Major International Business Headlines Brief::: 11 August 2021

[Bulls n Bears]

 <https://bullszimbabwe.com/> 

 


 

 <http://www.bullszimbabwe.com> Bullszimbabwe.com
<mailto:info at bulls.co.zw?subject=View%20and%20Comments> Views & Comments
<https://bullszimbabwe.com/category/blogs/bullish-thoughts/> Bullish
Thoughts        <http://www.twitter.com/BullsBears2010> Twitter
<https://www.facebook.com/BullsBearsZimbabwe> Facebook
<http://www.linkedin.com/pub/bulls-n-bears-zimbabwe/57/577/72> LinkedIn
<https://chat.whatsapp.com/CF6wllAfScU9Wr6dXxoQnO> WhatsApp
<mailto:info at bulls.co.zw?subject=Unsubscribe> Unsubscribe

 


 

 


Major International Business Headlines Brief::: 11 August 2021

 


 

 


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

 


 

 


ü  Warren Buffett's Berkshire Hathaway recovers from coronavirus slowdown

ü  Alibaba launches investigation, suspends several staff

ü  ECB must tighten policy if needed to counter inflation, Weidmann says

ü  Saudi Aramco Q2 profit soars on higher prices, demand recovery

ü  Amazon orders all U.S. employees to mask up at work

ü  Hedge fund Odey sells stake in Ryanair, IAG -Mail on Sunday

ü  New Zealand grants residency to Google's co-founder Page

ü  Chinese regulators meet with delivery firms, call for stronger labour
rights

ü  U.S. markets regulator approves Nasdaq proposal to require corporate
board diversity

ü  U.S. labor market powers ahead with strong job gains, lower unemployment
rate

ü  Russia hands U.S. investor Calvey 5.5-year suspended sentence

ü  Binance U.S. CEO Brooks resigns just three months into job

ü  Malawi: Survey Says Malawi Slipping On Poverty, Hunger, Unemployment,
Other Indicators

ü  Nigeria: Farmers Trained On Bee Colony Management, Pollination Services

ü  Tanzania: President Samia Steers Tanzania, Kenya Maize Business

ü  Zambia: Changing Picture in Modern Business

ü  South Africa: Trade, Industry and Competition Announces Economic Recovery
Support Interventions for Affected Businesses

ü  Nigeria Generates N472bn As Company Income Tax in Q2 2021

 

 


 <mailto:info at bulls.co.zw> 

 


 

Hackers steal $600m in major cryptocurrency heist

Hackers have stolen some $600m (£433m) in what appears to be one the largest
cryptocurrency heists ever.

 

Blockchain site Poly Network said hackers had exploited a vulnerability in
its system and taken thousands of digital tokens such as Ether.

 

In a letter posted on Twitter, it urged the thieves to "establish
communication and return the hacked assets".

 

In scale, the hack is on par with huge recent breaches at exchanges such as
Coincheck and Mt Gox.

 

In its letter Poly Network said: "The amount of money you have hacked is one
of the biggest in defi [decentralised finance] history.

 

"Law enforcement in any country will regard this as a major economic crime
and you will be pursued.

 

"The money you stole are [sic] from tens of thousands of crypto community
members, hence the people."

 

Poly Network said a preliminary investigation found a hacker exploited a
"vulnerability between contract calls".

 

It urged various exchanges to block deposits of the coins, after millions of
dollars in tokens were transferred to separate cryptocurrency wallets.

 

About $267m of Ether currency has been taken, $252m of Binance coins and
roughly $85 million in USDC tokens.

 

Changpeng Zhao, chief executive of Binance, said his firm was aware of the
hack, but added there was only so much he could do.

 

He said the group was "co-ordinating with all our security partners to
proactively help".

 

"There are no guarantees," he added.

 

Poly Network is a decentralised finance - or Defi - provider, which allows
users to transfer tokens tied to one blockchain to a different network.

 

'All-time high'

Cryptocurrency systems such as Ether and Binance were developed
independently, so have struggled to work in conjunction with each other.

 

Losses from fraud in the Defi sector hit an all-time high of $474m in the
first seven months of the year, a report from research company CipherTrace
said on Tuesday.

 

But losses from crime in the overall cryptocurrency market dropped sharply
to $681m, compared to $1.9bn for the whole of 2020 and $4.5bn in 2019.

 

Last week, the US Securities and Exchange Commission (SEC) charged Defi
lender Blockchain Credit Partners and two of its top executives for raising
$30m through allegedly fraudulent offerings.

 

The case is the SEC's first involving securities in the Defi space.-BBC

 

 

 

China tech giant Xiaomi aims at global smartphone top spot

Chinese technology giant Xiaomi has said it plans to be the world's biggest
smartphone maker within three years.

