.

 

And Ocado's technology boss Alex Harvey points out that the company has
already acquired two American tech businesses this year.

 

"It's normally the other way around... I think it represents a very exciting
opportunity to be able to leverage the best of British between Oxbotica and
Ocado and export it to the rest of the world."

 

Remember - big dreams about the progress towards self-driving vehicles on
public roads have come up against the reality that the technological and
regulatory hurdles to be cleared are very challenging,

 

Everyone from the former Chancellor Philip Hammond to Oxbotica's own Paul
Newman predicted self-driving cars and vans should be on UK streets by now.

 

Prof Newman, who started his driverless car research as an Oxford University
academic, admits that was a little optimistic. But he says now, the time is
right: "This is a sensible proposition that makes economic sense."

 

But sceptics will wonder how motorists will feel about sharing the roads
with driverless vans, let alone what customers will think about a robot
telling you that the avocados are out of stock and you're getting oranges
instead.--BBC

 

 

 

Hundreds lose job in British Gas contracts row

Almost 500 British Gas engineers have lost their jobs after they refused to
sign new contracts.

 

The company had given staff until midday on Wednesday to agree to new terms,
which will force them to work more hours and cut average pay.

 

Centrica, which owns British Gas, said around 2% of its staff had chosen not
to sign the new contracts and would therefore leave the firm.

 

However, it declined to give precise numbers saying they could still change.

 

Andy Prendergast, acting national secretary of GMB union said: "Today has
been the largest mass dismissal in living memory and this won't be
forgotten.

 

"Members are upset and angry that after everything, the company has still
decided to do this."

 

'It's not about the money'

Miles Hobson was a British Gas engineer for 38 years before declining to
sign his new contract. As a result, on Wednesday, he lost his job.

 

The Merseyside GMB union representative said his Mum died when he was 30
years old, "so I've had more connection with British Gas than I have had
with my Mum."

 

"Every day I've woken up for 38 years with British Gas on my mind," he told
Radio 5 Live. "If you cut me in half there was a flame inside me."

 

When he finished his last job on Friday he sat crying in his van, and he
handed it back in on Monday.

 

But he would not sign the contract because he felt "bullied".

 

"We were asked to do more hours for no more pay," he said. "[But] it's not
about the money. It's about quality time with [engineers'] families, with
their children."

 

What is the dispute about?

British Gas has changed the contractual terms and conditions for thousands
of its workers.

 

These changes, including to overtime, mean an overall reduction in pay for
engineers. British Gas says this amounts to a less than 2% reduction, but
the GMB says the cut equates to a 15% reduction in real terms.

 

Employees were given a deadline of midday on Wednesday to accept those
changes by signing new contracts.

 

Those who refused were told to leave the firm.

 

How many workers refused to sign?

British Gas said on Wednesday that it expected fewer than 500 engineers "to
choose to leave", which represents a bit more than 2% of the workforce.

 

It said the changes were necessary to protect the company and its 20,000
employees.

 

Over the past ten years British Gas has lost more than 3 million customers,
cut more than 15,000 jobs, and seen profits halve, it said.

 

The GMB union, however, said that Wednesday had seen "mass sackings" of
engineers.

 

It said that "graveyards of vans" returned by engineers showed that the
company doesn't care about "either customers or staff".

 

Wednesday was the 43rd day of strike action taken by thousands of engineers
since the dispute started more than six months ago.

 

The GMB union says this series of strikes has caused a backlog of repairs at
250,000 homes, and that 350,000 planned annual service visits have been
cancelled.

 

Centrica disputes this, saying that many gaps have been plugged by
contractors, and that vulnerable people and the elderly have been
prioritised for services.

 

"Unfortunately Covid restrictions coupled with industrial action days have
[had an impact on] annual service appointments which we have been
rescheduling, and we're in the process of catching up now," a spokesperson
said.

 

Will there be more strikes?

Centrica hopes to draw a line under the dispute, saying the new contracts
are "highly competitive", and that it has not cut base pay or final salary
pensions.

 

"Our gas service engineers remain some of the best paid in the sector,
earning £40,000 a year," a spokesperson said.

 

However, GMB union vowed that there would be more industrial action, and
said that Centrica chief executive Chris O'Shea was "in dispute with his own
staff".

 

"There is sadly nothing in law to stop corporate bullying by companies of
their own staff to sign terms they don't accept and sacking those who don't
submit to this bullying," said Justin Bowden.

 

"But GMB members won't accept the outcome of the bullying... There will be
more strikes and action short of strikes."--BBC

 

 

 

Citigroup to exit consumer banking in 13 markets

Citigroup is closing its consumer banking operations in 13 markets across
Asia, Europe and the Middle East.

