Major International Business Headlines Brief::: 18 August 2021

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Major International Business Headlines Brief::: 18 August 2021

 


 

 


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ü  US left too quickly, says Afghanistan bank governor

ü  Covid: Australia's Qantas says all staff must be vaccinated

ü  Home Depot 'discriminated against BLM supporter'

ü  Trendy shoffices and pizza ovens raised lockdown fire risks

ü  BHP: Mining giant to leave London's FTSE 100 for Sydney

ü  U.S. senators urge FTC to probe Tesla over self-driving claims

ü  Fed minutes likely to detail bond-buying taper talks, inflation worries

ü  Lowe's forecasts higher sales as big-ticket purchases offset DIY slowdown

ü  Target sales beat as shoppers go back to stores; online buying slows

ü  T.J. Maxx owner beats sales estimates as customers return to stores

ü  Dow futures slip on recovery fears as focus turns to Fed

ü  Crypto exchange Binance hires former US Treasury criminal investigator

ü  T-Mobile says hackers steal about 7.8 mln postpaid customers' personal
data

ü  Philip Morris gets over a fifth of Vectura shares in takeover tender
offer

ü  UK regulator asked to sanction Carnival, Just Eat over climate
disclosures

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

US left too quickly, says Afghanistan bank governor

The central bank governor who fled Afghanistan this weekend has told the BBC
he wished the country had been left with more time to plan for the
withdrawal of US troops.

 

Ajmal Ahmady said it was the Americans' right to leave, even though most
Afghans wished they had stayed.

 

But he said there should have been a "longer timeline to implement it".

 

He also rejected President Biden's assertion that the Afghan military had
failed to fight for its country.

 

"I wouldn't qualify this as a military victory for the Taliban," he told the
BBC's Victoria Craig and Will Bain.

 

"I would qualify this as perhaps an intelligence victory, a victory where
they were able to convince or make deals with people to surrender."

 

How the Taliban swept across Afghanistan

How much has the Afghanistan war cost?

Speaking for the first time since tweets of his dramatic exit from the
country went viral, Mr Ahmady spoke of the chaos at Kabul airport as he
tried to leave on Sunday.

 

The former central bank governor, who had also held a brief as Afghanistan's
minister for industry and commerce, accepted that wide scale corruption in
the country had been a contributing factor to undermining confidence in the
authorities.

 

"There was significant amounts of corruption in the Afghan government, you
cannot deny that, that is true. But I think there were actions being taken
to reduce that and it's very difficult to do in just the span of a few
years."

 

Asked if that failure to tackle corruption could have contributed to recent
events Mr Ahmady said: "Was it the only or major contributing factor? I
think it was major factor.

 

"But I think also the [peace] deal that Ambassador Khalizad [the US special
envoy to Afghanistan] negotiated [with the Taliban] which excluded the
Afghan government contributed to the de-legitimisation.

 

"And I think it was in some part the Afghan government's failure in handling
corruption
 I think you can count issues and problems on both sides."

 

Despite this, Mr Ahmady said he was still unable to get his head around the
speed of the country's fall to the Taliban.

 

Among his immediate concerns are the issues facing the country's beleaguered
economy, with fears of runaway inflation and a collapse in the currency.

 

"I think the economic situation will deteriorate. I would expect donor flows
[of aid] to significantly decline over the next couple of months, and that's
going to cause... the currency to depreciate.

 

"That's going to in turn lead to higher inflation, pressure on the banking
system, and in turn higher poverty rates," Mr Ahmady said.-BBC

 

 

 

Covid: Australia's Qantas says all staff must be vaccinated

Qantas has said all of its employees must be vaccinated against Covid-19,
making it the latest global airline to mandate jabs for staff.

 

Frontline workers including pilots, cabin crew and airport staff must be
fully vaccinated by mid-November.

 

The company says its remaining employees have until the end of March next
year to receive both doses.

 

It comes as the state of New South Wales reported its biggest daily rise in
coronavirus infections.

 

The Australian flag carrier is the country's biggest, most high-profile
company to introduce a mandatory vaccination policy.

 

"We provide an essential service, so this will help guard against the
disruptions that can be caused by just one positive COVID-case shutting down
a freight facility or airport terminal," Qantas chief executive Alan Joyce
said in a statement.

 

"It's clear that vaccinations are the only way to end the cycle of lockdowns
and border closures and for a lot of Qantas and Jetstar employees that means
getting back to work again," he added.

