Major International Business Headlines Brief::: 10 February 2021

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Major International Business Headlines Brief::: 10 February 2021

 


 

 


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ü  Amazon worker fight: 'You're a cog in the machine'

ü  Huawei boss hopes for better relations with US

ü  Beer and pub leaders plead for reopening date after sales halve in 2020

ü  Investor group calls for Tesco healthy food plan

ü  Brexit worse than feared, says JD Sports boss

ü  Chinese regulators throw spanner in Tesla's works

ü  Holiday giant Tui bets on summer bounce back

ü  Grocery shopping has changed for good, says Ocado

ü  Nasdaq, New York Stock Exchange sue SEC over planned overhaul of public data feeds

ü  PepsiCo renames 'Aunt Jemima' pancakes, syrup as 'Pearl Milling Company'

ü  Toyota posts 54% rise in third-quarter operating profit, hikes full-year forecast

ü  U.S. job openings rise in December; small businesses desperate for workers

ü  Apple partners with TSMC to develop micro OLED displays for AR devices: Nikkei

ü  Cisco revenue declines for fifth straight quarter, shares fall

ü  Tesla rival Rivian aims for IPO this year: Bloomberg News

ü  Nigeria: 2021 Vital Year for China-Nigeria Relations - Buhari

ü  Nigeria: IMF Asks Nigeria to Establish Unified Exchange Rate

ü  Malawi: An Insight Into Cryptocurrency Taxes

ü  South Africa: Eskom Implements Stage 2 Load Shedding From Tonight

ü  Tanzania Government Explains Rise of Fees in Virus-Ravaged Tourism

 

 

 


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Amazon worker fight: 'You're a cog in the machine'

Joseph Jones doesn't find the gruelling physical demands of his job at Amazon particularly troubling - he can walk as many as 17 miles per shift. The firm's attitude towards his work, however, is something else.

 

"It's a very adversarial relationship with the supervisors and the staff," says the 35-year-old, who started working part-time at the company's warehouse in Bessemer, Alabama in October. "You're a cog in the system... and it's very obvious."

 

During the busy season between Thanksgiving and Christmas, for example, he says Amazon required staff to extend their shifts - typically with little notice. Once, he says he didn't even know he had been asked to put in extra time until he arrived for work and the company app informed him he was an hour late.

 

Last year, the treatment prompted him to join a petition that sought an official vote on creating a union at the warehouse.

 

In December, state labour officials ruled the request had garnered enough support to warrant an election - the first such vote Amazon has faced in the US since 2014. Ballots were mailed this week.

 

If the campaign succeeds, the Bessemer facility, which opened in March, would become the only unionised Amazon location in the US.

 

"This election takes on enormous importance because Amazon is not just another company," says Stuart Appelbaum, president of the Retail, Wholesale and Department Store Union (RWDSU), which is leading the effort. "This election transcends Bessemer. It's really about how workers are going to be treated in the future."

 

Organisers have spent months making their case to the nearly 6,000 people who work at the facility. They have lined the side of the road with signs, posted representatives at the plant's gates, hosted meetings and rallies, and spent hours "talking, talking, talking".

 

For its part, Amazon has responded with mandatory weekly meetings discouraging the proposal, plastered the warehouse with anti-union flyers, blasted text messages to staff, and launched a website "Do it without Dues", which promotes the firm's "high wages" - hourly pay starts at $15.30 (£11.15) - health benefits, and safety committee.

 

It also sought, unsuccessfully, to force the election to be held in person, rather than by mail, as officials required due to the pandemic.

 

Amazon spokeswoman Heather Knox says the company is "providing education" on the impact of a potential union - which it estimates would cost full-time staff $500 in dues - and does not believe the RWDSU "represents the majority of our employees' views".

 

"Our employees choose to work at Amazon because we offer some of the best jobs available everywhere we hire, and we encourage anyone to compare our total compensation package, health benefits, and workplace environment to any other company with similar jobs," she says, adding that the company has improved its safety measures since the start of the pandemic.

 

At the plant, Joseph says the pressure has been intense, with rumours flying about the firm's efforts to infiltrate workers.

 

"They're terrified of what precedent this could set," he says of the company.

 

Pandemic effect

For years, Amazon has been able to brush past complaints about its business practices and working conditions.

 

But the pandemic - which brought health risks alongside a surge in the firm's business and profit - has galvanised workers around the world. This is despite the firm's notoriously aggressive efforts to squelch labour activism, says Christy Hoffman, secretary general of UNI Global Union, which works with unions globally, including the RWDSU.

 

"Amazon's dynamics did not shift but the workers became much more active during the pandemic when the danger to them in connection with social distancing, the pace of work, the volume of work became so dangerous," she says.

 

Last year, the company was hit by strikes in Italy and Germany and protests at warehouses and grocery stores in the US. In France and Spain, unions lodged complaints with the state, leading to government intervention.

 

In Bessemer, a majority black suburb of Birmingham, Alabama where a quarter of families live below the poverty line, tensions emerged amid last summer's Black Lives Matter protests.

 

Staff sought out the RWDSU. Mr Appelbaum says they wanted more information about co-workers falling ill and were upset by the "dehumanising" way they were managed - receiving unpredictable assignments from robots and getting disciplined via an app.

 

Other affronts came into play. In June, the firm abruptly ended hazard pay, an extra $2 per hour that it had offered at the start of the pandemic, even as virus cases continued to rage.

 

"Amazon's business is thriving and they do something as picky as taking away hazard pay from their employees," Joseph says. "I think it put a bad taste in everybody's mouth."

 

Will the campaign succeed?

The Birmingham area has a rich history of civil rights activism and unionisation, tied to its past as a coal mining and steel centre.

 

But unionisation rates have plunged in the US and in southern states, like Alabama, suspicion of organised labour runs deep. In Bessemer, a city of 27,000 hit hard by the departure of major manufacturers in the 1980s, Amazon's arrival was welcomed as a source of employment.

