Major International Business Headlines Brief::: 06 December 2021

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Major International Business Headlines Brief::: 06 December 2021 

 


 

 


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

 


 

 


ü  Ray Dalio: US billionaire says China comments misunderstood

ü  Trump social media firm says it has raised $1bn

ü  Large gender pay gaps persist over the last 25 years

ü  Parag Agrawal: Why Indian-born CEOs dominate Silicon Valley

ü  HGV driver shortage: Signs pressures are easing, trade group says

ü  U.S. & European stock futures rise, oil bounces

ü  Blue Monday? Bitcoin tumbles 5% after weekend battering

ü  Toshiba walked away from potential buyout talks and Brookfield offer
-sources

ü  Renault to cut fewer jobs than initially planned by 2024

ü   Weaker foreign demand sinks German industrial orders in October

ü  Alibaba overhauls e-commerce businesses, names new CFO

ü  Evergrande again nears default as China moves to reassure markets

ü  Oil rebounds above $71 on Omicron hopes, Iran talks

ü  AB InBev aims for core profit growth of 4% to 8% medium term

ü  Chinese govt thinktank proposes growth target of above 5% for 2022

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Ray Dalio: US billionaire says China comments misunderstood

Billionaire investor Ray Dalio has become the latest high-profile Wall
Street figure to become embroiled in controversy over comments about China.

 

Mr Dalio took to social media at the weekend to say comments he made in a TV
interview had been misunderstood.

 

It came after he compared China to a "strict parent" when asked last week
about the disappearance of dissidents.

 

Last month, JP Morgan boss Jamie Dimon apologised after saying his firm
would outlast China's Communist Party.

 

The founder of Bridgewater Associates - which is largest hedge fund in the
world - said in a Twitter thread and LinkedIn post that he had "sloppily
answered a question about China".

 

In the posts, he went on to say that he did not mean to downplay the
importance of human rights issues but was "attempting to explain" the
Chinese approach to governing as an extension of Confucian ideas about
family.

 

"I assure you that I didn't mean to convey that human rights aren't
important because I certainly believe they are... My overriding objective is
to help understanding," the post continued.

 

After Mr Dalio's original comments, he was criticised by Republican senator
Mitt Romney, who accused him of feigning "ignorance of China's horrific
abuses and rationalization of complicit investments there" and that it was
"a sad moral lapse."

 

Now that things have calmed down I want to clarify what I meant when I
sloppily answered a question about China from Andrew Ross Sorkin that
created a misunderstanding of my views. (1/6)

 

In November, JP Morgan chief executive Jamie Dimon said he regretted saying
that his Wall Street bank would be around longer than the Chinese Communist
Party.

 

The comment, made at a US event, sparked anger in China, with experts
warning that it could jeopardise the bank's ambitions in the the world's
second largest economy.

 

Mr Dimon made his original remarks at Boston College, where he was taking
part in a series of interviews with chief executives.

 

"I made a joke the other day that the Communist Party is celebrating its
100th year - so is JPMorgan," he said.

 

"I'd make a bet that we last longer," he told the event. "I can't say that
in China. They are probably listening anyway," he added.

 

It sparked a swift reaction, with Hu Xijin, editor-in-chief of the
state-backed Global Times newspaper, saying on Twitter: "Think long-term!
And I bet the CPC [Chinese Communist Party] will outlast the USA."

 

Chinese foreign ministry spokesman Zhao Lijian said at a news conference:
"Why the publicity stunt with some grandstanding remarks?"

 

In August, JP Morgan won approval to become the first full foreign owner of
a securities brokerage in China. -BBC

 

 

 

Trump social media firm says it has raised $1bn

Donald Trump's new social media firm says it has entered into agreements to
raise $1bn (£755m) from investors ahead of a planned stock market listing.

 

The Trump Media & Technology Group is working to launch a social media app
called Truth Social early next year.

 

It comes as Mr Trump remains banned from Twitter and Facebook following the
attack on the US Capitol in January.

 

"$1bn sends an important message to Big Tech that censorship and political
discrimination must end," he said.

 

"As our balance sheet expands, Trump Media & Technology Group will be in a
stronger position to fight back against the tyranny of Big Tech."

 

Mr Trump announced plans to launch Truth Social earlier this year, saying it
would allow conversation "without discrimination on the basis of political
ideology".

 

The Trump Media & Technology Group has partnered on the project with Digital
World Acquisition, a so called special purpose acquisition company (Spac) or
"blank cheque company".

 

Spacs, which became a major story in the US stock market at the start of
this year, are shell companies that are set up with the sole purpose of
merging with a private firm to take it public. However, they have lost much
of their lustre after some of the companies that merged with them failed to
deliver on their ambitious financial projections.

 

On Saturday, Mr Trump's firm said it had secured the $1bn from from "a
diverse group of institutional investors" without revealing who they were.
According to reports, the social media venture is now valued at almost $4bn.

 

It would appear to underscore the former US president's ability to attract
strong financial backing despite the controversy surrounding his time in
charge.

 

Mr Trump was banned from top social media platforms after the 6 January
attack by his supporters on the US Capitol in Washington DC amid concerns
the then-president would inspire further violence.

 

It came after Mr Trump made claims, without evidence, of widespread fraud in
last year's presidential election.

 

Many Wall Street firms snubbed the opportunity to invest in the former
president's new venture, according to Reuters. But some hedge funds, family
investment firms and high net-worth individuals have backed it.

 

Mr Trump had 89 million followers on Twitter, 33 million on Facebook and
24.5 million on Instagram at the time he was blocked, according to a
presentation on his company's website.

 

He has also repeatedly dropped hints that he might seek the presidency again
in 2024.

 

However, there have been questions about the state of the former president's
finances. Last month a congressional committee found he had "grossly
exaggerated" the profitability of his Washington DC hotel - claims the Trump
Organization called "misleading".

