Major International Business Headlines Brief::: 06 February 2021

Sat Feb 6 08:50:06 CAT 2021

 <https://bullszimbabwe.com/> 

 <http://www.bullszimbabwe.com> Bullszimbabwe.com
<mailto:info at bulls.co.zw?subject=View%20and%20Comments> Views & Comments
<https://bullszimbabwe.com/category/blogs/bullish-thoughts/> Bullish
Thoughts        <http://www.twitter.com/BullsBears2010> Twitter
<https://www.facebook.com/BullsBearsZimbabwe> Facebook
<http://www.linkedin.com/pub/bulls-n-bears-zimbabwe/57/577/72> LinkedIn
<https://chat.whatsapp.com/CF6wllAfScU9Wr6dXxoQnO> WhatsApp
<mailto:info at bulls.co.zw?subject=Unsubscribe> Unsubscribe

Major International Business Headlines Brief::: 06 February 2021

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

ü  Biden ends deadlock over first African and first woman to lead WTO

ü  US job growth sluggish as virus hampers recovery

ü  Tech Tent: What next for the stars of online retail?

ü  Peloton deliveries hit by Brexit and port delays

ü  Myanmar coup: Beer giant Kirin pulls out of partnership

ü  French Connection shares rocket amid takeover bids

ü  Stalling U.S. labor market bolsters Biden's drive for big stimulus
package

ü  GameStop shares halt slide after Robinhood lifts trading curbs

ü  Oil rises 1%, hits highest in a year on growth hopes, OPEC+ output cuts

ü  Amazon orders more than 1,000 natgas-powered engines for U.S. fleet

ü  Microsoft halts donations through 2022 to lawmakers who opposed Biden
certification

ü  Liberia: President Weah Sends US$10.5m Supplementary Budget to Lawmakers

ü  Nigeria: Claim Dormant Account Balances, Unclaimed Dividends Now, Govt
Advises Nigerians

ü  Gambia: Interest Rate Drops to 15 Percent Amid Covid-19

ü  South Sudan: AfDB Gives South Sudan U.S.$14 Million Grant to Boost
Agriculture

ü  Nigeria: Budget 2020 - N66,801 Billion Capital Rolled Over for 27 MDAs

 <https://www.facebook/Hyundaizimbabwe/> 

Biden ends deadlock over first African and first woman to lead WTO

The Biden administration has ended the deadlock over the next head of the
World Trade Organization (WTO) by expressing its "strong support" for
Nigeria's ex-finance minister.

Ngozi Okonjo-Iweala was frontrunner for the role until the Trump
administration last October said it wanted another woman, South Korea's Yoo
Myung-hee.

Ms Yoo has now withdrawn her candidacy.

If confirmed in the role, Dr Okonjo-Iweala would be the first woman and the
first African to lead the WTO.

Dr Okonjo-Iweala on Friday praised her rival for the post and said: "There
is vital work ahead to do together."

A WTO nominations committee in October recommended its 164 members appoint
Dr Okonjo-Iweala as a replacement to outgoing chief Roberto Azevedo; a
spokesman at the time said all had approved the appointment "except for
one".

President Donald Trump - who had described the WTO as "horrible" and biased
towards China - wanted Ms Yoo, South Korea's trade minister.

Ms Yoo on Friday said her decision to withdraw her candidacy was made in
"close consultation" with the US. She said: "South Korea will actively
contribute to reaching consensus for the next WTO chief and co-operate with
her and participate in the WTO reform process."

The White House congratulated Ms Yoo on her "strong campaign" for the
position and for being a "traiblazer" as South Korea's first female trade
minister.

In a statement, it said the "US stands ready to engage in the next phase of
the WTO process for reaching a consensus decision on the WTO Director
General".--BBC

US job growth sluggish as virus hampers recovery

The US economy added just 49,000 jobs in January as the coronavirus pandemic
continued to hamper recovery.

Losses hit workers at retail stores, restaurants, casinos and hotels, in a
sign that analysts said underscored the need for further economic relief.

The Labor Department said the unemployment rate fell to 6.3%, down 0.4
percentage points from December.

But the US remains about 10 million jobs short of where it stood in February
2020, before the pandemic hit.

"It's very clear that our economy is still in trouble," US President Joe
Biden said in a speech on Friday, in which he pressed for approval of a
$1.9tn (£1.4tn) spending package. "I see enormous pain in this country. I am
going to act fast."

The weak hiring in January followed job losses in December, which put an end
to a streak of job gains that started in May.

The Labor Department said on Friday those falls were deeper than originally
estimated, with 227,000 jobs cut instead of 140,000 as previously reported.

Analysts also attributed the fall in the jobless rate to more people giving
up on looking work, as roughly 400,00 more people withdrew from the labour
force.

Hardest hit

"This is a significantly softer report than expected, at least in terms of
payrolls," said Ian Shepherdson, of Pantheon Macroeconomics. "The bottom
line here is that the labour market was frozen at the start of the year, and
is completely dependent on the pace of reopening, which in turn is
contingent on the speed and sustainability of the fall in hospitalizations."

Temporary hires accounted for most of January's job gains, while most other
industries shed positions.

The losses have hit low-income, minority and female workers hardest a trend
that continued in January. Nearly 40% of the unemployed have been without
work for more than six months.