 

The US banking group will instead run these operations from four hubs in
Singapore, Hong Kong, the United Arab Emirates and London.

 

It will continue to offer products to larger clients and institutions in
these markets.

 

Its chief executive Jane Fraser said it "does not have the scale" to compete
in these 13 markets.

 

Citigroup will shut down consumer banking operations in Australia, Bahrain,
China, India, Indonesia, South Korea, Malaysia, the Philippines, Poland,
Russia, Taiwan, Thailand and Vietnam.

 

"As a result of the ongoing refresh of our strategy, we have decided that we
are going to double down on wealth. We will operate our consumer banking
franchise in Asia and EMEA solely from four wealth centres, Singapore, Hong
Kong, UAE and London," Ms Fraser said in a statement.

 

Ms Fraser took over Citi in September last year - the first woman to become
chief executive of a Wall Street bank.

 

"While the other 13 markets have excellent businesses, we don't have the
scale we need to compete," she added. "We believe our capital, investment
dollars and other resources are better deployed against higher returning
opportunities in wealth management and our institutional businesses in
Asia."

 

On Thursday, Citi reported net income of $7.9bn (£5.7bn) for the first three
months of 2021, beating analysts' expectations.

 

While the banking group may be exiting key markets in Asia, rivals are
expanding in the region.

 

HSBC has a new venture to seek out wealthy customers in China and is
employing 3,000 bankers over the next five years

 

US firms Goldman Sachs and JP Morgan have also said they are expanding
operations in China.--BBC

 

 

 

Deliveroo apologises to riders for bonus overpayments

Food delivery firm Deliveroo has apologised to riders after a software error
meant some were overpaid a bonus.

 

Riders were promised a payout of between £200 to £10,000 after Deliveroo
listed its shares in London last month.

 

A spokesperson for the firm said all rider payments had been halted while
the glitch was sorted out, but that riders had all now received the bonus.

 

Meanwhile, Deliveroo reported that orders and sales more than doubled in the
first three months of 2021.

 

Riders were notified that they would get a bonus which was due to be
credited to their app accounts on Tuesday.

 

Deliveroo said in a statement: "A technical error meant a small number of
riders were offered a higher payment than intended.

 

"We have apologised to riders for this confusion. The £16m thank-you fund
has been paid in full and is a sign of our appreciation of their
contribution."

 

Deliveroo declined to say whether riders who had been paid extra in error
would be able to keep additional money.

 

Takeaway growth

Deliveroo has been rapidly gaining customers as people have looked for food
delivery options during the coronavirus pandemic.

 

In the first three month of the year the number of customers using the
delivery firm each month rose by 91% year-on-year to 7.1 million.

 

But Deliveroo shares dived when it listed on the London Stock Exchange last
month, and fell more than 4% in afternoon trading on Thursday.

 

The firm said in a statement it was unsure how much of the quarterly growth
was due to lockdown.

 

But it still expects full year sales to rise by 30% to 40%.

 

The firm is loss making and as this was trading update did not offer
guidance on future profits.

 

Founder and chief executive Will Shu said: "This is our fourth consecutive
quarter of accelerating growth, but we are mindful of the uncertain impact
of the lifting of Covid-19 restrictions.

 

"So while we are confident that our value proposition will continue to
attract consumers, restaurants, grocers and riders throughout 2021, we are
taking a prudent approach to our full year guidance."

 

Deliveroo said that orders soared by 121% in the UK in the past three months
to 34 million as the pandemic takeaway boom continued during the third
national lockdown. In its overseas markets orders were up 108% to 37
million.

 

Deliveroo shares tumble on stock market debut

More investors shun Deliveroo over workers' rights

However, the company said it expects its current rate of growth "to
decelerate as lockdowns ease", although the extent of the slowdown remains
"uncertain".

 

The update comes weeks after the group's flotation on the London Stock
Exchange, which saw the value of its shares cut by a third in a week amid
investor concerns over corporate governance and worker rights.

 

Deliveroo riders are self-employed, meaning they are not entitled to earn a
minimum wage from the company, or holiday and sick pay.

 

Mr Shu said on an analyst call on Thursday that self-employment was "the
only way you can give complete rider flexibility, which is what they want".

 

"I'm very supportive of pensions and holiday pay, but in a manner that is
congruent with [riders] being able to log in and log out," he said. "I don't
personally support one model."

 

"There is a trade-off between flexibility and security," Mr Shu added.
"Riders want to have flexibility and they value that above everything else."

 

In its update the firm said rider satisfaction in the UK was at an all time
high of 89% at the end of March.

 

Michael Hewson, an analyst at CMC Markets, said: "This morning's update is
certainly encouraging, and shows the business is heading in the right
direction.

