Major International Business Headlines Brief::: 17 December 2021

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Major International Business Headlines Brief::: 17 December 2021 

 


 

 


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

 


 

 


ü  US Congress passes import ban on Chinese Uyghur region

ü  Brexit: UK signs free trade deal with Australia

ü  Ex-McDonald's boss to repay $105m over staff relationships

ü  Boeing: Families in legal action against US over air crash

ü  Interest rates rise for first time in three years

ü  Turkey cuts interest rates despite spiralling inflation

ü  Covid: France to drastically restrict travel from UK

ü  Bruce Springsteen sells his entire music catalogue for $500m

ü  Wall Street firms retreat from office, holiday parties as virus spreads

ü  Facebook exposes mercenary spy firms that targeted 50,000 people

ü  Beijing rule changes to revive China's IPO prospects in 2022, bankers say

ü  FedEx reinstates 2022 profit target, shares soar

ü  EV startup Rivian to build $5 bln plant in Georgia, posts quarterly loss

ü  Fox News loses bid to dismiss Dominion defamation lawsuit over election
coverage

ü  China auto sales to hit 27.5 mln in 2022, up 5.4% - industry body

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

US Congress passes import ban on Chinese Uyghur region

The US Congress has passed a bill that requires companies to prove that
goods imported from China's Xinjiang region were not produced with forced
labour.

 

The US has accused China of genocide in its repression of the predominantly
Muslim Uyghur minority there - a charge that China has repeatedly rejected.

 

The bill had been criticised by major companies that do business in the
area, including Coca-Cola, Nike and Apple.

 

Its passage also overcame initial lack of support from the White House.

 

It was approved by the Senate on Thursday with the vote of every member of
Congress except one.

 

The Uyghur Forced Labor Prevention Act, as the bill is formally known, now
heads to the desk of President Joe Biden to be signed into law.

 

 

For months the White House avoided taking a stance on the legislation, but
earlier this week press secretary Jen Psaki said Mr Biden would sign it.

 

Who are the Uyghurs?

China's 'tainted' cotton

The US accuses China of employing slavery and genocide in China's
resource-rich western region. US and multinational corporations, which are
already facing shortages over supply chain issues, had lobbied against it
out of concern over how it would affect business.

 

"Many companies have already taken steps to clean up their supply chains.
And, frankly, they should have no concerns about this law," said Florida
Senator Marco Rubio, after the bill passed the upper chamber of Congress.

 

"For those who have not done that, they'll no longer be able to continue to
make Americans - every one of us, frankly - unwitting accomplices in the
atrocities, in the genocide."

 

Lawmakers in both chambers struck an agreement this week on the final text
of the bill after earlier versions passed the House and the Senate.

 

The measure also removes a Republican blockade that prevented Mr Biden's
nominated ambassador to China, Nicholas Burns, from being approved.

 

Earlier on Thursday, the US Commerce Department announced sanctions on over
30 Chinese technology companies and research institutes that are accused of
working in support of the Chinese military.

 

The newest rule bans American companies from selling goods to the sanctioned
companies and entities without a special licence.

 

The agency also accused China's Academy of Military Medical Sciences of
using biotechnology "to support Chinese military end uses", including
"purported brain-control weaponry".

 

China "is choosing to use these technologies to pursue control over its
people and its repression of members of ethnic and religious minority
groups", Commerce Secretary Gina Raimondo said in a statement.

 

Also on Thursday, the US treasury department announced an investment
blacklist of eight Chinese companies that it accuses of biometric
surveillance and tracking of Uyghurs - including DJI, the world's largest
maker of small drones frequently used by amateur hobbyists.

 

Asked about the possibility of new US sanctions at a briefing on Wednesday,
Beijing foreign ministry spokesperson Zhao Lijian responded: "By
overstretching the concept of national security, certain US politicians
politicise and instrumentalise science and technology and economic and trade
issues based on ideology.

 

"This runs counter to the principle of market economy and fair competition.
It will only threaten and hurt the security of global industrial and supply
chains and undermine international trade rules."

 

The moves comes amid rising tensions between China and several primarily
Western nations.

 

The UK, Australia, the US and Canada have announced that they will not send
diplomats to the 2022 Beijing Winter Olympics - due to be held in February
2022 - in protest against alleged Chinese human rights abuse.-BBC

 

 

 

Brexit: UK signs free trade deal with Australia

The UK has signed a free trade deal with Australia which it says will
benefit consumers and businesses.

 

It is described as the first post-Brexit deal negotiated from scratch and
not "rolled over" from trade terms that the UK enjoyed while in the EU.

 

The government estimated it would unlock £10.4bn of additional trade while
ending tariffs on all UK exports.

 

However, some UK farmers have expressed concern that they could be undercut
by cheap imports.

 

The government said the deal was also a gateway into the fast-growing
Indo-Pacific region and would boost the UK's bid to join the Trans-Pacific
Partnership, one of the largest free trade areas in the world.

 

Australia has also praised the deal, its second-largest trade contract with
another country.

 

"It's a truly historic agreement - it's a true free-trade agreement.
Everyone wins," said Australian Trade Minister Dan Tehan.

 

The agreement, which was signed in a virtual ceremony by International Trade
Secretary Anne-Marie Trevelyan, is due to come into force next year.

 

Ms Trevelyan described it as "a landmark moment in the historic and vital
relationship between our two Commonwealth nations".

 

It demonstrated what the UK could achieve as "an agile, independent
sovereign trading nation", she added.

 

In a BBC interview, she rejected suggestions the deal would harm UK farmers.

 

She said the deal had "very clear safeguards" and "clear tariff quotas in
the first 10 years", as well as "an overarching safeguard mechanism".

 

"The reality is that Australia sends about 70% of its beef and sheep meat to
the Asia-Pacific markets," she said.

 

"They're closer for them and they get great prices. So I'm not expecting
there to be any dramatic surge into UK markets and I know that our citizens
will continue to buy what they want, but I'm very pleased to do things that
will open up consumer choice."

 

For Australia, the deal eliminates tariffs from 99% of its exports and makes
it easier for Australians to live and work in the UK.

 

It will also help boost sales of Australia's wine, beef and sugar. These
goods have been boycotted by China - Australia's main export market - due to
recent political tensions.

