Major International Business Headlines Brief::: 18 December 2021

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Major International Business Headlines Brief::: 18 December 2021 

 


 

 


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

 


 

 


ü  Travellers 'devastated' over French restrictions

ü  Money manager disappears with $313m from Chinese builder

ü  China's Alibaba pledges carbon neutrality by 2030

ü  Fed policymakers make case for rate hikes after end of bond-buying taper

ü  Rivian warns supply issues to hit production, shares drop to record low

ü  Amazon partnered with China propaganda arm

ü  P&G recalls some conditioner, shampoo sprays on finding carcinogens

ü  Starbucks employees at a New York store can form a union-NLRB

ü  Boeing suspends vaccine mandate for U.S. employees

ü  Tesla faces investor lawsuit over Musk tweets on 10% stock sales

ü  Wall Street ends down after mostly negative week

ü  Nigerians, Ivorians, Malians Require About a Week's Worth of Work to
Afford Data - Report

ü  South Africa: Motsoeneng Ordered to Pay Back SABC Millions

ü  Uganda: Govt Commits to Pay Salaries of Medical Interns

ü  Malawi: Experts Brainstorm On Enhancing Engineering Skills for
Sustainable Agriculture

 


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Travellers 'devastated' over French restrictions

France is bringing in tougher travel restrictions for travellers arriving
from the UK from Saturday as part of efforts to slow the spread of the
Omicron variant of coronavirus.

 

The BBC talked to holidaymakers and hoteliers about the effects the tighter
restrictions will have on them.

 

Mum of two Anna Baldwin had planned to take her two boys to Disneyland as a
Christmas surprise. "I'm very upset about the French travel ban," she said.
"I was devastated."

 

The family had booked tests, "and they're not cheap", she said. But the main
problem was that the trip "was meant to be a Christmas present for my
children and a complete surprise".

 

Her plans are now up in the air. She says she's already paid out for a fun
Christmas, so staying in the UK means extra cost for things such as food.

 

"If we've got to stay home for Christmas it means, obviously, I've got to do
Christmas shopping, so we're a little bit stuck at the moment," she said.

 

Anna was pinning her hopes on being able to pick up some flights on Friday
to try to get into France before the restrictions come into effect.

 

"I'm trying to scramble now to look for flights. The only thing is, I'm a
little bit nervous. Will we be able to get back?"

 

Maxine Jones and eleven family members were planning to go to Disneyland.
"It was my present to my children, my grandchildren, and my parents," she
said.

 

Maxine was "absolutely devastated" when she heard the news about the extra
French travel restrictions.

 

She had booked a minibus for most of the people on the trip. The plan was to
travel to Disneyland on 23 December, and come back on 27 December.

 

"As you can imagine, everybody was excited," she said.

 

Maxine said she had spent more than £11,500 on the trip, "and I haven't got
any of that back yet".

 

"Obviously I've got insurance, but it's all going to take time, it's not
going to come back overnight".

 

"But it was the trip. My mum and dad are 85 and 86, so it would have been
nice to go. You don't know if you're going to get that time with them
again."

 

She adds: "The worst part is that we just won't be going. Nobody is prepared
in my family for Christmas now. Even to the extent that my parents only put
up a small Christmas tree this year, and they usually go over the top."

 

Pascal Benatar is the owner of the Edelweiss hotel in Pralognon-le-Vanoise
in the French Alps.

 

"We were completely booked for this vacation, and the government
announcement changed things," he said.

 

"We have definitely had some cancellations by British people. We hope that
for French people it will be OK, and we won't have any cancellations," he
said.

 

The hotel had been advertised in UK newspapers and from that, five families
were booked to come for Christmas.

 

"They just cancelled this morning because it was not possible to come," he
said. "It was terrible for them. They wanted their holidays in France, and
in the end, they were not able to travel."

 

He said business had been improving over the summer. "We started this winter
with a lot of hope. Just one week before [Christmas] starts, it's a big mess
for us.

 

"It will be a financial problem. We've hired all our team - we have ten
staff in a small hotel - and we don't know how to manage that."

 

"The problem is, nobody knows what's going to happen. Three days ago
[customers] were speaking to us to arrange ski passes. [Travel restrictions]
came just like that - now, no vacation. I'm just sorry for my customers."

 

Victor Dapremont, a sales manager for the Mademoiselle Hotel in Paris, said
he was "very surprised" when the French government tightened travel
restrictions.

 

"It's just another restriction at a very difficult time for us in Parisian
hotels," he says.

 

By Thursday, about 80% of guests coming from England had cancelled their
bookings. It's "a big impact" on the business, he said.

 

In a normal year, about a third of guests at the hotel at this time of year
are British

 

Victor says the hotel would have to "modify the price" of its rooms, and
look for customers from countries not facing the same restrictions.

 

"It's a complete change for us," he said. "We have to adapt economically and
strategically."-BBC

 

 

 

Money manager disappears with $313m from Chinese builder

A company that was once one of China's biggest property developers says it
has "lost contact" with a wealth manager that has $313m (£235m) of its
money.

 

China Fortune Land Development says British Virgin Islands-registered China
Create Capital was supposed to have invested the funds on its behalf.

 

Fortune Land told investors it has reported the issue to Beijing police.

 

This month, the firm unveiled plans to restructure its debts after
defaulting on billions of dollars of bonds.

 

In 2018 one of Fortune Land's overseas operations signed a deal that
entrusted a company called Wingskengo Ltd to provide investment management
services to the property developer, according to a document filed this week
with the Shanghai Stock Exchange.

 

The filing goes on to detail how, as instructed by Wingskengo, Fortune Land
transferred $313m to China Create Capital.

 

 

Fortune Land said it had expected the investment to generate annual interest
of 7% to 10% until the agreement was due to expire at the end of 2022.

 

However, Fortune Land said it is now unable to contact Create Capital,
adding there is "no way to judge" what impact the missing money will have on
its current and future profits.

 

Like several other major Chinese real estate companies, Fortune Land has
seen its shares plummet in recent months as the industry was gripped by a
debt crisis.

