Major International Business Headlines Brief::: 15 February 2021

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Major International Business Headlines Brief::: 15 February 2021

 


 

 


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ü  Asian shares hit all-time highs, oil rises on Middle East tensions

ü  Elon Musk says he supports top dogecoin holders selling most of their
coins

ü  Bitcoin pulls back from brink of $50,000

ü  Nissan says 'not in talks with Apple' over autonomous car project

ü  Uber defends contractors ahead of EU law on gig workers' rights

ü  Japan stocks hit multi-decade high on economic optimism

ü  Neil Woodford says 'sorry' as he announces new investment firm

ü  O2 fined £10m for overcharging customers

ü  Lastminute.com faces legal action over holiday refunds

ü  Rwanda: Iposita to Use Codified Addressing System to Ease Delivery of
Parcels

ü  Tanzanians Advised on Safe Use of Nuclear Technology

ü  Tanzania: Tax Collection Task Force Credible - Govt

ü  Nigeria: Investment One Targets Nigeria's Creative Industry for Growth

ü  Kenya: Tough Times Ahead as Fuel Prices Shoot Up, Petrol By Sh8

 

 

 


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Asian shares hit all-time highs, oil rises on Middle East tensions

SYDNEY (Reuters) - Asian shares advanced to record highs on Monday as
successful coronavirus vaccine rollouts globally raise hopes of a rapid
economic recovery amid new fiscal aid from Washington, while oil prices rose
on heightened tensions in the Middle East.

 

MSCI’s broadest index of Asia-Pacific shares outside Japan jumped 0.4% to
736.4.

 

Japan’s Nikkei climbed 1.1%, despite data showing the country’s recovery
from its worst postwar recession slowed in the fourth quarter.

 

Australia’s benchmark index added 0.9% while E-mini futures for the S&P 500
were up 0.3% in early Asian trading.

 

China and Hong Kong markets are shut for the Lunar New Year holiday. U.S.
stock markets will be closed on Monday for the Presidents Day holiday.

 

The highlight of the week will probably be minutes of the U.S. Federal
Reserve’s January meeting, where policymakers decided to leave rates
unchanged.

 

Data on inflation is due from the UK, Canada and Japan while Friday will see
major economies including the United States release the preliminary February
purchasing managers’ indices (PMI).

 

While economists expect inflation to stay benign for some while yet, the
so-called “reflation trade” has gathered steam in recent days largely led by
coronavirus vaccines and hopes of massive fiscal spending under U.S.
President Joe Biden.

 

Biden pushed for the first major legislative achievement of his term,
turning to a bipartisan group of local officials for help on his $1.9
trillion coronavirus relief plan.

 

“In our view, as long as the rise (in inflation) is gradual, equity markets
can continue to do well. However, unruly moves would certainly hurt investor
sentiment,” said Esty Dwek, head of global market strategy, Natixis
Investment Managers Solutions.

 

“Credit spreads have tightened sharply already, but they still have room to
absorb some higher yields, making us more comfortable with credit risk than
interest rate risk,” Dwek added.

 

“Commodities would be beneficiaries of an inflationary cycle, but they can
still continue to recover without high core inflation as economies reopen
and demand picks up.”

 

Oil prices climbed to the highest since January 2020 on hopes U.S. stimulus
will boost the economy and fuel demand.

 

Prices were also buoyant after a Saudi-led coalition fighting in Yemen said
it intercepted an explosive-laden drone fired by the Iran-aligned Houthi
group, raising fears of fresh Middle East tensions. [O/R]

 

Brent crude rose $1 to $63.43 a barrel. U.S. crude oil gained $1.2 to $60.7.

 

On Friday, the S&P 500 and Nasdaq set record closing highs. The Dow finished
0.1% higher at 31,458.4 points, the S&P 500 gained 0.5% to 3,934.83 and the
Nasdaq added 0.5% to 14,095.47. [.N]

 

Action in currencies was muted.

 

The dollar was slightly higher against the Japanese yen at 105.01 while the
euro rose to $1.2125 and the British pound was up 0.3% at $1.3886. The risk
sensitive Australian and New Zealand dollars climbed 0.1% each.

 

That left the dollar index steady at 90.426.

 

Bitcoin was barely changed in early Asian trading at $47,994, below a record
high of $49,714.66. It posted gains of roughly 20% in a milestone week
marked by the endorsement of major firms such as Elon Musk’s Tesla.

