Major International Business Headlines Brief::: 13 December 2021

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Major International Business Headlines Brief::: 13 December 2021 

 


 

 


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

 


 

 


ü  Alibaba fires woman who claimed sexual assault

ü  Indian PM Modi's Twitter hacked with bitcoin tweet

ü  Royal Mail staff absences almost double level of 2018

ü  Half of UK families £110 a year worse off since 2019, report says

ü  Credit Suisse announces new members of exec board

ü  Asia stocks edge higher, Fed stars in central bank extravaganza

ü  Australia's Crown targets 2022 opening for troubled Sydney casino

ü  China's SenseTime postpones $767 mln Hong Kong IPO after U.S. ban

ü  U.S. energy firms push states for carbon markets to spur renewable fuel
growth

ü  Experts count coffee trees in Brazil as prices hit 10-year highs

ü  Dairy exporter Fonterra to invest $2.7 bln to grow, cut emissions

ü  Air France KLM redeems 500 mln euros worth of debts and may raise new
equity

ü  Some Chinese companies suspend production in Zhejiang province on virus
outbreak

ü  Dollar Tree proposes settlement talks to activist investor Mantle Ridge

ü  Activist group targets Exxon with shareholder climate resolution

ü  Bitcoin rises 2.1% to reclaim $50,000

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Alibaba fires woman who claimed sexual assault

A dismissal letter said she had spread falsehoods that had damaged the
company's reputation

Chinese e-commerce firm Alibaba has fired a woman who said a colleague and a
client had sexually assaulted her.

 

The dismissal letter said she had spread falsehoods that had damaged the
company's reputation.

 

The employee went public with her allegations in August because she said
Alibaba had failed to take action. She said the assaults took place during a
business trip.

 

The colleague was then sacked, but a criminal case against him was dropped.

 

The client is still thought to be under police investigation.

 

The well-publicised case has highlighted the harassment faced by women in
the workplace in China.

 

The employee told government-backed newspaper Dahe Daily that she was fired
late last month. It published a copy of what she said was her termination
letter.

 

The letter said she had spread false information about the assault and about
the company not handling the case.

 

It added this "caused strong social concern and had a bad impact on the
company".

 

The employee was quoted as saying: "I have not made any mistakes, and
certainly will not accept this result, and in the future will use legal
means to protect my rights and interests."

 

The woman's lawyer confirmed her dismissal to the New York Times.

 

Alibaba, China's largest e-commerce firm, did not immediately respond to a
request for comment from the BBC.

 

What are the allegations?

The woman's account of the incident was published in an eleven-page
document, in which she said the colleague raped her in a hotel room while
she was unconscious after a "drunken night".

 

It prompted a social media storm on China's Twitter-like platform, Weibo.

 

The woman alleged that the colleague, who held a more senior managerial
position in the company, coerced her into travelling to the city of Jinan,
which is around 900km (560 miles) from Alibaba's head office in Hangzhou,
for a meeting with a client.

 

She accused her superiors of ordering her to drink alcohol with co-workers
during dinner.

 

She said that on the evening of 27 July the client kissed her. She then
recalls waking up in her hotel room the next day without her clothes on and
with no memory of the night before.

 

The woman said she obtained surveillance camera footage that showed the
co-worker had gone into her room four times during the evening.

 

After returning to Hangzhou, the woman said the incident was reported to
Alibaba's human resources (HR) department and senior management and that she
had requested the co-worker be fired.

 

She said that human resources initially agreed to the request but took no
further action.

 

What has the response been?

Alibaba faced fierce public backlash, later firing the co-worker, identified
only as Mr Wang. The company said two executives who failed to act on the
allegation also resigned.

 

A memo was issued saying Alibaba was "staunchly opposed to forced drinking
culture".

 

Alibaba had earlier said the man accused of rape had admitted that "there
were intimate acts" while the woman was "inebriated".

 

Although Mr Wang's case will not progress, prosecutors of the court have
approved the arrest of the client who allegedly assaulted the victim. He has
been identified by his surname Zhang.

 

Mr Zhang has also reportedly been fired by his company.

 

The case has divided opinion online. Some social media users posted that the
co-worker got away too lightly while others say there wasn't enough evidence
against him.

 

This latest development is likely to spark similar debates in China, which
is grappling with its #MeToo movement.-BBC

 

 

Indian PM Modi's Twitter hacked with bitcoin tweet

Indian Prime Minister Narendra Modi's Twitter account was hacked with a
message saying India had adopted bitcoin as legal tender and would
distribute it to all citizens.

