Major International Business Headlines Brief::: 26 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::: 26 August 2021

 


 

 


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

 


 

 


ü  South Korea becomes first major Asian economy to raise interest rates

ü  Covid: Qantas says pandemic to cost billions in lost revenue

ü  Delta Airlines imposes $200 monthly surcharge on unvaccinated staff

ü  NHS stops some blood tests due to vial shortages

ü  Why rent control isn’t working in Sweden

ü  Amigo warns of collapse as losses jump and compensation payouts rise

ü  India's SpiceJet settles with Boeing MAX aircraft lessor Avolon

ü  UK pursuing data partnerships with U.S. and others

ü  Western Digital-Kioxia in talks to create chipmaker giant -source

ü  Barclays to invest more than $400 mln to expand India operations

ü  Africa: Digital Detox - Can Taking a Break From Tech Improve Your
Well-Being?

ü  Ethiopia Unveils Ten-Year Power Project Plan

ü  Nigeria: OML 11 - Ogoni People Pledge Cooperation With NNPC On Oil
Exploration and Production

ü  Mozambique: Hidden Debts - Court Will Call Chang As Witness

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

South Korea becomes first major Asian economy to raise interest rates

South Korea has become the first major Asian economy to raise interest rates
since the coronavirus pandemic began.

 

The Bank of Korea increased its base rate of interest from a record low of
0.5% to 0.75%.

 

The move is aimed at helping curb the country's household debt and home
prices, which soared in recent months.

 

Central banks around the world are trying to balance the impact of ongoing
Covid-19 infections against economic risks such as high inflation.

 

It is the first time the Bank of Korea has raised its main interest rate for
almost three years.

 

The decision comes as the central bank attempts to balance helping to
support the country's economic recovery against the risks of surging debt
and rising inflation.

 

Policy makers for Asia's fourth largest economy had been signalling that
they were ready to increase the cost of borrowing since May.

 

The move was delayed as the latest Covid-19 outbreak put the country into a
partial lockdown last month.

 

Central banks around the world are preparing to start dismantling their
pandemic-era policies that have seen emergency stimulus measures brought in
as economies were shut down to slow the spread of Covid-19.

 

Most countries that have raised the cost of borrowing so far this year have
been in emerging economies that have seen inflation accelerate as demand for
goods and services recovered.

 

In Asia, Sri Lanka last week became the first country in the region to raise
interest rates.

 

Also in the Asia-Pacific region last week, New Zealand was expected to
become the first advanced economy to increase rates in the wake of the
coronavirus crisis.

 

However, the day before the monetary policy decision was announced Prime
Minister Jacinda Ardern imposed a nationwide lockdown.

 

The Reserve Bank of New Zealand kept its rate at a record low of 0.25%,
saying in a statement "the decision was made in the context of the
Government's imposition of Level 4 COVID restrictions on activity across New
Zealand".-BBC

 

 

 

Covid: Qantas says pandemic to cost billions in lost revenue

The boss of Qantas has said that the pandemic is likely to cost the firm
A$20bn (£10.6bn) in lost revenue by the end of 2021.

 

Alan Joyce made the comments as the Australian airline announced an annual
pre-tax loss of A$1.83bn.

 

The loss was for the year to the end of June and does not include the latest
lockdown in Sydney.

 

However, Qantas says it is hopeful that some international travel will
reopen in time for Christmas.

 

"This loss shows the impact that a full year of closed international borders
and more than 330 days of domestic travel restrictions had on our national
carrier," Mr Joyce said.

 

"The trading conditions have frankly been diabolical," he added.

 

 

But the company said it was optimistic it would be able to resume some
international flights from December, after Australia's vaccination rate
reached 80% of the eligible population.

 

The firm hopes to resume flights to "Covid-safe destinations", which could
include the UK, US, Canada, Japan and Singapore.

 

The airline also expects to bring five of its A380 super jumbos back into
service by the middle of next year to meet high demand for flights to Los
Angeles and London.

 

Qantas said that its "Covid recovery plan" had seen 9,400 people leave the
company, while around 6,000 workers remained stood down due to the closure
of Australia's international borders.

 

On top of that a further 2,500 staff were stood down earlier this month as
the lockdown in Sydney impacts air travel across Australia.

 

Also in August, the company said that all of its employees must be
vaccinated against Covid-19.

 

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

 

The firm said its remaining employees have until the end of March next year
to receive both doses.-BBC

 

 

 

Delta Airlines imposes $200 monthly surcharge on unvaccinated staff

America's third largest airline, Delta, is to impose a $200 (£145) monthly
surcharge on employees who are not vaccinated against Covid-19.

 

It will also only pay sick pay to Covid sufferers who have been
double-jabbed but still get infected.

 

Boss Ed Bastian said it would help stem the "aggressive spread" of
coronavirus as infections rise across the US.

 

It is the latest attempt by a big firm to cajole staff into getting jabbed.

 

In a memo to staff, Mr Bastian said Delta's surcharge would apply from 1
November to staff enrolled in its healthcare insurance plan, meaning most of
its 75,000 workers will be affected.

 

He said the average hospital stay for Covid-19 now cost Delta $50,000 per
person which was untenable.