 

 

Elon Musk says he supports top dogecoin holders selling most of their coins

(Reuters) - Billionaire Elon Musk said on Sunday that he supports major
holders of the meme-based digital currency dogecoin selling most of their
coins, adding that he felt too much concentration in dogecoin was the “real
issue”.

 

"If major Dogecoin holders sell most of their coins, it will get my full
support. Too much concentration is the only real issue imo", Musk said in a
tweet bit.ly/3aj5LEd.

 

A well-known supporter of cryptocurrencies, Musk has weighed in regularly on
the recent frenzy in retail investment, driving up prices of dogecoin and
shares of U.S. video game chain GameStop.

 

Musk’s electric vehicle company Tesla Inc revealed on Feb. 8 it had bought
$1.5 billion of the cryptocurrency bitcoin and would soon accept it as a
form of payment for cars.

 

 

 

Bitcoin pulls back from brink of $50,000

SINGAPORE (Reuters) - Bitcoin pulled back from a record high on Monday and
other cryptocurrencies slipped, as investors took profits from a
record-breaking rally that had pushed bitcoin close to $50,000.

 

Bitcoin fell as much as 5.6% to $45,914 in Asian trading hours after having
posting a record peak of $49,714.66 on Sunday, while rival crypto ethereum
slid more than 8%.

 

Once on the fringes of finance, bitcoin is fast gaining legitimacy as an
asset class and has leapt 20% in the week since electric carmaker Tesla Inc
announced it had $1.5 billion in bitcoin and would accept the currency as
payment.

 

It is up more than 60% for the year to date and has gained more than 1,100%
since hitting a one-year low last March.

 

“There’s this unadulterated wave of big players (buying) that has continued
to push the price higher,” said Chris Weston, head of research at Melbourne
brokerage Pepperstone. “We might be seeing one or two big funds just cashing
out,” he said.

 

“The big question is: OK, you want to buy the pullback, but how big is the
pullback that we are talking about?”

 

Besides Tesla’s investment, Bank of NY Mellon last week said it formed a new
unit to help clients own and trade digital assets.

 

Bloomberg reported on Saturday that Morgan Stanley’s investment arm is
weighing a bet on bitcoin.

 

 

 

Nissan says 'not in talks with Apple' over autonomous car project

TOKYO (Reuters) - Nissan Motor Co Ltd said on Monday it is not in talks with
Apple Inc, following a report that the iPhone maker approached the Japanese
company in recent months about a tie-up for its autonomous car project.

 

The Financial Times said the companies had had brief discussions that
faltered over Nissan’s reluctance to become an assembler for Apple-branded
cars, adding that the talks had not advanced to senior management level.

 

“We are not in talks with Apple,” a Nissan spokeswoman said. “However,
Nissan is always open to exploring collaborations and partnerships to
accelerate industry transformation.”

 

The spokeswoman declined to comment further. Representatives for Apple were
not immediately available for comment.

 

Shares in Nissan were sharply lower in early Monday afternoon trade, down
3.7% compared to a 1.4% rise for the Nikkei 225 benchmark.

 

Early stage talks between Apple and Hyundai Motor Group over autonomous
electric cars also recently collapsed on concerns within the South Korean
automaker about becoming a mere contract manufacturer.

 

Reuters reported in December that Apple was moving forward with autonomous
car technology and aimed to produce a passenger vehicle that could include
its own breakthrough battery technology as early as 2024.

 

Outsourcing production of some models through original equipment
manufacturing (OEM) deals is common in the auto industry, but the industry
does not have a major contract manufacturer in the way that Taiwan’s Foxconn
serves the consumer electronics industry.

 

This year, however, China’s Geely has announced a flurry of tie-ups
including one with Foxconn and another with Chinese internet giant Baidu Inc
as it seeks to position itself as the go-to contract manufacturer for
electric cars in China.

 

 

Uber defends contractors ahead of EU law on gig workers' rights

BRUSSELS (Reuters) - Uber on Monday called on EU regulators to recognise the
value of independent contracts in job creation as they consider new rules to
protect gig economy workers.

 

The company has been criticised for classifying its drivers as independent
contractors rather than employees entitled to rights, such as a minimum
wage, paid holidays and rest breaks.