 

The tweet was swiftly deleted and his office said the account had been very
briefly compromised.

 

It is the second time Mr Modi's Twitter account has been hacked.

 

He's a prolific tweeter and has more than 70 million followers - the most of
any world leader.

 

The deleted tweet from his main @narendramodi handle said the Indian
government had officially bought 500 bitcoin and was "and distributing them
to all residents of the country".

 

Last year, his account was hacked and a tweet sent out urging people to
donate to a fake Covid relief fund.

 

The latest hack comes as India prepares to crack down on a booming
cryptocurrency trade, with a new law likely to be put before parliament this
month.

 

Mr Modi himself said last month that cryptocurrencies could "spoil our
youth".-BBC

 

 

Royal Mail staff absences almost double level of 2018

Royal Mail has confirmed that absence levels are almost double those seen in
2018 before the coronavirus pandemic.

 

It has insisted that deliveries are operating as normal across most of the
country.

 

However, a source with close knowledge of its operations has said the
internal situation is "horrific" due to sickness and increased demand in the
run-up to Christmas.

 

That source claimed: "It's much worse than a normal Christmas."

 

"The combination of people off with stress or Covid, combined with increased
demand to send goods by post and the build-up to Christmas, had led us
here," they said.

 

"Sickness levels are around twice the normal levels," they added.

 

Delivery difficulties

Royal Mail's website lists offices that are experiencing difficulties, which
it says means they may not be able to deliver the usual service temporarily
because of local issues.

 

The firm has pointed out that there are currently 21 offices listed as
experiencing delays out of 1,200 delivery offices around the country.

 

However, the insider source says there are wider issues.

 

"The 21 offices listed on the Royal Mail website are the places were the
situation is undeniably bad. They are weeks behind, but there are problems
and backlogs across the country," they said.

 

The firm announced earlier in the year that it would keep on thousands of
workers it had taken on in temporary positions given the record volumes of
post it was delivering.

 

However, in an open letter published by the Communication Workers Union
(CWU) on Friday, it said that times were still "very difficult" for workers.

 

Terry Pullinger, deputy general secretary of postal at the CWU, wrote:
"Trying to maintain a great public service throughout the pandemic has been
incredibly difficult for everybody, especially whilst deploying major
changes and considering the great annual challenge of the Christmas period
pressure.'

 

But the CWU suggested that the blame lies with "managerial capability
issues", saying that "postal workers and the public deserve better".

 

The open letter also discusses ways to improve issues with recruitment - by
using family and friend referrals, as well as advertising on social media,
for example.

 

A Royal Mail spokesperson said: "Deliveries are operating as normal across
most of the country.

 

"We aim to deliver to all addresses we have mail for, six days a week. In a
small number of local offices this may temporarily not be possible due to
local issues such as Covid-related self-isolation, high levels of sick
absence, resourcing, or other local factors."

 

They added that the firm also provides targeted support for offices seeing
big backlogs, to restore service quickly for customers.-BBC

 

 

Half of UK families £110 a year worse off since 2019, report says

New analysis suggests that half of UK families have seen their disposable
incomes shrink in the last two years.

 

A report by a left-of-centre think tank shows that the poorest half of the
population have had their incomes squeezed by £110 since 2019.

 

The New Economics Foundation (NEF) says that the richest 5% are better off
by £3,300 a year.

 

Incomes in regions such as London have risen six times faster than those in
the north east.

 

As a result, the think tank has called into question the success of the
government's "levelling up" policy, which aims to improve standards of
living and productivity in areas of the UK that have traditionally been
"left behind".

 

The Department for Levelling Up, Housing and Communities, did not
immediately respond to the BBC's request for comment.

 

In 2019, the pledge may have helped the Conservatives win votes in the
so-called "red wall" region in the north of England that traditionally
elected Labour MPs.

 

The NEF analysis found that in the two years since the election, the poorest
50% of the population in every region apart from London and the east of
England saw their incomes squeezed by an average of £110 per year, after
accounting for increases in the cost of living.

 

As a result, the gap in incomes across regions has widened, with areas along
the "red wall" worst hit. Disposable incomes in the north east of England
have risen by just £20 a year on average, or 0.1%.

 

In the south east, however, incomes have jumped by £550.

 

'Things could get tougher'

Single parents were the worst affected families across all regions. Those in
Yorkshire and the Humber and the north west and Merseyside saw their incomes
fall by around 15 times as much as those in London.

