Major International Business Headlines Brief::: 23 February 2021

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Major International Business Headlines Brief::: 23 February 2021

 


 

 


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ü  Jeep pushed to retire Cherokee name from SUVs

ü  Holiday bookings surge following lockdown exit plans

ü  Jay-Z sells stake in champagne brand to luxury giant LVMH

ü  Epic's bid to sue Apple over Fortnite in UK rejected

ü  Bitcoin keeps hitting new highs after Tesla backing

ü  Huawei Mate X2 folding phone unveiled despite chip supply worries

ü  Facebook to restore Australian news pages after tweaks to news
legislation

ü  Johnson & Johnson sets aside almost $4 billion for talc verdict, filing
shows

ü  Asian stocks edge higher, led by rally in commodities

ü  HSBC lowers ambitions on dividends, returns after pandemic-induced annual
profit fall

ü  U.S. House budget panel approves $1.9 trillion COVID-19 aid bill

ü  Oil prices jump more than $1 as U.S. output struggles to fully restart

ü  WeWork co-founder Neumann nears settlement with SoftBank - source

ü  Rwanda: 'Rising Cost of Living' Worries Pensioners

ü  South Africa: New Economy - SA's budget and the absence of social
solidarity

ü  Nigeria: Govt Eyes 200,000 Jobs From Road Concession Arrangement

 

 

 


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Jeep pushed to retire Cherokee name from SUVs

The Cherokee Nation wants Jeep to stop using its name to sell the firm's
classic sports utility vehicles.

 

Cherokee Nation Principal Chief Chuck Hoskin Jr said "it's time" for
companies and sports teams to retire Native American iconography from logos,
mascots and other products.

 

Jeep has sold vehicles under the name since the 1970s. The current make is
one of its most popular vehicles.

 

It said the name had been "carefully chosen", but was committed to dialogue.

 

"Our vehicle names have been carefully chosen and nurtured over the years to
honour and celebrate Native American people for their nobility, prowess and
pride," the company said in a statement.

 

"We are, more than ever, committed to a respectful and open dialogue with
Cherokee Nation Principal Chief Chuck Hoskin Jr."

 

'It does not honour us'

Jeep, which is owned by multinational Stellantis after the merger of Fiat
Chrysler and PSA Group, is one of many corporations under pressure to update
branding.

 

Amid widespread Black Lives Matter protests last summer, food companies such
as PepsiCo said they would overhaul certain products, after criticism that
its brands relied on racist tropes. Some sports teams have also announced
changes.

 

"I think we're in a day and age in this country where it's time for both
corporations and team sports to retire the use of Native American names,
images and mascots from their products, team jerseys and sports in general,"
Mr Hoskin said in a statement.

 

"I'm sure this comes from a place that is well-intended, but it does not
honour us by having our name plastered on the side of a car."

 

He made the initial comment in an interview with trade magazine Car and
Driver.

 

Native American imagery has been used in the US for decades to promote
everything from cigars and butter to cars like the Cherokee, Pontiac and
Winnebago.

 

A 2018 exhibition at the Smithsonian's National Museum of the American
Indian in Washington had a section dubbed simply "Indians are Everywhere".

 

Jeep reintroduced the Cherokee name to the US market in 2013, after
temporarily dropping it roughly a decade earlier. It has announced plans to
unveil an all-electric Jeep Cherokee later this year.

 

In 2013, the Cherokee Nation told the New York Times it had not been
consulted and was opposed to stereotypes, but did not have an institutional
stance on the matter.--BBC

 

 

 

Holiday bookings surge following lockdown exit plans

Airlines say they have already seen a surge in bookings, following the Prime
Minister's announcement of the road map out of lockdown.

 

Boris Johnson said a global travel taskforce would put forward a report on
how to return to international travel on 12 April.

 

The government would then make a decision on removing restrictions on
international travel.

 

However this would not happen until 17 May at the earliest.

 

Tui reported that they had had their best day of bookings in over a month,
with strong interest in Greece, Spain and Turkey for the summer.

 

Thomas Cook said traffic to its website was up over 100% on Monday from
15:00 GMT onwards, with bookings already "flooding in" for countries like
Greece, Cyprus, Mexico and the Dominican Republic.

 

EasyJet also reported a 337% surge in flight bookings and a 630% jump in
holiday bookings for locations like Alicante, Malaga, Palmo, Faro and Crete.
Bookings are strongest in August, followed by July and then September.

 

"The government's announcement today is good news for those of us desperate
to get away on holiday," said Thomas Cook's chief executive Alan French.

 

"While we await more details, it's clear that the government's ambition is
to open up international travel in the coming months and hopefully in time
for the summer holidays."

 

EasyJet's chief executive Johan Lundgren said Boris Johnson's announcement
had "provided a much-needed boost in confidence" for its UK customers.

 

"We have consistently seen that there is pent up demand for travel and this
surge in bookings shows that this signal from the Government that it plans
to reopen travel has been what UK consumers have been waiting for," he said.

 

Amanda Matthews, managing director and owner of Ramsbottom-based luxury
travel agency network Designer Travel, says her firm has seen double the
number of enquiries and new bookings for the summer.

 

"But we've also had hundreds of calls from people who've got bookings for
travel in March, April, May and June - still very uncertain about whether
they will be travelling or not," she told the BBC.

 

"Because there's no concrete date yet for the reopening of international
travel, as a travel agent, we can't answer our existing clients' questions
about holidays they've already booked for spring and summer. We've got no
idea. "

 

Missing out on Easter

While the roadmap has provided hope for summer holidays, retail expert Kate
Hardcastle says there is also "huge disappointment" in the travel industry -
particularly domestic overnight accommodation providers like mobile home
holiday parks and holiday cottage providers.

 

"Easter is obviously a critical part of the travel calendar for travel
agencies and the industry, so it's a lost opportunity, one less holiday to
be able to sell within," she told the BBC.

 

"I also know a lot of families are dependent on Easter holidays as it tends
to be cheaper and more cost effective than the summer holidays. It would be
awful to think that some people are completely priced out of a holiday this
year."

 

Ms Matthews said her firm did not believe that Easter "would be on the
cards", but many customers had still been hopeful, and some had even moved
their holiday three or four times in 2020.

 

"If we were to believe that May would enable us to reopen, then I believe
we'd have a really strong summer, but the uncertainty and the lack of
information about dates, potential quarantine measures and the cost of
testing needed to get back into the UK that makes doing our job an
impossible task," she said.

