Major International Business Headlines Brief::: 14 December 2021

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Major International Business Headlines Brief::: 14 December 2021 

 


 

 


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

 


 

 


ü  737 Max: US Senate committee criticises oversight of Boeing

ü  Turkish lira slumps further to new record low

ü  Amazon criticised over safety at tornado-hit warehouse

ü  NatWest fined £265m after bin bags of cash laundered

ü  Apple closes in on $3 trillion market value

ü  Asian stocks dip as Omicron spreads, Fed decision looms

ü  Exclusive: Facebook owner is behind $60 mln deal for Meta name rights

ü  Fidelity, Morgan Stanley prepare for continued COVID-19 concerns

ü  California halts Pony.ai's driverless testing permit after accident

ü  Musk sells Tesla shares worth $906.5 million - filings

ü  Afterpay gets shareholder nod for Block Inc buyout; majority of proxy
votes in favour of deal

ü  Oil prices fall on demand concerns over Omicron spread

ü  Toyota extends production stoppages in Japan as parts run short

ü  Dollar near one-week high amid hawkish Fed hopes, Omicron fears

ü  Nigeria: Amidst Hardship, Nigeria's Finance Minister Hints At Additional
Taxes in 2022

ü  Uganda: Why Opposition MPs Rejected the Oil Pipeline Bill

ü  Malawi: Taskforce to Look Into Internet Charges

 

 

 

 

 

 

 

 

 


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737 Max: US Senate committee criticises oversight of Boeing

A powerful US Senate committee has warned of serious weaknesses in the way
new aircraft have been built by Boeing.

 

It also criticised how the company's aircraft were certified as safe to fly
by the regulator, the Federal Aviation Administration (FAA).

 

The Senate Committee on Commerce, Science and Transportation report was
based on the testimony of seven whistleblowers from the industry.

 

It came in response to two Boeing 737 Max crashes, which killed 346 people.

 

Boeing said it was reviewing the report: "Boeing teammates are encouraged to
speak up whenever they have safety or quality concerns," the planemaker
said.

 

It also said that many issues in the report "have been previously
publicized, and Boeing has worked to address them with oversight" by the
FAA.

 

On Monday, the FAA said it "takes all whistleblower allegations seriously
and does not tolerate retaliation against those who raise safety concerns."

 

Risk of 'catastrophic failure'

The 97-page Aviation Safety Whistleblower Report highlighted allegations
that the FAA's safety certification process "suffers from undue pressure on
line engineers and production staff".

 

It also described conflicts of interest, where for example the same engineer
had been responsible for preparing equipment for official tests, as well as
carrying out those same tests.

 

It claimed that engineers with specific technical expertise were ignored or
sidelined during the development of both Boeing's 737 Max and of the 787
Dreamliner.

 

In one case, it says, an FAA engineer warned his superiors that the 787
faced a risk of "catastrophic failure due to uncontrolled fire" due to the
way its batteries were installed. In 2013, the 787 was grounded due to
battery fires.

 

The report also includes claims by whistleblowers that there are gaps in the
FAA's processes, that "have resulted in aircraft designs that do not meet
the most recent airworthiness standards".

 

It said this allowed the 737 Max to be approved to fly while equipped with
software - later implicated in both crashes - that "did not receive proper
scrutiny".

 

Flaws in the aircraft's systems were "creatively hidden or outright
withheld" from the FAA during the certification process, the report said.

 

The report went on to say that the FAA had failed to provide enough safety
engineers to oversee the much-criticised "Organization Designation
Authorization" programme, under which Boeing itself was responsible for
carrying out a significant amount of safety certification work on its own
products, on behalf of the regulator.

 

Critics have described this process as being like Boeing "marking its own
homework".

 

The committee report also draws on testimony that suggests the FAA has
prioritised efficiencies, by delegating increasing amounts of work - and its
safety oversight has been eroded as a result.

 

The document pointed out that in recent years the regulator certified two
aircraft - the 787 and the 737 Max - which were later grounded for safety
reasons.

 

In the case of the 737 Max this led to the loss of hundreds of lives and is
estimated to have cost Boeing more than $20bn (£15.2bn).

 

In January, Boeing agreed to a deferred prosecution agreement with the US
Justice Department, including $2.5bn in fines and compensation linked to the
737 Max crashes.-BBC

 

 

 

Turkish lira slumps further to new record low

The Turkish lira has fallen to a new record low amid fears that the central
bank will make a further cut in interest rates later this week.

 

At one point, it was down nearly 7% at just under 15 to the dollar, but it
recovered slightly after the bank intervened in the market to prop it up.

 

The currency is now worth about half its value at the beginning of the year.

 

President Recep Tayyip Erdogan has pushed the central bank to keep cutting
rates despite surging inflation.

 

Economists surveyed by Reuters expect the Turkish central bank to reduce its
main interest rate from 15% to 14% on Thursday. It would be the fourth such
cut in as many months.

 

The president and his allies argue that lower interest rates will boost
Turkish exports, investment and jobs. But many economists say the rate cuts
are reckless.

 

Why currency crash does not worry Turkey's Erdogan

Last month, the country's inflation rate hit 21.7%.

 

The BBC's Victoria Craig in Istanbul says taxi drivers, food sellers and
hotel patrons have all expressed surprise and anger as they see the value of
the money in their pockets drop by the day.

 

Normally, central banks raise rates to combat rising prices, but Mr Erdogan
has called such tools "the mother and father of all evil".

 

Although the bank has attempted to bolster the value of the lira by using
its dollar reserves to buy the currency, analysts say it does not have
enough firepower to stop the slide.

 

"We doubt that either intervention or a balanced current account will be
effective in stabilising the currency," said investment bank Morgan Stanley
in a note.

 

It added that the central bank's relatively thin reserves meant
interventions could turn out to be counter-productive.-BBC

 

 

Amazon criticised over safety at tornado-hit warehouse

Amazon is facing questions over health and safety policies at a warehouse in
the US state of Illinois after six workers died when the building was
destroyed by a tornado.