 

"This surcharge will be necessary to address the financial risk the decision
to not vaccinate is creating for our company," he said.

 

"In recent weeks since the rise of the B.1.617.2 variant, all Delta
employees who have been hospitalised with Covid were not fully vaccinated."

 

>From 30 September unvaccinated Delta staff will also have to take weekly
Covid tests and wear masks in all indoor Delta settings.

 

Currently, all US airline staff have to wear masks on aircraft but it does
not apply in company offices.

 

US firms are trying a range of approaches to encourage staff to get
vaccinated as the Delta variant of coronavirus sweeps the country.

 

Some companies, such as United Airlines, Goldman Sachs and tech giants
Microsoft and Google, have told staff they must be fully jabbed to come into
work.

 

Investment giant Vanguard has offered vaccinated staff a $1,000 bonus, while
Amazon and Apple have no policy in place.

 

On Wednesday, investment bank Credit Suisse said it would ask all
unvaccinated employees to work from home from 7 September. Like others it
has also delayed a full return to the office until October.

 

Delta Airlines' move comes as US carriers fight to restore confidence after
a sharp fall in demand during the pandemic.

 

The airline's passenger revenue was $5.3bn in the three months to 30 June -
down more than 50% from the same period in 2019 before the crisis began.-BBC

 

 

 

NHS stops some blood tests due to vial shortages

The NHS has temporarily stopped some blood testing for certain conditions
due to shortages of collection tubes.

 

NHS England has issued guidance urging doctors to stagger regular blood
tests if clinically safe.

 

The decision came after Becton Dickinson (BD), which makes vials for the
NHS, warned of serious supply chain issues across the UK.

 

BD said it had unprecedented demand for products driven by the need for
tubes to test Covid-19 patients.

 

The medical device company, which manufactures its tubes in the US, said
routine testing for procedures which were delayed due to the pandemic had
also increased demand.

 

Due to the shortages, the NHS England has temporarily stopped some fertility
testing, screening for pre-diabetes, allergies and certain blood disorders.
NHS Wales has issued similar guidance.

 

In its guidance, NHS England said there was "global shortages of blood tube
products", not just with BD, and added that its guidance to medics was being
issued "in order to balance demand".

 

"Clinicians and local pathology laboratories should review their current
local practices in line with this guidance with a view to reducing the
number of tests and impacted products used without impacting on urgent
care," it added.

 

Doctors are concerned that a shortage of blood tube products will add to
existing backlogs for blood tests.

 

The British Medical Association warned that a lack of tubes could worsen the
"enormous backlog of care" created by the pandemic. It said it was
"unreasonable" to ask healthcare staff to delay blood tests until a later
date.

 

"No doctor wants the consequence of delayed diagnosis for patients due to
these shortages, and they also need to know they are protected from any
possible negligence claims," said Dr David Wrigley, deputy chair of BMA
council.

 

Supply problems

Like many other industries, BD said in addition to increased demand, it was
experiencing "continued transportation challenges", which included port and
transport capacity, air freight capacity and UK border challenges.

 

"Suppliers are also challenged to meet increased demand for raw materials
and components," the firm told the BBC.

 

"We are balancing the frequency of preventive maintenance leading to plant
shutdown to provide continuing supply of products, and we are working
closely with our raw material suppliers, transport agencies and other
necessary third parties to minimize supply disruptions," a spokesperson
added.

 

A spokesperson for the Department for Health and Social Care told the BBC:
"Patient safety and continuity of care is our priority and we are working to
ensure there is minimal possible impact on patient care.

 

"The health and care system is working closely with BD to put mitigations in
place to resolve any problems if they arise," they added.

 

GPs across the country have tweeted about the difficulties the shortage is
causing in their practices, while patients have tweeted texts from their
surgeries which have said their blood tests have been cancelled.

 

 

Diabetes UK expressed concerns for the 13.6 million people in the country at
increased risk of developing type 2 diabetes. The symptoms of type 2
diabetes can develop more slowly than those for type 1.

 

Nikki Joule, policy manager at the charity, said the supply issues would
make the condition "harder to spot".

 

"It is very important that those previously identified by their GP as being
at high risk of developing type 2 diabetes receive their annual checks -
including checking their blood glucose levels - and do not fall through the
cracks due to a logistical issue," she said.-BBC

 

 

 

Why rent control isn’t working in Sweden

In a red-brick 1960s tower block, 20-year-old Oscar Stark is heating
leftover vegetarian pasta. He keeps to a strict food budget, because more
than half his income goes towards sub-letting a studio apartment in one of
Stockholm's outer suburbs.

 

"I struggle to make it work, but I'm not giving up," says the marketing
consultant.

 

Mr Stark couldn't find anywhere cheaper than 11,000 krona (£920; $,1260) a
month to rent and is unable to stay at home with family, because his mother
lives elsewhere.

 

"I really don't have a choice, but of course I'm not satisfied," he says.

 

A shortage of accommodation in Stockholm and other cities, is causing a
major headache for young Swedes - in a country which has been championing
rent controls since World War Two.

 

Rents are supposed to be kept low due to nationwide rules, and collective
bargaining between state-approved tenant and landlord associations.

