Major International Business Headlines Brief::: 05 August 2021

Thu Aug 5 09:46:07 CAT 2021

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Major International Business Headlines Brief::: 05 August 2021

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

ü  Covid travel: France moves to amber list and green list expands

ü  TikTok tests Snapchat style vanishing video stories feature

ü  Pret, McColls and Welcome Break in minimum wage fail

ü  Vanguard: Investment giant to pay vaccinated workers $1,000

ü  Robinhood shares surge amid frenzied trading

ü  Net zero targets 'unrealistic' says Oxfam report

ü  Key Fed official sees rates liftoff in 2023 as policy debate heats up

ü  Tesla chair Denholm sells shares worth more than $22 mln

ü  Asian stocks hold gains, dollar strong on Fed official comments

ü  Sanofi's COVID-19 vaccine setback, drug pipeline cast long shadow

ü  In China's Silicon Valley, COVID curbs pinch hardware startups

ü  India enforcement agency warns Flipkart, founders they could face $1.35
bln fine

ü  Rolls-Royce sticks to 2021 forecasts, says slow travel recovery to hurt
2022

ü  Glencore to return $2.8 bln to shareholders after record first half

ü  German industrial orders bounce back, but supply bottlenecks weigh

ü  Nivea maker Beiersdorf upbeat as demand roars past pre-pandemic levels

 <mailto:info at bulls.co.zw> 

Covid travel: France moves to amber list and green list expands

Fully-vaccinated passengers returning to England, Scotland and Northern
Ireland from France will no longer need to quarantine after Sunday.

Under widespread changes to the traffic light system for travel, France is
being moved from amber-plus to amber.

It was added to the list last month amid concerns about the Covid Beta
variant, which scientists believe may be more resistant to vaccines.

However the travel industry says the government has not gone far enough.

Germany, Austria and Norway are among seven nations being added to the green
list as part of the changes.

Despite prior speculation, Spain will remain on the amber list, enabling
travellers who are fully vaccinated to continue to enjoy a quarantine-free
return.

However, the Department for Transport has now said that "arrivals from Spain
and all its islands are advised to use a PCR test as their pre-departure
test wherever possible" instead of the cheaper lateral flow tests.

But in a series of tweets Conservative MP Huw Merriman, chairman of the
Commons Transport Select Committee, criticised "expensive" PCR tests for
travel as an "unnecessary rip-off" and a "barrier to affordable travel".

Bahrain, Qatar and the United Arab Emirates have been moved from the red
list to the amber list. But Mexico is among four countries now considered to
be among the highest risk destinations going on to the red list.

The changes from 04:00 BST on 8 August raise the total number of countries
or territories on the green list - where all travellers can return from
without having to quarantine - from 29 to 36.

But other countries have their own rules about allowing visitors - so being
on the UK's green list does not guarantee travellers can visit there.

There are also no changes to the rules requiring travellers to take tests
before and after their return.

Transport Secretary Grant Shapps said: "We are committed to opening up
international travel safely, taking advantage of the gains we've made
through our successful vaccination programme, helping connect families,
friends and businesses around the world."

Health Secretary Sajid Javid said while the changes moved more countries to
the green list, additions to the red list showed there was still a need for
caution to "help protect the success of our vaccine rollout".

Moving from amber to green: Austria, Germany, Slovenia, Slovakia, Latvia,
Romania and Norway

Moving from red to amber: India, Bahrain, Qatar and the UAE

Moving from amber to red: Georgia, Mexico, La Reunion and Mayotte

Moving from amber-plus to amber: France

2px presentational grey line

As well as changes to the traffic light list, the cost of staying at a
quarantine hotel - which is mandatory if arriving from a red list country -
is increasing.

The price for single adult travellers will increase from £1,750 to £2,285
from 12 August, and £1,430 for a second adult.

The government says this better reflects the costs involved. That includes
transport to the hotel, security, provision of welfare services and the two
PCR tests which must be taken on day two and day eight of the stay.

Children aged 5-12 will still cost £325; it is free for children aged under
five.

The UK government sets the red, amber and green lists for England, while the
other nations are in charge of their own lists. Scotland and Northern
Ireland confirmed they will be adopting the same changes as England.

But the Welsh government criticised the "ad-hoc nature" of the UK
government's travel decisions. It said it will consider whether to follow
the latest changes, adding: "We continue to advise against all but essential
travel abroad because of the continuing risk of infection."

Is this enough to save the summer season for the travel industry?

There are some things for the sector to be pleased about. The green list is
longer, France is fully amber and there are more countries turning amber
from red.

But there are stings in the tail too. Of the seven green countries, only two
- Latvia and Slovenia - currently allow in non-vaccinated UK tourists
without quarantine.

Many major holiday destinations like Greece and Spain are still amber. And
the testing regime - which many in the industry want scrapped - is still
firmly in place.

The government says it is being cautious and continuing to protect the UK
from dangerous variants, and that this is a good step for passengers and
travel.

But after months of changes and uncertainty, there are concerns in the
travel sector that this doesn't do enough to reassure the public to book.

2px presentational grey line

British couple Katherine and Henry Walker, who own a campsite in west
France, said they hope the news will bring a flurry of last-minute bookings,
but added: "I think it's too late for families to come because they would
have booked elsewhere in the UK."

They said they were at 40% occupancy - when they would usually be at 90% -
because of the lack of visitors from the UK.

Labour's shadow transport secretary Jim McMahon criticised the government
for its "flip-flopping over France" and said it needs to explain how it
reaches decisions.

"Ministers need to get a grip and set out a proper strategy, provide full
data, and progress work with global partners on international vaccine
passports so travellers and the industry can have clarity instead of
reckless U-turns and confusion," he said.

British Airways boss Sean Doyle said it welcomed the news but urged the
government to go further, saying the UK's economic recovery "is reliant on a
thriving travel sector and right now we're lagging behind Europe, with our
more stringent testing requirements and a red list significantly broader
than our European peers".

