Major International Business Headlines Brief::: 03 August 2021

Tue Aug 3 10:39:11 CAT 2021

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Major International Business Headlines Brief::: 03 August 2021

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ü  Shares slide after China brands online games 'electronic drugs'

ü  Qantas stands down 2,500 staff over Sydney lockdown

ü  Covid-19: Amber watchlist travel idea scrapped

ü  Finance firms plan to close coal plants in Asia

ü  Twitter works with news sites to tackle disinformation

ü  Goldman Sachs raises banker pay after 95-hour week complaint

ü  ADB, Citi, HSBC, Prudential hatch plan for Asian coal-fired closures -sources

ü  Tencent vows fresh video game curbs after media attack knocks shares

ü  BP boosts dividend, buybacks as profit soars

ü  Riding the oil price rebound: Gulf states to accelerate asset sales

ü  Upgrades, ESG, DeFi usage to help ether outpace bitcoin: Pantera Capital

ü  Sanofi to buy U.S. mRNA partner Translate Bio in $3.2 bln deal

ü  BMW says chip shortage, raw material prices to hit second half

ü  StanChart restores payouts but income drop signals challenges ahead

ü  UK's Domino's expands share buyback as profit jumps

ü  Nigeria: Merits in CBN Stoppage Sales of Forex to BDCs

ü  Nigeria: MTN Announces Plans for 20th Anniversary Celebration in Nigeria

ü  Nigeria, Russia Plan Deal On Nuclear Power Projects

ü  Cameroon: Nigeria-Cameroon Bridge Will Facilitate Inter-Country Trade - Fashola

ü  South Africa - Most Looted Shops Still Shut

ü  Seychelles: Seychellois Cargo Service Now Exporting Fish to Nigerian, Ugandan Hotels

 <mailto:info at bulls.co.zw> 

Shares slide after China brands online games 'electronic drugs'

Shares in two of China's biggest online gaming firms have slipped after a state media outlet called them "electronic drugs".

Tencent and NetEase shares fell more than 10% in early Hong Kong trade before regaining some of those losses.

Investors are increasingly concerned about Beijing cracking down on firms.

In recent months authorities have announced a series of measures to tighten their grip on technology and private education companies.

An article published by the state-run Economic Information Daily said many teenagers had become addicted to online gaming and it was having a negative impact on them. The news outlet is affiliated with the official Xinhua news agency.

The article cited Tencent's hugely popular game Honor of Kings, saying students were playing it for up to eight hours a day, and asked for more curbs on the industry.

"No industry, no sport, can be allowed to develop in a way that will destroy a generation," it said before going on to liken online games to "spiritual opium".

Tencent has now said it would introduce new measures to reduce children's access to and time spent on its Honor of Kings game. The company also said it plans to eventually roll out the policy to all of its games.`

The recovery in share prices came as Economic Information Daily deleted the article from its account on the Wechat social media platform.

Tencent also saw its shares fall last week after being ordered to end exclusive music licensing deals with record labels around the world.

The move was aimed at tackling the technology giant's dominance of online music streaming in the country - it currently controls more than 80% of China's exclusive music streaming rights after an acquisition in 2016.

Tencent is only one of a number of Chinese companies listed in the US, Hong Kong and mainland China to see shares fall sharply this year as Beijing clamps down on the country's technology and education industries.

Last week saw shares in Chinese online tutoring firms slump after they were stripped of the ability to make a profit from teaching core subjects in China.

The new guidelines also restricted foreign investment in the industry.

The major shift in policy came as authorities try to ease the financial pressures of raising children.

Officials have been worried after China's latest census showed that the birth rate had fallen to the lowest in seven decades.

It is one of the biggest ever overhauls of the country's $120bn (£87bn) private tutoring sector.--BBC

Qantas stands down 2,500 staff over Sydney lockdown

Qantas says it will stand down 2,500 staff as a lockdown in Sydney impacts air travel across Australia.

The furlough - affecting pilots, crew and airport workers - will last for at least two months, the airline said.

Qantas said it would pay staff until mid-August, after which they could apply for government support payments.

Since June, fresh Covid outbreaks have forced most Australian states to reimpose restrictions.

The highly contagious Delta variant has forced lockdowns in several cities and some state border closures.

The situation is most severe in Sydney. It is seeing about 200 new infections each day, despite being in lockdown since 26 June.

Nearly all states have banned travellers from Australia's largest city.

Qantas chief executive Alan Joyce said the latest Delta outbreaks had led to thousands of cancelled flights.

Qantas and its budget carrier, Jetstar, had lost about 60% of their domestic business from May to July, he added.

A travel bubble with New Zealand has also been suspended.

Mr Joyce said the airline could no longer keep the 2,500 workers on its payroll, but described it as a temporary measure.

"This is clearly the last thing we want to do," he said.

But he added it was "also very different from this time last year when we had more than 20,000 employees stood down".

Last year, Qantas was forced to axe about 6,000 staff - about a fifth of its workforce.

In May, the airline said it would report an annual loss of more than A$2bn (£1.1bn; $1.5bn) but hoped for a rebound in domestic travel.

On Tuesday, Mr Joyce said domestic travel could return to 50-60% of normal levels with the expected reopening of Victoria and South Australia.

Qantas has not been able to resume international routes - except to New Zealand - due to Australia's international border closure.

The airline has previously said it's losing about A$2.3m a week from its international division.-BBC

Covid-19: Amber watchlist travel idea scrapped

A proposal to create an "amber watchlist" of countries at risk of moving to red in the travel traffic light system has been abandoned, government sources have told the BBC.

On Monday, Prime Minister Boris Johnson said he wanted a "simple" and "balanced approach" to pandemic travel.

The sources said no new categories would now be added.

Tory MPs and travel industry figures earlier warned a complex system risked putting people off from travelling.

The government had been considering the idea of a new level in the government's traffic light system for overseas travel, ahead of the next review this week.

It would have warned people when a destination was at risk of a sudden shift from amber to red - meaning that travel would be banned for everyone except UK nationals and residents, who would be required to quarantine in a hotel on their return.

As opposition to the proposal gathered, Mr Johnson said he wanted to prevent new coronavirus variants entering the UK, though he recognised the desire to go abroad.

"We also have to recognise that people want, badly, to go on their summer holidays, we need to get the travel industry moving again, we need to get our city centres open again and so we want an approach that is as simple as we can possibly make it," he said.

media caption"We must stop importing variants from abroad"

The prime minster said the UK's economy and society were about "the most open in Europe" but he said caution was still needed.

The travel industry reacted with relief at the news that the watch-list would not go ahead.

Tim Alderslade, chief executive of the air travel industry body Airlines UK, said: "This is a victory for common sense. The PM has hit the nail on the head - people want a clear and consistent travel system that they can understand and that is workable."

He urged the government to go further and include more countries on the green list, exempting them from quarantine requirements.

Labour said scrapping the watch-list idea showed the Tories were "in total chaos" over their pandemic borders policy.

Shadow transport secretary Jim McMahon called on the government to publish the data behind its decisions and provide "maximum clarity" to passengers and the travel industry.

He said clear information about what was happening with infections in each country was needed to build confidence about travel.

Mr McMahon said: "Not only have ministers failed to protect our borders, allowing the Delta variant to reach the UK in such force, but time and time again they've refused to be straight with the public and industry."

Earlier, the idea had also faced opposition from the Conservative benches, with Huw Merriman, chairman of the Commons Transport Committee, telling the BBC that an amber watch-list would be a "massive red flag" that would cause travel bookings to collapse.

Others said increasingly complex travel rules would put the UK at a competitive disadvantage compared to other nations which were more open for international travel.

Mr Merriman later welcomed the scrapping of the amber watchlist, saying: "To deliver confidence and stability, the traffic light system needs to be red, amber and green, and nothing in between."