 

In theory, anyone can join a city's state-run queue for what Swedes call a
"first-hand" accommodation contract.

 

Once you have one of these highly-prized contracts it's yours for life. But
in Stockholm, the average waiting time for a rent-controlled property is now
nine years, says the city's housing agency Bostadsförmedlingen, up from
around five years a decade ago.

 

This wait-time doubles in Stockholm's most attractive inner-city
neighbourhoods.

 

The traffic-jam has fuelled a thriving sub-letting or "second-hand" market,
with "first-hand" renters and owners alike offering apartments to tenants
for very high prices, despite regulations designed to stop people being
ripped-off.

 

"I really feel like Sweden actually has failed [on housing]," says Mr Stark,
who believes he pays double the price his apartment should be leased for.

 

Other rent-controlled apartments are passed between relatives and friends,
which benefits those with existing networks, and challenges newcomers to the
city.

 

In Stockholm's most elite central district, Östermalm, Christoffer, who
asked just to be identified by his first name, splits a similar rent to Mr
Stark with his girlfriend, for a one-bedroom flat found through a colleague.

 

"It's obviously a privilege to be in that position," says the 24-year-old
part-time student and start-up worker. "It's not a good solution in the long
term to have to rely on that."

 

Regulations designed to prevent owners from making long-term profits are
also fuelling market instability.

 

Since even legal sub-lets can rarely be extended beyond a year or two, it
means those renting "second hand" have to jump between short-term contracts.

 

Rooms in flat-shares are also hard to come by. Most rented housing is for
independent rather than group living: Sweden has Europe's highest proportion
of single-person households.

 

"I have a lot of friends who are struggling - moving many times per year,"
says Maria Grigorenko, a 29-year-old brand manager in Stockholm who is
originally from Russia.

 

She recently got a rent-controlled apartment after queuing for nine years.
But says she knows few others "as lucky" as her.

 

"In principle I do believe the system is there to help, however, I think
that the market and the demographics have changed so much."

 

Europe-wide problem?

Despite its complex challenges, Sweden is in a better position on housing
than many other EU countries.

 

Only around 8% of Swedes live in households spending more than 40% of
disposable income on housing, compared to 15% in the UK and almost 40% in
Greece, according Eurostat data.

 

Swedes are also less likely to live with their parents than any other young
Europeans.

 

But until recently, getting a well-maintained, rent-controlled apartment
straight after school is something some Swedes have just taken "for
granted", argues Liza, a 37-year-old tech worker, who didn't want to share
her last name.

 

She moved to London from Stockholm last year, and believes Swedes
complaining about housing shortages would do well to put their struggles in
a wider context.

 

"In the UK, apartments are often super old and not of good standard, even
though the rent would be much more than in Sweden."

 

But others argue the increasing squeeze on Stockholm's housing mirrors the
worrying pattern of young people being priced out of Europe's capital
cities.

 

An Abbé Pierre Foundation report released in May indicated a 11.5% rise in
the number of young Swedes on low incomes living in overcrowded properties
since 2009.

 

Businesses have also raised concerns about the economic impact, as cities
seek to attract skilled workers. The Confederation of Swedish Enterprise
(Svenskt Näringsliv) says one in five firms have found it difficult to
recruit staff because of housing shortages.

 

The long-running focus on rent-controlled buildings also means there are
comparatively fewer private letting agencies and corporate apartment
possibilities than in many European cities.

 

"We were looking to help a family from London relocate to Stockholm and it
was not possible for us to find a variety of [housing] options for this to
be feasible," says Harald Överholm, who runs a solar power start-up in
Stockholm. "It's very frustrating."

 

Efforts are being made to solve this. Between 2015 and 2019, Stockholm
gained 83,000 new homes, with construction increasing at an "unusually high"
rate, according to Länsstyrelsen, a state-run body which connects municipal
and national authorities.

 

But Sweden's leaders are deeply divided on other moves.

 

Some centre-right opposition parties want incentives to help more young
people to buy instead of rent, such as lower mortgage payment requirements.

 

Others argue that if private landlords can set their own prices - already
the case in most European cities - this will stimulate more investment in
rental accommodation.

 

"A new market model needs to price rent more accurately," says Dennis Wedin,
a housing spokesperson for the Moderate party, which is in opposition
nationally but leads Stockholm city council. "A result would be slightly
higher rents in the city but lower in the suburbs."

 

The Social Democrats, who lead the country's centre-left national coalition,
recently mulled reforms allowing market rents for newbuilds - but
backtracked in June after the idea temporarily brought down the government.

 

"We like our system with the rent control, because that's a system where
everybody can afford a rental apartment," says Karin Wanngård, Stockholm's
Social Democrats leader. She says a market system would push up rents,
making Stockholm less "open" for low-income residents.

 

But she agrees that even with major investments, it could take a decade to
cut tenants' waiting time to less than a year or two.

 

The private sector is also attempting to tackle this, with a few co-living
spaces springing up - including converted apartment buildings, a medieval
townhouse and a former hotel. Kitchens and communal spaces are shared, and
some offer hostel-style bunkbeds for those on the tight budgets.

 

For tech worker Liza, who lived in two co-living properties in Stockholm,
the experience was a positive, it saved her money and introduced her to
friends she'll stay in touch with "for years".