 

"This never would have happened if they cared about lives over
productivity," the sister of one of the victims commented on social media.

 

The company says its team had "worked quickly" in response to the tornado.

 

The roof collapsed as the storm hit the warehouse on Friday.

 

Kelly Nantel, an Amazon spokesperson said in a statement the company is
"deeply saddened" by the deaths.

 

One of those who died, Clayton Cope, 29, spoke to his family on the phone
shortly before the building in the town of Edwardsville, Illinois was
struck.

 

Clayton's mother Carla, said she had called her son to warn him of the
tornado's approach.

 

"We told him it looked like the storm was heading that way and that he
needed to get to shelter," Carla told NBC affiliated television station
KSDK.

 

Clayton, who had previously trained in the Navy, told his mother he would
first warn his co-workers.

 

Now, questions are being raised over whether adequate shelter was available,
whether workers were advised to go there immediately, and whether the shifts
should have gone ahead that evening at all, given the warnings of severe
weather.

 

The Edwardsville site received tornado warnings between 20:06 and 20:16
local time (01:06 and 01:16 GMT) before the tornado struck the building at
20:27, Amazon said in a statement when contacted by the BBC, with events
"happening incredibly fast".

 

The company said that the team worked "incredibly quickly" to ensure as many
employees and partners could reach the "shelter in place" site.

 

One cargo driver, Austin J McEwen, 26, died in the bathroom, where many
workers said they had been directed to shelter after receiving emergency
alerts on their mobile phones.

 

"I was just getting in the building and they started screaming, "Shelter in
place!'" said David Kosiak, 26, who has worked at the facility for three
months. "We were in the bathrooms. That's where they sent us."

 

"It sounded like a train came through the building. The ceiling tiles came
flying down. It was very loud. They made us shelter in place 'til we left -
it was at least two-and-a-half hours in there," Mr Kosiak said.

 

Amazon said following a tornado warning company procedure was for all
employees to be "notified and directed to move to a designated and marked
shelter in place location".

 

The majority of the team had taken shelter at "the primary designated
location", the firm said, but a small group had taken shelter in a part of
the building that was hit by the tornado. "This is where most of the tragic
loss of life occurred," Amazon said.

 

But Clayton's sister Rachel told the BBC that she understood from the
conversation between her brother and her parents that he and the other
workers were not immediately told to shelter after the first warning siren
sounded.

 

She posted an comment on Facebook calling for publicity around the firm's
approach to health and safety.

 

"Everyone knows that all Amazon cares about is productivity," she wrote.

 

She said she didn't believe her brother would have died if the company "got
them [the employees] to safety after the storm started to get bad and took
it seriously".

 

"No-one would have been frantically getting to the shelter last minute and
my brother wouldn't have had to help people get to the shelter and put his
life at risk," she wrote.

 

"I want them to answer for this, I want this to be a starting point of
places taking the lives of their employees seriously and treating them as
more than a number."

 

The deadly storms swept through six US states on Friday evening causing the
deaths of almost 100 people and damaging homes and businesses over a 200
mile (322 km) area. In Mayfield, Kentucky eight deaths were confirmed at a
candle factory.

 

The National Weather Service said the storm had intensified rapidly as it
struck the Amazon warehouse with winds peaking at 150 miles per hour (241
km-per-hour), ripping the roof off the football field-sized structure. The
11-inch (28-cm) thick concrete walls fell in on themselves.

 

Stuart Appelbaum, president of the Retail, Wholesale and Department Store
Union, which is trying to unionise Amazon workers in different parts of the
US, said it was "inexcusable" that the company required people to work
despite the tornado warning.

 

On Monday, US Department of Labor said an investigation into the building
collapse has been opened by the US Occupational Safety and Health
Administration.

 

Rebecca Givan, associate professor at Rutgers University's School of
Management and Labour Relations, said companies have a legal requirement to
maintain a safe workplace but the penalties for violating it is very weak.

 

>From an ethical standpoint, she said companies should "prioritise the health
of their employees and if they need to communicate to customers that
delivery will take a little longer, they should be willing to do that".

 

Amazon doesn't employ many of these workers directly she added, using
subcontractors instead, potentially allowing them to sidestep questions over
whether those workers should have been called to work on Friday evening.

 

The firm's founder, Jeff Bezos, has also been criticised after posting
pictures of astronauts who had just returned from a space tourism trip
aboard his Blue Origin rocket.

 

Later he tweeted: "The news from Edwardsville is tragic. We're heartbroken
over the loss of our teammates there, and our thoughts and prayers are with
their families and loved ones."

 

Amazon said it was donating $1m (£757,000) to the Edwardsville Community
Foundation as well as providing relief supplies including transport, food
and water.-BBC

 

 

 

NatWest fined £265m after bin bags of cash laundered

NatWest has been fined £265m after admitting it failed to prevent
money-laundering of nearly £400m by one firm.

 

A gold trading business suspected of money-laundering deposited £700,000 in
cash into one NatWest branch in black bin bags, a court heard on Monday.

 

A criminal gang deposited huge sums of cash across about 50 branches,
prosecutors for the UK's financial watchdog said.

 

NatWest said it deeply regrets failing to monitor the customer properly.

 

It is the first time a financial institution has faced criminal prosecution
by the Financial Conduct Authority (FCA) under anti-money laundering laws in
the UK.

 

The fine would have been much higher, but it was reduced because the bank
had pleaded guilty, the judge said at the sentencing hearing.

 

NatWest, which is part of the Royal Bank of Scotland group, pleaded guilty
to three offences under UK money-laundering regulations in October.

 

The bank's chief executive Alison Rose said: "NatWest takes its
responsibility to prevent and detect financial crime extremely seriously.

 

"We deeply regret that we failed to adequately monitor one of our customers
between 2012 and 2016 for the purpose of preventing money-laundering."