 

"The educated folks will tell you money's not a motivator. Well I guarantee you… money is a motivator and the biggest difference with Amazon is they pay," says labour leader Bren Riley, president of the Alabama AFL-CIO, of which the RWDSU is an affiliate. "They don't have problems getting people to come to work."

 

Alan Draper, the Ranger professor of government at St Lawrence University, says unions lose votes like the one facing Amazon much more than they did in the past.

 

"The sense of fear that employers are able to create is tremendous. That the union has been successful enough to get workers past that fear in order to get to an election is remarkable today," he says. "Unfortunately it's very episodic."

 

 

If the union wins, Amazon would be forced to negotiate over a contract, which could address anything from pay and holidays, to discipline and production expectations.

 

With ballots due on 29 March, the fight has attracted national attention. Liberal political stars in the US such as former presidential candidate Senator Bernie Sanders and Rep Alexandria Ocasio-Cortez, as well as the NFL Players Association, which represents American football players, have chimed in with support.

 

In Alabama, however, many politicians have steered clear of the fight.

 

"Whatever the differences are, I hope that they can be rectified to the satisfaction of the employees as well as to Amazon," says Bessemer Mayor Ken Gulley, a Democrat, who was part of a team that helped lure Amazon to town in 2018 with millions of dollars worth of state and local tax breaks.

 

He says he wants to see everyone "treated fairly" but worries that the high-profile union drive could hurt the city's efforts to attract other big employers like Amazon, whose economic impact he describes as "significant".

 

"Obviously it's a great company and we're looking to a strong partnership with them for many years to come."

 

Joseph says he's not sure how the vote will go, but is hopeful the Bessemer effort will inspire Amazon workers elsewhere to take a stand.

 

"If this is successful - knock on wood - then I hope everybody follows suit."—BBC

 

 

Huawei boss hopes for better relations with US

Huawei’s founder Ren Zhengfei said he hopes the new US administration will take a softer approach towards the Chinese telecoms giant.

 

However, he doesn’t expect much to change over the short-term.

 

Mr Ren's comments come as he challenges the Federal Communications Commission’s designation of Huawei as a threat to national security.

 

The company has long denied US claims that its equipment could be used for spying.

 

Huawei is one of a handful of Chinese tech firms that were targeted by former US president Donald Trump on the grounds of national security.

 

US government sanctions have stopped Huawei from accessing vital chipsets, a move which has hurt the company's handset business.

 

Huawei has also been locked out of the development of 5G in a number of countries, including the UK.

 

Open trade

Mr Ren expressed hope for a new approach from US policymakers, saying a more open trade relationship would benefit both the US and Huawei.

 

“I hope the new US administration will come up with more open policies that are in the interests of US companies and the US economy as a whole,” he said.

 

However, he appeared to think little would change over the short-term, despite the change of administration in Washington.

 

Huawei is currently on the US Department of Commerce’s Entity List, which restricts its access to items produced with US technology and software.

 

“I think it's very unlikely that the US will remove us from the Entity List. I won't say it's impossible, but it's extremely unlikely,” Mr Ren said.

 

Mr Ren’s comments come as Huawei files a legal challenge against designating Huawei as a security threat.

 

These are the first comments from a major Chinese company on the US-China spat in a post-Trump world.

 

They highlight just how much China Inc is hoping for a reset of US-China relations in a Biden era.

 

There's possibly no greater symbol of that rivalry than Ren Zhengfei, founder of Huawei.

 

Huawei has consistently denied allegations of being a national security threat and it was no different this time.

 

But while the Chinese firm appeared to extend an olive branch to the new American president, there was also a distinct warning to the US: trying to keep China down won't work.

 

Mr Ren - who is famously fond of historical references to drive home his points - warned the US risks repeating the same mistake the UK did, when "in the mid-18th century the UK adopted a closed-off policy towards the US, which pushed the US to rise as the most powerful country in the world."

 

The Huawei boss says blocking Huawei and China could lead to "an unexpected outcome."

 

But Mr Ren was also conciliatory - and said he hoped for more open policies towards Chinese companies in a new Biden era, saying this would help American companies and the US economy.

 

Other Chinese firms have also appealed to the new administration.

 

Last month, Chinese telecoms firms asked the New York stock exchange to rethink their planned delisting, in the latest back and forth about whether they should be allowed to trade in the US.

 

It's hard to see how those appeals will be granted.

 

Presentational white space

Critical tone

So far, President Biden's nominees for top economic and diplomatic posts have indicated that his administration will continue to take a tough line on China.

 

His pick as budget director Neera Tanden was critical of China at her confirmation hearings on Tuesday.

 

Ms Tanden told senators "It is important that we marshal allies to put pressure on China to ensure that they have a fair trading system where American companies can truly compete against China."

 

She also told the committee she shared concerns about threats to US supply lines posed by Chinese products, including Huawei’s.—BBC

 

 

Beer and pub leaders plead for reopening date after sales halve in 2020

Beer and pub sector leaders are pressing the government to give them a reopening date.

 

The industry is desperate to get back to business after repeated warnings many pubs will not survive.

 

The British Beer and Pub Association (BBPA) is asking the government for a clear timeline and a "roadmap to recovery".

 

The government insists that it has a plan for re-opening the economy which it will reveal after 22 February.

 

The BBPA said trading restrictions and lockdowns knocked sales by 56% - worth £7.8bn - last year.

 

In the first lockdown in the second quarter of the year, beer sales plummeted by 96%, it said. Even during the summer, which saw the Eat Out to Help Out scheme and a temporary VAT cut on food and soft drinks, pub beer sales fell 27%.

 

The BBPA said that unless pubs received more assistance, even once they were allowed to reopen with far fewer restrictions, thousands would fail and be lost for good as many had built up substantial debts during the pandemic.

 

Its proposed roadmap states that, post-vaccination of the most vulnerable, pubs must reopen in unison with non-essential retail and other parts of the hospitality sector.

 

It also says mandatory trading restrictions - such as alcoholic drinks served only with a substantial meal, no mixed households and the 10pm curfew - should be removed when pubs reopen in a timely way.

 

Clarity plea

Financially, it is pressing for an extension to the VAT cut and business rates holiday, as well as a significant beer duty cut.