 

The comments by the Beijing-based firm's boss come after it recently
overtook Apple to become the second largest mobile brand.

 

South Korea's Samsung Electronics currently holds the number one spot.

 

Xiaomi's founder and chief executive Lei Jun was speaking ahead of the
launch of the company's new Mix 4 handset.

 

"Our current task is to cement the number two position in the global
market," Mr Lei said, adding: "We aim to become global number one in three
years."

 

He was making his annual speech during an online event as the company
celebrated the 10th anniversary of its first smartphone launch.

 

Industry figures released last month showed that Xiaomi had for the first
time overtaken US rival Apple as the world's second-biggest smartphone
brand.

 

Xiaomi accounted for almost 17% of the global handset market in the April to
June quarter, topping Apple's 14.1%, according to research firm IDC.

 

For the same period Samsung saw its market share shrink to 18.8% but held on
to the number one position.

 

Like several other major Chinese technology firms, Xiaomi was accused by
Donald Trump's administration of being a threat to US national security.

 

At the start of the year it was blacklisted by the US Department of Defense
over claims that it had ties with the China's military.

 

In May, a US federal judge blocked the enforcement of an investment ban on
Xiaomi, calling the decision to blacklist it as "deeply flawed".

 

Had the ban gone ahead Xiaomi would have been removed from US stock
exchanges and global benchmark shares indexes.

 

Mr Lei's speech came ahead of the launch of a wide range of new Xiaomi
devices, including the Mix 4 smartphone, its latest television, tablet
computer and smart speaker.

 

It also unveiled a 'CyberDog' four-legged robot, which it described as its
"first foray into quadruped robotics for the open source community and
developers worldwide."

 

The company invited robotics enthusiasts and "other like-minded Xiaomi Fans"
to help develop the project.

 

Earlier this year, Xiaomi announced plans to invest $10bn (£7.2bn) over the
next decade to develop electric vehicles.

 

The move sees it enter another fiercely competitive sector, with hundreds of
companies in China already battling for a share of the global electric
vehicle market.-BBC

 

 

 

Amazon to pay out over defective third party goods

Amazon has said it will compensate customers who suffer injury or property
damage from defective goods sold by independent sellers on its US platform.

 

>From 1 September it will pay valid claims of up to $1,000 (£720), which make
up more than 80% of injury and damage cases on its site, it said.

 

It may also cover claims for higher amounts if sellers are "unresponsive".

 

It comes as the shopping giant faces mounting pressure over product safety,
following a series of court cases.

 

In July, Amazon was sued by the US Consumer Product Safety Commission in an
effort to force it to recall hundreds of thousands of goods.These included
faulty carbon monoxide detectors, appliances without sufficient protection
against electric shocks, and children's clothing that did not meet fire
standards.

 

More than half of the goods sold on Amazon now come via third-party vendors,
but they are largely unvetted before being sold.

 

For years, consumers have tried to hold the shopping giant to account over
faulty products sold by third parties, but the firm has maintained sellers
themselves are responsible - a position which has been backed by most
courts.

 

Regulators allowed to take down eBay listings

However, that has started to change in recent years following a series of
high-profile court cases.

 

In 2019, a Federal court in Philadelphia ruled that a woman blinded by a
seller's retractable dog lead could restart her legal case against Amazon.

 

She had initially wanted to sue the Nevada-based merchant but had been
unable to track them down.

 

'Standing by customers'

In a blog posting, Amazon said it would use its "advanced fraud and abuse
detection systems", as well as independent insurance fraud experts, to
identify valid claims.

 

It said this would save sellers time, money, and better protect customers.

 

"By standing behind customers and the products in our store, regardless of
who sells them, Amazon is going far beyond our legal obligations and what
any other marketplace service provider is doing today to protect customers,"
the company said.

 

The firm also announced Amazon Insurance Accelerator, a network of insurance
providers that sellers can access if they choose, and an updated policy
requiring more merchants to obtain product liability insurance.

 

The policies will launched in the US first before being rolled out
elsewhere.-BBC

 

 

 

Euro Auctions sold to Ritchie Bros for £775m

County Tyrone-based Euro Auctions has been sold to Canadian company Ritchie
Bros for £775m.

 

The firm was set up in Dromore in 1998 by Derek Keys and his brothers.

 

It has grown to have more than 200 staff across 14 countries.

 

The company buys and sells industrial plant, construction equipment and
agricultural machinery all over the world and last year conducted 60
auctions, selling close to 90,000 items for more than £484m.