 

Its Shanghai-listed shares have lost more than 70% of their value this year
after failing to meet its financial obligations.

 

However, Fortune Land said earlier this month that a group of creditors had
approved a debt restructuring plan.

 

The agreement offered a potential lifeline to the heavily indebted company
after it defaulted on billions of dollars of bond debt this year.

 

Debt crisis

Fortune Land is just one of China's debt-laden property developers that came
under intense pressure after Beijing launched a sweeping crackdown on
excessive borrowing in the sector last year.

 

Industry giant Evergrande, which has around $300bn of debt, has been the
most high-profile company to be engulfed by the crisis and has recently
missed interest payments on some overseas bonds.

 

Meanwhile, rival developer Kaisa, which has offshore debt of $12bn, did not
repay $400m of bonds that matured last week.-BBC

 

 

 

China's Alibaba pledges carbon neutrality by 2030

(Reuters) - Alibaba Group (9988.HK) will aim to achieve carbon neutrality in
its own operations and slash emissions across its supply chains and
transportation networks by the end of the decade, the Chinese e-commerce
giant pledged on Friday.

 

Alibaba promised to achieve carbon neutrality by 2030 in its own direct
emissions - known as "scope 1" - as well as its indirect "scope 2" emissions
- derived from the consumption of electricity or heating.

 

 

It also said it would reduce carbon intensity - the amount of carbon per
unit of revenue - from the "scope 3" emissions - produced across its wider
value chain in areas such as transportation, purchased goods and services
and waste - by 50% by 2030.

 

The company also pledged to cut overall CO2 across all its businesses by 1.5
gigatonnes by 2035.

 

 

To achieve its goals, Alibaba plans to deploy new energy-saving,
high-efficiency technologies, make further use of renewables and also
explore "carbon removal initiatives" that could extract climate-warming
greenhouse gas from the atmosphere.

 

Daniel Zhang, the company's chief executive, said the company also sought to
"mobilise actions and behavioural changes among consumers, merchants and
partners in China and around the world".

 

 

President Xi Jinping announced last year that China would aim to become
carbon neutral by around 2060, putting the country's giant corporations
under pressure to draw up their own roadmaps to reach "net zero".

 

But China's giant tech firms remain hugely dependent on the country's
coal-dominated energy system, with only a small number so far committed to
switching to renewable sources of electricity.

 

In a report published earlier this year, environment group Greenpeace ranked
Tencent Holdings (0700.HK) as the best-performing Chinese cloud service
provider in terms of procuring renewable energy and cutting emissions.
Huawei Technologies came second, Baidu Inc (9888.HK) third and Alibaba
fourth.

 

 

 

Fed policymakers make case for rate hikes after end of bond-buying taper

(Reuters) - Citing high U.S. inflation and a job market that's nearing its
full potential at least while the COVID-19 pandemic continues, Federal
Reserve policymakers on Friday laid out a case for raising interest rates
soon after the central bank ends its bond-buying program in March.

 

And it wasn't just the Fed's inflation-focused hawks who were doing it. San
Francisco Fed President Mary Daly, who as little as a month ago was calling
for the central bank to show patience in its policy stance to allow more
workers to reenter the labor market, said she would support two or three
rate hikes next year, and did not rule out raising borrowing costs in March
when asked about a start date.

 

 

"I have adjusted my stance," Daly said in an interview with the Wall Street
Journal, noting the burden that rising prices could put on families and
nodding to the difficulty firms are having hiring workers and the health
fears that are keeping many from seeking jobs.

 

"If we try to push the labor market now when clearly many Americans who are
sidelined don't want to come in ... if we push too hard, and then we have to
raise rates rapidly, then we end up with a really sharp pullback and
historically a very sharp pullback on the part of the Fed, it results in a
recession," she said in the interview.

 

 

"If we see that the economy is delivering high inflation, even if we expect
that inflation to not persist past the pandemic, and we see the labor market
is extremely tight, even though we don't expect that to be true past the
pandemic, then the policy action that would be appropriate is, after
tapering, to raise the interest rate."

 

The remarks from one of the Fed's most ardent supporters of an
employment-focused monetary policy drove home the depths of the shift among
Fed policymakers over the last several weeks, as measures of inflation have
continued to run at more than double the central bank's 2% target and the
unemployment rate fell to 4.2%, near policymakers' estimate of full
employment.

 

 

Earlier this week, Fed policymakers unanimously agreed to speed up the
wind-down of the central bank's bond-buying program, with a plan to end the
asset purchases in March so as to allow time for the three interest rate
hikes that most Fed policymakers now believe will be needed next year.

 

The central bank initiated its bond-buying program in 2020 to shelter the
economy from the fallout from the pandemic. Until it recently began tapering
the purchases, it was buying $120 billion in Treasuries and mortgage-backed
securities each month.

 

Though Daly told the WSJ that the economy will be able to support more jobs
once the pandemic fades, she added that "we are nearing that kind of maximum
employment we can have today."

 

'IN A GOOD POSITION'

 

Fed Governor Christopher Waller, who has for months voiced worries about
rising prices, told an economics group in New York on Friday that he was in
favor of even more aggressive policy tightening. He said he thought a rate
hike in March would be "very likely" given inflation's persistence and what
he expects will be a return by then to pre-pandemic levels of employment,
after accounting for retirements.

 

And, Waller added, that the central bank should also begin trimming its
overall bond holdings by next summer, a move that could push up long-term
borrowing costs and add an extra layer of policy tightening to slow the
economy.

 

Such a shift would mark a much sharper return to policy normalcy than after
the 2007-2009 financial crisis and recession, when the Fed waited a year
after ending its bond-buying program to start raising rates, and held its
balance sheet steady for another two years by reinvesting the proceeds of
maturing bonds.

 

The Fed currently has about $8.8 trillion on its balance sheet.

 

Speaking earlier on Friday, New York Fed President John Williams did not
signal he would necessarily support such a fast withdrawal of policy
stimulus, but he did say he felt the Fed's decision to wrap up its asset
purchases quickly would put the central bank in position to respond to
incoming economic data.