 

"It remains to be seen whether it will be enough to tempt shareholders back
on board after the losses [in the share price] seen since the beginning of
the month."--BBC

 

 

 

S&P 500, Dow hit record highs on bank earnings boost

The S&P 500 and the Dow hit record highs on Friday after Morgan Stanley
wrapped up bumper quarterly earnings reports from big U.S. banks, while
optimism about a solid economic rebound put the main indexes on course for
weekly gains.

 

Nine of the 11 S&P indexes were higher, with only the information technology
(.SPLRCT)and the energy (.SPNY) indexes edging lower after outperforming in
the previous session.

 

The benchmark S&P 500 and the blue-chip Dow are on course for their fourth
straight week of gains, while the technology-heavy Nasdaq (.IXIC) is less
than a percent below its own all-time closing high on the back of upbeat
economic data and a solid start to the first-quarter corporate earnings
season.

 

"You are just seeing blow out earnings from the banks and all the data
pointing to a very strong reopening," said Thomas Hayes, chairman of Great
Hill Capital.

 

 

"So it's a day for (the so-called) 'reopening trade' with strong
financials."

 

Morgan Stanley (MS.N) reported a 150% jump in quarterly profit on Friday,
joining JPMorgan Chase & Co (JPM.N), Goldman Sachs Group Inc (GS.N) and Bank
of America (BAC.N) in reinforcing hopes of a swift economic recovery.

 

Still, the investment bank's shares fell 2.9% as it also disclosed an almost
$1 billion loss from the collapse of private fund Archegos. read more

 

Shares of JPMorgan, Goldman Sachs, Bank of America, and Wells Fargo & Co
(WFC.N) rose between 0.7% and 2.4%, while the S&P financials index (.SPSY)
was up 0.4% after hitting a record high earlier in the day.

 

By 12:04 p.m. ET, the Dow Jones Industrial Average (.DJI) was up 101.65
points, or 0.30%, at 34,137.64, the S&P 500 (.SPX) was up 8.02 points, or
0.19%, at 4,178.44, and the Nasdaq Composite (.IXIC) was down 7.80 points,
or 0.06%, at 14,030.96.

 

The Federal Reserve's pledge to keep interest rates low despite higher
inflation has also revived demand for richly valued technology stocks,
although bond yields edged higher again on Fridayafter hitting multi-week
lows in the previous session.

 

Tech behemoths Apple Inc (AAPL.O), Amazon.com Inc (AMZN.O), Tesla Inc
(TSLA.O)and Microsoft Corp (MSFT.O), which led Wall Street's recovery last
year from the coronavirus-fueled crash, slipped between 0.2% and 1.5%.

 

The information technology index (.SPLRCT) pulled back from an all-time high
hit in early trading.

 

"The biggest risk that could cause a (stocks) sell off is the development of
COVID-19 variants, a slowdown in the reopening and persistent inflation,"
Hayes said.

 

Bitcoin-related stocks including Riot Blockchain (RIOT.O) and Marathon
Digital (MARA.O) slumped about 4% after Turkey banned the use of
cryptocurrencies and crypto assets to purchase goods and services. read more

 

Advancing issues outnumbered decliners 1.15-to-1 on the NYSE, while
declining issues outnumbered advancers 1.53-to-1 on the Nasdaq.

 

The S&P index recorded 136 new 52-week highs and no new low, while the
Nasdaq recorded 129 new highs and 91 new lows.-The Thomson Reuters Trust
Principles.

 

 

 

Pandemic destroyed fewer U.S. businesses than feared, Fed study shows

Fewer than 200,000 businesses in the United States may have failed during
the first year of the COVID-19 pandemic, a lighter toll than initially
feared and one that may have had relatively little impact on unemployment,
according to Federal Reserve research.

 

The figure contrasts with the early forecasts that the pandemic would leave
America's"Main Street" desolate as well as with polls that continue to show
large percentages of U.S. small business owners are worried about their
survival.

 

Perhaps 600,000 businesses, most of them small firms, fail in any given
year, and U.S. central bank researchers estimated that from March 2020
through February of this year the figure has been perhaps a quarter to a
third higher.

 

That included 100,000 "excess" failures among firms engaged in close-contact
services such as barber shops and nail salons, a sector described by the Fed
research group as the sector hardest hit by the economic fallout from the
pandemic.

 

While potentially devastating for the owners and employees of those firms,
"relative to popular discussion ... our results may represent an optimistic
update to views about pandemic-related business failure," the authors wrote.

 

Offsetting the hit to those services-oriented businesses, they noted,
carry-out restaurants, grocery stores and outdoor recreation companies
seemed to suffer fewer failures than usual, with the net result being a
smaller-than-anticipated blow to the overall economy.