 

Scrutiny

Trump Media & Technology Group's partnership with Digital World Acquisition
has already attracted scrutiny.

 

Last month Democratic Senator Elizabeth Warren asked the Securities and
Exchange Commission to investigate the planned merger for potential
violations of securities laws.

 

The SEC has declined to comment on whether it plans any action.

 

Truth Social is scheduled for a full rollout in the first quarter of 2022.
It is the first of three stages in the Trump Media plan, followed by a
subscription video-on-demand service called TMTG+ that will feature
entertainment, news and podcasts, according to the news release.

 

In a slide deck on its website, the company envisions eventually competing
against Amazon.com's AWS cloud service and Google Cloud.-bbc

 

 

 

Large gender pay gaps persist over the last 25 years

More than three-quarters of the reduction in the gender pay gap over the
past 25 years is due to the increase in women's educational attainment, a
report has said.

 

The Institute for Fiscal Studies (IFS) also found raising the minimum wage
has helped close the gap for lower earners.

 

But there has been no similar progress for graduates for whom the gap in
hourly wages has not shifted at all.

 

This means "barely any change" to the gender earnings gap, the IFS said.

 

The government said the national gender pay has "fallen significantly" and
1.9 million more women were in work compared to 2010.

 

The research, part of the (IFS) Deaton Review of Inequalities, measured
gender earnings gaps across three different margins; employment, hours and
wage rates.

 

The authors found that working-age women do more than 50 hours a month more
unpaid work than men and that gender gaps in employment and hours increase
substantially immediately upon parenthood.

 

The researchers suggest that the reason for any progress in closing gender
earnings gaps is only because of the increases in women's education levels.

 

Women more educated than men

The average working-age woman in the UK earned 40% less than her male
counterpart in 2019 which is 25% lower than in the mid-1990s, but
working-age women are now more educated on average than working-age men.

 

In the past 25 years, women of working age in the UK have gone from being
five percentage points less likely to five percentage points more likely to
have a university degree than men.

 

The gender earnings pay gap falls therefore look "particularly modest" once
the rising education of women is accounted for, explained Alison Andrew, a
senior research economist at the IFS and author of the report.

 

'Inadequate' policies

The authors argued that years of policy reforms have failed to create a
"coherent" set of incentives for equal responsibilities between men and
women.

 

The researchers called current policies "inadequate" because they
"implicitly accept traditional gender norms", taking it as a given that
women are in charge of childcare which they said has kept society "trapped
in a bad equilibrium".

 

Dr Grace Lordan, founder of The Inclusion Initiative at the London School of
Economics, said she was not surprised by these findings.

 

"Even when men and women choose the same degrees, women get paid and
rewarded less so the government needs to insist on progress from companies,"
she said.

 

'Almost no progress'

While they are now more educated than their male counterparts, report author
and deputy research director at the IFS Monica Costa-Dias Monica, said there
has been "almost no progress" on gender gaps in paid work over the past
quarter of a century.

 

"Huge gender gaps remain across employment, working hours and wages," she
said.

 

"It seems unlikely that we can rely on women becoming more and more educated
to close the existing gaps."

 

The report found that women take on the majority of unpaid work, including
both childcare and housework.

 

Over the past 25 years, the researchers found that increases in women's
hours of paid work have not been met by reductions in their unpaid work.

 

"Ambitious government policies that tackle the practical and financial
constraints to families sharing work in a more equal way would enable
transformative change," Ms Andrew explained.

 

Swiss Mandatory Paternity

Last year Switzerland passed a law which mandates that new fathers take
paternity leave in an effort to enable gender equality.

 

Countries with the lower gender pay gaps overall are those that have a
combination of policies which push toward equality such as affordable
childcare and parental leave which cannot be transferred back to women, Ms
Andrew highlighted.

 

The average two-earner couple in the UK spend more than 20% of their income
on childcare, one of the highest shares among Organisation for Economic
Co-operation and Development (OECD) countries and second only to
Switzerland.

 

"The gender gap in total earnings in the UK is almost twice as large as in
some other countries which suggests the gender earnings gap is heavily
influenced by the policy environment and cultural and social norms", said
Mark Franks, director of welfare at the Nuffield Foundation which funded the
review.

 

The fact that parental leave is still geared toward women and the additional
costs of childcare with subsidies are not always practical for women
entering into longer hours of work worsens the gap, according to the review
authors.

 

"The Swiss model can really change social norms and shows that men and women
not being able to switch maternity and paternity leave has been very
successful," Dr Lordan added.

 

 

The research also found that gendered roles appear to be largely unrelated
to earnings potential - with mothers who earn more than their male partners
being more likely to reduce the hours of work in the years after childbirth.

 

A higher percentage of women employed in part-time work also contributes to
less wage growth and career progression according to the findings.

 

The research also found that single mothers are especially vulnerable to
poverty - showing the impact of gender gaps in paid work and unpaid work.

 

'Building back fairer'

The government said the national gender pay has "fallen significantly" while
it has been in power, citing work on the right to flexible working, shared
parental leave and pay and doubling free childcare for eligible working
parents.

 

It said the gap had dropped by approximately a quarter in the last decade
and 1.9 million more women were in work than in 2010.

 

A spokesperson said: "We will shortly put forward a range of measures to
advance equality for women at work, increasing opportunity, and tackling the
issues that are holding women back.

 

"We are committed to building back fairer, and making workplaces more equal
so everyone can reach their full potential."-bbc

 

 

 

Parag Agrawal: Why Indian-born CEOs dominate Silicon Valley

Parag Agrawal, who was appointed this week as Twitter's CEO, has joined at
least a dozen other Indian-born techies in the corner offices of the world's
most influential Silicon Valley companies.

 

Microsoft's Satya Nadella, Alphabet's Sundar Pichai, and the top bosses of
IBM, Adobe, Palo Alto Networks, VMWare and Vimeo are all of Indian descent.