Tim Alderslade, chief executive of the industry body Airlines UK, said the
announcement was "another missed opportunity" with UK travel opening up "far
slower" than the rest of Europe.

Johan Lundgren, chief executive of EasyJet, said he was disappointed but the
news provided "some reassurance" to customers - after days of uncertainty
around which countries would be on which list.

The government must also fix the expensive testing regime, he added.

The UK was still a long way from a meaningful restart of international
travel, Karen Dee, chief executive of the Airport Operators Association,
said.

Mark Tanzer, chief executive of Abta - the association of travel agents and
tour operators - said the "snail's pace" movement failed to capitalise on
the vaccination programme's success.-BBC

TikTok tests Snapchat style vanishing video stories feature

Video-sharing platform TikTok is trialling a new vanishing clips feature
similar to functions on Snapchat, Facebook and Instagram.

TikTok Stories will allow users to see content posted by accounts they
follow for 24 hours before they are deleted.

It comes as WhatsApp rolls out a feature for users to post photos or videos
that vanish after they are seen.

This week rival social media platform Twitter shut down its Fleets
disappearing stories feature.

TikTok, which is owned by China's ByteDance, told the BBC: "We're always
thinking about new ways to bring value to our community and enrich the
TikTok experience. Currently we're experimenting with ways to give creators
additional formats to bring their creative ideas to life for the TikTok
community."

The feature was highlighted by social media consultant Matt Navarra, who
shared screenshots of TikTok Stories on Twitter.

TikTok is the latest major social media platform to experiment with the
feature first made popular by Snapchat.

The news comes as Facebook-owned WhatsApp rolls out a function that allows
its users to have photos or videos vanish after they are seen.

In the "view once" feature, an image is deleted after the recipient opens it
for the first time and doesn't save to a phone.

WhatsApp said the feature was aimed at "giving users even more control over
their privacy".

However, child protection advocates have expressed concerns that
automatically vanishing messages could help cover up evidence of child
sexual abuse.

On 3 August, Twitter discontinued its Fleets function which allowed users to
post photos and videos that disappeared after 24 hours.

Fleets was first announced in March last year in response to the popularity
of Snapchat and Instagram Stories.

In the eight months that Fleets was available, Twitter added a number of new
features, including GIFs, stickers and different coloured text.

However, the feature did not become as widely used as the company had
hoped.-BBC

Pret, McColls and Welcome Break in minimum wage fail

Pret, McColls and Welcome Break are among almost 200 firms "named and
shamed" by the government for not paying workers the minimum wage.

In total, 191 companies investigated between 2011 and 2018 failed to pay
£2.1m to more than 34,000 workers.

The businesses were made to pay back the money as well as being fined £3.2m.

Pret, McColls and Welcome Break said the underpayments were historic errors
and staff had been swiftly reimbursed.

Nearly half of the breaches involved firms deducting pay from wages, for
things like uniforms and expenses. Others failed to pay for all the time
staff worked or paid the incorrect apprenticeship rate.

Other organisations named by the government included Sheffield United and
four other football clubs, as well as the Body Shop chain, Worcestershire
Cricket Club and Enterprise Rent A Car.

Retail giant John Lewis was also named over an underpayment reported four
years ago.

The National Living Wage, as it is now known, is currently £8.91 an hour for
workers over the age of 23.

The government acknowledged that many of the breaches were not intentional,
but said the minimum wage laws were meant to ensure that a fair day's work
received a fair day's pay.

"It is unacceptable for any company to come up short. All employers,
including those on this list, need to pay workers properly," said business
minister Paul Scully.

"This government will continue to protect workers' rights vigilantly, and
employers that short-change workers won't get off lightly," he added.

Low Pay Commission chairman Bryan Sanderson said: "These are very difficult
times for all workers, particularly those on low pay who are often
undertaking critical tasks in a variety of key sectors including care.

"The minimum wage provides a crucial level of support and compliance is
essential for the benefit of both the recipients and our society as a
whole."

Pret a Manger said the underpayment refers to a 2019 case that affected 33
employees, and that it had since made the required payments to staff and
HMRC.

The team members had opted to use some of their salary in exchange for
childcare vouchers.

Those deductions reduced the National Minimum Wage eligible pay, a
spokesperson said, adding that the government has since changed those rules.

A Welcome Break spokesperson said: "In 2018, HRMC informed us, along with
many other businesses, that our policy on team member uniforms inadvertently
led to a breach of the National Minimum Wage.

"As soon as we were made aware of this oversight, we fully reimbursed and
apologised to all affected team members.

"We never intended to underpay our employees and have strengthened our
policies and training to prevent this from happening again."

A spokesperson for Enterprise Holdings said during an audit in 2017 HMRC
noticed that we had mistakenly underpaid two apprentices over a two-year
period.

Further investigation by the firm showed that 62 employees had also fallen
below the minimum wage between 2012 and 2018, and they were reimbursed.

"Although these historic underpayments represent less than 1% of
Enterprise's employees during the period, it is something that we take very
seriously," a spokesperson said.

McColl's said the problem related to staff attendance recording processes
and it had reimbursed those affected.

Minimum wage rises for two million workers

In all, 2,300 employers have been named since the current scheme was
introduced in 2014.

Trades Union Congress head of economics Kate Bell said these cases "are
likely to be just the tip of an underpayment iceberg".

"Minimum wage workers have been at the heart of the pandemic, and deserve a
decent wage of at least £10 an hour.

"But these figures show many workers aren't even being paid the legal
minimum, with household name employers flouting their responsibility to
properly pay staff.

"Government should step up inspections to catch every employer that
underpays staff."

She added that workers who suspected they were being underpaid should
discuss that with their union rep.-BBC

Vanguard: Investment giant to pay vaccinated workers $1,000

Vanguard, one of the world's top investment firms, is to pay its US workers
$1,000 if they get vaccinated.