 

"Many industries have likely seen lower-than-usual exit rates, and exiting
businesses do not appear to represent a large share of U.S. employment," the
researchers wrote.

 

FEDERAL AID

 

The study was the latest to sound a positive note on an economic recovery
that has proceeded faster than expected, with top Fed officials confident
that much of the potential permanent damage had been avoided. Earlier
research had anticipated widespread business failures due to the pandemic,
with 400,000 or more small firms going dark.

 

Census and other surveys continue to reflect stress among some firms that
continue to operate, and the Fed researchers acknowledged that more failures
could occur if, for example, banks, landlords and creditors become less
flexible with their business tenants as conditions return to normal.

 

Nor does the study account for the millions of still-lost jobs at surviving
firms that cut staff or reduced operations, or for the disproportionate
losses felt among racial or ethnic groups over-represented in the most
devastated industries.

 

But it does start to put some scope around one of the potential economic
scars from the pandemic, and suggests that small businesses appear to have
been both more resilient than anticipated, and were propped up effectively
by loans from the Paycheck Protection Program and other federal aid.

 

The Fed and the U.S. government began flooding the economy with credit and
outright grants for businesses and households last spring, so much so that
personal incomes actually rose even as unemployment spiked to historical
levels.

 

The funding included $755 billion in forgivable PPP loans spread across more
than 9.5 million firms. Although the roughly 30 million U.S. small
businesses are diverse, the vast bulk involve sole practitioners who have no
employees, with the remainder employing only a handful. So the failures of
these businesses, even in large numbers, don't register deeply in terms of
overall employment.

 

Official government statistics on business failures typically lag the actual
demise of those firms by a year or more. The Labor Department's Bureau of
Labor Statistics and the Commerce Department's Census Bureau have not yet
released any formal estimates on the pandemic's final toll on companies and
their workers.

 

To augment the scarce data, the Fed researchers coupled available government
information with high-frequency, alternative measures such as cellphone
location data mapped onto retail locations, records from payrolls processor
ADP, and other sources.

 

They found that while the early fears of a large COVID-19 hit may have been
warranted given the numbers of businesses that shut down in the spring of
2020, by the end of August there was "no evidence of excessive, ongoing
business inactivity; in fact shutdown was well below normal by late
2020."-The Thomson Reuters Trust Principles.

 

 

 

'NASA rules,' Musk says as SpaceX wins $2.9 billion moon lander contract

NASA awarded billionaire entrepreneur Elon Musk's space company SpaceX a
$2.9 billion contract to build a spacecraft to bring astronauts to the moon
as early as 2024, the agency said on Friday, picking it over Jeff Bezos'
Blue Origin and defense contractor Dynetics Inc.

 

Bezos and Musk - the world's first and third richest people respectively,
according to Forbes - were competing to lead humankind's return to the moon
for the first time sine 1972.

 

Musk's SpaceX bid alone while Amazon.com (AMZN.O) founder Bezos's Blue
Origin partnered with Lockheed Martin Corp (LMT.N), Northrop Grumman Corp
(NOC.N) and Draper. Dynetics is a unit of Leidos Holdings Inc.(LDOS.N)

 

"NASA Rules!!" Musk wrote on Twitter after the announcement.

 

The U.S. space agency awarded the contract for the first commercial human
lander, part of its Artemis program. NASA said the lander will carry two
American astronauts to the lunar surface.

 

"We should accomplish the next landing as soon as possible," Steve Jurczyk,
NASA's acting administrator, said during the video conference announcement.

 

"If they hit their milestones, we have a shot at 2024," Jurczyk added.

 

NASA said SpaceX's Starship includes a spacious cabin and two airlocks for
astronaut moon walks and that its architecture is intended to evolve to a
fully reusable launch and landing system designed for travel to the Moon,
Mars and other destinations in space.

 

SpaceX also responded on Twitter, writing, "We are humbled to help
@NASAArtemis usher in a new era of human space exploration."

 

Unlike the Apollo landings from 1969 to 1972 - the only human visits to the
moon's surface - NASA is gearing up for a longer-term lunar presence that it
envisions as a steppingstone to an even more ambitious plan to send
astronauts to Mars. NASA is leaning heavily on private companies built
around shared visions for space exploration.

 

SpaceX will be required to make a test flight of the lander to the moon
before humans make the journey, NASA official Lisa Watson-Morgan told
reporters.

 

NASA had been expected to winnow the lunar lander contest to two companies
by the end of April, but instead it picked only SpaceX, a move that deepens
their cooperation. On Thursday, NASA said it would send its crew to the
International Space Station aboard a SpaceX rocket on April 22.

 

The agency aims to create regular service to the moon and said it will have
a separate competition for that contract.

