Major International Business Headlines Brief::: 18 February 2021

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Major International Business Headlines Brief::: 18 February 2021

 


 

 


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ü  Facebook blocks Australian users from viewing or sharing news

ü  Google to pay Murdoch's News Corporation for stories

ü  'Roaring Kitty' GameStop investor hit with lawsuit

ü  Trustpilot removed 2.2 million bogus reviews in 2020

ü  Jaguar Land Rover: Car maker confirms plans to axe 2,000 jobs

ü  Lord Frost: Brexit negotiator joins cabinet to deal with EU

ü  Amazon sued by New York over 'deficient' Covid-19 response

ü  Ryanair loses fight to block rivals' state aid

ü  Tesla cuts prices of base variants of Model 3, Model Y

ü  Amid Texas freeze, oil producers still shut; governor bans natural gas
exports

ü  General Motors, Volkswagen halt some Mexican operations on gas shortage

ü  How Amsterdam is stealing a march on rivals as Brexit trading hub

ü  East Africa: Local, Regional Exports Recover After Slump

ü  Nigeria: Govt to Convert N10tn CBN Financing to 30-Year Debt

ü  Sudan: Banks Seek Global Connections

ü  South Africa: Electricity Prices to Increase By 15%

 

 

 


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

 


 

Facebook blocks Australian users from viewing or sharing news

Facebook has blocked Australian users from sharing or viewing news content
on the platform, causing much alarm over public access to key information.

 

It comes in response to a proposed law which would make tech giants pay for
news content on their platforms.

 

Australians on Thursday woke up to find that Facebook pages of all local and
global news sites were unavailable.

 

Several government health and emergency pages were also blocked - something
Facebook later asserted was a mistake.

 

Those outside of the country are also unable to read or access any
Australian news publications on the platform.

 

The Australian government has strongly criticised the move, saying it
demonstrated the "immense market power of these digital social giants".

 

Treasurer Josh Frydenberg said the ban on news information had a "huge
community impact". About 17 million Australians visit the social media site
every month.

 

He said the government was committed to passing the law, and "we would like
to see them [Facebook] in Australia.

 

"But I think their actions today were unnecessary and wrong," he added.

 

Google and Facebook have fought the law because they say it doesn't reflect
how the internet works, and unfairly "penalises" their platforms.

 

However, in contrast to Facebook, Google has in recent days signed payment
deals with three major Australian media outlets.

 

Facebook's action came just hours after Google agreed to pay Rupert
Murdoch's News Corp for content from news sites across its media empire.

 

Why is Facebook doing this?

Australian authorities had drawn up the laws to "level the playing field"
between the tech giants and struggling publishers over profits. Of every
A$100 (£56; $77) spent on digital advertising in Australian media these
days, A$81 goes to Google and Facebook.

 

But Facebook said the law left it "facing a stark choice: attempt to comply
with a law that ignores the realities of this relationship, or stop allowing
news content on our services in Australia".

 

"With a heavy heart, we are choosing the latter," it said in a blog post.

 

The law sought "to penalise Facebook for content it didn't take or ask for",
the company's local managing director William Easton said.

 

Facebook said it helped Australian publishers earn about A$407m
(£228m;$316m) last year through referrals, but for itself "the platform gain
from news is minimal".

 

Under the ban, Australian publishers are also restricted from sharing or
posting any links on their Facebook pages. The national broadcaster, the
ABC, and newspapers like The Sydney Morning Herald and The Australian have
millions of followers.

 

What happened with the government sites?

Facebook's change also denied Australians access to many key government
agencies, including police and emergency services, health departments and
the Bureau of Meteorology.

 

Other pages for charities, politicians, sports groups and other non-news
organisations were also affected.

 

Facebook later released a statement which said these pages had been
"inadvertently impacted" and would be reinstated, though it did not give a
deadline.

 

A spokesperson said the company had "taken a broad definition" of the term
"news content" in the law.

 

How have Australians responded?

The ban sparked an immediate backlash, with many Australians angry about
their sudden loss of access to trusted and authoritative sources.

 

Several pointed out that Facebook was one crucial way that people received
emergency updates about the pandemic and national disaster situations.

 

Others raised concerns about misinformation now freely circulating on the
site.

 

"It feels obviously very restrictive in what Facebook is going to allow
people to do in the future, not only in Australia but around the world,"
Sydney man Peter Firth told the BBC.

 

Amelia Marshall said she could not believe the firm's decision "in the
middle of a pandemic", adding: "I've made the long-overdue decision to
permanently delete my Facebook account."

 

Human Rights Watch' Australia director said Facebook was censoring the flow
of information in the country - calling it a "dangerous turn of events".

 

"Cutting off access to vital information to an entire country in the dead of
the night is unconscionable," said Elaine Pearson.

 

How is the government responding?

Australia's conservative government is standing by the law - which passed
the lower house of parliament on Wednesday. It has broad cross-party support
and will be debated again in parliament on Thursday.

 

"We will legislate this code. We want the digital giants paying traditional
news media businesses for generating original journalistic content," said
Treasurer Josh Frydenberg who added that "the eyes of the world are watching
what's happening here".

 

He said he'd also had a discussion with Facebook chief executive Mark
Zuckerberg which had been "constructive".

 

But he pointed out that Facebook, like Google, had been negotiating pay
deals with local organisations. This banning action had "come at an eleventh
hour" and damaged the site's reputation he said.

 

"What they're effectively saying to Australians is: "You will not find
content on our platform which comes from an organisation which employs
professional journalists, which has editorial policies, which has
fact-checking processes".

 

Australia is not a big market for Facebook. And Facebook says news isn't a
big driver of revenue for the company. So why does it care so much about
this law?

 

This is far more about the principle. Other countries have been looking at
what is happening in Australia. There's speculation that Canada, even the EU
could follow Australia's lead - something Facebook wants to avoid.

