Major International Business Headlines Brief::: 06 August 2021

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Major International Business Headlines Brief::: 06 August 2021

 


 

 


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ü  Amazon delays office return until 2022 as Covid spreads

ü  Bukalapak: Shares jump in Indonesia's biggest market debut

ü  Retrospective tax: Global investors cheer as India scraps policy

ü  House price growth slows as housing market cools

ü  Energy bills to rise by at least £139 for millions of households

ü  Starter salaries rising amid candidate shortages

ü  Electric vehicle sales outpace diesel again

ü  U.S. job growth seen strong as technical factors provide a boost

ü  Asian shares dip as Delta variant threatens growth

ü  Kakao Bank becomes S.Korea's biggest lender by market value in stunning
debut

ü  Chinese retailer Shein lacks disclosures, made false statements on
factories

ü  Nigeria: CBN Recovers N89bn Excess Bank Charges, Others

ü  Nigeria: Lagos Free Zone - U.S. Mission to Facilitate Increased
Investment Into Nigeria

ü  Tanzania: NBC Launches Jamii Account for Charitable Institutions

ü  Rwandan Startup Wins Rwf150 Million in a Global Tech Competition

 


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Amazon delays office return until 2022 as Covid spreads

Amazon has told its US corporate staff not to return to the office until
next year as Covid continues to spread.

 

The online shopping giant previously asked staff to work from home until 7
September, but will now extend this until 3 January 2022.

 

It comes as new Covid infections surge across America, with with daily cases
at an average not seen in months.

 

Two US financial institutions, Wells Fargo and Blackrock, also said they
would push back their office returns.

 

"As we continue to closely watch local conditions related to Covid-19, we
are adjusting our guidance for corporate employees," said Amazon.

 

The online shopping giant's policy will apply to corporate and tech
employees, but not the warehouse and delivery workers who make up the bulk
of its workforce.

 

Staff in the US will be affected but also some based abroad, although Amazon
did not specify where.

 

Separately, Wells Fargo - the biggest US bank in terms of headcount - said
it was delaying its return to the office from 7 September, to 4 October.

 

The lender, which has almost 260,000 employees, said it would also give
staff eight hours of paid time off to enable them to get vaccinated.

 

Investment giant Blackrock is postponing the date it expects all staff to be
back in the office by a month to 1 October.

 

"We are following the Delta variant in different parts of the country and
closely monitoring the latest guidance from public health officials and
local government authorities that encourages people to wear masks in indoor
public spaces in areas of substantial or high transmission," said
BlackRock's chief operating officer, Rob Goldstein, in a memo to staff.

 

"We know this raises concerns about returning to the office."

 

The contagious Delta variant of coronavirus is spreading rapidly across the
US, with states such as Florida and Texas seeing high levels of new
infections.

 

Under pressure

A slowing vaccination rate is only adding to the problem, and companies are
under pressure to act.

 

Google, Facebook and Twitter have all said they will delay their returns to
the office, with the former two also requiring employees to be vaccinated.

 

Walmart and Uber, meanwhile, have asked their management, not frontline
staff, to get the vaccine, while investment giant Vanguard on Wednesday said
it would pay staff who got vaccinated $1,000 (£792).

 

Amazon, which is not mandating vaccines, said it would continue to follow
local government guidance to ensure a safe office return, including asking
all unvaccinated staff to wear masks in the workplace.

 

As previously announced, its corporate employees will also be allowed to
work from home two days a week, under a new hybrid model.-BBC

 

 

Apple to scan iPhones for child abuse images

Apple has announced details of a system to find child sexual abuse material
(CSAM) on US customers' devices.

 

Before an image is stored onto iCloud Photos, the technology will search for
matches of already known CSAM.

 

Apple said that if a match is found a human reviewer will then assess and
report the user to law enforcement.

 

However there are privacy concerns that the technology could be expanded to
scan phones for prohibited content or even political speech.

 

Experts worry that the technology could be used by authoritarian governments
to spy on its citizens.

 

Apple said that new versions of iOS and iPadOS - due to be released later
this year - will have "new applications of cryptography to help limit the
spread of CSAM online, while designing for user privacy".

 

The system works by comparing pictures to a database of known child sexual
abuse images compiled by the US National Center for Missing and Exploited
Children (NCMEC) and other child safety organisations.

 

Those images are translated into "hashes", numerical codes that can be
"matched" to an image on an Apple device.

 

Apple says the technology will also catch edited but similar versions of
original images.

 

'High level of accuracy'

"Before an image is stored in iCloud Photos, an on-device matching process
is performed for that image against the known CSAM hashes," Apple said.

 

The company claimed the system had an "extremely high level of accuracy and
ensures less than a one in one trillion chance per year of incorrectly
flagging a given account".

 

Apple says that it will manually review each report to confirm there is a
match. It can then take steps to disable a user's account and report to law
enforcement.

 

The company says that the new technology offers "significant" privacy
benefits over existing techniques - as Apple only learns about users' photos
if they have a collection of known CSAM in their iCloud Photos account.

 

However some privacy experts have voiced concerns.

 

"Regardless of what Apple's long term plans are, they've sent a very clear
signal. In their (very influential) opinion, it is safe to build systems
that scan users' phones for prohibited content," Matthew Green, a security
researcher at Johns Hopkins University, said.

 

"Whether they turn out to be right or wrong on that point hardly matters.
This will break the dam — governments will demand it from everyone."-BBC

 

 

 

Bukalapak: Shares jump in Indonesia's biggest market debut

Shares in e-commerce firm Bukalapak have jumped almost 25% in Indonesia's
biggest ever initial public offering.

 

It comes ahead of another hotly-anticipated listing in the country of
ride-hailing, food delivery and e-commerce giant GoTo.

 

The region's start-ups have become popular with global investors as they
chase fast growing online markets.

 

Another internet company in the region, South Korea's KakaoBank, also soared
on its market debut in Seoul on Friday.