 

A free trade deal aims to encourage trade - usually in goods but
occasionally in services - by making it cheaper. This is often achieved by
reducing or eliminating tariffs - taxes or charges by governments for
trading goods across borders.

 

Trade agreements also aim to remove quotas - which are limits on the amount
of goods which can be traded.

 

Trade can also be made simpler if countries have the same rules, such as the
colour of wires in plugs. The closer the rules are, the less likely that
goods need to be checked.

 

Ms Trevelyan says this agreement is a blueprint for all the other countries
that want to do trade deals with the UK, so they can - in her words - "see
just how expansive we want to be".

 

It has been welcomed by British companies that want to do more business in
Australia, especially in services. Trade between the two countries will
increase.

 

But trade deals always work both ways.

 

The UK has given Australia pretty much everything it wanted in terms of
access to the UK agricultural market. Other larger economies will take note
of that and want similar access in the future.

 

The government insists that the concerns of British farmers have been taken
into account, with transitional arrangements lasting for up to 15 years.

 

The government also points to a series of environmental provisions in the
deal, which makes reference to the Paris agreement on climate change. An
explicit reference to the goal of limiting global temperature rise to 1.5C,
though, has been dropped. Climate NGOs will not be impressed by that.

 

It highlights the fact that trade deals involve compromise, but this
agreement also needs to be seen in the perspective of the wider trade
challenges the UK faces.

 

The Department for International Trade's internal assessment is that the
deal with Australia could increase the size of the UK economy by £2.3bn a
year from 2035. But that's only 0.08% of GDP.

 

In comparison, the independent Office for Budget Responsibility estimates
that the long term loss from leaving the European Union could be about 4% of
GDP.

 

Shadow international trade secretary Nick Thomas-Symonds said Labour
supported such a deal, but would scrutinise it very carefully to make sure
it delivered the promised benefits.

 

He added that the opposition would "hold the government to promises made to
farming communities, its pledges on environmental protections and on food
and drink standards".

 

Among the main points of the deal listed by the UK government are:

 

·         It gives UK firms guaranteed access to bid for an additional £10bn
worth of Australian public sector contracts per year

·         It allows young people to work and travel in Australia for up to
three years at a time, removing previous visa rules

·         It gives UK professionals including architects, scientists,
researchers, lawyers and accountants access to Australian work visas without
being subject to Australia's skilled occupation list.

In 2019-20, trade in goods and services between Australia and the UK was
valued at £20.1bn, and both sides are hoping to expand this amount
considerably.

 

Currently, trade in meat between the two countries is very small.

 

Approximately only 0.15% of all Australian beef exports go to the UK. Last
year, 14% of sheep meat imports to the UK came from Australia.-BBC

 

 

Ex-McDonald's boss to repay $105m over staff relationships

McDonald's has settled a lawsuit in which its former chief executive, Steve
Easterbook, has returned equity awards and cash worth over $105m.

 

The fast food chain had claimed that Mr Easterbrook hid and lied about
sexual relationships with three staff.

 

Mr Easterbrook apologised for failing to uphold the firm's values and fulfil
his responsibilities.

 

The British businessman, 54, initially received the $105m in a severance
package in 2019.

 

He was fired in November that year, after admitting to having had a
consensual relationship with one employee.

 

At the time, McDonald's said Mr Easterbrook had "violated company policy"
and shown "poor judgement".

 

 

But further investigation uncovered two more hidden relationships and the
firm said that, had it been aware of this, it would not have approved his
multi-million dollar pay-off.

 

"This settlement holds Steve Easterbrook accountable for his clear
misconduct, including the way in which he exploited his position as CEO,"
McDonald's chairman Enrique Hernandez Jr said on Thursday.

 

"Today's resolution avoids a protracted court process and moves us beyond a
chapter that belongs in our past."

 

In July 2019, an anonymous tip-off led investigators to find that Mr
Easterbrook had sent sexually explicit photographs of three employees to his
personal email from his company address.

 

Investigators also found messages showing that he approved a grant of
company shares worth hundreds of thousands of dollars to one of the
employees "shortly after their first sexual encounter".

 

McDonald's said it had not initially found the photos and messages because
Mr Easterbrook had deleted them from his phone.

 

It claimed Mr Easterbrook violated his duty to the company by lying when
asked about his behaviour in an effort to secure a bigger severance package,
committing fraud.

 

But Mr Easterbrook's lawyers called the suit "meritless", claiming
McDonald's had details about his relationships on its computer systems at
the time it negotiated the severance deal.

 

Safer workplace standards

The case has come as McDonald's faces scrutiny over alleged sexual
harassment in its restaurants.

 

In April, the chain announced it would implement new training at its 39,000
restaurants to prevent harassment and promote safe and respectful
workplaces. The majority of its restaurants are run by franchisees, who will
be required to meet the new safer workplace standards starting in January
2022.

 

The announcement came after it faced lawsuits by some female employees.

 

Mr Easterbrook, 54, first worked for McDonald's in 1993 as a manager in
London before working his way up the company. He left in 2011 to become boss
of Pizza Express and then Asian food chain Wagamama, before returning to
McDonald's in 2013, eventually becoming its chief executive in 2015.-BBC

 

 

 

Boeing: Families in legal action against US over air crash

Families of those who died in a crash involving Boeing's controversial 737
Max aircraft have filed a legal motion against the US government.

 

They accuse Washington of secretly drawing up a Deferred Prosecution
Agreement (DPA), enabling Boeing to get immunity from criminal prosecution.

 

Ethiopian Airlines flight ET302 crashed minutes after take-off from Addis
Ababa in March 2019.

 

It was the second crash involving the 737 Max, a new design.

 

Faulty flight control software was later found to have triggered both
accidents, in which a total of 346 people died.

 

Only one person has so far been indicted on criminal charges related to the
crashes - former chief technical pilot Mark Forkner.

 

He stands accused of defrauding the US regulator, the FAA, by deliberately
withholding information about the flight control software.

 

The motion, filed in a Texas District Court, accuses the US Department of
Justice (DoJ) of concealing the existence of a criminal investigation into
the company, and of misleading relatives of ET302 victims by denying that
any such investigation existed - while at the same time working with Boeing
to resolve the investigation.