 

Qantas said that a poll of its 22,000 staff found that 89% of respondents
had already been vaccinated or were planning to be and around three-quarters
of them thought it should be mandatory.

 

It said that 4% of the almost 12,000 who responded - around 480 staff - were
unwilling or unable to get the vaccine.

 

The airline said that staff with documented medical reasons for not being
able to be vaccinated would be given an exemption.

 

Qantas is essentially telling its staff to make a choice: jab or job.

 

The Flying Kangaroo has been hit harder by the pandemic than perhaps any
other Australian business.

 

It has also been the largest recipient of government support payments -
expected to be A$2bn (£1.1bn; $1.45bn) by the end of the year - to help it
keep operating at a time when many of its planes are not.

 

But mandatory vaccination is a highly controversial policy here.

 

The latest Sydney outbreak has made the virus a very real problem for
Australia - easing some vaccine hesitancy - but there are still plenty who
do not want the jab.

 

And Prime Minister Scott Morrison has been adamant that, with the exception
of those in specific industries (most notably aged care), nobody will be
forced to take it. Even if firms do want to mandate it - the law is not on
the side of the employers.

 

At the heart of this is workers' rights. And unions say the only ones making
decisions about compulsory vaccinations should be public health officers -
not companies.

 

It's yet to be tested in court. And that's why most big Australian employers
are going down a different path - offering incentives to encourage vaccine
uptake, rather than threats of redundancies.

 

Border closures caused by outbreaks of the highly contagious Delta variant
in Sydney and Melbourne have led to Qantas making big cuts to its flight
schedule.

 

Earlier this month, it temporarily stood down 2,500 workers.

 

The airline has already made around 8,500 workers redundant due to the
pandemic, and is still operating very few international flights.

 

Qantas has previously said it will require all international passengers to
be vaccinated once Australia's borders reopen.

 

Officials in New South Wales are struggling to contain a Delta outbreak in
the state capital, Sydney.

 

On Wednesday, it reported 633 locally acquired Covid-19 cases, its biggest
daily rise in infections.

 

Authorities announced three new deaths from the virus, taking the total
number of deaths in the state from the latest outbreak to 60.

 

Australia's rollout of Covid vaccines is one of the slowest among the
world's developed countries, with just over a quarter of the population
vaccinated.--BBC

 

 

 

Home Depot 'discriminated against BLM supporter'

US DIY store chain the Home Depot discriminated against a Minneapolis
employee for raising issues of racial harassment with colleagues and bosses,
a federal watchdog has alleged.

 

The National Labor Relations Board (NLRB) alleges the chain also stopped the
employee from displaying a Black Lives Matter slogan on his apron.

 

These actions are protected under law, the watchdog said.

 

Home Depot said the complaint "misrepresents the relevant facts".

 

"The Home Depot does not tolerate workplace harassment of any kind and takes
all reports of discrimination or harassment seriously, as we did in this
case," said spokeswoman Sara Gorman.

 

According to the complaint, filed by the Minneapolis office of the NRLB, the
employee's actions, including his refusal to remove the BLM slogan, led to
his constructive dismissal.

 

It alleges the store unlawfully enforced its otherwise lawful dress code and
apron policies. And it accused Home Depot of warning employees not to engage
in "activity regarding racial harassment".

 

Whole Foods in Black Lives Matter legal claim

"Issues of racial harassment directly impact the working conditions of
employees," said NRLB regional director Jennifer Hadsall.

 

"The National Labor Relations Act protects employees' rights to raise these
issues with the goal of improving their working conditions. It is this
important right we seek to protect in this case."

 

The independent watchdog said it wanted Home Depot to post notice at all of
its US stores advising employees of their rights.

 

But the retailer said the NRLB had mischaracterised the situation and that
it looked forward to "sharing the facts" with the watchdog.

 

"Regardless of the outcome, we will continue to be fully committed to
diversity and respect for all people," Ms Gorman added.

 

Last year, workers at Whole Foods sued the US supermarket for punishing them
for wearing Black Lives Matter masks.

 

The federal lawsuit said the firm discriminated against black staff by
selectively enforcing its dress code.

 

However, in February, a US District Judge threw out most of the lawsuit,
saying Whole Foods and its parent, Amazon, had not engaged in racial
discrimination or violated Title VII of the federal Civil Rights Act - which
specifically prohibits discrimination in the terms and conditions of
employment.