 

"We've got people who are due to pay balances for holidays at the end of
May, and we have to hope that the news is positive, as opposed to people
getting nervous and cancelling."

 

Ms Hardcastle said that travel firms across the industry had told her in the
last week that the last 12 months had been a stream of "constant
administration", dealing with cancellations, refunds and enquiries about
possible dates of travel, but no bookings.

 

"I think everyone would like it to be sooner, but what every industry needs
right now are milestones that don't move," she stressed.

 

"They have more costs associated with the on-and-off nature of the lockdowns
to date than having a clear date to work to and feeling confident in that
date."--BBC

 

 

 

Jay-Z sells stake in champagne brand to luxury giant LVMH

For American music mogul Jay-Z, who has boasted of having a "million ways to
make money" it looks like it may now be "on to the next one".

 

French luxury giant LVMH has purchased a 50% stake in his Armand de Brignac
champagne brand, known to fans of his music by its "Ace of Spades" nickname.

 

Branded with an ace of spades and sleek metallic bottles, the drink can cost
hundreds of pounds a bottle or more.

 

The rapper, whose given name is Shawn Carter, has owned the brand since
2014.

 

Made at a French winemaking house with roots in the 1600s, Armand de Brignac
has been the bubbly of choice for some sports championship celebrations in
the US and won accolades at international taste testing competitions.

 

The brand sold 900,000 bottles in 2019, before the pandemic hit champagne
sales.

 

Power to grow

In announcing the deal, Jay-Z said the partnership with LVMH, which owns
other established champagne names such as Dom Perignon and Veuve Cliquot,
would help the brand grow.

 

"We are confident that the sheer power of the Moët Hennessy global
distribution framework, its unparalleled portfolio strength and its
long-established track record of excellence in developing luxury brands will
give Armand de Brignac the commercial power it needs to grow and flourish
even further," he said.

 

Rihanna's Fenty fashion label to close down

Why France's champagne bubble has burst

Financial details of the deal have not been not disclosed. Historic luxury
houses have been on the hunt for ways to appeal to younger customers,
although some experiments - such as LVMH's collaboration with singer Rihanna
on a fashion line - have foundered.

 

Phillippe Schaus, president of LVMH's spirit group Moët Hennessy, said his
company had been interested in the brand for its appeal to a "global and
diverse luxury consumer".

 

"For years we have been following the fantastic success of Armand de Brignac
and admiring their ability to challenge some of the rules of the Champagne
category," he said.

 

"Armand de Brignac breaks barriers and reflects contemporary luxury, while
preserving the traditions of the Champagne terroirs."

 

Jay-Z, who has been married to singer Beyoncé since 2008, emerged in the
1990s as a star rapper.

 

He later turned his success into a sprawling business empire that includes
investments in record labels, sports teams, clothing brands and alcohol and
has made him a billionaire.

 

His collaboration with Armand de Brignac started in 2006, after a fallout
with the owners of Cristal champagne, which was previously his brand of
choice. He took full ownership of the Armand de Brignac brand in 2014.

 

In 2006, He organised a boycott of Cristal after an executive hinted in an
interview that he did not like the association between his product and
rappers, who had made the drink more popular.--BBC

 

 

Epic's bid to sue Apple over Fortnite in UK rejected

The maker of Fortnite, Epic Games, will not be able to take Apple to court
in the UK as part of a high-profile row, a tribunal has ruled.

 

Fortnite was pulled from Apple and Google's app stores worldwide after it
broke rules - which it claims are unfair - about in-app purchases.

 

Epic had wanted to take both US companies to court in the UK, alleging they
broke competition law.

 

But the Competition Appeal Tribunal gave it permission to pursue Google.

 

That case will relate to specific claims about how Fortnite was pulled from
Android's Google Play store.

 

The focus of the case was whether the "out of jurisdiction" US companies
could be dealt with by British courts, which requires permission of the
Tribunal.

 

All three companies are US-based.

 

What is Epic's row about?

Fortnite makes vast sums of money from in-app purchases, when players buy
its virtual currency, V-Bucks.

 

But when a player did that on an iPhone or Android version of the game,
Apple or Google took a 30% cut of the payment.

 

Epic had long argued such a cut was unfair, and inflated prices for players.
So last year, it offered players the chance to buy the virtual currency
direct from its own website, circumventing Apple and Google.

 

Apple removes Fortnite developer from App Store

Fortnite-maker sues Apple and Google in UK

That was explicitly against both companies' app store rules - so both
removed Fortnite from their stores.

 

Epic had legal cases already prepared against both tech giants, along with
an elaborate media campaign attacking Apple.

 

What did the UK tribunal say?

The judge, Justice Roth, said he was "far from persuaded" that the UK was
the best place for the Epic-Apple dispute.

 

But Google was different, he found, for complex legal reasons involving the
corporate structure, Google's Irish subsidiaries, and how much input the
different branches of the two tech firms had in implementing the decisions.

 

On balance, Justice Roth found that the US divisions of Google were "proper
parties to those claims".

 

Apple also has a presence in Ireland, but it was not involved in Epic's
case.

 

The result leaves Epic in the position of being able to pursue Google in the
UK, but not Apple - and Apple has been the main focus of its ire.

 

That is partly because Google's Android system is not as tightly locked down
as Apple's, and Fortnite can still be downloaded to Android, with extra
steps and bypassing security warnings.

 

But Epic Games highlighted that the tribunal said that if US courts would
not rule on relief in the UK, that could be a "powerful factor" in
revisiting the decision regarding Apple.

 

Epic Games said it was "pleased" about the decision regarding Google, and
that it "will reconsider pursuing its case against Apple in the UK after the
resolution of the US case".--BBC

 

 

 

Bitcoin keeps hitting new highs after Tesla backing

Much talked-about cryptocurrency Bitcoin has continued to hit record highs
having broken through $50,000 (£35,700) last week.

 

On Sunday, Bitcoin hit another peak rising above $58,000 as it continues its
strong momentum this year.

 

The cryptocurrency has risen more than 90% since the start of January,
pushing its total market value above $1tn.

 

The recent spike has been fuelled by Tesla and other big companies accepting
it as payment.

 

However, Bitcoin has a track record of wild price swings and has fallen
sharply a number of times since it was created in 2009.

 

Bitcoin started the year at roughly $28,900, according to figures from
cryptocurrency news site CoinDesk.

