Major International Business Headlines Brief::: 28 April 2021

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Major International Business Headlines Brief::: 28 April 2021

 


 

 


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ü  Samsung heirs to pay record inheritance tax

ü  Demand high as cruises gear up for a restart

ü  Google owner sees record profits as lockdown boom continues

ü  Australia warns Google and Apple over app stores

ü  Crocs sales soar in fashion comeback

ü  Lotus to launch last pure petrol sports car

ü  OneWeb receives major investment from Eutelsat

ü  Fed likely to stay the course despite U.S. economy's growing momentum

ü  Asian shares mixed as earnings fail to inspire before Fed

ü  Santander says Q1 net profit jumps five-fold boosted by U.S. unit

ü  Deutsche Bank swings to Q1 profit on investment bank strength

ü  Ethereum jumps to record high on report of EIB digital bond issuance

ü  Microsoft sales grow on cloud strength, shares dip on heightened
valuation

ü  Starbucks sales miss estimates, shares drop despite rosier forecast

ü  Nigeria: Digital Switchover to Create 800, 000 Jobs - Govt

ü  East Africa: Consumer Prices Shoot Through the Roof as Govts Increase
Taxes

ü  Tanzania Government Bans Use of Cash in Payment of Fines

ü  Ethiopia: MTN, Vodafone Bid for Ethiopia's Full Telecom Licenses

ü  Kenya: Mwatate Traders to Benefit From Sh50 Million Modern Market

 

 

 

 

 

 

 

 


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Samsung heirs to pay record inheritance tax

The family of Samsung Electronics chairman Lee Kun-hee will pay more than
12trn won ($10.78bn) in inheritance taxes on his estate.

 

South Korea has one of the world's highest inheritance tax rates.

 

Mr Lee, who is credited with transforming Samsung into a global electronics
giant, died in October last year.

 

The tax issue has been closely watched by investors as it could have
affected the Lee family's stake in Samsung.

 

However, shares of Samsung's various listed divisions were mixed on the
news, which provided little clarity about whether or not any shares would be
sold.

 

Investors will instead need to wait for regulatory filings to discover
changes in shareholdings by Lee's son and Samsung Electronics vice chairman
Jay Y. Lee, who has been the de facto head of Samsung Electronics since
2014.

 

Jay Y. Lee is currently in prison serving two years and six months for his
role in a bribery scandal that involved the country's former President Park
Geun-hye.

 

A massive tax bill

In a statement, Samsung said that the payment is one of the largest ever in
Korea and globally.

 

Mr Lee's family "expects to pay more than 12trn won in taxes related to
inheritance, which is more than half of the value of the late chairman's
total estate," it said.

 

Mr Lee's collection of antiques and paintings will be donated to the
National Museum of Korea and other cultural organisations.

 

His collection included works by artists Marc Chagall, Pablo Picasso, Paul
Gauguin, Claude Monet, Joan Miro and Salvador Dali.

 

Media reports said the donations will reduce the family's tax liability.

 

At 50%, South Korea's inheritance tax rate is the world's second highest
after Japan. A premium can be added to shares if the deceased has a
controlling interest in a company, potentially taking the top rate even
higher.

 

By comparison, inheritances are taxed at 40% in the US and the UK, and at an
average of 15% across the Organization for Economic Cooperation and
Development.--BBC

 

 

 

Demand high as cruises gear up for a restart

In a drizzle covered dock just outside Edinburgh, three Fred Olsen cruise
ships are being readied for service.

 

After 14 months of standstill, the paint is being retouched, the chairs
re-upholstered and the carpets relayed, ready to set sail this summer.

 

>From 17 May cruises will be allowed to resume from England and demand is
high.

 

Fred Olsen launched its summer British isles cruises a few weeks ago and
says it has already sold two thirds of the tickets for the early trips.

 

Its hotel operations director, Thomas Rennesland, tells the BBC he has never
been busier, but also that the last year has been stressful.

 

"Unfortunately we had to say goodbye to some really fantastic colleagues as
the ships were not moving. Then of course we had to start planning the
re-entry into service. No one has ever done anything like this before."

 

When cruising does restart it will be phased, starting with scenic tours
around the UK stopping and starting at the same port, or so called trips to
nowhere out to sea.

 

The first ships could set sail from 17 May from England, but the industry
hopes that the other UK nations will follow too.

 

Some operators, like Virgin Voyages, are seeing it as a chance to introduce
cruising to a new customer, with 3 or 4-day trips as an alternative to a
staycation. Along with testing and cleaning protocols, they are requiring
all passengers and crew to be fully vaccinated before they travel onboard.

 

"I don't know where else you can go to a restaurant or a theatre, [and know]
that has this level of protocols is in place," says Tom McAlpin, boss of
Virgin Voyages.

 

"I think you rebuild trust by creating these protocols so that people feel
safe. It's the right thing for us to do to make people feel comfortable."

 

At the beginning of the pandemic, there were several stories of outbreaks on
different international cruise liners.

 

Bob Sanguinetti, boss of the UK Chamber of Shipping, says the industry, like
the rest of society, has learned lots of lessons since then.

 

There are now protocols for UK operators that mean all cruise passengers
will need to take a test before they embark, as well as guidelines on social
distancing, bubbles and how to monitor passengers' health.

 

"I don't think it will be difficult to persuade passengers back on board,"
says Mr Sanguinetti. "Cruise companies are doing their utmost to ensure that
risk is kept to an absolute minimum."

 

Cathy Rogers is already booked for a cruise on 20 May. She stopped counting
how many cruises she had been on when it passed 30 and now runs a Facebook
group for enthusiasts.

 

"I really would feel much much much safer on board a ship than even in my
local supermarket," she says. "There's always higher levels of hygiene than
you would get in a normal restaurant or a pub. I'm really looking forward to
seeing how they make things as normal as possible for us on board."

 

Chris and Wendy Hignell are also booked to travel from Southampton to
Liverpool this in May. They don't mind that this time it will be closer to
home.

 

"The fact we can't get off is not a problem, just to be able to enjoy the
ship itself is the thing," says Wendy.

 

They feel reassured by the safety measures too.