 

Bukalapak is an 11-year old firm, with backers including Microsoft, China's
Ant Group and the Singapore sovereign fund GIC.

 

It raised $1.5bn (£1.1bn) in the initial public offering (IPO).

 

Although it is loss-making, at its IPO price the company was valued at $6bn.

 

Bukalapak began as an e-commerce platform, but now offer services including
helping smaller businesses sell on the internet.

 

It targets micro, small and medium-sized businesses outside Indonesia's
biggest cities and is the country's fourth-largest e-commerce player after
Tokopedia, Shopee and Lazada.

 

Indonesia's $40bn online shopping market has been boosted by the coronavirus
pandemic with many consumers staying at home and more businesses selling
online.

 

Investors around the world are also watching share listings in Indonesia
closely ahead of a planned multibillion-dollar IPO of GoTo.

 

GoTo is the country's most valuable start-up, and was created by the merger
of ride-hailing and food delivery firm, Gojek and e-commerce giant,
Tokopedia.

 

Also on Friday shares in South Korea's first online-only lender KakaoBank
jumped by as much as 74% on its market debut, giving it a market valuation
of $28bn.

 

That would make the firm, which has no physical branches, worth more than
any of South Korea's traditional lenders.

 

The firm was formed in 2016 after the South Korean government started
offering permits for internet banks.

 

The online lender has seen its customer base grow quickly, helped by its
parent company's messenger service KakaoTalk.

 

The KakaoTalk app is used by more than 90% of South Korea's smartphone
users.-BBC

 

 

 

Retrospective tax: Global investors cheer as India scraps policy

India has introduced a bill in its lower house to scrap a controversial 2012
law that retrospectively levied capital gains tax on companies for the
indirect transfer of their Indian assets.

 

The law, which will now apply only prospectively, has been a major sore
point with foreign investors for the better part of the last decade,
damaging India's reputation as a stable tax jurisdiction and leading to
protracted litigation.

 

"It is perhaps the boldest move taken in the history of Indian tax laws,"
said Bijal Ajinkya, Partner at the law firm Khaitan & Co.

 

The far-reaching, but long delayed decision now paves the way for the
government to settle billions of dollars in international disputes.

 

At least 17 companies, including British oil and gas major Cairn Energy, and
the telecom giant Vodafone, will benefit from the ruling.

 

"Prime Minister Modi inherited this bad legislation, and today we are
delighted to see he has finally decided to nullify it," said Mukesh Aghi,
CEO and President of The US-India Strategic Partnership Forum.

 

 

He called the law a "black mark" on India's reputation as a predictable
investment destination.

 

Tax demands on companies will be nullified under the condition that they
withdraw litigation against the government and undertake not to claim
interest or damages.

 

The bill also proposes to refund any principal tax amount they might have
paid.

 

The changes come in even as the Modi government is engaged in a legal tussle
with Cairn Energy and Vodafone in international arbitration tribunals.

 

In the case of Vodafone, the tribunal in The Hague ruled against the
government's $2bn (£1.44bn) tax claim.

 

Cairn on the other hand was awarded damages worth $1.2bn plus costs and
interest.

 

The company has been identifying Indian state assets it can seize including
planes of Air India and real estate in Paris, to try and get India to honour
the tribunal's ruling after the government filed appeals in both cases.

 

Cairn Energy has told the London Stock Exchange it was "monitoring the
situation", on the new amendments, but both Vodafone and Cairn declined to
comment further on the matter.

 

Some analysts are of the view that even though Cairn may suffer some losses
and forgo interest owed, it may settle out of court now.

 

"If they don't, this could go on, and they may not get to see the colour of
their money for many years," Dinesh Kanabar, a leading tax expert told the
BBC.

 

"In the case of Vodafone, there is nothing further to be done, except for
the government to withdraw the appeal it has filed against the tribunal
ruling in Singapore."

 

Legal experts say the government, with this decision has now essentially put
the ball into the other court.

 

"Now it depends on companies to come forward," India's Revenue Secretary
Tarun Bajaj told Reuters news agency.

 

But not all legal tussles will disappear overnight.

 

The government decision to not pay the interest component with the money it
refunds to companies, might "push some affected entities to consider
continuing with ongoing litigation," said Ms Ajinkya. Many of these cases
are long pending, and the tax amounts are sizeable.

 

But overall, analysts expect the decision to bring back the lost confidence
of foreign investors.

 

"The country today stands at a juncture when quick recovery of the economy
after the Covid-19 pandemic is the need of the hour and foreign investment
has an important role to play in promoting faster economic growth and
employment," the finance ministry said, in the statement accompanying the
bill.-BBC

 

 

 

House price growth slows as housing market cools

The Halifax says house prices rose again in July after dipping last month,
making the average price £261,221 and leaving prices 7.6% higher than at the
same time last year.

 

Last month, average prices were 8.7% up on a year ago.

 

The lender said it expected prices to settle further after the recent spate
of strong rises, which has been fuelled in part by tax breaks on stamp duty.

 

But it said a shortage of homes was likely to support prices.

 

The average property price across the UK was £261,221 in July, with the
highest rises of 13.8% seen in Wales and the lowest - 2.5% - in London.

 

The government gave some home buyers a temporary break from paying the set
tax paid on certain housing transactions. It completely waived the payment
on the first £500,000 of any property purchase in England or Northern
Ireland, but that break finished at the end of June.

 

Now a 5% tax kicks in at £250,000 for properties up to £925,000. Rates on
properties above that are higher.

 

>From October, rates are due to return to normal, which means the point at
which homebuyers start paying stamp duty will revert back to £125,001.

 

Russell Galley, managing director of Halifax, said: "This easing was
somewhat expected, given the strength of price inflation seen last summer,
as the market began its recovery from the first lockdown and with activity
supported by the start of the stamp duty holiday."