 

Indian-origin people account for just about 1% of the US population and 6%
of Silicon Valley's workforce - and yet are disproportionately represented
in the top brass. Why?

 

"No other nation in the world 'trains' so many citizens in such a
gladiatorial manner as India does," says R Gopalakrishnan, former executive
director of Tata Sons and co-author of The Made in India Manager.

 

"From birth certificates to death certificates, from school admissions to
getting jobs, from infrastructural inadequacies to insufficient capacities,"
growing up in India equips Indians to be "natural managers," he adds,
quoting the famous Indian corporate strategist C K Prahalad.

 

The competition and chaos, in other words, makes them adaptable
problem-solvers - and, he adds, the fact that they often prioritise the
professional over the personal helps in an American office culture of
overwork.

 

Indians celebrate new Twitter CEO Parag Agrawal

Who is Sundar Pichai and what does Alphabet do?

"These are characteristics of top leaders anywhere in the world," Mr
Gopalakrishnan says.

 

Indian-born Silicon Valley CEOs are also part of a four million-strong
minority group that is among the wealthiest and most educated in the US.

 

About a million of them are scientists and engineers. More than 70% of H-1B
visas - work permits for foreigners - issued by the US go to Indian software
engineers, and 40% of all foreign-born engineers in cities like Seattle are
from India.

 

"This is the result of a drastic shift in US immigration policy in the
1960s," write the authors of The Other One Percent: Indians in America.

 

In the wake of the civil rights movement, national-origin quotas were
replaced by those that gave preference to skills and family unification.
Soon after, highly-educated Indians - scientists, engineers and doctors at
first, and then, overwhelmingly, software programmers - began to arrive in
the US.

 

This cohort of Indian immigrants did not "resemble any other immigrant group
from any other nation", the authors say. They were "triply selected" - not
only were they among the upper-caste privileged Indians who could afford to
go to a reputed college, but they also belonged to a smaller sliver that
could finance a masters in the US, which many of Silicon Valley's CEOs
possess. And finally, the visa system further narrowed it down to those with
specific skills - often in science, technology, engineering and maths or
STEM as the preferred category is known - that meet the US's "high-end
labour market needs".

 

"This is the cream of the crop and they are joining companies where the best
rise to the top," says technology entrepreneur and academic Vivek Wadhwa.
"The networks they have built [in Silicon Valley] have also given them an
advantage - the idea was that they would help each other."

 

Mr Wadhwa adds that many of the India-born CEOs have also worked their way
up the company ladder - and this, he believes, gives them a sense of
humility that distinguishes them from many founder-CEOs who have been
accused of being arrogant and entitled in their vision and management.

 

Mr Wadhwa says men like Mr Nadella and Mr Pichai also bring a certain amount
of caution, reflection and a "gentler" culture that makes them ideal
candidates for the top job - especially at a time when big tech's reputation
has plummeted amid Congressional hearings, rows with foreign governments and
the widening gulf between Silicon Valley's richest and the rest of America.

 

Their "low-key, non-abrasive leadership" is a huge plus, says Saritha Rai,
who covers the tech industry in India for Bloomberg News.

 

India's diverse society, with so many customs and languages, "gives them
[Indian-born managers] the ability to navigate complex situations,
particularly when it comes to scaling organisations," says Indian-American
billionaire businessman and venture capitalist Vinod Khosla, who co-founded
Sun Microsystems.

 

"This plus a 'hard-work' ethic sets them up well," he adds.

 

There are more obvious reasons as well. The fact that so many Indians can
speak English makes it easier for them to integrate into the diverse US tech
industry. And Indian education's emphasis on math and science has created a
thriving software industry, training graduates in the right skills, which
are further buttressed in top engineering or management schools in the US.

 

"In other words, the success of Indian-born CEOs in America is as much about
what's right with America - or at least what used to be right before
immigration became more restricted after 9/11 - as what's right with India,"
economist Rupa Subramanya recently wrote in Foreign Policy magazine.

 

Anjali Pichai and Sundar Pichai attend the 2020 Breakthrough Prize Ceremony
at NASA Ames Research Center on November 03, 2019 in Mountain View,
California.

 

 

The huge backlog in the applications for US green cards, and increasing
opportunities in the Indian market have certainly dimmed the allure of a
career abroad.

 

"The American dream is getting replaced with the India-based start-up
dream," Ms Rai says.

 

The recent emergence of India's "unicorns"- companies worth more than a $1bn
- suggests that the country is starting to produce major tech companies,
experts say. But, they add, it's too early to tell what global impact they
will have.

 

"India's start-up ecosystem is relatively young. Role models of successful
Indians both in entrepreneurship and in executive ranks have helped a lot
but role models take time to spread," Mr Khosla says.

 

But most of the role models are still men - as are almost all of the
Indian-born Silicon Valley CEOs. And their rapid rise is not enough reason
to expect more diversity from the industry, experts say.

 

"Women's representation [in the tech industry] is nowhere close to what it
should be," Ms Rai says.-BBC

 

 

 

HGV driver shortage: Signs pressures are easing, trade group says

There are early signs the shortage of lorry drivers will improve, a trade
association has said.

 

Logistics UK, which represents freight and haulage businesses, said the
number of drivers leaving the profession had begun to ease.

 

The group also highlighted more trainees coming through the testing system
as a cause for optimism.

 

However, it said more action was needed by the government and industry to
make the sector attractive to new recruits.

 

Many UK sectors, from petrol stations to supermarkets, have experienced
problems with deliveries due to the chronic shortage of lorry drivers.

 

The shortage of drivers is one of the reasons retailers have warned that
consumers will have a reduced choice of food and drink at Christmas.

 

Logistics UK's report said that by early autumn there were 44,000 fewer HGV
drivers compared to the same time in 2019.

 

But there has been a 25.6% increase in HGV driver tests from the July to
September 2019 period compared to the same period in 2021 and a three-fold
increase in applications for vocational provisional licences.