 

"It's really about getting our monetary policy stance in a good position and
also obviously creating the optionality at some point next year, likely, to
actually start raising the federal funds target range," he told CNBC.

 

The Fed slashed its overnight benchmark interest rate to the near-zero level
in March 2020 and has kept it there since then to nurse the economic
recovery.

 

The Thomson Reuters Trust Principles.

 

 

 

Rivian warns supply issues to hit production, shares drop to record low

(Reuters) - Rivian Automotive Inc (RIVN.O) shares skidded nearly 15% on
Friday to hit a record low after the electric vehicle maker's first result
as a listed company highlighted the challenges it was likely to face in
ramping up production to take on EV leader Tesla Inc (TSLA.O).

 

Rivian's shares slumped to $92.62 in early trading - opening below the $100
mark for the first time -and were still off about 11% in the afternoon.
Before Friday's decline, they had gained about 40% since the company's
blockbuster market debut in November.

 

 

Rivian announced plans on Thursday to build a $5 billion plant in Georgia to
boost capacity, while flagging production challenges even as it receives
about 2,000 pre-orders every week. read more

 

"We don't want to read too much into near-term issues ... but it does
highlight the risk that Rivian has a lot on its plate," said RBC Capital
Markets analyst Joseph Spak.

 

 

The Irvine, California-based company expects production to fall "a few
hundred vehicles short" of its 2021 target of 1,200 due to supply chain
constraints.

 

Increasing production of the R1T truck, R1S SUV and Amazon's delivery vans
within a few months would be akin to "a really complex orchestra," Chief
Executive Officer RJ Scaringe said.

 

 

Rivian has 71,000 pre-orders for its R1 vehicles, up from 55,400 in October,
but some on Wall Street said that total is on the low end of expectations.
Rivian also has struggled to get the vehicles into customers' hands.

 

"The strong order book provides support for the production ramp, though it
does add pressure to get vehicles to customers that may get impatient as
current R1 orders won't be ready until the end of 2023," Wells Fargo analyst
Colin Langan said.

 

Construction of Rivian's new Georgia plant will begin next summer and
vehicle production will start in 2024. The company plans to increase
production by 50,000 vehicles at its plant in Normal, Illinois, which began
building the R1T pickup in September and added the R1S SUV this week with
the delivery van to follow this month.

 

Rivian faces fresh challenges in building volume as demand rises while
squashing doubts on whether a new electric vehicle company will be able to
survive what Tesla CEO Elon Musk has called "production hell."

 

Soon after Rivian's IPO, Musk said that high production and breakeven cash
flow would be the "true test" for Rivian. read more

 

Georgia economic development officials on Friday declined to say what the
incentives for Rivian will total as they are still being finalized. Georgia
previously gave Korean automaker Kia more than $450 million in incentives
for a new plant in the state, according to some reports, and officials in
Texas offered Rivian up to $440 million for the new plant. 

 

The Thomson Reuters Trust Principles.

 

 

 

Amazon partnered with China propaganda arm

(Reuters) - Amazon.com Inc was marketing a collection of President Xi
Jinping's speeches and writings on its Chinese website about two years ago,
when Beijing delivered an edict, according to two people familiar with the
incident. The American e-commerce giant must stop allowing any customer
ratings and reviews in China.

 

A negative review of Xi's book prompted the demand, one of the people said.
"I think the issue was anything under five stars," the highest rating in
Amazon's five-point system, said the other person.

 

 

Amazon's compliance with the Chinese government edict, which has not been
reported before, is part of a deeper, decade-long effort by the company to
win favor in Beijing to protect and grow its business in one of the world's
largest marketplaces.

 

An internal 2018 Amazon briefing document that describes the company's China
business lays out a number of "Core Issues" the Seattle-based giant has
faced in the country. Among them: "Ideological control and propaganda is the
core of the toolkit for the communist party to achieve and maintain its
success," the document notes. "We are not making judgement on whether it is
right or wrong."

 

That briefing document, and interviews with more than two dozen people who
have been involved in Amazon's China operation, reveal how the company has
survived and thrived in China by helping to further the ruling Communist
Party's global economic and political agenda, while at times pushing back on
some government demands.

 

In a core element of this strategy, the internal document and interviews
show, Amazon partnered with an arm of China's propaganda apparatus to create
a selling portal on the company's U.S. site, Amazon.com – a project that
came to be known as China Books. The venture – which eventually offered more
than 90,000 publications for sale – hasn't generated significant revenue.
But the document shows that it was seen by Amazon as crucial to winning
support in China as the company grew its Kindle electronic-book device,
cloud-computing and e-commerce businesses.

 

The 2018 briefing document spells out the strategic stakes of the China
Books project for Jay Carney, the global head of Amazon's lobbying and
public-policy operations, ahead of a trip he took to Beijing. "Kindle has
been operating in China in a policy grey area," the document stated, and
noted that Amazon was having difficulty obtaining a license to sell e-books
in the country.

 

"The key element to safeguard" against its license problem with the Chinese
government "is the Chinabooks project," the document stated.

 

The document also noted: "Amazon.com/China books project has also gained
wide recognition among Chinese regulators."

 

LIFE IN XINJIANG

 

The books include many apolitical titles, such as Chinese language
textbooks, cookbooks and children's bedtime stories. But they also include
titles that amplify the Communist Party's official line.

 

One book extols life in Xinjiang, where United Nations experts have said
China interned one million ethnic Uyghurs in a network of camps. The book –
"Incredible Xinjiang: Stories of Passion and Heritage" – discusses an online
comedy show situated in the region. The book quotes an actor who plays a
Uyghur "country bumpkin" saying that ethnicity is "not a problem" there.
That echoes the position of Beijing, which has denied mistreating minority
groups.

 

Some books portray China's battle against the COVID-19 pandemic, which began
in the Chinese city of Wuhan, in heroic terms. One is titled "Stories of
Courage and Determination: Wuhan in Coronavirus Lockdown." Another begins
with commentary from Xi: "Our success to date has once again demonstrated
the strengths of CPC (the Communist Party of China) leadership and Chinese
socialism."