 

He said that instructions "for sale" were now falling and estate agents had
seen a fall in the number of available homes: "This general lack of supply
should help to support prices in the near-term, as will the exceptionally
low cost of borrowing and continued strong customer demand."-BBC

 

 

 

Energy bills to rise by at least £139 for millions of households

Energy prices will rise for millions of people across the UK in October,
right at the start of the cold weather.

 

Regulator Ofgem said the price cap for default domestic energy deals would
be raised to cover suppliers' extra costs.

 

The typical gas and electricity customer is likely to see their bill go up
by £139 to £1,277 a year.

 

Charities warned the timing would hit struggling families hard, who already
face losing an extra £20 a week from Universal Credit in October.

 

Prepayment customers will see an increase of £153, from £1,156 to £1309, the
regulator said.

 

Ofgem chief executive Jonathan Brearley told the BBC: "The reason the price
cap is going up is there has been a record increase in energy prices across
the board, not just in gas and electricity but in petrol and diesel."

 

 

He urged customers to shop around for the best tariffs, saying there were
big savings to be made by switching.

 

"You don't have to live with this tariff. The price cap is a backstop. We'd
encourage any customer, particularly those struggling to pay their bills, to
contact their supplier, and get access to a wide-range of help and support,"
he said.

 

"This is a devastating increase," said Peter Smith, director of policy and
advocacy at fuel poverty charity National Energy Action.

 

"Millions of household budgets are already stretched to the limit and this
massive increase could not be coming at a worse time."

 

Ofgem said rising wholesale costs were behind the increase, adding that the
existence of the price cap meant households would save between £75-£100 a
year.

 

The watchdog also pointed out energy users could switch to a better deal to
save up to £200.

 

However, the Resolution Foundation says policymakers need to do more to help
families who are close to the poverty line.

 

Jonathan Marshall, senior economist, said the government must focus on
widening the current warm homes discount scheme, as well as reversing the
planned removal of the £20 Universal Credit uplift. There should also be
more targeted support for families at risk of falling into fuel poverty.

 

"A rise in in energy prices will disproportionately impact those who are
already struggling," said Mr Marshall.

 

The price cap, set twice a year by the regulator, affects 11 million
households in England, Wales and Scotland who have never switched suppliers
or whose discounted deals have expired. Northern Ireland sets its own cap.

 

That accounts for about half of all UK households. The remainder are on
so-called fixed deals, which will not be affected.

 

Around four million prepayment meter customers will also be affected.

 

The cap sets the prices that suppliers can charge for each unit of energy,
but that does not mean there is a limit to how much people can pay.

 

The more gas and electricity you use, the higher the bill.

 

Why are prices rising?

Domestic energy bills are linked to wholesale prices, the price at which
energy businesses have to pay for gas and electricity.

 

When wholesale energy prices fell last summer following the first lockdown,
Ofgem reduced the level of the cap by £84 for last winter.

 

But in February it increased the cap by £96, blaming rising wholesale costs.

 

Since then the wholesale cost of energy - which account for 40% of domestic
bills - has climbed by more than 50%, which has led to the latest increase.

 

EDF, one of the UK's biggest energy providers, said the "unprecedented rate"
at which wholesale prices were rising meant that customers would "at some
point see the impact of this global trend".

 

A spokesman said: "We know this will be worrying news for customers of all
suppliers - we will be directing financial assistance to those most in need
through a £1.9m support fund, helping customers reduce their bills, manage
their debt and even helping with costs for things like more energy efficient
white goods."

 

The industry's trade body, Energy UK, said people worried about their bills
should "pick up the phone and talk to your supplier".

 

Chief executive Emma Pinchbeck told the BBC's Today radio programme:
"There's help and assistance available, particularly for those that are
vulnerable and fuel poor." She also urged people to consider switching
supplier, calling it a "straightforward" process.

 

When the energy price cap was introduced three years ago, it was hailed as a
shield for customers against unscrupulous energy companies charging sky-high
prices.

 

But this October, the cap will rise to its highest ever level, so is it
working?

 

The cap applies to a company's default tariff, impacting people who never or
rarely change their deal, and also those on pre-payment meters who often
have less choice.

 

While it restricted expensive prices at some companies, there have been
accusations that the cap gave other firms an excuse to raise their prices up
to same level as the cap.

 

When fixing the cap point, the regulator says it must consider the wholesale
price of gas and electricity so that companies can still make a profit.
That's what they describe as setting a fair price.

 

The result is that we've seen more standardised pricing across energy
companies at those top rates, but not necessarily a market that's cheaper
for most customers.

 

With many people continuing to work from home through the autumn and winter
months, and other budgets already being stretched with reductions to
Universal Credit, this big jump in utility bills will be an unwelcome extra
pressure.-BBC

 

 

 

Starter salaries rising amid candidate shortages

Job starting salaries are rising at record rates due to shortages in
candidates, according to KPMG.

 

Rising demand for staff to fill vacancies resulted in the sharpest salary
inflation rate in almost 24 years of data collection, its jobs survey found.

 

However, ongoing uncertainty over job security concerns caused a "severe
drop" in candidates in July, it said.

 

Candidate numbers fell at the second-fastest rate in the survey's history.

 

The lack of available candidates continued to decline rapidly in July,
driven by "concerns over job security due to the pandemic, a lack of
European workers due to Brexit, and a generally low unemployment rate", the
report by KPMG and the Recruitment and Employment Confederation (REC) said.

 

Claire Warnes, partner and head of education, skills and productivity at
KPMG UK, said job seekers should be "taking advantage" of the bounce in
salaries for new recruits.

 

Companies were wanting to invest in their businesses now coronavirus
restrictions had been eased but demand for new staff outstripped supply, she
added.

 

"We know that reskilling and upskilling is needed to help people move
between sectors, and there's no doubt the 'pingdemic' has added an extra
dimension to the recruitment challenge," said Ms Warnes.