 

Average driver pay increased by 10% in the nine months to October 2021, the
trade body said.

 

Elizabeth de Jong, policy director at Logistics UK, said the sector was
seeing "green shoots" of recovery, and that in a few months, with more
drivers trained, there will be an improvement in overall numbers.

 

"It is still a challenging time, there is still an acute shortage of drivers
certainly but there a number of signs of improvement that could be coming,"
she said.

 

"We're seeing hope that more people are beginning to enter the industry, but
we've got to keep attracting them by really improving the facilities."

 

She said that a lack of roadside facilities may be one of the reasons the
industry is "seeing higher proportions of young people leaving".

 

Ms de Jong said there had not yet been an increase in the number of drivers
employed, which would be the most important indicator that the situation had
improved.

 

She also said she expects to see fewer deliveries due to the continuing
shortage of drivers and other logistics workers, which could result in
smaller ranges of products and difficulties restocking.

 

HGV driver Marc Hanks, from Reading, said the pay is still not enough for
many workers.

 

Though he said he loved the job, he explained that a factor for those
leaving is that some companies expect drivers to work maximum hours, with
pay "not in proportion".

 

"Then there's the facilities and people's attitude towards drivers - you get
abused on a regular basis," he explained.

 

"Lots of places don't allow you to use their facilities, like coffee and
tea, even the loos in some places."

 

In a past job where Mr Hanks used to sleep in the truck every night, he also
found roadside facilities could be dirty.

 

This report doesn't suggest the driver shortage is anywhere near being
solved, having been years in the making. There's no quick fix when it comes
to reversing the decline in the workforce. But the report does identify
early signs of progress.

 

Speaking to haulage companies this week, some said they were doing OK.
Although they had increased pay, in line with the market. Some are coming up
with their own initiatives in a bid to attract and train new drivers.

 

Others were still feeling extremely stretched and worried, as they battled
recruitment difficulties and, in some cases, Covid-related absences.

 

One pointed out that even if more people are now entering the industry and
passing their test, a newly-qualified driver can take months to properly get
on the road.

 

Drivers say roadside conditions are a particular problem. Government and
industry both say they're putting effort into addressing this.

 

2px presentational grey line

In response to the report, a government spokesperson said: "We are pleased
that Logistics UK is seeing early signs that the shortage of HGV drivers is
improving."

 

Previously the government announced a string of measures to address the
shortage this year, including new skills bootcamps and temporary visas.

 

"These measures - combined with a deserved improvement in pay and conditions
- are working, with a huge increase seen in vocational licences issued and
HGV tests conducted compared to before the pandemic, and there is now spare
capacity in the testing system," the spokesperson added.

 

However, L Hunt & Sons, a Basingstoke-based family-run haulage business,
told the BBC it had seen "no benefit" from government measures.

 

"We have been struggling to recruit since Covid started. We are a small
family business and can't complete with the sky high incentives being
offered by supply chains and supermarkets," said company director Derrick
Hunt.

 

He said that conditions had not "improved at all for us".--BBC

 

 

 

U.S. & European stock futures rise, oil bounces

(Reuters) - U.S. and European stocks futures moved higher on Monday as Asian
markets lagged, while bonds surrendered some of their recent gains and oil
rallied as Saudi Arabia lifted its crude prices.

 

November's mixed U.S. jobs report did little to shake market expectations of
more aggressive tightening by the Federal Reserve, leaving a week to wait
for a consumer price report that could make the case for an early tapering.

 

Omicron remained a concern as the variant spread to about one-third of U.S.
states, though there were reports from South Africa that cases there only
had mild symptoms. read more

 

Early trade was cautious as MSCI's broadest index of Asia-Pacific shares
outside Japan (.MIAPJ0000PUS) inched down 0.5%.

 

Japan's Nikkei (.N225) eased 0.5%, even as the government considered raising
its economic growth forecast to account for a record $490 billion stimulus
package.  

 

Chinese blue chips (.CSI300) managed a 0.6% gain after state media quoted
Premier Li Keqiang as saying Beijing will cut banks' reserve requirement
ratios (RRR) "in a timely way".

 

Shares of embattled property developer China Evergrande Group (3333.HK) slid
11% after the company said there was no guarantee it would have enough funds
to meet debt repayments. read more

 

Wall Street was looking to rally after Friday's late slide, with S&P 500
futures adding 0.4% and Nasdaq futures 0.1%. EUROSTOXX 50 futures firmed
1.1% and FTSE futures 0.8%.

 

While headline U.S. payrolls had underwhelmed in November, the survey of
households was far stronger with a 1.1 million jump in jobs taking
unemployment down to 4.2%.

 

"We think the Fed will view the economy as much closer to full employment
than previously thought," said Barclays economist Michael Gapen.

 

"Hence, we expect an accelerated taper at the December meeting, followed by
the first rate hike in March. We continue to expect three 25 basis point
hikes in 2022."

 

The futures market is almost fully priced for a hike to 0.25% by May and
0.5% by November.

 

GET 'REAL'

 

The hawkish outlook is one reason BofA chief investment strategist Michael
Hartnett is bearish on equities for 2022, expecting a "rates shock" and a
tightening of financial conditions.

 

He favours real assets, real estate, commodities, volatility, cash and
emerging markets, while bonds, credit and equities could struggle.

 

For now, short-term Treasury yields are being pushed higher but the
longer-end has rallied as investors wager an earlier start to hikes will
mean slower economic growth and inflation over time and a lower peak for the
funds rate.

 

Ten-year U.S. yields dived almost 13 basis points last week and were last at
1.38%, shrinking the spread over two-years to the smallest this year. U/S

 

The rise in short-term rates has helped underpin the U.S. dollar,
particularly against growth-leveraged currencies seen as vulnerable to the
spread of the Omicron variant.

 

The U.S. dollar hit 13-month peaks on the Australian and New Zealand dollars
but its index was relatively steady on the majors at 96.214 .