 

Facebook does already pay for some news. It's entered into commercial deals
with media companies in the UK, for example.

 

What Facebook wants to do, however, is call the shots.

 

Its executives do not want governments to step in, telling them they have to
pay for news - and even setting the price.

 

Facebook, then, has decided to show that there are consequences for
governments if they want to take muscular action against Big Tech.

 

But that could backfire spectacularly. That Facebook can essentially switch
off Australian news on its platform is already being criticised as
anti-democratic - even authoritarian - in some quarters.-BBC

 

 

 

Google to pay Murdoch's News Corporation for stories

Google has agreed to pay Rupert Murdoch's News Corp for content from news
sites across its media empire.

 

News Corporation said it would be sharing its stories in exchange for
"significant payments".

 

Mr Murdoch has long called for Google and other internet platforms to pay
media companies for their output.

 

Amid mounting pressure from lawmakers in Australia and elsewhere, Google
last year said it would start to pay some publishers for stories.

 

"This has been a passionate cause for our company for well over a decade and
I am gratified that the terms of trade are changing, not just for News Corp,
but for every publisher," said Robert Thomson, News Corporation chief
executive.

 

The company owns The Sun, The Times, the Wall Street Journal, and the
Australian, among other publications.

 

"For many years, we were accused of tilting at tech windmills, but what was
a solitary campaign, a quixotic quest, has become a movement, and both
journalism and society will be enhanced," Mr Thomson said.

 

Google last year said it would start licensing "high-quality content" from
publishers around the world as part of a $1bn initiative. It has signed up
hundreds of media outlets in Germany, Brazil and the UK, among others, to
participate in its Google News Showcase programme.

 

The deal with News Corp comes just days before Australia is due to pass a
law allowing it to appoint an arbitrator to set fees if Google or other
platforms cannot not come to terms with publishers on their own.

 

Google has threatened to cut its search engine in Australia over the plans.
On Wednesday, Facebook said it would restrict news on its platform in the
country.

 

In his statement, Mr Thomson said "particular thanks" was due to Australian
politicians who backed the proposal.

 

In addition to payments, Google's News Showcase product makes tweaks to its
news app, like promoting participating publishers in the newsstand section.

 

It also gives news organisations more control over which stories are
promoted and how they appear to users who follow their outlets.

 

As part of its three-year-agreement, News Corp said the two firms would also
collaborate on a subscription platform, share advertising revenue and invest
in video journalism on YouTube, which shares a parent company with Google.

 

News Corp has previously struck payment deals with Apple and Facebook.

 

Financial deals of the News Corp deal were not disclosed.

 

Reuters has reported Google agreed to pay $76m over three years to a group
of 121 French news publishers to end a dispute over copyright laws in
Europe.--BBC

 

 

'Roaring Kitty' GameStop investor hit with lawsuit

A man who became a key player in frenzied trading of GameStop shares last
month has been hit with a class action lawsuit.

 

Keith Gill, known as 'Roaring Kitty' on YouTube, allegedly duped retail
investors into buying inflated stocks while hiding his sophisticated
financial background.

 

Mr Gill has downplayed his impact and rebutted claims he violated any laws.

 

Separately, he will testify on Thursday to Congress about the "Reddit
rally".

 

"The idea that I used social media to promote GameStop stock to unwitting
investors is preposterous," Mr Gill said in the prepared testimony.

 

"I was abundantly clear that my channel was for educational purposes only,
and that my aggressive style of investing was unlikely to be suitable for
most folks checking out the channel."

 

Mr Gill allegedly bought GameStop shares for $5 (£3.60) and then used social
media to drive shares from around $20 in early January to more than $400 in
just two weeks.

 

This violated securities laws against manipulating the market, according to
the lawsuit filed by Christian Iovin, a Washington state resident who
purchased GameStop stock options.

 

Mr Gill said he used publicly available information to determine GameStop
was undervalued, and shared this view with a "tiny" following on social
media ahead of January's huge price surge.

 

The lawsuit also names as defendants Massachusetts Mutual Life Insurance Co
and its subsidiary MML Investors Services, which employed Mr Gill until 28
January.

 

The company told Massachusetts regulators it was unaware of Mr Gill's
outside activities.

 

Grilling from lawmakers

A number of people involved in the so-called "Reddit rally" are due to
appear before Congress on Thursday, including Mr Gill.

 

Others called to testify include Wall Street hedge fund Melvin Capital,
along with the chief executive of Reddit.

 

media captionGameStop investors on a wild ride

The chief executive of Robinhood, the trading platform that restricted the
purchases of GameStop shares to investors during the trading frenzy, is also
expected to testify.

 

The GameStop saga was hailed as a victory of the little guys against big
Wall Street hedge funds that were betting against video games retailer
GameStop and other struggling businesses.

 

But it is unclear what role hedge funds had in the rally as some are
reported to have made millions from the GameStop share rally, that was
inspired by Reddit users.

 

The stock closed down 7% at just under $46 on Wednesday on the New York
Stock Exchange.-BBC

 

 

 

Trustpilot removed 2.2 million bogus reviews in 2020

Trustpilot has said it removed more than two million fake or harmful reviews
over the past year.

 

The business-review site said the vast majority were dealt with by automated
software without human involvement.

 

This marks the first time the Danish company has published a transparency
report in its 14 year history.

 

It comes at a time it is reportedly preparing to list its shares, and the
wider online review sector faces a regulatory probe.

 

"It is important that online sites take proactive measures to prevent fake
reviews infiltrating their sites so that consumers can trust the information
presented to them," said Rocio Concha, director of policy at consumer group
Which?.

 

Automatic cull

Trustpilot allows the public to score and leave feedback about their
experiences with organisations whose services they have used.