 

"Plus, with furlough due to end soon, there may be a downward pressure on
pay to come."

 

'Good time to be looking for a new job'

Kate Shoesmith, deputy chief executive of the REC, said the data confirmed
that it was now a "good time to be looking for a new job".

 

"Employers are desperate to find good candidates for the many jobs on offer
and this is reflected in starting salaries rising at the sharpest rate since
the survey began in 1997," she said.

 

"This will likely motivate more people to be on the lookout for new
opportunities. The same goes for those on temporary contracts which are also
seeing increased pay."

 

Several industries, including the hospitality and haulage sectors, are
experiencing chronic shortages in workers.

 

Some of the many skilled jobs in short supply include chefs, software
engineers, technicians and carers.

 

The report found latest vacancy data indicated faster increases in demand
for both permanent and temporary workers in July.

 

The report said the removal of Covid restrictions had led to a "sharp
increase" in the number of people employed into permanent job roles, while
the upturn in temporary vacancies was the steepest since November 1997.

 

July survey data signalled an upturn in demand for temporary workers as
well. So-called "blue collar" workers remained at the top of the rankings,
followed closely by hotel and catering staff.

 

Jobs in IT and computing, hotel and catering and engineering were in high
demand for permanent roles, while retail vacancies were the least in demand.

 

In the private sector, demand for permanent staff expanded at a slightly
quicker pace than for temporary workers. In contrast, short-term vacancies
rose more quickly than permanent roles in the public sector.

 

However, Ms Shoesmith warned pay increases alone won't meet the demand built
up over recent months.

 

"We need an immigration system that flexes to meet demand as was promised,
and business and government need a long-term plan for skilling up workers,"
she said.

 

"Skills shortages have been with us for a while and as our data shows are
getting worse."-BBC

 

 

 

Electric vehicle sales outpace diesel again

More electric vehicles were registered than diesel cars for the second month
in a row in July, according to car industry figures.

 

It is the third time battery electric vehicles have overtaken diesel in the
past two years.

 

However, new car registrations fell by almost a third, the Society of Motor
Manufacturers and Traders (SMMT) said.

 

The industry was hit by the "pingdemic" of people self-isolating and a
continuing chip shortage.

 

In July, battery electric vehicle registrations again overtook diesel cars,
but registrations of petrol vehicles far outstripped both.

 

Cars can be registered when they are sold, but dealers can also register
cars before they go on sale on the forecourt.

 

People are starting to buy electric vehicles more as the UK tries to move
towards a lower carbon future.

 

The UK plans to ban the sale of new petrol and diesel cars by 2030, and
hybrids by 2035.

 

That should mean that most cars on the road in 2050 are either electric, use
hydrogen fuel cells, or some other non-fossil fuel technology.

 

In July there was "bumper growth" in the sale of plug-in cars, the SMMT
said, with battery electric vehicles taking 9% of sales. Plug-in hybrids
reached 8% of sales, and hybrid electric vehicles were at almost 12%.

 

This is compared with a 7.1% market share for diesel, which saw 8,783
registrations.

 

In June, battery electric vehicles also outsold diesel, and this also
happened in April 2020.

 

July is normally a relatively quiet month in the car trade. Buyers at this
time of year are often waiting until the September number plate change
before investing in new wheels.

 

But even so, the latest figures illustrate clearly the major changes going
on in the industry.

 

More electric cars were registered than diesels, and by a significant
margin, for the second month in a row.

 

That's a consequence both of the continued catastrophic fall in demand for
diesel and increased sales of electric cars.

 

Over the year to date, diesel still has a small edge, but on current trends
that won't last.

 

There is a caveat here - the figure for diesels doesn't include hybrids. If
you factor them in the picture for diesel looks a little healthier, but not
by much. And it is difficult to see that changing.

 

Yes, carmakers are still making diesels. But with sales already so low, and
with the UK and other governments planning to ban the technology on new cars
within a few years, they have little incentive to invest in them.

 

Meanwhile new electric models are coming onto the market thick and fast.

 

Back in 2015, diesels made up a fraction under half of all cars sold in the
UK. How times have changed.

 

Overall, new car registrations fell 29.5% to 123,296 vehicles SMMT said.

 

Mike Hawes, SMMT chief executive, said: "The bright spot [in July] remains
the increasing demand for electrified vehicles as consumers respond in ever
greater numbers to these new technologies, driven by increased product
choice, fiscal and financial incentives and an enjoyable driving
experience."

 

However, he said that shortages of computer chips, and staff self-isolating
due to the "pingdemic", were "throttling" the industry's ability to take
advantage of a strengthening economic outlook.

 

Many firms are struggling with staff being told to self-isolate by the NHS
Covid app in the so-called "pingdemic".

 

Electric car charging prices 'must be fair' say MPs

David Borland of audit firm EY said that the weak figures for July were not
surprising in comparison to sales last year when the UK was just coming out
of the first coronavirus lockdown.

 

"This is a continuing reminder that any comparison to last year should be
taken with a pinch of salt as the pandemic created a volatile and uncertain
landscape for car sales," he said.

 

However, he said the "move to zero emission vehicles continues apace".

 

"Gigafactories breaking ground, and battery and electric vehicle plants
receiving renewed commitment from investors and government are pointing to a
healthier electrified future for UK automotive," he said.-BBC

 

 

 

U.S. job growth seen strong as technical factors provide a boost

(Reuters) - U.S. job growth likely remained robust in July amid shifts in
seasonal employment at schools caused by the pandemic, which could mask some
softening in underlying labor market conditions as the boost from fiscal
stimulus and the economy's reopening fades.

 

The Labor Department's closely watched employment report on Friday could
show nonfarm payrolls surging by at least 1 million last month because of
the so-called seasonal adjustment factors, which are also seen inflating
employment at auto assembly plants and in the leisure and hospitality
sector.