 

Uber has a mixed record in defending its business model. It scored a victory
in California in November last year when voters passed a proposition
allowing it to treat its drivers as contractors. One of its biggest tests so
far will be on Feb. 19 when the UK Supreme Court will rule on workers’
rights.

 

Uber’s comments in a white paper to the European Commission precede a
consultation on Feb. 24 when the EU executive will seek feedback from
workers and employers’ representatives on gig workers’ rights before
drafting laws on the subject by year-end.

 

“This standard (for platform work) needs to recognise the value of
independent work, and be grounded in principles drivers and couriers say are
most important to them,” Uber CEO Dara Khosrowshahi said in a blog post.

 

He said workers should have flexibility and control over when and where they
want to work and that any changes should apply to the sector and not just
one company.

 

“We believe a new approach is possible - one where having access to
protections and benefits doesn’t come at the cost of flexibility and of job
creation,” Khosrowshahi said.

 

The Commission said it will first seek feedback on whether a law is needed
to improve the working conditions of gig workers, followed by a second
consultation on the content of the law.

 

“As part of the social partners’ consultation, the European Commission is
considering issues, such as precarious working conditions, transparency and
predictability of contractual arrangements, health and safety challenges and
adequate access to social protection,” a spokeswoman said.

 

 

 

Japan stocks hit multi-decade high on economic optimism

TOKYO (Reuters) - Japanese shares rose on Monday and briefly touched a more
than 30-year high on rising expectations for a rebound in corporate earnings
and economic growth.

 

The Nikkei index rose 1.08% to 29,839.67 by 0152 GMT, with energy and
healthcare shares leading gains. Early in trading, the index rose to
30,006.46, reclaiming the psychologically important 30,000 level for the
first time since August 1990.

 

The broader Topix rose 0.66% to 1,946.59, also its highest since 1991.

 

Shares of companies that have reported positive earnings rose, as investors
continued to place bets on sectors that are expected to perform well as the
global economy recovers from the coronavirus pandemic.

 

Japan is expected to start coronavirus vaccinations this week, which is also
supporting stock prices. However, Japanese stocks have rallied 8% so far
this month, and some analysts warn that the market may be overheating.

 

“Stocks have risen so fast you could say they’ve broken the speed limit,”
said Ayako Sera, market strategist at Sumitomo Mitsui Trust Bank.

 

“Earnings growth has already been priced in for at least a year from now.
There is reluctance to chase the upside from here, but stocks won’t fall too
much.”

 

Equities also got a boost after data showed Japan’s gross domestic product
grew faster than expected in the fourth quarter.

 

The stocks that gained the most among the top 30 core Topix names were
Daiichi Sankyo Co Ltd, up 2.71 %, followed by Seven & i Holdings Co Ltd, up
2.15%.

 

The underperformers among the Topix 30 were Hitachi Ltd, down 0.92%,
followed by Recruit Holdings Co Ltd that lost 0.74%.

 

There were 134 advancers on the Nikkei index against 89 decliners.

 

The volume of shares traded on the Tokyo Stock Exchange’s main board was
0.61 billion, compared to the average of 1.26 billion in the past 30 days.

 

 

 

Crown Resorts chief Ken Barton resigns amid money laundering scandal

The chief executive of Australian casino group Crown Resorts has quit amid a
scandal over money laundering allegations within its casinos.

 

Ken Barton's departure follows that of several other company directors.

 

Last week an inquiry found Crown was not fit to hold a gaming licence in New
South Wales, meaning it cannot operate its newly built casino in Sydney.

 

The report has also thrown doubt over Crown's casinos in other cities.

 

Crown, which is majority-owned by Australian billionaire James Packer, has
been dogged by allegations of illegal activity for years at its casinos in
Melbourne and Perth.

 

Its operations overseas have drawn particular scrutiny after allegations
that its junkets (paid-for trips) for Chinese high-roller gamblers were
linked to organised crime groups.

 

In her report last week, inquiry commissioner Patricia Bergin found Crown
had been "facilitating money laundering, exposing staff to the risk of
detention in a foreign jurisdiction and pursuing commercial relationships
with individuals" connected to criminal groups.

 

She recommended an overhaul of the company's governance, beginning with the
sacking of most of the board.