 

The DPA was unveiled in early January, days before the new US administration
took office. Boeing agreed to pay fines and compensation worth $2.5bn.

 

At the time, the DoJ said: "Boeing's employees chose the path of profit over
candour by concealing material information from the FAA concerning the
operation of its 737 Max airplane and engaging in an effort to cover up
their deception."

 

Lawyers for the victims have pointed out that the DoJ attorney responsible
for negotiating the agreement subsequently joined the law firm which signed
it on behalf of Boeing.

 

They have called on the court to rescind Boeing's immunity from prosecution.

 

Boeing declined to comment.-BBC

 

 

 

Interest rates rise for first time in three years

The Bank of England has raised interest rates for the first time in more
than three years, in response to calls to tackle surging price rises.

 

The increase to 0.25% from 0.1% followed data this week that showed prices
climbing at the fastest pace for 10 years.

 

It came despite fears the Omicron variant could slow the economy by causing
people to spend less.

 

The Bank's action is set to increase the mortgage costs of some homeowners.

 

Bank governor Andrew Bailey said it needed to tackle strong inflationary
pressures building up in the economy.

 

Inflation is now running at 5.1%, the highest in a decade, and he expects it
to rise further early next year.

 

 

"In the short term - that is, in the next two or three months - we think it
can get to around 6%," he told the BBC.

 

A rise in wholesale gas prices is still a big factor driving inflation, and
that is continuing to push up domestic energy bills.

 

But one business group said the interest rate rise would do little to stop
prices going up, since costs were being pushed higher by global factors
largely outside the Bank's control.

 

Interest rates

What does this mean for borrowers and savers?

The decision by the Bank of England will add just over £15 to the typical
monthly repayment for a tracker mortgage customer.

 

A standard variable rate mortgage-holder is likely to pay nearly £10 extra a
month.

 

Nearly two million people in the UK have one of these two types of mortgage.

 

While savers may welcome news of higher rates, analysts warn there is no
guarantee the higher Bank rate will lead to better returns on savings.

 

Even if savings rates increase slightly, returns are still well below the
rate of inflation.

 

The Bank can raise interest rates to help control price rises - but many
experts had expected it to hold off because of uncertainty about Omicron.

 

Yet on Thursday, it said the prices of global assets, such as stocks and
bonds, had largely recovered after an initial fall triggered by news of the
new variant.

 

Successive waves of Covid also appeared to have had less impact on economic
growth, the Bank added, although there was uncertainty around the extent to
which that would prove to be the case this time.

 

"Consumer price inflation in advanced economies has risen by more than
expected," the Bank said.

 

The Omicron variant could reduce economic activity early next year, said the
Bank, although it was unclear how much of an effect it would have on
inflation worldwide.

 

Mr Bailey told the BBC the Bank's rate-setters had thought "long and hard"
about the impact of Omicron on economic activity before making their
decision.

 

"But it is not at all clear if the impact [on the economy] could cause
inflation to come down, or even go up," he said.

 

The Bank of England seems to like a surprise. Last month, acknowledging the
expectation of an interest rate rise happening, it held off. This month,
with the main development being the spread of Omicron, it has raised at a
time when most expected it to hold.

 

It goes to show that the arguments have been finely balanced. The other
development has been that inflation has hit even harder and even faster than
expected. Six per cent is now the expected peak in the spring, which will
represent the highest rate of inflation on the targeted CPI measure for 30
years. It is treble the Bank of England's target.

 

While it is important to note that a 0.15% rise is modest and still leaves
base rates very close to historic lows, it is not ideal that this comes at
the precise moment where some forms of consumer confidence, especially in
terms of going out, appear to be slumping. The Bank's Monetary Policy
Committee was briefed by the Chief Medical Officer, Chris Whitty, and
intriguingly chose to mention the possibility that Omicron could raise
inflationary pressure by further hobbling supply chains for goods, and the
supply of workers.

 

The argument will be that it is better to nip expectations of inflation in
the bud, than try to contain them once they get going. A rise now is
preferable, in the eyes of the MPC, to having to rise by even more over the
next year or two. The Bank is choosing to act on what it knows about
inflation, rather than hold back on what it doesn't know about Omicron.

 

Not at all. The Bank's Monetary Policy Committee (MPC) voted 8-1 in favour
of the increase. The dissenting MPC member, Silvana Tenreyro, voted to keep
rates as they were.

 

Rates had been at 0.1%, a record low, since March last year, when they were
cut in response to the effects of the coronavirus pandemic.

 

It was the second month in a row that Bank policymakers had surprised the
markets.

 

Economists had expected a rate rise at the MPC's last meeting in November,
but policymakers voted to hold fire.

 

This time, analysts expected a further delay because of Omicron, but the
committee thought differently.

 

What do economists think?

"The Bank of England's decision to raise interest rates was surprising,
given mounting uncertainty over the economic impact of the Omicron variant,"
said Suren Thiru, head of economics at the British Chambers of Commerce.

 

"While today's rate increase may have little effect on most firms, many will
view this as the first step in a longer policy movement - not as a partial
reversal of last year's cut."

 

He added that the current inflationary spike was mostly driven by global
factors, so higher interest rates would do little to curb further increases
in inflation.

 

Instead, the government needed to find practical solutions to the UK's
supply chain problems and labour shortages, he said.

 

Paul Dales, chief UK economist at Capital Economics, said the move suggested
that the Bank had become "a bit more hawkish" and might now think rates need
to rise further than before.

 

"The MPC once again said that a 'modest tightening' of monetary policy is
likely to be necessary, so this is not looking like a case of one and done,"
he added.

 

"We still think that weaker economic growth and a faster fall in inflation
will mean that interest rates won't rise to 1% by the end of next year, but
it's just become more likely that they rise above our 0.5% forecast."

 

The MPC also voted unanimously to maintain the Bank's asset purchase scheme
at £875bn.

 

The last time the Bank raised interest rates was in August 2018, when they
reached 0.75%.

 

They were then cut twice in March 2020 at the start of the pandemic.-BBC

 

 

 

Turkey cuts interest rates despite spiralling inflation

Turkey has cut interest rates again, despite red hot inflation and a
worsening currency crisis.