 

Prior to the COVID-19 pandemic, education employment normally declined by
about 1 million jobs in July as schools closed, while temporary plant
shutdowns for summer retooling weighed on automobile payrolls. But this year
many students are in summer school catching up after disruptions caused by
the coronavirus.

 

Chip shortages have forced automakers to make changes to their normal
production schedules. This could have impacted the timing of the temporary
re-tooling shutdowns, which could throw off the model that the government
uses to strip out seasonal fluctuations from the payrolls data. The seasonal
factors are also expected to have boosted leisure and hospitality jobs.

 

"The seasonal adjustment factors are extremely favorable," said Ryan Sweet,
a senior economist at Moody's Analytics in West Chester, Pennsylvania. "The
job market has lost some momentum, reflecting the fading effects from the
reopening, along with less impulse from fiscal stimulus."

 

According to a Reuters survey of economists, nonfarm payrolls likely
increased by 870,000 jobs last month after rising 850,000 in June. That
would leave employment 5.9 million jobs below its peak in February 2020.
Estimates ranged from as low as 350,000 to as high as 1.6 million,
underscoring the uncertainty surrounding July's employment report.

 

The department's Bureau of Labor Statistics (BLS), which compiles the
employment report, flagged the distortions to the normal seasonal layoff
patterns with June's release saying "the variations make it more challenging
to discern the current employment trends in these industries."

 

Though the labor market data has remained positive there are signs the pace
of job growth has slowed relative to June. The ADP employment report on
Wednesday showed the smallest private payrolls gain in five months in July.
Data from Homebase, a payroll scheduling and tracking company, showed its
employees working index rose moderately in July from June.

 

But Institute for Supply Management surveys showed a rebound in
manufacturing and services industries employment last month. The Conference
Board's labor market differential, derived from data on consumers' views on
whether jobs are plentiful or hard to get, in July hit its highest level
since 2000.

 

STRUCTURAL PROBLEM

 

Job growth this year has ranged between 233,000 and 850,000 per month.

 

The economy fully recovered in the second quarter the sharp loss in output
suffered during the very brief pandemic recession. The unemployment rate is
forecast falling to 5.7% from 5.9% in June.

 

"The economy can still be growing at a healthy pace, even if we don't see
the expected acceleration," said Brad McMillan, chief investment officer at
Commonwealth Financial Network in Waltham, Massachusetts. "If we drop back
below about 300,000, that would be a concern, showing that the medical
issues and labor shortages really could be slowing the recovery."

 

COVID-19 infections are surging across the country, driven by the Delta
variant of the coronavirus. While major disruptions to economic activity are
not expected, with nearly half of the population fully vaccinated, spiraling
cases could keep workers at home and hamper hiring.

 

A shortage of workers has left employers unable to fill a record 9.2 million
job openings, forcing them to raise wages. Average hourly earnings are
forecast to have increased 0.3% in July, which would lift the annual
increase in wages to 3.8% from 3.6% in June.

 

Lack of affordable child care and fears of contracting the coronavirus have
been blamed for keeping workers, mostly women, at home. There have also been
pandemic-related retirements as well as career changes.

 

Republicans and business groups have blamed enhanced unemployment benefits,
including a $300 weekly check from the federal government, for the labor
crunch. While more than 20 states led by Republican governors have ended
these federal benefits before their Sept. 6 expiration, there has been
little evidence that the terminations boosted hiring.

 

The worker shortage is expected to ease in the fall when schools reopen for
in-person learning, but some economists are less optimistic, arguing that
the economy was creating many low- skilled jobs and there were not enough
people to take them.

 

"One of the biggest problem we have right now is roughly two-thirds of our
job openings are in the kind of jobs that do not require any type of a
college degree," said Ron Hetrick, senior labor economist with Emsi Burning
Glass in Moscow, Idaho. "We have about 6 million job openings that are not
requiring a college degree, but we only have 3.4 million who are unemployed
that don't have a college degree."

 

The Thomson Reuters Trust Principles.

 

 

 

Asian shares dip as Delta variant threatens growth

(Reuters) - Asian shares lost ground on Friday despite gains on Wall Street,
as the spread of the Delta variant of the coronavirus across the region
heightened worries about its economic recovery.

 

Uncertainty about Chinese policy has also left investors in Asia nervous,
though this week regional indices clawed back some of last week's losses
caused by Beijing's crackdowns on the technology and education sectors.

 

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS)
lost 0.25% on Friday, dragged down by Chinese blue chips (.CSI300), which
fell 0.87% and Korea (.KS200) down 0.35%.

 

Japan's Nikkei (.N225) rose 0.26%.

 

"There are two main drivers of volatility in the market this week, firstly
everything surrounding the Chinese regulatory drive...and secondly the
severity of Delta outbreaks around the region," said Carlos Casanova, senior
economist Asia at UBP.

 

"International investors are still wrapping their head around what happened
in the education sector (in China). I expect that will continue to drive
sentiment. The regulatory drive is not over yet, it should continue to be a
factor in the next three to six months or so," he said.

 

China on Friday reported 124 confirmed cases for Aug. 5, its highest daily
count for new coronavirus cases in the current outbreak, fuelled by a surge
in locally transmitted infections. Authorities have imposed travel
restrictions in some cities. read more

 

Thailand and Malaysia both reported record daily cases on Thursday. read
more

 

"The Delta variants exposed the vulnerability of Asian economies as the
overall vaccination rate is low in Asia," wrote analysts at Bank of America
in a note.

 

This is weighing on shares in Asia and while the MSCI Asian benchmark is up
1.6% this week, it is still down just over 10% from all time highs hit in
February.

 

In contrast, the MSCI world shares index (.MIWD00000PUS) is just shy of a
record high, which it hit on Wednesday.