 

'Breath-taking lack of care'

Mr Barton has been with the company for over a decade, previously as chief
financial officer before becoming chief executive in 2020.

 

In addition to general management of the company, he has also been in charge
of two accounts embroiled in money laundering claims.

 

Commissioner Bergin found he had demonstrated a "breath-taking lack of care"
when dealing with those allegations, and advised New South Wales state
regulators that he was not suitable for the role.

 

"He is no match for what is needed at the helm of a casino licensee," she
wrote in her report.

 

Crown announced Mr Barton's departure on Monday in a statement to the
Australian share market.

 

Executive chairman Helen Coonan said the company was taking "significant
steps to improve our governance, compliance and culture".

 

However, the inquiry's bombshell findings have raised questions over the
company's future. It has also aimed focus at gaming regulators in Victoria
and Western Australia (WA) for their failure to pick up Crown's misconduct.

 

On Monday, local media reported that WA's chief casino regulator had
resigned after it was revealed he was friends with senior members of Crown's
legal team.--BBC

 

 

 

Neil Woodford says 'sorry' as he announces new investment firm

Neil Woodford, the star fund manager who fell from grace when his flagship
fund was wound up in 2019, has said he will set up a new investment firm.

 

Mr Woodford told the Sunday Telegraph he was "sorry" for what he did wrong
after investors suffered big losses.

 

But he denied claims his leadership caused Woodford Equity Income Fund to
fail, adding that he could have rescued it if it had stayed open.

 

Stockbrokers AJ Bell said investors would have "little sympathy".

 

Mr Woodford built his reputation as a star stock picker over 26 years at the
City firm Invesco. An investment of £1,000 in his first funds would have
returned £25,000 by the time he left.

 

But after he set up his own business several investments turned sour,
causing the value of his funds to plummet and investors - most of them not
professionals - to pull out millions.

 

As a result, his flagship Woodford Equity Income Fund was first suspended,
then shut down, with Mr Woodford removed as investment manager in October
2019.

 

The following day he said he would resign from his remaining investment
funds and wind down his investment company, Woodford Investment Management.

 

'The strategy was mine'

Speaking publicly about the affair for the first time since 2019, Mr
Woodford told the Telegraph: "I'm very sorry for what I did wrong. What I
was responsible for was two years of underperformance - I was the fund
manager, the investment strategy was mine, I owned it and it delivered a
period of underperformance."

 

But he said claims its failure was partly caused by a macho culture at
Woodford Investment Management were "lies" that "really hurt".

 

He also accused the company's administrator, Link Fund Solutions, of
shutting down Woodford Equity Income Fund too soon. Many of the shares it
had bought were in drugmakers whose fortunes have improved during the
pandemic.

 

"I didn't make the decision to suspend the fund, I didn't make the decision
to liquidate the fund.

 

"As history will now show, those decisions were incredibly damaging to
investors, and they were not mine."

 

The BBC has asked Link for a comment.

 

Under investigation

As a result of the suspension of the Woodford Equity Income Fund, many
investors were unable to access their money for months.

 

Mr Woodford and his team had bought stakes in too many unlisted companies,
which made selling assets quickly to fund a flood of redemption requests
extremely difficult.

 

The events leading up to the fund's collapse are being investigated by
watchdog the Financial Conduct Authority.

 

Mr Woodford's new investment firm, called Woodford Capital Management
Partners (WCM), will be based in Buckinghamshire and Jersey and will only
raise money from professionals.

 

It will work with Acacia Research, a US investment company, to advise on a
portfolio of life sciences company holdings. Acacia bought the portfolio
from the Woodford Equity Income Fund's administrators after it shut down.

 

Clifford Press, chief executive of Acacia, called Mr Woodford a "truly
exceptional investment manager".

 

Stockbrokers AJ Bell said: "The news that Neil Woodford is looking to make a
comeback will come as a surprise to many, especially those thousands of
embattled investors who are still waiting to get the last of their money
back.

 

"With around £200m of money still stuck in his previous fund and original
investors back in 2014 sitting on losses of over 25% and many thousands who
invested later suffering much bigger losses, there will be little sympathy
for Woodford and the comments he made in his recent interview."--BBC

 

 

 

O2 fined £10m for overcharging customers

Mobile network O2 has been fined £10.5m by telecoms regulator Ofcom for
overcharging its customers.