Staff must prove they have been jabbed by October and will still qualify if
they were inoculated before the company made its offer.

It speaks to the different approaches US firms are taking to vaccination as
the Delta variant of coronavirus surges across the country.

Some like Microsoft and Google are mandating that all staff get jabbed.

Others such as Walmart and Uber have asked management, not frontline staff,
to get the vaccine while the likes of Amazon and Apple have no policy in
place.

Vanguard, which has about 16,500 US workers, said vaccines were the "best
way" to stop the spread of Covid and that it strongly encouraged staff to be
vaccinated.

"As such, we are offering a vaccine incentive for crew [staff] who provide
Covid-19 vaccination proof," a spokesman said.

"The incentive recognises crew who have taken the time to protect
themselves, each other, and our communities by being vaccinated."

The move contrasts with Blackrock, another large US asset manager, which has
forbidden unvaccinated employees from entering its US offices since July.

The US is currently seeing a surge in new Covid infections, with daily cases
at an average not seen in months.

The US Centers for Disease Control and Prevention (CDC) has announced that
masks should again be worn indoors for both the vaccinated and unvaccinated.
And New York City has said customers and staff of restaurants, gyms and
other indoor businesses will have to be vaccinated to use such services from
September.

It comes as vaccination rates have slowed in many parts of the US, putting
pressure on businesses and states to act.

But some unions have objected to vaccine mandates, saying they infringe on
workers rights.

This week the United Food and Commercial Workers International Union
criticised Tyson Foods, one of the US's largest meat processors, for
imposing a mandate when vaccines still have only emergency approval from the
US Food and Drug Administration.

President Marc Perrone said the union would be meeting with the company over
the next weeks to "ensure that the rights of these workers are protected,
and this policy is fairly implemented".

"You can't just say, 'Accept the mandate or hit the door,'" Mr Perrone told
the New York Times on Monday.-BBC

Robinhood shares surge amid frenzied trading

Shares in the trading platform Robinhood have surged, amid speculation the
firm could be seeing the same frenzied trading that surrounded the video
game retailer Gamestop.

The stock climbed as much as 82% on Wednesday, with trading paused several
times due to wild price swings.

It follows a lacklustre stock market debut for the firm, which is popular
with young investors but controversial.

Some bigger investors have shunned the company for being too risky.

Robinhood's commission-free trading has proved hugely popular with amateur
traders during lockdown, with the number of account holders doubling to 31
million since January.

However, it faced disappointment last Friday when it's shares dived on their
first day of trading, ending the day at around $36.

On Wednesday, though, the stock rose as high as $85 before falling back. It
meant that at points Robinhood was worth more than famous blue chip
companies such as Kraft Heinz and Ford.

Part of the reason, analysts believe, is that in line with its mission to
"democratise finance" the firm has put around a third of its stock into the
hands of everyday retail investors - an unusual move on Wall Street.

Now it appears frenzied trading by these investors is pushing up the price.

It has echoes of the Gamestop saga in March, which saw users of the social
media platform Reddit buy up shares in the games retailer to drive up the
price.

Robinhood was by far the most mentioned stock over the past 24 hours on
WallStreetBets, the Reddit thread at the centre of the Gamestop rally,
according to research firm SwaggyStocks.

Meanwhile retail trading in Robinhood shares was up tenfold on Tuesday,
according to Vanda Research.

Dan Ives, an analyst at Wedbush Securities, told the BBC: "This speaks to
massive retail interest in this name at the moment and is an eye popping
move for Robinhood that reminds investors of the 'meme stock' phenomenon."

A vote of confidence in Robinhood by star stock picker Cathie Wood, who
heads the Ark Invest asset management firm, has also helped sentiment.

The firm increased its holding in Robinhood on Tuesday by 89,622 shares, and
the stock now amounts to about 1% of its portfolio.

It comes after many institutional investors shunned Robinhood's initial
public offering over fears it could face a regulatory crackdown.

The platform has faced criticism for exposing amateurs to risky products
such as meme stocks and cryptocurrencies.

In June, it was fined $70m by a US regulatory body that said it harmed
thousands of consumers through "false and misleading" communications.-BBC

Net zero targets 'unrealistic' says Oxfam report

Oxfam says governments and companies are "hiding behind unreliable, unproven
and unrealistic carbon removal schemes" in order to hit targets.

Global attempts are being made to reach net zero carbon emissions by 2050.

But the charity claims net zero targets are often a "greenwashing exercise".

Net zero means any emissions that can't be stemmed by clean technology in
2050 will either be buried using carbon capture and storage, or soaked up by
plants and soils.

Reaching net zero will also mean phasing out the internal combustion engine
and dramatically increasing renewable energy technologies, such as wind and
solar, while decreasing fossil fuel pollution.

Danny Sriskandarajah, chief executive of charity's UK branch, said companies
and governments are using the "smokescreen" of net zero to continue "dirty,
business-as-usual activities".

"A prime example of the doublethink we are seeing is the oil and gas sector
trying to justify its ongoing extraction of fossil fuels by promising
unrealistic carbon removal schemes that require ludicrous amounts of land,"
he told the BBC.

Nafkote Dabi, climate policy lead at Oxfam and co-author of the report, told
the BBC that there is only 350 million hectares of land that can be used
globally for afforestation and carbon removal without compromising food
security.

Oxfam calculated that the total amount of land required for planned carbon
removal could be five times the size of India, or the equivalent of all the
farmland in the world.

The charity analysed the net zero targets of four of the largest oil and gas
producers: Shell, BP, Total Energies and ENI. The researchers found that
their net zero plans alone could require an area of land twice the size of
the UK.

"It's really worrying that only four companies could use so much of the
remaining land available for the world," Ms Dabi explained.

"If all energy sectors follow the same plan, they would require 500 million
hectares of land, which means worsening existing hunger issues in the global
south."