 

"The numbers are greatly reduced so that's a big bonus. Everyone's being
tested, there's masks, there's social distancing," says Chris. "It makes us
think it's worth having a go and feeling safe whilst we do it."

 

Still the industry - which has been on pause for more than a year - has work
to do to regain lost ground.

 

"The pandemic has had a massive impact on the industry, not just cruise
companies, but tour operators, ports and other destinations where they
visit," says Mr Sanguinetti.

 

"The UK cruise sector contributes about £10bn to the UK economy every year
and supports over 80,000 jobs. A lot of those will have gone."--BBC

 

 

 

Google owner sees record profits as lockdown boom continues

Google owner Alphabet saw its earnings soar in the first quarter as people
stuck at home in the pandemic used more of its services.

 

Net profit jumped by 162% to a record $17.9bn in the three months to March
as advertising revenue swelled by a third.

 

It comes as the tech giant faces increased scrutiny over its power and the
pandemic has people turning to the internet more than ever.

 

The firm credited "elevated consumer activity online" for its results.

 

"Over the last year, people have turned to Google Search and many online
services to stay informed, connected and entertained," said Alphabet and
Google chief executive Sundar Pichai.

 

Analysts had expected a good performance as economies around the world have
continued to reopen, prompting more spending on online advertising.

 

Reflecting this revenue at Google's search business jumped by 30% to $31.9bn
in the quarter , while sales at YouTube leapt 49% to $6bn.

 

Sophie Lund-Yates, equity analyst at Hargreaves Lansdown, said Alphabet had
"lapped up the rewards from the pandemic like a big cat pouncing on cream".

 

"While famous for its start-up culture and offices, this tech giant is,
rather unspectacularly, an advertising business," she said.

 

"Covid means phenomenal sums of money have shifted to online shopping, so
Alphabet's impenetrable family of digital advertising businesses have seen
revenue skyrocket."

 

The only problem facing the tech giant is continued regulatory action over
issues such as competition and privacy.

 

The latest dispute emerged on Monday when streaming TV technology company
Roku accused Google of engaging in anticompetitive behaviour to benefit its
YouTube and hardware businesses.

 

Meanwhile, US and European regulators continue to discuss tightening
oversight of Google and other tech giants, but have yet to agree
legislation.

 

On the back of the strong results, shares in Alphabet rose by 4.5% in
after-hours trading.--BBC

 

 

 

Australia warns Google and Apple over app stores

The Australian Competition and Consumer Commission (ACCC) said measures are
needed to address Apple and Google's app store dominance.

 

"Apple and Google don't only run the app marketplaces, they also compete
within them with their own apps," said the chairman Rod Sims.

 

The ACCC on Wednesday suggested giving users and developers more control
over purchases.

 

It's the latest move by Australia to rein in big tech's market power.

 

The global dominance of Apple's App Store and Google's Play Store has been
criticised by app makers for mandatory revenue sharing payments.

 

"The ACCC is also concerned with restrictions imposed by Apple and Google
which mean developers have no choice but to use Apple and Google's own
payment systems for any in-app purchases," Mr Sims said.

 

The competition watchdog recommended allowing users to remove and replace
Apple and Google's pre-installed apps from their phones.

 

App developers should have more information about how their apps are made
discoverable, while the two tech giants should be prevented from using data
collected from their app stores to promote their own apps, the ACCC said.

 

Increased scrutiny over app stores

Australia isn't the only jurisdiction to look into the market dominance of
Google and Apple's app stores.

 

Earlier this month, Google and Apple were accused by other companies of
restricting access to app developers and charging commissions as high as 30%
for paid downloads.

 

The latest push to scrutinise apps comes several months after Australia
became the first country in the world to pass a law aimed at making Google
and Facebook pay for news content on their platforms.

 

The move that garnered worldwide attention because newspaper and other
publishers in other countries have long complained about the practice.

 

Facebook initially fought the new laws by dropping all news articles in
Australian search requests.

 

Facebook and Google had earlier argued the law "fundamentally"
misunderstands how the internet works.

 

But they both reversed course and offered to work out deals after the
country passed the new law.--BBC

 

 

 

Crocs sales soar in fashion comeback

No, you didn't imagine it. The Academy Awards' musical director Questlove
really did wear a pair of crocs on the Oscars red carpet this year. But they
were spray-painted gold for the special occasion.

 

Whether you love them or loathe them, crocs are making a comeback.

 

On Tuesday, the shoe-maker reported record sales in the first three months
of the year and raised its revenue outlook for 2021.

 

Sales rose 64% to $460m (£331m) in the first quarter compared to the same
period last year. Pre-tax profit grew to $122.5m between January and March
from a previous $18.7m.

 

Crocs' chief executive, Andrew Rees, now expects sales for the full year to
rise by as much as 50%, compared to an increase of up to 25% the company
predicted in February.

 

'It-shoe'

Demand for Crocs is "stronger than ever" across the world, said Mr Rees.

 

Branded by some as the "it-shoe" of the pandemic, people have turned to the
divisive footwear company for comfy clogs to pair with leggings and hoodies
during lockdown.

 

But the US brand had already started working with celebrities and pop-stars
to boost its popularity again.

 

In 2018, it partnered with rapper Post Malone who designed his own shoe -
which still slightly resembled Swiss cheese.

 

Collaborations with Latin pop-star Bad Bunny and singer Justin Bieber
followed, both of which sold out in minutes.

 

Crocs has focused on growing digital sales, which rose by 75.3% in the first
quarter and made of a third of total sales for the period.

 

The company's strategy includes social media promotion, with #crocs having
gained 1.6 billion views on TikTok, where so-called influencers post videos
dancing around in the shoes or show how they style their footwear.

 

Looking ahead, it said it was counting on new products for future growth
such as sandals, or their "Jibbitz" shoe charms which loyal fans can use to
customise their shoes.

 

It is also set to focus on celebrity and social campaigns in Asia, where it
sees the "largest long-term growth opportunity".-BBC

 

 

 

Lotus to launch last pure petrol sports car

The sportscar maker Lotus has announced that a new model, to be called the
Emira, will be its last conventionally powered car.