 

"Although I know it is still considered a bit different...it's actually a
really amazing, healthy way of living."

 

It's not for everyone though. Back in his suburban studio, Oscar Stark is
sceptical. "The Swedes are very introverted in general and not as social."

 

While potential solutions are debated, Sweden's swelling population looks
set to add to the problem. Stockholm's one of Europe's fastest growing
regions, with an extra 400,000 people expected in the city by 2030.

 

Where they will all live, remains to be seen.-BBC

 

 

 

Amigo warns of collapse as losses jump and compensation payouts rise

Money lender Amigo is warning it may not survive after revealing it faces a
£345m compensation bill for mis-selling claims.

 

The business, which lends money to people with poor credit records, also
revealed a jump in annual losses to £284m, compared with £38m last year.

 

In May, the High Court rejected its plan to set aside a separate pot of
money for compensation.

 

Amigo had faced a deluge of complaints the company had mis-sold them loans.

 

The company, which offered loans with an interest rate of up to 49.9%, was
forced to stop lending last year after thousands of complaints from
customers who say they were approved for loans that they could never afford
to repay.

 

A host of these complaints have come via claims management companies.

 

The regulator, the Financial Conduct Authority (FCA), says that a loan is
unaffordable if making the repayments means someone has to borrow more money
or get behind with essential bills.

 

Amigo has tried once to negotiate a settlement that would have seen those
customers get pennies on the pound, but it was rejected by the High Court in
May.

 

The company is preparing to present a new proposal to the FCA and the High
Court. If this next offer is rejected, it is likely to go under.

 

Boardroom bust-ups and rows with the regulator have not helped but,
fundamentally, Amigo is facing a challenge that has brought down other big
names in the sector.

 

These results reveal the huge compensation bill it faces for historic
mis-selling of loans. The influx of complaints for advancing money to people
who had little chance of repaying has already spelled the end to Wonga and
others.

 

If Amigo were to collapse, then plenty of borrowers will believe this is a
company that has reaped what it sowed.

 

Yet, there will be concern too among those who struggle to borrow from
mainstream lenders that their options continue to shrink.

 

In the results statement, which was originally due to be made in July, the
company said there was a "material uncertainty" around its ability to
continue as a going concern.

 

Gary Jennison, Amigo's chief executive said he was keen to save the company,
as it offered essential finance to those who could not access mainstream
lending.

 

"The issues of the past are real, but do not diminish the need in society
for lenders like Amigo," he said.

 

"Amigo allows ordinary people, excluded by banks and other mainstream credit
providers, to access mid-cost finance when they are funding life essentials
and to stay away from much higher-cost payday or illegal lenders."-BBC

 

 

 

India's SpiceJet settles with Boeing MAX aircraft lessor Avolon

(Reuters) - India's SpiceJet Ltd (SPJT.NS) said on Thursday it has agreed to
a settlement with Boeing Co's MAX aircraft lessor Avolon, paving the way for
the 737 MAX jets to return to service.

 

The airline said it expects to start operations of MAX aircraft around the
end of September, subject to regulatory approvals.

 

India's air safety regulator Directorate General of Civil Aviation did not
immediately respond to a request for comment. SpiceJet did not provide any
further details on the settlement.

 

"As India emerges from COVID-19 and air traffic picks up again, the MAX
aircraft will play a major role in our future expansion," Ajay Singh,
SpiceJet's chairman and managing director said.

 

About 30 airlines and 175 countries have allowed the 737 MAX to return to
service following a nearly two-year safety ban.

 

The ban followed two crashes five months apart which killed 346 people,
plunging Boeing into a financial crisis since compounded by the pandemic.

 

The Thomson Reuters Trust Principles.

 

 

 

Asian shares spooked by Delta spread as Jackson Hole looms

(Reuters) - Asian shares retreated on Thursday, brushing off an upbeat Wall
Street lead as the Delta coronavirus variant's spread darkened the regional
mood while a South Korean interest rate hike put the focus on the global
central bank outlook.

 

Investors are mostly waiting for the Federal Reserve's Jackson Hole
symposium on Friday and what central bank chair Jerome Powell might say
about U.S. tapering monetary stimulus.

 

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS)
dropped 0.60%, and U.S. stock futures the S&P 500 e-minis , shed 0.14%.

 

Chinese bluechips (.CSI300) fell 1.47% and Hong Kong (.HSI) was down 1.32%,
as a rally in tech names ran out of steam. The embattled Hang Seng Tech
Index fell 2.41%.

 

A profit warning from Evergrande (3333.HK), China's most indebted property
developer sent its shares down 7.24%.

 

Elsewhere, the Australian benchmark (.AXJO) lost 0.7% as the country's new
daily cases of COVID-19 topped 1,000 for the first time. Japan's Nikkei
(.N225) was little changed having spent the day flickering either side of
flat.

 

The Asian stock benchmark is still up around 3.5% on the week, having
largely joined a global rally as investors look to the Fed's upcoming
Jackson Hole symposium for assurances the central bank won't be rushing to
tighten policy.