 

A number of the plaintiffs who were fired for not changing their dress code
have appealed.-BBC

 

 

 

Trendy shoffices and pizza ovens raised lockdown fire risks

Trendy neighbours may have bought fire pits and pizza ovens during lockdown,
or worked from home in a shoffice - but the risk of an expensive blaze grew.

 

Insurer Zurich has warned that outbuilding fires - in sheds, garages and
conservatories - rose by 16% last year compared with 2019.

 

It said the popularity of conversions to home offices, gyms and domestic
drinks bars increased the fire risk.

 

Three-quarters of areas in the UK recorded more fires, the data shows.

 

Phil Ost, from Zurich, said: "Aside from storing gardening tools, our sheds
and garages have become a haven to escape the stresses of family life and
for others, a place to work."

 

"But as they take refuge in their garden sheds and garages, it appears to
have sparked a rise in accidental blazes."

 

In April, a survey by another insurer, Aviva, suggested that one in 10 of
those asked worked from a converted shed, garage or summerhouse - a
proportion expected to rise to 13%.

 

The popularity of so-called shoffices - shed offices - has risen, with some
people spending significant sums for a luxury cabin.

 

The word garage also become the most popular search item on property website
Rightmove, and planning applications to convert them rose sharply.

 

However, analysts said some people risked invalidating their insurance if
they failed to inform their insurer about a new line of work, if it created
extra risks.

 

While some insurers have allowed people setting up in business at home to
extend their cover at no extra cost, some people may need to buy new
policies or pay larger premiums owing to the extra risk.

 

There is also the risk that expensive equipment might bust insurance limits
in existing policies if stolen or damaged.

 

Electrical equipment, as well as popular lockdown purchases such as pizza
ovens and fire pits, added to the existing fire risks created in gardens by
mowers, barbecues, and paint thinners.

 

Data collected by Zurich from UK fire authorities showed that there were
3,681 residential outbuilding fires recorded in 2020, compared with 3,170
the year before.

 

Warnings have also been issued about property moved to self-storage units
while people are working from home.

 

Some warehouses have gone up in flames, with devastated customers speaking
of how they have been unable to replace their lost belongings.

 

Stuart Bensusan, from insurance specialist Surewise, said: "It highlights
the importance of thoroughly vetting any storage facility you use and taking
the necessary steps to protect your possessions while they are in it."

 

"Many consumers have complete faith in storage units, and unfortunately it
simply never crosses their minds that something might happen to their unit,
or the whole building. This leads to many customers being under-insured or
worse having no insurance cover at all."

 

Many storage unit operators offer insurance, but customers may shop around
for cheaper deals, and some may have cover included through their home
insurance policy.-BBC

 

 

 

BHP: Mining giant to leave London's FTSE 100 for Sydney

Mining giant BHP is set to leave the FTSE 100 index after unveiling plans to
scrap the dual listing of its shares in London and Sydney.

 

The company, part of the UK's blue chip index since 2001, will move its main
listing to Australia as part of a huge shake up announcement on Tuesday.

 

BHP regularly tops the list of the FTSE 100's biggest companies, depending
on fluctuations in market values.

 

The move will see some investor funds that track the FTSE sell BHP shares.

 

"Now is the right time to unify BHP's corporate structure," said Ken
MacKenzie, chairman of the world's biggest listed mining comany. "BHP will
be simpler and more efficient, with greater flexibility to shape our
portfolio for the future.

 

"Our plans announced today will better enable BHP to pursue opportunities in
new and existing markets and create value and returns over generations."

 

The move comes as BHP announced it was combining its oil and gas assets with
Australia's Woodside, creating one of the world's 10 biggest producers of
liquified natural gas.

 

BHP's chief executive, Mike Henry, is trying the shift the company's focus
towards metals such as copper and nickel, and away from fossil fuels. BHP
has also put its last thermal coal mine up for sale.

 

Pressure for change

Abandoning the dual listing unwinds a structure that has been in place since
2001, when Australia's BHP merged with the UK's Billiton. The company was
known as BHP Billiton until 2017.

 

Consumer goods giant Unilever also abandoned its dual structure more than
three years ago when it chose London above Amsterdam.

 

BHP told shareholders that its pre-tax profit had risen to £17.8bn in the
last financial year, up from £9.8bn. It was the best annual profit in almost
a decade, fuelled by soaring iron ore prices.

 

Under the merger of the oil and gas assets with Woodside, BHP shareholders
will have a 48% stake in the new company.