 

The new design forms part of a major overhaul of the Norfolk-based business,
which is controlled by China's Geely.

 

Managing director Matt Windle told the BBC it would form a bridge between
what he called the analogue cars of today and the digital cars of tomorrow.

 

The firm wants all its models to be electric in future.

 

The investment programme orchestrated by Geely, which will see production in
the UK tripled, as well as expansion abroad, is expected to cost more than
£2bn.

 

Bond's company car

Lotus is a brand redolent with heritage. The car company was founded in the
early 1950s by the engineer Colin Chapman. It was a sister business to the
racing team, which was hugely successful in the 1960s and 70s.

 

After Mr Chapman's death, the Lotus group struggled. It spent periods under
the ownership of General Motors, Bugatti and the Malaysian group Proton, but
despite producing evocative designs such as the Esprit - an occasional
company car for James Bond- it rarely made any money.

 

In 2017, the business was taken over by Zhejiang Geely Holding and
Malaysia's Etika Automotive, with Geely holding a controlling stake. A year
later, it launched a "long term business transformation strategy", called
Vision 80.

 

The Emira forms part of that strategy - a new sportscar intended to increase
Lotus' global appeal. The company had been widely expected to announce that
the new car would be either electric or hybrid, but that did not turn out to
be the case.

 

According to Matt Windle, this was because the company needed time to
prepare for a future in which Lotus will have to become an all-electric
manufacturer.

 

'Last hurrah'

As a result, it chose to launch a model incorporating plenty of new
technology, but powered by an internal combustion engine.

 

"We needed to build the team, we needed to build our experience to move into
electrification," he said.

 

"This is one last hurrah for the internal combustion engine cars, and then
we move into the electrification future."

 

Sports car firm announces 250 new jobs

Lotus to create technology centre at uni campus

In fact, Lotus has already taken a step in that direction, with the launch
of its Evija hypercar, which is due to go into production at the end of this
year.

 

A hugely powerful electric monster capable of more than 200 mph, it has been
designed as a statement of intent. However, priced at around £2m and made in
very limited numbers, it is beyond the reach of most drivers. Its successors
will be more mainstream.

 

For a small manufacturer like Lotus, which currently builds about 1,600 cars
a year, the changes the industry is facing over the next few years, with
electrification and increased automation, represent a formidable challenge.

 

Expansion plans

However, financial support from Geely and Etika means that Lotus is planning
not only to develop new products but also to expand.

 

"With the Emira, we're going to treble our production in the UK", Mr Windle
explained.

 

"We've put a new factory in, and we've spent £100m on manufacturing
facilities here. But globally, we'll be looking to go into the tens of
thousands, and expand much further than where we are today."

 

He added: "We will be a global company. We will have global employees, we'll
have global manufacturing, global outlets and global engineering as well. So
it is going to change.

 

"And in 10 years' time, we will be an electric vehicle only company."

 

But Mr Windle insisted Lotus would not lose touch with its UK heritage.

 

"I'd like to know in 10 years' time that we've secured the next 80 years of
Lotus, so we can remember the history of the previous 80 years," he
said.—BBC

 

 

OneWeb receives major investment from Eutelsat

London-based OneWeb, which is building a satellite constellation to deliver
internet connections, has received a major investment from Eutelsat.

 

The Paris-based company is putting $550m (£400m) into OneWeb, for a 24%
equity stake.

 

This will be seen as a big vote of confidence in the OneWeb project.

 

Eutelsat is one of the top three satellite-telecommunications operators for
"fixed services", such as direct-to-home TV, phone and data connections.

 

OneWeb was bought out of bankruptcy last year by the British government and
Indian conglomerate Bharti Global, with which Eutelsat will now share
similar governance rights.

 

The investment also closes the gap in funding necessary for OneWeb to
complete its mega-constellation in the sky.

 

On Sunday, it put up another 36 spacecraft, taking its total in-orbit
network to 182.

 

But to provide internet connections around the globe, it will require,
initially, 648.

 

At the start of the year, the London company, based in the BBC's old
buildings in White City, estimated that about $1bn was needed to finish
construction.

 

On Tuesday, new chief executive Neil Masterson said: "We are delighted with
the investment from Eutelsat, which validates our strategy, technology and
commercial approach.

 

"We now have 80% of the necessary financing for the Gen 1 fleet, of which
nearly 30% is already in space.

 

"Eutelsat's global distribution network advances the market entry
opportunities for OneWeb.

 

"And we look forward to working together to capitalise on the growth
opportunity and accelerate the pace of execution."

 

Eutelsat operates its spacecraft from geostationary (GEO) orbit, about
36,000km (22,000 miles) above the Earth, giving the satellites a fixed,
continuous view of the region on the Earth's surface they serve.

 

OneWeb, on the other hand, is putting its mega-constellation in low-Earth
orbit (LEO), just 1,200km above the planet.

 

This will mean users experience a much-reduced lag (latency) in the time it
takes to make an enquiry online and receive an answer - something like tens
of milliseconds versus perhaps hundreds of milliseconds for GEO satellites.

 

And marrying both LEO and GEO should open up business opportunities,
Eutelsat chief executive Rodolphe Belmer said.

 

"We are excited to become a shareholder and partner in OneWeb in the run-up
to its commercial launch later in the year and to participate in the
substantial opportunity represented by the LEO segment within our industry,"
he said.

 

"We are confident in OneWeb's right to win, thanks to its earliness to
market, priority spectrum rights and evolving, scalable technology."

 

Major networks

OneWeb's chief competitor in the LEO internet mega-constellation business is
Starlink, which is being set up by the Californian rocket company SpaceX.

 

Starlink has more than 1,300 satellites in orbit, with thousands more to
follow.

 

Other major projects in development in this particular sector include:

 

Kuiper, a subsidiary of online retailer Amazon

Lightspeed, a mega-constellation plan from the long-established Canadian
satellite-communications company Telesat

The European Union and the Chinese government are also talking up major
networks of their own.-BBC

 

 

 

Fed likely to stay the course despite U.S. economy's growing momentum

The U.S. economy has had a steady run of good news in recent months, with
job gains accelerating as businesses reopen and forecasters projecting that
2021 will see the strongest GDP growth in decades.