 

However, Asia is lagging the rest of the world this year. The MSCI world
equity index (.MIWD00000PUS), which tracks shares in 50 countries, is
sitting very close to record highs, while the MSCI Asia ex-Japan benchmark
is off over 12% from its record highs hit in February.

 

Overnight, U.S. shares inched higher with the S&P 500 (.SPX) closing at its
51st record high of the year, gaining 0.22%.

 

"Asia would be doing a lot better if it were not for the Delta outbreak.
However, we've seen at various times over the last 18 months where different
regions have led and lagged depending on where they are in relation to COVID
-19," said Shane Oliver, Chief Economist at AMP.

 

South Korea on Thursday reported a jump in the number of critical or severe
cases while infections hit records in Vietnam and the Philippines this week.

 

POLICY CHANGES

 

The global inflationary pulse was also in the headlines as the South Korean
central bank lifted its base rate off a record low, the first major economy
in Asia to do so. read more

 

Governor Lee Ju-yeol maintained his hawkish tone and suggested the bank
could further tighten policy as data showed Asia's fourth-largest economy
was overheating.

 

Central banks around the world are laying the groundwork for a transition
away from crisis-era stimulus as what began as emergency support for
collapsing growth now overheats many economies.

 

Investors and policymakers are particularly focused on what the Fed's Powell
signals at Jackson Hole on Friday.

 

"Ideally, the Fed would like to observe as long as possible, (and)...make
sure that the economy is well on track towards growth," Raghuram Rajan,
former RBI governor and finance professor at the University of Chicago Booth
School of Business, told the Reuters Global Markets Forum on Wednesday. "Of
course, the problem is the Delta variant, plus whatever variants are lurking
in the background."

 

Treasury yields rose in U.S. hours though inched down again in Asia. The
yield on benchmark 10-year Treasury notes was 1.3356% compared with its U.S.
close of 1.344% on Wednesday.

 

The dollar was little changed sitting around a week-low against a basket of
major peers , amid the more positive U.S. mood.

 

Oil prices fell on Thursday after three days of gains. U.S. crude dipped
0.80% to $67.96 a barrel. Brent crude fell 0.57% to $71.93 per barrel.

 

The Thomson Reuters Trust Principles.

 

 

 

UK pursuing data partnerships with U.S. and others

(Reuters) - Britain said on Thursday it was pursuing data partnerships with
countries including the United States, Australia, South Korea and other
fast-growing markets to break down barriers and boost trade after Brexit.

 

Data adequacy partnerships mean organisations would not have to implement
costly compliance measures to share personal data internationally when doing
business, the digital ministry said in a release.

 

Britain completed its departure from the European Union's orbit at the end
of 2020, giving the government the powers to strike trade agreements with
other nations around the world.

 

"It means reforming our own data laws so that they’re based on common sense,
not box-ticking," said digital minister Oliver Dowden.

 

"And it means having the leadership in place at the Information
Commissioner’s Office to pursue a new era of data-driven growth and
innovation."

 

New Zealand Privacy Commissioner John Edwards has also been named as the
government's preferred candidate to be the UK's next Information
Commissioner.

 

The Thomson Reuters Trust Principles.

 

 

Western Digital-Kioxia in talks to create chipmaker giant -source

(Reuters) - Western Digital (WDC.O) is in advanced talks for a possible $20
billion stock merger with Japanese chipmaker and partner Kioxia, a person
familiar with the matter said, a move that would create a NAND memory giant
to rival Samsung Electronics (005930.KS).

 

The companies could reach an agreement as early as mid-September, and
Western Digital CEO David Goeckeler would run the combined firm, the person
said, requesting anonymity to discuss confidential matters.

 

The Wall Street Journal reported the talks earlier on Wednesday. Kioxia
Holdings Corp and Western Digital both told Reuters they do not comment on
speculation about mergers.

 

A combination of the two would rewrite the competition to capture robust
demand for memory chips that has been driven by 5G expansion and a
pandemic-fueled rise in work from home.

 

While Samsung dominates with over a third of the NAND market, according to
research firm TrendForce, Kioxia has a nearly 19% share and Western Digital
15%. South Korea's SK Hynix Inc (000660.KS) and U.S. firms Micron Technology
Inc (MU.O) and Intel Corp (INTC.O) are the other large players.

 

"Such a deal would be a defensive, but prudent, move by Western to reinforce
its competitive position in the swiftly consolidating chip market,"
Morningstar analyst William Kerwin said in a research note.

 

"In the long term, we expect the NAND market to ... consolidate down to
about three leading players for a largely commodity-like product," Kerwin
said.

 

The memory chip industry is already consolidating, with Hynix agreeing to
buy Intel's NAND business for $9 billion last year, a deal still awaiting
anti-trust clearance. read more

 

A Western Digital-Kioxia merger is also likely to draw anti-trust scrutiny
in several countries, including in the United States and China.

 

Monopoly concerns and a years-long trade conflict between the United States
and China have scuppered deals in the past few years.

 

Qualcomm Inc (QCOM.O), for instance, walked away from a $44 billion deal to
buy NXP Semiconductors (NXPI.O) after failing to secure Chinese approval in
2018, and Nvidia Corp's (NVDA.O) planned $40 billion acquisition of British
chip designer ARM hit a major hurdle last week in the UK. read more

 

Chinese antitrust watchdog State Administration for Market Regulation did
not immediately respond to a request for comment on approval for a potential
Western Digital-Kioxia deal.