 

The sales were spread across its nine locations in Great Britain, Northern
Ireland, Germany, Spain, the United Arab Emirates, Australia, and the United
States.

 

Ritchie Bros also works in buying and selling used heavy equipment across
construction, transportation, and agriculture.

 

It will retain Euro Auctions employees and its brand.

 

'Incredibly talented team'

Ritchie Bros' chief executive Ann Fandozzi said Ritchie Bros and Euro
Auctions were an "ideal fit".

 

Euro Auctions Founder and Director Derek Keys said the deal would "drive
value for customers".

 

The deal is expected to close late 2021 or early 2022.-BBC

 

 

 

 

Paddy Power owner betting shop revenue rebounds

Paddy Power-owner Flutter has said its UK betting shop revenue has jumped
higher than pre-Covid levels.

 

Betting shops were closed during lockdowns but since reopening in June,
Flutter said UK retail revenue rose 7% ahead of sales before the pandemic.

 

Like its rivals, Flutter has seen strong growth in online gambling as shops
closed and people were forced to work from home.

 

But one gambling helpline said calls had risen by 9% in the year to March.

 

And punters came back to betting shops after they re-opened as Covid
restrictions eased in the second quarter, with UK retail revenue 7% higher
than pre-Covid levels, it said.

 

The number of people using Flutter's online gambling in the UK leapt even
more, increasing nearly 60%.

 

A UK gambling helpline said calls had increased by 9% in the year to the end
of March.

 

Flutter said global revenue rose 28% to £3bn as its average number of
gamblers rose 40% to more than 7.5 million.

 

Chief executive Peter Jackson said: "The first half of 2021 exceeded our
expectations as we made substantial progress against our operational and
strategic objectives while maintaining excellent momentum in growing our
player base."

 

Online gambling: 'I stole £70,000 to feed my addiction'

Many countries around the world closed down betting shops during coronavirus
lockdowns, and gamblers shifted their focus online.

 

Flutter attracted new customers during lockdowns, and kept hold of many of
them in the first half, said Alistair Johnson, analyst at Redburn.

 

Studies have suggested that online gambling soared during coronavirus
lockdowns, with vulnerable groups particularly at risk.

 

In the UK, Flutter, which owns brands such as Betfair and Sky Betting and
Gaming, said it had 59% more online customers than in the same period in
2019 before the coronavirus crisis.

 

Overall, its UK and Ireland average monthly numbers grew 44% to 3.3 million
customers. This outpaced revenue growth of 30% - so on average, revenue per
active customer was lower, it said.

 

US expansion

Flutter has been pouring money into its US business, spending more than $1bn
to date on marketing its flagship FanDuel sports betting brand.

 

US revenues were more than $900m in the first half, putting distance between
it and its main rivals, it said.

 

The gambling giant competed its acquisition of Canadian gambling business
the Stars Group on 5 May 2020.

 

Freetrade analyst Gemma Boothroyd said the pandemic "lent a helping hand to
online betting, speeding up its transition to digital".

 

She said US revenue growth, which soared by 159% to £652m, was "driven by
six additional states legalising sports betting".

 

"As vaccination ramps up and Flutter's main markets return to
business-as-usual, it may be ill-prepared for lockdowns easing," Ms
Boothroyd added.

 

Problem gambling

Last year a House of Lords report found that there were a third of a million
problem gamblers in the UK, with young people being most at risk.

 

The amount of harm was wider, though. For each problem gambler, six were
harmed by their activities. So two million people were harmed by "the
breakup of families, crime, loss of employment, loss of homes and,
ultimately, loss of life", the report said.

 

It found that 60% of gambling companies' profits come from the 5% of
customers who are already problem gamblers, or who are at risk of becoming
so.

 

Lockdown effect

A study in May this year suggested that online gambling soared in 2020 in
the UK, with regular gamblers more than six times more likely to gamble
online.

 

The University of Bristol study suggested that "although many forms of
gambling were restricted, a minority of regular gamblers significantly
increased their gambling and betting online" with vulnerable groups "worse
affected".

 

There was also a strong link between binge drinking and regular gambling,
researchers said.

 

GamCare, which operates the National Gambling Helpline, said it had received
41,000 calls for help in the year to the end of March, a 9% increase on the
previous year.

 

It said there was a big increase in gambling due to boredom, but also more
gamblers were using it as a coping strategy during the pandemic.

 

Two thirds of the gamblers calling the helpline had debt issues, and three
quarters had financial difficulties due to gambling.

 

The most problematic online products were slots, betting, and casino games.

 

Offline, betting in shops and gaming machines were problematic, gamblers
said.