 

The euro eased a touch to $1.1294 , still well above its recent trough at
$1.1184, while the dollar steadied on the safe haven yen at 113.00 .

 

Bitcoin shed a fifth of its value on Saturday as profit-taking and
macro-economic concerns triggered nearly $1 billion worth of selling across
cryptocurrencies. read more

 

Bitcoin was last at $48,954, having been as low as $41,967 over the weekend.

 

In commodities, gold found some support from the decline in longer-term bond
yields but has been trading sideways for several months in a $1,720/1,870
range. Early Monday, it was steady at $1,784 an ounce .

 

Oil prices bounced after top exporter Saudi Arabia raised prices for its
crude sold to Asia and the United States, and as indirect U.S.-Iran talks on
reviving a nuclear deal appeared to hit an impasse.

 

Brent climbed $1.34 to $71.22 a barrel, while U.S. crude added $1.39 to
$67.65 per barrel.

 

The Thomson Reuters Trust Principles.

 

 

 

Blue Monday? Bitcoin tumbles 5% after weekend battering

Bitcoin tumbled almost 5% on Monday as the start of the week offered little
respite to the world's largest cryptocurrency after a bruising weekend where
at one point it lost over a fifth of its value.

 

The rout sent bitcoin's price and the amount invested in bitcoin futures
back to where they were in early October, before a massive price surge that
sent the token to an all-time high of $69,000 on Nov. 10.

 

It was last down 3.9% at $47,567.

 

Traders said the weekend fall was connected to a broad move away from
riskier assets in traditional markets over worries about the Omicron variant
of the coronavirus, combined with lower trading liquidity that tends to
plague cryptocurrencies at weekends.

 

"Our expectation is the rest of Q4 will be a hard month; we aren't seeing
the strength in bitcoin that we generally see after one of these crushing
days," said Matt Dibb at Stackfunds, a Singapore-based crypto fund
distributor

 

"Leverage markets have been completely reset, and open interest within
leverage markets has completely reset."

 

Crypto data platform Coinglass showed open interest - the total number of
futures contracts held by market participants at the end of the trading day
- across all exchanges was last at $16.5 billion compared with $23.5 billion
on Thursday, and as much as $27 billion on Nov 10.

 

Bitcoin

"There's barely any liquidity on weekends so markets are slightly more
vulnerable to shocks - that and a lot of demand coming from institutionals,
and they're not trading over the weekend," said Joseph Edwards, head of
research at crypto brokerage Enigma Securities in London.

 

Over the weekend, as prices fell, investors who had bought bitcoin on margin
saw exchanges close their positions, causing a cascade of selling. A range
of retail-focused exchanges closed more than $2 billion of long bitcoin
positions on Saturday, according to Coinglass.

 

Some exchanges allow traders to place bets 20 times or more the size of
their investment, meaning a small move in the wrong direction can cause
exchanges to liquidate clients' positions when their initial investment is
gone.

 

Ben Caselin at Asia-based crypto exchange AAX said liquidity had become thin
because of bitcoin moved off exchanges to offline digital wallets.

 

Ether , the world's second-largest cryptocurrency, was also hit on Saturday,
albeit less hard. It tumbled 5.5% on Monday however to $3,965, versus its
Nov. 10 high of $4,868, though has gained on its larger rival.

 

On Sunday, one ether rose to as high as 0.086 bitcoin , its highest since
May 2018.

 

On Monday CME Group Inc (CME.O) will launch ether mini futures, which they
hope will let traders better manage the risk of trading the coin.

 

The Thomson Reuters Trust Principles.

 

 

 

Toshiba walked away from potential buyout talks and Brookfield offer
-sources

(Reuters) - Japan's Toshiba Corp (6502.T) walked away from potential private
equity buyout offers at a substantial premium, as well as advanced talks for
a minority stake from Canada's Brookfield, according to three people
familiar with the matter.

 

Toshiba's decision to not pursue either course - some details of which have
not been previously reported - and instead focus on a plan to split itself
in three, has widened the gulf between the conglomerate and a number of its
hedge fund investors, according to the people, all of whom declined to be
identified because of the sensitivity of the issue.

 

Some investors take issue with Toshiba's argument that a three-way split
would create greater value than a private equity deal, given the company
never formally solicited buyout bids, the people said. As such, some
investors question the transparency of Toshiba's ongoing strategic review.

 

At least one private equity firm told the Toshiba committee tasked with its
strategic review that a deal to take it private could be done at 6,000 yen a
share or more, according to two people briefed on the review process.

 

Another private equity firm told the committee a deal could get done at
around 5,000 yen a share, according to one of the people briefed on the
review and another person.

 

A price of 6,000 yen would value Toshiba at around 2.6 trillion yen ($23
billion) and represent a 32% premium to its average price over the past 200
days, according to Refinitiv data.

 

It would also be in line with the 6,000-6,500 yen range that some major
shareholders including hedge fund Elliott Management have estimated as fair.

 

The Toshiba committee said last month it asked four private equity firms at
what price a potential deal to go private could happen. The range of prices
it received were "not compelling relative to market expectations" it said in
a statement, without specifying the range or elaborating on market
expectations.

 

Multiple sources have said the firms included KKR & Co and Bain Capital.

 

"We are communicating with shareholders explaining the separation plan we
announced on Nov. 12 as well as listening to their opinions," Toshiba said
in a statement to Reuters. "We will continue our communications with various
stakeholders."

 

'BEST ALTERNATIVE'

 

The outside director who heads the committee, Paul Brough, told investors
splitting Toshiba was "the best alternative", and the committee would not
change its mind even if the price levels were made public, according to a
transcript of a Nov. 15 meeting with investors seen by Reuters.

 

Asked by an investor whether shareholders could "have a voice in the
process," Brough said the committee hoped shareholders would agree the
break-up offered greater value.