 

KIOXIA OWNERS

 

In Japan, the two companies jointly produce NAND chips, which don't need
power to retain data and are used in smartphones, TVs, data center servers
and public announcement display panels.

 

"For privately held Kioxia, we think $20 billion or more would secure a
solid return," Morningstar's Kerwin said.

 

Kioxia, sold by Toshiba Corp (6502.T) in 2018 to a consortium led by Bain
Capital for $18 billion as Toshiba Memory Corp, shelved plans last year for
what would have been Japan's largest initial public offering in 2020.

 

An IPO is still a possibility should Kioxia fail to reach a deal with San
Jose, California-based Western Digital, the source told Reuters. Financial
magazine Diamond in June said Kioxia was planning an IPO as early as
September.

 

Kioxia said in its statement to Reuters on Thursday that it was considering
the appropriate timing for an IPO.

 

Toshiba, which still owns about 40.6% of Kioxia, is in talks with at least
four global private equity firms to seek their ideas for a new strategy,
Reuters reported on Wednesday, citing sources. read more

 

Toshiba's shares were up 1.3% in afternoon trading.

 

Western Digital's shares closed up 7.8% on Wednesday, giving it a market
capitalization of more than $20 billion.

 

Toshiba said it was not involved in the management of Kioxia and not in a
position to comment. It said it continues to consider the most appropriate
approach to its investment in Kioxia to maximize shareholder value.

 

Bain was not immediately available for a comment.

 

The Thomson Reuters Trust Principles.

 

 

 

Barclays to invest more than $400 mln to expand India operations

(Reuters) - Barclays Plc (BARC.L) will invest more than 30 billion rupees
($403.99 million) in its India unit to expand operations, the British lender
said on Thursday.

 

With the investment, Barclays Bank PLC India's total invested capital in
Asia's third-largest economy will increase to more than 83 billion rupees.

 

Barclays said the investment would help grow its corporate and investment
banking, and private clients businesses in the country.

 

"As economic activity gathers momentum, there is increased demand for
capital from clients," said Jaideep Khanna, head of Barclays, Asia Pacific
and Country CEO, India.

 

Barclays Bank PLC had inaugurated its International Banking Unit branch at
GIFT City in the western state of Gujarat in February.

 

($1 = 74.2600 Indian rupees)

 

The Thomson Reuters Trust Principles.

 

 

Africa: Digital Detox - Can Taking a Break From Tech Improve Your
Well-Being?

Tired of having to gaze at a screen for anything from a pub quiz to work
calls, Anna Redman and her boyfriend headed to a wooden cabin outside
London, locked their phones in a sealed envelope and spent three days
off-grid earlier this year.

 

"It felt really appealing to not have access at all for a few days," said
Redman, 29, who works in public relations and started to crave a "digital
detox" as almost all her social contact shifted online during COVID-19
lockdowns.

 

The couple are among a growing number of people opting to take a temporary
break from technology as the pandemic fuels tech fatigue, and an array of
products and services have sprung up to meet the demand.

>From apps that temporarily lock people out of their devices to luxury
retreats limiting guest Wi-Fi access and restaurants that ban phones at the
table, such solutions promise to help boost well-being by letting people
reconnect with real life.

 

Even before the pandemic struck, interest in digital detoxing had been
growing steadily in recent years, industry experts said.

 

A 2018 survey of more than 4,000 people in Britain and the United States by
market research firm GWI found one in five had been on a detox, with 70%
trying to limit the time they spent online.

 

Unplugged, a British start-up that manages several off-grid cabins near
London - including the one where Redman stayed - opened five new locations
this year after launching the first in 2020 and was booked all summer, said
co-founder Hector Hughes.

 

"People really just want a break and I think this is a direct result of
lockdown and spending all this time on screens," he told the Thomson Reuters
Foundation.

"We put cabins an hour from city life. People go and literally padlock their
phones in a box. We give them a map and a Nokia and leave them to it for
three nights," he added.

 

DIGITAL 'NONSENSE'

 

Taking a break from tech is often billed as a way to boost overall
well-being, helping to fight sleeping disorders, anxiety and depression.

 

But some researchers are sceptical.

 

The advertised benefits are often linked to other variables rather than mere
tech abstinence, said Theodora Sutton, a digital anthropologist who has been
researching an off-grid retreat in the United States.

 

"People say they feel better after a weekend in the woods, but they have
been on holiday enjoying themselves," she said.

 

"If you just take technology away and don't replace it with anything else,
you are not automatically going to have a better time."

Wenjie Cai, a lecturer in tourism and hospitality at the University of
Greenwich whose work focuses on digital detox holidays, said the experience
was an "emotional roller-coaster".

 

Holiday-goers report higher levels of anxiety when they are separated from
their phones at the start of a stay and again at the end, when they prepare
to be reunited with them, he said.

 

A 2019 study by Loughborough University, in Britain, found a 24-hour period
of smartphone abstinence had no effect on mood and anxiety.