 

Elsewhere in the region, PT Bukalapak.com Tbk (BUKA.JK), an Indonesian
e-commerce company backed by Ant Group and Singapore sovereign fund GIC
[RIC:RIC:GIC.UL], rose nearly 25% on its market debut after raising $1.5
billion in the country's biggest initial public offering. read more

 

U.S. stock futures, the S&P 500 e-minis , were down 0.05%, while Euro Stoxx
50 futures were down 0.08% and FTSE futures were down 0.04%.

 

The Nasdaq and S&P 500 closed at record levels on Thursday after a spate of
strong corporate earnings and a further decline in U.S. unemployment claims.
Eyes are now on the jobs report for July due in the U.S. session.

 

Treasury yields extended their gains in Asian hours, having earlier been
helped by the healthy jobless claims report.

 

Benchmark 10-year Treasury note yields rose to 1.2366% approaching a week
high, compared with its U.S. close of 1.217% on Thursday.

 

This had a knock-on effect for the dollar, which rose against the yen to a
week high.

 

The stronger dollar and potential for higher yields hurt gold. The spot
price fell 0.23% to $1,799.6.

 

Oil paused for breath in Asian trading on Friday, but US crude was set for
its biggest weekly loss since October after falls earlier in the week due to
rising COVID-19 cases and a surprise build in U.S. crude stockpiles.

 

U.S. crude was $69.2 a barrel, up 0.16%. Brent crude was $71.39 per barrel,
up 0.22%.

 

Ether , the world's second largest cryptocurrency dropped 2% a day after a
major software upgrade to its underlying ethereum blockchain, which is
expected to stabilise transaction fees and reduce supply of the token. read
more

 

The Thomson Reuters Trust Principles.

 

 

 

Kakao Bank becomes S.Korea's biggest lender by market value in stunning
debut

(Reuters) - Digital lender Kakao Bank Corp (323410.KS) made a stellar debut
on Friday, surging 75% from its IPO price to become South Korea's biggest
financial services firm by market value.

 

The country's first purely mobile bank to go public is expected to
capitalise on rare growth opportunities for a financial firm afforded by an
unusual South Korean regulatory framework.

 

Due to its large user base, Kakao Bank is able to recommend and collect fees
on products offered by other financial firms on a much bigger scale than
many traditional lenders, and also has an advertising business.

 

"Shareholders are bullish as it's a platform, not just a bank," said Seo
Young-soo, an analyst at Kiwoom Securities.

 

Its shares were changing hands at 68,100 won in afternoon trade on Friday,
compared with its IPO price of 39,000 won and valuing it at roughly $28
billion.

 

By contrast, KB Financial Group Inc (105560.KS), South Korea's biggest
traditional financial group, was worth about $19 billion.

 

Kakao Bank became profitable in 2019 after less than two years in operation
and has 13.35 million monthly active users, making it the largest financial
app in the country.

 

"It's the only purely mobile digital bank in the world that has grown into a
large bank with 28.6 trillion won ($25 billion) in assets in just four
years," said Seo.

 

Some market participants said, however, that Kakao Bank' debut valuations
were hard to justify given its earnings, noting that KB Financial is
expected to post around 3 trillion won in net profit this year, more than
ten times what Kakao Bank is likely to make.

 

EXPANSION PLANNED

 

Kakao bank raised some $2.2 billion in its IPO and plans to use the proceeds
to expand its platform-related businesses, which still only account for 6%
of its income.

 

Three-quarters of the 804.2 billion won it made in operating profit last
year was interest income.

 

It offers unsecured personal credit loans and now holds 6% of that market.
It also extends loans for the lump sums that Koreans must provide upfront
when renting a property and plans to expand into mortgages and loans to
small businesses.

 

Although Kakao Bank must compete with digital services from traditional
banks, there is only one other pure online lender in South Korea, K Bank. K
Bank, owned by BC Card and other domestic firms, reported an operating loss
last year and has yet to announce any plans to list.

 

The listing is the country's biggest since game company Netmarble's
(251270.KS) IPO raised 2.7 trillion won in 2017, continuing a bumper year
for South Korean stock market floats although some valuations have been
slashed in recent offerings. read more

 

Kakao Corp (035720.KS), operator of South Korea's dominant chat app and
Kakao Bank's top shareholder with a 27.3% stake, is also planning to take
its payments affiliate public.

 

But Kakao Pay, which is also backed by China's Ant Financial, has been asked
by financial authorities to resubmit its IPO registration statement. Prior
to that request it had been seeking to raise up to $1.4 billion for a market
value of as much as $10.5 billion.

 

($1 = 1,143.1100 won)

 

The Thomson Reuters Trust Principles.

 

 

 

Chinese retailer Shein lacks disclosures, made false statements on factories

(Reuters) - Shein, the fast-growing Chinese online retailer, has not made
public disclosures about working conditions along its supply chain that are
required by law in the United Kingdom, and the company until recently
falsely stated on its website that conditions in the factories it uses were
certified by international labor standards bodies, Reuters has found.

 

In Britain, companies over a certain size must prominently state on their
websites the steps they are taking to combat forced labor as part of the
country’s Modern Slavery Act 2015.

 

Shein’s “social responsibility” page states that it “never, ever” engages in
child or forced labor, but does not provide the full supply chain
disclosures required by British law.

 

The law mandates that firms selling more than 36 million pounds of goods
globally per year must provide a statement on a searchable link available on
a prominent place on its home page, dated to a financial year and signed by
a director, outlining the steps it is taking to prevent modern slavery in
its supply chain.

 

Shein declined to provide its annual revenue to Reuters, stating it does not
disclose its revenue publicly. Analysts have estimated the company’s
valuation at $15 billion, with annual revenue of at least $5 billion.

 

A spokesperson for Shein said it is in the process of finalizing statements
required by UK law, and plans to publish them on its website. “We are
developing comprehensive policies, which we will post on our website in the
next couple of weeks,” the Shein spokesperson said on Aug. 2.

 

Britain’s Home Office, which is charged with enforcing the disclosure law,
said it does not comment on specific cases.