 

BHP had come under pressure from some shareholders, notably activist
investor Elliott Advisors, to simplify its structure.

 

Supporters of simplification argued it would make it easier for BHP to raise
money, do deals, and return money to shareholders. But BHP had said any
gains would be less than the cost of change.

 

On Tuesday, BHP's market value was about £128bn, second in size in the FTSE
100 only to drugs firm AstraZeneca, which is worth about £131bn. BHP is the
biggest company on the Australian stock exchange.

 

Jamie Maddock, equity research analyst at Quilter Cheviot, said BHP's
departure was bad news for UK-focused investors as some asset managers and
index tracking funds would be forced to sell their shares.

 

However, the move will also reduce significantly the FTSE 100's exposure to
the mining sector. Big news and developments in the mining sector can affect
shares across the wider index.-BBC

 

 

 

U.S. senators urge FTC to probe Tesla over self-driving claims

(Reuters) - Two U.S. senators on Wednesday pressed the Federal Trade
Commission to probe Tesla (TSLA.O), saying the company has misled consumers
and endangered the public by marketing its driving automation systems as
fully self-driving.

 

"Tesla and (CEO) Mr. (Elon) Musk’s repeated overstatements of their
vehicle’s capabilities...put Tesla drivers – and all of the traveling public
– at risk of serious injury or death," Senate Democrats Richard Blumenthal
and Edward Markey said in a letter to newly appointed FTC Chair Lina Khan.

 

"Tesla drivers listen to these claims and believe their vehicles are
equipped to drive themselves – with potentially deadly consequences."

 

The letter, which came after the National Highway Transportation Safety
Administration opened a probe into Tesla's Autopilot on Monday, added to
pressure on Tesla.

 

Tesla did not immediately respond to a request for comment.

 

Autopilot is a standard feature for Tesla cars and enables the vehicles to
maintain distance from cars in front. Tesla sells its advanced driver
assistant features such as lane changing and automated parking under the
name Full Self-Driving (FSD) for $1,000, although the system does not make
its vehicles fully autonomous.

 

Musk, who has nearly 60 million Twitter followers, uses the term FSD
frequently, generally referring to the Tesla package of features, but many
consumers take it to mean fully autonomous driving. Musk has touted how safe
the technology is and promised that its vehicles would soon drive
themselves, only to miss his own deadlines.

 

NHTSA said in June that since 2016 it has opened 30 investigations into
Tesla crashes in which the agency suspects advanced driver assistance
systems were in use.

 

The NHTSA in 2018 said in a letter to Tesla the company had made "misleading
statements" about the safety of its Model 3 and had confused consumers. The
agency referred the issue to the FTC to investigate whether Tesla’s
statements constituted “unfair or deceptive acts or practices.”

 

The Thomson Reuters Trust Principles.

 

 

 

Fed minutes likely to detail bond-buying taper talks, inflation worries

(Reuters) - Insight into the Federal Reserve's debate over when to end its
pandemic-era emergency programs and the level of concern among officials
over a spike in inflation should emerge on Wednesday with the release of a
readout of the U.S. central bank's policy meeting last month.

 

The minutes of the July 27-28 meeting, which are due to be released at 2
p.m. EDT (1800 GMT), will cover a session at which the Fed said it still had
faith in the U.S. economic recovery even as the Delta variant of the
coronavirus was fueling a troubling rise in cases. Officials also continued
laying plans for the eventual end of the central bank's $120 billion in
monthly purchases of Treasury bonds and mortgage-backed securities (MBS).

 

Although the health crisis has intensified in the past three weeks, the
economic recovery remains largely on track. U.S. job growth was strong
through July and inflation remained well above the Fed's 2% target - so much
so that some central bank policymakers have since urged a quick end to
emergency programs that they argue have outlived their usefulness. read more

 

Analysts expect the Fed to announce its plan for a "taper" of its asset
purchases as early as the Sept. 21-22 meeting of the policy-setting Federal
Open Market Committee (FOMC), with less certainty about how fast the
actually reduction in the bond-buying program will proceed.

 

Fed Chair Jerome Powell may provide information as well in remarks to the
central bank's annual research conference in Jackson Hole, Wyoming, next
week.

 

A "uniquely uneven economic recovery has led to a splintering within the
(FOMC)" among those who feel the purchases should be reduced soon and ended
fast, and those who feel the Fed should be patient until the job market
recovers more fully, wrote Kathy Bostjancic, chief U.S. financial economist
for Oxford Economics.