 

Flutter said that it was developing steps "focused on protecting those that
are vulnerable without unnecessarily impinging on the freedoms of the
majority of customers".-BBC

 

 

TikTok named as the most downloaded app of 2020

TikTok was the world's most downloaded app in 2020 as it took the top spot
from Facebook Messenger, according to digital analytics company App Annie.

 

The Chinese video-sharing platform is the only app not owned by Facebook to
make the global top five of downloads.

 

In its home country, TikTok's owner ByteDance also holds the top spot with
the Chinese language video app Douyin.

 

TikTok's continued popularity emerged even after former US President Donald
Trump tried to ban it in America.

 

Facebook-owned apps have held the top spot since the survey started in 2018
and the company still dominated the chart.

 

Mark Zuckerberg's social media giant accounted for the rest of the top five
with Facebook's flagship app as well as WhatsApp, Instagram and Facebook
Messenger all making an appearance.

 

Last year, then-President Donald Trump issued an executive order to ban new
downloads of the TikTok app in the US.

 

The Trump administration claimed that TikTok posed a national security risk
as the Chinese government had access to its user data. The company
repeatedly denied the allegations.

 

A potential deal to resolve the issue that would have seen parent company
ByteDance selling part of its US business to US technology giant Oracle and
retailer Walmart was given the tentative green light from Mr Trump but was
never approved by the Chinese government.

 

Since becoming US President in January this year Joe Biden has withdrawn Mr
Trump's executive order.

 

As well as seeing off that challenge in the US the company has been
exploring new ways to attract users.

 

Last week, it emerged that 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 came after WhatsApp rolled out a feature for users to post photos or
videos that vanish after they are seen.-BBC

 

 

JetBlue to launch NY-UK flights despite pandemic

JetBlue has said the Covid pandemic will not stop the airline from launching
its long-awaited New York to London service on Wednesday.

 

Chief executive Robin Hayes told the BBC there was "strong demand" for the
route in the US where, he said, JetBlue had returned to 2019 levels.

 

The move comes as the global travel industry continues to recover.

 

Holiday Inn-owner Intercontinental Hotels said holiday demand was "returning
strongly".

 

In its latest results statement, Intercontinental Hotels Group (IHG), whose
other brands include the Crowne Plaza chain, said it had opened 132 hotels
during the January-to-June period and acquired another 203, both sizeable
increases on last year.

 

"Trading improved significantly during the first half of 2021, with travel
demand returning strongly as vaccines roll out, restrictions ease and
economic activity rebuilds," said IHG chief executive Keith Barr.

 

"It has been great to see our teams welcome more and more guests back into
our hotels, with domestic leisure bookings leading the way, particularly in
the US and China."

 

Measured on revenue per available room, nearly half of the group's hotels
worldwide were above 2019 levels in July, it said.

 

Ready to go

JetBlue's first transatlantic flight will leave New York's JFK airport on
Wednesday evening and will land at London's Heathrow. Flights to London
Gatwick will begin on 29 September.

 

However, travelling on the route does not come cheap, at least to start
with. JetBlue's website no longer has seats available for that inaugural
flight, but prices for the next few days start at $941 (£679) one-way.

 

That is still slightly cheaper than British Airways and Virgin Atlantic,
which are both quoting a price of $980 for the same time period.

 

Thanks to the likes of those established competitors, there are already as
many as 28 flights a day available between London and New York.

 

And other carriers have come a cropper on the same route, including
Norwegian Air, which filed for bankruptcy in November 2020 after failing to
make its low-cost strategy pay.

 

However, JetBlue will be cutting costs by using smaller aircraft, relying on
the single-aisle Airbus A321LR, rather than the Boeing 787 Dreamliners that
were favoured by Norwegian.

 

And for those who can book further in advance, it is pledging to offer
return fares of less than $600.

 

The airline's Mr Hayes said it had wanted to offer a New York-to-London
service for a long time and flights were now "ready to go".

 

He said JetBlue wanted to have "a disruptive and permanent effect" on the
market.

 

US-based travellers are now welcome to fly to the UK without having to
quarantine on arrival if they have been fully vaccinated, but there is still
a travel ban on people from the UK flying to the US.

 

The White House said at the end of last month that it did not intend to lift
Covid-19 travel restrictions for non-Americans.

 

Asked about this, Mr Hayes said JetBlue had made its views clear about the
restrictions and that the current approach was "not risk-based".-BBC

 

 

US job vacancies hit a record 10.1 million

US job openings hit a fresh record in June amid reports the country
continues to face a labour shortage.

 

Job vacancies jumped by 590,000 to 10.1 million on the last day of the
month, according to figures from the Labor Department.