 

In Australia, a similar law requires companies with revenue over A$100
million per year to submit an annual modern slavery statement to the
Australian Border Force (ABF).

 

The ABF confirmed to Reuters that foreign entities exporting to Australia
were required to submit a statement if their revenue was above the
threshold.

 

As of Aug. 4, neither Shein nor its subsidiary in that country had submitted
such a statement, according to a register maintained by the ABF.

 

Following questions from Reuters, a Shein spokesperson told Reuters that the
company was compliant with Australia’s law, without elaborating on whether
it believed it was not required to report or whether it had submitted a
statement since Reuters’ questioning.

 

The ABF declined to comment on Shein.

 

Reuters could not independently assess the working conditions in any
factories used by Shein or the wages it pays. The retailer did not respond
to a request for comment on what its standards for suppliers are.

 

LOW PRICES, LACK OF TRANSPARENCY

 

Over the past 18 months, privately held Shein, whose official name is Zoetop
Business Co Ltd, has taken the fast-fashion world by storm. The company’s
Instagram and TikTok accounts have more than 23 million followers, many of
them young women showing off its cheap clothes, such as $9 dresses and $15
shoes. Its website drew more than 160 million visitors in June, according to
web traffic analytics firm Similarweb, overtaking rivals Zara (ITX.MC) and
H&M (HMb.ST).

 

The company’s ultra-low prices and lack of transparency have prompted labor
watchdogs, including the Worker Rights Consortium and the Business & Human
Rights Resource Centre, to question how it produces its merchandise so
cheaply.

 

Shein is based in China but sells online to customers only outside the
country. Its biggest investors include Sequoia Capital China and Tiger
Global Management. Both declined to comment for this story.

 

Some of Shein’s major rivals, including H&M, Zara-parent Inditex, ASOS
(ASOS.L), Boohoo (BOOH.L) and Zalando (ZALG.DE), publish statements, as well
as more detailed information on their supply chain such as factory lists and
codes of conduct, on their websites.

 

H&M’s website includes a downloadable spreadsheet with specific names and
addresses of thousands of its factories and processing facilities. Inditex
has an eight-page, downloadable code of conduct and a map showing the number
of its factories and suppliers in each country.

 

Separately, in a statement on its website last seen by Reuters on July 26,
Shein said the factories it worked with were “certified” by the
International Organization for Standardization (ISO) and that Shein was
"proudly in compliance with strict fair labor standards set by international
organizations like SA8000.”

 

SA8000 is a management systems standard based on international human rights
principles outlined by the International Labour Organisation and the United
Nations which measures companies’ performance in eight areas including child
labor, forced labor and health and safety.

 

ISO is a global organization which develops commercial, industrial and
technical standards. Companies pay certification bodies to implement and
audit these standards at their organizations.

 

ISO only establishes standards and does not carry out certifications
themselves, a spokesperson said. A company “cannot be either accredited or
certified by ISO," the spokesperson said.

 

Social Accountability International, which administers the SA8000 standard,
said that Shein had not been certified through its program and that it had
not had any contact with the company.

 

Shein removed the page after Reuters asked the company questions about it.
The same web address now takes users to a new “social responsibility” page,
which makes no mention of ISO or SA8000.

 

The Thomson Reuters Trust Principles.

 

 

 

 

Nigeria: CBN Recovers N89bn Excess Bank Charges, Others

The Central Bank of Nigeria, CBN, has disclosed that it has so far recovered
N89.2 billion excess and illegal charges slammed on customers by banks in
Nigeria.

 

Meanwhile the apex bank also said that Nigeria's financial system is sound,
resilient and stable contrary to rumors in unnamed quarters.

 

The CBN Governor, Godwin Emefiele, represented by the Acting Director,
Corporate Communications Department, CBN, Osita Nwanisobi, speaking in
Calabar at a 2- day public enlightenment fair, said the amount which was as
at June 2021 was based on 23,526 complaints they received from customer
bordering on charges and other related matters .

He added that the insinuations that the Apex bank was planning to convert
domiciliary/ dollar accounts to naira were false and unfounded.

 

The fair is targeted at keeping the public apprised and let them know the
policies, programmes and economic interventions of the bank and how it
benefits the people.

 

He stated: "We want Nigerians to know that we carry out "banking
examinations" and the results show that our banks are in very good condition
and our financial system is stable, resilient, safe and sound".

 

"This sensitisation is part of ways to engage the people to understand how
our polices, programmes and interventions are affecting them and as well as
create a veritable platform to discuss and understand their challenges
through their responses and feedbacks."

 

On the customer complaints he said, "What we do is that whenever we get
these complaints, they are thoroughly investigated, if they are found to be
true, the CBN makes sure that these customers are properly refunded and we
have so far recovered N89 billion."-Vanguard.

 

 

 

Nigeria: Lagos Free Zone - U.S. Mission to Facilitate Increased Investment
Into Nigeria

The United States of America Mission in Nigeria has stated that it
determined to facilitate increased investments into the country through
projects like the Lagos Free Zone (LFZ) for the mutual benefit of Nigeria
and the United States.

 

The Consul General, Consulate of the United States of America, Claire
Pierangelo made this known during a visit by the Consulate and the American
Business Council to Lagos Free Zone (LFZ) in Ibeju Lekki, Lagos.

 

Pierangelo explained that Lagos Free Zone (LFZ) offers unique opportunities
for investors and over 200 million Nigerians.

"Through production facilitated by Lagos Free Zone, these manufacturers will
have accessible channels to Nigeria's over 200 million consumers. In turn,
Nigerians will have access to affordable, domestically produced consumer
goods produced by Nigerian workers, "she said.

 

She described Kellogg Tolaram Nigeria Limited as a wonderful example of U.S.
direct investment in Nigeria.

 

The Consul General noted that Kellogg's dedication is exemplified by their
increased investment since the creation of the joint venture about six years
ago.