 

When it broke through the $40,000 mark in early January, it triggered a
downward trend that saw it drop to around $30,000 by the end of the month.

 

However, having passed $50,000 on 16 February, it has continued its upward
momentum breaking through $58,000 on Sunday.

 

Going mainstream

The Bitcoin rally has been largely spurred on by well-known companies
adopting it as a method of payment.

 

Elon Musk revealed last week his electric carmaker Tesla had bought $1.5bn
worth of Bitcoin and would be accepting it as payment for its cars in
future.

 

Mastercard also plans to accept certain cryptocurrencies as a form of
payment while BlackRock, the world's largest asset manager, is exploring
ways it can use the digital currency.

 

"Who's next and what will tip (Bitcoin) over the edge and trigger the next
surge?" said Craig Erlam, an analyst at New York-based foreign-exchange firm
Oanda.

 

The Covid-19 pandemic has also played its part in Bitcoin's price rise, as
more people go online for shopping, moving further away from physical coins
and notes.

 

But critics have argued Bitcoin is less of a currency and more of a
speculative trading tool that is open to market manipulation.

 

Prominent economist and Bitcoin critic Nouriel Roubini has said it has very
little practical use and doesn't provide a steady income like a bond or a
share.

 

"Elon Musk may be buying it but that doesn't mean everyone else should
follow suit," he tweeted recently.

 

Not for the faint-hearted

Novice investors still need to be aware of the risks involved said Matt
Dixon, founder of cryptocurrency rating platform Evai.

 

Talking about January's slide from $40,000 to $30,000 in a matter of weeks,
he said: "Though undoubtedly panic-inducing for the uninitiated, this isn't
anything particularly remarkable for long-term holders.

 

"New investors need to ensure their hands remain steady to avoid any undue
loss from Bitcoin's regular shakeouts. The upside potential may be vast, but
the risks can be just as high."

 

Kurt Wuckert is a long-term Bitcoin investor having stumbled upon it in
2012, when he accepted it as payment for a small side project.

 

"I agreed to accept the Bitcoins fully expecting them to be some kind of
video game tokens or something, but decided to be cool about it. Then I got
to reading about it online and doing my own research."

 

Since then, he has been regularly investing in the cryptocurrency and
considers himself an "investor in the more proper sense".

 

But he warns others to do their research first before jumping onto the
Bitcoin rollercoaster.

 

"To this day, I tell curious friends to set aside their beer money but not
their rent money because it is what I have always done."--BBC

 

 

 

Huawei Mate X2 folding phone unveiled despite chip supply worries

Huawei has unveiled a revamped foldable smartphone, which it says has a much
smaller internal gap when closed than that of its main rival Samsung.

 

The Mate X2 marks a major redesign for the Chinese firm. When shut, the
large display is now hidden inside the device rather than exposed over its
exterior, as was the case with past generations.

 

But its price - about £2,000 ($2,800) - is likely to limit demand.

 

And US trade bans also threaten the firm's ability to produce them.

 

The company's consumer devices chief acknowledged the challenges it faced in
his opening remarks about the new phone.

 

"US sanctions have posed great difficulties to our business operations and
day-to-day work," Richard Yu said in a video recorded at the firm's
headquarters near Shenzhen.

 

"However, thanks to the solid support of our partners, suppliers and in
particular consumers around the world, we survived 2020."

 

Unlike many of Huawei's past high-profile launches, this event was hosted in
Mandarin Chinese rather than English, reflecting the fact that its sales are
still growing in its home market and falling elsewhere.

 

But the firm has posted a subtitled version on YouTube.

 

Water drop cavity

Huawei says it developed a new robust hinge mechanism to safeguard its
tablet-like display.

 

When closed, part of the flexible screen folds into a "water drop-shaped"
cavity to prevent it coming under strain at the crease.

 

Mr Yu said an added benefit of the patented innovation was that the crease
was also less visible when the screen was opened.

 

By contrast, the Samsung's Z Fold 2 angles its two halves to create an
intentional gap along its spine.

 

Mr Yu also highlighted that Mate X2's 8-in (20.3cm) main screen was larger
than its rival's 7.6-inch (19.3cm) equivalent, and claimed the dimensions of
its exterior display - for when the phone is closed - was better suited for
apps than its competitor.

 

In addition, he claimed the use of a new "nano-optical layer" meant the
display was much less reflective.

 

But one company watcher said it was an unavoidable fact that Huawei had
followed its rival's design lead.

 

"The original Mate X looked phenomenal with its soft flexible screen wrapped
around the outside of the device, but it was instantly apparent that it was
going to be extremely vulnerable," commented Ben Wood from CCS Insight.

 

"And all the ones that I saw failed early in their life."

 

He added, however, that the high cost of both companies' foldables meant
neither would be bestsellers.

 

"This is more about technology bragging rights, but it signals a real desire
to find a new disruptive form factor."

 

The launch coincides with a report from market research firm Gartner that
indicates Huawei sold 41% fewer handsets in final three months of 2020 than
the same quarter of the previous year.

 

This is, in large part, down to it being unable to offer either the Play
store or several of Google's other apps - including YouTube, Maps and the
Chrome browser - as a result of US trade sanctions.

 

Huawei's smartphone sales sink. October-December 2020 period.  .

Huawei offers similar software of its own, as well as the means to "side
load" third-party products not listed in its App Gallery marketplace.

 

Even so, it has seen consumers switch to rival Android handsets, including
those of Xiaomi.

 

"Outside of China, Google services are crucial to end users, and offering
alternatives is not really going to work," explained Gartner analyst Anshul
Gupta.

 

"But in China, people don't use Google services, and Huawei has a much
stronger distribution network and brand there.

 

"And it's been able to take share from competitors in its home market."

 

But even in China, Huawei faces a problem - it only has a dwindling number
of its Kirin processors left to power its phones.

 

Huawei designs its own chips, but had been reliant on a Taiwanese firm,
TSMC, to manufacture them.

 

Only TSMC and Samsung have the expertise and equipment to manufacture the
microprocessors involved.

 

But the US has banned both from doing so on the grounds that Huawei poses a
national security risk - something the Chinese firm denies.

 

Last week, Nikkei Asia reported that Huawei had notified its suppliers that
its orders of other smartphone components would be more than 60% lower in
2021 than last year.

 

Huawei has already sold off its Honor brand.