 

She added that while the case had come to an end, the bank would continue to
invest in fighting financial crime.

 

Lack of reporting

Bradford jewellers Fowler Oldfield's predicted annual turnover when taken on
as a client by NatWest was £15m. But it deposited about £365m over five
years, including £264m in cash.

 

The company, which was shut down following a police raid in 2016, was
initially marked as "high-risk", but that was downgraded in December 2013.

 

The FCA's lawyer Clare Montgomery said there "was a rapid escalation in the
amount of cash" being deposited from November 2013, with figures reaching up
to £1.8m a day. By 2014, Fowler Oldfield was NatWest's "single most
lucrative" client in the Bradford area.

 

Southall received about £42m in cash between January 2015 and March 2016,
for example, but no report was made that it was suspicious.

 

That is despite lawyers saying earlier on Monday that one person in Walsall
arrived at a branch with so much cash, packed in bin-liners, that they broke
and the money had to be repacked.

 

Ms Montgomery added that the cash did not even fit in the branch's
floor-to-ceiling safes.

 

NatWest did not properly look into numerous warnings generated by its
systems, the FCA lawyer said earlier on Monday.

 

One rule designed to flag suspicious activity was disabled by the bank
because it created too many alerts, "so the bank decided it should be
deactivated", Ms Montgomery added, while NatWest also recorded cash deposits
by Fowler Oldfield as cheques between 2008 and March 2017.

 

The National Crime Agency also raised concerns at one point because of the
high number of Scottish banknotes being deposited in England, the court
heard.

 

And a NatWest cash centre in north-eastern England raised queries about
Scottish banknotes, saying that they had a "musty smell", suggesting they
might have been stored rather than in normal circulation.

 

The state-backed bank was "in no way complicit in the money-laundering which
took place", the judge said at Southwark Crown Court on Monday.

 

But they added: "Without the bank's failings, the money could not have been
laundered."

 

Sara George, partner at Sidley and a former prosecutor for the Financial
Services Authority, told the BBC that it was clear there were failings at
every level.

 

"It's hard to imagine a much more clear indication of criminal proceeds than
black bin-liners of money. It's extraordinary," she said.

 

She added that the "landmark" case showed that the UK's financial watchdog
was "committed to using a fuller spread of its enforcement powers" to stop
money-laundering, which she described as "anything but a victimless
crime".-BBC

 

 

 

Apple closes in on $3 trillion market value

(Reuters) - Apple Inc's (AAPL.O) market value hovered just shy of the $3
trillion mark on Monday, following a stunning run over the past decade that
has turned it into the world's most valuable company.

 

The company’s shares fell just over 2% on Monday to close at $175.74,
reversing earlier gains that saw them approach the $182.86 price needed to
record a $3 trillion market value.

 

Apple’s stock rose about 11% last week, extending its more than 30%
year-to-date gain as investors remain confident that flush consumers will
continue to pay top dollar for iPhones, MacBooks and services such as Apple
TV and Apple Music.

 

The iPhone maker's march from $2 trillion to near $3 trillion in market
value took 16 months, as it led a group of megacap tech companies such as
Google-parent Alphabet Inc (GOOGL.O) and Amazon.com Inc (AMZN.O) that
benefited from people and businesses relying heavily on technology during
the pandemic.

 

By comparison, Apple's move from $1 trillion to $2 trillion took two years.

 

"It's now one of the more richly valued companies in the market, which shows
the dominance of U.S. technology in the world and how confident investors
are that it will remain in Apple’s hands," said Brian Frank, a portfolio
manager at Frank Capital who sold his long-standing position in Apple in
2019 as the stock's valuation rose. "It seems like the stock has priced in
every possible good outcome."

 

Among new revenue lines that investors expect are a possible Apple Car,
alongside growth in service categories such as apps and TV that still remain
well below the 65% of the company's revenues generated by sales of iPhones,
said Daniel Morgan, senior portfolio manager at Synovus Trust Company.

 

Eclipsing the $3 trillion milestone would add another feather in the cap for
Chief Executive Tim Cook, who took over after Steve Jobs resigned in 2011,
and oversaw the company's expansion into new products and markets.

 

"Tim Cook has done an amazing job over the past decade, taking Apple's share
price up over 1,400%," OANDA analyst Edward Moya said.

 

Apple shares have returned 22% per year since the 1990s, while the S&P 500
(.SPX) has returned less than 9% annually in the same period.

 

If Apple hits the $3 trillion milestone, Microsoft Corp (MSFT.O) will be the
only company in the $2 trillion club, while Alphabet (GOOGL.O), Amazon
(AMZN.O) and Tesla Inc (TSLA.O) have crossed $1 trillion.

 

Microsoft, which has a market value of roughly $2.6 trillion, was the
world's most valuable company as recently as late October when Apple
reported that supply chain constraints could weigh on its growth for the
remainder of the year.

 

Large technology stocks have rallied this year with investors tapping
increasing demand for cloud-based products as companies shifted to a hybrid
work model and consumers upgraded their devices. The Nasdaq 100 (.NDX),
which is top-weighted by large companies such as Apple, is up nearly 26%
this year, while the broader S&P 500 index is up roughly 24%.

 

The emergence of technologies such as 5G, augmented reality/virtual reality,
and artificial intelligence may also help Apple and other cash-rich large
technology stocks remain in favor with investors as the global economy puts
the coronavirus pandemic behind it and supply chain pressures ease.

 

"I am in the camp that are experiencing another 'Super Cycle' with the
iPhone12/iPhone 13 franchise," wrote Daniel Morgan, senior portfolio manager
Synovus Trust Company, in a note. "And that AAPL is lifting off to another
string of quarters with strong revenue and profit growth."

 

The Thomson Reuters Trust Principles.

 

 

Asian stocks dip as Omicron spreads, Fed decision looms

(Reuters) - Asian stocks and oil prices slipped on Tuesday as the spread of
the Omicron coronavirus variant rattled investors who were already on edge
ahead of a slew of central bank decisions this week, including a key Federal
Reserve meeting.