 

"There's been a real lack of clarity," said Dianne Irving, who manages three pubs in Carlisle. "It's just really, really difficult to know where we are and where we are going."

 

"It's very difficult to plan." Beyond March, things will be "very difficult, financially," she said.

 

Any kind of restrictions make her pubs expensive to run, she said.

 

Under Tier 1 - the mildest of restrictions - two of her pubs were only breaking even, with her city-centre venue making a loss, she said.

 

Philip Whitehead, chairman of the British Beer & Pub Association, urged the government "to provide clarity to our sector on when it can expect to fully reopen".

 

He added: "After nearly a whole year under forced closure, or open but under severe restrictions, pub trade has been decimated and sales of beer in pubs have plummeted . Furthermore, due to their revenue falling off a cliff in 2020, pubs are holding debt and have little to no cash left.

 

"We need the government to continue to provide financial support for pubs when they reopen to bridge the gap to full recovery.

 

Nick Mackenzie, boss of brewer and pub giant Greene King, said the industry needed "a clear plan for reopening. without complex and unjustified restrictions which would make it unviable to open".

 

He added that without additional support, "there is a real risk of more viable businesses closing their doors in the weeks and months ahead".

 

Mark Davies, boss of Hawthorn, the Community Pub Company with over 700 pubs said: "I cannot emphasise enough how important it is that the government recognises the role that pubs play in so many communities around the UK and that pubs are part of the fabric of our society.

 

"It is therefore crucial that immediate financial support is secured for the pub sector with business rates and VAT an urgent priority."

 

A Government spokesperson said: "We will set out our plan for reopening schools and, gradually, the economy in the week of 22 February. Ministers regularly engage with the sector to understand their concerns and discuss how the sector can restart when it is safe to do so.

 

"We have put in place one of the most comprehensive and generous packages of business support in the world worth £280 billion. This includes a new one-off grant worth up to £9,000, VAT relief, various loan schemes, a business rates holiday as well as the extended furlough scheme."---BBC

 

 

 

Investor group calls for Tesco healthy food plan

A group of investors is trying to pressure Tesco, the UK's largest supermarket into selling healthier food and drink amid a growing obesity problem.

 

Investors led by pressure group ShareAction will ask shareholders to vote for their plan.

 

Tesco is due to hold its annual meeting inthe summer.

 

The company insists that it already has a plan to make healthy and sustainable food available.

 

The UK has one of the highest rates of obesity in the world and obesity increases the risk of hospitalisation and death from a coronavirus infection, according to Public Health England.

 

If the investor group is successful, it will force Tesco to reveal more about the share of sales it makes on healthier food, and publish annual updates on how well it is improving that share.

 

The investors says rivals Sainsbury's and Marks & Spencer have made similar commitments to selling healthier food and that Tesco, with just under 27% market share, should follow suit.

 

Ignacio Vazquez, Senior Manager at ShareAction, said: "As the UK's largest food retailer, Tesco's actions are of systemic importance in tackling obesity. But its prime market position has not yet translated into leadership on this critical issue.

 

'Free fruit'

"We hope that Tesco's board will endorse the resolution and grasp the opportunity to help build a healthier UK post-Covid, while also improving its financial sustainability in the long-term."

 

ShareAction praised recent Tesco initiatives, which showed that price cuts on fruit and vegetables raised sales, and that removing chocolate from prominent promotion spaces cut consumption.

 

A Tesco spokesperson said: "We are working hard to make it easy for our customers to make healthy choices, and we have set very clear targets on health and sustainability, published in our Little Helps Plan.

 

"Our reformulation programme has already removed more than 50 billion calories from our products since 2018; our 'helpful little swaps' events offer healthier alternatives to family favourites at the same price; and we have given away more than 100 million pieces of free fruit to children.

 

"We have also announced a target to increase sales of plant-based meat alternatives by 300% by 2025, and were the first retailer to set a target of this kind."

 

Backers of the move include Robeco Institutional Asset Management, JO Hambro Capital Management's UK Dynamic Fund and Epworth Investment Management, owned by the Central Finance Board of the Methodist Church. Together, the backers manage £140bn of funds.—BBC

 

 

 

Brexit worse than feared, says JD Sports boss

The boss of one of Britain's big retailers says Brexit has turned out to be "considerably worse" than he feared.

 

Peter Cowgill, chairman of JD Sports, said the red tape and delays in shipping goods to mainland Europe meant "double-digit millions" in extra costs.

 

He told the BBC JD Sports may open an EU-based distribution centre to ease the problems, which would mean creating jobs overseas and not in the UK.

 

The government said it is providing businesses with support.

 

Mr Cowgill's criticism echoes that from exporters and importers across the UK.

 

New UK-EU trade rules came into operation on 1 January. But since then, there has been growing concern from businesses as diverse as seafood exporters from Scotland and food suppliers shipping products to Northern Ireland.

 

Mr Cowgill told the BBC's World at One that there is no true free trade with the EU, because goods that JD Sports imports from East Asia incur tariffs when they go to its stores across Europe.

 

He said: "I actually think it was not properly thought out. All the spin that was put on it about being free trade and free movement has not been the reality.

 

"The new system and red tape just slows down efficiency. The freedom of movement and obstacles are quite difficult at the moment. I don't see that regulatory paperwork easing much in the short term," Mr Cowgill said.

 

'Bizarre'

Opening a big warehouse distribution centre in mainland Europe "would make a lot of economic sense," he said. He estimated such a facility would employ about 1,000 people.

 

While JD Sports' existing warehouse in Rochdale would not close, "it would mean the transfer of a number of jobs into Europe," Mr Cowgill said.

 

He also warned that the UK needed a complete overhaul of business rates and rents if the High Street was to survive. "It is basic economics," he said. "Bricks and mortar retailing is becoming uneconomic."

 

Mr Cowgill had particular criticism for the government's decision-making on forcing non-essential shops to close, while allowing essential shops to stay open.

 

In reality, that meant supermarkets could sell clothes, while firms such as JD Sports had to shut. "Some essential retailers have been making hay out of selling clothes, whilst clothing retailers have been closed. It is bizarre," he said.