The government already has a green watchlist, which features more than half the countries on the green list and signals they are at risk of moving to amber.

The next update to the travel list system is due on Thursday.-BBC

Finance firms plan to close coal plants in Asia

Some of the world's biggest financial institutions are working on a plan to speed the closure of coal-fired power plants in Asia, the BBC has been told.

The initiative was developed by UK insurer Prudential, is being driven by the Asian Development Bank (ADB), and includes major banks HSBC and Citi.

The ADB hopes the plan will be ready for the COP26 climate conference which is being held in Scotland in November.

The plan aims to tackle the biggest human-made source of carbon emissions.

Under the proposal, which was first reported by the Reuters news agency, public-private partnerships will buy coal-fired plants and shut them far sooner than their usual operating lifespan.

"By purchasing a coal-fired power plant with, say, 50 years of operational life ahead of it and shutting it down within 15 years we can cut up to 35 years of carbon emission," Ahmed M Saeed, ADB's Vice President for East Asia, Southeast Asia and the Pacific said.

The ADB hopes to launch a pilot programme in a developing South East Asian nation - potentially Indonesia, the Philippines or Vietnam - in time for the COP26 event in November.

A key feature of the initiative is that it aims to raise the money for the purchases at well below the normal cost by giving lower than usual returns to investors.

Aspects of the plan that are yet to be finalised include how coal plant owners can be convinced to sell them, what to do with the plants after they are closed, and what role if any carbon credits could play.

It comes as commercial and development banks and other major investors have become increasingly reluctant to back new fossil fuel power plants as they strive to meet climate targets.

Coal-fired electricity generation accounts for about a fifth of the world's greenhouse gas emissions, making it the biggest polluter.

The International Energy Agency has forecast that global demand for coal will grow by 4.5% this year, with Asia making up 80% of that rise.

Meanwhile, the International Panel on Climate Change has called for global coal-fired electricity generation to fall from 38% to 9% by 2030.

HSBC, Citi and Prudential did not immediately respond to a request for information from the BBC. -BBC

Twitter works with news sites to tackle disinformation

Twitter will collaborate with two of the largest international news providers, Reuters and the Associated Press, to debunk disinformation on its messaging site.

The news agencies will help Twitter give more context and background information on events which create a high volume of tweets.

Twitter hopes this will counteract the spread of misleading information.

There has been renewed pressure to remove false content from the platform.

Twitter said the partnership will enable it to ensure accurate and credible information is rapidly available "when facts are in dispute".

"Rather than waiting until something goes viral, Twitter will contextualize developing discourse at pace with or in anticipation of the public conversation," Twitter said.

Currently, when large or rapidly growing conversations happen on Twitter that may be noteworthy or controversial, Twitter's Curation team finds and promotes relevant context from reliable sources in order to counter potentially misleading information posted by users.

In a blogpost, Twitter said the new programme would "increase the scale and speed" of this work by increasing their "capacity to add reliable context to conversations happening on Twitter".

The post said material from Reuters and AP would improve information credibility on the platform when Twitter's Curation team "doesn't have the specific expertise or access to a high enough volume of reputable reporting on Twitter".

It is the first time Twitter has formally collaborated with news organisations to promote accurate information on its site, according to a spokesperson from the social media firm.

Earlier this year, Twitter launched Birdwatch, a new community-moderation system which enabled volunteers to label tweets they found to be inaccurate.

Twitter will work separately with the two rival news agencies, and will focus initially on English-language content.

Hazel Baker, head of user-generated content newsgathering at Reuters, said that trust, accuracy and impartiality were at the "heart of what Reuters does every day," and "drive" the company's "commitment to stopping the spread of misinformation".

Tom Januszewski, the AP's vice president of global business development, said in a statement that the news company had a "long history of working closely with Twitter, along with other platforms, to expand the reach of factual journalism".

"We are particularly excited about leveraging AP's scale and speed to add context to online conversations, which can benefit from easy access to the facts," he continued.

Both Reuters and AP also work with Facebook on fact checks.

Twitter added that this work would be independent of the work its Trust & Safety teams do to determine whether Tweets are in violation of the Twitter rules. The work of these teams includes labelling tweets which contain manipulated media, electoral misinformation and sensitive media that violates the platforms' rules.

A 2020 report by NYU Stern suggested Twitter has about 1,500 moderators - with 199 million daily Twitter users worldwide.-BBC

Goldman Sachs raises banker pay after 95-hour week complaint

Goldman Sachs has increased its salaries for younger bankers following complaints of long working hours.

It is understood that first-year investment bank analysts globally will get a pay rise this year to $110,000 (£80,000) from a previous $86,000.

As first reported in the Financial Times, the pay increase does not include bonuses. Basic pay will rise to $125,000 in the second year.

It comes as a top banker criticised recruits for being "entitled".

Xavier Rolet, who ran the London Stock Exchange for eight years, said the younger generation of bankers should stop complaining about long working hours or find another job.

He suggested banks should hire "poor hungry kids who managed to put themselves through college" instead of "entitled" graduates.

Mr Rolet, who worked at Goldman Sachs in New York and in London early on in his career, said on LinkedIn that he would regularly work 130 hours a week, seven days a week in the 1980s.

He claimed: "We'd work the whole New York trading day in the office, have dinner on the desk then trade Asia and Tokyo from 8:00pm until 10:00pm, go home during the half-day recess and trade the Tokyo afternoon session from home from 12:00pm to 2:00am.

"Grab some shut-eye until 4:00am to put our orders in the European markets in time for the opening… quick commute to 40 Wall to be in the office by 6:30am to continue to trade our European orders in time for the pre-opening in New York. Tokyo was open on Saturdays and half day every other Sunday in those days."

This year, a group of young Goldman Sachs bankers complained of 95-hour working weeks and and asked for their working week to be capped at 80 hours.

They said conditions were "inhumane".

Goldman Sachs, which recently reported a sharp rise in second quarter revenue, has declined to comment on the pay increases.

In February, a group of 13 first year US-based investment banking analysts at Goldman Sachs, provided a presentation to management which commented on working conditions.

"The sleep deprivation, the treatment by senior bankers, the mental and physical stress… I've been through foster care and this is arguably worse," said one.

Another remarked: "This is beyond the level of 'hard-working', this is inhumane/abuse."

However, Mr Rolet asked people on LinkedIn: "How many single working mothers trying to put several kids through school do you think work less than 130 hours a week?"

Earlier this year, the young Goldman Sachs bankers warned that they would have to leave unless conditions improved.

But Mr Rolet told the Mail on Sunday: "It's a free world. If you don't love what you're doing or think the hours don't suit your lifestyle, by any means do something else."

He added: "Junior bankers are paid very well compared to other industries or sectors: ask a young entrepreneur drawing no salary how they would like to make $100,000-plus straight out of college?"

Commenting his own experience at Goldman Sachs in the 1980s, he said: "Pay was good for a broke kid from a Parisian sink estate."

Mr Rolet grew up in Algiers - his father was in the military - and near Paris in an impoverished area called Sarcelles, which he described to the Evening Standard as "concrete, concrete, concrete, everywhere you looked".

After a long career in finance, Mr Rolet led the LSE from 2009 until 2017 and he is currently chairman of PhosAgro, a Russian fertiliser company.-BBC

ADB, Citi, HSBC, Prudential hatch plan for Asian coal-fired closures -sources

(Reuters) - Financial firms including British insurer Prudential, lenders Citi and HSBC and BlackRock Real Assets are devising plans to speed the closure of Asia's coal-fired power plants in order to lower the biggest source of carbon emissions, five people with knowledge of the initiative said.