 

But the company has denied reports that it is considering a similar move for
its flagship brand, with its founder and chief executive Ren Zhengfei
telling the press he would "never" sell the division.

 

"Unless the restrictions are lifted or loosened, or Qualcomm and other
chip-makers are given permission to supply Huawei, then I think it will run
out of processors in a quarter or two," said Mr Gupta.

 

Mr Yu said during the launch the firm had enough production capacity to meet
demand for the Mate X2.

 

And when pressed about its wider smartphone business, a spokesman said: "We
remain confident about the future."--BBC

 

 

 

Facebook to restore Australian news pages after tweaks to news legislation

CANBERRA (Reuters) - Facebook will restore Australian news pages after
Canberra offered amendments to legislation that would force the tech giant
to pay for media content, Treasurer Josh Frydenberg said on Tuesday.

 

Australia and the social media group have been locked in a standoff for more
than a week after the government introduced legislation that challenged
Facebook and Alphabet Inc’s Google’s dominance in the news content market.

 

Facebook last week blocked all news content and several state government and
emergency department accounts.

 

But after a series of talks between Frydenberg and Facebook CEO Mark
Zuckerberg over the weekend, a concession deal has been struck.

 

Australia will offer four amendments, including to the mechanism for final
offer arbitration, which a Facebook executive told local media was a
sticking point for the company.

 

“We are satisfied that the Australian government has agreed to a number of
changes and guarantees that address our core concerns about allowing
commercial deals that recognise the value our platform provides to
publishers relative to the value we receive from them,” Facebook said in a
statement posted online.

 

The issue has been widely watched internationally as other countries
including Canada and Britain considering similar legislation.

 

Australian Competition and Consumer Commission chair Rod Sims, the main
architect of the law, was not immediately available for comment. At a speech
earlier on Tuesday, Sims declined to answer questions about the standoff on
the grounds that it was before parliament.

 

 

 

Johnson & Johnson sets aside almost $4 billion for talc verdict, filing
shows

(Reuters) - Drugmaker Johnson & Johnson set aside $3.9 billion in litigation
expenses in 2020, which it said was “primarily associated with talc-related
reserves and certain settlements”.

 

The company faces 25,000 lawsuits by former users of its baby powder who say
asbestos-laced talc in the product caused their cancers, it said in a
securities filing here on Monday.

 

The figure is nearly double the $2.1 billion the company, based in New
Brunswick, New Jersey, said in November it would set aside for talc
verdicts.

 

Johnson & Johnson has faced intense scrutiny over the safety of its baby
powder following a 2018 Reuters report here that found it knew for decades
about asbestos in the talc.

 

Internal company records, trial testimony and other evidence show that from
at least 1971 to the early 2000s, J&J’s raw talc and finished powders
sometimes tested positive for small amounts of asbestos.

 

The drugmaker is appealing to the U.S. Supreme Court against an award of
$2.12 billion in damages in Missouri to women who blamed their ovarian
cancer on asbestos in its products.

 

In November, a New York state judge ordered the company to pay damages of
$120 million to a Brooklyn couple, after the woman blamed her cancer on
asbestos exposure from using its baby powder.

 

 

 

Asian stocks edge higher, led by rally in commodities

SINGAPORE/MIAMI (Reuters) - Asian stocks rebounded from two-week lows struck
on Tuesday as rising commodity prices boosted market expectations of an
improved growth outlook, a day after rising U.S. Treasury yields and
inflation prospects hit U.S. tech shares.

 

MSCI’s broadest index of Asia-Pacific shares outside Japan ticked up 0.2%
after dipping to 719.8, the lowest level in two weeks. The gauge has eased
from last week’s record top but is still up just over 9% so far this year.

 

The Australian S&P/ASX 200 and Singapore’s Straits Times index both gained
0.6% and Hong Kong advanced 1.1%. The tech-laden South Korea’s Kospi was a
prominent loser, down 0.3% and Taiwan eased 0.05%.

 

Japanese markets were closed for a public holiday.

 

“A higher interest rate environment forces investors to consider the
opportunity costs of investments. Stocks that have significant borrowing, or
produce no income for investors, may be particularly vulnerable,” said
Michael McCarthy, chief market strategist at broker CMC Markets in Sydney.

 

On Wall Street, high-growth stocks such as Apple, Microsoft and Tesla
weighed on the Nasdaq Composite, which shed 2.5% on Monday.

 

Commodity prices again strengthened on Tuesday. Oil prices rose on a tight
global supply outlook after U.S. production was hammered by frigid weather
and an approaching meeting of top crude producers is expected to keep output
largely in check.

 

Brent crude was up 2.2% at $66.7, a one-year high. Spot gold rose to a
one-week high to $1,815.3 an ounce as inflation worries boosted the
bullion’s appeal as a hedge.

 

The strength in commodities kept the Australian dollar steady at $0.79
against the U.S. dollar, just near a three-year high.

 

Bond yields have risen sharply this month as prospects of more U.S. fiscal
stimulus boosted hopes for a faster economic recovery globally. However that
is also fuelling inflation worries, prompting investors to sell growth
stocks that have rallied in recent months.

 

“Real U.S. interest rates are now in positive territory, which has created
some concern around the consequences for equities markets,” Cesar Perez
Ruiz, chief investment officer at Pictet Wealth Management said in a report.

 

The dollar index was steady at 90.028, with the euro up 0.090% at $1.2165.
The Japanese yen was little changed versus the greenback at 105.01 per
dollar.

 

Cash Treasuries were not traded in Asia with Tokyo shut for holidays, but
futures firmed slightly and showed an implied ten-year Treasury yield of
1.34%.

 

Markets will turn their focus to Federal Reserve Chair Jerome Powell who is
delivering his semi-annual testimony on Tuesday. Powell is likely to
reiterate a commitment to keeping policy super easy for as long as needed to
drive inflation higher, analysts said.

 

“In addition to the ever-present question of what it may take for the Fed to
consider tapering, the most pressing investor interest is at what point the
Fed could respond to the level or volatility of interest rates after the
recent increases,” foreign exchange strategist at Citi said in a note.

 

 

 

HSBC lowers ambitions on dividends, returns after pandemic-induced annual
profit fall

HONG KONG/LONDON (Reuters) - HSBC Holdings PLC on Tuesday abandoned its
long-term profitability target, and unveiled a revised strategy focussed
mainly on wealth management in Asia and the Middle East after posting a
sharp drop in annual profit.