 

For eight years, some customers who were leaving the network were
double-charged some fees on their final bills, Ofcom said.

 

The error affected more than 140,000 pay-monthly subscribers between 2011
and 2019, totalling £2.4m.

 

O2 said it had refunded many of the customers, adding an extra 4% to the sum
involved.

 

But it has been unable to contact some of its former subscribers. Those
refunds will be donated to charity.

 

Despite the refunds, Ofcom decided that O2 had broken important rules around
providing customers with accurate bills and that it deserved a fine.

 

On top of the 140,000 who paid the extra amount, a further 110,000 people
were overcharged a total of £38m - but did not end up paying the bill, and
were not due a refund.

 

Ofcom said that O2 knew about the "issues with its billing processes" in
2011, but failed to fix them. It kept overcharging customers for a further
eight years.

 

O2 said: "We are disappointed by this technical error and sincerely
apologise to customers impacted.

 

"We identified the issue ourselves and notified our industry billing
auditor. We have also taken proactive steps to refund all impacted customers
for the extra charges they paid."

 

Ofcom said O2 had changed its billing process so the problem would not
happen again.

 

"This a serious breach of our rules and this fine is a reminder that we will
step in if we see companies failing to protect their customers," said the
regulator's enforcement chief, Gaucho Rasmussen.--BBC

 

 

 

Lastminute.com faces legal action over holiday refunds

Online travel agent Lastminute.com will be taken to court unless it pays
more than £1m of outstanding refunds, the competition regulator has said.

 

Lastminute.com had promised to refund people for package holidays cancelled
due to the Covid-19 pandemic.

 

But it missed a repayment deadline at the end of January.

 

The Competition and Markets Authority (CMA) said the company needed to pay
people back within seven days to avoid court action.

 

"It is wholly unacceptable that thousands of Lastminute.com customers are
still waiting for full refunds for package holidays despite the commitments
the company signed with us," said CMA chief executive Andrea Coscelli.

 

"We take breaches of commitments extremely seriously. If Lastminute.com does
not comply with the law and pay people their outstanding refunds quickly, we
will take the company to court."

 

Lastminute.com has been approached for comment. Last week, the online travel
agent said the refund process had been "very complex and difficult".

 

'Unacceptable behaviour'

In December, Lastminute.com made a commitment to the watchdog to pay out
more £7m to more than 9,000 customers when their holidays were cancelled due
to the pandemic.

 

People were supposed to get their money back by 31 January, but
Lastminute.com still owes more than £1m to 2,600 customers, the CMA said.

 

The travel agent also told some of those package holiday customers to go
directly to their airline to get the cost of their flight back, which the
regulator said it was not supposed to do.

 

Consumer group Which? said Lastminute.com had been "one of the worst
culprits when it comes to failing to refund customers for coronavirus
cancellations".

 

Which? had called on the CMA to uncover how many people had not been
refunded in time.

 

Rory Boland, editor of Which? Travel, said the regulatory action sent "a
clear message that this kind of behaviour is unacceptable".

 

"Lastminute.com is one of countless holiday operators that have let
customers down on refunds, highlighting the need for widespread reforms
across the travel industry," he said.-BBC

 

 

 

Rwanda: Iposita to Use Codified Addressing System to Ease Delivery of
Parcels

The National Post Office (Iposita) has adopted a codified addressing system
that will make it possible for them to deliver packages and mails to the
exact locations by use of grid code technology.

 

Just like many companies that do commodity deliveries in Rwanda, Iposita has
been depending on the street numbers established by government, or make
phone calls to parcel recipients for directions.

 

However, this was challenging in terms of time and ease with which
deliveries would be done, especially in areas where house numbers have not
been assigned, says Patrick Safari, the Director of the Commercial
Department at Iposita.

"When you are delivering parcels in the country, you are faced with the
challenge of identifying the exact location where you should meet the
recipient. This is because, in peri-urban and rural areas, there are plots
in which the street addressing system has not yet been established. In
addition, there are rural places where Google Maps does not work," he said.

 

"And so, when making deliveries, our drivers are forced to call the
recipients and ask, 'Where are you?'" he added.

 

However, this is set to change with the new system which is capable of
providing location of every Rwandan by use of a digitized address.

 

To use the service, Iposita's clients will have to use a smartphone
application provided by Akutari Limited, a Nigerian firm that is partnering
with Iposita to deliver the technology.