 

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS)
was down 0.46%.

 

 

China's CSI300 index (.CSI300) was also 0.41% lower, after health
authorities in Tianjin detected mainland the country's first Omicron case.
read more

 

Major Chinese manufacturing province Zhejiang is also fighting its first
COVID-19 cluster this year, with tens of thousands of citizens in quarantine
and virus-hit areas suspending business operations. read more

 

 

The combination of the economic risks from the Omicron variant and a
potentially more hawkish tone from the Fed on Wednesday dampened risk
appetite.

 

"We expected to see an acceleration of tapering by the Fed and, of course
that bringing forward interest rate increases, so it's going to be
interesting to see how the market deals with that," said John Milroy, an
adviser at Ord Minnett in Sydney.

 

"I think there are reasons why you might expect to see money go back into
cash for a bit, in expectation that the start of 2022 is going to be a
volatile period."

 

Hong Kong's Hang Seng Index (.HSI) was down 1%, South Korea's KOSPI (.KS11)
was 0.4% lower, Japan's Nikkei stock index (.N225) was down 0.13% and
Australian shares (.AXJO) were 0.31% lower.

 

The Fed is on Wednesday expected to signal a faster wind-down of its $120
billion a month bond buying programme in a move to fight high inflation,
which could move it one step closer to raising interest rates.

 

The dollar edged higher ahead of the upcoming meetings, with investors
eyeing the possibility that the Fed will start to raise rates in 2022.

 

"Volatility will remain elevated throughout all of (these) decisions from
the Fed, ECB, and BOE," said Edward Moya, senior analyst at OANDA.

 

The European Central Bank, the Bank of England and the Bank of Japan are
also meeting this week, and are each heading toward normalising their own
monetary policies.

 

Fears over the Omicron variant of COVID-19 were heightened after British
Prime Minister Boris Johnson warned of a "tidal wave" of new cases, and the
World Health Organization said it poses a "very high" global risk, with some
evidence that it evades vaccine protection. read more

 

Oil futures eased as new doubts emerged about the effectiveness of vaccines
against the Omicron coronavirus variant, though OPEC predicted in its
monthly report that the variant's impact on fuel demand would be mild.

 

Brent futures fell 83 cents, or 1.10%, to be at $74.32 a barrel, while U.S.
West Texas Intermediate (WTI) crude was 8 cents, or 0.11%, lower at $71.21.

 

The FTSE index (.FTSE) fell 0.83%, while the pan-European STOXX 600 index
(.STOXX) lost 0.43% and MSCI's gauge of stocks across the globe
(.MIWD00000PUS) shed 0.80%.

 

The Dow Jones Industrial Average (.DJI) fell 0.89% and the technology-heavy
Nasdaq Composite (.IXIC) fell 1.39%.

 

The dollar index rose 0.27%, with the euro down 0.01% to $1.1282, seen
vulnerable given expectations the Fed will tighten policy more quickly than
the ECB.

 

The benchmark U.S. 10-year Treasury yield fell on Monday and the yield curve
flattened as traders prepared for a hawkish Fed. read more

 

The yield on 10-year Treasury notes was down 6.5 basis points to 1.424% and
the 30-year Treasury bond yield was down 6.7 basis points to 1.817%.

 

The Thomson Reuters Trust Principles.

 

Exclusive: Facebook owner is behind $60 mln deal for Meta name rights

(Reuters) - Meta Platforms Inc (FB.O), the owner of social media network
Facebook, is behind a $60 million deal to acquire the trademark assets of
U.S. regional bank Meta Financial Group (CASH.O), spokespeople for the
companies said on Monday.

 

The deal underscores how valuable the Meta name has become for the
technology giant, which is betting that its focus on the metaverse - shared
digital spaces accessed via the internet through an array of devices - will
pay off handsomely in the coming years.

 

 

Meta Financial had said in regulatory filing on Monday that a Delaware
company called Beige Key LLC agreed to acquire the worldwide rights to its
company names for $60 million in cash. It did not disclose who the owner of
Beige Key was.

 

"Beige Key is affiliated with us and we have acquired these trademark
assets," a Meta Platforms spokesperson said. A MetaBank spokesperson also
confirmed Meta Platforms' involvement.

 

 

As well as offering products through its MetaBank subsidiary including
consumer savings, loans and credit cards, and commercial lending, Meta
Financial partners with institutions including government agencies and
financial technology firms to offer banking services with the aim of
bolstering financial inclusion.

 

Facebook said in October its parent company had changed its name to Meta
Platforms. The tech giant, which has invested heavily in virtual reality and
augmented reality, sees the metaverse as the successor to the mobile
internet. read more

 

Last week, Meta Platforms opened up its previously invite-only Horizon
Worlds app, where users of its Quest virtual reality headsets can play games
and interact as avatars, to over-18 users in the United States and Canada.

 

The metaverse concept, which has cropped up on several Silicon Valley
companies' earnings calls and which will require cooperation among tech
giants, could be more than a decade away from being fully realized. read
more

 

The Meta Platforms spokesperson said the company engaged in discussions with
Meta Financial before Facebook's name change was announced.

 

In the filing, Meta Financial said it had embarked on a brand strategy
review earlier this year, but the MetaBank spokesperson declined to comment
on the negotiations beyond the contents of the filing.

 

Meta Financial's shares were trading 1.5% lower in mid-afternoon trading,
giving it a market capitalization of around $1.74 billion. Meta Platforms
was up 1.6%, valuing it at $933 billion.

 

The Thomson Reuters Trust Principles.

 

 

Fidelity, Morgan Stanley prepare for continued COVID-19 concerns

(Reuters) - Asset management firm Fidelity Investments on Monday said it had
paused some voluntary return-to-office plans while Morgan Stanley's CEO said
he expects COVID-19 to be an issue through the next year, in a further sign
that America's financial industry is rethinking its return to "business as
usual."