 

But the Federal Reserve has shown no sign that there has been enough
progress yet to ease the support for the economy that it put in place at the
onset of the pandemic, including a promise to keep its key overnight
interest rate near zero for years to come and to keep buying $120 billion in
government bonds and mortgage-backed securities each month.

 

The U.S. unemployment rate edged down to 6% in March, but that still left it
about 2.5 percentage points higher than its level right before the pandemic;
there are still about 8.5 million fewer jobs; the unemployment rate for
Blacks, the labor force participation rate for women, and other factors the
Fed is now watching all remain elevated. Finally, there is no sign yet that
inflation is either headed for a persistent spike or durably set at the
Fed's flexible 2% target.

 

The U.S. central bank's policy-setting Federal Open Market Committee (FOMC)
will end its latest two-day meeting on Wednesday. Its policy statement, due
to be released at 2 p.m. EDT (1800 GMT), is expected to largely follow the
mold established in December, when the Fed said it would not change monetary
policy until there had been "substantial further progress" in meeting its
maximum employment and 2% inflation goals.

 

Economic data since Fed policymakers last met in March "has been generally
strong," JP Morgan economist Michael Feroli wrote in an advance analysis of
this week's meeting. But with tens of thousands of new coronavirus
infections each day in the United States and millions still out of work
because of the pandemic, "we look for no changes in the statement's forward
guidance regarding either overnight interest rates or asset purchases,"
Feroli said.

 

Fed Chair Jerome Powell, who will hold a news briefing about half an hour
after the release of the statement, "will continue to be patient in his
assessment of when substantial further progress on employment and inflation
will be achieved," Feroli said.

 

There's little argument that economic conditions are getting better almost
across the board. The nearly 1 million jobs added in March were concentrated
in the leisure and hospitality sector, which was devastated at the start of
the pandemic and is seen as the one most likely to rehire large numbers of
the least-skilled and lower-paid workers who are at the greatest risk of a
long-term economic shock.

 

Many economists expect strong job gains in coming months, with economists
from Jefferies, at the high end among forecasters, penciling in 2 million
new jobs being added this month.The U.S. Labor Department is due to release
its April nonfarm payrolls report on May 7.

 

Ongoing COVID-19 vaccinations have raised hopes that the virus will be
effectively curbed in the United States sometime this summer, and a recent
jump in daily infections now appears to be reversing course. About 54% of
American adults had received at least one dose of a COVID-19 vaccine as of
Monday.

 

At some point all the developments on the economic and health fronts will
add up to enough progress for the Fed to begin planning its exit from the
crisis, and flagging those plans in its statements and in policymakers'
public remarks.

 

The first step will be to signal its plans to slowly reduce, or taper, the
pace of the monthly bond purchases. Analysts say the Fed could open that
conversation as soon as June, and point to actual bond purchase reductions
beginning later in the year.

 

"By the time of the June meeting, well over half of all Americans should be
partially vaccinated, and the level of employment could be a few million
greater than it is now, allowing the FOMC to discuss some tangibly improving
outcomes," Feroli wrote. "For now, however, we think the message from the
Committee will be little changed from the one delivered six weeks ago."-The
Thomson Reuters Trust Principles.

 

 

 

Asian shares mixed as earnings fail to inspire before Fed

Asian shares were mixed on Wednesday as already high valuations discouraged
investors from buying equities ahead of a closely-watched U.S. Federal
Reserve meeting.

 

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS)
declined 0.23%. Australian stocks (.AXJO) rose 0.55%, but shares in China
(.CSI300) slipped 0.44%. Stocks in Tokyo (.N225) edged 0.16% higher.

 

S&P 500 e-mini stock futures rose 0.09%.

 

Fed Chairman Jerome Powell is expected to reaffirm that easy monetary policy
will remain in place for a prolonged period and dismiss any suggestions of
tapering bond purchases.

 

 

U.S. President Joe Biden will also address a joint session of Congress,
where he may make additional comments about infrastructure and stimulus
spending. read more

 

These developments would normally be a positive for stocks, but analysts say
so much economic optimism is already priced into the equity market that it
is difficult to buy stocks further from current levels.

 

"We expect the Fed's tone on the economy to be more positive than at the
March FOMC meeting, reflecting the ongoing pickup in the data, but we don't
expect any substantive new signal yet on tapering," analysts at TD
Securities wrote in a research note.

 

"While we do not expect much price action due to the Fed decision, Biden's
remarks could continue to suggest more incoming supply, bear steepening the
(Treasury yield) curve."

 

 

The Dow Jones Industrial Average (.DJI) rose 0.01%, but the S&P 500 (.SPX)
lost 0.02%, and the Nasdaq Composite (.IXIC) dropped 0.34% as investors
digested a mixed bag of earnings from Tesla Inc (TSLA.O), 3M Co (MMM.N),
Microsoft Corp (MSFT.O), and Google-parent Alphabet (GOOGL.O) overnight.

 

Some investors were also reluctant to move before earnings from heavyweights
Apple Inc (AAPL.O), Facebook Inc (FB.O), and Amazon.com Inc (AMZN.O) due
later this week.

 

An improving U.S. economy, rising coronavirus vaccination rates, and
expectations for big fiscal spending are causing more investors to question
when the Fed will start slowing its bond purchases and how much inflation
policymakers will tolerate.

 

Breakeven rates on 10-year Treasury Inflation-Protected Securities , a
measure of expected annual inflation for the coming decade, rose to 2.41%,
the highest since 2013.

 

 

Yields on benchmark 10-year Treasuries stood at 1.6217%, close to a one-week
high.

 

The dollar edged up slightly against the yen and the British pound , but
trading is expected to be subdued until Powell speaks after the Fed meeting.

 

The Australian dollar was knocked lower after disappointing data on consumer
prices.

 

In the cryptocurrency market, Ether rose to an all-time high above $2,700
after Bloomberg reported that the European Investment Bank plans to sell a
two-year digital bond worth 100 million euros ($120.80 million) on the
ethereum blockchain network.