Mr Biden's $1.9tn stimulus package would send cheques worth $1,400 to most
families, expand jobless aid and provide new money for struggling businesses
- as well as devote millions to testing and vaccination efforts.

Senate Democrats narrowly approved the measure early on Friday, over
Republican opposition, sending it to the House of Representatives, where it
is expected to receive support.

"The soft January US employment report strongly implies that the next round
of fiscal aid/stimulus needs to be error on the side of caution and go big,"
economist Joseph Brusuelas, of the RSM accounting and consultancy firm,
wrote on Twitter.

"Outside of professional business and services hiring this report is
undeniably weak."

Since the pandemic hit, workers at restaurants and hotels and other
businesses badly affected by shutdowns have struggled, but the rest of the
economy has shown signs of adapting. Some companies even thrived.

The employment report for January, however, undermines that theory.

Segments of the economy not directly affected by the pandemic aren't doing
well. Hiring in industries like transportation and warehousing fell last
month. There were also declines in healthcare.

At January's pace of 49,000 jobs per month, it would take roughly 17 years
for the US jobs market to get back to where it was a year ago.

It's a reminder for those shaping US economic policy that America's jobs
crisis is far from over.--BBC

Tech Tent: What next for the stars of online retail?

Amazon and Alibaba, the two biggest players in online retail, have both
unveiled stellar results.

But the American and Chinese giants each face leadership and regulatory
challenges, with Amazon's Jeff Bezos stepping aside as chief executive and
Alibaba's Jack Ma under scrutiny from the Chinese authorities.

On this week's Tech Tent podcast, we compare the two companies and explore
where they head next.

What is clear is that both Amazon and Alibaba have received a huge boost to
their finances during the pandemic, with millions more people shopping from
home during lockdowns.

Amazon's revenues soared in the last quarter covering the holiday season, up
44% on 2019 to $126bn (£92bn).

Meanwhile Alibaba had a 37% increase in its sales to $34 billion (£25bn).

Each company also reported surging sales and profits for their
cloud-computing divisions. Amazon Web Services (AWS) accounted for more than
60% of the company's entire operating profit for 2020.

Meanwhile, 11 years after it was started, Alibaba's cloud business made its
first profit, with revenues up 50% on the previous year.

But both businesses' results were overshadowed by news about their founders.

For Amazon, it was the moment Jeff Bezos chose to announce he was stepping
aside from the day-to-day running of the company he started in 1994.

While the announcement was unexpected, the fact that AWS boss Andy Jassy is
taking over appeared to impress the markets and Amazon's shares barely
moved.

By contrast, Alibaba's investors have plenty to worry about.

The Chinese authorities seem determined to toughen up regulation of one of
the country's biggest tech champions.

And while founder Jack Ma stepped back from running the business a while
back, he remains at the heart of the controversies about its power and
influence.

A speech he made last year about a lack of innovation in Chinese banking
seemed to anger the government.

It may have been behind Ma's disappearance from public view for a few months
and the regulator's move to halt the IPO of Ant Group, his fintech business,
which is partly owned by Alibaba.

The BBC's Asia business correspondent, Karishma Vaswani, tells us that Jack
Ma remains the superstar visionary driving the future of the company.

"He is a larger-than-life character. He represents innovation in China. He
is typically seen on the global stage talking about how he went from rags to
riches. He's somebody people really connect with," she explains.

But she says that prominence may explain his problems with the authorities.
"He became bigger than the Chinese state itself," she says.

Jeff Bezos had a few similar problems with the US government, with his
ownership of the Washington Post making him a target for President Trump,
who referred to him as "Jeff Bozo" in one tweet.

Under the Biden administration the personal animosity is gone but issues
such as working conditions at Amazon and its market power will continue to
draw criticism from American politicians and regulators.

Still, it's Google and Facebook that appear to be a bigger target for
regulation.

Overall, it's China's Alibaba that appears to have more to fear from its
government than the US's Amazon.

Both Jack Ma and Jeff Bezos will continue to play roles in the companies
they founded. But Amazon's founder may have a more relaxing time, enjoying
his huge fortune and his space and climate-change ventures without worrying
too much about offending his government.--BBC

Peloton deliveries hit by Brexit and port delays

UK consumers who have ordered Peloton exercise equipment may have a
frustrating wait, the firm has warned.

Peloton said UK stock had been disrupted by Brexit while global shipping
congestion had also led to "significant delays".

The company has struggled to keep up with surging demand for its exercise
machines during the pandemic.

"These unpredictable delays have resulted in painful delivery reschedules
for many people," it said.

Peloton has been one of the big beneficiaries of lockdown as people have
been looking for ways to exercise at-home.

Sales of its technology-focused machines have soared in the past year as the
pandemic shut gyms, but the company has struggled to keep up with demand for
months, leading to long wait times and frustrated customers.

Mr Foley, co-founder of the company, was very apologetic. "We are (and
always have been) a company that is deeply committed to your happiness and
we've fallen short of that in this regard," he said.

Significant delays

The company blamed the delays on "a global increase in shipping traffic"
which "has added significant delays to all sorts of goods coming into ports
around the world, including Peloton products".

It also pointed to port congestion in Los Angeles and Long Beach, where
shipping container volume has doubled in the last 12 months.