 

Its central bank cut borrowing costs for the fourth straight month amid
continued pressure from President Recep Tayyip Erdogan.

 

The lira fell as much as 5.7% to a record low following the decision.

 

The president also announced a 50% hike in the country's minimum wage to
4,250 lira per month ($275; £206) in a bid to offset the impact of rising
prices.

 

He believes pushing interest rates lower will help alleviate red-hot
inflation. It is a view that runs contrary to conventional economic theory.

 

In a statement, Turkey's bank compared its decision to those of other major
Western central banks, which have kept rates low during the coronavirus
pandemic to help boost economic growth.

 

President Erdogan wants a high growth, low interest-rate environment. He
thinks it will stimulate the economy and create jobs, fuel investment in the
country because it keeps borrowing costs low. But, the problem is the
currency crisis - caused in part by a loss in trust with policymakers - has
caused the opposite to happen. Economic growth is still high here: Turkey is
considered an emerging market, and the past few decades have been powered by
credit-fuelled growth in sectors like construction.

 

The economic turmoil is hitting people from all walks of life. Locals are
coping by just taking one day at a time but there is a lot of anger and
frustration here. Everyone we spoke to says they are regularly monitoring
the lira's exchange rate with not just the dollar, but also with the euro,
the pound, and with gold.

 

Over the past year, it has become increasingly difficult for Turks to plan,
save, or spend money on everyday goods and services.

 

Protests have been breaking out in the capital Ankara and in the biggest
city of Istanbul.

 

The president and his allies says that lower interest rates will boost
Turkish exports, investment and jobs.

 

But many economists say the rate cuts are reckless. Last month, the
country's inflation rate hit 21.7%.

 

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 have said it does not have
enough firepower to stop the slide.-BBC

 

 

 

Covid: France to drastically restrict travel from UK

France is tightening Covid restrictions for travellers arriving from the UK,
as the government in Paris tries to slow the spread of the Omicron variant.

 

>From Saturday, most travellers who are not French residents or citizens must
give a "compelling reason".

 

Some lorry drivers and students will be able to travel, but Brits visiting
relatives are not currently listed.

 

All arrivals will have to provide a negative Covid test less than 24 hours
old and isolate for at least two days.

 

Confirmed Omicron cases are currently much higher in the UK than in France.

 

French citizens, their partners and children, legal residents, and EU
citizens travelling home through France, won't need an essential reason to
travel - but must still abide by all other rules.

 

The UK recorded 78,610 new Covid cases on Wednesday, the highest daily
number reported since the start of the pandemic.

 

Slightly more than 10,000 have been confirmed as Omicron, but it is thought
that about twice that number are cases of the new variant.

 

France reported 65,713 new Covid cases over a similar period but has only
240 confirmed cases of Omicron.

 

A statement from French Prime Minister Jean Castex's office (in French),
said the UK was, in its own words, about to face a "landslide" linked to
Omicron in the coming days.

 

"As the Omicron variant spreads extremely quickly in the United Kingdom, the
French government has decided to re-implement compelling reasons for travels
from and to the United Kingdom, and to reinforce mandatory tests at
departures and arrivals," it said.

 

However, UK Transport Minister Grant Shapps confirmed lorry drivers would be
exempt from the new restrictions, following fears over the impact on supply
chains.

 

Downing Street has signalled there are no plans to ban French travellers
from the UK.

 

A spokesman for Prime Minister Boris Johnson said that rising cases of
Omicron globally mean that "tighter border measures wouldn't be effective or
proportionate" in slowing the import of the new variant.

 

A lot of people will be urgently consulting the French government's list of
what constitutes a compelling reason for coming to France. And a lot of
people are going to be disappointed.

 

If you have booked a skiing holiday, for example, you will not be able to
come. That's clear - all holidaying is out. If you are a UK citizen wishing
to spend Christmas with your retired parents who live in France, it doesn't
look good either. The list appears to state that the only Britons allowed in
are those with registered homes in France, plus transport workers and some
students.

 

Without question, the end-of-year plans of many families will be badly
affected, and travel companies are predicting a wave of cancellations. In
fact, Alpine resorts say that a lot of British skiers have already
cancelled, because they foresaw there would be difficulties.

 

With travel to the UK from France already hit by tough restrictions decreed
from London (self-isolation till results of compulsory PCR test), the two
countries feel more apart than ever.

 

>From midnight on Saturday local time (23:00 GMT on Friday), anyone coming
from the UK will be required to have tested negative by PCR or antigen test
less than 24 hours before their arrival in France.

 

They will be asked to register prior to their trip on a digital platform and
provide an address for their stay in France.

 

Once in France they will be expected to self-isolate for a week, unless they
have a second negative test, in which case they can end their quarantine
after 48 hours.

 

These restrictions had previously only applied to arrivals who are not fully
vaccinated.

 

France has also advised people intending to travel to the UK to postpone
their trips.

 

France's list of compelling reasons for entry does not include tourism,
family visits or non-urgent work.

 

Hamza Taouzzale is among those who've been forced to cancel a trip - a
family holiday to Disneyland Paris.

 

"We only told the kids yesterday and they were so excited. They've never
been to Disneyland before," he told the BBC.

 

"We were planning to go from the 21st to the 26th to spend a couple of days
at Disney and some in Paris. We were all packed and ready to leave too.

 

"Just heard the news this morning and are devastated. Would have been the
first family trip in five years."

 

Brittany Ferries said the new rules "could be a hammer blow to our Christmas
season".

 

"In the context of an Omicron variant that is passing through the French
population as it is in the UK, further border controls seem as unnecessary
as they are unwelcome," it said in a statement.-BBC

 

 

 

Bruce Springsteen sells his entire music catalogue for $500m

Bruce Springsteen has sold the master recordings and publishing rights for
his life's work to Sony for a reported $500m (£376m).

 

The deal gives Sony ownership of his 20 studio albums, including classics
like Born To Run, The River and Born In The USA, according to multiple US
reports.

 

A 20-time Grammy winner, Springsteen's music generated about $15m in revenue
last year.

 

His deal follows similar sales by Bob Dylan, Blondie and David Bowie.