 

Rival cryptocurrency Bitcoin edged up to $55,618.

 

In commodities, Brent crude futures fell 0.09% to $66.36 a barrel while U.S.
West Texas Intermediate crude lost 0.05% to $62.91 per barrel due to worries
about energy demand.

 

Benchmark copper continued its assent toward a record above $10,000 a tonne.
The metal is used so widely in manufacturing and heavy industry across the
globe that it is considered a barometer of economic health.

 

However, gold , which is often seen as a hedge against inflation, fell 0.49%
to $1,768.00 in cautious trade ahead of the Fed meeting.

 

($1 = 0.8278 euros)-The Thomson Reuters Trust Principles.

 

 

 

Santander says Q1 net profit jumps five-fold boosted by U.S. unit

Spain's Santander (SAN.MC) on Wednesday said its net profit in the first
quarter jumped almost five times on lower loan provisions and boosted by
record earnings at its U.S. unit and strong growth in the UK.

 

The euro zone second-biggest lender in terms of market value booked a net
profit of 1.608 billion euros ($1.94 billion) up from 331 million euros in
the same quarter last year.

 

The bank didn't book any COVID-19 related provisions in the quarter like in
the same quarter last year when it set aside around 1.6 billion euros to
protect its books against the potential impact from the pandemic.

 

Analysts polled by Reuters expected the Spanish lender to post a profit of
1.38 billion euros.

 

($1 = 0.8282 euros)-The Thomson Reuters Trust Principles.

 

 

 

Deutsche Bank swings to Q1 profit on investment bank strength

Deutsche Bank (DBKGn.DE) swung to better-than-expected net profit in the
first quarter of 2021 as strength at the investment bank helped offset the
headwinds of an ongoing restructuring programme and the coronavirus
pandemic.

 

Deutsche painted a rosier look for 2021, saying it now expects revenues to
be "essentially flat", compared with a previous estimate of "marginally
lower".

 

The German lender said on Wednesday that its first-quarter net profit
attributable to shareholders was 908 million euros ($1.10 billion), which
compares with a year-earlier loss of 43 million euros. Analysts had expected
a profit of almost 600 million euros.

 

It was the strongest quarter for Deutsche since the first quarter of 2014,
as revenue at its fixed-income trading business and origination and advisory
services surged, trends that have also lifted profits of competing banks.

 

The figures are good news for Chief Executive Officer Christian Sewing, who
embarked on a radical restructuring two years ago that involved shedding
18,000 staff in an effort to return the bank to profitability.

 

"These results give us confidence that we'll reach our 2022 targets," Sewing
said in a statement.

 

The investment bank's resilience showed last year, helping Deutsche eke out
a small profit for 2020 - its first after five years of losses.

 

Questions have remained about the sustainability of its investment banking
boom, but analysts expect Deutsche to deliver another profit in 2021, a
consensus forecast of their estimates shows.

 

Deutsche's key fixed-income and currency sales and trading business, with
revenue up 34% at nearly 2.5 billion euros, marked its best quarter since
2015.

 

That growth is better than some U.S. investment banks. Goldman Sachs
reported a 31% rise in such trading in the first quarter, while those at
JPMorgan were up 15%.

 

Origination and advisory services revenue at Deutsche, up 40%, showed its
best quarter since 2017.

 

However, low interest rates and a slowdown in global trade pressured revenue
at Deutsche's other divisions, such as those for corporate and retail
clients, though asset management revenue rose 23%.

 

($1 = 0.8282 euros)- The Thomson Reuters Trust Principles.

 

 

Ethereum jumps to record high on report of EIB digital bond issuance

Ethereum , the world's second largest cryptocurrency in terms of market
capitalisation, touched a new peak on Wednesday, with participants citing
media reports about the European Investment Bank's plans to launch a
"digital bond" sale on the ethereum blockchain network.

 

Ether is the digital currency or token that facilitates transactions on the
ethereum blockchain. In the crypto world, the terms ether and ethereum have
become interchangeable.

 

Bloomberg reported on Tuesday, citing unnamed sources, that the EIB plans to
issue a two-year 100-million euro digital bond, with the sale to be led by
Goldman Sachs, Banco Santander, and Societe Generale, according to analysts.

 

Ether hit a record high of $2,713.95 on Wednesday, following a more than 5%
rally the previous day. It was last up 1.4% at $2,706.39.

 

 

Danny Kim, head of revenue at SFOX, a full-service crypto broker, said
reports on an EIB digital bond issuance has "triggered a bullish
institutional use case for ethereum".

 

He also cited the decline in supply of ethereum in the market, which has
jacked up its price.

 

"The amount of ethereum sitting on exchanges continues to drop lower and has
been the lowest in the past year," Kim said. "With less supply on exchange
available, there's less likely a chance of a major sell-off."

 

Demand for ether has also risen as investors use the tokens to buy virtual
art or land, in the form of non-fungible tokens (NFTs), on platforms such as
SuperRare and Decentraland.

 

 

On Monday, digital currencies got a boost from reports that JPMorgan Chase
(JPM.N) is planning to offer a managed bitcoin fund, the latest indication
that what is considered by many a speculative investment is gaining
institutional legitimacy. 

 

Bitcoin, the world's biggest crypto asset with more than $1 trillion in
market capitalisation, regained the $50,000 mark this week. Bitcoin, was
last up 1% at $55,630.82 but well below its record high at $64,895.22 set on
April 14.

 

On March 1, Goldman Sachs restarted its cryptocurrency trading desk, just
weeks after Tesla Inc (TSLA.O) announced it had purchased $1.5 billion in
bitcoin, sparking a rally.

 

But cryptos hit some resistance after U.S. President Joe Biden unveiled
plans to raise capital gains taxes, a move which could curb investment in
the digital assets. -The Thomson Reuters Trust Principles.

 

 

 

Microsoft sales grow on cloud strength, shares dip on heightened valuation

Microsoft Corp (MSFT.O) on Tuesday met analysts' quarterly sales
expectations and beat profit estimates, but its shares fell slightly
reflecting some skepticism about one-off benefits included in the results
and high hopes after a year-long rally.