The novel proposal, which is being driven by the Asian Development Bank, offers a potentially workable model and early talks with Asian governments and multilateral banks are promising, the sources told Reuters.

The group plans to create public-private partnerships to buy out the plants and wind them down within 15 years, far sooner than their usual life, giving workers time to retire or find new jobs and allowing countries to shift to renewable energy sources.

It aims to have a model ready for the COP26 climate conference which is being held in Glasgow, Scotland in November.

"The private sector has great ideas on how to address climate change and we are bridging the gap between them and the official-sector actors," ADB Vice President Ahmed M. Saeed said.

The initiative comes as commercial and development banks, under pressure from large investors, pull back from financing new power plants in order to meet climate targets.

Saeed said that a first purchase under the proposed scheme, which will comprise a mix of equity, debt and concessional finance, could come as soon as next year.

"If you can come up with an orderly way to replace those plants sooner and retire them sooner, but not overnight, that opens up a more predictable, massively bigger space for renewables," Donald Kanak, chairman of Prudential's (PRU.L) Insurance Growth Markets, told Reuters.

Coal-fired power accounts for about a fifth of the world's greenhouse gas emissions, making it the biggest polluter.

The proposed mechanism entails raising low cost, blended finance which would be used for a carbon reduction facility, while a separate facility would fund renewable incentives.

HSBC (HSBA.L) declined to comment on the plan.

Finding a way for developing nations in Asia, which has the world's newest fleet of coal plants and more under construction, to make the most of the billions already spent and switch to renewables has proved a major challenge.

The International Energy Agency expects global coal demand to rise 4.5% in 2021, with Asia making up 80% of that growth.

Meanwhile, the International Panel on Climate Change (IPCC) is calling for a drop in coal-fired electricity from 38% to 9% of global generation by 2030 and to 0.6% by 2050.

MAKING IT VIABLE

The proposed carbon reduction facility would buy and operate coal-fired power plants, at a lower cost of capital than is available to commercial plants, allowing them to run at a wider margin but for less time in order to generate similar returns.

The cash flow would repay debt and investors.

The other facility would be used to jump start investments in renewables and storage to take over the energy load from the plants as it grows, attracting finance on its own.

The model is already familiar to infrastructure investors who rely on blended finance in so-called public-private deals, backed by government-financed institutions.

In this case, development banks would take the biggest risk by agreeing to take first loss as holders of junior debt as well as accepting a lower return, according to the proposal.

"To make this viable on more than one or two plants, you've got to get private investors," Michael Paulus, head of Citi's Asia-Pacific public sector group, who is involved in the initiative, told Reuters.

"There are some who are interested but they are not going to do it for free. They may not need a normal return of 10-12%, they may do it for less. But they are not going to accept 1 or 2%. We are trying to figure out some way to make this work."

Citi declined further comment.

The framework has already been presented to ASEAN finance ministers, the European Commission and European development officials, Kanak, who co-chairs the ASEAN Hub of the Sustainable Development Investment Partnership, said.

Details still to be finalised include ways to encourage coal plant owners to sell, what to do with the plants once they are retired, any rehabilitation requirements, and what role if any carbon credits may play.

The firms aim to attract finance and other commitments at COP26, when governments will be asked to commit to more ambitious emissions targets and increase financing for countries most vulnerable to climate change.

U.S. President Joe Biden's administration has re-entered the Paris climate accord and is pushing for ambitious reductions of carbon emissions, while in July, U.S. Treasury Secretary Janet Yellen told the heads of major development banks, including ADB and the World Bank, to devise plans to mobilize more capital to fight climate change and support emission cuts. read more

A Treasury official told Reuters that the ADB's plans for coal plant retirement are among the types of projects that Yellen wants banks to pursue, adding the administration is "interested in accelerating coal transitions" to tackle the climate crisis.

ASIA STEPS

As part of the group's proposal, the ADB has allocated around $1.7 million for feasibility studies covering Indonesia, Philippines and Vietnam, to estimate the costs of early closure, which assets could be acquired, and engage with governments and other stakeholders.

"We would like to do the first (coal plant) acquisition in 2022," ADB's Saeed told Reuters, adding the mechanism could be scaled up and used as a template for other regions, if successful. It is already in discussions about extending this work to other countries in Asia, he added.

To retire 50% of a country's capacity early at $1 million-$1.8 million per megawatt suggests Indonesia would require a total facility of roughly $16-$29 billion, while Philippines would be about $5-$9 billion and Vietnam around $9-$17 billion, according to estimates by Prudential's Kanak.

One challenge that needs to be tackled is the potential risk of moral hazard, said Nick Robins, a London School of Economics sustainable finance professor.

"There's a longstanding principle that the polluter should pay. We need to make absolutely sure that we are not paying the polluter, but rather paying for accelerated transition," he said.

The Thomson Reuters Trust Principles.

Tencent vows fresh video game curbs after media attack knocks shares

(Reuters) - China's Tencent Holdings Ltd (0700.HK) said on Tuesday it would curb minors' access to its flagship video game, hours after its shares were battered by a state media article that described online games as "spiritual opium."

Economic Information Daily cited Tencent's "Honor of Kings" in an article in which it said minors were addicted to online games and called for more curbs on the industry. The outlet is affiliated with China's biggest state-run news agency, Xinhua.

China's largest social media and video game firm saw its stock tumble more than 10% in early trade, wiping almost $60 billion from its market capitalisation. The stock was on track to fall the most in a decade before trimming losses after the article vanished from the outlet's website and WeChat account.

The broadside comes days after the securities regulator and state media sought to soothe investor fear over the pace and breadth of market reform that sparked a selloff in technology and private education. The CSI300 index (.CSI300) last week fell more than 5% for its biggest monthly loss since October 2018.

The attack on the video game sector put investors back on edge.

"News once again caused market concerns about industry regulation," said Everbright Sun Hung Kai analyst Kenny Ng.

"Under this circumstance, it is expected that game stocks and even the overall technology stocks will still face continuous adjustment pressure," he said, adding focus will shift to whether firms change their policies for minors' access.

In the article, the newspaper singled out "Honor of Kings" as the most popular online game among students who, it said, played for up to eight hours a day.

"No industry, no sport, can be allowed to develop in a way that will destroy a generation," the newspaper said, likening online video games to "electronic drugs".

Tencent in a statement said it will introduce measures to reduce minors' access to and time spent on games. It also called for an industry ban on gaming for children under 12 years old. read more

The company did not address the article in its statement, nor did it respond to a Reuters request for comment.

The article also hit rivals' shares. NetEase Inc (9999.HK) dropped more than 15% before paring losses to sit around 8% lower in late afternoon trade. Game developer XD Inc (2400.HK) fell 8.2% and mobile gaming company GMGE Technology Group Ltd (0302.HK) dropped 15.6%.

Outside of gaming, investors were also caught offguard by the State Administration For Market Regulation (SAMR) on Tuesday saying it would investigate auto chip distributors and punish any hoarding, collusion and price-gouging. The semiconductor stock index (.CSIH30184) subsequently fell more than 6%.

CHILD WELLBEING

The government has vowed to strengthen rules around online gaming and education to protect child wellbeing. Last month, it banned for-profit tutoring in core school subjects, attacking China's $120 billion private tutoring sector. read more

That added to other regulatory action in the technology industry, including a ban on Tencent from exclusive music copyright agreements and a fine for unfair market practices. read more

At one point on Tuesday, Tencent was briefly de-throned as Asia's most-valuable firm by market capitalisation by chipmaker Taiwan Semiconductor Manufacturing Co Ltd (2330.TW).

"It showed how investors are jumpy these days. They don't believe anything is off limit and will react, sometime over-react, to anything on state media that fits the tech crackdown narrative," said Ether Yin, partner at Beijing-based consultancy Trivium.