 

Demand is outstripping the ability of global supply chains and labor markets
to keep pace and driving inflation higher, prompting officials like St.
Louis Fed President James Bullard to argue the bond purchases should end
soon so the central bank can raise its benchmark overnight interest rate
from the current near-zero level if needed. Fed officials want the
bond-buying program completed before any hike in borrowing costs.

 

On the other hand, "dovish committee members believe (quantitative easing)
should continue until greater clarity is garnered on the prospective pace of
inflation and until the recovery in the labor market" is more complete,
Bostjancic wrote.

 

BENCHMARKS

 

The Fed at its last meeting acknowledged that progress had been made in
recovering the jobs lost to the pandemic. The minutes may offer further
clues on how much more progress must be made to clear the benchmark the Fed
has established for reducing its asset purchases, and whether another month
or two of strong employment gains would be enough.

 

The Fed said in December that it would not reduce those purchases until
there had been "substantial further progress" in the jobs recovery. At that
point, the economy was around 10 million jobs shy of where it was before the
pandemic. Employers have added 4.3 million jobs since then, including a
total of nearly 1.9 million jobs in June and July, a pace some analysts
expect to continue into the fall.

 

The minutes may also reflect the early stages of discussion about another
consequential Fed decision: When to raise interest rates.

 

Though that is unlikely to occur anytime soon, several Fed officials have
noted since the July meeting that one of the key tests for doing so is
already on the verge of being met, with inflation by some measures
approaching a multi-year average at the Fed's 2% target, and likely to stay
there.

 

Atlanta Fed President Raphael Bostic said last week that he felt the central
bank needed to begin discussing in more detail how it intends to apply a new
framework that allows periods of higher inflation to offset periods of
weaker price increases. The terms of any "overshoot" have never been
specified, and some policymakers are beginning to argue that the pace of
price hikes this year is adequate.

 

The Fed's preferred measure of prices, the personal consumption expenditures
(PCE) index excluding food and energy costs, rose at a 3.5% annual rate in
June, its quickest pace in nearly 30 years. July's reading is due late next
week.

 

The Thomson Reuters Trust Principles.

 

 

Lowe's forecasts higher sales as big-ticket purchases offset DIY slowdown

(Reuters) - Lowe's Cos Inc (LOW.N) forecast full-year sales above estimates
on Wednesday, as higher spending on big-ticket items offset some of the
slowdown in demand from the company's core do-it-yourself (DIY) customers,
sending its share up about 2% in premarket trade.

 

The rollout of COVID-19 vaccines in the United States has opened the doors
for professional contractors to complete maintenance, repair and upgrade
jobs that were put on hold by customers due to the pandemic.

 

Lowe's said sales to so-called "pro customers" jumped 21% in the second
quarter as they spent on new tools and building materials.

 

Lowe's same-store sales fell 1.6% in the second quarter, as demand for items
such as paint and gardening equipment that had surged as people were
homebound due to the pandemic slowed with the easing of lockdowns.

 

The fall, however, was still smaller than the 2.2% drop analysts had
expected, according to Refinitiv IBES data.

 

Larger rival Home Depot Inc (HD.N) reported a bigger-than-expected slowdown
in U.S. sales on Tuesday as demand from DIY users tapered off. read more

 

Lowe's said it expects fiscal year 2021 total sales of about $92 billion,
compared with analysts' estimates of $91.58 billion. The company had earlier
said its sales were on track to cross $86 billion.

 

The company's net earnings rose to $3.02 billion, or $4.25 per share, in the
second quarter ended July 30, from $2.83 billion, or $3.74 per share, a year
earlier.

 

Net sales fell to $27.57 billion from $27.30 billion, beating estimates of
$26.85 billion.

 

The Thomson Reuters Trust Principles.

 

 

 

Target sales beat as shoppers go back to stores; online buying slows

(Reuters) - Target Corp (TGT.N) beat analysts' estimates for same-store
sales on Wednesday as more shoppers visited its stores to buy clothes and
stock up on back-to-school essentials, even though they bought less online
compared to pandemic highs.

 

Digital comparable sales in the second quarter rose just 10%, against a 195%
rise in the same period a year earlier, when customers relied on Target's
same-day delivery services, such as Drive up, Shipt and in-store pickups,
for their shopping needs during the pandemic. Online sales rose 50% in the
first quarter.