 

U.S. financial firms have been more proactive than other industries in
encouraging employees to return to offices.

 

 

Those plans have come under renewed scrutiny with COVID-19 cases again on
the rise and as the Omicron variant of the coronavirus spreads swiftly. Some
financial firms are now choosing to pull back on holiday parties, recommend
booster shots, or even advise returning to work from home. read more

 

"The private acknowledgement is that return to work plans set for January
need another look," said Neal Mills, chief medical officer for professional
services firm Aon, who advises corporations on their return-to-work plans.

 

 

Mills said he received calls every day last week from companies experiencing
COVID-19 outbreaks seeking advice on whether to delay bringing employees
back or reinstate mitigation measures, like social distancing. Cases surged
after Thanksgiving, and are expected to continue rising and peak in January,
he said.

 

Family-controlled Fidelity, headquartered in Boston, paused pilot
return-to-office programs at its offices in Boston, Smithfield, Rhode
Island, and Merrimack, New Hampshire "due to rising COVID risk scores,"
spokesman Michael Aalto said.

 

COVID-19 hospitalizations in Massachusetts rose by 58% in the two weeks to
Dec. 9, according to data from state authorities, their highest level since
February.

 

Several hundred people had been going in to those New England locations,
Aalto said, adding that voluntary programs representing thousands of
employees are still underway at other locations around the United States.

 

Last week, Wall Street investment bank Jefferies sent staff home and
canceled client parties and all but essential travel after the firm
experienced nearly 40 new COVID-19 cases.

 

Morgan Stanley (MS.N) Chief Executive James Gorman said in a CNBC interview
on Monday that while the bank had about 65% of its 95% vaccinated staff in
New York in the office, and the trading floors had hundreds of staff on
them, the pandemic's impact was taking longer to recover from than he
anticipated.

 

"We are in transition period still," Gorman said. "I thought we would be out
of it by Labor day, past Labor day. We're not. I think we will still be in
it through most of next year. Everyone is still finding their way."

 

Gorman has been vocal in support of getting staff back to the office. At the
firm's U.S. financials, payments and commercial real estate conference in
June he said, if "you want to get paid New York rates, you work in New
York".

 

He told CNBC that if staff wanted to move en masse to a low cost part of the
country "that creates issues" but that his employees had not reacted that
way.

 

Daily cases in New York City have surged this month and hospitalizations are
at their highest level since April, according to the U.S. Centers for
Disease Control and Prevention (CDC).

 

While the Delta variant is still dominant in the United States, Omicron has
been detected in many U.S. states, including New York. read more

 

LONDON STALLS

 

In London, major investment banks have advised most staff to work from home
as of Monday, in line with Britain's tighter restrictions, but said their
offices will remain open. At least one person has died in the United Kingdom
after contracting Omicron.

 

The shift represented a switch for many firms in Europe's largest financial
capital as, until last week, most were encouraging staff back into the
office.

 

"We expect a reduction in the amount of people coming into our offices, but
our buildings will continue to be accessible to all employees," JPMorgan
(JPM.N) said in a memo to UK staff late last week.

 

Goldman Sachs International (GS.N) Chief Executive Richard Gnodde said in a
memo on Friday that all UK staff who could work from home "effectively"
should do so, but added its offices in London and Birmingham also would
remain open.

 

Deutsche Bank (DBKGn.DE) has said that staff numbers in London will be
significantly reduced from Monday, though employees with certain roles such
as traders or those with personal reasons can still go in. It also
discouraged staff from taking part in social gatherings. read more

 

The Thomson Reuters Trust Principles.

 

 

California halts Pony.ai's driverless testing permit after accident

(Reuters) - A California regulator on Monday said it has suspended a
driverless testing permit for startup technology firm Pony.ai following an
accident - the first time it has issued such a suspension.

 

On Oct. 28, a Pony.ai vehicle operating in autonomous mode hit a road center
divider and a traffic sign in Fremont after turning right, showed the
technology firm's accident report filed with the California Department of
Motor Vehicles (DMV).

 

 

"There were no injuries and no other vehicles involved," the company, backed
by Japan's Toyota Motor Corp (7203.T), said in the report.

 

Accidents during driverless testing are not uncommon. It was unclear what
aspect of this incident prompted the suspension.

 

 

"On Nov. 19, the DMV notified Pony.ai that the department is suspending its
driverless testing permit, effective immediately, following a reported solo
collision in Fremont, California, on Oct. 28," the DMV said in a statement.

 

The regulator said Pony.ai has 10 Hyundai Motor Co (005380.KS) Kona electric
vehicles registered under its driverless testing permit, and that the
suspension does not impact Pony.ai's permit for testing with a safety
driver.

 

The suspension comes only six months after Pony.ai became the eighth company
to receive a driverless testing permit in California, joining the likes of
Alphabet Inc (GOOGL.O) unit Waymo as well as Cruise, backed by General
Motors Co (GM.N).

 

"We immediately launched an investigation, and are in contact with the
California DMV about the incident," a Pony.ai spokesman said. Safety is the
"foundation" of the company's autonomous vehicle technology, the spokesman
said.

 

The company said the majority of its autonomous driving testing has involved
safety drivers, and that will continue to be the case in the near-term.

 

Pony.ai, which operates in the United States and China, earlier this year
suspended plans for a New York stock listing, sources told Reuters.

 

It halted the plans because it could not gain assurances from Chinese
authorities that it would not become a target of increased regulatory action
against Chinese technology companies over management and use of user data,
the sources said. read more

 

The Pony.ai spokesman on Monday declined to comment on listing.

 

The Thomson Reuters Trust Principles.

 

 

Musk sells Tesla shares worth $906.5 million - filings

(Reuters) - Tesla Inc (TSLA.O) Chief Executive Officer Elon Musk has sold
another 934,091 shares of the electric vehicle maker worth $906.5 million,
U.S. securities filings showed on Monday.