 

"We have to be able to provide for recurring lunar services," said Mark
Kirasich, deputy associate administrator for NASA's Advanced Exploration
Systems division.

 

The announcement added to an extraordinary run for Musk, who has turned
electric car maker Tesla Inc. (TSLA.O) into the world's most-valuable
automaker, with a market capitalization of $702 billion.

 

Musk has become a one-person technology conglomerate, launching or
controlling companies pursuing space flight, electric cars, neural implants
and subterranean tunnel boring.

 

A factor in the choice of SpaceX was "what's the best value to the
government," said Kathy Lueders, associate administrator for NASA's Human
Exploration and Operations Mission Directorate.

 

NASA said in a news release that SpaceX's HLS Starship, designed to land on
the moon, "leans on the company's tested Raptor engines and flight heritage
of the Falcon and Dragon vehicles."

 

NASA's decision was a setback for Bezos, a lifelong space enthusiast who is
now more focused on his space venture after having announced in February he
would step down as Amazon CEO.

 

The contract was seen by Bezos and other executives as vital to Blue Origin
establishing itself as a desired partner for NASA, and also putting the
venture on the road to turning a profit.

 

Musk has outlined an ambitious agenda for SpaceX and its reusable rockets,
including landing humans on Mars. But in the near term, SpaceX's main
business has been launching satellites for Musk's Starlink internet venture,
and other satellites and space cargo. SpaceX announced on Wednesday it had
raised about $1.16 billion in equity financing. read more

 

An uncrewed SpaceX Starship prototype rocket failed to land safely on March
30 after a test launch from Boca Chica, Texas. The Starship was one in a
series of prototypes for the heavy-lift rocket being developed by SpaceX to
carry humans and 100 tons of cargo on future missions to the moon and Mars.
A first orbital Starship flight is planned for year's end.-The Thomson
Reuters Trust Principles.

 

 

 

Nigeria: Burger King Announces Grand Entry Into Nigerian Market

Allied Food and Confectionary Services Limited had announced exciting plans
to launch and grow the Burger King® brand in Nigeria, the largest country in
Africa.

 

"We are proud to bring this iconic brand to Nigeria, and believe that our
Nigerian guests will love Burger King flame-grilled sandwiches and other
famous Burger King® menu items, that guests can have their way," said
Antoine Zammarieh, Managing Director from Allied Food and Confectionary
Services Limited.

 

"I am pleased that with the new agreement we cannot only offer our guests
great-tasting Burger King® food, but also contribute significantly to the
economy of Nigeria by creating hundreds of new jobs.

 

"This launch will be a big step towards serving budding food lovers and
consumers of quick service restaurants in Nigeria with more exciting
flame-grilled and specialty meals.

 

"Nigerian guests can soon look forward to enjoying world-famous Burger King®
products, such as the brand's signature Whopper® Sandwich."

 

"We're excited to share big news from Nigeria, where we have announced
ambitious plans for one of our iconic brands - Burger King®," said David
Shear, President International Restaurant Brands International Inc., the
parent company of Burger King®.

 

"Nigeria has a thriving quick service restaurant industry, and our partner
has a deep understanding of the infrastructure and supply chain strategy
needed in the market, which we believe will position the Burger King®brand
well for success in the country."

 

The first Burger King® restaurant in Nigeria is expected to open in autumn
this year and the announcement reflects the global appeal of Burger King®,
contributing to the brand's expansion strategy in Africa.-This Day.

 

 

 

Angola: Sonangol Sells Its Shares in Puma Energy At Usd 600 Mln

Luanda — Angolan Oil Firm (Sonangol) has agreed, in a tripartite agreement,
to sell its 31.78 percent of its assets held in Puma Energy to Trafigura at
USD 600 million.

 

In another transaction, the national oil company acquired through Sonangol
Holdings some of the most important strategic assets of the Puma Energy.

 

They include Pumangol retail network of service stations, airport terminals
in Luanda, Catumbela, Cunene and Lubango.

 

In its note delivered to Angop, the company states to have acquired the
Terminal Store of the Fishing Port at Luanda Bay and the Angobetumes company
at the same amount.

The conclusion of sale of Sonangol shares in Puma Energy to Trafigura and
the subsequent acquisition of Pumangol will last between 6 to 8 months.

 

The parties agreed a period of transition of a year for the replacement of
Pumangol logo.

 

In total, Sonangol has to sell over 50 assets and shares held in the
companies of Real Estate, Tourism, Petroleum, Telecommunications and Finance
sectors.

 

In another transaction, the national oil company acquired through Sonangol
Holdings some of the most important strategic assets of the Puma Energy.

 

They include Pumangol retail network of service stations, airport terminals
in Luanda, Catumbela, Cunene and Lubango.