 

Warner Music bought the worldwide rights to Bowie's music in September, and
Dylan sold his catalogue of more than 600 songs in December last year to
Universal Music Group at a purchase price widely reported as $300m.

 

The deals provide immediate financial security to the artists and their
estates, while the rights-holders hope to profit by building new revenue
streams for the music via film and TV licensing, merchandise, cover versions
and performance royalties.

 

At an investor relations meeting in May, Sony Music's chief executive, Rob
Stringer, said the company had spent $1.4bn in acquisitions over the
previous six months. That included a multi-million dollar deal to obtain the
rights to Paul Simon's back catalogue.

 

Springsteen's deal would be the most expensive so far, if the numbers
reported by music industry bible Billboard are correct.

 

No public announcement has been made about the sale, and representatives for
Sony and Springsteen did not immediately respond to queries from the BBC.

 

Bruce Springsteen's most-streamed songs (UK). .  .

Springsteen is one of the most successful rock musicians of all time, and
has recorded for Sony's Columbia Records imprint for the duration of his
career.

 

Born and raised in New Jersey, he once said he intended to make an album
with words like Bob Dylan that sounded like Phil Spector where he sang like
Roy Orbison.

 

It remains a neat encapsulation of his style, and a key to understanding his
broad appeal - although he's frequently, and successfully, experimented
outside those constraints.

 

His reputation was cemented in 1974, when music critic Jon Landau reviewed
one of his shows with The E Street Band in Boston.

 

"Last Thursday, at the Harvard Square theatre, I saw rock'n'roll past flash
before my eyes," Landau wrote. "And I saw something else: I saw rock and
roll future and its name is Bruce Springsteen. And on a night when I needed
to feel young, he made me feel like I was hearing music for the very first
time."

 

 

Springsteen's commercial breakthrough came the following year, with the hit
album Born To Run, trailed by its ambitious, wall-of-sound title track.

 

Greeted by rapturous reviews, it sold nine million copies and saw
Springsteen achieve the rare feat of appearing on the covers of Time and
Newsweek magazine in the same week.

 

One of the hardest-working entertainers in showbusiness, he built up a
fearsome reputation for his sweat-drenched, hours-long concerts - and,
somewhat unexpectedly, became one of the breakout stars of the MTV
generation, with videos for songs like Hungry Heart and Dancing In The Dark
on heavy rotation alongside hits by Madonna, Michael Jackson and Prince.

 

His biggest hit was 1985's Born In The USA, which sold 15 million copies in
the US and 30 million worldwide.

 

After such huge success, he stepped away from his longtime companions, The E
Street Band and subsequent albums varied in quality, while his marriage to
actress Julianne Phillips ended in divorce after the star fell for his
backing singer (and current wife) Patti Scialfa.

 

In the 1990s, he earned an Oscar for the theme song to the Tom Hanks' Aids
drama, Philadelphia; and a 1995 greatest hits album topped the charts,
selling four million copies.

 

After reconvening the E Street Band at the turn of the millennium,
Springsteen entered a creative hot-streak that has yet to fade - with
highlights including 2002's The Rising, a response to the terror attacks of
9/11, 2012's politically-charged Wrecking Ball and 2019's Western Stars, an
homage to the 1970s-era golden age of the Laurel Canyon pop.

 

He was inducted to the Rock Hall of Fame in 1999, and played the Super Bowl
Half-Time show 10 years later.

 

More recently, the 72-year-old has released his autobiography, also titled
Born To Run, and staged a series of intimate, one-man Broadway shows looking
back at his life and career.

 

His last album, Letter To You, was released in 2020; and this year, he made
rare guest appearances on songs by The Killers and Bleachers.-BBC

 

 

 

Wall Street firms retreat from office, holiday parties as virus spreads

(Reuters) - Wall Street banks and investment firms are retrenching from
their push to get staff back to the office, with Citigroup Inc (C.N),
Goldman Sachs Group Inc (GS.N), Carlyle Group Inc (CG.O), Blackstone (BX.N)
and MetLife (MET.N) among the latest to adjust plans as the Omicron variant
of the coronavirus spreads.

 

The institutions are rethinking their plans to return to business-as-usual
amid a spike in COVID-19 cases in New York and other financial hubs and
growing concerns over the fast-spreading Omicron.

 

 

"Even before Omicron, it was clear that there was not going to be a full
‘back to normal’ in most office-based jobs – some form of work from home is
likely to endure into the future," Rachel Lipson, Project on Workforce at
Harvard University’s Malcolm Wiener Center for Social Policy, said in a
recent interview.

 

Citigroup told staff at its New York metro area offices on Wednesday they
should work from home if they are able to, a person familiar with the matter
said on Thursday. Vaccinated staff had been allowed to return to some
Citigroup offices in recent months.

 

 

U.S. insurer MetLife Inc (MET.N) on Thursday told its nearly 14,000 U.S.
staff it had postponed plans for them to return to the office to March from
Jan. 10 previously, a spokeswoman for the company said. read more

 

Blackstone (BX.N) employees were welcome to work from home through the rest
of the month given the increasing spread of COVID-19 in the United States, a
spokesperson said.

 

Goldman Sachs, which has not sent staff home, had hosted holiday parties
over the last few weeks but on Thursday said it was canceling remaining
gatherings due to worries over COVID-19, according to a source familiar with
the bank's plans.

 

Morgan Stanley (MS.N) is expecting staff who are not required to be in the
office to take advantage of that flexibility and work from home and spend
more time with their families, but it is not sending staff home and doesn't
have a work-from-home policy, a source familiar with the situation said on
Thursday.

 

Investment firms followed suit. Carlyle is encouraging its U.S. employees to
work from home for the remainder of the year and plans to return to a hybrid
work model in the new year, a source familiar with the situation said. It is
also not planning a firm-wide holiday party, the source said.

 

The Omicronvariant has been detected in 77 countries since it was first
identified three weeks ago, fuelling concerns that its large number of
mutations will help it spread faster and evade protection provided by
COVID-19 vaccines and therapeutics.