In 2019, the Intergovernmental Panel on Climate Change (IPCC) found that if
governments and companies that if governments and companies rely on
reforestation only, by 2050, food prices could increase by 80% globally.

Ms Dabi added that emissions reduction is the "most urgent solution that
needs to happen" and explained that relying on tree planting could lead to
the displacement of communities which could in turn create more food
shortages.

A recent analysis by the Transition Pathway Initiative, in partnership with
the London School of Economics, found that none of the major oil companies'
net zero targets currently align with a 1.5C future.

A spokesperson for BP commented: "We do not intend to rely on offsets to
meet our own 2030 emissions reduction targets or aims." However, a
spokesperson told the BBC that they "may help us to go beyond those aims if
we can".

ENI responded that they did not "support these estimations" and said its
progress toward carbon neutrality is audited independently.

Shell meanwhile said is was engaged with the investor group Climate Action
100+ and the Science Based Targets initiative as they develop new reporting,
accounting and target-setting frameworks for the oil and gas industry.

Total Energies responded that it "prioritises lands concessions rather than
lands purchase" and "will also develop other types of carbon removal
techniques such as carbon sequestration in agricultural soils that avoids
conflicts of uses".

A number of large oil and gas firms, such as Sinopec, ExxonMobil and Saudi
Aramco, have not yet made a net zero pledge.

In 2019, the UK government was the first among the G7 countries to make a
net zero commitment by 2050 and currently more than 120 countries, including
those in the EU, the US, China and Japan, have pledged to reach net zero by
mid-century.

A swathe of corporate net zero climate commitments have also been made by a
range of companies and investors, including British Airways, Unilever,
Citigroup and BlackRock.

A government spokesperson from the Department for Business Energy and
Industrial Strategy told the BBC: "We are absolutely committed to meeting
our world-leading climate commitments, having already slashed emissions by
44% over the past three decades, and will publish our Net Zero Strategy
later this year.

"While we are working hard to drive down demand for fossil fuels, there will
continue to be ongoing demand for oil and gas over the coming years, as
recognised by the independent Climate Change Committee," the spokesperson
added.

To meet the Paris targets, the world collectively needs to be on course to
have cut carbon emissions by almost half by 2030, with the sharpest cuts
being made by the biggest emitters, according to the UN.

A recent report by the research group Oxford Net Zero by the research group
Oxford Net Zero based at the University of Oxford and the Energy & Climate
Intelligence Unit concluded that if entities with net zero targets set
"robustness measures in place swiftly and those without come to the table
equally quickly, net zero can be the window through which decarbonisation
delivers the Paris Agreement".

On current plans, the UN estimates that we are on track to have reduced
emissions by 1% compared to 2010 levels.-BBC

Key Fed official sees rates liftoff in 2023 as policy debate heats up

(Reuters) - The contours of debate within the U.S. central bank over when to
dial back support for the economy burst into the open on Wednesday as a key
architect of the Federal Reserve's new policy strategy said he feels the
conditions for raising interest rates could be met by the end of 2022.

"Commencing policy normalization in 2023 would, under these conditions, be
entirely consistent with our new flexible average inflation targeting
framework," Federal Reserve Vice Chair Richard Clarida said in a webcast
discussion hosted by the Peterson Institute for International Economics.
read more

Clarida helped craft that framework, adopted last August, under which the
Fed has pledged to keep rates at their current near-zero level until the
economy reaches full employment, and inflation hits the Fed's 2% goal and is
on track to moderately exceed that pace for some time.

Meanwhile, Clarida added, he could "certainly" see the Fed announcing a
reduction in its $120-billion-a-month asset purchase program later this
year, given the surprising pace of the economic recovery from the
coronavirus pandemic.

Three other policymakers on Wednesday also signaled their readiness to start
reducing the Fed's bond-buying program, though their views on timing
differed, as did their views on what should happen next.

One of them, Dallas Fed President Robert Kaplan, said that reducing the
monthly asset purchases "soon" lays the groundwork for a more "patient
approach" to raising borrowing costs. St. Louis Fed President James Bullard
said tapering sooner clears the way for rate hikes next year, if needed.

Taken together, the remarks opened the door to the prospect of the Fed more
quickly easing up on the monetary gas pedal than had been anticipated. They
also highlighted the intensity of the talks within the central bank over how
and when to do so, a debate likely to crescendo in coming weeks as more
economic data rolls in.

The economy, recovering from the punishing blow of the pandemic, is
supporting 6.8 million fewer jobs than it did before the crisis hit, but
inflation is running well above the Fed's 2% target.

While the jobs gap suggests to some Fed policymakers that it is far too soon
to dial down monetary policy support, the high inflation readings are giving
others pause.

Fed Chair Jerome Powell said last week that the central bank was "clearly a
ways away" from considering rate hikes, even as he acknowledged policymakers
are monitoring inflation carefully to make sure the current overshoot is not
persistent.

Clarida, Powell's second-in-command, offered on Wednesday a more precise and
bullish view on when the Fed will hit its maximum employment and flexible 2%
inflation targets, even as he vouched for Powell's expectation that the
Delta variant of COVID-19 would not blow the economy off course.

"I believe that these ... necessary conditions for raising the target range
for the federal funds rate will have been met by year-end 2022," Clarida
said. read more

The central bank has kept the federal funds rate - its benchmark overnight
interest rate - near zero since lowering it to that level last year to
shelter the economy from the pandemic's fallout.

Clarida's comments - his first in nearly two months - came just days after
Fed Governor Christopher Waller signaled that the Fed ought to begin paring
its bond-buying by October, and Fed Governor Lael Brainard said she would
want to have more data in hand before making any such decision.

For his part, Powell said last week that the labor market was "some way
away" from meeting the Fed's bar for tapering its purchases of Treasuries
and mortgage-backed securities (MBS).

While it's usual to hear from regional Fed bank presidents with divergent
views, members of the Fed Board -- who have permanent votes on Fed policy --
typically stick closer together.