 

In its note delivered to Angop, the company states to have acquired the
Terminal Store of the Fishing Port at Luanda Bay and the Angobetumes company
at the same amount.

 

The conclusion of sale of Sonangol shares in Puma Energy to Trafigura and
the subsequent acquisition of Pumangol will last between 6 to 8 months.

 

The parties agreed a period of transition of a year for the replacement of
Pumangol logo.

 

In total, Sonangol has to sell over 50 assets and shares held in the
companies of Real Estate, Tourism, Petroleum, Telecommunications and Finance
sectors.-ANGOP.

 

 

 

Nigeria: CBN Moves to Place Sugar, Wheat On Forex Restriction List

Abuja — Governor of Central Bank of Nigeria (CBN) Godwin Emefiele has said
the bank will soon commence the restriction of forex allocation for
importation of sugar and wheat into the country.

 

Emefiele who said Nigeria spends between $600million to $1billion on
importation of sugar, said the apex bank will gradually begin to restrict
foreign exchange to those who want to import sugar until Nigeria achieve
self-sufgiciency in sugar and wheat production.

 

"Let me state this, we are looking at sugar and wheat. We started a
programme on milk about two years ago. Eventually, these products will go
into our FX restriction list. We just want to see to what extent we see the
traction that is coming from those who are currently importing these items,"
the CBN governor said yesterday at the inspection of a sugar production
factory by Dangote Group of Industries. "We are putting their feet on fire
to say that we must all work together to produce these goods in Nigeria
rather than import them," he stated.

The $500million sugar factory is being built on a 60,000 hectares of land
here in at Awe local government area of Nasarawa State, with a prospect of
growing up to one third of Nigeria's Sugar consumption, which is almost half
a million tonnes.

 

The factory would commence operation in two years time from now, according
to president/CEO of Dangote Group, Aliko Dangote, who also told journalists
that the company is making a first investment of about N480-N500 million
with a production target of 250 million metric tonnes of sugar for a start.
He said the company has a potential capacity of creating 150,000 direct and
indirect jobs for Nigerians, including those from the host communities.

 

"It has quite a lot of potential. We will also do power generation and
ethanol from sugar. To the state, if this place is up and running, I do not
think there will be shortage of power in Nasarawa State. We will be having
excess of 90mw of power. It's quite substantial," Dangote said while
fielding questions from our correspondent.

He said the focus is not just to make money from the sugar refinery, but
boost the Nigerian economy.

 

We're targeting about half a million tonnes but right now, we're talking
about 250 million tonnes and that is worth about N450 billion.

 

The CBN Governor doesn't only want to support the naira but ensuring jobs
are created.

 

On how much the CBN was committing to the project, Emefiele said "we've not
made up our mind on how much we'll put but of course as you heard from
Dangote, the project is worth about $500 million. If you convert that to
naira, you know how much that is. I know he's going to commit some equities
to it. From there, we will determine what is the shortfall and we will come
in through intervention through the banks for whatever loan that is required
for this.

 

"Of course, foreign currency will be provided as long as it is for the
importation of equipment for the project through the banks for whatever
loans that is required for this as long as it is for importation of
equipment for the project.

 

Nasarawa state governor Abdullahi Sule expressed optimism that the project
will empower some of the people of the state. He praised the CBN governor
and the federal government for their backward integration programme, which
he said would help in the diversification of the economy.-Leadership.

 

 

 

Sierra Leone Mining Dispute Highlights Pitfalls for U.S. Firms

The decision by Sierra Leone to shut down the operations of U.S.-owned SL
Mining has called into question that government’s commitment to the rule of
law with regard to foreign investors.

 

Since the mid-1990s, the U.S. Government has initiated various programs to
boost U.S.-Africa trade and investment - from the African Growth and
Opportunity Act (AGOA) to the Prosper Africa initiative that was launched in
2018. The success of these initiatives depends in part on American companies
receiving fair treatment in their dealings in Africa.

 

Prosper Africa “brings together services and resources from across the U.S.
Government” to promote U.S. business activity in Africa, but how can there
be robust U.S. investment on the continent if the legitimate interests of
American companies are not respected and the U.S. government doesn’t take
action to support American business interests?

Consider Sierra Leone.

 

In December, the Millennium Challenge Corporation – a U.S. government agency
- selected Sierra Leone for a five-year grant program “to reduce poverty
through targeted investments that increase economic growth.” The
announcement of the MCC compact, was welcomed by President Julius Bio, who
said: “We have achieved this because of the tremendous gains we have made in
controlling corruption, investing in people, protecting democratic rights
and enabling economic freedoms.”