 

The Cabinet Office said in a statement: "We know that some businesses are facing challenges with specific aspects of our new trading relationship, and that's why we are operating export helplines, running webinars with experts and offering businesses support via our network of 300 international trade advisers.

 

'We will ensure businesses get the support they need to trade effectively with Europe and to seize new opportunities as we strike trade deals with the world's fastest growing markets and explore our newfound regulatory freedoms."

 

'Erroneous'

Last weekend, the Road Haulage Association (RHA) said exports to the EU had fallen as much as 68% since 1 January due to Brexit border hold-ups.

 

But the government has said freight movements are now close to normal levels, despite the Covid-19 pandemic.

 

On Monday, Cabinet Office Minister Michael Gove told a committee of MPs that the RHA's claims were "erroneous" and "based on a partial survey".

 

He added that "truer figures" were published on the Cabinet Office website, adding that the port of Dover saw 90% of normal levels of traffic on Monday.

 

Mr Gove acknowledged that traders faced issues with exports and imports to and from the EU, but said it was "important to put it in context".—BBC

 

 

Chinese regulators throw spanner in Tesla's works

Five Chinese regulators have summoned Tesla over quality and safety issues as it ramps up production of its latest model in its Shanghai factory.

 

China is Tesla's largest market after the US and the electric carmaker sold 120,000 units there in 2020.

 

Authorities have recently received complaints about abnormal acceleration and battery fires, according to a statement released on Monday.

 

Tesla said it will strengthen self-inspection and its internal management.

 

China is the world's largest car market and its government has been heavily promoting the adoption of electric vehicles. This helped Tesla sell 15,484 locally-made vehicles there last month, according to the China Passenger Car Association.

 

But Tesla now faces a setback from Chinese consumer watchdogs who have asked Tesla to improve internal management, comply with Chinese law and regulations and to protect consumers' rights.

 

Tesla Shanghai said it "sincerely accepted the guidance of government departments" and that it had "deeply reflected on shortcomings" in a statement.

 

Tesla is already facing quality issues in the US and is to recall large numbers of Model S and Model X cars over failing touchscreens.

 

The timing couldn't be worse for the world's most valuable car company as it faces growing competition from Chinese rivals.

 

Chinese electric-vehicle startup NIO unveiled a fourth production model last month while Li Auto and XPeng have new models in production.

 

Elon Musk's car firm won approval for its Shanghai factory in 2018, becoming the first foreign automaker to operate a wholly-owned plant in China.

 

On Monday, Tesla threw its weight behind Bitcoin after revealing it bought $1.5bn (£1.1bn) of the cryptocurrency in January and expects to start accepting it as payment in future.—BBC

 

 

Holiday giant Tui bets on summer bounce back

Travel company Tui has said it expects to run 80% of its normal capacity for this summer, with 2.8 million customers already booked for its holidays.

 

The statement follows optimism from other travel firms that the industry is set for recovery as coronavirus vaccination programmes advance.

 

Despite the upbeat mood, summer bookings for 2021 are down 44% so far compared with last year, the firm said.

 

Boss Fritz Joussen said the UK market had "a special significance" for Tui.

 

"We see an impressive pace and ambitious targets for vaccinations there."

 

He added: "We should do everything we can to quickly return to basic freedoms and make travel possible again."

 

Average prices for holidays are 20% higher than for summer 2019.

 

Although demand for breaks appears to be building, England's deputy chief medical officer, Prof Jonathan Van-Tam, said on Monday it was "too early to say" whether people would be able to have holidays as normal this summer.

 

Strong demand

Tui's predictions for the summer season came in a trading statement that underlined the scale of the collapse in the tourism market due to Covid curbs.

 

The firm's winter bookings fell 89% compared with a year ago, with November and December hardest hit.

 

Income in the three months to the end of 2020 fell 87.8% year-on-year, from €3.86bn (£3.4bn) to €468.1m.

 

"With strict cost discipline and the realignment of the group, which is being driven forward at full speed, we succeeded in reducing the loss in the past quarter," Mr Joussen said.

 

"As expected, customers will book their summer holidays much later this year than in normal years. However, demand remains strong, people want to travel - this is shown by the already good number of bookings for the summer."

 

Tui also disclosed that it had agreed a third coronavirus financing package with banks, shareholders and the German government's Economic Stabilisation Fund, created to support companies hit by coronavirus.

 

This raised €1.8bn, including €500m from shareholders in a rights issue, which it hopes will tide it over until conditions improve.

 

"The travel sector has been hammered by the global coronavirus pandemic, with revenues falling off a cliff-edge as travel restrictions have scuppered any holiday plans for consumers," said Julie Palmer, partner at Begbies Traynor.

 

"Investors will be eager to see if vaccinations can give the business the shot in the arm it desperately needs, having already secured three bailouts from the German government.

 

"Regardless, Tui needs to reduce its costs and take advantage of the millions of consumers desperate to go on holiday as soon as the restrictions are eased."—BBC

 

 

Grocery shopping has changed for good, says Ocado

The grocery landscape worldwide is changing "for good", online supermarket Ocado has said, after a year in which the global pandemic forced many people to buy online for the first time.

 

Ocado's comments came as it reported a 35% jump in sales over the past year.

 

Amid rocketing demand the UK-based firm, which is 21 years old this year, narrowed losses from £214.5m to £44m.

 

The company said many customers were saying they were unlikely to revert to pre-crisis shopping habits.

 

Ocado's chief executive, Tim Steiner, said he wanted to "pay tribute to the remarkable work of our colleagues in exceptionally challenging circumstances".

 

Lockdown has thrown up challenges for all supermarkets and Ocado itself has struggled to deliver smoothly at all times.

 

The firm, which previously delivered for Waitrose, had to cancel some orders when its new partnership with Marks & Spencer launched on 1 September, angering customers.

 

That move was its most notable in the UK, but Ocado has been expanding around the world, spurred by demand for its advanced technology and robot-operated warehouses.