Mr Foley added: "In Europe, despite our best efforts to prepare for the
impact of Brexit on January 1st, we experienced additional disruption to
inventory bound for the UK and Germany."

He said the company was shipping some of its products by air instead of by
sea to get them to customers, but added that because of its environmental
concerns "we will not always fly bikes in airplanes over the ocean ".

"These unprecedented measures are for these unprecedented times," Mr Foley
said.

Record sales

On Thursday, Peloton reported record quarterly sales to 31 December of more
than $1bn (£0.73bn) and raised its sales forecast for the full year to
$4.08bn, up from a previous forecast of $3.90bn.

It said connected fitness subscriptions - users who pay for classes on
Peloton equipment - had jumped 134% to 1.67 million and would reach 1.98
million this year.

Paid digital subscriptions - people who subscribe to classes on smartphones
and other devices - soared by 472% to about 625,000.

The company said it now has more than 4.4 million users.

It is not only attracting more customers, but they are working out more.
Peloton said that workouts on its equipment rose 303% to 98.1 million with
an average of 21.1 workouts per month by each user, up from under 13 monthly
workouts a year-ago.--BBC

Myanmar coup: Beer giant Kirin pulls out of partnership

Japanese beer giant Kirin said it is pulling out of a partnership in Myanmar
which it runs with a conglomerate linked to the country's military.

The company has a joint venture with Myanmar Economic Holdings, which is
overseen by commander-in-chief Senior General Min Aung Hlaing.

On Monday, he led a military coup which seized control of the government.

In a statement on Friday, Kirin said it was "deeply concerned by the recent
actions of the military in Myanmar".

Kirin is one of the world's biggest brewing companies, owning brands like
Kirin and Tooheys, as well as a major stake in San Miguel and a number of
craft beers brewed in the UK and US.

The Japanese drinks conglomerate also owns just over half of both Myanmar
Brewery and Mandalay Brewery, in partnership with Myanmar Economic Holdings
(MEH).

"We decided to invest in Myanmar in 2015, believing that, through our
business, we could contribute positively to the people and the economy of
the country as it entered an important period of democratisation," Kirin
said in a statement sent to the BBC.

"Given the current circumstances, we have no option but to terminate our
current joint-venture partnership with Myanmar Economic Holdings Public
Company Limited... We will be taking steps as a matter of urgency to put
this termination into effect."

A United Nations (UN) investigation uncovered MEH's links to its military
and Min Aung Hlaing. MEH has a significant portfolio across many industries
including banking, tourism, real estate, transportation, gems and metals.

In 2018 a UN mission investigating atrocities against the Rohingya people in
Myanmar said that doing business with MEH posed "a high risk of
contributing" to human rights violations.

Under pressure

Foreign companies that invested in Myanmar have been under pressure from
human rights groups for doing business in the country. A number of foreign
oil and gas companies have operations in Myanmar, along with carmakers and
banks.

Activists had called for Kirin in particular to end its joint venture in
Myanmar even before Monday's coup after investigations revealed the
partnership profited the country's military.

Human rights group Justice for Myanmar had argued Kirin's joint venture
helps "finance the Myanmar military's ongoing war crimes and crimes against
humanity".

On Friday, Justice For Myanmar spokesman Yadanar Maung said: "Kirin's bold
and timely move to cut ties sends a strong message to the Myanmar military
that their illegitimate and brutal coup and continued genocide, war crimes
and crimes against humanity will not be tolerated."

"We appreciate that Kirin has finally listened to the voices of the Myanmar
people and made the right decision by cutting ties. We now call on Kirin to
encourage other companies to follow suit," Justice For Myanmar added.

The human rights group is calling on the international community to impose
targeted sanctions on Myanmar's military businesses.

After Monday's coup, US President Joe Biden threatened to reinstate
sanctions on Myanmar. Along with the US, the United Nations, the UK and the
EU have also condemned the military takeover.—BBC

French Connection shares rocket amid takeover bids

Shares in French Connection closed up 67% at 26p on Friday after the
struggling fashion chain said it had received two takeover approaches.

The retailer, which has posted losses for most years in the past decade,
said the talks were at an early stage.

One offer comes from Spotlight Brands, which owns Sweaty Betty, together
with Gordon Brothers International, which recently bought Laura Ashley.

The other bid is from Go Global Retail and HMJ International Services.

On Thursday, shares in French Connection began trading at 11p, but rose 40%
throughout the day on speculation it could be a bid target.

Responding to the speculation, the retailer confirmed it had received bid
approaches, but there was "no certainty that an offer will be made, nor as
to the terms on which any offer might be made (although any offer is likely
to be in cash)".

Sales hit

The business was founded more than 50 years ago by chief executive Stephen
Marks, who began the business on the back of a consignment of cheesecloth
shirts.

It currently has about 78 stores in the UK.

In October, it said that sales for the first half of 2020 had fallen by more
than half to £23.9m as the Covid-related lockdowns closed its shops and cut
consumer spending on clothes.

The company employs about 1,000 staff, according to its latest annual
report. Chief executive Stephen Marks, who founded the company, owns more
than 40% of the firm, while billionaire Mike Ashley's Frasers Group owns
just under a quarter of the company.