 

SL Mining, a Sierra Leone company wholly owned by the Gerald Group, one of
the world’s largest metal trading companies, was granted a mining license
agreement (MLA) that was ratified by Sierra Leone’s parliament in December
2017.  Shortly after, the company started construction of the first phase of
its Marampa iron ore project in Lunsar in the Port Loko district.

The project was commissioned in January 2019, reviving an historically
distressed mine to produce the highest quality iron ore concentrate in
Africa. One month after SL Mining began exports in June 2019, the Sierra
Leone government imposed an export ban on the project and, soon after,
cancelled the company’s mining license, alleging breaches under the MLA.

 

SL Mining denied the charges and - as prescribed under the MLA - filed for
dispute arbitration with the International Chamber of Commerce (ICC), which
issued peremptory orders and partial final awards compelling the government
to allow the company to continue to operate. Sierra Leone challenged those
orders before the English High Court, which two months ago dismissed Sierra
Leone’s claim and upheld the ICC’s partial final award, concluding that SL
Mining “wins on each issue.”

 

The judgment by the court, widely seen as reaffirming the role of
arbitration in dispute resolution, was welcomed by the international
investor community. However, the Sierra Leonean government has so far
refused to comply with the ICC orders, forcing the project to remain
dormant.

In the global marketplace, these negative developments have significantly
hampered the country’s standing. "Iron ore from Sierra Leone is becoming
increasingly less relevant," said Erik Sardain, a principal consultant with
Roskill. "It's too much struggle for producers who have invested time and
effort and find they have no way of dealing with the government."

 

The impact of SL Mining’s shutdown is also being felt by Sierra Leonean
families locally as well as nationally, as thousands of jobs relied on the
large-scale mining operation. Prior to the shutdown, the Marampa project
employed around 1,500 Sierra Leoneans. In Lunsar, the mine was the town’s
economic backbone, and the loss of income from the mine, including royalties
to the town, stalled community projects.

 

Like many in the community, Abdullai Bangura has paid a huge price. Bangura
worked as a plant electrician, earning a stable income, but now he farms
cassava and groundnuts, barely enough to support his family in Rogbanneh
Village. Locals have a good relationship with SL Mining, and they want the
company back.

 

According to the agreement that the parliament ratified, the Sierra Leone
government is obligated to lift the export ban and allow SL Mining to
operate the mine while the dispute is resolved through arbitration. Yet the
government has elected to put 1,500 people out of work, jeopardizing the
livelihoods of another 15,000 people who depended on that income. In
addition, the government deprived itself of over $100 million in income in
the form of taxes and royalties from the project at current iron ore prices.

 

The government further tried to intimidate SL Mining employees, most notably
with the unjustified temporary detention of management, including Gerald
Group’s Chairman and CEO, a U.S. citizen. The detention not only drew the
condemnation of the U.S. Embassy, but the British and Indian High
Commissions as well.

 

The country’s legal dispute with SL Mining is a concern in Washington as
Ambassador David Reimer begins his assignment in Freetown. The well-regarded
diplomat arrived in the country a few months after the MCC Board of
Directors selected Sierra Leone for the compact aimed at reducing poverty.

 

Sierra Leone’s MCC’s scorecard, a part of the compact approval process, was
a priority of the former American ambassador, Maria Brewer, who was
commended by President Bio for helping secure the compact when she departed
in February. The government has welcomed the MCC compact.

 

However, recent experience suggests that a successful MCC compact is not
guaranteed. Sierra Leone was selected for a similar program in 2012, before
it was rescinded a year later after the government failed the MCC scorecard
indicator for corruption. If the new compact proceeds, it will take several
years before the MCC disburses substantial funds to Sierra Leone under its
current compact. Resolution of the SL Mining issue by the two parties is
likely to be an important MCC consideration moving forward.

 

Meanwhile, China’s activity in the African mining sector is a recurrent
concern of U.S. policymakers, and Chinese mining operations in Sierra Leone
have a demonstrably poor track record. In 2019, the government’s decision to
grant a license to China’s Kingho for the Tonkolili mine in northern Sierra
Leone sparked a parliamentary inquiry over the deal’s lack of transparency.
In January, Kingho shipped its first batch of iron ore from the Tonkolili
mine, despite lacking a parliament-ratified MLA.

 

Reimer’s tenure represents an opportunity for both countries to address
these concerns and build the bilateral relationship. “We remain deeply
committed to Sierra Leone's success as a democratic nation and to the
wellbeing of its people,” he is quoted as saying during a ceremony last
month at State House where Bio celebrated the successes of the MCC $44
million Threshold Program, which began in 2015.