 

He also exercised stock options to buy 2.13 million shares of Tesla,
according to the filings.

 

The Thomson Reuters Trust Principles.

 

 

Afterpay gets shareholder nod for Block Inc buyout; majority of proxy votes
in favour of deal

(Reuters) - Buy now pay later firm Afterpay Ltd (APT.AX) said on Tuesday its
$29 billion buyout by Block Inc (SQ.N), previously known as Square, got
overwhelming support from shareholders, with 99.79% of the proxy votes cast
in favour of the deal.

 

Afterpay delayed the vote earlier this month as payments firm Block awaited
regulatory approval from the Bank of Spain. While Block has still not got
the approval, Afterpay said it got court orders to hold a meeting to amend
the conditions of the deal.

 

 

The Bank of Spain approval has to come by April 14 next year to close the
deal.

 

If the deal closes, it will be Block's biggest to date and the largest
buyout ever of an Australian firm. Block's investors have already approved
the deal.

 

Twitter Inc (TWTR.N) co-founder Jack Dorsey is expected to focus on Block,
which was also founded by him, after stepping down as CEO of the social
media platform.

 

The Thomson Reuters Trust Principles.

 

 

Oil prices fall on demand concerns over Omicron spread

(Reuters) - Oil prices fell on Tuesday due to investor worries about demand
after renewed restrictions were imposed in Europe and Asia amid a rise in
coronavirus cases.

 

Brent crude oil futures eased by 34 cents, or 0.5%, to $74.05 a barrel by
0401 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell by 35
cents, or 0.5%, to $70.94.

 

 

"Energy traders don't want to bet against OPEC+ but all the short-term risks
from Omicron to Fed tightening is proving to be very disruptive to the
short-term outlook for oil prices," said Edward Moya, senior analyst at
OANDA.

 

"The virus spread across Europe is delivering a bigger hit than expected and
when you calculate family gatherings for the holidays, the short-term
outlook could get slashed over the next month."

 

 

Governments around the world, including most recently Britain and Norway,
were tightening restrictions to stop the spread of the Omicron variant. read
more

 

At least one person has died in Britain after contracting the Omicron
coronavirus variant, the first publicly confirmed death globally from the
swiftly spreading strain. read more

 

In China, major manufacturing province Zhejiang is fighting its first
COVID-19 cluster this year, with tens of thousands of citizens in quarantine
and virus-hit areas suspending business operations, cutting flights and
cancelling events. read more

 

The Asian Development Bank on Tuesday trimmed its growth forecasts for
developing Asia for this year and next to reflect risks and uncertainty
brought on by the Omicron coronavirus variant, which could also hamper oil
demand. read more

 

Still, the Organization of the Petroleum Exporting Countries raised its
world oil demand forecast for the first quarter of 2022 and stuck to its
timeline for a return to pre-pandemic levels of oil use, saying the Omicron
coronavirus variant would have a mild and brief impact. read more

 

Supply meanwhile is expected to increase with the largest U.S. shale basin's
output expected to surge to a record in January, according to a monthly
forecast from the U.S. Energy Information Administration on Monday. read
more

 

The Thomson Reuters Trust Principles.

 

 

 

Toyota extends production stoppages in Japan as parts run short

(Reuters) - Toyota Motor Corp (7203.T) said it would extend stoppages at
some factories in Japan as it runs short of components from plants in
Southeast Asia where production has been disrupted by COVID-19 lockdowns.

 

Lost production from the latest haltswill now total about 14,000 vehicles in
December,up from 9,000 units it flagged on Friday, Toyota said in an email.

 

The cuts, which affect Lexus models and its Land Cruiser, come as the
world's biggest automaker by production volume tries to make up for
production lost to earlier supply-chain disruptions in Malaysia and Vietnam.

 

Toyota said it is sticking to an annual global production target announced
in September of 9 million vehicles for the year to March 31.

 

The Thomson Reuters Trust Principles.

 

 

 

Dollar near one-week high amid hawkish Fed hopes, Omicron fears

(Reuters) - The dollar traded near a one-week high versus a basket of major
rivals on Tuesday, supported by expectations of a hawkish Federal Reserve
meeting this week and haven demand amid continued uncertainty about the
Omicron coronavirus variant.

 

The dollar index , which measure the currency against six peers, was little
changed at 96.416, after touching 96.450 on Monday for the first time since
Dec. 7.

 

 

The Fed's two-day meeting that begins later Tuesday headlines a string of
central banks announcing policy decisions this week, including the European
Central Bank and Bank of England on Thursday and the Bank of Japan on
Friday.

 

The U.S. central bank is expected to announce it will wrap up its bond
buying stimulus sooner than previously communicated, potentially setting up
earlier interest rate increases next year. read more

 

 

Money markets currently price good odds of a rate hike by June, with another
as early as November.

 

"That leaves a very high bar for the Fed to deliver a 'hawkish surprise',"
Westpac strategists wrote in a client note.

 

"But even if the Fed merely matches elevated expectations, they are still
streets ahead of the ECB, who is looking for ways to maintain accommodation"
after its Pandemic Emergency Purchase Programme (PEPP) is due to end in
March.

 

Although the dollar index's advance has slowed recently, pullbacks into the
mid-95 level are a buy, the strategists said.

 

A Reuters poll of ECB-watchers found the ECB would halve the amount of
assets it buys each month from April.

 

The euro was about flat at $1.12835 after touching a one-week low of
$1.12605 overnight.

 

Sterling was little changed at $1.3210, meandering for the past week near
the one-year low of $1.31615 reached last week.

 

Britain reported the first publicly confirmed death globally from Omicron,
U.K. Prime Minister Boris Johnson said on Monday, a day after he warned of a
"tidal wave" of infections from the new variant. read more

 

British scientists announced findings that two doses of current COVID-19
vaccines do not induce enough neutralising antibodies against Omicron. read
more

 

Meanwhile, mainland China detected its first case of Omicron infection,
state media said Monday. read more

 

The dollar changed hands at 113.545 yen , another safe haven, consolidating
in the upper end of the pair's trading range this month.