"I think the committee and the board of governors seem fairly divided," said
Karim Basta, chief economist for III Capital Management. "It's pretty rare
to see governors speak openly with very different views."

REDUCING ASSET PURCHASES

The central bank has been buying $80 billion of Treasuries and $40 billion
of MBS each month since the onset of the pandemic to place downward pressure
on borrowing costs in order to try and speed the economic recovery.

Earlier on Wednesday, St. Louis Fed's Bullard said he expected the economy
would return to pre-pandemic employment levels by next summer.

"So you'd be sitting here next summer, with inflation well above target and
jobs on the way back to pre-pandemic levels," Bullard said in an online
interview with the Washington Post. "That sounds to me like that's something
we should be prepared for." read more

Kaplan, in an interview with Reuters on Wednesday, endorsed Bullard's view
that the asset-purchase program was doing little for the recovery and
phasing it out should start "soon." But unlike Bullard and Waller, he said
the reduction should be gradual, and should not start the clock on raising
rates.

"My comments on purchases are not intended to suggest I want to take more
aggressive action on the Fed funds rate," he said. read more

An imminent taper is not a done deal. Brainard on Friday said she favors
having September jobs data in hand before making a decision, a timeline that
points to a November taper announcement at the earliest.

Speaking on PBS Newshour, San Francisco Fed President Mary Daly said
Wednesday she views a taper later this year or early next is the most likely
scenario.

The U.S. Labor Department is scheduled to release its July employment report
on Friday.

Clarida said he expects some "pretty healthy" U.S. job gains this fall as
factors holding back labor supply dissipate.

He also said he still expects current high inflation readings to come back
down, but that if the Fed's preferred inflation gauge comes in above 3% this
year, as he forecasts, he would consider that more than a moderate
overshoot.

"I believe that the risks to my outlook for inflation are to the upside,"
Clarida said.

The Thomson Reuters Trust Principles.

Tesla chair Denholm sells shares worth more than $22 mln

(Reuters) - Tesla Inc (TSLA.O) chair Robyn Denholm sold more than $22
million worth of shares in the electric-car maker after exercising stock
options, according to a filing with the U.S. Securities and Exchange
Commission (SEC).

Denholm sold 31,250 shares at weighted average prices ranging from $703 to
$726.200 in transactions that took place on Aug. 2, according to the filing
from Wednesday.

Denholm, who joined Tesla's board as an independent director in 2014,
replaced Chief Executive Officer Elon Musk as the chair in 2018, fulfilling
a demand by the SEC to strip the job from Musk.

The Thomson Reuters Trust Principles.

Asian stocks hold gains, dollar strong on Fed official comments

(Reuters) - Asian shares held on to recent gains in morning trading on
Thursday, despite hawkish remarks from a senior official at the U.S. Federal
Reserve, that boosted the dollar while weighing on risk appetite, and
uncertainty about Chinese policy.

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS)
rose 0.22%, and Japan's Nikkei (.N225) climbed 0.32%.

Australia (.AXJO) gained 0.18%, Chinese blue chips (.CSI300) fell 0.28% and
Hong Kong (.HSI) advanced 0.45%.

This week the MSCI Asian regional benchmark has walked back most of the
ground lost a week earlier, when a series of Chinese regulatory crackdowns
in sectors from property to education squeezed Chinese stocks and
overshadowed the region as a whole. read more

Chinese equities have been calmer this week, barring sharp swings in tech
giant Tencent (0700.HK) after state media criticised the gaming industry.
read more

"In the short term, the further rebound may continue but uncertainties over
policy control will drive long-term investors away from Chinese technology
names," said Edison Pun, senior market analyst at Saxo Markets.

Pun also pointed to remarks about the electronic cigarette business in state
media Wednesday, which he said may also bring pressure to related stocks.
read more

U.S. stocks closed mostly lower on Wednesday, with the S&P 500 (.SPX)
receding 0.46% from a record high. The blue-chip Dow (.DJI) slid 0.92%,
though the tech heavy Nasdaq (.IXIC) eked out small gains with investors
there attaching greater weight to positive data from the services sector
than to negative jobs figures.

U.S. stock futures - the S&P 500 e-minis - edged up 0.2% in Asian trading.

Markets are looking at the "mixed signals from the data, and trying to
assess what the Fed will do," said Kyle Rodda, an analyst at IG markets.
Rodda said the latest moves were driven by an overnight speech from Fed Vice
Chair Richard Clarida which took a more hawkish tone.

Clarida, a major architect of the Fed's new policy strategy, said he said he
felt the conditions for raising interest rates could be met by the end of
2022. read more

Those remarks helped U.S. yields and the dollar.

The benchmark 10-year yield was last at 1.199% up from a U.S. close of
1.184%, having touched 1.127% - its lowest level since February - earlier in
the day.

This helped the dollar, which bought 109.63 yen , compared with a low of
108.71 on Wednesday.

The firmer dollar in turn weighed a little on gold, with the spot price
falling 0.1%.

U.S. crude rose 0.37% to $68.4 a barrel while Brent crude climbed to $70.61
per barrel, regaining a little ground after three days in a row of declines.

Analysts at CBA said Wednesday's fall was a result of "a big rise in U.S.
crude oil inventories (which) crystallised the market's conceptual angst
about the Delta-variant COVID dragging on fuel demand."

Ether , the world's second-largest cryptocurrency, dropped 1.75% having
gained 8.7% a day earlier ahead of a technical adjustment to its underlying
ethereum blockchain, which should happen later today.

Bitcoin fell 1.3%, resting in the vicinity of $40,000 where it has been for
the last week.

The Thomson Reuters Trust Principles.

Sanofi's COVID-19 vaccine setback, drug pipeline cast long shadow

(Reuters) - Pharmaceutical company Sanofi (SASY.PA) remains under pressure
to launch new drugs and overcome setbacks in the COVID-19 vaccine race,
despite a $3.2 billion deal to tighten its grip on promising mRNA
technology.