"Government will not and can not get rid of the gaming industry... Restrictions will stay but not much room to go tighter," he said.

The Thomson Reuters Trust Principles.

BP boosts dividend, buybacks as profit soars

(Reuters) - BP (BP.L)boosted its dividend and share buybacks after beating expectations with a $2.8 billion second-quarter profit poweredby higher oil prices and recovering demand.

The results bolster CEO Bernard Looney's plan to shift away from oil and gas to renewable and low-carbon energy in an effort to battle climate change.

BP shares were up 2.2% in early trading.

Rivals including Royal Dutch Shell (RDSa.L), TotalEnergies (TTEF.PA) and Chevron (CVX.N) also boosted shareholder returns last week reflected a recovery from the pandemic which saw energy demand plummet. read more

BP increased its dividend by 4% to 5.46 cents after it was halved to 5.25 cents in July 2020 for the first time in a decade.

BP also plans to repurchase $1.4 billion in shares in the coming months after generating surplus cash of $2.4 billion in the first half of the year, it said.

In April, BP launched a $500 million buyback plan to offset dilution from an employee share distribution programme. read more

Looney said in a statement that the measures were possible due to a stronger performance as well as "an improving outlook".

BP expects global oil demand to recover to pre-pandemic levels sometime in the second half of 2022.

BP's underlying replacement cost profit, the company's definition of net earnings, reached $2.8 billion in the second quarter, beating the $2.15 billion expected by analysts.

That was up from $2.63 billion in the first quarter and marked a rebound from a loss of $6.68 billion a year earlier.

The results were also due to stronger demand for fuel, including aviation fuel, as well as higher profit margins at convenience stores in BP's petrol stations, it said.

BP's net debt fell dropped to $32.7 billion from $40.1 billion.

STRONGER OUTLOOK

BP said it has increased its price forecast for benchmark Brent crude oil to 2030 to reflect expected supply constraints, while also lowering its longer-term price forecast because it expects an acceleration in the transition to renewable energy.

As a result, the company increased the pre-tax value of its assets by $3 billion. That comes after writedowns of more than $17 billion last year.

The company said at an oil price of $60 a barrel, it expects to be able to buy $1 billion in shares and boost its dividend by 4% annually through 2025.

Brent oil prices rose in the second quarter to an average of $69 a barrel from $61 in the previous quarter and from $29.56 a year earlier.

The Thomson Reuters Trust Principles.

Riding the oil price rebound: Gulf states to accelerate asset sales

(Reuters) - Saudi Aramco and other Gulf oil producers are following in the footsteps of Abu Dhabi with plans to raise tens of billions of dollars through sales of stakes in energy assets, capitalising on a rebound in crude prices to attract foreign investors.

The moves, in a region traditionally possessive of its refineries, power plants and pipelines, highlight the pressure on petrostates to raise funds to diversify their sources of revenue and to bolster national finances hit by a recent slump in oil prices and the coronavirus pandemic.

After selling a significant minority stake in its oil pipelines to foreign investors for $12.4 billion in June, Saudi Aramco (2222.SE) is weighing selling both downstream and upstream assets, two people familiar with the matter said.

Aramco is looking to sell its gas pipelines under a leaseback arrangement, and could offer stakes in refineries, power plants, and potentially export terminals in the future, the people said.

Stakes in upstream projects such as hydrogen could also be offered to strategic investors, one of the sources said.

Smaller producers Oman and Bahrain are also contemplating similar asset sales, other sources said.

"All of the oil producers are looking to recycle capital that they have tied up in infrastructure assets and deploy that for other things," said a senior executive at an energy-focused investment company, who asked not to be named.

"Private investors find these assets attractive."

Saudi Aramco declined to comment.

Abu Dhabi National Oil Co (ADNOC) was the first regional oil major to seek outside investment, forming partnerships in both strategic and non-core assets to raise over $30 billion over the past four years.

ADNOC is now preparing to list its drilling business, which in 2018 had an enterprise value of about $11 billion, and would be the second such IPO of its units after its fuel distribution arm, ADNOC Distribution, was listed in 2017.

ADNOC has made attracting foreign investors a key element of the upcoming IPO, according to sources familiar with the deal, tying in with a national effort to boost the Abu Dhabi stock market.

Conventional energy investments remain popular despite the transition away from fossil fuels. Assets such as pipelines and power plants provide long-term steady returns in a low interest rate environment.

ADNOC and Aramco have not specified what they would spend the proceeds of the stake sales on. Both are looking to invest in clean energy projects. Aramco also needs to secure minority shareholders their share of the company's proposed $75 billion of annual dividends in the five years since a 2019 IPO.

ADNOC declined to comment about its future plans. The company reiterated that proceeds from transactions between 2017 and 2020 were reinvested in its core business and strategic growth projects.

A BENCHMARK FOR ASSETS

Deals for Gulf energy assets are expected to gather pace and draw more interest as oil prices, supported by output cuts made by OPEC and other oil producers, hover above $70 a barrel. Oil has gained more than 40% since the start of the year.

Oman state energy company OQ is weighing the possible sale of its drilling business, Abraj Energy Services, and has also hired advisors for the sale of its entire 12% stake in Portuguese power grid operator Ren, sources have previously told Reuters. read more

Bahrain's Nogaholding, which manages the government's portfolio in oil and gas assets, is in the process of a "full review of the company’s existing business and strategic plans", a spokesperson told Reuters.

The slew of deals coming from the UAE and Saudi Arabia are also creating a benchmark for assets of other regional players, according to a source that advised one investor.

The source said potential investors are looking to make a double-digit return on investments in energy infrastructure assets because they have to lock in their capital for 25 years.

However, smaller countries with lower sovereign ratings and under pressure for fiscal adjustment may have to pay up in order to attract overseas investors.

"The Omanis may juice up the deals by absorbing some of the risks themselves to attract investors," the source said.

Oman's OQ did not respond to a request for comment.

The Thomson Reuters Trust Principles.

Upgrades, ESG, DeFi usage to help ether outpace bitcoin: Pantera Capital

(Reuters) - The Ethereum platform's potential applications, lower environmental impact and technical upgrades are likely to help the ether token continue to outperform bitcoin, Pantera Capital CEO Dan Morehead said.

As a more recent token, ether has further to run than bitcoin, Morehead told the Reuters Global Markets Forum on Monday, adding that the latest Ethereum Improvement Proposal (EIP) 1559 upgrade will help it trade more like a fixed asset.

"You'll see a transition of people who want to store wealth, doing it in (ether) rather than just bitcoin," he added.

Scheduled to go live Wednesday, EIP 1559 significantly changes how transactions are processed on the Ethereum blockchain as well as reduces supply of the ether token. read more

Migration to the upgraded "Ethereum 2.0" will reduce ether's mining energy use compared with bitcoin's large carbon footprint, Morehead said.

The blockchain's use in decentralised finance (DeFi) applications will also support prices, he added.

Ether , the world's second-largest cryptocurrency, has more than doubled its price in 2021 to its Monday close of $2,608, compared with bitcoin's rise of 46% to $39,166.

Ether's market capitalisation was around $306 billion on Monday, less than half of bitcoin's $737 billion, according to tracker CoinGecko.com.

Morehead sees bitcoin ending 2021 between $80,000 and $90,000, and rising above $120,000 within a year. Increased mainstream adoption could push it as high as $700,000 in the next decade, he said.

Despite recent volatility that left bitcoin 40% below its April all-time high of $64,895, Morehead said Pantera Capital's funds have attracted institutional investors who are less "momentum"-oriented than retail investors, and see current prices as a buying opportunity.

He also sees increased regulatory scrutiny, such as a global crackdown on cryptocurrency exchange Binance, as a "transition" phase.