 

By grabbing market share in the booming market for cloud computing and
expanding business services such as its Teams collaboration service and
LinkedIn social network, the Redmond, Washington company has become one of
the world's most valuable companies, worth close to $2 trillion after a 50%
stock runup over the past year.

 

Those services were still in demand during the pandemic, with Microsoft's
Azure cloud service closing ground on market-share leader Amazon Web
Services (AMZN.O) and growing 50% in the quarter. People working and
studying from home bought new PCs and video consoles, spurring Microsoft
Windows operating system and video game businesses.

 

Net income for the third quarter ended March 31 jumped 44% on a year ago to
$15.5 billion. Revenue and adjusted earnings per share were $41.7 billion
and $1.95 per share, above analysts' estimates of $41.03 billion and $1.78
per share, according to data from Refinitiv.

 

 

Shares fell 2.5%, paring some deeper losses after executives gave a
better-than-expected forecast during a conference call with investors.

 

"One-off tax and currency advantages have boosted Microsoft's third-quarter
numbers, and as a result the market isn't being quite as welcoming of
expectation-beating numbers as you might expect," said Nicholas Hyett,
equity analyst at Hargreaves Lansdown. Net profit had included a favorable
$620 million tax benefit from court rulings in India.

 

"That is the danger of trading on the kind of valuation Microsoft enjoys,
32.8 times next year's earnings. Disappoint even a little and the market
will be unforgiving."

 

Sales for what Microsoft calls its "commercial cloud" - which contains
server infrastructure such as Azure along with cloud-based versions of its
Office software - was up 33% at $17.7 billion. Sales for Dynamics 365
customer management, which competes directly with Salesforce.com (CRM.N),
rose 45% and the business version of Office 365 added 15% more users.

 

 

"That's the fourth consecutive quarter of 15% seat growth on a very large
base," Microsoft Chief Financial Officer Amy Hood said of the Office 365
results for commercial customers.

 

Microsoft has continued to double down on cloud-base software and said
earlier this month it would buy artificial intelligence software firm Nuance
Communications Inc (NUAN.O) for $16 billion, excluding net debt, to bolster
its healthcare business. read more

 

Microsoft said Azure, its closely watched cloud computing business that
competes with Amazon.com Inc's (AMZN.O) Amazon Web Services and Alphabet
Inc's (GOOGL.O) Google Cloud, grew 50% in the quarter, or 46% when adjusted
for currency variations. This is down from a currency-adjusted 48% the
quarter before but in line with analysts' expectations of 46.3% growth,
according to data from Visible Alpha.

 

Overall sales at Microsoft's "intelligent cloud" unit that contains Azure
were $15.1 billion, above analysts' estimates of $14.92 billion, according
to Refinitiv data.

 

Microsoft Teams has 145 million daily users, up from 115 million in October,
Microsoft said. Sales for Microsoft's productivity software unit, which
includes Office and Teams, were $13.6 billion, compared with estimates of
$13.49 billion, according to Refinitiv.

 

Sales for its LinkedIn social network were up 23% on a currency adjusted
basis, slightly above Visible Alpha estimates of 21.9%, as revenue continued
to recover from a sharp decline in job listings and hiring at the onset of
the pandemic.

 

Microsoft's personal computing unit, which contains its Windows operating
system and Xbox gaming console, had $13.0 billion in sales, compared with
analysts' expectations of $12.57 billion, according to Refinitiv data. Sales
of Windows to PC makers were up 10%, compared to a 1% rise the quarter
earlier.

 

On a call with investors, Microsoft forecast fiscal fourth-quarter
productivity segment revenue with a midpoint of $13.93 billion, above
Refinitiv estimates of $13.57 billion. Its sales forecasts for its
intelligent cloud and personal computing businesses had midpoints of $16.32
billion and $13.80 billion, respectively, above estimates of $16.0 billion
and $13.26 billion, according to Refinitiv data.-The Thomson Reuters Trust
Principles.

 

 

 

Starbucks sales miss estimates, shares drop despite rosier forecast

Starbucks Corp (SBUX.O) missed quarterly sales estimates on Tuesday, sending
shares down 2%, even though the coffee chain raised its annual forecast for
revenue and profit on the expectation that more customers will return as
they get vaccinated.

 

Global comparable sales were hurt by weakness at its international business,
where the COVID-19 pandemic has forced governments to restrict travel and
shut cafes.

 

Still, the company raised its 2021 revenue forecast to between $28.5 billion
and $29.3 billion. It expects adjusted earnings per share between $2.90 and
$3.

 

Analysts have forecast revenue of $28.61 billion and earnings of $2.85 per
share.

 

 

U.S. sales returned to pre-pandemic levels, Chief Executive Officer Kevin
Johnson said during a call with analysts.

 

"When you look at the progress we're making on vaccinations, certainly in
the U.S., that's a proxy for what's going to happen around the world," he
said.

 

Starbucks, like other restaurant chains, has struggled for over a year as
consumers worked from home and made their coffee and breakfast themselves.
Recent lockdowns in parts of Asia and Europe have slowed the recovery.

 

The Seattle-based company said sales in its biggest growth market, China,
nearly doubled from the same period a year ago when its stores in the
country remained shut due to the health crisis.

 

 

The surge, however, was not enough for its markets abroad to beat Wall
Street expectations. They rose 35% in the company's international markets,
but missed expectation of 48.25% growth, according to IBES data from
Refinitiv.

 

In the Americas, comparable sales rose 9%, powered by a recovery in the
United States, thanks to vaccinated consumers returning to stores or
ordering their daily cup of coffee online.

 

The company grew its active Rewards loyalty program members to 22.9 million,
an 18% increase year over year.

 

"I believe we have an opportunity to double that number," Johnson said. "I'm
not going to give a time frame, it might take a couple of years."

 

Revenue rose 11% to $6.67 billion for the second quarter ended March 28,
falling short of the estimate of $6.82 billion.

 

Most analysts believe Starbucks will benefit from reopening as people crave
social interactions at cafes and other gathering spots.

 

"It is still going to be a while before people are both able to and
comfortable with doing this again," said Euromonitor International
consultant Matthew Barry.-The Thomson Reuters Trust Principles.