 

Total comparable sales rose 8.9% in the three months ended July 31, edging
past expectations of 8.68%, according to IBES data from Refinitiv.

 

Shares of Target, which also announced a new $15 billion share repurchase
program, fell 1.3% in pre-market trading, having gained about 45% this year.

 

Target's results underline a rebound in store buying and a return to
pre-pandemic behavior in the United States as vaccinations and eased
restrictions encourage more people to step out.

 

"We believe that America still embraces stores and the traffic we are seeing
tell us that stores continue to play an important role," Chief Executive
Officer Brian Cornell said.

 

Walmart's (WMT.N) quarterly report, on Tuesday, also signaled that more
people are returning to stores, as well as slowing online sales after a
record year. read more

 

While second-quarter sales rose across major categories at Target, apparel
particularly benefited from an early start to the back-to-school season from
President Biden administration's advance child tax credit.

 

That boost is expected to extend into the current quarter, even as supply
chains disruptions, higher labor costs and the fast-spreading Delta variant
threaten to dent an economic recovery.

 

The second half of the year will likely continue to be volatile particularly
with the uncertainty caused by the Delta variant, Cornell added.

 

Total revenue rose 9.5% to $25.16 billion, while excluding items, the
company earned $3.64 per share, beating expectations of $3.49.

 

The Thomson Reuters Trust Principles.

 

 

 

T.J. Maxx owner beats sales estimates as customers return to stores

(Reuters) - TJX Cos Inc (TJX.N) on Wednesday beat market estimates for
quarterly net sales, as the easing of COVID-19 restrictions prompted
Americans to return to the retail chain's brick-and-mortar discount apparel
stores.

 

Off-price retailers including TJX's T.J. Maxx and Burlington Stores Inc
(BURL.N) weathered a tough past year when the pandemic shuttered the economy
as the sector relies heavily on the treasure-hunt shopping experience it
offers and accelerated a shift to e-commerce.

 

However, discount stores rebounded rather swiftly this year due to pent-up
demand from customers who are armed with stimulus checks and child tax
credit payments.

 

The company's net income came in at $785.7 million, or 64 cents per share,
in the second quarter ended July 31, compared with a loss of $214.2 million,
or 18 cents per share, a year earlier.

 

Net sales rose to $12.08 billion from $6.67 billion a year earlier. Analysts
on average had projected net sales of $11.04 billion, according to IBES data
from Refinitiv.

 

The Thomson Reuters Trust Principles.

 

 

 

Dow futures slip on recovery fears as focus turns to Fed

(Reuters) - Dow futures fell on Wednesday as renewed fears about the pace of
a post-pandemic recovery dented demand for economically senstive sectors and
sent investors to the perceived safety of technology-related stocks
including Apple and Amazon.com.

 

Industrials Caterpillar Inc (CAT.N), Boeing Co (BA.N) and 3M Co (MMM.N),
which generally perform better at a time of strong economic growth, shed
between 0.2% and 0.4% in premarket trading.

 

Bank stocks JPMorgan Chase & Co (JPM.N), Goldman Sachs Group Inc (GS.N) and
Wells Fargo & Co (WFC.N) fell as much as 0.2%, a day after the S&P 500
(.SPX) logged its worst day in about a month on the back of a
bigger-than-expected fall in U.S. retail sales. read more

 

After six straight months of gains for the S&P 500, trading on Wall Street's
main indexes has been more volatile in August - a seasonally weak period for
financial markets - as concerns about slowing U.S. growth and the spread of
the Delta variant took the shine off a solid corporate earnings season.

 

Focus on Wednesday will be on the minutes of the Federal Reserve's last
policy meeting, with investors looking for insight into the central bank's
debate over when to end its pandemic-era emergency programs. read more

 

Analysts expect the Fed to announce its plan for a "taper" of its asset
purchases as early as its Sept. 21-22 meeting.

 

At 7:22 a.m. ET, Dow e-minis were down 80 points, or 0.23%, S&P 500 e-minis
were down 4 points, or 0.09%, and Nasdaq 100 e-minis were up 15.25 points,
or 0.1%.

 

Oil stocks Exxon Mobil (XOM.N), Schlumberger NV (SLB.N) and Occidental
Petroleum (OXY.N) were up between 0.3% and 1.1%, tracking crude prices
higher.

 

The S&P energy index (.SPNY) has fallen 4.4% in the past four sessions amid
fears of slowing global growth.