Pantera, which manages $2.8 billion in blockchain-related assets, has invested in several crypto exchanges including Bitstamp, Coinbase, (COIN.O), and regional exchanges such as Mexico-based Bitso.

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Sanofi to buy U.S. mRNA partner Translate Bio in $3.2 bln deal

(Reuters) - Sanofi (SASY.PA) has agreed to buy U.S. biotech company Translate Bio (TBIO.O) in a $3.2 billion deal, as it bets on next-generation mRNA technology after setbacks in the COVID-19 vaccine race, confirming a Reuters exclusive report.

Sanofi said it would acquire all outstanding shares of Translate Bio for $38.00 per share in cash, representing a total equity value of about $3.2 billion for Translate Bio.

The boards of both companies have approved the deal, and the chief executive of Translate Bio and the U.S. company's largest shareholder have backed the takeover offer, Sanofi and Translate Bio said in a joint statement.

Shares in the French pharmaceuticals company edged up 0.3% in early morning trade.

"Translate Bio adds an mRNA technology platform and strong capabilities to our research, further advancing our ability to explore the promise of this technology to develop both best-in-class vaccines and therapeutics," said Sanofi Chief Executive Paul Hudson.

Translate Bio's shares surged on Monday following the Reuters report. Sanofi's offer of $38 represents a 30.4% premium to Translate Bio's August 2 closing price of $29.15.

GROWING INTEREST IN MRNA TECHNOLOGY

Sanofi's bid for Translate Bio marks the latest interest by a large pharmaceutical company in mRNA technology, following its proven success in COVID-19 vaccines developed by Pfizer (PFE.N)/BioNTech , and Moderna (MRNA.O).

The messenger RNA (ribonucleic acid) approach, an area of Translate Bio expertise, instructs human cells to make specific proteins that produce an immune response to a given disease.

Sanofi and Translate Bio have been working together since 2018 and joined forces last year to develop an mRNA-based COVID-19 vaccine. They expect interim results of their Phase I/II clinical trial in the third quarter.

The two companies are also looking at mRNA vaccines for several infectious diseases and in June started a Phase I trial evaluating a possible mRNA-based vaccine against seasonal influenza, building on Sanofi's expertise as one of the world's top flu vaccine makers.

TOUGH YEAR

Sanofi's interest comes after a tough year for the French drugmaker after falling behind rivals with less experience in the COVID-19 vaccine race, a major blow to CEO Paul Hudson who joined the company almost two years ago.

Sanofi warned last year its traditional, protein-based COVID-19 jab developed with GlaxoSmithKline (GSK.L) showed an insufficient immune response in older people, delaying its launch until toward the end of 2021.

Hudson has also been under increasing pressure to reduce the company's dependence on its star eczema treatment Dupixent to boost earnings. Earlier this year, it agreed to fill and pack millions of doses of shots made by Pfizer/BioNTech, Johnson & Johnson (JNJ.N) and Moderna.

Translate Bio, set up in 2016, has not launched any drugs on the market but its clinical-stage pulmonary product using its mRNA platform is being tested as an inhaled treatment for cystic fibrosis in a Phase I/II clinical trial.

Investment bank Morgan Stanley advised Sanofi on the deal, while Translate Bio's financial advisers were Centerview Partners and Evercore.

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BMW says chip shortage, raw material prices to hit second half

(Reuters) - BMW (BMWG.DE) raised its profit forecast for 2021 on Tuesday after strong quarterly results, but said the global semiconductor chip shortage and rising raw materials prices would hurt its performance in the second half of the year.

BMW has so far been relatively less affected by the global chip shortage that some of its peers across the auto industry, which has been attributed to its strong relations with its supplier base.

Its German rivals Volkswagen AG (VOWG_p.DE) and Daimler AG (DAIGn.DE) have both warned the chip shortage would dent their results in the second half, and Daimler has said the crisis could drag on into 2022. read more

BMW Chief Executive Oliver Zipse flagged similar pressures later this year.

"Our performance has benefited from strong customer demand during the first half of the year, enabling us to achieve significant growth," Zipse said in a statement.

"However, in light of a number of prevailing risks, including raw materials prices and a shortage of semiconductors, the second six-month period is likely to be more volatile for the BMW Group."

Chief Financial Officer Nicolas Peter said in a statement that BMW was able to offset the challenges of the chip shortage through "sheer hard work," but added "the longer the supply bottlenecks last, the more tense the situation is likely to become." L8N2PA179

BMW reported a better-than-expected second-quarter profit after a loss a year earlier when the German luxury carmaker was pummelled by the coronavirus pandemic.

BMW's sales jumped nearly 45% in the second quarter, with sales rising almost 75% in Europe and 88% in the United States. Sales in China, which drove the carmaker back to profitability in the second half of 2020 after pandemic-related production shutdowns, were up nearly 12%.

The carmaker reported quarterly net profit of 4.8 billion euros ($5.7 billion) after a 212 million euro loss in 2020, more than double an average 2.2 billion euro forecast provided by Refinitiv.

The second-quarter results also received a 1 billion boost after BMW had to set aside less money than initially feared for expected European antitrust fines for alleged collusion with rivals. read more

The carmaker said it now expected its a full-year operating margin for the automotive segment to come in at the upper end of its forecasted range of between 7% to 9%.

($1 = 0.8420 euros)

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StanChart restores payouts but income drop signals challenges ahead

(Reuters) - Standard Chartered PLC (STAN.L) reported a higher than expected 57% jump in first-half profit and $350 million worth of shareholder payouts, but a fall in revenue showed the longer-term struggle ahead for the bank.

StanChart announced a $250 million share buyback and resumption of interim dividend payments worth 3 cents per share, or $94 million in total.

However, income fell 5% thanks to low interest rates, which the bank said it hopes are bottoming out, and declining revenue in its cash cow transaction banking business.

Having spent the early years since his appointment in 2015 fixing StanChart's battered balance sheet and slashing costs, Chief Executive Bill Winters in recent years has tried to restore its growth momentum. The results of those efforts have been mixed, as affirmed by the bank's latest report.

The Asia, Africa and the Middle East-focused bank is looking to capitalise on rising trade between those regions, as well as grow fee-based businesses such as wealth management to compensate for rock-bottom policy rates worldwide.

The bank's net interest income fell 4% as low rates squeezed its margins.

Statutory pretax profit for StanChart rose to $2.55 billion in January-June from $1.63 billion in the same period last year, the London-headquartered bank said.

That compares with the $2.23 billion average of analyst estimates compiled by Standard Chartered.

"We believe that we will soon be back on the same performance trajectory that we were on before the pandemic set us back," Winters said.

FUTURE PAYOUTS

StanChart posted a record performance in its wealth division, with income up 23% to $1.2 billion, thanks to strong product sales through its new digital channels.

Its profit was also boosted by a release of $67 million it had set aside to cover a potential increase in bad loans due to the pandemic, after taking a further $20 million charge in the first three months of the year.

However, StanChart released less than what larger rival HSBC (HSBA.L) announced a day earlier. HSBC has a much larger presence in markets such as Britain that were initially hit hard by COVID-19 last year but have since begun to recover, helped by high vaccination rates. read more

StanChart's profit rebound was also less than those of Wall Street peers and British rivals HSBC and Barclays, as income in its core cash management and trading businesses slumped.

Costs rose 8%, mainly due to higher pay for bankers as StanChart, in common with its rivals, boosted bonuses to try and retain key staff as banks' profits rebound.

StanChart's Hong Kong listed shares fell after the results and were last down 0.84%.

Asked about the potential for future payouts, Winters told Bloomberg TV that the bank had plenty of capital to invest in organic growth or interesting acquisition opportunities, but “if it turns out that there is nothing out there for us to invest in, which would be a bit disappointing, we could resume buybacks or raise the dividend.”