 

"We are in transition period still," Morgan Stanley Chief Executive James
Gorman said in a CNBC interview on Monday. "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." read more

 

Earlier this week, JPMorgan Chase & Co (JPM.N) told unvaccinated staff in
Manhattan to work from home, while investment bank Jefferies Financial Group
(JEF.N) last week asked staff in Manhattan and elsewhere to again steer
clear of the office due to a spate of COVID-19 cases.

 

A similar situation is occurring with institutions in Canada offices amid
growing concerns over the spread of the Omicron variant in that country.
Canadian Imperial Bank of Commerce (CM.TO) and National Bank of Canada
(NA.TO)said on Wednesday they have asked staff in Canada to work remotely,
joining Bank of Nova Scotia (BNS.TO) in halting plans for a return to work.

 

The Thomson Reuters Trust Principles.

 

 

 

Facebook exposes mercenary spy firms that targeted 50,000 people

(Reuters) - Facebook owner Meta Platforms Inc (FB.O) is calling out half a
dozen private surveillance companies for hacking or other abuses, accusing
them in a report published Thursday of collectively targeting about 50,000
people across its platforms.

 

The company's fight with the spy firms comes amid a wider move by American
tech companies, U.S. lawmakers and President Joe Biden's administration
against purveyors of digital espionage services, notably the Israeli spyware
company NSO Group, which was blacklisted earlier this month following weeks
of revelations about how its technology was being deployed against civil
society.

 

 

Meta is already suing NSO in a U.S. court. Nathaniel Gleicher, Meta's head
of security policy, told Reuters that Thursday's crackdown was meant to
signal that "the surveillance-for-hire industry is much broader than one
company."

 

Meta's report said it was suspending roughly 1,500, mostly fake accounts run
by seven organizations across Facebook, Instagram and WhatsApp. Meta said
the entities targeted people in more than 100 countries.

 

 

Meta did not provide a detailed explanation of how it identified the
surveillance firms, but it operates some of the world's biggest social and
communications networks and regularly touts its ability to find and remove
malicious actors from its platforms.

 

Among them is Israel's Black Cube, which became notorious for deploying its
spies on behalf of Hollywood rapist Harvey Weinstein. Meta said the
intelligence firm was deploying phantom personas to chat its targets up
online and gather their emails, "likely for later phishing attacks."

 

In a statement, Black Cube said it "does not undertake any phishing or
hacking" and said the firm routinely ensured "all our agents' activities are
fully compliant with local laws."

 

Others called out by Meta include BellTroX, an Indian cyber mercenary firm
exposed by Reuters and the internet watchdog Citizen Lab last year, an
Israeli company called Bluehawk CI, and a European firm named Cytrox - all
of whom Meta accused of hacking.

 

Cognyte (CGNT.O), which was spun off from security giant Verint Systems Inc
(VRNT.O) in February, and Israeli firms Cobwebs Technologies were accused
not of hacking but of using fake profiles to trick people into revealing
private data.

 

Cognyte, Verint and Bluehawk did not immediately return messages seeking
comment.

 

In an email, Cobwebs spokesperson Meital Levi Tal said the company drew on
open sources and that its products "are not intrusive by any means."
Messages left with Ivo Malinovski – who until recently identified himself as
Cytrox's chief executive on LinkedIn – received no immediate response.
BellTroX founder Sumit Gupta has not returned Reuters reporters' messages
since his firm was exposed last year. He had previously denied wrongdoing.

 

Gleicher refused to identify any of the targets by name but Citizen Lab, in
a report published at the same time as Meta's, said that one of Cytrox's
victims was Egyptian opposition figure Ayman Nour.

 

Nour blamed the Egyptian government for the spying, telling Reuters in an
interview from Istanbul that he had long suspected he was under surveillance
by officials there.

 

"For the first time I have evidence," he said.

 

Egyptian authorities did not immediately respond to a request for comment.

 

Gleicher said other targets of the spy firms included celebrities,
politicians, journalists, lawyers, executives and regular citizens. Friends
and family of the targets were also swept up in the espionage campaigns, he
said.

 

Meta cybersecurity official David Agranovich said he hoped Thursday's
announcement would "kickstart the disruption of the surveillance-for-hire
market." There were some signs that other social media firms were taking
similar action, with Twitter announcing the removal of 300 accounts a few
hours after Meta's announcement.

 

Whether the takedowns deal the companies involved more than a temporary
setback remains to be seen. Two of the companies, Black Cube and BellTroX,
have bounced back after being embroiled in previous spy scandals.

 

Gleicher said that targets of the spy firms would receive automated
warnings, but he said Facebook would stop short of identifying the specific
firms involved or their clients. That's despite the fact that Facebook said
it had identified several customers of Cobwebs, Cognyte, Cytrox, and Black
Cube - the latter of which includes law firms.

 

Marta Pardavi, one of several Hungarian human rights defenders who say they
were targeted by Black Cube in 2017 and 2018, said she was gratified by the
news of Facebook's report but wanted more information.

 

"They name law firms," she said. "But law firms have clients. Who are the
clients for these law firms?"

 

The Thomson Reuters Trust Principles.

 

 

Beijing rule changes to revive China's IPO prospects in 2022, bankers say

(Reuters) - Greater China's flagging initial public offerings (IPOs) are set
to get a fillip in 2022 from the expected unveiling of new rules by Beijing
for Chinese firms' offshore listings, giving clarity to jittery investors,
investment bankers and analysts said.

 

Regulators are contemplating new rules scrutinising offshore listing plans
of Chinese companies with variable interest entity(VIE) structure, where a
Chinese company sets up an offshore company for overseas listing purposes
that allows foreign investors to buy into the stock.

 

That structure that has enabled a flood of listings in the United States
over the past two decades, Reuters has reported.

 

The new rules will come after a tepid 2021 for Hong Kong, which accounts for
16% of Asia-Pacific listing volume: The city has seen $26.7 billion worth of
IPOs so far this year, compared with $31.8 billion for the same period in
2020, Refinitiv data showed.

 

Adding second listings, which include dual-primary and secondary floats of
U.S.-listed Chinese firms, there was $41.3 billion worth of activity in Hong
Kong in 2021 to date, compared with $50.8 billion in 2020.