 

Alfie Stirling, director of research and chief economist at the NEF, said:
"With prices expected to continue increasing, the threat of a rise in
interest rates and ongoing effects of Brexit, things could get a lot tougher
for families that have already suffered most."

 

He added that more could be done to help families in the short-term, such as
introducing a minimum income floor which better reflects the true cost of
living.

 

Prices are already going up at a relatively rapid rate on a variety of items
and services due to ongoing labour shortages, supply chain issues and extra
red tape after Brexit.

 

At the time of the Budget in October, the government's independent
forecaster, the Office for Budget Responsibility, warned that the cost of
living could rise at its fastest rate in 30 years.

 

The chancellor Rishi Sunak and the governor of the Bank of England Andrew
Bailey have acknowledged that household budgets are strained. Mr Bailey has
even apologised for the situation. "None of us want to see that happen," he
said in November.-BBC

 

 

 

Credit Suisse announces new members of exec board

(Reuters) - Credit Suisse (CSGN.S) announced a wide-ranging overhaul of its
executive board on Monday as the Swiss bank seeks to move on from a
horrendous year where it has been battered by a stream of controversies and
losses.

 

Switzerland's second-biggest bank said it was making Francesco De Ferrari
CEO of its wealth-management division and interim CEO of Europe, Middle East
and Africa.

 

Christian Meissner, CEO of the Investment Bank division, has been appointed
CEO of the Americas region.

 

Helman Sitohang and Andre Helfenstein have been appointed as CEOs of the
Asia-Pacific region and Switzerland regions, respectively. Mark Hannam has
been named as Head of Internal Audit, the bank added.

 

Credit Suisse also announced a new Board of Directors model structure to
enhance the effectiveness and governance of its subsidiary boards

 

The lender has seen its share price drop by nearly a quarter during 2021
after suffering heavy losses from the collapse of U.S. family office
Archegos, and is also seeing client losses from the collapse of supply-chain
finance company Greensill.

 

It has also been reprimanded over allegations that it snooped on former top
wealth-management executive Iqbal Khan as well as being fined over bribery
and fraud charges relating to the $2 billion Mozambican corruption scandal.

 

In the latest controversy, the bank admitted new Chairman Antonio
Horta-Osorio, who has made compliance and risk management a top priority,
broke COVID-19 quarantine rules. read more

 

Horta-Osorio said the appointments completed the bank's new divisional and
regional structure, and would help deliver the bank's strategy.

 

"Risk management will be at the core of all our actions, with the Board of
Directors and the Executive Board together driving a culture that reinforces
the importance of accountability and responsibility across the entire bank,"
the chairman said.

 

The Thomson Reuters Trust Principles.

 

 

Asia stocks edge higher, Fed stars in central bank extravaganza

(Reuters) - Asian stocks crept higher on Monday as investors prepared to
tiptoe through a minefield of 17 central bank meetings this week and the
likely early end to U.S. policy stimulus.

 

Omicron remained a concern with British Prime Minster Boris Johnson warning
of a "tidal wave" of new cases of the coronavirus variant, though markets
are still counting on vaccines to limit the economic fallout. read more

 

The Federal Reserve is widely expected to signal a faster tapering of asset
buying this week, and thus an earlier start to rate hikes. It will also
update the dot plots for rates over the next couple of years.

 

The market is already well ahead, with a rise to 0.25% fully priced in by
May and rates of 0.75% by year end.

 

Also meeting are the European Central Bank, the Bank of England and the Bank
of Japan and all are heading toward normalising policy at their own, often
glacial, pace.

 

The market's measured reaction to Friday's U.S. inflation report suggests
much is already priced in on policy, though with so many meetings there is
the risk of a surprise or two.

 

"The outlook of global monetary policy in transition across multiple
geographies at varying speeds is a recipe for volatility, and one could
argue so are increased risks around the virus," said John Briggs, global
head of desk strategy at NatWest Markets.

 

"All the noise and cross-currents means volatility is the most likely
outcome."

 

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS)
started with a 0.2% gain, after bouncing 1.7% last week.

 

Japan's Nikkei (.N225) rose 1.0%, as a survey of large manufacturers found
sentiment was the best since late 2018. read more

 

Wall Street looked to extend its grains with Nasdaq futures up 0.3% and S&P
500 futures 0.2%.