On Tuesday, Sanofi agreed to buy U.S. partner Translate Bio (TBIO.O) as it
bets on next-generation vaccines and particularly as the French drugmaker,
one of the world's top flu vaccine makers, seeks to see off competition in
one of its major markets.

The two companies have been partnering since 2018 and are developing a
COVID-19 mRNA shot together that has entered clinical trials, as well as an
influenza jab. read more

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.

The technology has proven to be successful in COVID-19 vaccines developed by
Pfizer (PFE.N)/BioNTech , and Moderna (MRNA.O).

"Although the platform of Translate Bio is not yet proven, it is a smart
move by Sanofi," Wimal Kapadia, an analyst with Bernstein said. "Bringing
the asset in-house will allow them to move quicker."

The transaction, backed by the U.S. company's largest shareholder, is
expected to close in the third quarter. It follows Sanofi's acquisition of
another, smaller, mRNA player, Tidal Therapeutics, in April.

But analysts cautioned it won't be enough to ease pressure on chief
executive Paul Hudson to revive the company's drug pipeline with a
blockbuster product and boost the share price.

Sanofi's shares barely moved on the news on Tuesday and fell to near
three-month lows on Wednesday.

"The key for this stock to work is convincing the market that you know how
to develop drugs. And bringing in another company or another technology does
not really reflect that, and there is a lot of frustration with the stock,"
Kapadia said.

The stock has risen just 1% since the start of the pandemic in March last
year while rivals in the COVID-19 vaccine race, Pfizer, Johnson & Johnson
(JNJ.N) and AstraZeneca (AZN.L) have seen double-digit percentage growth of
43%, 29% and 22% respectively.

REVAMP

In 2018, the company hired a former Roche executive, John Reed, to revamp
its research and development operations.

Sanofi said last month it expects several pipeline milestones in the second
half, including pivotal trial readouts for Amcenestrant, a breast cancer
treatment, and Sarclisa for multiple myeloma.

That was followed by Hudson's appointment almost two years ago to reduce the
group's focus to fewer but faster-growing segments such as cancer and reduce
dependence on Dupixent, its star eczema and asthma treatment that has been
leading its growth.

"The CEO is clearly going in the right direction and the Translate Bio deal
highlights that," a Sanofi investor speaking on the condition of anonymity
told Reuters.

"But Hudson's tenure was rapidly overshadowed by the coronavirus pandemic
and snags with the (COVID-19) vaccine," the investor said, referring to
delays developing another COVID-19 shot with Britain's GlaxoSmithKline
(GSK.L).

"Now, we will want to see Sanofi be bolder when it comes to deals if we look
at the group's profile in the longer term."

That means looking beyond 2025, analysts said.

Martial Descoutures, an analyst with Oddo BFH, said Sanofi's growth profile
was well established until then, with Dupixent expected to make ever greater
contributions to profits and exceeding 10 billion euros ($11.89 billion) in
peak sales.

"(But) we do need more visibility in the longer term. Right now, the
pipeline is the main issue."

($1 = 0.8410 euros)

The Thomson Reuters Trust Principles.

In China's Silicon Valley, COVID curbs pinch hardware startups

(Reuters) - From an office in Shenzhen's sprawling electronics district, an
engineering team is prototyping a bioreactor that will one day produce
"cultivated meat", discussing component sizes in a video call with
scientists sitting in kitchens and bedrooms in the UK.

It's a complicated conversation about precision parts that would ordinarily
need a hands-on meeting in Shenzhen, the hardware centre of the world where
product makers can buy and tinker with any gear they need.

Hax, the firm backing the bioreactor, invests in more than 30 such hardware
startups from overseas each year and would typically fly them to Shenzhen to
build their products.

But China's COVID-19 border closures have paralysed this movement of talent,
throwing a spanner in the rapid cycles of product development that power
Shenzhen, a free-wheeling tech hub built on the country's early efforts to
open itself to the world.

"We'd normally just jam with teams under one roof, rolling up our sleeves
and getting involved in the electronics and chemicals, but we had to find a
different way of working with teams," said Ke Ji, a China-born mechanical
engineer and Canadian citizen who is Hax's programme director.

Without that international bustle, it is now mostly domestic staff and
startups using the immersion tanks, humidity chambers and other obscure
items in Hax's spacious office in Shenzhen's Huaqiangbei, the world's
largest electronics market.

Hax's engineers now spend afternoons and evenings in calls with teams in
North America and Europe, scrambling to source components to ship across the
world, instead of teaching their startups how to do it.

While Hax leadership says the challenges of remote design are not
insurmountable, they have presented clear roadblocks for others.

Henk Werner worked 14-hour days for several months to find a new model for
his design space Trouble Maker, which helps small-scale hardware makers from
overseas navigate Shenzhen.

In February, he was forced to vacate his shared office when his partner
could no longer afford it.

"We were in a coworking space as a partnership, and that coworking space
couldn't survive with the closed borders - even the local Chinese companies
were leaving."

Now, Werner is preparing an incubator at a new location with Chinese
partners in hopes of bringing in local startups and expanding when borders
finally reopen.

He remains optimistic. "People are lining up to come back," he said.

SHUTTERED BARS, RESTAURANTS

China's low case numbers have helped its economy recover briskly from the
outbreak, but the shutdown of most inbound travel has devastated businesses
such as international schools in need of teachers, e-commerce consultants
and supply chain managers.

The airport in Guangzhou, about 100km from Shenzhen, saw just 56,000
international arrivals and departures in June, very few of them foreigners
and well down from 1.5 million in January 2020, before lockdowns began.

With the fresh outbreak of the Delta variant, China is now widely expected
to maintain the strict border policies that have seen it shut off from the
world since early last year.

In Guangdong, where Shenzhen is located and generally regarded as a
pragmatic, business-minded province, authorities are keen to get on with
overseas trade.