 

It makes money by selling services to the same businesses, helping them send
review invitations to customers among other features.

 

BBC Watchdog and BBC Radio 5 Live, among others, have highlighted cases of
companies cheating Trustpilot's system by either getting genuine negative
reviews removed or paying for positive ones.

 

However, in recent years the firm has made efforts to tackle such activity,
most recently switching to leaving flagged reviews online until it has
completed an investigation.

 

The transparency report seeks to show its safeguards are working.

 

It says of the 39 million written reviews posted to its platform in 2020:

 

·         2.2 million were removed for being fake or harmful, representing
5.7% of the total

·         1.5 million were automatically deleted by its fraud detection
software

·         just under 660,000 were taken down manually

·         businesses reported about 469,000 suspicious reviews, of which 62%
were taken offline

·         consumers reported nearly 90,000 suspicious reviews, of which 12%
were removed

The firm's chief trust officer told the BBC that machine learning techniques
had helped it spot bogus posts that might otherwise have been missed.

 

"It's very difficult for humans to spot a fake review [unless they are]
badly done," said Carolyn Jameson.

 

"But the machines look at multiple data points, like the number of times an
IP [internet protocol] address has posted a review in quick succession, and
patterns in language that might look natural to the human eye but have been
repeated too many times in other reviews by the same person."

 

She explained the large discrepancy between actions taken on business
complaints versus consumer ones as being the result of other companies
having more insight into the issue too.

 

Reviews probe

Trustpilot announced in November that it was generating more than $100m
(£72.2m) in annual sales for the first time.

 

Reports in the financial press followed that it was planning to float its
shares.

 

But one potential hurdle is the UK's Competition and Markets Authority's
launch of a probe into whether major websites are doing enough to crack down
on fake reviews.

 

The watchdog has not mentioned Trustpilot by name, but given the firm's size
and influence many expect its activities will come under review.

 

And there may be suspicion that, by charging businesses to send out review
invitations and reminders, it might be helping them skew their scores.

 

"Infuriated customers find Trustpilot and write a scathing review. Satisfied
customers, if not prompted, will not bother," said Francois Godard from
Enders Analysis.

 

"The underlying problem is, specialised sites like Trustpilot... are stuck
in a conflict of interest: to generate audiences they need to host critical,
credible voices; to keep clients they need positive reviews and ratings."

 

Watchdog welcomed

Trustpilot acknowledges companies that regularly ask customers for reviews
tend to have higher star ratings.

 

But it says there is only a small difference in scores between those paying
it to send invitations and those businesses that are active but using a free
plan.

 

According to the transparency report the former has an average of 4.38 stars
out of 5 and the latter 4.39.

 

"We welcome any interest in this area by regulators," added Ms Jameson.

 

"[We'd be] very happy if the review sector as a whole can be a safe and
secure place for people to come and find information."—BBC

 

 

 

Jaguar Land Rover: Car maker confirms plans to axe 2,000 jobs

Jaguar Land Rover (JLR) has announced plans to cut about 2,000 jobs from its
workforce over the next year.

 

The company said it had started a full review as it prepares to become a
"more agile organisation".

 

It comes after the car maker confirmed its Jaguar brand will be all-electric
by 2025 and that it will keep all three of its UK plants open.

 

The losses, from its worldwide workforce, will not affect manufacturing
staff, a spokesman said.

 

JLR has its headquarters in Coventry and plants in Castle Bromwich,
Solihull, and Halewood near Merseyside.

 

'Lean foundation'

Thousands of jobs have been lost at the company over the past two years amid
a decline in sales, with the firm also previously citing uncertainty caused
by Brexit.

 

Production stopped entirely last March before restarting at a reduced
capacity in the summer.

 

In a statement on Wednesday, the firm said it had to make "every possible
efficiency".

 

"We need to reduce the cost base to achieve a lean foundation, which will
allow us to transform most effectively into a more agile organisation," a
spokesman said.

 

"We have started to brief our salaried employees about the detail of the
organisation review.

 

"This does not impact our hourly paid, manufacturing colleagues. We
anticipate a net reduction of around 2,000 people from our global salaried
workforce in the next financial year."--BBC

 

 

 

Lord Frost: Brexit negotiator joins cabinet to deal with EU

Boris Johnson has drafted former Brexit negotiator Lord David Frost into his
cabinet to take charge of forging a new relationship with the EU.

 

He will seek to maximise post-Brexit trading opportunities when he becomes a
full cabinet member next month, Downing Street said.

 

He will also replace Michael Gove as co-chair of a committee on implementing
the Brexit withdrawal deal.

 

Mr Gove will keep his seat at the cabinet table.

 

The change means Mr Gove, who will keep the title of Chancellor of the Duchy
of Lancaster, will be Lord Frost's new boss at the Cabinet Office.

 

'Not accountable'

The peer said Mr Gove had done an "extraordinary job for this country" in
talks with the EU over the past year.

 

In taking over from him as chair of the EU-UK committee tasked with
implementing the Brexit deal, he said: "I stand on the shoulders of giants."

 

Labour's shadow international trade secretary Emily Thornberry tweeted: "So
we've finally got one minister taking a grip of the problems with our
post-Brexit trading relationships with Europe.

 

"Someone who has never been elected by anyone in this country, and won't be
accountable in the House of Commons to any of us who have."

 

Analysis box by Ben Wright, political correspondent

This appointment again shows that Brexit didn't end with the signing of a
trade deal.

 

While the UK is no longer a member of the EU, negotiating with Brussels and
member states will preoccupy this and future governments for years to come.

 

Since the start of the year (and the end of the transition period) serious
tensions have flared up between Westminster and Brussels over trade
disruption between Great Britain and Northern Ireland and vaccine supplies.

 

Other issues, such as the City of London's access to EU markets, remain
unresolved.