In 2018,French Connection had said it could be sold when it said it was
"reviewing all strategic options" including the potential sale of the
firm.—BBC

Stalling U.S. labor market bolsters Biden's drive for big stimulus package

WASHINGTON (Reuters) - U.S. employment growth rebounded moderately in
January and job losses in the prior month were deeper than initially
thought, strengthening the case for a sizable relief package from the
government to aid the recovery from the COVID-19 pandemic.

The Labor Department’s closely watched employment report on Friday showed
job losses in manufacturing and construction, two sectors which have been
propping up the economy. There were further job losses at restaurants and
bars. Retailers and employers in the transportation industry also laid off
workers.

Millions of Americans are experiencing long spells of unemployment and
permanent job losses, while others have given up searching for work.
President Joe Biden on Friday cited the weak report to push the U.S.
Congress to pass a $1.9 trillion recovery plan amid resistance from
Republicans, now worried about the ballooning national debt.

“It’s very clear that our economy is still in trouble,” Biden said in an
address to the nation. “I see enormous pain in this country. I am going to
act fast.”

Biden’s fellow Democrats in Congress approved a budget outline that will
allow them to muscle the stimulus through in the coming weeks without
Republican support.

Nonfarm payrolls increased by 49,000 jobs last month. Data for December was
revised to show 227,000 jobs lost instead of 140,000 as previously reported.
Employment is 9.9 million jobs below its peak in February 2020.

The economy also created 250,000 fewer jobs in the 12 months through March
2020 than previously estimated. The Congressional Budget Office has
estimated employment would not return to its pre-pandemic level before 2024.
Economists polled by Reuters had forecast payrolls rising by 50,000 jobs in
January.

“The weakness portrayed in today’s labor report opens the door for the Biden
administration to push forward with a higher spending package and provide
relief for many Americans and businesses that continue to struggle with the
pandemic,” said Charlie Ripley, senior investment strategist at Allianz
Investment Management.

December’s drop in payrolls was the first in eight months and came amid
renewed restrictions on businesses like restaurants and bars to slow a
resurgence in coronavirus infections. Though those curbs on businesses
continued into the first half of January, there is reason for cautious
optimism as some employment measures have been stabilizing since the second
half of January as authorities began easing restrictions.

The government surveyed businesses for January’s employment report in the
middle of the month. It noted the response rate to the survey was “slightly
below average.”

Nearly $900 billion in additional relief money provided by the government at
the end of December and the acceleration in the distribution of vaccines for
the virus could lift hiring in the months ahead. In addition, the pace of
COVID-19 infections appears to have peaked in early January.

“We are hopeful that January will mark the low point for 2021 job creation,”
said James Knightley, chief international economist at ING in New York.
“Much stronger jobs figures are likely from the second quarter onwards.”

Stocks on Wall Street rose. The dollar fell against a basket of currencies.
U.S. Treasury prices were lower.

GameStop shares halt slide after Robinhood lifts trading curbs

(Reuters) - Shares of GameStop and other companies caught in the recent
social media-fueled trading frenzy bounced on Friday, after online broker
Robinhood lifted all the buying curbs imposed at the apex of the battle
between amateur investors and Wall Street hedge funds.

The videogame retailer, the initial trigger for the market slugfest after
gaining popularity on social media platform Reddit’s WallStreetBets, closed
up 19.20% at $63.77 after hitting a session high of $95, although the wild
gyrations seen in the past two weeks appeared to be easing.

“The WallStreetBets influence is diminishing to a certain extent because
there are a lot of people that got burned,” said Dennis Dick, head of
markets structure and a proprietary trader at Bright Trading LLC in Las
Vegas.

“From a short seller’s perspective, I was spooked a week-and-a-half ago to
short any small caps because I was worried WallStreetBets could squeeze me
on it,” Dick said. “I’m not spooked anymore; I kind of went back to normal
trading, so I can say I think the WallStreetBets influence is not as strong
as it was last week.”

Robinhood, among the fee-free online brokers credited with fueling the
trades, said late on Thursday it had removed all buying restrictions imposed
due to a surge in clearinghouse deposit requirements last week.

With many of the stocks involved in the so-called “Reddit rally” slumping
this week, hedge funds with bearish positions on GameStop made $3.6 billion
in profits compared with losses of $12.5 billion in January, financial
analytics firm Ortex said on Friday.

The slump cut declines so far this year for GameStop shorts to $8.73 billion
realized and unrealized losses through Friday morning, according to
analytics firm S3 Partners.

Analysts pointed to a stunning Hong Kong debut for Tencent-backed Kuaishou
Technology as more evidence of the growing power of small investors, but on
the WallStreetBets forum at the center of the last week’s action there were
few signs of consensus around new stock market favorites.

“The speculation is now fading, but that doesn’t mean it can’t come back a
month or two months from now,” said Peter Cardillo, chief market economist
at Spartan Capital Securities in New York.

“A lot of the small investors may have gotten burnt, so it’s going to take
time to heal that wound,” Cardillo said. “It may not pop up in those stocks
that were already attacked, but it could happen in other companies and maybe
on a broader scale.”

Other stocks that have seen sharp declines as their fortunes reversed in the
social media phenomenon, such as Koss Corp and the U.S.-listed shares of
Blackberry closed higher on Friday, while others such as Bed, Bath & Beyond,
saw their price fall slow.

U.S. Treasury Secretary Janet Yellen met with top officials on Thursday to
discuss the volatility, and sources told Reuters securities regulators were
looking at all aspects of the rally and all parties involved.