 

That was up from a record 9.5 million openings in May and well above
economists' expectations.

 

It comes as companies struggle to find workers in sectors such as leisure
and hospitality as the economy reopens.

 

"The ratio of openings to hires, despite easing in June, remained at
historically elevated levels," JPMorgan analyst Peter McCrory said.

 

US unemployment surged to 14.8% at the start of the coronavirus pandemic,
but the economy has been recovering strongly this year.

 

However, despite restrictions being eased, workers have not rushed back to
jobs in the numbers expected.

 

The shortfall has been blamed on a lack of affordable childcare, generous
unemployment benefits, and pandemic-related retirements and career changes.

 

'We offered people a $300 bonus to work for us'

US economy adds more jobs than expected in July

Some also believe there are too many low-skilled jobs being advertised, and
not enough suitable candidates.

 

Official unemployment figures in July suggested the country might be turning
a corner, as employment rose by 943,000. The unemployment rate also fell 0.5
percentage points to 5.4%.

 

However the figures mainly pre-date the rise of the Delta variant of Covid
in the US, which has led to a surge in infections and fears new restrictions
could be imposed.

 

Already New York City has said all customers and staff of restaurants, gyms
and other indoor businesses will have to be fully vaccinated against
Covid-19.

 

And the city's Auto Show, scheduled to run from 20 to 29 August, has been
cancelled due to fears about rising infection rates.

 

Labour market recovering?

Figures from the Labor Department showed the number of people voluntarily
leaving their employment in June increased to 3.9 million from 3.6 million
in May, well above pre-pandemic levels.

 

However, in a positive sign hiring rose to 6.7 million from 6 million in the
previous month, the second largest increase since the government started
tracking the data in 2000.

 

The largest increases in vacancies in June were in professional and business
services, retail, and accommodation and food services.

 

Some economists believe hiring will pick up further as schools reopen in
September and more states phase out emergency unemployment benefits.

 

Economists are also increasingly confident that US unemployment levels will
reach pre-pandemic levels next year, with Goldman Sachs projecting a rate of
3.5% by the end of 2022.-BBC

 

 

Apple defends new photo scanning child protection tech

Apple has defended its new system that scans users' phones for child sexual
abuse material (CSAM), after a backlash from customers and privacy
advocates.

 

The technology searches for matches of known abuse material before the image
is uploaded to its iCloud storage.

 

Critics warned it could be a "backdoor" to spy on people, and more than
5,000 people and organisations have signed an open letter against the
technology.

 

As a result, Apple has pledged not to "expand" the system for any reason.

 

Digital privacy campaigners warned last week that authoritarian governments
could use the technology to bolster anti-LGBT regimes, or crack down on
political dissidents in countries where protests are deemed illegal.

 

But Apple said it would "will not accede to any government's request to
expand" the system.

 

It published a question-and-answer document, saying it had numerous
safeguards in place to stop its systems from being used for anything other
than the detection of child abuse imagery.

 

"We have faced demands to build and deploy government-mandated changes that
degrade the privacy of users before, and have steadfastly refused those
demands. We will continue to refuse them in the future," it said.

 

However, Apple has made some concessions in the past in order to keep
operating in countries around the world.

 

Last New Year's Eve, the tech giant removed 39,000 apps from its Chinese App
Store amid a crackdown on unlicensed games by authorities in the country.

 

Apple also said its anti-CSAM tool will not allow the company to see or scan
a user's photo album. It will only scan photos that are shared on iCloud.

 

The system will look for matches, securely on the device, based on a
database of hashes of known CSAM images provided by child safety
organisations.

 

Apple also claims it is nearly impossible to falsely flag innocent people to
police. "The likelihood that the system would incorrectly flag any given
account is less than one in one trillion per year," it said. There is also a
human review of positive matches.

 

Privacy advocates, however, have argued that the only thing preventing that
technology being turned to other uses is Apple's promise that it will not
be.

 

Digital rights group the Electronic Frontier Foundation, for example, said
that "all it would take... is an expansion of the machine learning
parameters to look for additional types of content".

 

"That's not a slippery slope; that's a fully-built system just waiting for
external pressure to make the slightest change," it warned.

 

Apple also provided reassurances regarding another new feature that will
warn children and their parents using linked family accounts, when sexually
explicit photos are sent or received.

 

The company says its two new features do not use the same technology, and
says it will "never" gain access to users' private communications.

 

While there was a backlash regarding Apple's announcement from privacy
advocates, some politicians welcomed the new technology.

 

UK Health Secretary Sajid Javid said it was time for others, especially
Facebook, to follow suit.-BBC

 

 

China sues Tencent over WeChat Youth Mode

Beijing prosecutors have filed a civil legal action against Tencent over
claims its messaging-app WeChat's Youth Mode does not comply with laws
protecting minors.