 

Lord Frost will now be the UK minister responsible for co-ordinating all
this and it will be a full time job.

 

Rather than responsibility for the EU being shared between several
departments - such as the Foreign Office and International Trade - the
decision to put Lord Frost in the cabinet and in charge of the Withdrawal
Agreement Joint Committee gives him huge clout overseeing policy.

 

It also takes a lot of work away from Michael Gove and means there will be a
single minister responsible to parliament for EU relations - although of
course he'll be answering questions in the House of Lords and not the
Commons.

 

Speaking last week to a select committee, Lord Frost said the UK's
relationship with the EU since the trade deal between the two came into
force at the start of the year, had been more "problematic" and "bumpy" than
he had expected.

 

He said he hoped we would "get over this", but added that it was going to
require a "different spirit" from Brussels.

 

Lord Frost - who is said to be highly rated by the prime minister - had been
due to become the UK's new national security adviser earlier this month, but
was replaced days before he was due to start.

 

He will be the co-chair of the UK-EU joint committee, which was set up to
resolve differences arising from the treaty which took the UK out of the EU
in February 2020.

 

Northern Ireland tensions

Since the UK left its Brexit transition period in January, this committee
has mainly focused on overcoming trade tensions in Northern Ireland.

 

Unlike the rest of the UK, Northern Ireland is continuing to follow EU
single market rules on goods.

 

This provision, agreed as part of the withdrawal agreement, was designed to
get rid of the need for checks at the border with the Republic of Ireland.

 

But it has meant checks had to be introduced on some goods travelling
between Great Britain and Northern Ireland.

 

Since the new rules came into force, there has been tensions at ports in
Northern Ireland, with disruption to some food supplies and online
deliveries.

 

Lord Frost will also become UK chair of a separate committee being set up to
oversee the post-Brexit trade deal he negotiated with Brussels last
year.—BBC

 

 

Amazon sued by New York over 'deficient' Covid-19 response

New York's top prosecutor has accused Amazon of falling short of health and
safety laws in its response to the coronavirus pandemic.

 

In a lawsuit, Attorney General Letitia James said Amazon had displayed a
"flagrant disregard" for the rules and illegally retaliated against workers
who raised concerns.

 

Amazon last week attempted to block the lawsuit with its own legal action.

 

It said Ms James was applying "an inconsistent and unfair" standard.

 

"We care deeply about the health and safety of our employees, as
demonstrated in our filing last week, and we don't believe the Attorney
General's filing presents an accurate picture of Amazon's industry-leading
response to the pandemic," spokeswoman Kelly Nantel said in a statement.

 

'Danger to public health'

Amazon faced criticism from workers around the world last year over its
response to the coronavirus pandemic. In France and Spain, officials forced
the firm to make changes after unions filed complaints.

 

Ms James said her inquiry into conditions at two warehouses in New York City
found Amazon implemented a "deficient" programme to trace the contacts of
infected workers and did not follow rules requiring companies to shut and
disinfect areas that had been visited by a sick person, among other
violations.

 

She said the firm "cut corners" when it came to steps that would have hurt
its sales volume - and profit.

 

"Amazon's flagrant disregard for health and safety requirements has
threatened serious illness and grave harm to the thousands of workers in
these facilities and poses a continued substantial and specific danger to
the public health," she said in the filing.

 

Ms James launched her investigation last March after numerous complaints
about the lack of precautions for workers n New York, then the epicentre of
America's coronavirus outbreak.

 

The probe later expanded to include concerns about retaliation after Amazon
fired some of the workers, including Christian Smalls, who spoke out about
the issues.

 

"While Amazon and its CEO made billions during this crisis, hardworking
employees were forced to endure unsafe conditions and were retaliated
against for rightfully voicing these concerns," she said.

 

"Since the pandemic began, it is clear that Amazon has valued profit over
people and has failed to ensure the health and safety of its workers."

 

In its complaint last week, Amazon said Ms James lacked oversight over the
workplace issues, which it said are governed by national labour laws.

 

It also accused her of ignoring the steps the company has taken to protect
its workers, pointing to a 30 March city inspection inspection of its
warehouse in Staten Island, New York, which concluded that "there were
absolutely no areas of concern".

 

The rate of infection among Amazon staff in New York is half that of the
area's general population, it added.

 

Amazon said that it fired Mr Smalls for violating requests that he
quarantine after being exposed to the virus.—BBC

 

 

Ryanair loses fight to block rivals' state aid

Ryanair has lost its court battle against state aid granted to rivals Air
France and Swedish carrier SAS.

 

The Luxembourg-based General Court said EU rules were not broken when the
airlines received bailouts.

 

Airlines have been particularly hard hit by the coronavirus pandemic, with
much international travel either banned or restricted for long periods.

 

Ryanair said the help was unfair and said that it would appeal against the
decision at the EU Court of Justice.

 

Ryanair criticised a French scheme which allowed airlines to delay paying
some tax and a Swedish loan guarantee scheme.

 

The airline has filed 16 awsuits against the European Commission over
bailout packages and government help that benefited rivals including Dutch
carrier KLM and Germany's Lufthansa.

 

Of the French bailout, the court said: "That aid scheme is appropriate for
making good the economic damage caused by the Covid-19 pandemic and does not
constitute discrimination."

 

For the Swedish scheme, it said the aid was "presumed to have been adopted
in the interest of the European Union."

 

Other than furlough payments for staff, Ryanair boss Michael O'Leary has
said airlines should rely on their reserves and shareholder bailouts if they
are to survive.--BBC

 

 

Tesla cuts prices of base variants of Model 3, Model Y

(Reuters) - Tesla Inc has reduced the price of its cheaper variants of the
Model 3 sedan and the Model Y sports utility vehicle (SUV), while raising
prices for their performance variants, the electric-car maker’s website
showed.