The bank also set out three areas in which it said it will use its clout to help tackle global societal issues, namely climate change, women's rights and access to credit for small businesses, and "giving more people the chance to participate in the world economy".

StanChart said it will set long and near-term goals and that this would not be "philanthropy" but commercial investment.

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UK's Domino's expands share buyback as profit jumps

(Reuters) - Domino's Pizza Group (DOM.L) on Tuesday expanded its share buyback programme and said business in the second half of the year had started well, as orders were boosted by England's football team reaching the final of the Euro tournament.

The UK franchise of U.S.-based Domino's Pizza Inc (DPZ.N) reported a 27.7% jump in underlying profit before tax for the six months ended June 27, and added an additional 35 million pounds ($48.61 million) to its existing 45 million pounds share buyback programme.

($1 = 0.7200 pounds)

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Nigeria: Merits in CBN Stoppage Sales of Forex to BDCs

The latest Central Bank of Nigeria's (CBN) decision to stop the sale of forex to Bureau De Change (BDC) operators due to the reported abuses that have characterized the transactions of the BDCs since the commencement of regular issuance of up to $10,000, twice a week or thereabout, to registered BDC operators by the Apex Bank, has, expectedly, been eliciting mixed reactions.

While some commentators have responded to the policy from the perspective of the immediate shock of the stoppage of sales of forex to the BDCs in the market and, are, therefore, advocating for a return to the status quo, many are applauding the CBN's stand given the wider long-term benefits of the ban on the economy.

No one expected that the reactions in the market will be utterly jubilant given that the immediate shock resulted in the fall in the unit of our local currency leading to the purchase of dollars at a higher rate, at the parallel market, within days of the introduction of the policy.

Before now, the motivation of the CBN to sell foreign exchange (FOREX) to the Bureau De Changes (BDCs) operators was mainly for ease of access to the end-users, to halt the seemingly scarce FOREX, and to shore up the exchange rate of the Naira. But according to CBN figures, this rather led to the astronomical growth of the number of the BDCs in the country from a mere 74 in 2005 to over 5,500 BDCs as of July 27, 2021. Were the quantum leap in the number of the BDCs ( 5,426 in 16 years) a reflection of real growth in that sector and in support of the attainment of the CBN targeted objectives, there wouldn't have been any cause for alarm.

Rather, from the reasons adduced by the CBN, the increase was informed by selfish interests and the perpetuation of illicit transactions, which are antithetical to Nigeria's socioeconomic growth and a negation of the nation's apex bank monetary policy projections. For many years, the activities of some of the BDCs have continued to undermine genuine efforts at stabilizing the currency, which informed CBN's commencement of weekly sales of FOREX to the BDCs operators. It is a known fact that the apex bank had been supplying each licensed BDCs upwards of $10,000 twice per week at the rate of N393 with a mandate to sell with a margin of N2.

Instead of easing access to forex and enhancing the exchange rate of the Naira, the BDCs operators have engaged in round-tripping and hoarding of FOREX thereby creating artificial scarcity to sell at higher than approved rates thus serving as conduit pipes for money laundering and indulging in many other illicit transactions not envisaged by the CBN.

The further negative implications of the compliance failures of the BDCs include but are not limited to the dollarization of the Nigerian economy, subversion of the cashless policy, common ownership of several BDCs by the same operators in the sector in order to obtain multiple FOREX from the CBN and continued patronage of illegal BDCs by international organizations and embassies.

These unwholesome activities were the build-up to the ban on sales of forex to the BDCs as announced by the CBN Governor, Godwin Emefiele, after the Monetary Policy Committee (MPC) meeting which was held on July 27, 2021. Some are of the opinion that it would have amounted to insensitivity had CBN turned blind eyes to these anomalous practices which have derailed the good intentions that informed the CBN regular sales of the forex to the multitude of BDCs at discounted rates.

In the words of Emefiele, "Despite the fact that Nigeria is the only country in the world today where a central bank sells dollars directly to Bureau De Change operators, operators in the Nigerian Bureau De Change segment have not reciprocated the bank's gesture to help maintain price stability in that market. Given this behaviour, it is not surprising that since the CBN began to sell foreign exchange to Bureau De Change, the number of operators has risen from a mere 74 in 2005 to over 2,700 in 2016 - and almost 5,500 BDCs as of today (July 27, 2021).

"In total disregard of the difficulty that the (apex) bank is facing in meeting its mandate of maintaining the country's foreign exchange reserves to safeguard the value of the naira, we have continued to observe that stakeholders in some of the sub-sectors have not been helpful in this direction. In particular, we have noted with disappointment and great concerns that our Bureau De Change operators have abandoned the original objective of their establishment which was to serve retail end users who need $5,000 or less. Instead, they have become (illegal) wholesale dealers in foreign exchange to the tune of millions of dollars per transaction."

The additional disclosure, by the CBN Governor, that the CBN constantly receives nothing less than 500 new applications for BDC licenses every month, indicates that there is more than meets the eye in the business of BDCs as currently operated in Nigeria.

Admitted that constructive criticisms are necessary for the shaping and re-shaping of policies, the unusual increase in the number of interests in securing BDC licenses, as reported by the apex bank, should also be of interest to those opposing the recent ban of sales of forex to BDCs; aside from the players and their sponsors who have been benefiting from the 'anomaly'.

It is against this background that the change in CBN's policy direction to sell forex to Deposit Money Banks (DMBs) and to retain them as forex retail outlets in the country should be given a chance. And not a few have applauded the shift. They contended that apart from halting the prevailing anomalies and illicit transactions inherent in the operations of the BDCs, it will conserve the colossal wastes of scarce forex in funding operations of the BDCs. With the recent decision, there appears a consensus that the apex bank has streamlined forex transactions and brought it under its full control to enable it fully to monitor, achieve operational transparency, garner operational compliance to the regulatory framework, ensure accountability on sales of forex as well as achieve financial stability.

It is also anticipated that the policy will reduce the prevailing pressure on the forex as end users are now assured of availability and ease of accessing forex within banking hours at official rates. In addition, it is believed that it will protect the end-users from arbitrary exchange rates manipulations by the BDCs. Apart from conserving the waste of forex, with the new policy direction, CBN is expected to conserve the nation's foreign exchange earnings from crude oil sales and build the nation's foreign exchange reserves which has not reflected the appreciable increases in the price of crude oil sales in international market.

Knowledgeable commentators such as the past President, Association National Accountants of Nigeria (ANAN), Dr Sam Nzekwe, Professor Uche Uwaleke- a University Don and Capital Market Expert, amongst other pro- ban advocates have in their various interventions, since the new policy, commended the CBN's decision and advised that the BDCs should source their monies themselves having deviated from their core roles and resorted to undermining their privileges by involving in illegal dealings.

According to Dr. Sam Nzekwe, "BDC is meant for light travelers, someone that is traveling and has no time to go to the bank who can just stopover at the airport and buy few dollars and travel with it. The CBN was allocating forex to them, which was a wrong decision, and it is a terrible thing. That is why they encouraged round-tripping."

For Professor Uche Uwaleke, while reacting in a statement published in Prompt News Online, the ban "on the positive side, is consistent with the move by the CBN to unify Exchange rates and bring more transparency to the forex market. Exchange rate unification is in line with the IMF and World Bank's recommendations and so improves the country's profile and credit standing before International financial institutions. It signifies that the country is serious in its reform efforts.

"It will slow down the rate of depletion in external reserves. The move is likely to check the round-tripping of the forex and reduce the supply of forex in the parallel market. Further, speculative demand for forex is also likely to reduce. I am aware that BDCs have been accused of being vehicles for bribery and corruption. This will likely reduce. It goes without saying that a more transparent forex market will improve confidence in the economy and could lead to increased foreign investments."