 

It has tie ups with Kroger in the US, Casino in France and Aeon in Japan, and is also planning three new warehouses in the UK this year, which will boost capacity by 40%.

 

Ocado has been one of the best-performing shares in the FTSE 100 in the past year, roughly doubling in value since last March.

 

It is in the perfect position to benefit from the restrictions put in place to control the coronavirus, with shoppers clamouring for online deliveries in order to avoid a trip to the supermarket.

 

These results - for the 12 months to the end of November, so not including the most recent national lockdown in England - show grocery sales up 35% to £2.2bn.

 

You might have thought that jump in sales would have sent the shares up, but in fact they were down - 4% - in early trading.

 

Investors have looked past the headline sales number to see another pre-tax loss for the year - £44m. That is not so surprising in itself, but shareholders would also have noted the projected increase in capital spending, which will rise to £700m in the coming year.

 

Ocado is spending heavily not only on technology, but also new warehouses. Shares in Ocado have always priced in the promise of future profits, and today's numbers made that promise seem that much further off.

 

Ocado said in its full year statement on Tuesday: "The pandemic has accelerated the rate of channel shift to online.

 

"Online grocery market share in the UK has nearly doubled over the last year to 14%, according to Kantar. Similar trends are observable in the United States as well as many other countries around the world."

 

Ross Hindle, from research firm Third Bridge, said: "These are not just results, these are remarkable results. Ocado couldn't have asked for better trading conditions.

 

"The M&S partnership has, so far, proved positive for Ocado, with management highlighting that access to M&S products is now higher than the benchmark Waitrose set."—BBC

 

 

 

Nasdaq, New York Stock Exchange sue SEC over planned overhaul of public data feeds

(Reuters) - Nasdaq Inc and the New York Stock Exchange have each sued the Securities and Exchange Commission, seeking to block a plan by the regulator to overhaul public data feeds that broadcast stock prices to investors, court filings show.

 

Under the SEC plan, approved in December, supply and demand data for stocks would be added to public feeds, broadening access to the information which the exchanges currently sell to professional traders at a premium.

 

“Nasdaq believes the SEC exceeded its authority by adopting an ill-considered remake of market structure,” a Nasdaq spokeswoman said in an emailed statement. The plan “would make equity markets overly complex and increase hidden costs for investors”, the statement said.

 

The filings were made in the U.S. Court of Appeals for the District Of Columbia Circuit.

 

The Wall Street Journal reported that Cboe Global Markets, which operates the Chicago Board Options Exchange, was also suing the SEC over the issue. Cboe did not immediately respond to a Reuters request for comment.

 

The lawsuit is the latest legal action taken by the exchanges against the SEC in recent years, which include a successful challenge to a proposed experiment by the SEC to cap trading fees on 1,400 different stocks.

 

The SEC is also dealing with other suits. In October, Citadel Securities sued the commission over its decision to approve a new mechanism for trading stocks at exchange operator IEX Group Inc.

 

 

 

PepsiCo renames 'Aunt Jemima' pancakes, syrup as 'Pearl Milling Company'

(Reuters) - PepsiCo Inc said on Tuesday its pancake mix and syrup products would be sold under the new name “Pearl Milling Company” after the company dropped the “Aunt Jemima” brand logo last year, acknowledging its roots in a racial stereotype.

 

The more than 130-year-old brand logo, which featured an African-American woman named after a character in 19th-century minstrel shows, came under fire amid a national debate over racism and racial inequality in the United States.

 

“Pearl Milling Company-branded pancake mixes, syrups, cornmeal, flour, and grits products will start to arrive in market in June,” PepsiCo said in a statement.

 

PepsiCo’s decision was part of a nationwide corporate response to protests over the treatment of African Americans and police brutality after the death of George Floyd, a Black man, in police custody in Minneapolis on May 25, 2020.

 

PepsiCo said in the coming weeks, Pearl Milling Company will announce details of a $1 million commitment to support Black girls and women.

 

PepsiCo last year said it would invest more than $400 million over five years to support black communities and boost black representation at the company.

 

 

Toyota posts 54% rise in third-quarter operating profit, hikes full-year forecast

TOKYO (Reuters) - Japan’s Toyota Motor Corp on Wednesday reported a bigger-than-expected 54% jump in third-quarter profit and jacked up its full-year earnings forecast, boosted by a rebound in demand for cars as the coronavirus pandemic’s impact recedes and sales climb in China in particular.

 

Toyota, the biggest automaker globally by vehicle sales, said operating profit rose to 987.9 billion yen ($9.45 billion) in the three months ended Dec. 31. This was better than an estimated average of 565.51 billion yen profit from nine analysts surveyed by Refinitiv SmartEstimate.

 

For the fiscal year ending March 31, Toyota said it now forecasts a record operating profit of 2 trillion yen, far higher than an earlier prediction of 1.3 trillion yen.

 

The earnings forecast is also well above an average 1.542 trillion yen profit forecast based on predictions from 23 analysts, Refinitiv data shows.

 

($1 = 104.5500 yen)

 

 

 

 

U.S. job openings rise in December; small businesses desperate for workers

WASHINGTON (Reuters) - U.S. layoffs eased in December and job openings increased modestly, suggesting the decline in employment that month was largely due to companies cutting back on hiring amid uncertainty caused by a raging COVID-19 pandemic.

 

Though the Labor Department’s monthly Job Openings and Labor Turnover Survey, or JOLTS report, offered cautious optimism that job growth could regain speed as coronavirus vaccines become accessible to large swaths of the population, unemployment remains pervasive.

 

The economy shed jobs in December for the first time in eight months following renewed outbreaks of the virus.

 

“The decline in employment in December was more a product of reduced hiring than a pick-up in layoffs,” said Nick Bunker, director of research at Indeed Hiring Lab. “Employers were hesitant about adding new workers. This trend is easier to reverse than the destruction of employer-employee relationships that happens when workers are laid off.”

 

Job openings, a measure of labor demand, rose 74,000 to 6.65 million on the last day of December from 6.572 million. There were an additional 296,000 job openings in the professional and business services industry. But vacancies decreased for state and local government, excluding education.