 

Reached via a Toshiba spokesperson, Brough confirmed his comments in the
transcript but declined to comment further.

 

Some shareholders have also taken issue with Toshiba's decision not to
pursue talks with Canada's Brookfield Asset Management (BAMa.TO), one of the
private equity firms, on a potential minority investment, according to
several sources.

 

That could have seen Brookfield, which successfully turned around the
conglomerate's bankrupt nuclear power business Westinghouse, take a minority
stake and help overhaul the business, sources said.

 

Brookfield did not immediately respond to a request for comment.

 

Toshiba's review committee has said it held more than 25 meetings with an
unnamed "party", but the suggested transaction was ultimately deemed as
"challenging" for shareholders to support.

 

Toshiba is now conducting interviews with shareholders through investor
relations advisory firm Makinson Cowell to solicit opinions on the break-up,
sources said.

 

A Toshiba source, who declined to be identified, said it appeared some hedge
fund investors won't ever be won over to the break-up plan.

 

"Certain shareholders would never be satisfied unless we agree to be taken
private," the Toshiba source said.

 

($1 = 112.9600 yen)

 

The Thomson Reuters Trust Principles.

 

 

 

Renault to cut fewer jobs than initially planned by 2024

(Reuters) - French carmaker Renault (RENA.PA) said on Monday it had revised
down its forecast for engineering and support jobs cuts in France between
2022 and 2024 to 1,700 from the 2,000 job losses previously expected.

 

Renault, 15% owned by the French government, said in September it would
start talks with unions on plans to cut up to 2,000 engineering and support
jobs in France as it shifts into electric vehicles and hires for different
posts. read more

 

"Given the increase of the number of people departing the company on a
voluntary basis ... there has been a readjustment of the 2022-2024 plan's
targets", a Renault spokesperson told Reuters, confirming the 1,700 figure
reported by Les Echos.

 

Those cuts come on top of 4,600 positions Renault announced in 2020 it would
cut as part of a cost reductions to stem losses.

 

Renault said last months it was close to reaching its target of cutting
fixed costs by 2 billion euros ($2.3 billion) by the end of 2021, a year
ahead of schedule. The aim is to reach 3 billion euros in cost cuts by 2025.

 

A union representative told Reuters the new jobs cuts figure put forward by
Renault's management in its 2022-2024 plan would be submitted by unions to
their members in two weeks time.

 

The Renault spokesperson said the 2022-2024 plan still aimed to hire 2,500
new people in different positions.

 

($1 = 0.8852 euros)

 

The Thomson Reuters Trust Principles.

 

 

 

Weaker foreign demand sinks German industrial orders in October

(Reuters) - Weaker demand from abroad drove a much bigger than expected drop
in German industrial orders, including cars, in October, data showed on
Monday, further clouding the growth outlook for manufacturers in Europe's
largest economy.

 

A pandemic-related scarcity of microchips and other electronic components
has caused massive supply bottlenecks and production problems in Germany's
mighty automobile industry and other important sectors of the economy.

 

Orders for goods 'Made in Germany' dropped 6.9% on the month in seasonally
adjusted terms after a revised rise of 1.8% in September and a plunge of
8.8% in August, figures from the Federal Statistics Office showed.

 

A Reuters poll of analysts had pointed to a smaller decline of 0.5% on the
month in October.

 

"After incoming orders climbed to an all-time high in mid-2021, the index
has lost more than 16 points in recent months," the economy ministry said,
adding that the second sharp decline within three months put a further
damper on the economic outlook.

 

Excluding distorting factors from bookings for big ticket items such as
planes, industrial orders were still down 1.8%, the data showed.

 

The drop was driven by a decline in foreign orders of more than 13% on the
month, with demand from countries outside the euro zone such as China
particularly weak. Orders from domestic clients rose 3.4%.

 

"New lockdowns in Asia are slowing industry in Germany," VP Bank analyst
Thomas Gitzel said. He added that the current wave of coronavirus infections
across the globe was putting a renewed burden on the world economy.

 

Gitzel said that domestic demand should remain strong, helped by the new
ruling coalition's commitment to massive investment in the green economy.

 

"The decarbonization of the economy requires major investments in new
technologies. German industry can and will benefit from this," Gitzel said.

 

The weak orders data suggest that manufacturing will hamper overall economic
growth in the coming months, with analysts expecting stagnation at best in
the final quarter of this year.

 

The Thomson Reuters Trust Principles.

 

 

Alibaba overhauls e-commerce businesses, names new CFO

(Reuters) - Alibaba Group Holding Ltd (9988.HK) said it will reorganise its
international and domestic e-commerce businesses and replace its CFO -
changes that come as the tech giant grapples with an onslaught of
competition, a slowing economy and a regulatory crackdown.

 

It will form two new units - international digital commerce and China
digital commerce which it said was part of efforts to become more agile and
accelerate growth.

 

The international digital commerce unit will include AliExpress which sells
to retail buyers particularly in Europe and South America, its Southeast
Asian e-commerce business Lazada and Alibaba.com which is more focused on
selling to overseas business customers.

 

It will be headed by Jiang Fan, who had been in charge of its main Chinese
retail marketplaces, and the change is seen in line with Alibaba's aim to
make 'globalisation' a key focus area in addition to cloud computing and
domestic consumer spending.

 

Globalisation "helps Alibaba to get new traffic volume externally (and) seek
new growth potential while China has been increasing supervision," said Hong
Kong-based Guotai Junan analyst Danny Law.

 

The China digital commerce unit will include Alibaba's two main
marketplaces, Tmall for established brands and Taobao which welcomes all
kinds of merchants. It will be led by Trudy Dai, who has previously overseen
a number of Alibaba platforms.

 

The new structure for domestic e-commerce puts Dai in charge of all China
retail marketplaces, including Taocaicai - its community e-commerce service,
Taobao Deals as well as Lingshoutong, a retail management platform for mom
and pop stores, said 86research.com analyst Xiaoyan Wang.