 

The risk-sensitive Australian dollar eased 0.2% to $0.71215, edging back
toward Monday's one-week low at $0.7111.

 

Leading cryptocurrency bitcoin rose about 1% to $47,211, lifting off
Monday's low of $45,750, a level not seen since Dec. 4, when the digital
token plunged below $42,000 for the first time since September.

 

The Thomson Reuters Trust Principles.

 

 

Nigeria: Amidst Hardship, Nigeria's Finance Minister Hints At Additional
Taxes in 2022

The Bill provides for enhancing domestic revenue mobilisation efforts to
increase tax and non-tax revenues, Tax Administration and Legislative
Drafting Reforms, particularly to support the ongoing automation reforms by
the Federal Inland Revenue Service (FIRS).

 

The Minister of Finance, Zainab Ahmed, says there might be an introduction
of new tariffs and levies in 2022 "as the economy was now on a recovery
path".

 

Mrs Ahmed made this known while addressing 'stakeholders' at a public
hearing on the 2021 Finance Bill organised by the House of Representatives
Committee on Finance on Monday in Abuja.

She said that a couple of "reforms and amendments" had been recommended in
the draft 2021 Finance amendment bill saying that more will be introduced in
the middle of 2022.

 

The minister said "modest changes had been proposed but that more fiscal
reforms were still in view as the ministry could not take all the proposals
collected from stakeholders".

 

"Our aspiration is to do a midterm review with a possibility of another
Finance Bill in mid-year 2022 to bring in more amendments," she said.

 

The minister said that there are ongoing legal cases in court against the
Federal Government on VAT and Stamp Duties which was why the ministry stayed
off those areas.

 

She however, expressed hope that by mid-2022, the cases might have been
dispensed with and then reforms in those areas could be proposed for
parliament to consider.

Mrs Ahmed said that there might be need to revisit the antiquated Stamp
Duties and Capital Gains Tax for holistic reform by the parliament.

 

"We prepared this draft bill along five reform areas, the first domestic
revenue mobilisation, the second is tax administration and legislative
drafting, third is International taxation, fourth is financial sector
reforms and tax equity and fifth is improving public financial management
reform.

 

"The provision in the draft bill is proposing to amend the Capital Gains Tax
Act, Company Income Tax, FIRS Establishment Act, Personal Income Tax, Stamp
Duties Act and Tertiary Education Act, Value Added Tax, Insurance Police
Trust Fund and the Fiscal Responsibility Act.

 

"This is to amend the Police Trust Fund Act and the Nigerian Trust Fund
Acts, the purpose is to empower the FIRS to collect the Nigerian trust fund
levies on companies on behalf of the fund itself.

 

"Currently, because there is no such provision, the FIRS is unable to start
collecting on behalf of the fund. Also, it is to streamline the tax and the
levy collection from the Nigerian companies in line with Mr President's
administration ease of doing business policy.

 

 

"So we do not have NASENI going out to collect that tax, the FIRS will
collect on their behalf during their collection process and it will be
passed through to them," she said.

 

Mrs Ahmed said that the bill was a product of the President Muhmmadu
Buhari's "commitment made while presenting the 2022 budget to the joint
session of the National Assembly on October 8, 2021".

 

He said that the ministry had worked with relevant stakeholders and Fiscal
Policy Reform Committee to draft the 2021 Finance bill.

 

Speaking, Speaker Femi Gbajabiamila, said that the 2021 Finance Bill "seeks
to introduce strategic and broadminded, positive reforms that will engender
best practices and guarantee interest of the investing public and
businesses."

 

He said that the bill seeks to statutorily check borrowing by local, states
and Federal Government, enhance transparency and accountability in the
administration in various strata of tax and public revenue generation.

 

"It is instructive to state that the essence of the 2021 bill is to further
reposition our finance system to plug wastes, close openings for corruption,
create opportunities for employment as well as stimulate stability and
growth in our productive sectors, within the wider context of our quest for
economic recovery in our country.

 

"Given the democratic credentials of the House of Representatives under my
watch as well as the need to further deepen the credibility of the process
through wider participation of stakeholders, this stakeholders meeting has
been designed to give Nigerians and critical stakeholders in the industry
the ample opportunity to own and drive the process.

 

"In this hall, we have very proficient professionals and experts, who as
stakeholders, investors, development partners and interest groups have
submitted memoranda and are ready to make contributions to the bill.

 

"It is on this backdrop that I charge this stakeholders meeting to
extensively scrutinize the templates in the bill in the general interest.

 

"We must strengthen the institution to strategically check reckless
borrowings by ensuring accountability in the use of borrowed funds and
ensuring that the borrowings shall be on concessional terms or at relatively
low interest rates and subject to the rigorous of legislation," he said.

 

The Chairman of the Committee, Rep. James Faleke (APC-Lagos state) said that
the finance bill is geared towards assisting the economy and the
implementation of the 2022 budget.

 

He said that all stakeholders have the opportunity to speak and make their
contributions to the bill before it is passed into law.

 

He, however, urged the stakeholders to observe COVID-19 protocol and feel
free to speak on the bill as the lawmakers would take into consideration
every view expressed at the hearing.

 

Mr Buhari on December 7, transmitted a letter to the Senate, urging it to
consider and pass the Finance (Amendment) Bill 2021.

 

Mr Buhari said the Finance Bill would guide the implementation of the
soon-to-be passed Appropriation Act, 2022.

 

He said the Finance Bill, 2021, seeks to support the implementation of the
2022 Federal Budget of Economic Growth and Sustainability by proposing key
reforms to specific taxation, customs, excise, fiscal and other relevant
laws.