 

 

 

Nigeria: Digital Switchover to Create 800, 000 Jobs - Govt

The federal government said yesterday that the Digital Switch Over (DSO)
being put in place will create 800,000 jobs.

 

According to the government, the Digital Switch Over will be rolled out
soon. Minister of Information and Culture, Alhaji Lai Mohammed, disclosed
this during an interactive session with the senate committee on Information
and National Orientation with the 13 Member Ministerial Task Force on DSO
project.

 

Explaining how the project would create job opportunities for Nigerians, the
minister said that the manufacturing of set top boxes or decoders alone was
capable of creating 50,000 jobs, while television production could create
200,000 jobs.

He said, "Film production can generate 350 to 400,000 jobs. Distribution,
which entails supplying the market with set top boxes, TVs and Dongles for
the internet, will require at least 100,000 wholesalers. Advertising can
create a further 50,000 jobs."

 

Explaining how the DSO will commence, Mohammed said, "We are kick-starting
the new roll out in Lagos State on April 29, Kano on June 3 and Rivers State
on July 8.

 

"We will then follow up with Yobe State on July 15 and Gombe State on August
12. So far, we have rolled out the DSO in five states and Abuja," he said.

 

He also explained that the DSO had gone live in the Federal Capital
Territory, Kwara, Kaduna Enugu and Osun states.

 

According to him, the ministry considers the DSO as one of its priority
projects, given its potential to create jobs, bring governance closer to the
people through better access to information and provide quality programming
to Nigeria's estimated 24 million television households, with high fidelity
pictures and sound.

"Without mincing words, let me say straight away that for us, the DSO is
about stimulating local content and empowering platform owners," he said.

 

He disclosed that the ministry had taken some steps to create the enabling
environment for the DSO to succeed, for local content to thrive, for
indigenous producers to be more engaged and for the local advertising market
to grow.

 

He also revealed that the federal government had carried out an
unprecedented reform of the broadcasting industry, given the nexus between
the reforms and success of the DSO.

 

"It will interest you to know that to date, the National Broadcasting
Commission (NBC) has licensed over 30 Nigerian pay tv companies, but only 1
is currently struggling to break through, this is not acceptable," the
minister said.-Leadership.

 

 

 

East Africa: Consumer Prices Shoot Through the Roof as Govts Increase Taxes

The cost of living in the East African countries is on a worrying upward
trend with governments shifting huge debt repayments burdens to households
and businesses through increased taxation measures.

 

The issue is further compounded by a surge in fuel prices and weaker local
currencies, which have seen the prices of essential commodities like bread,
milk, wheat flour, beef, tomatoes, greengrams and fruits in countries such
as Kenya, Rwanda, Tanzania and Uganda sky rocket, according to data from
national bureaus of statistics.

 

Last year, inflation in the region was estimated at 5.2 percent, falling
within the EAC convergence criteria of no more than eight percent, but
higher than 3.2 percent in 2019, according to the Bank of Tanzania (BOT)
Monetary Policy Statement dated February 2021.

In March, Kenya and Uganda posted increases in the overall monthly
inflation, which rose to 5.9 percent and 4.1 percent, respectively, from
5.78 percent and 4.1 percent in February respectively.

 

Tanzania and Rwanda, on the other hand, experienced marginal declines in the
cost of living with the monthly inflation figures going down to 3.2 percent
and 6.2 percent, respectively from 3.3 percent and 6.7 percent,
respectively, during the same period.

 

"In both Uganda and Kenya, foreign exchange rates have strengthened recently
-- and this should help to limit near-term inflation fallout. However,
supply disruptions, and the risks stemming from that, will also need to
monitored," said Razia Khan, managing director and chief economist in-charge
of Africa and Middle East Global Research at the Standard Chartered Bank
Plc.

According to economists at the African-focused research firm NKC African
Economics, rising energy prices will stoke inflation in the EA region and
weigh on external balances and currencies.

 

"Weak albeit improving demand-side pressures suggest that core inflation
will not become too much of an issue over the short term, but we are likely
to see higher energy costs which of course has spill-over effects into other
spheres of the economy," said Jacques Nel, Head of Africa Macro at NKC
African Economics

 

"The expected increase in global food prices is another concern, given that
many East African countries remain dependent on food imports. Still,
inflation is expected to remain at comfortable levels in Uganda, Rwanda,
Kenya and Tanzania over the short term."

 

According to analysts at the AIB-AXYS Africa Ltd headline inflation in Kenya
is likely to edge higher this year driven by an uptick in local food prices,
increased global commodity prices, the depreciation of the Kenyan shilling,
and the relatively higher tax rates that had been lowered in 2020 as the
government sought to cushion Kenyans during the pandemic.

The country's debt repayment obligations are expected to cross the Ksh1
trillion mark ($9.3 billion) in the next financial year (2021/2022), putting
pressure on the taxman to collect each and every cent from individuals and
businesses.

 

The World Bank and the International Monetary Fund forecast Kenya to spend
68 percent of its tax revenues including grants on debt repayment this year
and increase to 74.5 percent in 2022 up from 58.3 percent last year.

 

"Like everyone else, Consumer Federation of Kenya (Cofek) is concerned about
the massive spike in the cost of living against an economy that is literally
grinding to a halt due to Covid-19 shutdowns," said Stephen Mutoro,
secretary-general, Cofek.

 

In Tanzania, the debt service-to-revenue ratio is expected to increase to
13.8 percent in the 2021/2022 fiscal year from 13.7 percent in the current
fiscal year, according to the Bank of Tanzania (BoT).

 

In February, BoT predicted inflation to remain in the range of three to five
percent until June 30 supported by adequate food supply as a result of
favourable weather, low global oil prices, and exchange rate stability, but
warned that upward risks to inflation may emanate from food supply
conditions in the neighbouring countries, partly due to lockdown measures to
contain the spread of Covid-19.

 

"BoT will monitor all possible risks to the growth of the economy and
inflation, and take appropriate policy actions," said BoT.

 

In Uganda, the government expects to spend a bulk (96.7 percent) of its
domestic revenue on debt servicing in the next financial year (2021/2022) as
the country works to resuscitate its Covid-19 battered economy.