 

There also were fewer unfilled jobs in the arts, entertainment and recreation industries as well as at factories producing goods that are not intended to last longer than three years, such as clothing.

 

The job openings rate ticked up to 4.5% from 4.4% in November. Layoffs decreased by 243,000 to 1.81 million, lowering the layoffs rate to 1.3% from 1.4% in November. Layoffs declined in the federal government, transportation, warehousing and utilities industries as well as the healthcare and social assistance sector.

 

But 50,000 people were laid off in the arts, entertainment, and recreation industry.

 

Hiring dropped by 396,000 to 5.54 million. It was led by a decrease of 221,000 in the accommodation and food services industry. Hiring in the transportation, warehousing, and utilities sector fell by 133,000 and decreased by 82,000 in the arts, entertainment and recreation industry.

 

But retailers hired 94,000 workers. The hiring rate declined to 3.9% from 4.2% in November.

 

U.S. financial markets were unmoved by the data.

 

WORKER SHORTAGE

The government reported on Friday that the economy created only 49,000 jobs in January after shedding 227,000 jobs in December. Employment is 9.9 million jobs below its peak in February 2020.

 

The labor market has largely stalled amid a resurgence in COVID-19 infections, which now appears to be ebbing. In December, there were 16 unemployed people for every 10 job openings.

 

“The January jobs report was a stark reminder that near-term risks remain tilted to the downside amid a third COVID-19 wave,” said Lydia Boussour, lead U.S. economist at Oxford Economics in New York. “But the labor market outlook is slowly brightening. We foresee increased vaccinations, elevated savings and robust business activity contributing to a 6.6 million jobs rebound in 2021.”

 

Many economists do not expect the labor market to return to its pre-pandemic peak until 2023. Amid the labor market slack, signs of a skills mismatch are emerging.

 

A separate survey from the NFIB on Tuesday showed a third of small businesses reported in January that they had vacancies they could not fill, with 28% of those for skilled workers.

 

The dearth of skilled workers was more acute in construction, with 56% of firms reporting few or no qualified applicants, according to the NFIB. Overall, among small businesses hiring or trying to hire, 90% also reported few or no qualified applicants for the positions they were trying to fill.

 

“The pandemic has undoubtedly made it more difficult for many workers to rejoin the workforce, while the expansion of unemployment benefits has likely also reduced the urgency to return to work,” said Mark Vitner, a senior economist at Wells Fargo Securities in Charlotte, North Carolina.

 

The JOLTS report also showed the number of people voluntarily quitting their jobs rose 106,000 to 3.29 million in December. That lifted the quits rate to 2.3% from 2.2% in November. The quits rate is normally viewed by policymakers and economists as a measure of job market confidence.

 

But the pandemic has forced millions of women to drop out of the labor force mostly because of problems related to child care, with many schools still only offering online learning.

 

 

 

Apple partners with TSMC to develop micro OLED displays for AR devices: Nikkei

(Reuters) - Apple Inc has partnered with Taiwan Semiconductor Manufacturing Co to develop micro OLED displays, which it plans to use in its upcoming augmented reality (AR) devices, Nikkei Asia reported on Wednesday.

 

Apple is collaborating with TSMC, the sole supplier of iPhone processors, as micro OLED displays are far thinner, smaller and use less power, making them more suitable for use in wearable AR devices, the report said.

 

The displays under development are less than 1 inch in size, Nikkei added.

 

Bloomberg News in January reported that Apple was still working on underlying technologies for its AR glasses, codenamed N421. It said the product was several years away, citing sources, but added that Apple has previously targeted as early as 2023 to unveil it. (bloom.bg/36XWuj9)

 

The micro OLED project with TSMC is currently at the trial production stage and will take several years to achieve mass production, according to Nikkei.

 

Both Apple and TSMC did not immediately respond to Reuters requests for comment.

 

 

 

Cisco revenue declines for fifth straight quarter, shares fall

(Reuters) - Cisco Systems Inc on Tuesday reported a decline in revenue for a fifth straight quarter, as enterprise clients spent less on its network infrastructure products for offices due to the rise of remote working.

 

The dour performance overshadowed a better-than-expected forecast for current-quarter revenue and sent the company’s shares 4% lower in extended trading. The stock had risen nearly 8% last week ahead of the results.

 

Chief Financial Officer Richard Herren said on a call with analysts that the infrastructure platforms unit, whose sales fell 3% in the quarter, took the biggest hit from the COVID-19 pandemic.

 

The company’s total revenue fell slightly to $11.96 billion in the second quarter ended Jan. 23, from $12.01 billion a year earlier. Analysts were expecting a figure of $11.92 billion, according to IBES data from Refinitiv.

 

However, the remote working trend boosted demand for the company’s videoconferencing platform Webex, virtual private network AnyConnect and cybersecurity products.

 

Revenue from the company’s services business rose 2% to $3.39 billion.

 

Cisco said it expects third-quarter revenue to increase between 3.5% to 5.5%, which implies a range of $12.4 billion to $12.64 billion compared with analysts’ estimates of $12.35 billion.

 

 

 

Tesla rival Rivian aims for IPO this year: Bloomberg News

(Reuters) - Electric-vehicle startup Rivian, which is backed by Amazon.com Inc and Ford Motor Co, is looking to go public as soon as September at a valuation of about $50 billion or more, Bloomberg News reported on Tuesday.

 

Rivian has been in talks with bankers about its plans, but the company's timeline for an initial public offering isn't final and a listing could happen later in the year or next year, Bloomberg News reported, citing people familiar with the matter. (bloom.bg/3rAVglC)

 

The company declined to comment.

 

Rivian, which aims to put an electric pickup and SUV in production this year, announced last month a $2.65-billion investment round led by T. Rowe Price. The startup has said it has raised $8 billion since the start of 2019.

 

The company’s deliveries of pickups would start in June, while those of SUVs would begin in August. Launch editions of the vehicles are priced at $75,000 and $77,500, respectively, with a 300-mile (480 km) driving range for both.