 

The state-owned firm that partners with Amazon on China books, China
International Book Trading Corp, or CIBTC, told Reuters that the venture is
a "commercial relationship between two enterprises." China's National Press
and Publication Administration, or NPPA, the state propaganda arm with which
Amazon has had a partnership, had no comment.

 

In response to questions, Amazon said it "complies with all applicable laws
and regulations, wherever we operate, and China is no exception." It added
that "as a bookseller, we believe that providing access to the written word
and diverse perspectives is important. That includes books that some may
find objectionable."

 

Amazon said it has "a wide selection of books" on China, and the China Books
portal "is an additional channel for serving our Chinese readers in the
United States and elsewhere." CIBTC is "just one of the millions of selling
partners around the world offering products in our stores."

 

Reuters News Agency provides news to China Central Television, the
state-controlled broadcaster. The agency also distributes CCTV content via
Reuters Connect, a marketplace that offers news from about 100 providers.
The marketplace partnerships aren't connected to the Reuters newsroom.

 

The new details about Amazon's China strategy demonstrate the challenges
Western companies face in accessing the world's most populous market – and
in coping with an authoritarian regime that has been tightening control over
public discourse.

 

The company's compromises with Beijing contrast with its efforts to get
around regulators in the world's two largest democracies. In India, Reuters
this year has documented how Amazon circumvented local regulations and, to
promote its own brands, rigged search results on its Indian website. In the
United States, Reuters detailed how Amazon gutted or killed state privacy
bills designed to protect consumers.

 

Amazon said it has always complied with the law in India and doesn't favor
its private-label products in search results. Regarding the United States,
the company said it prefers U.S. federal privacy legislation, and that it
protects consumers' privacy and doesn't sell their data.

 

Some companies have responded to Beijing's demands by leaving the market.
Yahoo recently exited China and Microsoft Corp's LinkedIn announced it would
pull out some of its services. Both cited the country's difficult business
environment and regulatory requirements.

 

Amazon, by contrast, has grown into a powerful economic force in China in
recent years, providing lucrative export opportunities to thousands of
Chinese businesses while growing its own industry-leading cloud-services
unit. Amazon Web Services, or AWS, is now one of the largest providers to
Chinese companies globally, according to a report this year by analysis firm
iResearch in China, and people who have worked for AWS.

 

Still, by 2018, Amazon was receiving an "increasing number of requests from
(Chinese) watchdogs to take down certain content, mostly politically
sensitive ones," stated the briefing document prepared that year for Carney.
He previously served as communications director for U.S. President Joe
Biden, when Biden was vice president, and as press secretary for President
Barack Obama.

 

Amazon declined to make Carney available for an interview.

 

According to the briefing document, the Cyberspace Administration of China,
or CAC, asked Amazon in 2018 to take down a "link to China's new blockbuster
film Amazing China because of especially harsh user reviews." The CAC is
responsible for online security and content regulation.

 

"Amazing China" praises the country's accomplishments since Xi became
president in 2013. CAC wanted the link removed from IMDb, an Amazon-owned
website of movie information and reviews.

 

Amazon's China office responded to CAC that "it is difficult for Amazon
China to accommodate such requests, and we'll relay the message to" Amazon
headquarters "and seek their views about possibilities," the briefing
document stated.

 

The film remains on IMDb's U.S. website. Shortly after the request, some
negative reviews disappeared, archived screenshots of IMDb.com on
archive.org show. Others remain, and "Amazing China" currently has an
overall rating of just 2.3 out of a top score of 10. Some reviews call it
"pathetic," "garbage" or "government propaganda."

 

"Some reviews submitted for the title 'Amazing China' were removed because
they violated our user review content guidelines, with the majority being
off topic," Amazon told Reuters. "IMDb is not aware of any request from
external parties (including the Chinese government) to do anything about
reviews for this title."

 

CAC didn't respond to a request for comment.

 

Amazon entered China in 2004 through a $75 million deal to acquire Joyo.com,
an online book-and-media seller. Eventually, Amazon wanted to introduce
e-books and its popular Kindle reading devices to the Chinese market.

 

To accomplish that, it worked with the General Administration of Press and
Publication, or GAPP, a regulator that engages in state censorship in its
role as overseer of publications in China. NPPA now handles most of GAPP's
responsibilities. NPPA, in turn, is overseen by the Communist Party's
Publicity Department, which was previously known as the Propaganda
Department.

 

According to a former Amazon executive involved in talks with China, the
company secured some, but not all, of the government approvals it needed to
sell Kindle devices and e-books. That situation gave the government leverage
over the retailer, the former executive said. Amazon's public-policy team
came up with the China Books project as a novel way "to get what we wanted
on Kindle and other things," the person said. "It was a wink and a nod."

 

Amazon soon began working with GAPP to set up China Books, according to the
briefing document. The company planned to tout the portal to Chinese
authorities as Amazon's only store named after a country, the document said.
Amazon dedicated several employees to the effort, which involved CIBTC, the
government book-trading company, which the document described as "the
executing body from GAPP."

 

A photograph on CIBTC's website shows Chinese officials toasting the launch
of the project at a hotel in Beijing in September 2011.

 

In October 2012, China Books was awarded the title, "a key national culture
export" project, by a group of Chinese government bodies, including GAPP, as
well as the entity now known as the Publicity Department of the Communist
Party of China. Two months later, Amazon launched its electronic-books
business in China and soon began selling Kindles.

 

By the end of 2017, China had become Kindle's largest global market,
"accounting for 40%+ of our world device sales volume," according to the
2018 briefing document. By then, Amazon had added a Chinese e-book store to
its American website and had translated 19 books.

 

And Carney, the top public-policy executive who then reported to Amazon
founder Jeff Bezos, went to China in April 2018. There, he told an alternate
member of the Communist Party central committee that Amazon would make
"every effort" to promote China Books and make it "bigger and stronger,"
according to a CIBTC press release.