 

The price of its Model 3 Standard Range Plus has been lowered to $36,990
from $37,990, while the Model Y Standard Range’s price came down to $39,990
from $41,990, according to the website.

 

The carmaker has been making various models in its lineup more affordable at
a time when legacy automakers are trying to make inroads in the electric
vehicle market.

 

The standard range of the Model Y was launched in January, bringing its
SUV’s price closer to that of the Model 3 sedan, the electric-car maker’s
least expensive car.

 

The prices for the Performance variant of the Model 3 rose to $55,990 from
$54,990 and Model Y to $60,990 from $59,990, the website showed.

 

The price cuts come as Tesla looks to ramp up its deliveries. Overall, the
company delivered 499,550 vehicles during 2020, above Wall Street estimates
of 481,261 vehicles.

 

 

 

Amid Texas freeze, oil producers still shut; governor bans natural gas
exports

HOUSTON (Reuters) - Texas oil producers and refiners remained shut for a
fifth day on Wednesday after several days of blistering cold, and the
governor ordered a ban on natural gas exports from the state to try to speed
the restoration of power.

 

The cold snap, which has killed at least 21 people and knocked out power to
more than 4 million people in Texas, is not expected to let up until this
weekend.

 

Governor Greg Abbott directed Texas natural gas providers not to ship
outside the state until Sunday and asked the state energy regulator to
enforce his export ban.

 

“That will also increase the power that’s going to be produced and sent to
homes here in Texas,” Abbott said at a news conference Wednesday.

 

The ban prompted a response from officials in Mexico, which relies on
imports via pipeline from Texas. More than 40% of U.S. natural gas exports
come from Texas.

 

Texas produces more natural gas and oil than any other U.S. state, and its
operators, unlike those in North Dakota or Alaska, are not used to dealing
with frigid temperatures.

 

The state accounts for roughly one-quarter of U.S. natural gas production,
about 27.8 billion cubic feet per day, but it consumes only part of that,
shipping the rest to other states or via pipeline to Mexico, according to
the U.S. Energy Information Administration.

 

Texas’ energy sector has been hit hard by the cold, with about 4 million
barrels per day (bpd) of daily refining capacity shuttered and at least 1
million bpd of oil production out as well.

 

Natural gas output also slumped. At this time a week ago, Texas was
producing about 7.9 billion cubic feet per day, but that fell to 1.9 billion
on Wednesday, according to preliminary data from Refinitiv Eikon. Natural
gas accounts for half of Texas’ power generation.

 

Christi Craddick, chair of the Texas Railroad Commission, the state’s oil
and gas regulator, said late Wednesday the agency had received the
governor’s request and was reviewing it.

 

The request set up a game of political football, according to a person
familiar with the matter, between groups that do not have the authority to
interfere with interstate commerce.

 

U.S. gas pipeline exports to Mexico dropped to 3.8 billion cubic feet (bcf)
per day on Wednesday, down from an average over the past 30 days of 5.7 bcf,
according to data from Refinitiv, about three-quarters of which comes from
Texas.

 

Mexico’s economy minister, Tatiana Clouthier, said Wednesday she had
contacted the U.S. government’s representative in Mexico, seeking to
guarantee supplies of natural gas for Mexico during the cold snap.

 

“By not acting together, the results could be more complicated,” she said on
Twitter.

 

One cargo of liquefied natural gas (LNG) loaded at Freeport LNG in Texas on
Wednesday had been slated to sail to Mexico, according to Refinitiv Eikon
data. The tanker remained off the coast of Texas. A Freeport LNG spokeswoman
declined to comment.

 

Operations at Cheniere Energy’s Corpus Christi plant, the state’s largest
LNG producer, were halted by weather disruptions this week. A spokesman
declined to comment on the governor’s order.

 

Overall, daily U.S. natural gas production is down by roughly 19% from the
end of last week to 71.9 bcf per day on Wednesday, according to preliminary
Eikon data.

 

With more snow expected in key oil-and-gas production areas like the Permian
and northern Louisiana, production is expected to stay offline through
Friday, said Anna Lenzmeier, energy analyst at BTU Analytics.

 

“The second half of this week is shaping up to be just as tumultuous as the
long weekend, and natural gas prices could continue to top triple digits
before the weekend,” she said.

 

Several Texas ports, including Houston, Galveston and key LNG exporting
sites at Freeport and Sabine Pass were closed due to weather, according to
U.S. Coast Guard Petty Officer Jonathan Lally.

 

One bcf of gas can supply about 5 million U.S. homes per day.

 

Producers in the Permian Basin, the largest U.S. oilfield, said electrical
outages were the main issue, and that until power was restored, restarting
any frozen equipment would be challenging.

 

Roughly 1 million bpd of crude production has been halted, according to Wood
Mackenzie analysts, and it could be weeks before it is fully restored.

 

The supply disruptions drove further increases in oil prices, which ended
the session up more than 1.5%. U.S. natural gas climbed to a more than
three-month high after rising more than 10% on Tuesday.

 

The freeze has also sent Canadian natural gas exports to the United States
soaring to levels last seen in 2010, said IHS Markit analyst Ian Archer.

 

Net Canadian exports have jumped above 7.5 bcf a day for the last couple of
days and Archer estimated they were close to 8 bcf per day on Wednesday.

 

“We are seeing just absolutely huge withdrawals and exports to the U.S.,”
Archer said.

 

 

General Motors, Volkswagen halt some Mexican operations on gas shortage

MEXICO CITY (Reuters) - General Motors Co and Volkswagen AG are suspending
some of their operations in Mexico due to a natural gas shortage, while Audi
AG will adjust production in line with supply, the automakers said in
separate statements on Wednesday.