 

The Treasury market has taken the risk of earlier Fed hikes with equanimity,
perhaps in the belief that it will mean lower inflation over the long run
and a lower peak for the cash rate.

 

Yields on 10-year notes did rise 12 basis points last week, but at 1.49%
remain well below the high for the year at 1.776%.

 

The prospect of a more aggressive Fed has been supportive of the U.S.
dollar, though it has flattened out in recent days.

 

"We think the bar for a hawkish surprise from the Fed is set high, so unless
it delivers a major revision to its forward guidance, the dollar rally looks
due a pause," said Jonathan Petersen, a market economist at Capital
Economics.

 

"That said, there is scope for the greenback to appreciate further over the
course of next year."

 

On Monday, the dollar index was steady at 96.069 , having held between
95.848 and 96.594 for the past week or so.

 

The dollar was a shade firmer on the yen at 113.52 but faced resistance at
113.95, while the euro was steady at $1.1313 having spent the last two weeks
in a tight $1.1226/$1.1382 range.

 

In commodity markets, gold was busy going nowhere at $1,783 an ounce after
gaining only fleeting support from the lofty U.S. inflation reading.

 

Oil prices extended their bounce, having broken a six-week losing streak
with gains of around 8% last week.

 

Brent firmed 84 cents early Monday to $75.99 a barrel, while U.S. crude
added 95 cents to $72.62.

 

The Thomson Reuters Trust Principles.

 

 

Australia's Crown targets 2022 opening for troubled Sydney casino

(Reuters) - Australian casino operator Crown Resorts Ltd (CWN.AX) on Monday
said it aims to offer gambling at a new Sydney resort early in 2022, more
than a year after it opened, as it works with a regulator to address
governance failures.

 

The casino, part of a 75-floor tower complex which opened in December last
year, had its licence suspended by the Independent Liquor and Gaming
Authority (ILGA) just before opening in late 2020 following media reports of
its alleged dealings with organised crime groups.

 

After an overhaul of its leadership and board, Crown is now "targeting a
gaming floor opening early in the new year", the company said in notes
accompanying an analyst presentation at the A$2.2 billion ($1.6 billion)
Sydney waterfront facility.

 

The New South Wales state Independent Liquor and Gaming Authority, which
oversees Crown's Sydney licence, said Crown had made good progress on a
series of governance reforms and the two were "working towards a gaming
floor opening early in the new year".

 

A series of media reports in 2019 triggered bruising public inquiries which
found Crown unfit to hold gambling licences in Sydney and Melbourne, and
called for sweeping changes to its board and culture. A third inquiry, into
Crown's casino in Perth, is yet to deliver findings. read more

 

Crown said it had seen business at its sites pick up in recent weeks,
especially over the weekends, as Australia relaxed COVID-19 curbs, but
flagged annual corporate costs to be higher than last year at around A$130
million ($93.1 million).

 

"I firmly believe the business has turned the corner and it's been
significantly de-risked," new CEO Steve McCann said at the briefing.

 

Crown recently rebuffed a buyout proposal from Blackstone Group Inc (BX.N)
but allowed it to conduct due diligence. McCann would not comment on talks
with Blackstone but said Crown shareholders have "been through quite a lot"
and "deserve to be appropriately rewarded".

 

Crown shares were up 0.5% at A$11.51 in afternoon trading, in line with the
broader market (.AXJO) but below Blackstone's indicative bid price of
A$12.50.

 

($1 = 1.3953 Australian dollars)

 

The Thomson Reuters Trust Principles.

 

 

China's SenseTime postpones $767 mln Hong Kong IPO after U.S. ban

(Reuters) - Chinese artificial intelligence start-up SenseTime Group
postponed its $767 million Hong Kong initial public offering (IPO) on Monday
after being placed on a U.S. investment blacklist.

 

SenseTime said it remained committed to completing the offering and would
publish a supplemental prospectus and an updated listing timetable.

 

Reuters first reported earlier on Monday the company's plan to withdraw the
offering and update its prospectus to include the potential impact of the
U.S. investment ban, with the aim of relaunching the IPO process.

 

SenseTime had planned to sell 1.5 billion shares in a price range of HK$3.85
to HK$3.99, according to its regulatory filings. That would raise up to $767
million, a figure that had already been trimmed earlier this year from a $2
billion target.

 

 

However, instead of setting its listing price on Friday, as scheduled, it
found itself in urgent talks with the Hong Kong Stock Exchange and its
lawyers over the future of the deal amid reports about the looming
blacklist.