 

The briefing document prepared for Carney stated: "Both China Books and
Kindle Chinese eBook Store are Amazon China's main commitment to assist
China in 'Going Abroad,' an umbrella project that aims to promote Chinese
culture to the world."

 

Amazon's China Books webpage prominently displays CIBTC's name, but doesn't
disclose that it's a project that Amazon created in a partnership with a
Chinese government agency.

 

"Details about the company are readily available online," Amazon told
Reuters, "and CIBTC has placed its name and logo prominently throughout its
page. Our relationship with CIBTC is entirely appropriate."

 

Eventually, the China Books project flopped financially, according to a
person who has been involved in it. Few of the portal's titles have sold
well, and Amazon even shipped back books because its warehouses lacked space
for them.

 

Nonetheless, the China Books project continues. The Chinese-language version
of "Xi Jinping: The Governance of China Volume Three" – is listed first on
China Books' "BEST SELLER" page. It recently showed a sales rank of
1,347,071. Another "best seller," about COVID-19, was ranked 10,654,483. The
Xinjiang title, which Reuters purchased, had been ranked 13,441,455.

 

But sales weren't the goal, according to the person who has been involved in
the project. "It's a high-level photo-op," part of a "soft-power campaign to
basically put the books out there and just have it be visible."

 

In its statement to Reuters, CIBTC, the government book-trading company,
said it doesn't "rank books sold through Amazon." It didn't elaborate.

 

A THREAT TO 'RETALIATE'

 

Amazon continued its Chinese expansion in 2013, announcing the introduction
in Beijing of Amazon Web Services, its cloud-computing business. At the
time, no Chinese law regulated cloud services, the 2018 briefing document
noted.

 

In 2016, China began taking actions that made it more difficult for foreign
cloud-computing firms, such as AWS, to operate in the country.

 

The government began requiring cloud providers to hold a new license that
only Chinese-owned companies could obtain, according to the briefing
document. "Regulators have since become very hostile" toward AWS, the 2018
document stated.

 

The result was that Amazon took an unusual step for the company: It handed
off its cloud technology to local companies so it could keep operating in
China. The Chinese companies – not Amazon – were responsible for "monitoring
and taking down illegal content, collecting and reporting basic information
of customers 
 and working with PRC (the People's Republic of China)
authorities on all compliance-related inquiries that may arise," the 2018
document stated.

 

In its statement to Reuters, Amazon said that AWS, as a foreign cloud
provider, has to license or sell technology to local partners in China in
order to have a presence there.

 

That structure didn't shield AWS from Chinese pressure, however.

 

In February 2018, China's Ministry of Public Security, or MPS, called AWS to
a meeting, the briefing document stated. MPS threatened to "retaliate"
against Amazon unless it removed content and blocked a website it hosted in
the United States for Guo Wengui, a Chinese dissident. AWS refused, the
document said. But the company asked Guo to take an action that exposed the
dissident's Internet Protocol, or IP address, and AWS "provided to MPS" this
data, the document stated. An IP address is a unique code that identifies a
computer accessing the internet.

 

The ministry "recognized our effort to find a solution, though not ... to
their satisfactory level," the document stated.

 

The 2018 briefing document advised Carney to raise the government's request
on Guo when meeting a top Ministry of Commerce official in Beijing, and
stress that China shouldn't make requests that involve data stored abroad.

 

Asked about the Guo incident, Amazon confirmed it received the Chinese
government's request, but said it "did not provide any non-public
information or any other customer information."

 

The commerce ministry said Guo wasn't discussed at the meeting with Carney.
Amazon didn't say whether Guo came up.

 

An employee for MPS said the ministry doesn't respond to requests for
comment. An attorney for Guo said Guo had no comment.

 

AWS's China business continues to grow. Despite being blocked from selling
cloud services to the government and some state-owned enterprises, AWS has
landed key customers in China, say people familiar with the matter.

 

Among them are two Chinese companies, Tiktok developer ByteDance and
video-surveillance firm Hikvision, as well as multinationals Nike, Samsung
and Philips, according to the 2018 briefing document and a 2019 blog on
AWS's website. Philips declined to comment; the other four companies didn't
respond to requests for comment.

 

In June, AWS announced it was expanding further in the country, "to support
the demands of our growing customer base in China."

 

The Thomson Reuters Trust Principles.

 

 

 

P&G recalls some conditioner, shampoo sprays on finding carcinogens

(Reuters) - Procter & Gamble Co (PG.N) said on Friday it was voluntarily
recalling some dry conditioner and shampoo sprays sold in the United States
and Canada from its Pantene and Herbal Essences brands due to the presence
of a cancer-causing chemical.

 

The recall also includes products from its Aussie and Waterless brands made
in the United States and some discontinued items from its Old Spice and Hair
Food brands, in which P&G said it detected "unexpected levels" of benzene, a
human carcinogen.

 

 

Shares in the packaged goods maker, which have risen 15% this year, were
down 1.1% at $159.36 in afternoon trading.

 

P&G did not disclose the number of recalled products, which were distributed
through retail and online outlets, but said they represented less than 1% of
its overall hair care product portfolio.

 

 

The company said it had not received any reports of adverse events related
to the recall, but added that daily exposure to the level of benzene
detected in the products would not be expected to cause negative health
consequences.

 

Benzene is classified as a substance that can potentially cause cancer
depending on the level and extent of exposure.

 

 

Earlier this year, U.S. pharmacy chains pulled Johnson & Johnson's (JNJ.N)
sunscreen products off their shelves after J&J said it had detected benzene
in some samples.

 

The Thomson Reuters Trust Principles.

 

 

 

Starbucks employees at a New York store can form a union-NLRB

(Reuters) - Starbucks Corp (SBUX.O) will be headed to the bargaining table
at its first officially unionized corporate-owned U.S. location after the
National Labor Relations Board on Friday certified the results of a vote to
unionize.