 

General Motors said it was forced to halt operations at its plant in the
central city of Silao on both Tuesday night and on Wednesday, and would
resume once the gas supply returned to an adequate level.

 

The gas shortfall also prompted Volkswagen to announce it will suspend
production on its Jetta model on Thursday and Friday, and on its Taos and
Golf models just on Friday, the company’s Mexico unit said.

 

Audi said it will adjust its production levels depending on the availability
of natural gas, which it uses to produce the Audi Q5 vehicle at its plant in
Puebla state.

 

 

How Amsterdam is stealing a march on rivals as Brexit trading hub

AMSTERDAM/LONDON (Reuters) - All the talk was of Frankfurt or Paris luring
London’s financial business as Britain peeled away from the EU. Yet it is
Amsterdam that is proving the most visible early winner.

 

Data last week showed the Dutch capital had displaced London as Europe’s
biggest share trading centre in January, grabbing a fifth of the 40 billion
euros-a-day action, up from below a tenth of trading pre-Brexit.

 

Yet that is just one of several areas the city has quietly stolen a march on
its rivals as it attracts businesses from Britain, evoking memories of its
history as a global trading powerhouse in the 17th century.

 

Amsterdam has also overtaken London to become Europe’s number one corporate
listing venue so far this year, data shows, and the leader in
euro-denominated interest-rate swaps, a market estimated to be worth about
$135 trillion in 2020.

 

“There is a whole culture of trading, and to be close to that was very
positive,” said Robert Barnes, CEO of London Stock Exchange-owned share
trading platform Turquoise, which has selected the Dutch capital over Paris
for its post-Brexit hub.

 

“You have some of the big institutional banks, you have specialist trading
firms, a dynamic retail community. But it’s also in the heart of continental
Europe.”

 

Cboe Europe, an equities exchange, told Reuters it was launching an equities
derivatives venture in Amsterdam in the coming weeks to emulate the trading
model built in its Chicago home.

 

Asked why Cboe chose Amsterdam over rivals, Howson said the Netherlands was
where he saw “substantive growth” for his industry in Europe. He also cited
the wide use of English in the city and Dutch regulation being friendly to
global investors, in contrast to some European countries’ preference for
championing domestically-focused firms.

 

“You need core Europe to be competitive on a global scale,” said Howson. “A
more insular Europe or too much national interest makes that a difficult
thing.”

 

Yet while the arrival of such businesses may bring higher tax revenues from
trading volumes and private investment in infrastructure, the city is not
experiencing a jobs boom, as many companies relocating there tend to be
highly specialised, and smaller employers.

 

Turquoise’s new Amsterdam operation, for instance, sits in the former head
office of the Dutch East India Company, the trading megacorporation that
fuelled Amsterdam’s rise to its former finance fame - yet it only employs
four staff.

 

The Netherlands Foreign Investment Agency, which has led the effort to woo
Brexit business, told Reuters it estimated about 1,000 new jobs had been
created by financial firms moving operations to Amsterdam since Britain left
the EU.

 

That’s a fraction of the 7,500 to 10,000 jobs estimated to have left London
for the EU since 2016, when Britain voted the leave the bloc, and a drop in
the ocean compared with the British capital’s financial workforce, which
numbers over half a million.

 

Many investment banks with their large staffs have looked elsewhere on the
continent, deterred in part by Dutch laws that limit banker bonuses.

 

 

HOW IT’S GETTING AHEAD

Amsterdam leads the European listings table this year, having attracted $3.4
billion-worth of initial public offerings (IPOs), Refinitiv data shows. That
included Poland’s InPost, which raised 2.8 billion euros in the biggest
European IPO in 2021 so far.

 

Spanish fintech form Allfunds, Dutch web startup WeTransfer and two
“blank-cheque” firms - one backed by ex-Commerzbank chief executive Martin
Blessing and another by French tycoon Bernard Arnault - are planning to list
on Euronext Amsterdam.

 

At least three technology companies from Central and East European are also
considering listings as Brexit dents London’s allure, bankers told Reuters.

 

Banking sources working on the two blank-cheque, or special purpose
acquisition companies (SPACs), said Dutch regulations were closest to rules
in the United States, making it easier to appeal globally.

 

In the euro-denominated interest rate swaps market, platforms in Amsterdam
and New York have grabbed the bulk of business lost by London, whose share
fell from just under 40% in July to just over 10% in January, IHS Markit
data shows.

 

That made the Dutch capital the biggest player, an advance from last July
when platforms in the city commanded just 10% of the market.

 

Amsterdam will also become home to the European carbon emissions trading,
worth a billion euros a day in trading volumes, when the Intercontinental
Exchange (ICE) moves the market from London later this year.

 

BIG BANKS AND BONUSES

The Netherlands Foreign Investment Agency, which began analysing where
Amsterdam could capitalise after Britain’s 2016 decision to leave the EU,
said it had identified certain financial sectors where it believed it could
have an edge.

 

“We focused on specialist areas ... that were trading and fintech,” said
spokesman Michiel Bakhuizen, adding that the city played up the strength of
its low-latency digital trading infrastructure.

 

“The big investment banks were always going to move to Frankfurt and Paris
because of the Dutch legislation that is in place for bank bonuses,” he
added, referring to a 2015 law limiting variable pay to a maximum of 20% of
base salary.

 

This drive to focus on specialist areas rather than appeal more broadly
could be reflected in the number of companies relocating.

 

In response to Brexit, 47 firms have shifted operations entirely or partly
to Amsterdam from London, according to preliminary data compiled by New
Financial, a think-tank.

 

That is lower than the 88 firms that have moved business to Paris and the 56
to Frankfurt.

 

Companies to have shifted operations to the Netherlands include CME,
MarketAxess and Tradeweb. A handful of asset managers and banks including
Commonwealth Bank of Australia are also relocating there.