 

SenseTime did not provide details on the timetable for a revised IPO in its
filing to the Hong Kong Stock Exchange on Monday.

 

"The company remains committed to completing the global offering and the
listing soon," it said in the filing.

 

One source said the company was trying to move quickly to avoid the
regulatory requirement to completely refile the IPO after Jan. 9 when its
financial numbers in the current prospectus would need to be updated. The
company had retained around $450 million from cornerstone investors and
could expect most of them to stay in the deal, the source added.

 

The company said it would refund all application monies in full, without
interest, to all applicants who subscribed its shares in the offering
process.

 

The U.S. Treasury added SenseTime to a list of "Chinese military-industrial
complex companies," accusing the company of having developed facial
recognition programmes that can determine a target's ethnicity, with a
particular focus on identifying ethnic Uyghurs. read more

 

U.N. experts and rights groups estimate more than a million people, mainly
Uyghurs and members of other Muslim minorities, have been detained in recent
years in a vast system of camps in China's far-west region of Xinjiang.

 

Some foreign lawmakers and parliaments, as well as the U.S. Secretaries of
State in both the Biden and Trump administrations, have labelled the
treatment of Uyghurs as genocide, citing evidence of forced sterilisations
and deaths inside the camps. China denies these claims and says Uyghur
population growth rates are above the national average.

 

SenseTime said in a statement on Saturday it "strongly opposed the
designation and accusations that have been made in connection with it,"
calling the accusations "unfounded".

 

MARKET WEAKNESS

 

SenseTime was due to be one of the biggest deals in the third quarter in
Hong Kong and its postponement adds to the ongoing weakness in the city’s
IPO market.

 

China Tourism Group (601888.SS) shelved a plan to raise about $5 billion in
its secondary listing earlier in December, citing uncertain financial market
conditions.

 

SenseTime's IPO was the most high profile listing for HSBC this year, which
was a joint sponsor with China International Capital Corporation (CICC) and
Haitong International.

 

The Thomson Reuters Trust Principles.

 

 

 

U.S. energy firms push states for carbon markets to spur renewable fuel
growth

(Reuters) - U.S. energy companies are pressing states to speed development
of low-carbon fuel markets, warning that numerous proposed projects to make
renewable natural gas and other biofuels may fizzle.

 

State programs, led by California's Low Carbon Fuel Standard (LCFS), reward
fuel producers for decarbonizing by producing renewable fuels, who have
responded by ramping up their production of such "greener" supply.

 

As a result, the price of credits that refiners and other polluters can
generate has dropped sharply - thereby making it less likely that companies
will invest in more production facilities in coming years.

 

Nearly every U.S. independent petroleum refiner has announced plans to
produce fuel from waste and vegetable oils because the incentives can prove
profitable for their industries. The U.S. Energy Department projects
renewable diesel will be about 7% of the overall diesel pool by 2030; it is
currently just 5%.

 

However, the price of LCFS credits in California, which are generated and
traded by companies that produce fuel at a lower carbon intensity than a
benchmark set by various states, has fallen nearly 30% in the last two
months to below $145 per metric ton of carbon, according to California's Air
Resources Board (CARB).

 

That is the result of rising renewable diesel sales as refiners plan to
boost output of the fuel, according to industry experts. If oversupply
continues to lower the price of these credits, investor interest to build
more advanced biofuel projects will wane, the industry warned.

 

"Every $5 the credit falls, another set of investors are not going to invest
in this short-term experiment that has only lasted for 10 years," said Eric
McAfee, chairman and chief executive of Aemetis, a renewable fuels company,
to California regulators on a virtual public workshop held on Wednesday.

 

McAffee and other biofuel producers argued during the comment period that
quicker action is needed from regulators to keep investors who anticipated
LCFS prices staying in the $200 range.

 

FEW MARKETS TO CHOOSE FROM

 

Only a handful of U.S. states have LCFS markets. California has created one
of the biggest regional carbon markets for the transportation sector, which
state regulators say is one of the most effective ways of reducing carbon
emissions from road fuel.

 

In 2020, CARB said LCFS credit generation met nearly all of the state's
target reduction for carbon emissions. The LCFS sets annual carbon intensity
(CI) standards, or benchmarks, which become more stringent over time.

 

But other states have struggled to coordinate with each other to introduce
their own low carbon programs, which would open up additional markets for
the growing supply of renewable energy and raise credit prices again.