 

Youth Mode prevents younger users from accessing payments, playing certain
games and finding nearby friends.

 

However, prosecutors have not specified exactly how the app is allegedly
violating Chinese law.

 

Tencent said it would "investigate" the claim.

 

"We will earnestly inspect and check the functions of WeChat Youth Mode,
accept user suggestions humbly and sincerely respond to civil
public-interest litigation," the company posted on Weibo.

 

WeChat, known as Weixin in China, has about 1.26 billion monthly active
users.

 

Tencent shares slide after Beijing music crackdown

Last week, Chinese authorities called for minors to be better protected from
online dangers, with a state-media article labelling games as "spiritual
opium".

 

Tencent's share price fell by more than 10% shortly after the article was
published.

 

And it swiftly announced stricter limits for younger players of its hugely
popular game Honour of Kings.

 

Young players can now access the game for only an hour a day on weekdays.

 

Play time in China was previously capped at:

 

90 minutes on weekdays

three hours on weekends and holidays

The mobile title has more than 100 million users worldwide.

 

In April, it was reported Chinese authorities were preparing a substantial
fine for Tencent as part of its efforts to clamp down on internet
giants.-BBC

 

 

Tanzania: President Samia Steers Tanzania, Kenya Maize Business

THE maiden visit by President Samia Suluhu Hassan to Kenya has paid
handsomely to traders in Tanzania and consumers in Kenya.

 

President Samia met with her counterpart, Mr Uhuru Kenyatta and discussed
different issues including addressing challenges in business between the two
countries after a stint of controversy.

 

The visit that was in early May has cleared the way for maize exports from
Tanzania that was banned for a while by Kenyan authorities, with reports
saying that volume of exports has surged to more than sixfold.

 

Authorities in Kenya have unveiled figures jumping from 16,137 bags in April
to a monthly record of 118,329 in May after the bilateral deal eradicated
the restraints that Nairobi had imposed on Tanzania's maize export.

Longido District Commissioner (DC), Mr Nurdin Babu confided with the 'Daily
News' that Tanzanians have tapped the business opportunity wisely and that a
lot of trucks are crossing the border with the cereal. "After the visit to
Kenya by our president, things have greatly changed.

 

Traders from Tanzania have been blessed by her move to clear the hurdle by
talking to Kenyan president. We, at Longido, witness the way trucks cross
the border exporting maize. It is a great opportunity for business, but also
a means of life for Kenyans," said Mr Babu.

 

He noted that despite the huge maize export, Tanzania still has enough stock
that will not leave it vulnerable to famine, adding that there should not be
any fear in the public.

In a related development, the DC noted that security on the ground along the
borders is normal and traders are exploiting the opportunity to mint extra
coin.

 

Earlier, Kenyan Ministry of Agriculture had banned imports of maize from
Tanzania and Uganda alleging that they had high levels of aflatoxins.

 

Though Kenya is a large importer of maize to address deficit in the country,
it started mending fences with Tanzania shortly after President Samia
physically made a trip to Nairobi and met her counterpart, Uhuru Kenyatta.

 

And their trade ministers meeting in Arusha just weeks after the visit to
address other underlying trade issues too, trade between the two countries
has greatly picked up.

 

Reached for a comment, government officials at the Namanga Border post on
Tanzania side, who preferred anonymity, said after implementing the State
orders, business has been flowing well and enriching the nationals. On the
other side, Kenya Revenue Authority (KRA) Manager at Namanga, Mr Joseph
Moywaywa said Tanzanians are free to sell maize in big quantities as they
can without experiencing bureaucratic hitches. On his part, East African
Community (EAC) Secretary General, Dr Peter Mathuki called upon the various
government agencies at Namanga border to hold regular consultative meetings
with traders to identify and address factors that may still affect
intra-regional trade. The flow of goods and services at the Namanga border
has now come back to normal with goods moving both ways. Trade is the major
driving factor of the EAC integration, and thus the need to ensure
businesspeople in the region could transact business without any hurdles.
Currently EAC intra-regional trade is under 20 per cent, and it is Dr
Mathuki's mission to ensure that it grows to at least 50 per cent in the
next five years. To achieve that, Dr Mathuki urged border management
officials to hold regular consultative meetings with stakeholders as well as
conduct quarterly reviews to track trade volumes. After Kenya slapped a ban
on Tanzania maize export, the exporters returned home maize that was already
cleared at Tanzania's side of Namanga Border. Tracing back, the dispute
started on March 5th this year, when the Agriculture and Food Authority
(AFA) on the Kenyan side slapped a ban on imports of maize from Tanzania and
Uganda on the pretext that they contain high levels of Mycotoxins. Despite
samples being taken for tests, no results have been returned, a month on.
Although after a week the ban was lifted with conditions on importers being
required to be registered, the consignments were tasked to be accompanied
with certificate of conformity on aflatoxin levels, and traders issue
details of their warehouses, Tanzanian trucks were returned home with maize.
Some 22-trucks checked in since March 5th this year, but some 18 trucks that
were denied entry applied to and returned to Tanzania with maize, with four
trucks owned by Kenyan Mama Millers Ltd remaining at the border with maize
and the 'Daily News' witnessed the trucks packed on the Kenyan side of the
border by April 5th.-Daily News.