 

Employees at one Buffalo, New York area store on Elmwood Avenue voted last
week to join Workers United, an affiliate of the Service Employees
International Union.

 

Starbucks, which has not had unionized employees anywhere in the United
States for years, did not object to the Elmwood results, the NLRB confirmed.

 

"We remain committed to supporting our partners and are considering all
options that will best protect the work flexibility, transferability and
equitable benefits of all our partners," a Starbucks spokesperson told
Reuters.

 

Baristas and shift supervisors at another location rejected the union, which
has challenged those results. The outcome at a third location is still being
determined as several ballots are under review.

 

Starbucks repeatedly challenged aspects of the NLRB election along the way,
including arguing unsuccessfully that the entire Buffalo market of about 20
cafes should all have to vote at the same time, which would have made it
more difficult for the union to organize at each location.

 

"We're offering an olive branch to Starbucks. We're asking them to put the
past behind us, to sit down at the bargaining table to show the world
they're ready to bargain with their partners," Michelle Eisen, an employee
at the Elmwood location who helped lead the unionization effort, said in a
statement.

 

Starbucks had a handful of unionized U.S. locations decades ago, but they
eventually decertified. More than 1,000 workers at West Coast Starbucks
kiosks inside grocery stores are United Food and Commercial Workers members,
but they are franchisee - not Starbucks - employees.

 

The Thomson Reuters Trust Principles.

 

 

 

Boeing suspends vaccine mandate for U.S. employees

(Reuters) - Boeing Co (BA.N) suspended its coronavirus vaccination
requirement for U.S.-based employees, the U.S. planemaker said on Friday,
capping weeks of uncertainty as thousands of workers sought exemptions and
challenges to a federal mandate played out in court.

 

In an internal announcement, Boeing said its decision came after a review of
a U.S. District Court ruling earlier this month that halted the enforcement
of President Joe Biden's vaccine requirement for federal contractors.

 

 

Some big healthcare chains and companies such as General Electric (GE.N),
Spirit AeroSystems (SPR.N), and Amtrak have also suspended vaccine mandates
for workers.

 

In recent weeks, the number of Boeing employees seeking a vaccine exemption
on religious or medical grounds had reached more than 11,000 - or nearly 9%
of its U.S. workforce - a level many times higher than executives initially
estimated, Reuters first reported.

 

 

The fact that the vast majority of applications were on religious grounds
thrust one of America's largest employers into the center of a debate about
the ethics of probing an employee's religious beliefs.

 

It also left executives searching for a strategy that keeps employees safe,
but avoids an exodus of engineering and factory labor.

 

Boeing's vaccination requirement has resulted in more than 92% of U.S.-based
workers having registered as being fully vaccinated, or having received a
religious or medical accommodation, according to the Friday memo.

 

"The success of Boeing's vaccination requirement to date positions the
company well to comply with the federal executive order should it be
reinstated in the future," it added.

 

A Boeing spokesperson confirmed the decision, and added that the company was
"committed to maintaining a safe working environment for our employees, and
advancing the health and safety of our global workforce."

 

Boeing suspended its vaccination requirement in line with the court's
decision prohibiting enforcement of the federal contractor executive order
and a number of state laws, the spokesperson added.

 

Last month, the White House pushed back to Jan. 4 its deadline for employees
at federal contractors to be vaccinated or be tested regularly if they
receive exemptions.

 

The Thomson Reuters Trust Principles.

 

 

 

Tesla faces investor lawsuit over Musk tweets on 10% stock sales

(Reuters) - Tesla Inc (TSLA.O) was hit by a lawsuit over CEO Elon Musk's
social media posts including his Twitter poll on stock sales that pulled
down its stock prices.

 

Tesla investor David Wagner called for access to internal documents to
investigate whether Tesla and Musk violated an agreement with the U.S.
securities regulator and its board members failed to adhere to their
fiduciary duties.

 

 

In 2018, Musk settled a lawsuit by the Securities and Exchange Commission
over his tweet on taking the company private, agreeing to have the company’s
lawyers pre-approve tweets with material information about the company.

 

Tesla shares, which had hovered near record-highs, lost their value by about
a quarter after Musk said on Nov. 6 he would sell 10% of his stake if
Twitter users agreed. He has since sold nearly $14 billion worth of shares
so far.

 

 

The lawsuit, filed with the Delaware Court of Chancery on Thursday, seeks to
obtain records and books related to his tweets, including documents to
identify whether the stock sales tweets were reviewed or pre-approved in
advance.

 

In March, another shareholder sued Musk and its board in March, accusing him
of violating his 2018 settlement with the SEC and exposing shareholders to
billions of dollars of losses.

 

 

 

Wall Street ends down after mostly negative week

(Reuters) - Wall Street finished lower on Friday, weighed down by Big Tech
as investors worried about the Omicron coronavirus variant and digested the
Federal Reserve's decision to end its pandemic-era stimulus faster.

 

All three main U.S. stock indexes ended with a decline for the week after
the Fed on Wednesday signaled three quarter-percentage-point interest rate
hikes by the end of 2022 to combat surging inflation.

 

 

Nvidia (NVDA.O) dropped 2.1% and Alphabet (GOOGL.O) lost 1.9%, both weighing
on the S&P 500 and Nasdaq.

 

The S&P 500 growth index (.IGX) lost 0.7% and the value index (.IVX)
declined 1.4%.

 

 

All of the 11 major S&P 500 sector indexes fell, with financials (.SPSY)
leading the way down with a 2.3% drop. Energy (.SPNY) lost 2.2%.

 

Adding to uncertainty, Pfizer (PFE.N) said on Friday the pandemic could
extend through next year. European countries geared up for further travel
and social restrictions and a study warned that the rapidly spreading
Omicron coronavirus variant was five times more likely to reinfect people
than its predecessor, Delta. read more

 

Traders also pointed to year-end tax selling and the simultaneous expiration
of stock options, stock index futures and index options contracts - known as
triple witching - as potential causes for volatility.