 

After opening the app, the client will be required to undertake an easy
registration process, feeding in a few details like their names and phone
numbers.

 

Using the phone's GPS, the app will locate the house, office or compound
where the person is standing while registering and will generate a grid code
for that location.

 

According to Iposita, Rwandans and foreign residents can voluntarily sign up
to obtain an address.

 

Safari told The New Times that Rwanda Utilities Regulatory Authority has
already given the technology a go-ahead and that Iposita will be undertaking
training for its drivers and staff on how to use it, as well as sensitizing
the public about it before it can go operational - hopefully this year.

 

In addition to this, Iposita has to incorporate this technology into their
system, before they will start to do deliveries using it.

 

Under the system, every home and office even in a multi-story facility can
have their own grid code - and this will assist them to have their parcel
deliveries at their doors.

 

Speaking about its safety, Safari said that it is a patented technology, and
that Akutari has been asked to keep all the information of people in Rwanda
on a server within the country.

 

"As an operation requirement, we agreed with Akutari that people's data has
to be stored on a server in the country, under the authorization of RISA for
privacy and protection of personal data," he said.

 

Meanwhile, in March last year during the lockdown, Iposita launched delivery
services for essential products to people in the City of Kigali, and this is
still going on - according to Safari.-New Times.



 

 

Tanzanians Advised on Safe Use of Nuclear Technology

TANZANIANS have been urged to have passion in learning about nuclear
technology. They should acquire nuclear technology education and safe use of
radiation technology in the country for their benefits and development of
the subsector.

 

Tanzania Atomic Energy Commission (TAEC) DirectorGeneral, Prof Lazaro
Busagala, said Arusha residents and those from neighbouring regions were
visiting TAEC's pavilion to learn what TAEC was doing and a way forward in
its strategies.

 

TAEC is participating in the Fourth People Economic Empowerment Programme
Exhibition at Sheikh Amri Abeid Stadium in the tourist city hub that is
dubbed as The Geneva of Africa.

"By visiting TAEC, residents and Tanzanians in general will be aware of
various activities of TAEC and experts are available to provide radiation
technology education. Come in large numbers for radiation awareness at
TAEC's pavilion," said Prof Busagala.

 

The exhibition was launched by Prime Minister Kassim Majaliwa this week. It
will last for one week. TAEC has its headquarters in Arusha. It was
established in 2003.

 

Among its responsibilities include the safe use of radiation in the country,
promote the safe use of nuclear technology, conduct research and provide
advice and information on nuclear science and technology.

 

TAEC has a role to inspect all centres that use radioactive sources to
monitor the implementation of the Atomic Energy Act and its regulations,
issue permits for importation, ownership, transportation and use of
radioactive sources and take samples and analyse radiation in all imported
and exported foodstuffs, fertilisers, animal foods and tobacco.

 

It goes also into testing environmental samples to identify radioactive
contaminants in the environment, measure the level of radiation on telecoms
towers and communications radars, collect, transport and store radioactive
material and provide radiation monitoring service to employees working in
radioactive areas.

 

It conducts an air pollution testing station from the Radionuclides
Monitoring Station (RN64), coordinates various nuclear technology projects
in the country, provides public education on the benefits and effects of
nuclear technology, develops nuclear technology research for sustainable
economic and social development, and provides maintenance and services to
all nuclear technology equipment such as X-ray, CT-scan and MRI etc.-Daily
News.

 

 

 

Tanzania: Tax Collection Task Force Credible - Govt

GOVERNMENT has strongly defended its decision to use a special task force in
tax collection, saying legal procedures were followed in constituting the
team.

 

The government issued its position when responding to concerns raised by
Members of Parliament in relation to its decision to deploy a special task
force in tax revenue collection.

 

According to the government, task forces are used where there is enough
evidence on the presence of businessmen who are escaping to pay tax, and
that Tanzania Revenue Authority (TRA) has been leading the teams in all the
operations.

The government's position was issued yesterday in Parliament by the Minister
of Justice and Constitution Affairs Dr Mwigulu Nchemba on behalf of the
Minister of Finance and Planning Dr Phillip Mpango as he was winding up the
government motion on the third Five-Year National Development Plan slated
for 2021/22 to 2025/26 and priorities set in the proposals for the roadmap
plans for the year 2021/2022.