 

Bankers said the new rules will provide transparency to listing prospects
and will enthuse them to turn to public markets, especially firms in the
technology and media sectors that were at the centre of an unprecedented
regulatory crackdown this year.

 

"If you're using one word to describe IPOs in 2021, that would have to be
'uncertainty'. There is too much uncertainty on policy," said Li Hang,
investment bank CLSA's head of equity capital markets (ECM) and syndicate.

 

"Next year there will be more and more policy certainty compared to 2021 ...
Certainty could mean tougher (rules) but there should be less uncertainty.
That is a key thing. The uncertainty really hurts IPOs."

 

Bankers expect Hong Kong second listing numbers to improve during 2022 as
the threat of being delisted from the U.S. due to not meeting auditing rules
there remains high.

 

"There are more than 50 U.S.-listed Chinese companies which are not listed
in Hong Kong yet but meet the listing requirements here," UBS's China head
David Chin said.

 

"We will probably see many of them come to Hong Kong for (second) listings
next year."

 

STRONG YEAR ELSEWHERE

 

Despite the Chinese easing in deal volume, across the Asia-Pacific region
including Japan, there were $166 billion worth of IPOs this year, well up
from $120.1 billion last year, making it the region's strongest year since
2010.

 

South Korea, India and Australia each recorded major increases in the value
of deals.

 

"Historically when China slowed down, the region slowed down. This year,
despite a slowdown in China, other markets filled that vacuum," said William
Smiley, co-head of equity capital markets at Goldman Sachs Asia ex-Japan.

 

Technology and healthcare sectors provided more than a third of the IPOs in
the region during the year.

 

"Next year's pipeline looks more diverse both in terms of geography, with
Korea, India, Southeast Asia and Australia together being bigger relative to
China and more diverse in terms of sector exposure," said Magnus Andersson,
co-head of Asia Pacific ECM, Morgan Stanley.

 

"We are seeing probably less tech and media and more healthcare, industrials
and FIG (financial institutions group). There is a rotation into the
cyclicals theme that is playing out globally."

 

CITIC, Goldman Sachs and Morgan Stanley were the top three ranked banks for
Asian equity capital market activity in 2021, the Refinitiv data showed.

 

The Thomson Reuters Trust Principles.

 

 

 

FedEx reinstates 2022 profit target, shares soar

(Reuters) - U.S. delivery firm FedEx Corp (FDX.N) reinstated its original
fiscal 2022 forecast on Thursday, even as persistent labor woes chipped away
profits ahead of the peak holiday season when the number of packages it
handles often doubles.

 

Shares in the company, which also reported flat year-over-year adjusted
profit for the fiscal second quarter, were up 5% to $250.50 in after-hours
trading.

 

 

FedEx Chief Operating Officer Raj Subramaniam said labor pressures should
ease going forward.

 

"We are essentially staffed up for peak," said Subramaniam. He added that
the carrier believes it can retain required labor for the remainder of its
fiscal year.

 

 

Concerns have eased that this year's festive season could see a repeat of
2020's "Shipageddon" pandemic delivery delays. Retailers have reduced the
pressure on carriers like FedEx and United Parcel Service (UPS.N) by urging
early shopping and expanding pick-up and gig-delivery options. At the same
time, most stores remain open despite accelerating numbers of Omicron
variant infections.

 

Memphis, Tennessee-based FedEx now expects full-year earnings, excluding
items, of $20.50 to $21.50 per share, as it had first forecast. In
September, FedEx lowered that range to $19.75 to $21.00 per share.

 

Adjusted net income was $1.3 billion, or $4.83 per share, for the quarter
ended Nov. 30, unchanged from the year earlier.

 

During the company's fiscal second quarter, labor shortages again disrupted
normal work flows - resulting in network inefficiencies, higher purchased
transportation costs, and higher wage rates. Those factors increased costs
by an estimated $470 million year-over-year, primarily at FedEx Ground. The
company put those costs at $450 million for its fiscal first quarter.

 

In the latest quarter, FedEx paid "significantly" higher taxes, but
benefited from lower fuel prices.

 

Revenue increased 14% to $23.5 billion, fueled in part by elevated demand
for e-commerce home deliveries -including some holiday gifts.

 

Experts and some customers said FedEx is trailing UPS and the U.S. Postal
Service in on-time deliveries, however.

 

"FedEx delivery times are really lagging and I believe it's due to their
staffing issue," said Cathy Morrow Roberson, president of consultancy
Logistics Trends & Insights.

 

>From Nov. 14 to Dec. 4 - which included the Thanksgiving and Cyber Monday
holiday shopping days - on-time performance was 85.7% for FedEx, 96.4% at
UPS, and 95.1% for the U.S. Postal Service, according to delivery invoice
auditor ShipMatrix.

 

Results for the week of Dec. 5 so far appear to be mostly in line with prior
weeks, ShipMatrix founder Satish Jindel said.

 

FedEx's Ground deadline for Christmas delivery was Wednesday, Dec. 15.

 

The Thomson Reuters Trust Principles.

 

 

 

EV startup Rivian to build $5 bln plant in Georgia, posts quarterly loss

(Reuters) - Amazon-backed electric vehicle startup Rivian Automotive Inc
(RIVN.O) on Thursday said it will build a $5 billion plant in Georgia, its
second U.S. assembly plant, as it looks to expand production.

 

In its first publicly reported quarterly results since it went public last
month, Rivian posted a third-quarter net loss of $1.2 billion. Rivian's
shares tumbled 9.8% in after-hours trading after the company said it
expected production to fall a few hundred vehicles short of its 2021 target
of 1,200 and its pre-order numbers disappointed some on Wall Street.

 

 

"Launching and ramping production of three different vehicles within a few
months is an incredibly tough challenge," Chief Executive R.J. Scaringe said
on a conference call.

 

Issues he cited included global supply-chain constraints, the COVID-19
pandemic, a tight labor market and short-term issues around building
electric battery modules.

 

 

Scaringe added Rivian was focused on pulling ahead the timeline for
increasing production of its vehicles.