 

Last month, an East Coast low-carbon program five years in the making that
would have included Massachusetts and Connecticut died after various
governors expressed concern that the program would raise gasoline prices.
California currently has the highest gasoline prices in the nation at $4.70
a gallon.

 

The program would have required large gasoline and diesel suppliers to
purchase auctionable “allowances” for the pollution caused by combustion of
fuels sold in participating areas.

 

Gasoline-related trade groups opposed the idea, saying it would harm, rather
than promote, use of fuels that produce fewer pollutants by failing to
effectively encourage investment in alternative fuels.

 

Stakeholders are now eying New York, which may adopt a policy backed by the
New York Climate Action Council that would call for significantly increased
investment in renewable diesel through 2030.

 

"The replacement of diesel with renewable diesel and green hydrogen will
reduce harmful fine particulate matter emissions in disadvantaged
communities," the council said in a draft plan released in October.

 

The Thomson Reuters Trust Principles.

 

 

Experts count coffee trees in Brazil as prices hit 10-year highs

(Reuters) - Coffee experts working for commodity trading houses are taking
to the narrow, winding roads in Brazil's Minas Gerais state as they tour the
coffee belt checking 2022 crop prospects just as prices approach the highest
levels in 10 years.

 

This has been a difficult year for coffee farming in Brazil, the world's
largest producer. Prices surged after a drought and later frosts ruined as
much as 20% of coffee trees, hitting future production. So far, those
studying crops have produced wide estimates for the 2022 harvest, though
traders for now are still betting on a less fruitful crop.

 

The people walking the fields will find the truth of that between now and
the end of January, the optimal time for crop assessment.

 

"The rains that followed the frosts and drought produced a nice flowering,
but now we have to see how many of those will grow into cherries," said Ryan
Delany, chief analyst at U.S.-based Coffee Trading Academy LLC.

 

Arabica coffee futures on ICE gained more than 90% this year after the
drought, frosts, and then a global container shortage that hampered
shipping. The price surge led farmers in Brazil, Colombia and elsewhere to
default on deliveries of pre-sold coffee. read more

 

During the tours, experts try to count pinhead cherries in the branches to
come up with more detailed projections. So far, estimates released vary
wildly.

 

Soft commodities analyst Judy Ganes, who was recently in Brazil with fellow
analyst Shawn Hackett, estimated Brazil's arabica production at around 36
million bags, one of the smallest projections in the market.

 

Ganes says the vegetative health of the trees was damaged by drought and
frosts, something others are not fully accounting for. She expects Brazil's
total crop (including the robusta variety) to come in at 55 million bags,
far from the record 2020 crop, the previous "on-year" crop in the biennial
production cycle, that reached around 70 million bags.

 

Jonas Ferraresso, a Brazilian coffee agronomist, says the flowering was
widespread after October rains, but the conversion to fruit was below
normal.

 

"Many trees developed new leaves in the branches instead of berries, an
unusual development probably linked to the harsh drought earlier in the
year," he said.

 

Others are more positive.

 

Rabobank, which specializes in agricultural financing, expects a crop at
66.5 million bags, not far from the record, adding that such production
would generate a global surplus of 3 million bags and cut prices below $2
per pound in 2022. U.S.-based trader Cardiff Coffee sees production at 63.1
million bags.

 

Paulo Armelin manages a farm with 220 hectares in the Patrocinio area, Minas
Gerais, where the frosts were strongest. He said around 20% of his fields
were hit by the cold snap and will not produce next year, but the rest was
not affected.

 

"At least in my farm, the flowering was good and conversion to cherries
looks fine," he said.

 

The Thomson Reuters Trust Principles.

 

 

Dairy exporter Fonterra to invest $2.7 bln to grow, cut emissions

(Reuters) - Fonterra Co-Operative Group Ltd (FCG.NZ), the world's biggest
dairy exporter, said on Monday it would invest about NZ$4 billion ($2.72
billion) by 2030 to move milk into higher value products, pursue growth, and
reduce emissions.

 

The New Zealand-based firm expects to return NZ$1 billion to investors over
the next decade on the back of asset sales and an expected uptick in
earnings, its chairman and chief executive said at an annual meeting.

 

Fonterra, which owns the Anchor, De Winkel and Mammoth brands, also aims to
achieve net zero carbon status by 2050.

 

The roadmap comes on the heels of the company getting approval from its
10,000 farmer shareholders to implement a new capital structure last week.