 

In 2019, Amazon ordered 100,000 electric vans from Rivian. The first Amazon vehicles go into production at Rivian’s factory in Normal, Illinois in late 2021, with all deliveries to be completed by 2024.

 

Rivian plans to follow those products with smaller models targeted at China and Europe, founder and Chief Executive Officer R.J. Scaringe told Reuters in November.

 

 

 

Nigeria: 2021 Vital Year for China-Nigeria Relations - Buhari

This is contained in a letter President Buhari wrote to his Chinese counterpart, President Xi Jinping to commemorate the 50th anniversary of the establishment of bilateral ties between Nigeria and the People's Republic of China.

 

In the letter, the president expressed satisfaction with the progress made so far and thanked China for its support in defence matters and infrastructural development of Nigeria among others.

 

President Buhari also rejoiced with Chinese people across the world as they commence celebrations marking the new Chinese Year of the Ox on February 12 this year.

 

The letter reads in part, "It is now 50 years since the establishment of Nigeria-China diplomatic relations, and I am delighted that the bilateral ties have achieved far reaching and fruitful results, on the basis of close coordination and mutual trust, bringing great benefits to our countries and peoples.

 

"As celebrations of the Chinese Year of the Ox by all Chinese across the world commence on February 12th this year, on behalf of the Government and people of the Federal Republic of Nigeria, I use this opportunity to extend my warmest and most sincere greetings and wishes to you and the Chinese people for a promising and auspicious Lunar New Year.-Leadership.

 

 

 

Nigeria: IMF Asks Nigeria to Establish Unified Exchange Rate

The International Monetary Fund (IMF) has advised Nigeria to establish a unified exchange rate regime with a near-term focus on allowing for greater flexibility and removal of payments backlog.

 

The Fund also called for continued reforms aimed at promoting economic diversification and reducing dependence on oil and increasing employment.

 

IMF, in a press statement issued yesterday, commended the federal government for measures taken to address the health and economic impacts of the COVID-19 pandemic which have exacerbated pre-existing weaknesses.

 

It said the government however needs to strengthen governance and anticorruption frameworks, including compliance with AML/CFT measures.

 

The Fund in a report on appraisal of the Nigerian economy emphasised the need for urgent policy adjustment and more fundamental reforms to sustain macroeconomic stability and lift growth and employment.

It also welcomed the ratification of the African Continental Free Trade Area (ACFTA) and stressed that implementing trade-enabling reforms remains critical to rejuvenate growth.

 

"IMF directors welcomed notable reforms undertaken in the fiscal sector, including removal of the fuel subsidy and steps to implement cost-reflective tariff increases in the power sector," IMF said.

 

However, the Washington- based institution emphasised the need for significant revenue mobilisation to reduce fiscal sustainability risks, relying initially on progressive and efficiency-enhancing measures with higher tax rates awaiting a more sustained economic recovery.

 

They highlighted the need for improved social safety nets to cushion potential negative impacts on the poor.

 

IMF said the accommodative monetary stance of the Central Bank of Nigeria remains appropriate in the near term, even as it stated that tightening may be warranted if balance of payments or inflationary pressures were to increase.

"In the medium term, the monetary policy operational framework should be reformed and Central Bank financing of budget deficit phased out in order to reduce inflation," it noted.

 

While welcoming the resilience of the banking sector, IMF directors called for continued vigilance to contain financial stability risks.

 

They said COVID-19 debt relief measures for bank clients should remain time-bound and limited to those with good pre-crisis fundamentals.

 

Nigeria's economy has been hit hard by the COVID-19 pandemic.

 

Following a sharp drop in oil prices and capital outflows, real GDP is estimated to have contracted by 3.2 per cent in 2020 amidst the pandemic-related lockdown.

 

Headline inflation rose to 14.9 per cent in November 2020, a 33-month high, reflecting core and food inflation increases emanating from supply shortages due to the lockdown imposed to curb infections alongside, the land-border closure and continued import restrictions.

The unemployment rate reached 27 percent in the second quarter of 2020, with youth unemployment at 41 percent.

 

Our Economy Is Recovering - FG

 

Meanwhile, minister of finance, budget and national planning, Hajiya Zainab Ahmed has said the reduced contraction of the nation's economy in the third quarter compared to the second quarter of 2020 is an indication that economic activities are recovering in the country.

 

The minister made the statement in a public consultation for the federal government's Finance Act 2020, yesterday.

 

Nigeria's Gross Domestic Product (GDP) contracted by 3.62 per cent (year-on-year) in real terms in the third quarter of 2020 down from the -6.10 per cent growth rate recorded in the preceding quarter (Q2 2020).

 

"Economic activities in the country are recovering gradually, reflected by a reduced contraction of 3.6 per cent in the third quarter of 2020, compared to the 6.1 per cent contraction in the previous quarter," the minister said in her welcome remarks at the virtual stakeholders meeting.

 

She said the federal government has adopted appropriate counter-cyclical fiscal policies to accelerate economic recovery from the recent recession, as well as to stimulate economic growth in key sectors of the economy in response to ongoing health and economic challenges caused by the COVID-19 pandemic.

 

Hajiya Ahmed said given the impact of Coronavirus pandemic on the domestic economy, there is a clear need for proactive implementation of macroeconomic strategies that would support domestic revenue mobilization, enhance investment inflow, stimulate job creation and restore the economy on the path of sustainable, diversified and inclusive growth.

 

She said the public stakeholder consultations of last week and yesterday demonstrated federal government's commitment to continuously consult and engage on the Finance Act that was assented to by president Buhari on 31st December 2020.

 

The Finance minister stated that the Finance Act, 2020 provides fiscal relief for minimum wage earners who are exempt from Personal Income Tax, as well as commuters and other consumers of road transportation goods and services who will now pay lower levels of duties and levies on imported vehicles.

 

"The Finance Act, 2020 extends the Corporate Income Tax exemption in the Finance Act, 2019 for micro and small enterprises with an annual turnover of N25 million or less to include exemption from paying Tertiary Education Tax," she restated.