 

Citing the low interest rate environment and tough market conditions, HSBC
abandoned its long-term profitability goal of achieving a return on tangible
equity of 10 to 12%, and said instead it will target 10% over the medium
term.

 

The bank said it would pay a dividend of $0.15 a share in cash, the first
payout announced since October 2019, after the Bank of England blocked all
big lenders from paying dividends or buying back shares in 2020 to conserve
capital.

 

However, it said it would a target payout ratio of between 40% and 55% of
reported earnings per ordinary share from 2022 onwards.

 

Between 2008 and 2018, the bank paid an average 47.2 cents a share annually,
according to Refinitiv data, though analysts and investors anticipate lower
dividends in the coming years.

 

HSBC also said it will make hefty cuts to some of its back office functions
such as technology and operations, without specifying the number of jobs
affected.

 

The announcement came as HSBC reported a 34% drop in annual profit, slightly
better than expectations, after a year in which its global business took a
hefty blow from the COVID-19 pandemic.

 

Europe’s biggest bank by assets, which makes the bulk of its revenue in
Asia, reported profit before tax of $8.78 billion for 2020, down from $13.35
billion a year earlier.

 

The profit was higher than the $8.33 billion average of analysts’ estimates
compiled by the bank.

 

Future growth in Asia will be driven by around $6 billion of additional
investment in Wealth and International Wholesale over the next 5 years, HSBC
said.

 

 

 

U.S. House budget panel approves $1.9 trillion COVID-19 aid bill

WASHINGTON (Reuters) - The U.S. House of Representatives Budget Committee on
Monday approved legislation with $1.9 trillion in new coronavirus relief,
advancing a top priority of President Joe Biden toward a full House vote on
passage expected later this week.

 

The measure passed the panel on a largely party-line vote of 19-16, as the
U.S. death toll from the coronavirus pandemic surpassed the grim benchmark
of 500,000 victims. Millions more have been left jobless by the pandemic.

 

The sweeping legislation is intended to stimulate the U.S. economy and carry
out Biden’s proposals to provide additional money for COVID-19 vaccines and
other medical equipment.

 

“We must act swiftly to put an end to this pandemic and to stem the
suffering felt by so many millions,” House Speaker Nancy Pelosi said in a
statement.

 

Senate Majority Leader Chuck Schumer said later that efforts in the House
and Senate have kept the bill on track to be approved by both chambers and
sent to Biden for his signature before federal unemployment benefits expire
on March 14.

 

Republicans oppose the measure as too costly and say its policies are geared
more toward keeping the U.S. economy closed than moving ahead to accommodate
business and economic needs and reopen schools.

 

“Further aid needs to be smartly targeted so government doesn’t get in the
way. But Democrats want to double-down on band-aid policies like they’re
planning for another year of stagnation instead of trying to set up
success,” Senate Minority Leader Mitch McConnell said on the Senate floor.

 

Biden and his fellow Democrats want to pass the plan quickly to speed a new
round of direct payments to U.S. households as well as extend federal
unemployment benefits and assist state and local governments.

 

Democrats are using a procedural strategy called reconciliation to advance
the bill, which will allow them to pass it in the Senate without Republican
support.

 

“We are in a race against time. Aggressive, bold action is needed before our
nation is more deeply and permanently scarred by the human and economic
costs of inaction,” Representative John Yarmuth, chairman of the Budget
Committee, said before the vote.

 

Budget Committee Republicans pushed back on the price tag, which follows $4
trillion in COVID-19 aid last year.

 

“An estimated $1 trillion of those funds is actually yet to be spent,”
Representative Buddy Carter told the committee. “Why do we need to spend an
additional $2 trillion of money that is being taken from future
generations?”

 

 

Oil prices jump more than $1 as U.S. output struggles to fully restart

SINGAPORE (Reuters) - Oil prices jumped by more than $1 on Tuesday,
underpinned by optimism over COVID-19 vaccine rollouts and lower output as
U.S. supplies were slow to return after a deep freeze in Texas shut in crude
production last week.

 

Shale oil producers in the southern United States could take at least two
weeks to restart the more than 2 million barrels per day (bpd) of crude
output that shut down because of cold weather, as frozen pipes and power
supply interruptions slow their recovery, sources said.

 

Brent crude was up $1.10, or 1.7%, at $66.34 a barrel by 0437 GMT, after
earlier hitting a high of $66.79. U.S. crude rose 92 cents, or 1.5%, to
$62.62 a barrel, having reached a session high of $63. Both benchmarks have
risen more than 2% on Tuesday after climbing nearly 4% in the previous
session.

 

“The positive momentum continues in the oil complex, with investors
unabashedly predisposed to a bullish view,” said Stephen Innes, chief global
markets strategist at Axi in a note.

 

Goldman Sachs Commodities Research raised its Brent crude oil price
forecasts by $10 for the second and third quarters of 2021, citing lower
expected inventories, higher marginal costs to restart upstream activity and
speculative inflows.

 

The Wall Street bank expects Brent prices to reach $70 per barrel in the
second quarter from the $60 it predicted previously and $75 in the third
quarter from $65 earlier.

 

Morgan Stanley expects Brent crude prices to climb to $70 per barrel in the
third quarter on “signs of a much improved market” including prospects of a
pick-up in demand.

 

“It is hard not to be bullish with oil prices now that the deep freeze
disruption practically guarantees the summer pickup in crude demand will
erase whatever supply glut is left,” said Edward Moya, senior market analyst
at OANDA in New York.

 

“The global oil demand is looking a lot better now that the Pfizer vaccine
shows positive results after one dose, the U.K. sees the end of the pandemic
‘in sight’, and as hospitalizations and deaths continue to decline after
peaking in early January.”

 

Stockpiles of U.S. crude oil and refined products likely declined last week,
a preliminary Reuters poll showed on Monday, due to the disruption in Texas.

 

 

WeWork co-founder Neumann nears settlement with SoftBank - source

(Reuters) - WeWork co-founder and former Chief Executive Adam Neumann is
nearing a settlement with SoftBank Group Corp that could include a nearly
$500 million cut in his payout from the office space-sharing company’s new
owner, according to a person familiar with the matter.

 

The settlement would put to rest a prolonged legal battle between Neumann
and Softbank, which dates back to 2019 when WeWork’s IPO plans fell apart.

 

It would also clear the decks for WeWork as it pursues a talks to go public
through a merger with a special purpose acquisition company (SPAC).