Although, some have expressed fears that the current policy will lead to job losses within the BDCs sector, we need to look at the bigger picture of the policy's upsides. We should also not be unmindful of the fact that the leap in the job sector was never organic, and this volatility could have been envisaged. The job figures as taunted could also have been better supported if the income taxes and PAYE contributions from the sector were less opaque. Even at that, the reality is that the BDCs were not shut down, rather they are required to see alternative sources of obtaining forex to fund their operations. Apart from this, Deposit Money Banks are expected to expand the scope of their operations; implying that what could be considered a loss in the BDCs sector could translate to gain in the banking sector. The bottom line lies in the long-term benefits of the CBN's new policy on forex trading which is targeted at financial system stability and overall economic growth.-This Day.

Nigeria: MTN Announces Plans for 20th Anniversary Celebration in Nigeria

Nigeria's largest mobile telecommunications operator, MTN Nigeria Communications Plc has announced that it will celebrate its 20th year in the country's telecommunications industry on August 8, 2021.

The company in a statement said it will be executing numerous national impact projects in the coming months as it marks the milestone.

As revealed in MTN Nigeria's unaudited financial statements for the half year, the Chief Executive Officer (CEO), MTN Nigeria, Karl Toriola, stated that the company will now participate in Nigeria's Road Infrastructure Tax Credit (RITC) Scheme.

He said, "We are pleased to announce that our Board of Directors has approved our participation in the Road Infrastructure Tax Credit (RITC) Scheme. This is in response to the Government's drive towards public-private partnerships in the rehabilitation of critical road infrastructure in Nigeria. We intend to participate in the restoration and refurbishment of the Enugu-Onitsha Expressway."

According to the financial statement released by the company, MTN's participation in the RITC Scheme is one of the many projects that will be executed in celebration of MTN Nigeria's 20th year in Nigeria.

MTN Nigeria launched its services on August 8, 2001. Since its launch, MTN has steadily deployed its unmatched services across Nigeria, connecting approximately 69 million people in communities across the country with each other and the world. MTN Nigeria currently provides services in 223 cities and towns, more than 10,000 villages and communities and a growing number of highways across the country, spanning the 36 states of Nigeria and the Federal Capital Territory, Abuja.-This Day.

Nigeria, Russia Plan Deal On Nuclear Power Projects

Nigerian government officials have met with their counterparts from Russia in preparation for a deal that would see the country site some nuclear power projects in Nigeria on a Build, Operate and Transfer (BOT) basis.

During the meeting with Russian nuclear power giant, Rosatom, in Abuja, acting Chairman of the Nigeria Atomic Energy Commission (NAEC), Prof. Ahmed Yusuf, said projects would be useful to the military as well as in agriculture, health, medicine, environment and enhancing the supply of water resources.

One of the facilities to be cited in Nigeria, he said, is a multi-purpose reactor complex and a laboratory that can carry out silicon doping, material testing and radiating facility to prolong the shelve lives of food, promote export and reduce wastages.

In addition, there will be small and modular reactors that can be sited in isolated places for off-grid power, which will be integrated into the national electricity supply chain, he said.

"We have agreed on the terms and standards of the agreement. Between now and the end of 2022, a blueprint will come out and the issue of contractual agreement and the signing between Nigeria and Russia Federation will be very clear to both parties.

"It could be on knowledge transfer, power or agriculture, but until we finish the feasibility study and evaluate the cost implication and who will contribute what, we have had discussions with the federal ministry of finance, budget and national planning to see how we can integrate our next year feasibility studies into the national budget, "Yusuf added.

He noted that the federal ministry of power was also being carried along to find ways to factor it into its energy master plan.

"For us, electricity is very important and if we are going to contribute to the national grid, we have discussed on how many nuclear power plants we intend to do and the need to expand our grid capacity before accommodating this kind of activities," he added.

In his remarks, Vice President of Rosatom Africa, Ryan Collier, said that as one of the pioneers of the nuclear industry, the company has traditionally been at the forefront of the international nuclear market, including nuclear power plant construction, uranium mining and enrichment, as well as nuclear fabrication and supply.

This Day.

Cameroon: Nigeria-Cameroon Bridge Will Facilitate Inter-Country Trade - Fashola

The border bridge at Mfum and the Ikom bridge between Nigeria and Cameroon will facilitate international trade between the two countries when inaugurated, Minister of Works and Housing, Mr. Babatunde Fashola, has said.

Fashola made the remark while inspecting the two-lane bridge over the Cross River at the Cameroon and the Nigeria new border at Ekok /Mfum and the new Ikom bridge.

The minister explained that the President Muhammadu Buhari led administration's strategy of planning and execution of infrastructure projects was yielding results through successful completion.

"This is the A-4 axis coming from Calabar to Maiduguri through Ogoja to Katsina-Ala. So you will expect more volume of trade. And it is no accident that Cross River State bears its name. It is actually the River that named the state. That River opens to the sea and the Gulf of Guinea. And so high impact on international trade is expected.

"We have had very strong relationship with Cameroon in terms of trade and business and if you go to Aba, Enugu, Abakaliki, for example, this is the route that facilitates trade, agro produce, merchandise, manufactured goods from Aba in Abia State.

"This is a very strategic infrastructure to take Nigeria to the future for many more decades to facilitate relationship between brothers and sisters in Cameroon and Nigeria and to strengthen the bond of relationship in a joint development with the Republic of Cameroon and Nigeria, "Fashola said.

He added that the bridges would increase the prosperity of the people, facilitate hundreds of jobs, movement of agro produce and manufactured goods, joint border patrol that would lead to security efficiency and position both nations to take the benefit of the free trade zone agreement.

In his remarks, Cross River State Governor, Prof. Ben Ayade, who was represented by the State Commissioner for Works, Dane Osimasu, assured that counterpart funding from the state would always be provided where it is necessary in infrastructure development projects.

Also, Director, Highway Bridges and Design, Mr. Emmanuel Adeoye said the project was awarded in October 2018 and it is due to be completed by November 7, 2021.

"The rate at which the contractor is working, by the end of October it should be finished. Right now as we speak, the job is 92 per cent completed, with the time lapse of 68 per cent. We are moving faster than the scheduled time, so by end of October we should be done with the bridge."

A representative of the Ajassor community, Victor Njor, said the border bridge has enhanced joint border patrol linking Cameroon and Nigeria within the area.-This Day.

South Africa - Most Looted Shops Still Shut

Two weeks after several South African provinces were hit by a wave of deadly violence, the process of rebuilding their destroyed infrastructure and reopening the scores of looted shops has yet to begin.

A deadly spree of violence and looting engulfed the South African provinces of Gauteng and KwaZulu-Natal (KZN) a couple of weeks ago, during which thousands of businesses were gutted and at least 330 people were killed.

The KZN government on Thursday declared a state of disaster to divert budgets towards recovery.

Slow healing

The Shoprite supermarket in Pennyville, Soweto recently reopened its doors following the unrest, during which shelves and tills were broken, amongst other damage.

Three kilometres away, the Diepkloof shopping mall had all 34 of its shops looted and vandalised -- some were even set on fire.

The marks of looting, vandalism and arson still remain. With the exception of two, all stores are still closed.

Dobsonville Mall -- 20 kilometres west of Johannesburg-- was also completely looted.

The shop belonging to 65-year-old Sam Mampane is one of only three that have started the painful process of reopening.

A wooden counter and two large, broken printing machines were the only things remaining in his once-successful courier, postal, printing and internet services shop.

Devastation

"The electronic stuff that we lost we are talking 200,000 plus rands or over €11 million [$13.07 million], Mampane told DW.