 

She however said considering government's current challenges with increasing domestic revenue mobilisation in a recovering economy, it was not possible to provide all the tax incentives that various interest groups have been clamoring for.

 

"Consequently, our fiscal stance in the Finance Act, 2020 is to moderate fiscal incentives, defer tax increases and new taxes till the economy recovers, and to foster greater congruence across the government's fiscal, monetary, trade and investment policies," she stated.-Leadership.

 

 

 

Malawi: An Insight Into Cryptocurrency Taxes

Like other assets, cryptocurrency such as Bitcoins is also subjected to tax. However, the process becomes so complex that only a few pay the tax. The non-filers consider cryptocurrency as a gateway that can be utilized to generate multiple income streams and transform their black money into moveable cash. Therefore, due to this misconception, they (the non-filers) keenly avoid paying the taxable income because if they do, they will come under legal jurisdiction.

 

Consistent improvements and worldwide acceptance of cryptocurrency (as a mainstream currency) gained a lot of IRS's attention (Internal Revenue Service). In the past, the federal legal services were not paying any attention to this digital currency, however, when the cryptocurrency gained a lot of user's attention across the globe, it came under the radar of several treasury services.

Therefore, people dealing and trading in cryptocurrency became more concerned than ever to pay the subjectable tax amount. The article elaborates on cryptocurrency taxes. You can find out more about the types that are subjectable to tax.

 

Understanding the main types

 

>From the beginning, people across the world considered cryptocurrency as a form or alternate of fiat (paper) currency. However, the guidelines on virtual currencies consider cryptocurrency as property. This consideration calls for a capital gains tax as paid on different property assets. Therefore, for paying the tax, it is better to understand what are the types of different capital gains tax.

 

In general, capital gains taxes are divided into short-term and long-term. As the name suggests, short-term taxes are payable when you have had cryptocurrencies for less than a year. On the contrary, long term taxes are subjectable if you had owned a cryptocurrency for over a year. And in the year, you have not traded or sold that cryptocurrency. As far as the tax rate is concerned, it can be affected by several factors including the state you are living in. Long-term taxes are not that high.

In some cases, cryptocurrencies are also subjectable to income tax. Like when you are working for some company and are paid in cryptocurrency. Here, cryptocurrency will be declared as your official earning and you will pay a certain amount against it in the form of income tax. Furthermore, both the employees and end the employers will have to present their crypto withholding and earning as they previously reported fiat currency.

 

Realizing the taxable types

Before jumping to any conclusions, it is better to realize and undermine that which types of cryptocurrencies are taxable and which can be exempted.

 

You have to pay for the tradings.

 

It is compulsory from the IRS department that the ones who are trading in cryptocurrency must report their earnings and losses. Like in some cases, a merchant accepts the payments in cryptocurrency and then converts them into dollars. In such a scenario, he will be subjected to a one-time tax before spending that income.

 

Not everything crypto-related is taxed.

 

Based on the previously stated statement, you are not subjected to pay taxes in case of withholding or buying the cryptocurrency. For a cryptocurrency to become taxable, it must be traded or converted into the standard fiat currency. And similar to fiat, if you lose some crypto money during the trade, you hold complete rights to claim a loss.

 

Crypto-miners must pay their taxes.

 

The miners creating their cryptocurrency by solving various algorithms are subjected to tax. It is because they will come under the category of self-employment which calls for a self-employment tax. In such cases, they (miners) will have to pay around 15% of their mined crypto-income.

 

The bottom line:

 

It is better to pay your crypto taxes on time otherwise you will be committing tax fraud. And in case of avoiding cryptocurrency, the government can impose a heavy fine of $250,000 or you could end up in jail for five years.-Nyasa Times.

 

 

 

South Africa: Eskom Implements Stage 2 Load Shedding From Tonight

Lights will be out from 10pm tonight until 5am on Wednesday as Eskom continues to experience system constraints.

 

According to Eskom, the load shedding stage 2 is necessary to preserve and replenish the emergency generation reserves and to maximise the capacity available during the daytime hours.

 

"The power generation system is still severely constrained due to high generation unit breakdowns during the past two days, as well as the delayed return to service of some units out on planned maintenance," the power utility on Tuesday.

 

In a media statement, the State-owned entity said it is currently running on 4 858MW on planned maintenance, while another 14 375MW of capacity is unavailable due to breakdowns and delays.

 

"Eskom expects some of these generation units to return to service from tomorrow, and will continuously assess the situation."

 

Eskom is reminding citizens that it will carry on to implement reliability maintenance during this period as the system continue to be constrained, with the risk of load shedding remaining elevated.

 

Meanwhile, Eskom requests the public to continue using electricity sparingly as the system remains vulnerable and unpredictable.

 

The utility said it would to communicate timeously should there be any significant changes to the power system.-SAnews.gov.za.

 

 

 

Tanzania Government Explains Rise of Fees in Virus-Ravaged Tourism

Dar es Salaam — The government yesterday explained why it increased entry fees to four national parks, responding to an uproar against the hike from tour operators and legislators. Starting July 1, 2021, the entry fees to Serengeti, Lake Manyara, Tarangire and Arusha national parks located in the Northern Tourist Circuit will rise from the current $60 to $70 during the 'high tourism season,' and remain at the current rate during low seasons.

 

According to the ministry of Natural Resources and Tourism, the concession fees which are charged by the Tanzania National Parks Authority (Tanapa) to the lodges and tented camps located within the park borders will increase from $50 to $60 for Serengeti, while remaining at $40 elsewhere.

 

The entry fees for Serengeti will also increase from the current $60 to $70 while the fees in the other three parks will rise from $45 to $50.

 

The seasonal and special camping fees will increase from $50 to $60 in all the four parks.

 

The planned changes irked tour operators and lodge owners who argue that the fees will make Tanzania safaris more expensive - and, ultimately, prompt cancellations of current bookings.

 

Their voices were echoed by Arusha MP Mrisho Gambo (CCM) who asked why the government was not considering to halt the new fees to stimulate growth of the tourism sector which was already hit hard by the Covid-19 pandemic.-Citizen.

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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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.

 


 

 


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