 

"It's a big options expiration day," said Joe Saluzzi, co-manager of trading
at Themis Trading in Chatham, New Jersey. "And now you draw on top of that
some Omicron, and you've got volatility, and I think it creates a lot of
uncertainty amongst investors. Where are you going to position for the end
of the year?" Heavyweight growth stocks including Nvidia and Microsoft have
outperformed the broader market in 2021, while the Philadelphia SE
Semiconductor index (.SOX) has surged about 35%. The benchmark S&P 500 index
gained around 23% in the same period.

 

In Friday's session, the Dow Jones Industrial Average (.DJI) fell 1.48% to
end at 35,365.44 points, while the S&P 500 (.SPX) lost 1.03% to 4,620.64.

 

The Nasdaq Composite (.IXIC) dropped 0.07% to 15,169.68.

 

On a positive note, the small-cap Russell 2000 index (.RUT) rallied 1% after
having fallen more than 10% from a record high in early November.

 

With options expiring, volume on U.S. exchanges jumped to 16.6 billion
shares, far above the 11.9 billion average over the last 20 trading days.

 

For the week, the S&P 500 fell 1.9%, the Dow lost 1.7% and the Nasdaq
declined 2.9%.

 

In Friday's session, Oracle (ORCL.N) tumbled 6.4% after the Wall Street
Journal reported the enterprise software maker is in talks to buy electronic
medical records company Cerner (CERN.O) in a deal that could be valued at
$30 billion. Shares of Cerner surged 12.9%. read more

 

FedEx Corp (FDX.N) rose almost 5% after the delivery firm reinstated its
original fiscal 2022 forecast on Thursday, even as persistent labor woes
chipped away profits. read more

 

Declining issues outnumbered advancing ones on the NYSE by a 1.50-to-1
ratio; on Nasdaq, a 1.16-to-1 ratio favored advancers.

 

The S&P 500 posted 22 new 52-week highs and seven new lows; the Nasdaq
Composite recorded 28 new highs and 341 new lows.

 

The Thomson Reuters Trust Principles.

 

 

 

Nigerians, Ivorians, Malians Require About a Week's Worth of Work to Afford
Data - Report

The report said Nigeria has one of the slowest broadband internet networks
globally (13.45 Mbps), ranking 105th out of 110 index countries.

 

Nigerians, Ivorians and Malians "approximately" require a week's worth of
work to afford the internet, a recent report by Surfshark, an
Amsterdam-based cybersecurity company, has found.

 

The research, titled "Digital Quality of Life (DQL) Index," said yet,
internet quality in the aforesaid countries stands at the lowest end of the
index.

 

Based on the "40-hour work week" which is the accepted standard in today's
workplace, the researchers said, "in Nigeria, one has to work 35 hours 33
minutes to afford the cheapest broadband package (which is almost a full
workweek)."

 

They said the factor value of broadband (or mobile) internet affordability
for the study was determined by dividing the lowest broadband (or mobile)
internet package price by the average hourly wage in a specific country.

Surfshark said Nigeria has one of the slowest broadband internet networks
globally (13.45 Mbps), ranking 105th out of 110 index countries and 96th in
worst mobile connections (17.91 Mbps).

 

PREMIUM TIMES had earlier examined how slow internet affects businesses and
makes Nigerians lose out on opportunities.

 

Seeking to understand the digital divide people experience in the
post-pandemic world, the study analysed internet affordability, and the
quality people have in different countries.

 

"Digital opportunities have proved to be more important than ever during the
COVID-19 pandemic, stressing the importance for every country to ensure
fully remote operational capacities for their economies," Vytautas
Kaziuokonis, the CEO of Surfshark, said in a statement shared with PREMIUM
TIMES.

 

"However, internet accessibility varies greatly in quality and affordability
depending on where we live, revealing deep inequalities between low and
high-income countries," he added.

Depending on open-source information provided by the United Nations, the
World Bank, Freedom House, the International Communications Union, and other
sources, the research considered 90 per cent of the global population,
amounting to about 6.9 billion people in its scope.

 

It found that "low and lower-middle-income countries have to work four times
more for four times slower broadband internet and almost five times more for
three times slower mobile connection than high income countries."

 

On average, the report noted, people in low and lower-middle-income
countries have to work more than 20 minutes 19 seconds per month to afford
the cheapest 1GB of mobile internet.

 

But, in comparison, "people in high income countries have to spend only 4
minutes 7 seconds, 4.9 times less than people in low income countries."

In addition, the research said, high-income countries have access to almost
three times faster mobile internet connections (61.41 Mbps) than low and
lower-middle-income countries (21.33 Mbps).

 

The situation is even more troublesome when it comes to broadband internet
access, it said.

 

Home to over 3 billion people, low and lower-middle-income countries spend
approximately 11 hours, 10 minutes per month for the cheapest broadband
package.

 

This, Surfshark said, "is 4.2 times more than people in high-income
countries (2 hours 41 minutes)."

 

Other findings of the research showed that the average broadband internet
connection speed in high-income countries is four times higher (113.19 Mbps)
than in low and lower-middle-income countries (28.53 Mbps).

 

The study concluded that there is a wide internet speed gap between
countries at the top and the bottom of the internet quality pillar.

 

Citing an instance of such, it said Bangladesh's mobile internet speed (11
Mbps) is only 8 per cent of the United Arab Emirates (145 Mbps).

 

"There is an even bigger inequality in bandwidth speeds: the world's slowest
internet (5 Mbps in Algeria) performs at only 2 per cent compared to the
fastest (230 Mbps in Singapore)."

 

Despite the inadequacies, the report submitted that many countries have
shown massive improvements in internet speeds since the beginning of the
COVID-19 pandemic as economies quickly shifted and adapted to the situation.

 

"As much as 40 per cent of the researched countries improved their mobile
internet speed by more than 50 per cent. Broadband internet speeds grew less
than mobile in most countries, yet 8 out of 110 countries managed to double
their broadband speeds."-Premium Times.

 

 

 

South Africa: Motsoeneng Ordered to Pay Back SABC Millions

Former SABC Chief Operations Officer Hlaudi Motsoeneng has been ordered to
pay back at least R11.5 million "success fee" paid to him by the
broadcaster's Governance and Nominations Committee in 2016.