GameStop’s stock has crashed to as low as $51.09 after scaling as high as
$483 last week, but is still up about 220% from levels at the start of the
rally in mid-January. Shares of cinema operator AMC Entertainment have more
than halved from a closing peak of $19.90 and closed down 3.67% on Friday.

Shares of insurer Clover Health, which on Thursday became the first company
to be targeted by a short-selling report in weeks, rose 5.7% due to a late
rally sparked by comments from venture capitalist backer Chamath
Palihapitiya in response. The company earlier said on Friday it had received
a letter from the Securities and Exchange Commission following the report
published by Hindenburg Research.

Meanwhile, on WallStreetBets, participants were still urging investors to
stick with GameStop.

Oil rises 1%, hits highest in a year on growth hopes, OPEC+ output cuts

NEW YORK (Reuters) - Oil prices rose about 1% on Friday, after hitting their
highest in a year and closing in on $60 a barrel, supported by economic
revival hopes and supply curbs by producer group OPEC and its allies.

Oil was also supported as U.S. stock markets hit record highs on signs of
progress toward more economic stimulus, while a U.S. jobs report confirmed
the labor market was stabilizing.

Brent crude ended the session up 50 cents, or 0.9%, at $59.34 after hitting
its highest since Feb. 20 at $59.79. U.S. crude settled up 62 cents, or
1.1%, at $56.85, after reaching $57.29, its highest since Jan. 22 last year.

U.S. crude futures gained about 9% this week, the biggest percentage gain
since October, in part due to U.S. inventories last week dropping to levels
last seen in March. [EIA/S]

Brent rose about 6% for the week.

“Brent is eyeing the $60 level now that OPEC+ has successfully eased most
supply side concerns and optimism on the COVID front improves globally,”
said Edward Moya, senior market analyst at OANDA in New York.

“The fundamentals remain solid for crude, but a consolidation seems likely
given the recent runup.”

The last time Brent traded at $60 a barrel, the pandemic had yet to take
hold, economies were open and demand for fuel was much higher.

The rollout of COVID-19 vaccines has fed hopes of demand growth, but even
optimists, such as the Organization of the Petroleum Exporting Countries
which expects a market deficit throughout 2021, do not expect oil
consumption to return to pre-pandemic levels until 2022.

“What is really helping the market today, and is a more valid reason for the
price rise we see, once again comes from Saudi Arabia and its top firm,
Aramco,” said Rystad Energy’s head of oil markets Bjornar Tonhaugen.

Aramco raised its Arab Light official selling price (OSP) to Northwest
Europe for March by $1.40 a barrel from the previous month. This could
signal Saudi Arabia is more confident in the demand outlook, feeding bullish
sentiment, Tonhaugen said.

OPEC and allies, collectively known as OPEC+, stuck to their supply
tightening policy at a meeting on Wednesday. Record OPEC+ cuts have helped
lift prices from historic lows last year.

“OPEC+ discipline has been a real positive,” said Michael McCarthy, chief
market strategist at CMC Markets.

The U.S. oil rig count, an early indicator of future output, has risen for
five straight months. This week, the number of rigs rose by four to 299, the
highest since May, according to energy services firm Baker Hughes Co.
[RIG/U]

The pace of recovery in the world’s top producer, however, is slow. The
government this week projected U.S. crude output will not to top its 2019
record of 12.25 million.

Amazon orders more than 1,000 natgas-powered engines for U.S. fleet

(Reuters) - Amazon.com Inc has ordered more than 1,000 truck engines that
run on compressed natural gas as it tests ways to shift its U.S. fleet away
from heavier polluting trucks, the company told Reuters on Friday.

The coronavirus pandemic caused delivery activity to surge in 2020, with
truck volumes exceeding 2019 levels on average while passenger car traffic
fell. But that increase in road activity means more pollution, as
heavier-duty trucks emit higher levels of greenhouse gases than passenger
vehicles.

Transportation companies are building their stable of electric vehicles to
reduce carbon emissions. Much of the nation’s freight is delivered via
medium- and heavy-duty trucks, which account for more than 20% of the
industry’s greenhouse gas emissions even though they make up less than 5% of
the road fleet, according to U.S. federal data.

“Amazon is excited about introducing new sustainable solutions for freight
transportation and is working on testing a number of new vehicle types
including electric, CNG and others,” the company said in a statement.

The online retailer’s sales rose 38% in 2020; it plans to run a carbon
neutral business by 2040.

The engines, supplied by a joint venture between Cummins Inc and
Vancouver-based Westport Fuel Systems Inc, are to be used for Amazon’s heavy
duty trucks that run from warehouses to distribution centers. They can
operate on both renewable and non-renewable natural gas, according to two
sources familiar with the matter.

Natural gas emits approximately 27% less carbon dioxide when burned compared
with diesel fuel, according to the U.S. Energy Information Administration.

In 2019, Amazon ordered 100,000 electric vans from startup Rivian Automotive
LLC. The first of those vans, to be used for last-mile delivery to
customers, are to be delivered this year. The company also ordered 1,800
electric vans from Mercedes-Benz for its European delivery fleet.

Other transportation companies are also experimenting with ways to reduce
emissions.