 

Specifically, Mr Buhari said, the Bill provides for enhancing domestic
revenue mobilisation efforts to increase tax and non-tax revenues, Tax
Administration and Legislative Drafting Reforms, particularly to support the
ongoing automation reforms by the Federal Inland Revenue Service
(FIRS).-Premium Times.

 

 

 

Uganda: Why Opposition MPs Rejected the Oil Pipeline Bill

On Thursday parliament approved the East African Crude Oil Pipeline Project
(EACOP) (Special Provisions) Bill 2021, amidst protests mainly opposition
Members of Parliament who argued that the process leading to its enactment
was rushed and irregular.

 

The opposition MPs who sit on the Environment and Natural Resources
Committee of parliament authored a minority report outlining areas of
disagreement with their mainly NRM colleagues in the majority report.

 

In the minority report presented to parliament by Kiboga Woman MP Kaaya
Christine Nakimwero (NUP) on behalf of Asinansi Nyakato (FDC), the shadow
minister of Energy and Minerals, the opposition MPs argued the Bill was not
properly scrutinized.

 

"The Committee did not put this highly technical Bill to the standard of
scrutiny required. The rules of procedure of parliament demand that the
committee examines the Bill in detail and make all such inquiries in
relation to it. Surprisingly, the EACOP Bill was a rushed through process
that lacked the minimum tenets of scrutiny". Opposition MPs noted in their
minority report.

Pipeline project company

 

Among areas of disagreement and the domicile of the EACOP project company,
and the tax holiday the it will enjoy. According to the Bill the pipeline
project company has already been incorporated in England and Wales, and it
has registered branches in Uganda and Tanzania for tax purposes. The
opposition MPs argued this will cause Uganda to loose colossal sums of money
in taxes.

 

The opposition MPs argued that Uganda signed a Double Taxation Agreement
(DTA) with the United Kingdom in December 1992, and by virtual of that
agreement, all cost of the EACOP project incurred in Uganda and Tanzania and
collection of executive and administration costs incurred in the UK will be
deducted for purposes of computing business profit for the pipeline project
company.

This means that even after the expiry of the income tax holiday provided for
in the Bill, Uganda may never possibly tax this company's profits.
Generally, DTAs reduce the withholding taxes paid by companies registered in
countries that are parties to such DTAs as they move income from the source
country like Uganda to the destination country like United Kingdom. In 2014,
the International Monitory Fund (IMF) estimated that Uganda lost Shs 2.6 in
withholding tax due to DTA with Mauritius because it restricted payment
capital gains tax.

 

"This provides a significant window for the pipeline project company, and
project participants to change ownership of the company without paying
Capital Gains Tax," MPs noted in the minority report reads. The report adds,
"We disagree with our colleagues in the majority, because the opportunity to
tie this loophole regarding a project with potential hundreds of millions of
dollars in corporate income tax is here with us. We can close this gap by
amending the schedule to demand EACOP company be incorporated in Uganda. lt
would enable us to close this clearly observable tax escape route early
enough," the report reads.

The MPs in their minority report also rejected Clause 38 of the Bill that
retrospectively provides for early project undertaken for and on behalf of
the EACOP company to form part of the investment profile of the project
company.

 

According to the minority report, the schedule supplied to the committee by
the Ministry of Energy and Mineral Development for entire pipeline in Uganda
and Tanzania reveals $ 428,190,000 United States dollars (approximately
Ushs. 1.555 trillion) has so far been spent on different categories of early
project activities. This means almost half a billion dollars has already
been spent on the pipeline project that is estimated to cost 3.5 billion
dollars. Opposition MPs noted that it is wrong for parliament to legitimize
such costs without an audit.

 

"The details of costs of approximately Ushs. 256 billion spent on land and
social services was never explained to the committee. We find, this sum is
an exaggeration, and therefore this parliament should first be supplied with
an audit of these activities before they are legally recognized," the report
reads in part.

 

Land acquisition

 

The report also noted land acquisition provisions in the Bill were not
elaborate and unconstitutional. "Compensation rates of 2018 were applied on
the value of land that is to be paid for, almost 4 years later. Families are
currently meeting their own cost of reburial of their loved one in order to
clear the pipeline corridor," MPs noted in their minority report. The
reports recommended that all project affected persons should be compensated
according to the provisions of the Constitution of the Republic of Uganda.
On national content, the minority report recommended that the Bill should
introduce a clause that compels the Minister of Energy and Mineral
Development to make guidelines that protect national companies from being
out competed by foreign companies on given contracts.-Oil in Uganda.

 

 

Malawi: Taskforce to Look Into Internet Charges

A taskforce has been formed to look into data charges for internet in the
country.

 

Stakeholders including network providers like TNM and Airtel, the Malawi
Communications Regulatory Authority (MACRA), the Ministry of Information and
others came together to form the taskforce.

 

MACRA Director General, Daud Suleman, is the General Secretary of the
taskforce and he told the local media that formation of the taskforce was a
step in the direction to see data charges going down.

 

"There was need for a meeting involving all stakeholders. Several issues
were raised and agreed upon.

"It's a process for data charges to go down. It cannot just happen within a
single day. But this taskforce will help to see the charges going down,"
explained Suleman.

 

But Director for Consumers Association of Malawi (CAMA), John Kapito, says
he is sceptical if anything tangible will materialise from the taskforce.

 

"We once called these network providers for a meeting on the same. The
result was that they were bringing in issues irrelevant and emanating from
their own inefficiencies. They punish Malawians with high costs because of
their own inefficiencies. I therefore doubt if having them in that taskforce
will help matters," explained Kapito.

 

The issue of data charges was first tackled immediately the Tonse Alliance
came into power when Minister of Information said "data must fall".

 

Malawi is one country in the SADC region with very high costs of internet
charges.-Nyasa Times.

 

 

 

 

 

 


 


 


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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<mailto:info at bulls.co.zw> info at bulls.co.zw Tel: +263 4 2927658 Cell: +263 77
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