 

During the debate, some legislators called upon the government to leave the
tax collection responsibility to TRA instead of using task forces, which
they said most often abuse the power bestowed upon them.

 

They argued that abuse of power by the task forces has been contributing to
closure of some businesses.

 

Dr Nchemba assured the House that the task of collecting tax is still under
TRA and that task forces are only formed whenever it is necessary,
especially on curbing tax evasion by few unfaithful businessmen.

 

"The government has made great efforts in increasing the amount of tax being
collected, and to a large extent, TRA has increased awareness on voluntary
tax payment. Task forces will continue to be used on ensuring the government
gets its money for national development," he underscored.

During the debate, lawmakers called upon the government to harmonise the
modalities for tax collection to protect the available business and attract
many more for the country to be able to maintain implementation of
development plans.

 

They were of the view that since the implementation of government projects
required money, it was better for the taxman, Tanzania Revenue Authority
(TRA), to put a conducive environment on approaches being used on revenue
collections.

 

It all started with Geita Rural MP Joseph Musukuma who said in the House
that there were businessmen who were closing their shops due to the
unfavourable approach by the TRA in collecting taxes.

 

Mr Musukuma urged the government to be attentive and address challenges
facing the business community, instead of rushing to charge penalties or
close the shops whenever there was a delay on tax payment.

 

In another development, Dr Nchemba said Tanzania's graduation to the list of
middle income countries was made after considering a number of factors.

 

Some of them included the country's improvement in the disbursement of
budget for development budget, increase in road network, as well as
improvement in social services in the health and education sector.

 

"This didn't come as an overnight process, a lot of effort that was
dedicated by the government through investments in development projects," he
said.-Daily News.

 

 

 

Nigeria: Investment One Targets Nigeria's Creative Industry for Growth

The need to contribute its quota to the development of the creative industry
in Nigeria has warranted the establishment of Africa Photography
Organisation (AFPHOR), a channel through which Investment One Financial
Services Limited seeks to identify endowed creative persons to empower them.

 

The company, one of Nigeria's leading financial services outfits, in a
statement said, AFPHOR is an indication that it is willing to delve into
areas other than finances to enhance the life of Nigerians.

 

"Though we are a financial company, we want to go beyond providing finances.
And whether you like it or not, your lifestyle intertwines with your
finances. Yes, we want to help you grow your wealth and give insight into
doing it yourself, however, we are also trying to see how we can expand our
horizon into lifestyle and we feel the best way to do it is through arts,"
the Company spokesperson, Uwa Omole, disclosed.

 

She noted that the Company had the appreciation for photography, arts,
nature, and other things that will make people know that its scope goes
beyond finance. "We believe the best way to propagate financial literacy is
to go into other fields and educate them about finance and investment."

 

AFPHOR held the first edition of its annual photography event where a winner
emerged from the amateur category. The winner, Mr. Shaka Ehimen, a student
of Architecture from the Ambrose Ali University, Edo State, picked the star
prize of N570,000 about $1,500 at the event that held at the Virtual Hub
Centre, Ikeja , Lagos recently.-This Day.

 

 

Kenya: Tough Times Ahead as Fuel Prices Shoot Up, Petrol By Sh8

Nairobi — Fuel prices went up significantly Sunday until mid-March,
signaling tough times ahead for Kenyans.

 

In a review announced by the Energy and Petroleum Regulatory Authority
(EPRA), Super petrol will retail at Sh115.18 in Nairobi following an
increase by Sh8.19. Diesel and Kerosene too went up by Sh5.51 and Sh5.32 to
retail at Sh101.91 and Sh92.44 per litre respectively.

 

In Mombasa, super petrol will retail at Sh112.78, diesel at Sh99.52 and
Kerosene Sh90.05.

 

In Nakuru, the prices of super petrol, diesel and kerosene will retail at
Sh114.85, Sh101.81 and Sh92.36 per litre respectively.

 

In Eldoret, super petrol will retail at Sh115.77, diesel at 102.74 while
kerosene will retail at Sh93.29.

 

The authority said the price changes which are inclusive of the 8 percent
Value Added Tax had taken into account the weighted average cost of imported
refined petroleum products.-Capital FM.

 

 


 


 


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  

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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

 


 

 

 

 

 

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