 

 

 

Zambia: Changing Picture in Modern Business

TO breakthrough in life requires talent and business acumen that will beat
all odds despite constant environmental changes.

 

This article ponders on the shift in business dynamics owing to the changes
that are constantly taking place particularly in the telecommunication
industry dealing with a wide range of services to keep the global population
connected.

 

In order to address the swelling patterns in the changing environment to
enhance sales and profit, more innovation is required in compatibility to
the changes around products and services that can easily be accessible at
affordable rates amid Coronavirus (COVID-19) challenges.

Virtual business is the new culture, be it meetings, sales and marketing,
events including learning. Service providers of online platforms being the
most profitable since the pandemic struck in March 2020.

 

Statistics reveal that the digital space and usage of data and broadband
services have seen a spike in usage due to high number of people working
from home and having video conferencing to hold meeting and used as learning
platforms for students. More users rely on connectivity and digital services
for business continuity.

 

Telecommunication companies have now repositioned themselves and enhanced
their infrastructures to facilitate reliable connectivity to clients. They
have remodeled their pricing and drilled down into multiple variations of
pricing models to accommodate different customers.

 

To cover all users, be it students, business counterparts or corporate
professionals and disregarding the one size fits all phenomenon, pricing has
been adjusted accordingly. For example, students need more connectivity time
while learning and researching but may have financial constraints compared
to corporate users who may have the capacity to pay at whatever cost.

This approach is fair and does not leave any one out. This evolving industry
has accelerated its sales due to the high demand more than ever before. In
addition to that, the usage of laptops and other devices accelerated sales
as more companies were forced to work from home as well as students and
individual users.

 

Small and medium enterprises (SME) also came on board by being more
innovative and accelerated the usage of digital platform particularly for
payments and advertising their products online.

 

In Zambia even the cheapest laptop brand become scarce due to high demand
considering that everyone wanted to own a laptop, desktop or any device that
could connect them to the rest of the world.

 

Market players in this arena were overwhelmed with the demand but in order
to satisfy and meet the clients 'needs, innovation around this remain
critical in order to expand and enhance sales.

This is more like cooking without any recipe, it entices you to think of
better ways of making a meal appetizing, by so doing, innovative ideas are
blended in and eventually you create your own new recipe.

 

When you decide to plunge into the business industry, be sure to be
constantly reviewing your products and services to realign them to the
changes in the market.

 

While majority of businesses scaled down, closed or diversified, the
telecommunication industry was the busiest even when change in the market
was imperceptible from a distance during the pandemic when it first came,
but it later turned into reality, as we have witnessed.

 

The telecommunication industry has proved its significance when there was
social and economic disruption during the COVID-19 pandemic. They paved way
for business continuity, dissemination of information and connectivity.

 

Similarly, traditional banks have been impacted by the changes too. Imagine
how disruptive internet banking can distract traditional banking if not
complemented. Banks have no choice but to change to keep up with the tech
upstarts to continue running the business of banking successfully.

 

Traditional banking is being transformed by internet based financial
services which are complementing existing services even in rural areas where
the unbanked were prevalent.

 

More life is being injected in the sluggish traditional banking to improve
processes. However, with high usage of internet services, regulation remains
critical to protect users of online services to avoid any emerging
challenges relating to internet services.

 

It is in this regard that internet firm providers are now partnering with
more banks to tap into new opportunities in the changing business landscape
for businesses to thrive.

 

The pricing mechanism must be mutual to benefit both parties. These great
innovations of collaborations are critical in strengthening relations and
waive the aspect of competition.

 

Rather than having a win- lose business environment, it is better to work
together for mutual benefits. This also closes and breaks the cycle of
imbalances in the business environment considering that the world is
changing rapidly.

 

As the world transitions into a complete global digital economy, businesses
must realign themselves to the massive changes that are taking place today.