 

"This could possibly unlock more synergies via cross-selling and integration
of supply chain," she said.

 

Alibaba also announced that deputy chief financial officer Toby Xu will
succeed Maggie Wu as CFO from April, describing his appointment as part of
the company's leadership succession plan. Xu joined Alibaba from PWC three
years ago.

 

The e-commerce giant's Hong Kong-listed shares slid 6% in early morning
trade, tracking Friday declines made in the United States.

 

U.S.-listed shares of Chinese firms have tumbled on concerns about stricter
regulatory scrutiny at home in the wake of plans by Didi Global Inc (DIDI.N)
to delist from the New York Stock Exchange. read more

 

Hit by weaker growth for the economy and fierce competition from a plethora
of rivals, Alibaba last month slashed its forecast for annual revenue growth
to its slowest pace since its 2014 stock market debut. It also saw sales at
its banner event, online shopping festival Singles Day, grow at their
slowest rate ever.

 

Chinese regulators have also cracked down on the tech and other sectors,
particularly on anti-trust issues that have seen Alibaba abandon a policy of
requiring merchants to exclusively set up shop on its platforms. The company
was fined a record 18 billion yuan ($2.8 billion) in April for abusing its
dominant market position.

 

($1 = 6.3686 Chinese yuan)

 

The Thomson Reuters Trust Principles.

 

 

 

Evergrande again nears default as China moves to reassure markets

(Reuters) - China Evergrande Group (3333.HK) shares slumped to a record low
on Monday as authorities intervened to reassure markets after the
heavily-indebted property developer warned on a coupon payment, pushing it
closer to default.

 

China's central bank said it would cut reserve requirements for banks while
the politburo vowed to promote healthy development of the property sector,
reinforcing previous messages to investors that Evergrande’s woes could be
contained. read more

 

Having made three 11th-hour coupon payments in the past two months,
Evergrande again on Monday faced the end of a 30-day grace period, with dues
totalling $82.5 million.

 

Its shares tumbled by 20% following a statement on Friday that said
creditors had demanded $260 million and that it could not guarantee funds
for coupon repayment, prompting authorities to summon its chairman. read
more

 

As at the end of Asia business hours, two bondholders said they had yet to
receive payments from Evergrande. Evergrande declined to comment.

 

Once China's top-selling developer, Evergrande is grappling with over $300
billion in liabilities, meaning a disorderly collapse could ripple through
the property sector and beyond.

 

AUTHORITIES ACT

 

Its Friday statement was followed by one from authorities in its home
province of Guangdong, saying they would send a team at Evergrande's request
to oversee risk management, strengthen internal control and maintain
operations - the state's first public move to intervene directly to manage
any fallout.

 

The central bank, banking and insurance regulator and securities regulator
also released statements, saying risk to the property sector could be
contained.

 

Analysts said authorities' concerted effort signalled Evergrande has likely
already entered a managed debt-asset restructuring process.

 

Morgan Stanley said such a process would involve coordination between
authorities to maintain operations of property projects, and negotiation
with onshore creditors to ensure financing for project completion.

 

Regulators would also likely facilitate debt restructuring discussion with
offshore creditors after operations stabilise, the U.S. investment bank said
in a report.

 

After the flurry of statements, Evergrande's stock nose-dived 20% on Monday
to close at an all-time low of HK$1.81.

 

Its November 2022 bond - one of two bonds that could go into default upon
Monday non-payment - was trading at the distressed price of 18.560 U.S.
cents on the dollar, compared with 20.083 cents at Friday close.

 

"Evergrande's been trying to sell assets to repay debt, but Friday statement
basically says it is going to 'surrender' and need help," said Conita Hung,
investment strategy director at Tiger Faith Asset Management. "This sends a
very bad signal."

 

She said given the large size of its debt, Evergrande's problems will take
years to solve even with state intervention.

 

LIQUIDITY SQUEEZE

 

A traffic light is seen near the headquarters of China Evergrande Group in
Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly Song

 

 

The firm is just one of a number of developers starved of liquidity due to
regulatory curbs on borrowing, prompting offshore debt defaults,
credit-rating downgrades and sell-offs in developers' shares and bonds.

 

To stem turmoil, regulators since October have urged banks to relax lending
for developers' normal financing needs and allowed more real estate firms to
sell domestic bonds. read more

 

To free up funds, Premier Li Keqiang on Friday said China will cut the bank
reserve requirement ratio "in a timely way". read more

 

Still, the government may have to significantly step up policy-easing
measures in the spring to prevent a sharp downturn in the property sector as
repayment pressures intensify, Japanese investment bank Nomura said in a
report on Sunday.

 

Quarterly dollar bond repayments will almost double to $19.8 billion in the
first quarter and $18.5 billion in the second.

 

Easing measures such as the ability to sell domestic bonds are unlikely to
help Evergrande refinance as there would be no demand for its notes,
CGS-CIMB Securities said on Monday.

 

Evergrande's inability to sell projects - with almost zero November sales -
also makes short-term debt payments "highly unlikely", the brokerage said.

 

CONTAGION

 

On Monday, smaller developer Sunshine 100 China Holdings Ltd (2608.HK) said
it had defaulted on a $170 million dollar bond due Dec. 5 "owing to
liquidity issues arising from the adverse impact of a number of factors
including the macroeconomic environment and the real estate industry". read
more

 

The delinquency will trigger cross-default provisions under certain other
debt instruments, it said.

 

Last week, Kaisa Group Holdings Ltd (1638.HK), China's largest offshore
debtor among developers after Evergrande, said bondholders had rejected an
offer to exchange its 6.5% offshore bonds due Dec. 7 , leaving it at risk of
default.