In 2019, United Parcel Service Inc announced plans to buy more than 6,000
natural gas-powered trucks over three years and step up purchases of
renewable natural gas (RNG) as part of a $450 million investment to reduce
the environmental impact of its 123,000-vehicle fleet.

RNG and natural gas from fossil fuel are both methane gases and can be used
interchangeably. RNG is derived from decomposing organic matter such as cow
manure on dairy farms, discarded food in landfills and human waste in water
treatment plants. It also prevents naturally occurring methane - a powerful
greenhouse gas - from being released into the environment.

Amazon shares were down 0.1% in post-close trading. Shares of Cummins rose
4%, while the U.S.-listed shares of Canada-based Westport surged, gaining
47% in the aftermarket session.

Microsoft halts donations through 2022 to lawmakers who opposed Biden
certification

WASHINGTON (Reuters) - Microsoft Corp said on Friday it will suspend all
donations by its political action committee (PAC) through 2022 to all U.S.
lawmakers who voted to object to the certification of Joe Biden’s election
as president.

The software maker will also suspend contributions through the same period
for state officials and organizations who supported objections or suggested
the election should be overturned.

Microsoft said it “will promote and join a conversation with other
businesses and organizations that want to strengthen democracy. Recent
events have raised issues of importance to PACs across the business
community.”

Microsoft President Brad Smith told employees on Jan. 21 that over the last
four years 20% of its PAC donations “had gone to members who voted against
the Electoral College.”

Smith said PACs were important “not because the checks are big, but because
of the way the political process works. Politicians in the United States
have events, they have weekend retreats. You have to write a check, and then
you’re invited, and you participate,” according to a transcript released by
the company. “Out of that ongoing effort, a relationship evolves and emerges
and solidifies.”

Smith added there are times “I call people who I don’t personally know. And
somebody will say, ‘Well, you know, your folks have always shown up for me
at my events, and we have a good relationship, let me see what I can do to
help you.’”

PACs for dozens of major U.S. companies have halted donations to the 147
House and Senate members who voted against Biden’s certification, including
Walmart Inc, Marriott Inc, AT&T Inc,, Amazon.com Inc, Comcast and American
Express.

Alphabet Inc’s Google and General Electric Co PACs have also suspended
donations through 2022, while Dow Inc said it would extend its suspension to
senators voting against certification for up to six years.

Liberia: President Weah Sends US$10.5m Supplementary Budget to Lawmakers

President George M. Weah has submitted a US$10.5m supplementary budget to
the House of Representatives for timely consideration.

In a letter accompanying the draft supplementary budget, President Weah told
Speaker Bhofal Chambers and members of the House of Representative that the
budget is meant to "Enable the government deliver on programs that are in
critical needs for funds."

According to the President, his government has "realized a windfall amid
mounting expenditure demands for service deliverables beyond allocations in
the approved budget of the Fiscal Year 2020/2021."

The FY 2020/2021 budget was approved in the tone of US$570.1 million. If the
supplementary budget is approved, the total budget for FY 2020/2021 will be
US$580.6 million.

The President indicated that the sources of the supplementary budget include
US$9 million from ArcelorMittal and a grant of US$1.5 million from the
Kingdom of Morocco.

Furthered in his communication, the President outlined his expenditures as
followed: RIA route pavement $900,000; Public school chair project $700,000;
Transformer project $600,000; Hospital beds $500,000; Legislative goods and
services $1.4m; domestic travels $400,000; vehicle repairs and maintenance
$300,000; and constituency travels $900,000.

Others are vehicle fuel and lubricant $400,000; generator fuel $600,000;
printing, binding and publication $250,000; Telecommunication, internet and
ICT supplies, $250,000; RIA residential lounge $250,000; public schools
renovation $250,000; GOL obligation to the African Union $1,129,695; Foreign
Missions Operations $370,305 and subsidy compensation related $600,000.

Meanwhile, the President's communication and the draft supplementary budget
were sent to the Joint Committee on Ways, Means, Finance and Development
Planning and Public Account and Expenditure. The committee is expected to
scrutinize and report within two weeks.

The House's decision follows a motion from Montserrado County District#13
Representive Edward Flomo.-Observer.

Nigeria: Claim Dormant Account Balances, Unclaimed Dividends Now, Govt
Advises Nigerians

The federal government plans to utilise unclaimed dividends and dormant
account balances of up to six years, to mitigate Nigeria's economic
challenges.

The Fiscal Policy Reforms Committee has advised Nigerians with unclaimed
dividends and dormant account balances to start the process of claiming them
if they were not up to six years.

Bode Oyetunde, Senior Special Assistant to the President on Finance and
Fiscal Matters and Secretary of the committee, gave the advice at the
Finance Act 2020 Stakeholder Engagement webinar, held on Thursday, to share
perspectives on the implications of the Finance Act 2020, for capital
markets and the financial services sector.

The advise came following concerns raised by Nigerians on the provision, as
decided by the government, to utilise unclaimed dividends and dormant
account balances of up to six years, to mitigate Nigeria's economic
challenges caused by the COVID-19 pandemic.

The funds realised are to be put in a trust fund to be managed by the Debt
Management Office (DMO), according to provisions of the Act.

"If you have bank balances and unclaimed dividends that are not six years
and above, this has no implication on you.