 

The decision to pay Motsoeneng the fee was reviewed and set aside by the
Gauteng Local Division of the High Court sitting in Johannesburg on
Wednesday.

 

In the judgement, the court found that Motsoeneng had accepted the fee
knowing that no South African Broadcasting Corporation (SABC) policies
allowed for such.

 

"Motsoeneng was not an innocent bystander in all of this, he set out to
obtain a benefit that he was not entitled to, knowing full well that his
employment contract did not allow for bonuses. The only reasonable inference
to be drawn is that he received payment of the success fee in circumstances
he knew, or ought to have known, that he was not entitled to, this was
unlawful," the judgement read.

Motsoeneng has also been ordered to pay back the money within the next seven
days.

 

The order was granted to the SABC and the Special Investigating Unit
following an investigation by the corruption-busting unit into allegations
of corruption, maladministration, malpractice and payments made by the SABC
together with the conducts of its employees.

 

SIU head Advocate Andy Mothibi said the decision is a step in ensuring that
monies unlawfully gained from public coffers is returned.

 

"This is a continuation of implementation of the SIU investigations outcomes
and consequence management to recover monies lost by the SABC. There are
other cases enrolled in the High Court and in the Special Tribunal awaiting
adjudication and will result in further recoveries for the SABC," Mothibi
said.

 

The broadcaster's Group Chief Executive Officer Madoda Mxakwe also welcomed
the judgement.

 

"'This judgment bears testimony to the SABC's commitment to addressing
corporate governance failures of the past, whilst ensuring monies due to the
Corporation are recovered. We are confident that this judgment demonstrates
progress in the SABC's turnaround journey."-SAnews.gov.za.

 

 

 

Uganda: Govt Commits to Pay Salaries of Medical Interns

Kampala, Uganda — The Minister of State for Finance, Planning and Economic
Development (General Duties), Henry Musasizi, has given legislators
assurance that medical intern doctors and senior medical staff in government
health facilities will be paid within two weeks.

 

"It is true that the House handled the issue and passed Shs32.5 billion in
the supplementary budget to cater to allowances of intern doctors and
salaries of senior medical staff. There is a process we follow after passing
a supplementary and we have been following this," he said.

 

Musasizi informed the lawmakers during plenary on Thursday, 16 December 2021
that the Ministry of finance received a request today [Thursday] for the
funds from the Ministry of Health.

"By close of business today, we should have issued the cash limit to them
[Ministry of Health] to facilitate them pay the money," he said.

 

The Minister of Information, Communication Technology and National Guidance,
Chris Baryomunsi, informed Parliament that the leadership of the Forum of
Interns Executive Committee and Uganda Medical Association (UMA), are
scheduled to meet with the Director-General of Health Services on Friday, 17
December 2021.

 

"There is progress, there should be no cause for worry and they [Medical
Interns] have indicated that they will resume work on Monday," Baryomunsi
said.

 

The assurances by the ministers follows a proposed motion for a resolution
of Parliament urging government to rescind a directive requiring medical
interns to vacate government hospital facilities and to address concerns
leading to medical interns' strike.

 

The Speaker Jacob Oulanyah, deferred the motion to Tuesday, 21 December
2021, saying that he held a meeting with the Permanent Secretary and
Secretary to the Treasury (PSST) on the matter.

 

"In light of this, I will defer this motion to allow us monitor the
developments that will take place tomorrow [Friday]; our meeting with the
PSST, the meetings with the leaders of UMA and clear guidance on when this
money will be paid," Oulanyah said.

 

He added that by Tuesday when the motion is presented, MPs will be aware of
the sections which will still be relevant.

 

Medical interns in government hospitals and health centers countrywide took
industrial action six weeks ago, demanding a raise in salary and health
insurance. They further raised concern over the lack of medical supplies.

 

While addressing the nation in 2017 and in June 2021, President Museveni
said doctors' salaries will be increased from Shs2.5 million to Shs5 million
- a promise yet to be fulfilled.-Independent (Kampala).

 

 

 

Malawi: Experts Brainstorm On Enhancing Engineering Skills for Sustainable
Agriculture

Local and international experts in the agriculture sector have convened at
Bunda Campus of the Lilongwe University of Agriculture and Natural Resources
(LUANAR) to share lessons and knowledge on how they can address engineering
gaps and to showcase the role of engineering in economic development.

 

The conference, which has drawn experts from Kenya, Malawi, Tanzania, Uganda
and the United Kingdom (UK), among others, has been organized through the
Higher Education Partnerships in Sub-Sahara Africa (HEPSSA) Project, which
the UK Government is financing through the Royal Academy of Engineering.

HEPSSA Project is a network of engineering faculties and schools in some
Eastern and Southern African universities linked to a UK university with the
aim of enhancing quality of engineering education and training.

 

In an interview with Nyasa Times after the official opening of the
conference, LUANAR Dean of the Faculty of Agriculture, Dr. Vincent Mgoli
Mwase, said the project's major objective is to enhance the quality of
engineering education and training through academic staff secondment to
industry; invitation of industry experts to university as guest lecturers;
collaborative research with industry, industry supported curriculum review
and knowledge sharing workshops.

 

"So, the workshop that is taking place here is basically to strengthen the
partnership between the academia and the industry partners.

 

"The whole idea is that we want to ensure that whatever we do in the
academia should trickle down to the industry and, at the same time, whatever
happens in the industry should also be part of what we are doing in the
academia," said Mwale.

 

He said over the past years, they noted that there were several areas that
the academia was doing, but was missing the link with the industry partners.

 

Mwale disclosed that majority of the graduates lacked practical expertise
when they join the industry.

 

In his remarks, HEPSSA Project principal investigator and Head of
Engineering Department, Dr. Grivin Mvula, said the conference offers the
experts the best platform to bang heads on how they can contribute towards
the socioeconomic development of their respective countries through enhanced
engineering skills.-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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