 

Amazon (AMZN.O), Apple (AAPL.O) and other heavyweight tech stocks
Google-owner Alphabet Inc (GOOGL.O) and Tesla Inc (TSLA.O) rose between 0.2%
and 1.2%.

 

The stocks had led Wall Street's recovery from its coronavirus lows last
year as investors flocked to names seen to benefit from higher demand during
widespread lockdowns.

 

Lowe's Cos Inc (LOW.N) rose 4.3% after it forecast full-year sales above
estimates on a rise in spending from builders and handymen getting back to
housing projects. read more

 

Target Corp (TGT.N), on the other hand, slipped 1.1% despite beating
analysts' estimates for same-store sales. The retailer's stock has jumped
about 44% year-to-date. read more

 

Earnings reports from online brokerage Robinhood Markets Inc (HOOD.O),
chipmaker Nvidia Corp (NVDA.O), network gear maker Cisco Systems Inc
(CSCO.O), lingerie brand Victoria's Secret & Co (VSCO.N) and Bath & Body
Works (BBWI.N) are due after market close on Wednesday.

 

The Thomson Reuters Trust Principles.

 

 

Crypto exchange Binance hires former US Treasury criminal investigator

(Reuters) - Binance said on Wednesday it had appointed a former U.S.
Treasury criminal investigator as its global money laundering reporting
officer, part of an attempt by one of the world's largest crypto exchanges
to reinvent itself as a regulated financial firm.

 

Governments and financial watchdogs are paying closer attention to the
cryptocurrency industry, often putting in place rules that pose a challenge
for exchanges like Binance that have thrived in a mostly unregulated
environment.

 

In recent months, Britain, Italy and Hong Kong have said Binance units are
not authorised to carry out regulated activity in their markets, while
Malaysia's financial regulator reprimanded he exchange for operating
illegally in the country. Bloomberg also reported earlier this year Binance
was under investigation by the U.S. Justice Department and Internal Revenue
Service. read more

 

"My efforts will be focused on expanding Binance’s international anti-money
laundering and investigation programs, as well as strengthening the
organization’s relations with regulatory and law enforcement bodies
worldwide,” Greg Monahan, the new appointee, said in a statement.

 

Binance chief executive Changpeng Zhao said last month he wanted to improve
relations with regulators, and said the exchange would seek their approval
and establish regional headquarters. read more

 

Wednesday's statement said that Binance has grown its international
compliance team and advisory board by 500% since 2020.

 

But not all of its recent hires have stayed.

 

Brian Brooks, chief executive of Binance's U.S. arm, and formerly acting
U.S. Comptroller of the Currency resigned earlier this month, just three
months after taking up his role.

 

The Thomson Reuters Trust Principles.

 

 

 

T-Mobile says hackers steal about 7.8 mln postpaid customers' personal data

(Reuters) - T-Mobile US Inc (TMUS.O) said on Wednesday an ongoing
investigation into a cyberattack on its systems revealed that some personal
data of about 7.8 million of its current postpaid customers were
compromised.

 

The company was made aware of the attack late last week, it said in a
statement, after an online forum claimed that personal data of its users
were leaked.

 

Data from about 850,000 prepaid customers and more than 40 million records
of former or prospective customers were also stolen, T-Mobile said.

 

The breached data included customers' first and last names, date of birth,
social security numbers, and driver's license information, it said, but
there was no indication of their financial details being compromised.

 

The telecom operator had acknowledged the data breach on Monday and said
that it was confident the entry point used to access the data had been
closed.

 

The Thomson Reuters Trust Principles.

 

 

 

Philip Morris gets over a fifth of Vectura shares in takeover tender offer

(Reuters) - Cigarette maker Philip Morris International (PMI) (PM.N) said on
Wednesday shareholders holding 22.61% of Vectura (VEC.L) shares had tendered
their stock to the tobacco group as part of its deal to buy the asthma drug
maker for 1.1 billion pounds ($1.51 billion).

 

The purchase is part of a public tender offer process and comes days after
PMI won the backing of Vectura's board for its 165 pence-per-share takeover
offer, following a fierce bidding war against private equity firm Carlyle
Group (CG.O). read more

 

PMI, which last week switched its proposal to a takeover offer from a
so-called scheme of arrangement to raise its chances, needs the backing of
holders of just over 50% of Vectura shares for the deal to go through.

 

Health groups have raised concerns about the deal, questioning the idea of a
tobacco company making money from treating the very illnesses cigarettes
cause.