"All our computers were gone. Chairs for clients are gone. Stock is gone. They smashed the till, took the money and went."

Although Mampane's business was insured, he said that he cannot afford to wait for the time-consuming payment processes of insurance companies.

"We are just hoping that the police are not going to get overwhelmed again. I'm stressed. I'm devastated. My family depends on what we are making here."

"I have to pay rent," Mampane added. "Phones have to be paid for. My boys are here. They have got families as well. If there is no money, what is going to happen?"

Total destruction

Exemplar Retail Limited owns about 20 shopping malls across South Africa. The company's CEO, Jason McCormick, admited that the rebuilding process will not be child's play.

"Somewhere close to €29 billion worth of damage," McCormick told DW. "We haven't finalised the details yet. The surveyors and engineers are still finalising their reports, but it's certainly not a couple of tens of millions. It's significant."

"There was no doubt that this was sustained. This was planned. There was an intention to cause maximum damage. They disabled our fire prevention systems in the malls. They attacked them so that we couldn't put out the fires," added McCormick.

Medical facilities targeted

Community buildings and clinics affected by the looting and vandalism are still struggling to reopen. The Kliptown Research clinic -- a key research institution for HIV and AIDS -- was also brought to its knees.

Anusha Nana, the clinic's project director, said that without external help, it could struggle to reopen.

All the consulting rooms' internal infrastructure was damaged," she said. "Medical equipment was stolen, and this included stethoscopes, blood pressure machines and weighing scales."

"Since the riots in mid-July, we have tried to repair damages to our clinic to allow us to become operational and see our participants," Nana added.

"And we have been able to do so through our available donor and grant funding. We however, need to review and improve our security as well as back up water and power supply to our clinic. We continue to have interruptions of electrical power due to cable theft, poor infrastructure and national rolling blackouts."

However, she said that giving up is not an option:

"It is important that we become functional as soon as possible, so that we continue to provide services to our community and to continue with our scientific, global and research agenda."

Community efforts

Companies and well-wishers have started reaching out to help the clinic reopen its doors.

Arjun Khoosal is the co-founder of Kandua, the largest marketplace for maintenance and renovation in South Africa.

"The PHRU -- which is the perinatal HIV Research Unit -- in Kliptown is a research clinic at the forefront of fighting the HIV pandemic [...] Even in the best of times critical institutions like these are hampered by lack of resources and support in our country. We owe it to these front-line workers to show our support, not just as Kandua but also as a conduit for the whole of South Africa," Khoosal told DW.

"And so, we take great pleasure at being able to support them at this difficult time. We are working on repairing a damaged wall that will secure the building from future risks as well as internal walls and electrical systems. With these repairs the clinic should be back in providing its vital services to the local community. So, businesses, individuals and everyone should be a part of this solution."

Significant costs

Gauteng's premier, David Makhura, said his province lost more than €200 million and over 14,500 jobs in one week of looting.

Over 30 shopping centres in the province were either looted or destroyed.

"There has been significant disruption of small business operations," Makhura said.

"Some of the businesses don't necessarily operate in those malls, but they themselves suffered severe disruptions. This includes spaza shops, and informal traders, most of whom operate in the streets. They were severely affected by the unrest."

Preliminary assessment by Business Leadership South Africa estimated that €288 million was lost in the retail industry alone.

National government joins rebuilding efforts

Meanwhile, the South African government also announced a huge bailout to fix businesses, infrastructure and livelihoods dismantled by the looting.

The government has availed over a €2 billion financial aid package to assist businesses affected by the riots.

"Damage in Ethekwini Municipality [greater Durban] alone is estimated at some over €800 million," South Africa's finance minister, Tito Titus Mboweni, said.

Mboweni added that the government would also help the South African Special Risks Insurance Association (SASRIA) in paying out the claims emanating from the riots.

"Of course, at the launch of our democracy, we did not really anticipate that we will have riots and destruction of property and so on because we're a democracy and therefore we were supposed to resolve our differences peacefully, in discussions and debate," Mboweni said.

"But unfortunately, we have found ourselves in this position today and therefore, Sasria is going to become very handy in assisting us to come out of this difficult situation."

Seychelles: Seychellois Cargo Service Now Exporting Fish to Nigerian, Ugandan Hotels

A Seychellois-owned cargo service, Euro African Star Transport (EAST), has begun exporting fish to African markets as part of its efforts to diversify Seychelles' exports.

The owner of EAST cargo, Carol Nalletamby, told SNA her company will be exporting fish to Nigeria and Uganda via Ethiopian Airlines where there are five-star hotels willing to buy the product.

"There are two hotels I am working with specifically. We had previously sent them samples of our products and they said they were satisfied with the quality," she said.

For the moment, EAST Cargo will be supplying five tonnes of fish a week - although there will be additional stock sent for distribution in the new market.

"Ethiopia has an extensive network in China and Singapore, that I believe they will also use to continuously send the fish to," said Nalletamby.

Seychelles, an archipelago in the western Indian Ocean, is currently exporting its fish products, mainly tuna and red snapper, to Europe and the United States.

Euro African Star Transport (EAST) was founded in 2020 as a company of the Seychelles. Though the company is recent, the team responsible for the company has been working together for many years through EAST sister company Euro Africa which was founded in France and has a history of transport business in East Africa.

East Cargo Services received extensive media attention when in March 2019, the company chartered Turkish airlines with the capacity of carrying up to 35 tonnes of cargo.

At the time of launching the services, the company had expected an inbound tonnage of 24 tonnes and an estimated outbound tonnage of 16 tonnes on the flight.

Earlier this month, the East Cargo Services was recognised by the local civil aviation authority for lifting out the highest payload from the Seychelles International Airport on a passenger cargo flight. The owner of the company, Carol Nalletamby received a certificate of achievement from Seychelles Civil Aviation Authority.

The recognition came after EAST Cargo managed to load 23,008.9kgs of fish onto Turkish Airlines aircraft TK0749 outbound to various points in the United States and Europe via Istanbul on June 1. The cargo load, which was the highest ever lifted out of Seychelles on a passenger cargo flight, was ratified by Air Seychelles Freighter Services at SIA.

The island nation is in the process of revitalising its fisheries industry, the second top contributor to its economy, with the government launching a series of measures to diversify and ensure more value-added fisheries products are exported.

Nalletamby said local fishermen have to go through a fish processor before her company accepts to ship them overseas.

"We make sure that the fish is processed up to international standards before shipping them over, although sometimes there are fish processors that we cannot work with, as they have signed contracts with specific countries," she added.

The services EAST cargo offer is finding the best routes (ship, truck or plane), handling all information requirements, managing the transportation and supervision of the process.-Seychelles News Agency.

Invest Wisely!

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INVESTORS DIARY 2021

Company

Event

Venue

Date & Time

Companies under Cautionary

ART

PPC

Dairibord

Starafrica

Fidelity

Turnall

Medtech

Zimre

Nampak Zimbabwe

 <mailto:info at bulls.co.zw> 

DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of Faith Capital (Pvt) Ltd for general information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities. The information contained in this report has been compiled from sources believed to be reliable, but no representation or warranty is made or guarantee given as to its accuracy or completeness. All opinions expressed and recommendations made are subject to change without notice. Securities or financial instruments mentioned herein may not be suitable for all investors. Securities of emerging and mid-size growth companies typically involve a higher degree of risk and more volatility than the securities of more established companies. Neither Faith Capital nor any other member of Bulls ‘n Bears nor any other person, accepts any liability whatsoever for any loss howsoever arising from any use of this report or its contents or otherwise arising in connection therewith. Recipients of this report shall be solely responsible for making their own independent investigation into the business, financial condition and future prospects of any companies referred to in this report. Other  Indices quoted herein are for guideline purposes only and sourced from third parties.

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