 

The developer has begun talks with some of the bondholders to extend the
deadline for the $400 million debt repayment, sources have told Reuters.
read more

 

Smaller rival China Aoyuan Property Group Ltd (3883.HK) last week also said
creditors have demanded repayment of $651.2 million due to a slew of
credit-rating downgrades, and that it may be unable to pay due to a lack of
liquidity. read more

 

Aoyuan Chairman Guo Zi Wen on Friday told executives at an internal meeting
to have a "wartime mindset" to ensure operation and project delivery and to
fund repayments, a person with direct knowledge of the matter told Reuters.

 

Such tasks will be priorities for the developer, which will leave bond
repayment negotiation to professional institutions in Hong Kong, said the
person, declining to be identified as the matter is private.

 

Aoyuan did not respond to a request for comment.

 

The developer's share price fell nearly 8% on Monday. Kaisa lost 2.2% and
Sunshine 100 plunged 14%.

 

($1 = 6.3724 Chinese yuan renminbi)

 

 

 

Oil rebounds above $71 on Omicron hopes, Iran talks

(Reuters) - Oil rose by more than $1 a barrel to above $71 on Monday as
hopes that the Omicron coronavirus variant may cause mostly mild symptoms
boosted riskier assets and as the prospect of an imminent rise in Iranian
oil exports looked less likely.

 

Helping ease Omicron concerns, reports in South Africa said cases there only
had mild symptoms and the top U.S. infectious disease official told CNN "it
does not look like there's a great degree of severity" so far. read more

 

Brent crude gained $1.77, or 2.5%, to $71.65 by 0920 GMT while U.S. West
Texas Intermediate crude advanced $1.69, or 2.6%, to $67.95. Both benchmarks
declined for a sixth week in a row last week.

 

"If Omicron is proven over the coming days (or weeks) to be less aggressive,
even if it is more contagious, then we can say 100% last week's lows were
the bargain of the quarter," said Jeffrey Halley, an analyst at brokerage
OANDA.

 

The easing of Omicron fears also boosted European equities and safer havens
like bonds gave up some recent gains. read more

 

Brent has risen 38% this year, supported by output curbs led by the
Organization of the Petroleum Exporting Countries and allies, known as
OPEC+, and recovering demand, although it has fallen from a three-year high
above $86 in October.

 

OPEC+ decided last week to continue increasing monthly supply by 400,000
barrels per day in January, even after a slide in prices driven by Omicron
concerns. read more

 

On Sunday, Saudi Arabia raised January official selling prices for all crude
grades sold to Asia and the United States by up to 80 cents from the
previous month. read more

 

Oil was also buoyed by diminishing prospects of a rise in Iranian oil
exports after indirect U.S.-Iranian talks on saving the 2015 Iran nuclear
deal broke off last week. read more

 

The Thomson Reuters Trust Principles.

 

 

AB InBev aims for core profit growth of 4% to 8% medium term

(Reuters) - Anheuser-Busch InBev's(ABI.BR) new leadership on Monday set a
core profit growth target for the world's largest brewer of 4% to 8% over
the medium term.

 

The maker of beers Budweiser, Stella Artois and Corona, headed since July 1
by Michel Doukeris, will host an investor seminar on Monday.

 

In the 10-year period 2010-2019, AB InBev's earnings before interest, tax,
depreciation and amortisation (EBITDA) increased by an average 7.3%, then
fell 2.4% in pandemic-hit 2020.

 

The Belgium-based company is forecasting 10-12% expansion this year.

 

Its target for "organic" EBITDA growth removes the impact of currency
changes on translation of foreign operations and of acquisitions and
divestments.

 

Doukeris, AB InBev's former head of sales and of its North America business,
replaced fellow Brazilian Carlos Brito who built the brewer into the world's
largest during 15 years at the helm.

 

Brito steered growth through acquisitions and cost savings. His successor is
likely to focus more on boosting sales of over 500 brands in an already
concentrated beer market.

 

The Thomson Reuters Trust Principles.

 

 

 

Chinese govt thinktank proposes growth target of above 5% for 2022

(Reuters) - China's top government thinktank on Monday recommended the
government set an economic growth target of above 5% for next year as the
economy slows due to the persistent COVID-19 cases and high commodity
prices.

 

"A target of above 5% leaves a certain room of leeway, which is a relatively
prudent call. It would also allow all parties to focus on promoting reforms
and innovation and pushing for high-quality development," Li Xuesong, a
researcher at the Chinese Academy of Social Sciences (CASS), told reporters.

 

The world's second-largest economy is likely to grow around 5.3% in 2022,
according to an annual blue book issued by CASS at the briefing, although
the report cautioned that the forecast could be adjusted lower depending on
the COVID-19 situation.

 

Advisers to the government will recommend that authorities set a 2022 gross
domestic product target lower than the target set for 2021 of "above 6%",
Reuters reported, amid growing headwinds from a property downturn, weakening
exports and strict COVID-19 curbs that have impeded consumption.
[nL4N2SM2GL]

 

The thinktank is also recommending the government set a target of around
5.5% for urban jobless rate and a target of around 3% for consumer inflation
next year.

 

On policy recommendations, CASS suggests that monetary policy could be
relaxed marginally next year to cope with the downward pressures and the
central bank should guide interest rates lower to aid small firms grappling
with high costs before the U.S. Federal Reserve moves to taper.

 

The economy is expected to have expanded by about 8% this year, according to
CASS.

 

The thinktank also warned that the property downturn was likely to persist
and weigh on the expenditures of local governments next year.

 

It urged the central government to proactively engineer a soft landing for
the property sector, to avoid failed land auctions in big cities and to fend
off risks of quickly falling property prices in smaller cities, the report
said.

 

The Thomson Reuters Trust Principles.

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2021

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

National Unity Day

 

December 22

 


 

Christmas Day

 

December 25

 


 

Boxing Day

 

December 26

 


 

Public Holiday in lieu of Boxing Day falling on a Sunday

 

December 27

 


Companies under Cautionary

 

 

 


 

 

 

 


ART

PPC

 

 


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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