 

The dairy firm has seen strong demand for its products amid constrained
global supply and expects demand to remain elevated in the short to medium
term. It is also considering an initial public offer of its Australian
business, which could return about $700 million to shareholders by 2024.
read more

 

Fonterra said it expects to steadily increase dividends to around 40 New
Zealand cents a share by 2030. It paid 15 New Zealand cents last year.

 

($1 = 1.4706 New Zealand dollars)

 

The Thomson Reuters Trust Principles.

 

 

 

Air France KLM redeems 500 mln euros worth of debts and may raise new equity

(Reuters) - Air France KLM (AIRF.PA) has redeemed 500 million euros ($564.8
million) from an earlier French state loan issued to help the airline cope
with the fallout from the COVID-19 pandemic, and the company said on Monday
it could also raise new equity.

 

Air France-KLM said it had redeemed 500 million euros out of a 4 billion
euro bank loan guaranteed by France, and had negotiated to extend the
maturity on the overall loan from May 6, 2023 to May 6, 2025.

 

The airline, which like many in its sector has been hit by travel
restrictions imposed to curb the spread of the COVID virus, said it was in
talks on strengthening its capital.

 

"As previously disclosed, discussions are ongoing on further capital
strengthening measures at Air France-KLM Group level. These measures could
include instruments such as the issuance of equity or quasi-equity
instruments, depending on market conditions," Air France KLM said.

 

Two sources familiar with Air France KLM's plans had told Reuters earlier
this month that Air France KLM was considering delaying a planned capital
increase because of tough travel restrictions imposed by governments to
mitigate the spread of the Omicron variant of the coronavirus. read more

 

($1 = 0.8853 euros)

 

The Thomson Reuters Trust Principles.

 

 

Some Chinese companies suspend production in Zhejiang province on virus
outbreak

(Reuters) - More than a dozen Chinese-listed companies said they had
suspended production in coronavirus-hit parts of China's eastern Zhejiang
province in response to local government's tightened COVID-19 curbs, causing
their share prices to plunge.

 

Zhejiang reported a total of 173 locally transmitted cases with confirmed
symptoms during the Dec. 6-12 period, official numbers showed on Monday,
marking the province's first domestic cluster outbreak this year.

 

In October, the province reported just one local case.

 

A slew of companies, including Ningbo Homelink Eco-Itech Co Ltd (301193.SZ),
Zhejiang Zhongxin Fluoride Materials Co Ltd (002915.SZ), Zhejiang Jingsheng
Mechanical & Electrical Co Ltd (300316.SZ) and Zhejiang Fenglong Electric Co
Ltd (002931.SZ), announced the production suspension through exchange
filings over the weekend.

 

Their shares fell sharply in early trading on Monday. Zhejiang Chunhui
Intelligent Control Co Ltd (300943.SZ) and Zhejiang Yankon Group Co
(600261.SS) suffered the biggest losses, with their shares falling more than
7% each.

 

China reported 80 new locally-transmitted cases with symptoms on the
mainland for Dec. 12, including 74 identified in Zhejiang.

 

Ningbo Homelink, which makes plastic products, said in an exchange filing
late on Sunday that it had halted production in its home city Ningbo at the
request of local authorities, and is taking measures to minimise the
negative impact on its business.

 

Zhejiang Jindun Fans Co (300411.SZ), a Chinese maker of ventilation system
equipment, said on Sunday that production at its subsidiary in Zhejiang's
Shaoxing city had been suspended due to local government's anti-virus
measures.

 

The company said there would be some delay in product deliveries and a hit
to business this month, but that the fallout on this year's annual results
would be limited.

 

All the companies that announced production halt vowed to fully cooperate
with the local government, which will decide when production can be resumed.

 

The Thomson Reuters Trust Principles.

 

 

Dollar Tree proposes settlement talks to activist investor Mantle Ridge

(Reuters) - Dollar Tree (DLTR.O) said on Sunday it offered to explore a
settlement with Mantle Ridge and hand a board seat to a former chief
executive of a rival retailer, saying the activist investment firm's
decision to seek control of its board is "unwarrantedly aggressive."

 

Dollar Tree is reacting publicly to Mantle Ridge's decision late on Friday
to nominate 11 directors and replace the entire board as well as push the
company to hire Richard Dreiling, a former CEO of Dollar General Corp
(DG.N). read more

 

The company said it reached out to the investment firm, which owns 5.7% of
its common stock, with suggestions on how to overhaul the board. It was
ready to add Dreiling as a board member and possibly also as a consultant.