Guangzhou, the provincial capital, is planning a 5,000-capacity quarantine
centre to ease the burden on regular hotels, which many hope will allow more
foreigners to enter China.

But any plans to reopen will depend in part on conditions beyond China's
control.

"If the pandemic is not well controlled in other countries, then the gates
can never be opened," said epidemiologist Zhong Nanshan at a press
conference announcing the quarantine centre in June.

That would be a hard blow for Shenzhen, which, just across the border from
Hong Kong, has built a cosmopolitan economy on the international movement of
goods, talent and money and was praised by President Xi Jinping as a model
Chinese city.

Sabrina Qi opened her bar Gecko in December in Shenzhen's Shekou area,
popular with expatriates, gambling on a low rent offer after the virus hit
traffic.

Across the street sits a shuttered Indian restaurant next to a locked-up
Irish bar plastered with notices about labour disputes with unpaid staff.

"We've found many foreigners have left. We've made losses for the first six
months," said Qi.

For foreign consulates that once brought in business delegations, much of
the work has moved online and focuses on helping companies already in China.

"But the pipeline of bringing people out, having an exploratory visit and
meeting a few contacts, coming back and setting up an office, it's that
middle section that you're not getting," said a diplomat based in southern
China.

A European Chamber of Commerce survey in June found travel restrictions
affected almost three quarters of respondents, with many stranded employees
"simply giving up" on returning to China.

U.S. citizen Francis Bea, founder of cross-border marketing company Eleven
International, is working China business hours from the United States, eight
months after reapplying for a visa. His tech-sector clients, used to
face-to-face meetings at short notice, and are pressing him to return.

"I'm preparing alternatives to returning because I know the chance could be
50-50 for me," said Bea, who may hire more local staff.

For Hax, the biggest challenge is keeping a sense of community when people
are dispersed across the internet.

"It'd be a struggle to do this anywhere else besides Shenzhen. If you do
happen to find a part elsewhere, it's normally from here anyway," said Ke.

The Thomson Reuters Trust Principles.

India enforcement agency warns Flipkart, founders they could face $1.35 bln
fine

(Reuters) - India's financial-crime agency has asked Walmart's (WMT.N)
Flipkart and its founders to explain why they shouldn't face a penalty of
$1.35 billion for alleged violation of foreign investment laws, three
sources and an agency official told Reuters.

The Enforcement Directorate agency has been investigating e-commerce giants
Flipkart and Amazon.com Inc (AMZN.O) for years for allegedly bypassing
foreign investment laws that strictly regulate multi-brand retail and
restrict such companies to operating a marketplace for sellers.

The Enforcement Directorate official, who declined to be named, said the
case concerned an investigation into allegations that Flipkart attracted
foreign investment and a related party, WS Retail, then sold goods to
consumers on its shopping website, which was prohibited under law.

A so-called "show cause notice" was issued in early July by the agency's
office in southern city of Chennai to Flipkart, its founders Sachin Bansal
and Binny Bansal as well as current investor Tiger Global, to explain why
they should not face a fine of 100 billion rupees ($1.35 billion) for the
lapses, said the agency official and the sources, who are all familiar with
the content of the notice.

The details were first reported by Reuters.

A Flipkart spokesperson said the company is "in compliance with Indian laws
and regulations".

"We will cooperate with the authorities as they look at this issue
pertaining to the period 2009-2015 as per their notice," the spokesperson
added.

The Indian agency does not make public such notices issued to parties during
an investigation.

One of the sources said Flipkart and others have around 90 days to respond
to the notice. WS Retail ceased operations at the end of 2015, the person
added.

Tiger Global declined to comment. Binny Bansal and Sachin Bansal did not
respond to requests for comment. The Enforcement Directorate also did not
respond to a request for comment.

Walmart took a majority stake in Flipkart for $16 billion in 2018, its
biggest deal ever. Sachin Bansal sold his stake to Walmart at the time,
while Binny Bansal retained a small stake. Walmart did not respond to a
request for comment.

Flipkart's valuation doubled to $37.6 billion in less than 3 years at a $3.6
billion funding round in July, during which SoftBank Group (9984.T)
reinvested in the company ahead of an expected market debut. read more

The notice is the latest regulatory headache for the online retailer, which
is already facing tougher restrictions and antitrust investigations in
India, and a growing number of complaints from smaller sellers.

India's brick-and-mortar retailers say Amazon and Flipkart favour select
sellers on their platforms and use complex business structures to bypass the
foreign investment laws, hurting smaller players. The companies deny any
wrongdoing.

SMALL RETAILERS WELCOMES AGENCY MOVE

The Indian agency's move was welcomed on Thursday by Praveen Khandelwal,
secretary general of the Confederation of All India Traders.

"We urge the ED (Enforcement Directorate) to not only impose a heavy fine
but recommend the government ban both these portals unless they follow the
law in letter and spirit," said Khandelwal. The confederation represents
millions of mom-and pop stores in India.

In February, a Reuters investigation based on Amazon documents showed it had
given preferential treatment for years to a small group of sellers, publicly
misrepresented ties with them and used them to bypass Indian law. Amazon
says it gives no preferential treatment to any seller.

After the story, the Enforcement Directorate sought information and
documents from Amazon about its business operations, Reuters has reported.

The Thomson Reuters Trust Principles.

Rolls-Royce sticks to 2021 forecasts, says slow travel recovery to hurt 2022

(Reuters) - British engine-maker Rolls-Royce (RR.L) said it was on track to
meet its forecasts for 2021 as its cost-cutting and disposal plans helped it
weather the slow return of long-haul travel, although it warned 2022 targets
could be hurt.

At the height of the pandemic last year, revenues at Rolls's civil aviation
business, its biggest unit, tumbled as airlines stopped flying, resulting in
a perilous few months for the company before it raised new cash and secured
loans.