 

By contrast, those firms that have moved departments and staff to Frankfurt
have mainly been big investment banks, including JP Morgan, Citi and Morgan
Stanley, while Paris has mostly welcomed banks and asset managers, according
to New Financial.

 

‘WAY TOO EARLY TO CALL’

 

William Wright, New Financial’s managing director, notes that although fewer
firms have made the move to Amsterdam, the city’s share “is highly
concentrated by sector, with Amsterdam having a clear lead in areas like
broking, trading, exchanges and fintech”.

 

Amsterdam’s apparent success, however, may be flattered because Brexit has
so far hit trading hardest, and such business may be easier to move.

 

“The early data on the impact of Brexit is mainly trading-based, hence
Amsterdam looks like it is doing particularly well,” Wright added. “And I’m
not making a call on Amsterdam for IPOs yet as I think it’s way too early.”

 

Sander van Leijenhorst, Brexit programme manager at the AFM Dutch financial
regulator, said authorities would actually have preferred London retaining
its dominance because of the efficiencies that come from concentrating
everything in a single European hub, he said.

 

But once the implications of Brexit became clearer, it was obvious that
Amsterdam - home to the world’s oldest stock exchange - would appeal, he
added.

 

“There was already a group of traders here. They tend to come together, they
tend to flock together.”

 

 

 

 

East Africa: Local, Regional Exports Recover After Slump

Local and regional exports have recovered to pre-Covid-19 levels following a
sharp decline in April 2020 as a result of the Covid-19 pandemic according
to a report by the United Nations Economic Commission for Africa, TradeMark
East Africa and African Economic Research Consortium (AERC).

 

The report showed that by the end of the third quarter, a majority of East
Africa Community countries, exports had surpassed 2019 levels.

 

In Rwanda, exports had grown by 13.6 per cent in comparison to 2019,
statistics from the Ministry of Trade and Industry show.

 

The report's authors noted that recovery of exports was largely driven by
non-traditional exports as well as value addition.

"Aggregate exports from the region declined to their lowest values in April
2020. However, they started recovering in the ensuing months. In fact, in
the third quarter of 2020, most of the EAC Partner States' exports surpassed
their 2019 level," the report noted.

 

Jonas Munyurangabo, Director General for Planning, Monitoring and Evaluation
at the Ministry of Trade and Industry, said that Rwanda had experienced the
same trade with exports growth driven by non-traditional exports, minerals
and re-exports.

 

He noted that while previously, exports were driven by tea and coffee, in
2020 exports relied on products such as milling products, vegetables,
flowers among others.

 

Munyurangabo noted that among the lessons that were picked from the 2020
pandemic experience is the need to increase attention to intra-regional
trade which had proved to be more resilient during the slump.

According to the report, Intra-EAC trade exhibited greater resilience in
comparison to extra-EAC trade which has more fragile supply chains and
vulnerable global trading systems.

 

He added that from the trade experience, Rwanda is looking at strengthening
logistics chain and supply chain to improve resilience as well as
increasingly digitize trade related services such as customs.

 

Despite reported resilience, the pandemic could have reversed some of the
gains made in trade facilitation as ship dwell time and cargo transit was
found to have increased. For instance, the transit time from Dar-es-Salaam
to various cities in the neighbouring countries more than doubled.

 

According to Frank Matsaert, TradeMark East Africa Chief Executive, the data
from the study also pointed to the need for trade to spur innovation as well
as government incentives and support to trade activities.

 

The report also noted that regional imports have moderated slightly, leading
to improved trade balances for the majority of EAC member states. This was
partly as a result of the impact of the pandemic on global supply chains and
increased production of previously imported goods.

 

Experts have recommended the need for EAC countries to diversify their
economies to avoid excessive commodity export dependence which exposes the
regional economy to unnecessary risks.-New Times.

 

 

 

Nigeria: Govt to Convert N10tn CBN Financing to 30-Year Debt

The federal government has set the terms for the conversion of its stock of
Central Bank of Nigeria (CBN) overdrafts into long-term notes in a bid to
create transparency around its dependence on that source of funding.

 

Bloomberg quoted the Director-General of the Debt Management Office (DMO),
Ms. Patience Oniha, to have disclosed in an e-mail that the N10 trillion
($25.6 billion) debt will be exchanged for 30-year notes issued to the
central bank.

 

The agreement on timing for the conversion needs to be finalised to get the
required approval from the cabinet, at the earliest in the second quarter,
Oniha said.

The Nigerian government became dependent on central bank borrowing after oil
prices collapsed in 2015.

 

Earnings from crude sales account for about half of government income in
Africa's largest economy. The financing helped plug spending shortfalls as
non-oil revenues failed to cover the gap created by lower earnings from
crude exports.

 

The increasing reliance on CBN overdrafts has negative consequences, the
International Monetary Fund had said in a report published last week.

 

"The financing is costly for the federal government at interest rates of the
monetary policy rate plus 300 basis points, and for the CBN, with
sterilization done through the issuance of open market operation bills," the
IMF said.

 

The converted debt will be amortized over 30 years starting with a two-year
moratorium when the government will not pay anything, Oniha said.

The central bank will decide whether the securities will be sold to the
public.

 

The conversion will add to Nigeria's debt stock, which stood at N49 trillion
at the end of last year, according to IMF estimates.

 

Public debt, including the central bank overdrafts, as a proportion of Gross
Domestic Product rose to 34.4 per cent in 2020, from 29.1 per cent in 2019,
IMF data shows.

 

The lender forecasts the debt to GDP ratio will remain largely unchanged
until 2023 when it will rise to 35.5 per cent of GDP.

 

Finance Minister, Zainab Ahmed and CBN Governor, Godwin Emefiele, last year
agreed to end CBN overdrafts to the government by 2025 in a letter of intent
to the IMF before the release of emergency financing.