 

The pickup launched in September and the SUV this week, and Rivian has
delivered 386 of the 652 vehicles it has built. It said it plans to ship the
first vans to Amazon this month. read more

 

With a market value of almost $93 billion, Rivian made its Nasdaq debut last
month in the world's biggest initial public offering of 2021. Rivian raised
almost $14 billion in the IPO to fund future growth on top of the $10.5
billion it had raised privately from such investors as Amazon.com
Inc(AMZN.O) and Ford Motor Co(F.N). Amazon owns 20% of Rivian and Ford owns
about 12%. read more

 

The Irvine, California-based company has struggled with the launch of its
R1T pickup, R1S SUV and delivery van for Amazon as supply-chain constraints,
including chip shortages, hit automakers globally.

 

During the pandemic, the chip shortage forced automakers to curtail vehicle
production and limited inventories pushed up prices. Companies are now
scrambling to protect operations against the spread of the omicron variant
of the coronavirus.

 

Rivian, other startups and established automakers are racing to take on EV
leader Tesla Inc(TSLA.O) as pressure grows in regions including China and
Europe to eliminate vehicle emissions.

 

Rivian's Georgia plant will eventually employ more than 7,500 people and
build 400,000 vehicles a year. It is scheduled to open in 2024 with in-house
battery cell production, largely confirming plans previously outlined in
documents filed with other states. read more Rivian and the state of Georgia
did not disclose the tax incentives the company will receive.

 

The new plant east of Atlanta, with construction set to begin next summer,
will join the one in Normal, Illinois. Rivian intends to eventually open
plants in Europe and China. Scaringe previously said Rivian plans to build
at least 1 million vehicles a year by the end of the decade. read more

 

The Illinois plant currently has an annual capacity of 150,000 vehicles and
Rivian has said it intends to increase that to 200,000 by 2023 as it adds
new vehicles. The company said it is adding as many as 1,000 new jobs there
by the second quarter of 2022.

 

On Thursday, Rivian said that as of Dec. 15, it had about 71,000 R1T and R1S
pre-orders in the United States and Canada, up from 55,400 it reported at
the end of October. Morgan Stanley analyst Adam Jonas said the new order
count seems to have come in at the low end of expectations.

 

Ford said this month it had capped reservations for its F-150 Lightning
electric pickup at 200,000. read more

 

Rivian also has a contract to build 100,000 electric delivery vans for
Amazon by 2025.

 

On Thursday, Rivian reported a third-quarter net loss of $1.2 billion, or
$12.21 a share. Excluding a loss of $458 million after issuing senior
convertible notes, its adjusted operated loss was $776 million. Rivian also
reported revenue of $1 million after it started to ship its first vehicles
in September.

 

The Thomson Reuters Trust Principles.

 

 

 

Fox News loses bid to dismiss Dominion defamation lawsuit over election
coverage

(Reuters) - Fox News Network on Thursday lost its attempt to dismiss a $1.6
billion lawsuit brought by Dominion Voting Systems Inc, a voting machine
company that says Fox defamed it by amplifying conspiracy theories about its
technology.

 

In a written ruling, Delaware court judge Eric Davis said Dominion had
sufficiently alleged it was defamed by Fox News' 2020 election coverage and
the case should proceed toward trial.

 

"At this stage, it is reasonably conceivable that Dominion has a claim for
defamation per se," Davis said in his ruling. "Accordingly, Fox’s Motion
should be denied."

 

Dominion's lawsuit, filed in March, accused Fox of trying to boost its TV
ratings by amplifying false conspiracy theories that the company rigged the
presidential election against Republican Donald Trump, who lost to Joe
Biden, a Democrat.

 

 

Trump campaign surrogates, including lawyers Rudy Giuliani and Sidney
Powell, floated conspiracy theories that Dominion rigged vote totals in the
weeks after the Nov. 3, 2020 presidential election.

 

In a statement, a Fox News spokesperson called Dominion's lawsuit "baseless"
and said the network remains committed to defending itself.

 

“As we have maintained, FOX News, along with every single news organization
across the country, vigorously covered the breaking news surrounding the
unprecedented 2020 election, providing full context of every story with
in-depth reporting and clear-cut analysis," the Fox spokesperson said.

 

Dominion and Smartmatic, another election software company at the center of
pro-Trump conspiracy theories, are seeking billions of dollars in damages
from Trump allies they accuse of defamation, including Powell, Giuliani, and
MyPillow Inc Chief Executive Mike Lindell.

 

 

In August, a judge denied motions to dismiss filed by Powell, Giuliani, and
Lindell. The Trump allies continue to defend themselves in court, arguing
that their remarks about Dominion and Smartmatic were free speech protected
by the First Amendment of the U.S. Constitution.

 

 

 

China auto sales to hit 27.5 mln in 2022, up 5.4% - industry body

(Reuters) - Automobile sales in China, the world's largest car market, will
likely rise 5.4% to hit 27.5 million in 2022, the country's top auto
industry body said.

 

Of the total, sales of new energy vehicles is expected to grow 47% to 5
million, the China Association of Automobile Manufacturers (CAAM) said in a
statement published on its official WeChat account.

 

 

For 2021, CAAM expects sales to rise 3.1% year-on-year to 26.1 million, with
new energy vehicles sales rising 1.5 times to 3.4 million.

 

Disrupted by a prolonged global shortage of semiconductors, China's auto
sales dropped 9.1% in November from a year earlier, marking their seventh
consecutive monthly fall, CAAM data showed earlier this month.  

 

The Thomson Reuters Trust Principles.

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2021

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

National Unity Day

 

December 22

 


 

Christmas Day

 

December 25

 


 

Boxing Day

 

December 26

 


 

Public Holiday in lieu of Boxing Day falling on a Sunday

 

December 27

 


Companies under Cautionary

 

 

 


 

 

 

 


ART

PPC

 

 


Starafrica

Fidelity

Turnall

 


Medtech

Zimre

Nampak Zimbabwe

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
constitute an offer to sell or the solicitation of an offer to buy or
subscribe for any securities. The information contained in this report has
been compiled from sources believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
the securities of more established companies. Neither Faith Capital nor any
other member of Bulls ‘n Bears nor any other person, accepts any liability
whatsoever for any loss howsoever arising from any use of this report or its
contents or otherwise arising in connection therewith. Recipients of this
report shall be solely responsible for making their own independent
investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and sourced from third parties.

 


 

 


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