 

The country expects to mobilise Ush21.69 trillion ($5.96 billion) in
domestic revenues to fund its budget estimated at Ush45.65 trillion ($12.55
billion), of which Ush20.9 trillion ($5.75 billion) will go towards debt
servicing.-East African.

 

 

 

Tanzania Government Bans Use of Cash in Payment of Fines

Dodoma — The government has banned the use of cash in settling fines.

 

Deputy Minister of Natural Resources and Tourism Mary Maganga said all
payments from the file should be made through the official payment system
including the issuance of EFDs receipts.

 

The Deputy Minister made the statement while answering a supplementary
question from Sikonge MP Joseph Kakunda who said the people were being
harassed especially when they are arrested for allowing livestock into the
reserves.

 

In another question, Kakunda wanted to know why the Government does not
issue electronic receipts when it imposes fines livestocks that enter the
Sikonge reserves.

 

The Deputy Minister said in accordance with the Wildlife Act no. 5 of 2009,
it is an offense for any person (including pastoralists) to bring livestock
into protected areas.

 

She said the Act was not enacted for personal gain but to control damage
including encroachment, poaching and smuggling of livestock into such areas
area.

 

Maganga said the Government has established a ICT system for licensing /
permits, data collection and revenue from various sources of the Natural
Resources and Tourism sector called MNRT Portal which is connected to the
"Government electronic Payment Gateway - GePG" system for issuing "Control
Number" which allows payments.

 

"After making the relevant payments, the MNRT Portal system provides
receipts that are recognized by the Tanzania Revenue Authority (TRA), I
would like to assure the Member of Parliament that the receipts provided by
this system are valid for government payments similar to those issued by the
Electronic Fiscal Devices (EFDs) system. , "said Maganga.-Citizen.

 

 

 

Ethiopia: MTN, Vodafone Bid for Ethiopia's Full Telecom Licenses

ADDIS ABABA- The Ethiopian Communications Authority (ECA) announced that the
two African telecom giants namely MTN and the Vodafone/ Vodacom consortium
have submitted their bids for full telecom licenses in the country.

 

In its press release issued yesterday, the ECA announced close of bid
submission period for the two new nationwide telecommunications services
licenses that had been opened from the publication of Authority's Request
for Proposals (RFP) in November 27,2020.

 

Commenting on the close of bid submissions, ECA Director-General Balcha Reba
(Engineer) said that the Authority is delighted to have had interest from
established telecom operators from around the world.

"Commensurate with this unprecedented opportunity, including from Africa's
two telecommunications 'giants,' MTN- the largest mobile operator on the
continent, and the Vodafone/ Vodacom consortium including Kenya's largest
telecoms provider, Safaricom."

 

The director-general acknowledged the diligence and commitment from all
participants in meeting the strict requirements set out in the RFP and for
their engagement throughout the process. "The ECA will be looking for the
best all-round partners from the bids submitted and we are confident that
competitive bidding will ensure that Ethiopia gets the best deal."

 

In responding to the RFP, each bidder had to comply with strict technical
qualification criteria to demonstrate the company had the technical
expertise required to manage a license of this size in Ethiopia. There were
also strict financial qualification criteria to show each bidder had the
resources to manage a license of this scale.

 

Following an extensive review of the final qualifying submissions, the
Authority will select the winner of the two licenses and a formal public
announcement will be made after the technical and financial evaluation is
completed, it was learnt.-Ethiopian Herald.

 

 

 

Kenya: Mwatate Traders to Benefit From Sh50 Million Modern Market

Traders in Mwatate town, Taita Taveta are set to benefit from a Sh50 million
market under construction in partnership between the county government and
the World Bank.

 

The project implemented through the Kenya Urban Support Programme (KUSP) is
set to be completed before the end of this financial year to accommodate
over 200 small-scale traders in the area.

 

KUSP is a five-year World Bank programme targeting 45 counties across the
country aimed at improving infrastructure.

 

Mwatate and Voi towns are beneficiaries of the infrastructural development
project, economic setup and the general modernisation of the urban areas.

The Mwatate market is expected to revamp the economy of the town which
acquired a municipality status in 2019. The town us also the county
headquarters where all government offices are set to be fully established.

 

The traders said they are optimistic that the new market will open up
business opportunities for them especially after huge losses they have
incurred since the outbreak of Covid-19 pandemic.

 

The traders have had to endure operating under adverse weather conditions
including the scorching sun and rain for years. Some traders have erected
temporary shades to shield themselves from the unfavourable weather
conditions.

 

Mwatate market chairperson Sophline Muya said the traders are ready to move
to the new facility. She said the market committee is working with the
county government department of Trade to allocate stalls and spaces to
traders but called for total cooperation between the department officials
and the traders.

"We hope process of allocation of spaces and stalls in the new market shall
be transparent to us genuine traders," she said.

 

She said some of the traders might fail to get allocations since there are
only 200 stalls out of the 350 traders in the market.

 

"We want the department to allow some of those who will miss permanent
stalls to erect shades outside the market to accommodate all of us," she
said.

 

County executive for Trade Daniel Makoko said the devolved unit is
determined to make the business community operate in a conducive atmosphere.

 

He said the market will revamp the economic status of Mwatate town which has
been lagging behind despite being the county headquarters and increase the
county revenue.

 

"The traders will operate in a better place. We will collect revenue from
them and this will enable us offer good services to the traders," he said.

 

The CEC said the arrangement to relocate the traders from the temporary
market to the new facility were on.

 

"The traders have already applied for the spaces. The allocation process is
ongoing," he said.

 

The town has also benefited from improvement of roads and parking
areas.-Nation.

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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

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

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Skype:         Bulls.Bears 



 

 

 


 

INVESTORS DIARY 2021

 


Company

Event

Venue

Date & Time

 


BAT

AGM

Cresta Lodge, Msasa

30/04/21 10am

 


 

Workers Day

 

01/05/21

 


FCB

AGM 

virtual

06/05/21 : 3pm

 


NMB

AGM

virtual

1205/21 :  3:30pm

 


 

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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