 

SoftBank had agreed in October 2019 to purchase around $3 billion in WeWork
stock belonging to Neumann as well current and former WeWork employees.
SoftBank later contested its obligation to purchase the shares.

 

Under the new proposed terms, SoftBank would purchase around half the shares
it had originally agreed to buy, the source said, requesting anonymity as
the matter is private.

 

SoftBank declined to comment. WeWork was not immediately available for
comment. The talks were reported earlier by the Wall Street Journal.

 

SoftBank, which poured more than $13.5 billion into WeWork, was pulled into
a legal dispute with directors at WeWork after backing out of a $3 billion
tender offer agreed when it bailed out the office-sharing firm following a
flopped IPO attempt.

 

 

 

Rwanda: 'Rising Cost of Living' Worries Pensioners

Pensioners have appealed for a rise in pension benefits, citing the rising
cost of living.

 

Dorothée Uwimana, the President of the Rwanda Pensioners' Association, told
The New Times that the benefits they receive are not adequately adjusted for
inflation and the cost of living in general.

 

For instance, she explained that food prices have been rising steadily while
pension benefits continued to be calculated based on the salaries that
retirees used to earn many years

 

This, Uwimana said, particularly hurts retirees who earn the lowest pension
benefits (Rwf13,000 every month), undermining their efforts to lead lives.

 

In addition, some pensioners' lives are fragile with some suffering from
chronic diseases such as diabetes, heart and muscle diseases.

 

Due to these health issues, the retirees need to eat healthy meals, which is
out of reach for some of them.

"Rwf13,000 per month is insufficient. First, they do not get the entire
amount because they incur some costs such as bank service fees," she said.

 

Regarding health insurance, she said that pensioners who have access to
medical insurance for workers - RSSB/RAMA - are those who retired after this
scheme was established.

 

Africain Biraboneye, the General-Secretary of Rwanda Workers' Trade Union
Confederation, said that the major issue is that pension benefits are not
regularly updated based on the currency market.

 

"Pension benefits payout should consider inflation and the strength of the
Rwandan franc," he said.

 

Study could consider pension increment

 

Regis Rugemanshuro, Director-General of the Rwanda Social Security Board
(RSSB), said that the pension law is flexible.

 

The 2015 law governing the organisation of pension schemes in Rwanda
provides that a public entity in charge of pension scheme shall carry out an
actuarial study for the pension scheme at least once every five years.

Where the actuarial study shows a possible negative impact on the economy,
the amount of contributions shall be increased based on the legal
provisions.

 

Basing on the findings of the actuarial study, pension benefits may also be
increased, the law stipulates.

 

"However, changes are determined scientifically through periodical actuarial
studies which mainly measure the impact of such changes on the long-term
financial sustainability of the scheme," Rugemanshuro clarified.

 

The last actuarial valuation was carried out in 2014 and led to the rise of
retirement age from 55 to 60 years as well as the readjustment of pensions
in 2018, increasing the minimum from Rwf5,200 to Rwf13,000 for the insured
member.

 

However, Rwanda Pensioners' Association had requested a minimum monthly
pension of at least Rwf25,000.

 

Currently, Rugemanshuro said, another periodical study is being carried out
in order to analyse the sustainability of the scheme and, possible
adjustments may happen.

 

According to data from the central bank, which was released in August 2020,
RSSB assets increased from Rwf800 billion in June 2019 to over Rwf900
billion in June 2020, while benefits payout increased from Rwf26 billion in
June 2019 to Rwf29 billion in June 2020.

 

There were 35,000 pensioners as of 2019, according to data from RSSB.-New
Times.

 

 

 

South Africa: New Economy - SA's budget and the absence of social solidarity

Last year's stimulus may have been insufficient in light of the Covid-19
pandemic. But the budget we should really be talking about will be tabled
this week.

 

South Africa's 1994 project sought to mobilise society on a foundation of
non-racialism and unity. For the first decade of the new century, this
vision was underpinned by rising real incomes for public servants,
increasing public consumption and transfers to impoverished people, lower
taxation, rising asset prices, falling interest rates and increasing
investment.

 

But those days are gone.

 

The Congress movement is unable to lead and its once hegemonic vision is in
tatters. A decade of gnawing austerity has eroded public value while failing
to stabilise public debt. Any collective attempt to resolve these problems
must face facts squarely and negotiate a painful social compromise.

Much ink has been spilt over the extent of the government's "fiscal
stimulus" since a special budget in July 2020 sought to respond to a world
torn apart by the Covid-19 pandemic and ensuing lockdown.

 

The fiscal policy debate since has focused on whether government spending
has done enough to offset the massive contraction in economic activity and
jobs. But it has failed to appreciate that the challenge we face is a real
dilemma.

 

On the one hand, the government's commitment to reducing its budget deficit
will mean forcing down the real income of public servants, and real hardship
for millions of South Africans. On the other, we need to take the problem of
debt, and debt sustainability, seriously.

 

In global capitalism, power is rooted in hierarchical relations of money and
finance. An apparently unending rise in how much of our tax revenue and
national income is spent paying the interest on debt poses a central problem
to the political economy of South Africa's development.

 

 

The impasse cannot be wished away. It is not the result of errors in
economic theory or constructed ideological tropes. Any solution will be
difficult to design and even more difficult to carry through.

 

Penny-wise and pound-foolish

 

Debates about the role of the budget have missed the mark.

 

Those demanding that the government "fill" the output gap in the economy
failed to grasp that the Covid-19 shock is entirely different to any normal
economic cycle. The reason for the collapse of output is not insufficient
demand but the closure of whole sectors of the economy: aviation, alcohol,
hospitality and other services that rely on human interaction.

 

Even once the lockdown was eased, death and sorrow made a return to normal
behaviour unlikely.

 

In this context, the government's role was not to stimulate aggregate demand
but to maintain incomes, ease suffering and prevent the collapse of private
balance sheets. The top-up of social grants, rollout of the new Covid-19
grant and extension of Unemployment Insurance Fund (UIF) payments played a
critical role in this, as did financial and monetary easing. The government
was forced to suspend a huge range of activities and it made sense to
reallocate spending towards these new needs.

 

The size of the discretionary stimulus in 2020 fell well short of the R500
billion that the government continues to claim. But it is a mistake to
measure success according to whether state spending multiplied the goods and
services produced in the economy, or by how far those goods and services
fell short of potential economic output.

 

That said, more could have been done.