Raising 2 billion pounds from disposals is key to repairing its finances,
and Rolls said on Wednesday that it was in exclusive talks with a buyer for
its Spain-based ITP Aero unit, for a reported 1.6 billion euros. read more

For 2021, Rolls-Royce stuck to guidance for free cash outflow to improve to
2 billion pounds, and for cash flow to turn positive in the second half of
this year, but it warned that the slow aviation recovery would affect its
2022 target.

The group had said it could reach free cash flow of 750 million pounds as
early as 2022, but it said on Thursday that the pace of the travel recovery
meant that this was now likely to happen later.

Rolls-Royce is also counting on a cost-cutting programme in its civil
aviation business to help its cash flow position while international flying
continues at low levels, and said it was on track to make 1 billion pounds
of savings this year.

With its engines powering A350s and 787s, Rolls said large engine flying
hours came in at 43% of pre-pandemic levels in the January-June period, only
a slight improvement from the 40% recorded in the first few months of the
year.

During the first-half, the group was buoyed by its resilient defence arm
which makes engines for military jets and powers Britain's nuclear
submarines, plus a recovery in its power systems unit, which makes engines
for boats, trains and other vehicles.

($1 = 0.7200 pounds)

The Thomson Reuters Trust Principles.

Glencore to return $2.8 bln to shareholders after record first half

(Reuters) - Glencore (GLEN.L) will return $2.8 billion to shareholders in
2021 after soaring commodity prices helped the mining and trading company to
a record performance for the first six months of the year, it said on
Thursday.

The London-listed company's first-half adjusted earnings before interest,
tax, depreciation and amortisation (EBITDA) rose 79% to a record $8.7
billion, compared with $4.8 billion a year earlier, beating the $8.4 billion
expected by analysts polled by Refinitiv.

Glencore joins rivals Rio Tinto (RIO.L) and Anglo American (AAL.L) in
declaring bonanza shareholder payouts after record half-year profits powered
by higher commodity prices. read more

Glencore declared a 2021 dividend of $2.8 billion, including a special
dividend of $0.04 cents per share, or $500 million to be paid in September
and will buy back $650 million in shares.

"Following COVID-19's severe global impacts in early 2020, the subsequent
economic recovery has seen prices of most of our commodities surging to
multi-year highs amid accelerating demand and lingering supply constraints,"
said Glencore CEO Gary Nagle, who took the helm of the company in July.

The Thomson Reuters Trust Principles.

German industrial orders bounce back, but supply bottlenecks weigh

(Reuters) - German industrial orders rose more than expected in June, data
showed on Thursday, driven by bookings for large industrial items, mainly
from domestic clients.

The figures published by the Federal Statistics Office showed orders for
goods 'Made in Germany' jumped by 4.1% on the month in seasonally adjusted
terms.

This easily beat a Reuters forecast of a 1.9% increase and followed a drop
of 3.2% in May, revised from a drop of 3.7%.

Excluding major orders, new orders in manufacturing rose 1.7% on the month.

Domestic orders soared nearly 10%, with producers of data processing
equipment, lens systems, planes and ships benefiting from unusually strong
demand, the economy ministry said.

"Incoming orders also rose in the important car and mechanical engineering
sectors," the ministry added.

The German economy returned to growth in the second quarter but bounced back
less strongly than expected as manufacturers struggle to get intermediate
goods and building materials to ramp up production. read more

"Although the order backlog is high, it cannot be processed quickly due to
ongoing delivery bottlenecks for intermediate products and materials,"
Bankhaus Lampe analyst Bastian Hepperle said.

In a further sign that high orders are currently not translating into higher
output, real turnover in manufacturing fell by 1.4% on the month in June in
seasonally and calendar-adjusted terms, the office said. On the year, real
turnover rose by 8.6%.

The supply bottlenecks in manufacturing will continue to hold back
production, so industry is likely to slow down the economic recovery in the
third quarter as well, Hepperle added.

Undersupply of semiconductors is leading to production downtimes in the car
industry and many other industrial sectors.

"But the shortage of skilled workers is also becoming more and more
noticeable," VP Bank economist Thomas Gitzel said.

The current recovery is supported by strong retail sales, which jumped in
May and June following the lifting of COVID-19 restrictions.

A survey indicated on Wednesday that domestic demand remains strong, with
activity in the service sector growing at the fastest pace on record in
July.

The Thomson Reuters Trust Principles.

Nivea maker Beiersdorf upbeat as demand roars past pre-pandemic levels

(Reuters) - Nivea maker Beiersdorf (BEIG.DE) expects its 2021 group sales to
rise by close to 10% this year, it said on Thursday, as strong demand for
adhesives and its dermatological brands pushed its first-half revenues above
pre-pandemic levels.

"This is the momentum we want to use going forward," Beiersdorf's new Chief
Executive Vincent Warnery said in a statement.

Under his predecessor Stefan de Loecker, Beiersdorf invested more in its
consumer business to revive slowing sales growth and bought U.S. sun care
brand Coppertone from Bayer for $550 million to strengthen its position in
North America.

Organic sales jumped by 28.3% in the second quarter, bringing growth for the
first half to 16.2%. Six-month revenues of 3.87 billion euros were a tad
above consensus for 3.82 billion according to Refinitiv IBES data.

The Hamburg-based firm said it sees full-year group sales growing by a high
single-digit percentage, having previously said only that it saw positive
sales growth for 2021.

Beiersdorf's first-half margin on EBIT (earnings before interest and tax)
widened to 15.3% from 13.7%. For the full year, however, it expects the
margin to remain flat from 2020 due to rising material prices and
investments in digitisation and innovation.

Shares in Beiersdorf rose 1.6% in early trade.

The Thomson Reuters Trust Principles.

Invest Wisely!

Bulls n Bears 

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INVESTORS DIARY 2021

Company

Event

Venue

Date & Time

Companies under Cautionary

ART

PPC

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Starafrica

Fidelity

Turnall

Medtech

Zimre

Nampak Zimbabwe

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DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
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