 

Smoking continues to be a leading cause of preventable deaths worldwide,
according to the World Health Organization.

 

On Tuesday, 35 health groups, experts and anti-smoking charities, including
Asthma UK and the British Lung Foundation, urged Vectura shareholders in a
letter to reject the deal, citing the "business risks and the moral conflict
of the proposed takeover."

 

The groups warned that PMI's takeover would put at risk Vectura's ability to
access government grants from over 180 countries worldwide, who as part of
the UN Tobacco Control Treaty have agreed to reduce the tobacco industry's
influence on public health policymaking.

 

Vectura could also lose crucial links with academic and public health
institutions and the ability to publish research in leading medical journals
because of their association with a tobacco giant, the signatories said.

 

"We believe Vectura's future commercial viability as a company dedicated to
improving respiratory health would be seriously jeopardised should the PMI
takeover offer proceed," they said.

 

Philip Morris was not immediately available to comment on the letter.

 

Vectura shareholders have until Sept. 15 to decide whether to tender their
shares to PMI, which is seeking to acquire the company as part of its
evolution into a "smoke-free and healthcare and wellness company."

 

($1 = 0.7272 pounds)

 

The Thomson Reuters Trust Principles.

 

 

 

UK regulator asked to sanction Carnival, Just Eat over climate disclosures

(Reuters) - Britain's markets regulator has been urged to sanction cruise
ship company Carnival (CCL.L) and food delivery company Just Eat
Takeaway.com for poor disclosures in a complaint seen by Reuters.

 

Both companies have breached their legal obligations by failing to
adequately tell investors the risk climate change poses to their businesses,
legal NGO ClientEarth said.

 

While the Financial Conduct Authority has yet to sanction a company over its
climate disclosures, the latest ClientEarth complaint is the first since the
UK finance minister told the FCA in March to "have regard" in its work to
the government's pledge to reach net zero carbon emissions by 2050.

 

The complaint also follows a stinging report from auditing watchdog the
Financial Reporting Council in November that found most company accounts
were not factoring in climate risk properly and needed to do better.

 

Under UK law, a company has an obligation to disclose material risks to
their business that could impact its value, so shareholders can make an
informed judgement on whether to invest.

 

By not doing so, Just Eat and Carnival have breached several of the
disclosure and listings rules set by the FCA to help markets function well,
protect customers and enhance financial market integrity, the NGO said.

 

In the case of Just Eat, ClientEarth said the company made no reference to
climate change in its 2020 financial reporting and had no strategy to reduce
its carbon emissions in line with the Paris Agreement on climate.

 

It also gave only a limited commentary on environmental impacts and
opportunities, including around its food packaging, particularly its use of
plastics, and risked misleading investors over the sustainability of its
business model.

 

A spokesperson for Just Eat said it did not recognise the allegations made
by ClientEarth and had disclosed all material information to investors in
its annual report.

 

"We are committed to reducing our carbon footprint and providing accurate
information to our key stakeholders," the spokesperson said, citing an
ongoing plan to carry out a carbon footprint analysis of the company.

 

"This is currently in progress and once we have an accurate measurement in
relation to the analysis, we will be setting reduction targets and reporting
these over the coming months."

 

Carnival, meanwhile, also made no reference to climate change in its annual
report and only "vague" statements in its strategic report, with no concrete
analysis of the impact of climate change on its business model, the NGO
said.

 

Carnival did not immediately respond to requests for comment.

 

"Recent global efforts to phase-out fossil fuels and single-use plastics,
shifts in consumer behaviour, and abrupt changes to regulatory and business
environments all present very real challenges to their financial and
operational health," ClientEarth lawyer Maria Petzsch said.

 

"These impacts are material to investors, who expect to be given the full
picture."

 

In a complaint filed on Tuesday, the environmental law charity said it had
asked the FCA to refer both companies for investigation, although the
regulator is under no obligation to act.

 

A previous complaint to the FCA by ClientEarth over the disclosures of
insurers Lancashire Holdings, Admiral and Phoenix Group in 2018 was not
successful.

 

The NGO also said it had written to the FRC, which oversees the auditing
profession, to ask them to liaise with the FCA over any action as it relates
to the companies' respective auditors, Deloitte and PwC.

 

A spokesperson for Deloitte, PwC and the FCA declined to comment. The FRC
did not immediately respond to a request for comment.

 

The Thomson Reuters Trust Principles.

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2021

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


ART

PPC

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
344 1674

 


 

 

 

 

 

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