 

Reimer indicated his commitment to seeking resolution of the SL Mining
dispute when he appeared before the Senate Committee on Foreign Relations
for his confirmation hearing in December. Responding to a question by
then-chairman James Risch (R-ID), who asked how he would respond to the SL
Mining case, Reimer committed to “engaging on the SL Mining case directly”
with the government while also working to make the country a more attractive
location for American investment. Concern about corruption in Sierra Leone
was also raised during the hearing by Bob Menendez (D-NJ), who now chairs
the Committee, which has oversight of the MCC.

 

The Biden administration has stated a commitment to promoting U.S. business
interests in Africa, along with transparency and the rule of law. An
essential element of the rule of law is honoring commercial contracts, but
relations between Sierra Leone and the United States are currently clouded
by the dispute involving SL Mining.

 

The dispute touches all of the priorities of the Biden administration in
Africa and its timely resolution could help Sierra Leone address underlying
issues, from poverty and slow social development to the absence of a strong
private sector to drive economic growth. It also would strengthen the rule
of law, which is not only a key pillar for the U.S.-Sierra Leone
relationship but also is essential to attract investment to a country
struggling to better the lives of its people.

 

The SL Mining case presents a major test for U.S. trade and investment
policy. Will the administration continue to allow Sierra Leone to enjoy
duty-free, quota-free trade benefits under AGOA if the government refuses to
honor contracts or respect internationally binding court decisions? Will the
MCC use its authority to withhold disbursement of funding on a compact with
a government that disregards international law?

 

I saw these tools used effectively to promote better trade and investment
performance during my time in government, and I hope the commercial rights
of American companies will be defended by the U.S. government in this and
other cases.

 

Gregory Simpkins is Executive Director of the African Merchants Association
and writes the Africa Rising 21st Century blog. He recently retired from the
U.S. government where he last served as Senior Advisor in the U.S. Agency
for International Development Agency’s Africa Bureau. Prior to that
government service, he was Staff Director for the U.S. House Subcommittee on
Africa, Global Health, Global Human Rights and International Organizations.

 

 

 

Africa: Rising From Devastation - IMF Says Africa Will Bounce Back (Slowly)

Sub-Saharan Africa's economies will begin to recover from last year's
coronavirus shock and grow again this year. But a predicted 3.4 percent
growth rate will fall behind that of the rest of the world, says the
International Monetary Fund (IMF).

 

In its six-monthly economic outlook for the region, published on Thursday,
the agency attributes its expectation of a slow recovery to a slow delivery
of vaccines to Africa and the lack of resources to stimulate economies.

 

"Many advanced economies have secured enough vaccine doses to cover their
own populations many times over and are looking to the second half of the
year with a renewed sense of hope," the IMF says.

 

"In Africa, however, with limited purchasing power and few options, many
countries will be struggling to simply vaccinate their essential frontline
workers this year, and few will achieve widespread availability before
2023."

Similarly, the agency says advanced economies are being helped to recover
from the coronavirus pandemic by "trillions in fiscal stimulus and continued
accommodation by central banks". But this is not an option in sub-Saharan
Africa: "If anything, most entered the second wave [of the pandemic] with
depleted fiscal and monetary buffers."

 

Increased exports, higher commodity prices and a recovery in private
consumption and investment are expected to reverse last year's average
contraction in the region's economies of 1.9 percent.

 

"However, per capita output is not expected to return to 2019 levels until
after 2022 – in many countries, per capita incomes will not return to
pre-crisis levels before 2025," the IMF predicts.

 

It adds that the region's low-income countries will need U.S. $245 billion
between 2021 and 2025 to help recover lost ground, while the whole of
sub-Saharan Africa will need $425 billion.

 

Looking back over the last year, the director of the IMF’s African
Department Abebe Aemro Selassie said that although the contraction was not
as bad as had been feared, 2020 was still the worst on record.

"The pandemic has had a devastating impact on the region’s economy," he
said. "The number of extreme poor in sub-Saharan Africa is projected to have
increased by more than 32 million. The 'learning loss' has been enormous,
with students missing 67 days of instruction, more than four times the level
in advanced economies."

 

Calling for more to be done to help defeat the virus in Africa, Selassie
said in most countries the cost of vaccinating 60 percent of the population
would need an increase in health spending of 50 percent.

 

"For the international community, ensuring vaccine coverage for sub-Saharan
Africa is a global public good. Restrictions on the dissemination of
vaccines or medical equipment should be avoided, multilateral facilities
such as Covax should be fully funded, and excess doses in wealthy countries
should be redistributed quickly."

 

The IMF nevertheless strikes a note of optimism in promoting previous
prescriptions for future growth.

 

"Despite scarring from the crisis," the executive summary of the IMF outlook
says, "sub-Saharan Africa’s potential is still undeniable, and the need for
bold and transformative reforms is more urgent than ever – these include
revenue mobilization, digitalization, trade integration, competition,
transparency and governance, and climate-change mitigation."

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 


 


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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