 

She further stated that the Consulate is thrilled to see another reputable
American company, Colgate Palmolive to follow Kellogg's lead and join with
Tolaram Group in the zone. She added that the U.S. Mission is looking
forward to welcoming the forthcoming manufacturing plant of Colgate in the
zone.

 

"As we just saw, the Lagos Free Zone and the future Lekki Deep Sea Port
represent strides forward for the business community in Nigeria. We applaud
the efforts of Tolaram Group and partners for their dedication to this
substantial undertaking", she added.

In his welcome remarks, the Chief Executive Officer, Lagos Free Zone (LFZ),
Dinesh Rathi disclosed that the zone as the gateway to the next frontier is
ready to attract more investments from the United States of America to
Nigeria by offering access to 350mn strong West-African market, unparalleled
infrastructure, a host of fiscal incentives and a 360 ecosystem for business
and livelihood.

 

Rathi described Lagos Free Zone as an ideal destination for industrial
investment, not only in Nigeria, but also in the entire West African
sub-region.

 

He explained that its seamless integration with the Lekki Deep Sea Port,
which is set to commence operation by the last quarter of 2022, is one of
its key differentiating features.

 

He said, "Lagos Free Zone is a catalyst to fast track industrialization and
for sustainable economic development not just for Lagos state but Nigeria as
a whole. We believe this zone is the right investment destination every
investor should look into given the unlimited opportunities that abound."

 

Also speaking, the President of the American Business Council and Country
General Manager, IBM, Dipo Faulkner commended Lagos Free Zone for redefining
the ease of doing business and by attracting Foreign Direct Investments
(FDIs) into the country through its numerous incentives and advantages.

 

He advised the member companies to take full advantage of the opportunities
by investing in the zone.- This Day.

 

 

Tanzania: NBC Launches Jamii Account for Charitable Institutions

NATIONAL Commercial Bank (NBC) yesterday launched 'NBC Jamii Account' for
charitable institutions that attracts no monthly deductions.

 

The account, specific for Non-Governmental Organizations (NGOs), the like of
charitable institutions, religious organisations and related philanthropic
movements, geared to enable them access to banking services without any
deductions.

 

NBC Product Manager Mr Mwinyiusi Hamza said it would facilitate financial
activities of the humanitarian organization to enable them serve the public
with ease without adding more costs to their deposits.

 

"Through NBC Jamii Account, NGOs and other charitable institutions will now
be able to receive and manage project funds from donors without monthly
deductions and at the same time be able to monitor all their transactions
with ease.

"Also in the case of religious institutions like churches and mosques
through NBC Jamii Account, they will receive their donations and tithes as
well as other contributions conveniently... let us not forget that they
handle project funds from donors and sponsors, which should be secure,"
Hamza said pointed out.

 

He, further, said trustees, believers and donors can deposit money directly
into the bank's Jamii Account for the respective institutions in several
bank's branches or through mobile transaction-NBC 'Kiganjani' service from
the issuer Account direct to the special account.

 

"They can also deposit money directly to the beneficiaries of the Jamii
Account through NBC ATMs or use NBC agents available all over the country,
and/or deposit the funds directly into the account of the relevant NBC
Charitable institution. Another way is to use our branches as well as mobile
phones," said the Product Manager.

 

NBC Head of SMEs Unit Mr Mussa Mwinyidaho said among other things, it makes
it easier for account holders to track books of the respective institutions
through a well-maintained record of non-deductible transactions.

 

"They will also be able to receive information on incoming and outgoing
financial transactions and be provided with a free cheque book," Mr
Mwinyidaho said.-Daily News.

 

 

 

Rwandan Startup Wins Rwf150 Million in a Global Tech Competition

Local startup, Kitech, has scooped an international accolade through a
competition by Global Startup Ecosystem, which supports corporate
innovations and helps tech companies transform in the digital space.

 

Started 2016, Kitech was rewarded a cash price of $150,000 ($150,000).

 

With the award, Kitech, which develops websites and mobile applications,
will now have access to IBM Cloud, DigitalOceans, AWS, Google Cloud,
SendGrid infrastructure to host our projects.

 

"I now have space for free, and I can now host as many projects as I can,
which will help me expand my business but also serve my clients with better
products," said Fridolin Niyonsaba, the proprietor of Kitech.

Niyonsaba, 32, studied Agriculture Engineering at the University of Rwanda,
but due to his fascination with technology, he taught himself coding skills
through videos and reading articles.

 

These skills helped him to land an IT job in a hotel just shortly before
graduation.

 

"I realised I can do more with my skills, and provide more solutions to the
market," Niyonsaba said, "So, I quit my job and started my company Kitech."

 

Kitech has forged successful partnerships with various organisations such as
YEAN which helps over 8,000 farmers with basic things like how to plant,
harvest and ask questions on the platform which gives them instant feedback.

 

After starting his company, Niyonsaba discovered his other inefficiencies
including in areas such as marketing and leadership.

"As technicians we tend to focus on things like coding and product
development but ignore the needs of the clients and how to endear the
product to their interests," he said.

 

He then took some short professional courses at Andela where he honed his
marketing skill among others.

 

"My company now focuses on customer needs before developing a product for
them. We teach them how the product works and follow-up on how they are
adapting to it."

 

Kitech now has 12 permanent employees including engineers, visionaries and
developers.

 

It outcompeted firms from big economies such as Nigeria, India, Ghana, and
emerged as the startup lab pitch winner in the Global Startup Ecosystem
competition.

 

Niyonsaba has now set his eyes on expanding Kitech into a global tech
ecosystem.

 

"Winning this competition showed me that we not only have the local support,
but we also have global support, and by working hard we can take Rwandan
technology to an international level."-New Times.

 

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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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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<mailto:info at bulls.co.zw> info at bulls.co.zw Tel: +263 4 2927658 Cell: +263 77
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