 

It was clear from the outset that financial constraints on the health
response should have been regarded as a second-order problem. Government
dithering on vaccine funding has epitomised the idiom penny-wise and
pound-foolish. Support to sectors of the economy that were forced to close
by policy choice, like taverns, could have been far more generous, and
prevarication on the extension of grant top-up and UIF payments was
unnecessary.

 

The government's iron-clad determination to stay within expenditure limits
set prior to the pandemic was a mistake. While the austere approach taken in
the special adjustment budget was perhaps understandable in the wake of the
financial market shock South Africa faced in April 2020, capital
subsequently flowed back in and the government has faced no problem
financing its deficit.

 

Meanwhile, elevated commodity prices have pushed tax revenue far ahead of
initial expectations. The rebound in economic activity and return to
pre-pandemic levels of employment happened sooner than expected. In
hindsight, a much stronger easing of expenditure restraint in 2020 was
warranted and possible to achieve without permanently damaging South
Africa's fiscal position.

 

What lies ahead

 

The most important shortcoming in the debate about the 2020 stimulus has
been a short-term focus on expenditure allocations that prioritised the
immediate response while neglecting the dangers and choices that lie ahead.
The government's most important policy shift has been to strengthen
constraints on expenditure into the future. So, the budget we should really
be concerned about is not last year's, but the one to be tabled on Wednesday
24 February.

 

If the government carries through on budget plans announced in October,
there will be two likely consequences over the next three years.

 

First, fiscal policy will be at odds with the government's core commitment
to an economic recovery. The promise of economic growth will have to face
off against large reductions in government consumption. By the treasury's
projections, government consumption will contract by 2.5% this year, 2.4%
next year and an even larger 3.6% in 2023.

 

Figure 1 puts this into historical perspective. South Africa has seen real
government consumption fall before. But this will be the first contraction
of this size sustained over three years in the country's modern history.

 

The second likely impact of the fiscal policy stance is that core elements
of public provision - basic education, healthcare, social grants and the
criminal justice system - will be fundamentally weakened.

 

Figure 2 shows how much government spending is planned to grow each year on
average between 2019 and 2023 in nominal terms. Budgets for public services
grow well below inflation.

 

The government intends to erode much of this value by forcing down the real
incomes of nurses, doctors, police officers, magistrates, court officials,
prison warders and teachers, along with auxiliary and support workers in
these sectors - public servants who account for 70% of the government wage
bill.

 

But it is highly unlikely that this can be achieved without a reduction in
the number of personnel, particularly in basic education, the criminal
justice system and the defence force. Considering that the population they
serve is increasing, the real value of these services will decline. Budgets
for essential goods and services, like textbooks, petrol, medicines or
maintenance, will also come under increasing pressure in the battle to rein
in consumption spending.

 

Doublethink

 

So, the government is attempting to move in opposite directions at the same
time. Fiscal policy would impose a large shock to aggregate demand and erode
the value of core public services, but the government is promising a strong
and inclusive economic recovery while holding out the prospect of continuing
expansion of social provision.

 

Forcing down health consumption expenditure, for example, is inconsistent
with the implementation of a national health insurance. Transforming
institutions in the public health sector is no mean feat at the best of
times, but will be near impossible if the state is trying to force down the
real income of nurses, porters and laundry workers. More generally, a large
and sustained reduction in government consumption contradicts the rollout of
free tertiary education, increasing the quality of education or more
effectively fighting crime and corruption.

 

The contradiction is most stark - bordering on doublethink - in claims that
the government is about to fund a "presidential employment stimulus".

 

When crisis strikes

 

There are two important aspects of South Africa's debt position that
distinguish it from the rest of the world. The first is that the country
faces high interest rates on government debt that are far above the rate of
economic growth. The new fiscal consensus, which has counselled greater
acceptance of public debt in the Global North, assumes that growth rates
exceed interest rates. In South Africa, as Figure 3 shows, this is far from
the truth. The 10-year bond yield - a benchmark interest rate on government
debt - has been rising for years, while economic growth has fallen into the
mire.

 

The second is that the debt level is not stable. There is no particular
threshold of the debt-to-GDP ratio that should concern us, but if debt is
rising without limit, it is unsustainable. And so, where other countries
have accepted a once-off increase in their level of debt to fund their
pandemic response, South Africa faces a continuous escalation of debt
without credible prospects for stabilisation.

 

As a consequence of this unsustainable fiscal position, the public sector's
financial solvency will continue to erode. Most would agree that, in a time
of crisis, the government should be prepared to risk its financial net worth
if this contributes to economic recovery. But using the public-sector
balance sheet as a bridge across troubled water makes little sense if the
opposite shore is so far away that its very existence is in doubt.

 

It might be said that the real danger is not the government's solvency
(which in any case is difficult to define), but the risk of a liquidity
crisis in which debts can no longer be rolled over. It is then that the
International Monetary Fund or exceptional measures come into play.

 

There are several reasons why - even if South Africa does not resolve its
underlying fiscal and economic maladies - a sudden crisis of debt distress
may not occur over the medium term. For one, global investment is exuberant
and, in a world with zero interest rates, the return on a South African bond
is high. Second, the Reserve Bank has agreed to stand by the bond market as
a buyer of last resort, something it has the credibility and the balance
sheet to do. Finally, the broader South African sovereign balance sheet is
strong. The state could resort to drawing down financial assets - the
Government Employees Pension Fund, for instance - long before it is forced
into defaulting on its debt.

 

So, global conditions remain supportive, local institutions are resilient
and domestic markets can absorb the turbulence. Given these factors, should
we even be worried about sovereign debt? The answer is yes. Even without a
liquidity crisis, the slow grind of sovereign bankruptcy will exert forces
over time that will be difficult for South Africa to contain.

 

The real measure of debt is not how much we owe but the burden of our
interest payments. It will soon amount to 25% of revenue and will continue
increasing. The government must either continue to force down its public
consumption - with the aforementioned implications - raise taxes each year
to finance the rent on debt or renege on obligations.

 

There are many ways a state can try to renege on its debt obligations.

 

Not only is the government the biggest issuer of debt in the economy but it
also has regulatory authority over debt contracts. Macro financial policy
can be brought to bear to erode the value of outstanding debt and influence
the interest the government pays on it. Historically, this has involved
depreciation of the currency and inflation, capital taxation, capital
controls and various forms of state direction of private finance.