 

As we go to the polls tomorrow, let us keep safe by following the ministry
of Health guidelines. Unfortunately, voting is not virtual but physical.

 

The Author is a seasoned banker, has a Bachelor of Arts, honors degree in
Business management/a Master of Business Administration from University of
Sunderland (UK) and has a Doctorate in Business Administration from the
Atlantic International University, United States of America (USA).-Times of
Zambia.

 

 

South Africa: Trade, Industry and Competition Announces Economic Recovery
Support Interventions for Affected Businesses

The Department of Trade, Industry and Competition (the dtic) would like to
announce that the economic recovery support interventions announced by the
Minister of Trade, Industry and Competition, Mr Ebrahim Patel a fortnight
ago is open for affected businesses to apply. The R3.75 billion package is
for the restoration of businesses adversely affected during the violent
looting and unrests that took place in KwaZulu-Natal and Gauteng last month.

 

the dtic and its Development Finance Institutions, the Industrial
Development Corporation (IDC) and the National Empowerment Fund (NEF) have
collectively put together a funding package in support of various business
recovery interventions. The aim is to provide industrial loan support at
zero percent interest rate to affected companies towards rebuilding of
infrastructure, including equipment, fittings for the premises, stock and
working capital.

Part of the economic rebuilding package is a comprehensive package by the
IDC that offers funding support for businesses and communities affected by
the unrest to the tune of R1.5 billion. This includes a R100-million
matching grant facility to support small and informal businesses in the
townships, rural areas and small towns affected by the unrest. The fund is
designed to target the socio-economic challenges facing these businesses, as
a result of this recent unrest.

 

In addition, R400 million has been set aside under the Manufacturing
Competitiveness Enhancement Programme (MCEP) Economic Stabilisation Fund.
The fund will support manufacturing companies and related services affected
by the unrest, including those impacted by associated supply chain
disruptions. This fund will offer concessionary funding to affected
companies through interest-free loans to preserve and grow jobs as well as
restoration of value chains.-Govt of SA.

 

 

Nigeria Generates N472bn As Company Income Tax in Q2 2021

The National Bureau of Statistics (NBS) has said N472.07 billion was
generated as Company Income Tax (CIT) in Quarter Two (Q2, 2021) as against
N392.64 billion generated in Q1, the News Agency of Nigeria (NAN) has
reported.

 

The NBS said this on Wednesday in Abuja in its "Company Income Tax By
Sectors Q2, 2021" data published on its website.

 

The sum, which reflected an increase of N79.43 billion over Q1, also
reflected an increase of N70.04 billion over N402.03 billion that was
generated in Q2, 2020.

 

The NBS said that the figure represents 20.23 per cent increase
Quarter-on-Quarter and 17.42 per cent increase Year-on-Year.

"Professional services generated the highest amount of CIT with N130.09
billion generated, closely followed by other manufacturing which generated
N87.27 billion, while banks and financial institutions generated N60.01
billion.

 

"Textile and garment industry generated the least with N27.23 million,
closely followed by automobiles and assemblies with N62.15 million and
pioneering with N64.30 million generated," it said.

 

The bureau said that out of the total amount generated in the period under
review, N412.74 billion was generated as CIT locally, while N51.61 billion
was generated as foreign CIT payment.

 

It added that the balance of N2.72 billion was generated as CIT from other
payments.

 

The News Agency of Nigeria (NAN) reported that in arriving at the report,
data was provided by the Federal Inland Revenue Service (FIRS), verified and
validated by the NBS. (NAN)-This Day.

 

 

 

 

 

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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

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

Website:         <http://www.bullszimbabwe.com> www.bullszimbabwe.com 

Twitter:         @bullsbears2010

LinkedIn:       Bulls n Bears Zimbabwe

Facebook:
<http://www.google.com/url?q=http%3A%2F%2Fwww.facebook.com%2FBullsBearsZimba
bwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA>
www.facebook.com/BullsBearsZimbabwe

Skype:         Bulls.Bears 



 

 

 

 

 


 

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.

 


 

 


(c) 2021 Web: <http://www.bullszimbabwe.com>  www.bullszimbabwe.com Email:
<mailto:info at bulls.co.zw> info at bulls.co.zw Tel: +263 4 2927658 Cell: +263 77
344 1674

 


 

 

 

 

 

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20210811/4f85e12a/attachment-0001.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.png
Type: image/png
Size: 9458 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20210811/4f85e12a/attachment-0001.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.jpg
Type: image/jpeg
Size: 39375 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20210811/4f85e12a/attachment-0002.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image003.jpg
Type: image/jpeg
Size: 22328 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20210811/4f85e12a/attachment-0003.jpg>