 

Participants in a similar study by Oxford University researchers this year
did not report improved personal well-being, such as feelings of greater
self-esteem or satisfaction, when they quit social media for a day.

 

Lead author Andrew Przybylski, an experimental psychologist at the Oxford
Internet Institute, said the possible mental health impacts of digital
technology are often exaggerated.

 

"It's very likely nonsense to say that one simple trick like switching off
your phone can lead you to live a happier life," he said.

 

Still, using tech occupies time and attention that some might feel could be
better used elsewhere.

 

"As human beings, we're always trying to fit together all kinds of things,
like being a father, being a husband, being a professor ... there's always a
balance that you have to strike," said Przybylski.

 

For some people, a digital detox retreat can be an opportunity to evaluate
daily habits and consider whether they need changing, Cai said.

 

Participants in his research reported engaging more in self-reflection
during an out-of-town tech break.

 

And while most people returned to their previous phone usage after the
detox, some resolved to reduce the amount of time they spent using their
devices, he said.

 

"Many people found there is nothing urgent waiting for them when they turned
their phones back on and this gets them to think about how they can actually
do away with the device a few hours a day and be more focused on work or
leisure," he said.

 

Redman deleted Instagram from her personal phone after her off-grid weekend,
and now leaves it at home when she goes out for a walk.

 

"I get an hour to myself where I'm not thinking about work," she said.

 

Thomson Reuters Foundation.

 

 

 

Ethiopia Unveils Ten-Year Power Project Plan

ADDIS ABABA - Ethiopian Electric Power stated that the country has planned
to build 71 power projects demanding over 40 billion USD over the next 10
years.

 

Ethiopian Electric CEO, Andualem Siae said the project cost is expected to
be covered by private and public partnerships, the African Development Bank,
the World Bank, other development partners and financiers, Ethiopian
Electric Power and the Ethiopian government.

 

Among the projects planned to be built in the next 10 years are 16 water, 24
wind, 17 steam and 14 solar power projects, CEO said.

 

Based on the directive, two solar power projects will be built by Saudi
Arabia's Aqua Power Company, which is in the process of being developed by
private developers and private and public partners and the company is
preparing to begin construction.

 

As to Andualem, negotiations have also started with the United Arab Emirates
Company Amia to build the Aisha 1 wind farm project, and bidding is underway
to well sort out developers for other wind power projects.

 

According to the CEO, construction of the Tulu Moye and Corbeti steam power
projects has also been commenced by private developers.-Ethiopian Herald.

 

 

 

Nigeria: OML 11 - Ogoni People Pledge Cooperation With NNPC On Oil
Exploration and Production

The leaders of Ogoniland in Rivers State under the auspices of the Ogoni
Liberation Initiative have pledged to cooperate with the Nigerian Petroleum
Development Company (NPDC), the upstream subsidiary of the Nigerian National
Petroleum Corporation (NNPC), in the exploration and production of oil and
gas resources in the Oil Mining Lease (OML) 11.

 

The Ogoni leaders made the pledge Tuesday at the Ogoni Liberation Day which
held in Bori with the Managing Director of NPDC, Mr. Mohammed Ali-Zarah, as
an invited guest.

 

The Group General Manager, Group Public Affairs Division of NNPC, Mr. Garba
Deen Muhammad, disclosed this development yesterday in a statement issued in
Abuja.

 

Speaking at the event, according to the statement, the Convener and leader
of the Ogoni Liberation Initiative, Rev. Douglas Fabeke, commended the Court
of Appeal for the judgement confirming NPDC as the valid operator of OML 11,
stressing that the Ogoni people welcomed with great joy the intervention of
the federal government and the takeover of the oil assets by NPDC following
the judgement of the Appeal Court in Abuja.

The Ogoni leader described the judgment that handed OML 11 to NPDC as a
liberation for the Ogoni people, stressing that the people of Ogoni have
"looked forward to this freedom over the years".

 

He further praised President Muhammadu Buhari for his administration's
commitment to the development of Ogoniland, adding that his people would
support all efforts aimed at restoring the environment and exploring its
huge natural resources for the benefit of all.

 

He declared that Ogoni leaders have resolved to eschew bitterness and work
with the federal government to ensure that the people benefitted from the
resources in their land.

 

"The Ogoni people are ready for oil and gas business in the land to entrench
development in partnership with the NNPC and the Federal Government of
Nigeria through a transformed template and practical community development
delivered by the host communities.

The Ogoni people are ready to do all forms of businesses with the State,
Federal and Global Corporate Communities for the development of their land,
provided the business is anchored upon Ogoni development," he said.

 

He submitted a communique on behalf of the people of Ogoni to the federal
government as the request of Ogoni people and as condition for the mutual
relationship between the people and NPDC.

 

The communique, among other things, requested that "the issue of clean-up in
Ogoniland should be re-visited and the Government should mandate the
handling agency to expedite actions and clean the land in tune with the UNEP
Report's recommendation or allow the Ogoni people to bring experts that
would perfectly implement the recommendations of the UNEP Report to the
letter"

It also called on the federal government to expedite action on the provision
of infrastructure to the people.

 

"The Ogoni people will not work under any political manipulation that will
affect the development and smooth operation in the land without capturing
the interest of the people.