 

Mantle Ridge would also have been given a say in selecting another board
member, Dollar Tree said.

 

But Mantle Ridge failed to respond to the suggestions, the company said,
noting it "never heard back from Mantle Ridge until it received the letter
nominating its slate to replace the entire Board."

 

Mantle Ridge, run by Paul Hilal who honed his credentials as an activist
investor at William Ackman's Pershing Square Capital Management, said in
Friday's filing that the company would benefit from a refreshed board.

 

Dollar Tree on Sunday countered that Mantle Ridge, which traditionally
invests in only one company at a time and has successfully pushed for
changes at railroad CSX and food services company Aramark, came with no plan
or new ideas.

 

Hilal and Mantle Ridge simply proposed changes in the board and executive
ranks and wanted Dreiling to be appointed executive chairman, Dollar Tree
said. "The breadth and depth of the changes you suggest would be very
disruptive and value destructive," Dollar Tree wrote in a letter to Hilal
that it made public on Sunday.

 

A representative for Mantle Ridge did not immediately respond to a request
for comment.

 

Dollar Tree said it is still ready to engage constructively with Mantle
Ridge but warned that "handing control of the company" to Hilal and Mantle
Ridge is not in the best interest of Dollar Tree, its shareholders or other
stakeholders.

 

The Thomson Reuters Trust Principles.

 

 

Activist group targets Exxon with shareholder climate resolution

(Reuters) - Climate activist group Follow This targeted Exxon Mobil Corp
(XOM.N) with a shareholder resolution urging it to deepen its carbon
emissions reduction targets, ramping up pressure on the oil and gas company
over its energy transition strategy.

 

The shareholder resolution ahead of the 2022 annual general meeting urges
Exxon to publish medium and long-term targets to reduce the greenhouse gas
(GHG) emissions from its operations and the burning of fuels sold to
customers, known as Scope 3 emissions, in order to meet the U.N.-backed
targets to limit global warming to below 2 degrees Celsius.

 

Exxon has successfully blocked attempts to file similar resolutions with the
Securities and Exchange Commission during the presidency of Donald Trump.
Exxon has not responded to an inquiry on whether it would seek to block the
latest Follow This resolution.

 

Dutch organisation Follow This first targeted Royal Dutch Shell (RDSa.L) in
2016 and later expanded actions to other top oil and gas companies, gaining
growing shareholder support. It is the first time it is targeting U.S.
companies Exxon and Marathon Petroleum Corp (MPC.N).

 

Companies have introduced in recent years climate strategies that vary
widely in scope and ambition. read more

 

It has also filed new resolutions with Chevron (CVX.N), ConocoPhillips
(COP.N), Occidental Petroleum (OXY.N), and Phillips 66 (PSX.N), as well as
Shell and BP PLC (BP.L) for the 2022 meetings.

 

"In previous years, Big Oil's executives have shown that they only move
after their shareholders vote for climate resolutions," Follow This founder
Mark van Baal said in an investor briefing.

 

A coalition of Exxon investors said in a report released on Thursday that it
wants the oil company to replace its chief executive officer and move more
aggressively to slash GHG emissions.

 

Six months after hedge fund Engine No. 1 successfully placed three new
directors on Exxon's board to improve its climate approach, the report also
said its newly appointed board members and management team have not done
enough to transition to clean energy or overhaul spending.

 

Exxon earlier this month released its new investment strategy into 2027,
increasing spending over the next six years on GHG emission-reduction
projects to a total of $15 billion. read more

 

Chevron's board "reviews proposals from shareholders in detail and will make
recommendations to stockholders about how to vote on each request" in its
proxy statement, planned for April 7, spokesperson Sean Comey said.

 

Marathon, BP and Shell confirmed receiving the resolution. Phillips 66 and
Conoco declined to comment.

 

The Thomson Reuters Trust Principles.

 

 

Bitcoin rises 2.1% to reclaim $50,000

(Reuters) - Bitcoin rose on Sunday to reclaim levels above $50,000.

 

The world's biggest and best-known cryptocurrency gained 2.11% to $50,445.34
at 1803 GMT on Sunday, adding $1,044.80 to its previous close.

 

Bitcoin is up 81.9% from the year's low of $27,734 on Jan. 4.

 

Ether , the coin linked to the ethereum blockchain network, rose 0.26% to
$4,100 on Sunday, adding $10.78 to its previous close.

 

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.

 


 

 


(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

 


 

 

 

 

 

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