"If you have unclaimed dividends in a company, that is not a public limited
one listed on the Nigerian Stock Exchange, you have no issue. If you do, you
can start the process of taking back your unclaimed dividends and if it is a
bank balance, go and get your bank balances.

"All these will be done in consultation with the bankers' committee, CBN and
the banks for the unclaimed bank balances and unclaimed dividends,
registrars, Securities and Exchange Commission, other regulatory bodies," Mr
Oyetunde said.

He assured that the process would be transparent, adding that the Federal
Government had "Nigerians' best interests at heart" in its efforts to deploy
resources to deal with the challenges it faced.

"The government would make sure to observe and protect people's
constitutional rights, even though the management of the funds collected
would remain the responsibility of the DMO," he added.

Sovereign debt management

He said Sovereign Debt Management, would, however, never be ceded to the
private sector emphasising that the laws of the country and the constitution
allowed the President to appoint ministers for such sovereign matters.

"Sovereign Debt Management is the responsibility of the minister responsible
for finance, and it is the responsibility of the government. There is
nowhere in the world, I am aware of, where Sovereign Debt Management is
ceded to the private sector.

"We have the DMO established by law, and it is supposed to be the minister
responsible for finance that will handle his or her duties in the emergence
of any debt, and in terms of management of the funds that will be operated
by the DMO.

"And from my understanding from the DMO and the Minister for Finance, Budget
and National Planning, if there will be involvement of private sector
professionals to ensure the integrity, the financial soundness, the DMO has
a whole framework to manage the liabilities with the private sector,
professional advice, both local and foreign, to manage our sovereign debt.

"In terms of tenure, DMO will look at the nature of the securities to be
issued, given that we do not know the people that own the shares and account
balances fully, because they have not come forward to claim them. That is
why we are doing this," he said.

He said the monies claimed by the Federal Government would be used to
support the budget deficit.

"We are using the money to support the budget deficit, in the budget, we
have four items: The revenue, the expenditure, which you deduct from the
revenue, most countries have debit financing, so it is more expenditure than
revenue, so there is the deficit and finally how we will finance the deficit
and some other items.

"So, this fund is going to support the deficit, how we fund the deficit
financing and that is going to be everything in the budget.

"I am sure as things progress and our fiscal position improves so that we
now have sufficient revenue sources, then it is possible for the Ministry of
Finance to look at a framework, whereby we dedicate this money to this
activity," he said.

'Dormant accounts being activated'

Also, Albert Folorunsho, Tax Expert and Member, Fiscal Policy Reforms
Committee, assured that a number of dormant accounts were already being
reactivated.

"Quite a number of dormant accounts are being reactivated as I speak, and
the banks are already contacting the owners, for those who are still alive,
and most are reactivating their accounts.

Mr Folorunsho expressed the belief that "at the end of the day, not much
will be transferred to the Unclaimed Dividends Trust Fund".-Premium Times.

Gambia: Interest Rate Drops to 15 Percent Amid Covid-19

According to bank sources, all commercial banks in the country have
responded positively to the appeal of the governor of the Central Bank of
The Gambia (CBG), Buah Saidy, to reduce bank interest rates from 21% to 15%
effective 1 February 2021.

A financial analyst told this medium that the intervention of the governor
was timely as businesses in general are not attractive as before due to the
covid-19 pandemic.

"The reduction will add volume to sustain businesses and Governor Saidy
should be commended for his bold initiative in making sure that the high
interest rates have been reduced to allow businesses to flourish."

"Bank Managers should also be commended to response positively to the appeal
of the governor at a time when covid-19 has killed businesses."-The Point.

South Sudan: AfDB Gives South Sudan U.S.$14 Million Grant to Boost
Agriculture

Juba — The African Development Bank (AfDB) has signed an agreement with
South Sudan to give Juba a $14 million grant to boost agriculture.

According to a statement seen by The EastAfrican, The Agricultural Markets,
Value Addition and Trade Development five-year project which aims to enhance
agricultural productivity will be implemented by the Food and Agriculture
Organization of the United Nations in close liaison with South Sudan's
Ministry of Agriculture and Food Security.

"The project will help increase productivity and incomes of almost 20,000
farming families in Central and Eastern Equatoria and Jonglei states, most
of whom are formerly internally displaced persons who have now returned to
their homes.

"The project will create aggregation business opportunities for farmers and
traders, including women and youth, and provide them with new skills and the
agro-processing equipment they need to produce competitive products. Farmer
groups joining the aggregation centres will have their products not only
tested and quality certified, but also traded with the private sector on
their behalf," the statement says.

Speaking during the signing ceremony in Juba on Wednesday, South Sudan's
Minister of Finance and Planning Athian Ding Athian praised AfDB for the
great support granted.

"A diversified economy away from oil and long-term growth depends on
promoting agribusiness development.

"With the support from our partners, we are building an improved marketing
and trade environment for agribusinesses, increasing people's incomes and
creating new jobs, particularly for the youth," he said.

AfDB South Sudan Country Manager, Benedict Kanu, said, "a key factor
explaining Africa's and indeed South Sudan's low level of agricultural value
addition is the inefficient marketing infrastructure. This prevents farmers
and processors from realising the full value of their produce, even in their
raw form."

South Sudan has considerable unrealised agricultural potential, but the
effects of continued violence combined with unprecedented flooding have
seriously damaged food production, resulting in a huge food import bill,
according to AfDB.