 

"We stand by every word drafted here and will implement it to the letter,
and also ready to give the Federal Government of Nigeria maximum cooperation
to achieve its aim for the success and benefit of the nation and the Ogoni
people." the communique stated.

 

In his remarks, the Managing Director of NPDC, Mr. Mohammed Ali-Zarah, said
the company understood the concerns and yearnings of the Ogoni people and
shared in their pain.

 

He said NPDC and the federal government would work with the Ogoni people to
bring development, employment and growth to the land, remediate the
environment and ensure that future exploration and production activities do
not impact negatively on the environment.

 

Ali-Zarah noted that the large turn-out of people, including traditional
rulers, at the event was a huge moral boost to NPDC's confidence in its
re-entry plan.

 

"Indeed, this is a clear testimonial and demonstration of the strong cordial
relationship that has existed between us over the years. This, for us, is
our social license to operate in this peace-loving community", the managing
director said.

 

He observed that it was in the best interest of the country to speedily
restore the environment of Ogoniland and create the needed condition for the
social economic development of the communities.

 

"As a viable partner, we would join you to pursue the greater good of our
people and the nation. We stand with you and would work with you to achieve
this within the shortest possible time," he said.

 

On the communique submitted by the Ogoni Liberation Initiative signed by
leaders of various communities that make up Ogoniland, Ali-Zarah assured
them that he would send the document to the management of the NNPC for
onward transmission to the relevant quarters, including the presidency.

 

Oil production operations were suspended in Ogoniland in the early 1990s due
to disruptions caused by local unrest. The oilfields and other installations
have since largely remained dormant.

 

Hope was, however, rekindled last week following an Appeal Court judgment
that paved the way for NPDC to take over the operatorship of the oil assets
in Ogoniland from Shell.

 

The Appeal Court sitting in Abuja had upturned the August 23, 2019 ruling of
the Federal High Court, Abuja, which held that the Shell Petroleum
Development Company (SPDC) was entitled to the renewal of the Lease on OML
11.

 

In the ruling, the Appellate Court held that the Minister of Petroleum
Resources has the discretion whether or not to renew the OML 11 Lease in
favour of SPDC.

 

The Court further held that the minister rightly exercised his discretion in
awarding the OML 11 Lease to NPDC, a subsidiary of the NNPC.-This Day.

 

 

 

Mozambique: Hidden Debts - Court Will Call Chang As Witness

Maputo — The Maputo City Court has agreed to call Mozambique's former
Finance Minister, Manuel Chang, as a witness in the case of the country's
largest financial scandal, the so-called "hidden debts".

 

The debts result from the loans of over 2.2 billion US dollars obtained in
2013 and 2014 from the European banks Credit Suisse and VTB of Russia by
three fraudulent, security-linked Mozambican companies, Proindicus, Ematum
(Mozambique Tuna Company) and MAM (Mozambique Asset Management).

 

The loans were only possible because the government of the day, under the
then President Armando Guebuza, issued illicit loan guarantees. The effect
of the guarantees was to make the Mozambican government liable to repay the
loans, if the companies went bankrupt.

It was Chang who signed the loan guarantees, even though they breached the
ceiling on guarantees established by the 2013 and 2014 budget laws, and
violated a clause in the Constitution which makes incurring such debts
dependent on parliamentary approval.

 

Since December 2018. Chang has been under police custody in South Africa,
while the South African authorities decided whether to send him for trial in
Maputo or in New York - both the Mozambican and the US authorities had
requested his extradition.

 

But on Monday South African Justice Minister Ronald Lamola decided Chang
will be returned to Mozambique, where he faces charges of abuse of office,
violation of the budget laws, fraud by deception, embezzlement, money
laundering, and membership of a criminal association.

 

Since Chang will soon be in Mozambique, assuming the extradition goes ahead,
he will be available to testify in the current trial of 19 people charged
with offences arising from the "hidden debts.

 

On Tuesday evening, at the end of the second day of the trial, the
Mozambique Bar Association (OAM), which is attending the trial as an
"assistant" of the public prosecutor, suggested that Chang's testimony could
be crucial.

 

Prosecutor Sheila Marrengula pointed out that Chang has already been heard
once, in the early stages of the investigation, before he was detained in
South Africa. But she raised no objection to calling him as a witness.

 

Nor did the defence lawyers, and so judge Efigenio Baptista announced that,
when he returns to the country, Chang will be notified to appear as a
witness. His testimony will be slotted into the calendar for the trial,
which is expected to last for at least 45 days.

 

 

 

 

 

 

 

 


 


 


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 

Blog:
<https://bullszimbabwe.com/category/blogs/bullish-thoughts/>
www.bullszimbabwe.com/blog

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/20210826/499cf25a/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/20210826/499cf25a/attachment-0002.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image006.png
Type: image/png
Size: 34378 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20210826/499cf25a/attachment-0003.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: oledata.mso
Type: application/octet-stream
Size: 65556 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20210826/499cf25a/attachment-0001.obj>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image007.jpg
Type: image/jpeg
Size: 39375 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20210826/499cf25a/attachment-0002.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image008.jpg
Type: image/jpeg
Size: 22328 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20210826/499cf25a/attachment-0003.jpg>