 

There will be strict adherence to the statutory limit of the central bank
overdraft to the government going forward, which is 5% of the preceding
year's revenue, according to Oniha.

"There is a statutory limit, but it is then a question of if it is being
implemented. Let's clean the books, and going forward the intention is to
comply," she said at a meeting with market participants last week.

 

In a strategy paper released last week, the DMO raised the amount it could
borrow as a proportion of GDP to 40 per cent from 25 per cent to accommodate
its growing debt portfolio and stimulate an economy that is recovering from
its second recession in four years.

 

The government will borrow mainly from domestic markets, while external debt
will be raised mainly from multilateral and bilateral lenders, according to
the debt office head. The government is seeking to raise the dollar
equivalent of 2.3 trillion naira in offshore markets and will consider
issuing a Eurobond depending on market conditions.

 

The government also plans to issue Sukuk and green bonds to finance projects
in the 2021 budget, Oniha said. The green-bond rollout is subject to
approval by climate change regulators, she said.-This Day.

 

 

 

Sudan: Banks Seek Global Connections

Sudanese banks are taking steps to re-establish relationships with foreign
financial institutions after the US removed Khartoum from its list of
countries that sponsor terrorism.

 

The process may be slow, experts say.

 

Restoring international banking relations would give vital support to the
economy still in crisis after more than 18 months of political transition
since the ouster of former president Omar al-Bashir.

 

Sudanese banks had been banned from correspondent relationships involving
dollars, and have had difficulty dealing in other major currencies for
nearly 20 years.

 

Importers rely on brokers, with high charges, mainly in Dubai, to obtain
foreign currency, incurring an additional cost to local consumers and
exacerbating inflation. Sudan's inflation has exceeded 260 per cent by last
month.

 

Large foreign banks began to withdraw gradually from 2000, as the US cracked
down on dealings with Khartoum.

 

The US formally lifted economic sanctions on Sudan in 2017, but continued to
classify it as a state sponsor of terrorism, partly due to its suppression
of the rebellion in Darfur and the hosting of then Al-Qaeda leader Osama bin
Laden in the 90s.

 

Now foreign banks can re-establish banking relationships, and are only
concerned that they may be subject to secondary sanctions in place against
individuals with links to the Darfur war.

 

Sudanese economist Abu Al-Gasim Ibrahim told The EastAfrican that stopping
banking transactions with Sudan was a major obstacle to the private sector.
He said small banks in Sudan lost clients because they could not afford the
hefty broker charges.

 

Mohamed El-Mahy, a banker Khartoum said, "Restoring international banking
relations will certainly be of very great value in terms of reducing costs
as well as time to conduct transactions."

 

He said that the first steps of Sudanese banks would be to communicate with
former correspondent banks in Europe and the US.-East African.

 

 

 

South Africa: Electricity Prices to Increase By 15%

The North Gauteng High Court has ordered that an amount of R10 billion be
added to Eskom's allowable revenue to be recovered from tariff customers in
the 2021/22 financial year.

 

"This consent order follows Eskom's application in terms of section 18(3) of
the Superior Courts Act, 2013, that Eskom should be permitted to recover
R23billion in the financial year 2021/22 as per the 28 July 2020 Court
judgement," the National Energy Regulator of South Africa (NERSA) said on
Tuesday.

 

The above consent court order follows discussions and an agreement between
NERSA and Eskom.

 

"The agreement was informed by the fact that NERSA has already taken
decisions on other Eskom applications that will be implemented in the
2021/22 financial year, which had a direct impact on the application Eskom
has made to the court.

 

"However, this order does not stop NERSA from proceeding with the appeal
that has commenced at the Supreme Court of Appeal against the High Court's
judgement of 28 July 2020, which substituted the Energy Regulator's decision
on Eskom's fourth Multi-Year Price Determination (MYPD4) with its own,"
NERSA said.

The energy regulator has also approved that Eskom's Regulatory Clearing
Account (RCA) applications for year 2 (2014/15), year 3 (2015/16) and year 4
(2016/17) of the third Multi-Year Price Determination (MYPD3) period and
Eskom's supplementary tariff application for the 2018/19 financial year of
R4 749m and R1 288m respectively, be recovered in the 2021/22 financial
year.

 

This will result in an average tariff percentage increase of 15.63% in the
2021/22 financial year.

 

Recovering costs

 

Meanwhile, Eskom has taken note of the court order.

 

"This order will result in an average price increase of approximately 15% in
the electricity tariff for standard tariff customers starting on 1 April
2021. This court decision allows Eskom to recover efficiently incurred costs
for the production of electricity," said the power utility in a statement on
Tuesday.

The power utility said the order contributes to the "user pay" principle and
is likely to lessen the financial burden of "supporting Eskom on the
government, releasing the government to focus on other priorities."

 

Eskom said the implementation of the order will allow it to move towards
addressing some of the revenue shortfalls and enable it to recover prudently
incurred costs for the production of electricity, which will help to improve
Eskom's financial sustainability."

 

The utility's Chief Financial Officer Calib Cassim welcomed the decision,
and stressed that poor residential customers will continue to be supported
through the free basic electricity programme, as well as affordability
subsidies provided for in the NERSA tariff decision.

 

Identified vulnerable industrial sectors will be considered by NERSA in
terms of the short-term and long-term negotiated pricing agreements
promulgated recently by the Department of Mineral Resources and Energy.

 

The court order is in response to Eskom requesting the execution of a High
Court decision that allowed the recovery of incorrectly deducted Government
equity support for the financial year 2021/22.

 

"Since Eskom made this urgent application to the High Court, the NERSA had
made additional decisions related to recovery of efficient costs from
previous years. The high court order allows a further 5.44c/kWh increase,"
said Eskom.-SAnews.gov.za.

 


 


 


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
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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
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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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