"Thanks to this generous contribution from the African Development Bank,
farmers will move faster from subsistence to commercial agriculture by
having access to new technologies, markets and linkages with other services
and actors," said Meshack Malo, FAO Representative in South Sudan.

Despite the country's agricultural potential and 78 percent of the
population employed in agriculture, the sector contributes only one-tenth of
the GDP of South Sudan.

The country's agricultural products struggle to find their way into
international markets due partly to the lack of adequate food quality
controls, according to reports.

In January 2020, President Salva Kiir said he was banking on oil money to
revive South Sudan's stalled agriculture and save its population from
perennial dependence on food imports and relief supplies.

The plan, which he announced last year after visiting his farm in Gorom in
the capital Juba, sought to tap into the earnings from oil and reinvest it
into agricultural production as part of efforts for the country, ravaged by
civil conflict since 2013 and 2016, to return to normalcy.

But the then Agriculture and Food Security Minister, Onyoti Adigo, cautioned
against relying on the promised funds.

"We don't need to count our eggs before they hatch. We have seen several
scenarios where the council of minister approves monies but my ministry
didn't get them," he said.

"The president should take strict decisions which require the Finance
ministry to release those funds so that we can implement this plan
successfully."

Since 2015, agriculture has been severely neglected despite the huge
potential South Sudan has with sufficient arable land. According to the
United Nations Food and Agriculture Organisation (FAO), only about 5 per
cent of South Sudan is cultivated due to the civil war that started in 2013,
and inadequate investment in the agriculture sector.-East African.

Nigeria: Budget 2020 - N66,801 Billion Capital Rolled Over for 27 MDAs

The Federal Government has rolled over the sum of N66.801 billion of unspent
2020 capital budget of 27 Ministries, Departments and Agencies, MDAs, to
March 31, 2021.

This is contained in a circular from the Office of the Accountant-General of
the Federation, referenced FD/OAGF/ADC/2020?250/1/DF and dated January 26,
2021.

According the circular signed by the Director of Funds, Mr. Sabo Mohammed,
on behalf of the Accountant-General of the Federation, affected MDAs can
continue to spend 2020 capital votes until March 31, 2021, in accordance
with the decision of the federal to run both 2020 and 2021 budgets
concurrently, until the first quarter ends.

The schedule of MDAs' unspent capital balance as at December 31, 2020, which
was attached to the circular indicated that the Federal Road maintenance
Agency had the highest unspent capital budget of N30 billion.

The Federal Ministry of Agriculture and Rural Development has N19. 857
billion balance in its account, as at the end of last year, which it can
also continue to spend until the deadline.

The Rural Electrification Agency has N6. 051 billion, which it can also
continue to spend till the end of next month.

Others include: the Federal Ministry of Transport which has N1.141 billion;
Ministry of Water Resources, N5. 781 billion; Education, N1. 041 billion;
Federal Medical Centre (FMC), Nguru in Yobe State, N379. 584 million; FMC
Asaba, Delta State, N340. 004 million; and FMC Yola, Adamawa State, N 281.
328 million.

Usman DanFodio University Teaching Hospital, Sokoto has N277. 360 million,
while the National Institute of Pharmaceutical Research and Development,
Abuja, has N323 .650 million.-Vanguard.

Invest Wisely!

Bulls n Bears 

Cellphone:      <tel:%2B263%2077%20344%201674> +263 77 344 1674

Alt. Email:       <mailto:info at bulls.co.zw> info at bulls.co.zw  

Website:         <http://www.bullszimbabwe.com> www.bullszimbabwe.com 

Blog:
<https://bullszimbabwe.com/category/blogs/bullish-thoughts/>
www.bullszimbabwe.com/blog

Twitter:         @bullsbears2010

LinkedIn:       Bulls n Bears Zimbabwe

Facebook:
<http://www.google.com/url?q=http%3A%2F%2Fwww.facebook.com%2FBullsBearsZimba
bwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA>
www.facebook.com/BullsBearsZimbabwe

Skype:         Bulls.Bears 

INVESTORS DIARY 2021

Company

Event

Venue

Date & Time

Companies under Cautionary

ART

PPC

Dairibord

Starafrica

Fidelity

Turnall

Medtech

Zimre

Nampak Zimbabwe

 <mailto:info at bulls.co.zw> 

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

(c) 2021 Web: <http://www.bullszimbabwe.com>  www.bullszimbabwe.com Email:
<mailto:info at bulls.co.zw> info at bulls.co.zw Tel: +263 4 2927658 Cell: +263 77
344 1674

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20210206/dc0fd2b1/attachment-0001.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.png
Type: image/png
Size: 9458 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20210206/dc0fd2b1/attachment-0003.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.jpg
Type: image/jpeg
Size: 31039 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20210206/dc0fd2b1/attachment-0002.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image003.png
Type: image/png
Size: 124663 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20210206/dc0fd2b1/attachment-0004.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image004.png
Type: image/png
Size: 34378 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20210206/dc0fd2b1/attachment-0005.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image005.jpg
Type: image/jpeg
Size: 22328 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20210206/dc0fd2b1/attachment-0003.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: oledata.mso
Type: application/octet-stream
Size: 65562 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20210206/dc0fd2b1/attachment-0001.obj>