 

In effect, the country would be trying to force its interest rate down to
its woefully low rate of economic growth. In this case, the ability and
willingness of the treasury to honour its obligations will be questioned,
the balance sheet of the South African Reserve Bank will be placed in doubt,
eroding its credibility and authority, and questions will be raised about
the capacity of the state to underpin private financial institutions.

 

Is the state up to the task?

 

There are circumstances in which a combination of increasing the money
supply and reducing taxes can kick-start a new cycle of growth.

 

The fundamental issue is the response of private fixed investment. Capital
formation is the engine of economic growth and if macro policy easing leads
to an upsurge of investment, both private and public, concerns about the
consequences are less salient.

 

This engine of capital formation is attached to the level of aggregate
demand that drives profitability in the country's industrial base, through
mining, manufacture and the vast services sector. The government can
influence these dynamics by spending more and stretching private credit,
even as it builds new public capabilities.

 

But while fixed investment is the engine that must get the economy back on
its feet, accumulation in a modern capitalist economy is a car being driven
by finance capital.

 

Money, in South Africa and globally, is a hierarchy through which financial
power rests firmly on sovereign political foundations. This power is
regularly and effectively wielded. Do we have a state that is able to take
on domestic and global finance, simultaneously, while also crowding in a
private bonanza of fixed capital formation? Could the private sector be
cajoled into joining the public sector, sharing investment risks even as the
state embarks on a path of financial repression? Will investment be financed
as the government appears poised to renege on its financial obligations?

 

It may be that these contradictions can be resolved by resort to compulsion,
state direction of private investment and expropriation of finance. But
considering the current capacity of the state, and the social forces that
undergird it, this would be a fool's errand.

 

Negotiate, or else

 

The problem of the state's rising bankruptcy cannot be overcome by monetary
fiat or the conversion of treasury to a new ideological posture. It is real.
It is material. It is rooted in the institutional power of modern capital.
And unless it is faced, the future for South Africa's development is bleak.

 

The country's fiscal position contradicts the government's broader aims of
increasing social provision. It is not possible to have another half a
decade of austerity while also achieving the Constitution's promise of
progressive realisation of social and economic rights. Taxes will certainly
have to rise, but increased taxation will be largely absorbed into paying
the rent on debt.

 

On our current trajectory, stabilising debt means eroding social provision.
But the opposite must also be kept in mind: increasing social provision in a
manner that avoids reckoning with debt and the power of modern finance does
not avoid the problem and might very well make it much worse.

 

The only way out of this situation is a sustainable revival of gross
domestic product growth.

 

This cannot be achieved without social solidarity and real compromise on
wages and rents. Social compacting and state action has been conceived as
agreement on projects and overcoming the technical constraints to
'implementation'. This has been tried with increasing desperation, and no
apparent success, for more than a decade. It is now time to put bold
compromises on the agenda as part of a new unifying vision.

 

Tomorrow we publish economist Duma Gqubule's response to Michael Sachs, in
which he unpacks President Cyril Ramaphosa's "lie" and what the 2021 budget
needs to achieve.-New Frame.

 

 

 

Nigeria: Govt Eyes 200,000 Jobs From Road Concession Arrangement

The Federal Ministry of Works and Housing has said that although the main
idea behind the new Highway Development and Management Initiative (HDMI) is
not to generate revenue, it was expecting about N1.34 trillion in private
investments when the full concession of the 12 roads earmarked for the pilot
programme takes off.

 

It said that as part of its statutory requirements in road development, the
launch of the scheme, would improve the right of way along the federal road
network.

 

Shedding more light on the initiative, the ministry stated that the
programme would be anchored on private sector engagement via concessioning
of economically viable routes to technically and financially capable private
companies.

In a document released by the ministry, explaining how the scheme would
work, it noted that a major hindrance to highway development and management
has been a paucity of required funds to service the vast and ever-expanding
road network.

 

"It's not really about revenue, it's about the expected injection into the
economy. The estimated private sector investment required for the
development and maintenance of the 12 routes is N1.34 trillion and the
impact such investment will have on the economy cannot be overstated.

 

"A minimum 50,000 direct jobs and over 200,000 indirect jobs are envisaged
to be created spanning construction works, installations, steel fabrication,
security, hospitality, vehicle repairs, waste management and administrative
work as the value chain along the highway economy is activated," it said.

To negate the financing handicap, the FMWH said it was proposing the
engagement of concessionaires who will manage and develop the right of way,
whilst maximising its commercial potential.

 

"The main objective of the initiative is to attract expertise and
sustainable investment/funding in the development of road infrastructure and
to maximise the use of assets along the Right of Way and develop other
highway infrastructure," it stated.

 

It added that the objective was to develop an eco-system along the federal
highway network by bringing multi-dimensional resources of skills, manpower,
finance, technology, and efficiency into the national highway governance.

 

The ministry, in the document released by the Director of Press and
Publicity, at the ministry, Boade Akinola, posited that ultimately, the
home-grown initiative would be the lasting solution to the development and
management of federal highways by introducing order, accountability and
profitable entrepreneurship to the operation, management, and maintenance of
Nigeria's 35,000km federal highways.

On how the scheme would be executed, it stated that there are two categories
under the HDMI, including the Value-Added Concession initiative (VAC), where
the road pavement and entire right of way is concessioned for development
and management by the concessionaire and the Unbundled Assets Approvals
initiative, (UAA).

 

Under the UAA, it noted that approvals/permits would be issued for
individual assets on the right of way on a build, operate and or maintain
basis.

 

"Both approaches aim to provide adequate highway services through the
development of revenue-generating assets along the Highway. This is key to
maintaining the functionality of the highway as well as engaging and
generating wealth for indigenous small and medium enterprises," it said.

 

Some of the revenue generating assets and highway service, according to the
ministry will include toll-plazas, refuse management, weighbridges, towing
services, directional signage structures with advertising space, emergency
services, street-lighting with advertising space, among others.

 

It argued that the highway services would also serve as additional avenues
for the promotion of Nigerian local content and the distribution of wealth
as this approach breaks down the aspects of highway management,
revenue-generating assets, and services.

 

"Therefore, issues of lack of funding or technical capacity that may
otherwise hamper local content involvement are minimised," it stated.

 

On the legal framework backing the process, the ministry headed by Mr. Tunde
Fashola noted that under the Federal Highway Act, the Federal Ministry of
Works and Housing has statutory responsibility for federal highway
network.-This Day.

 

 

 

 

 

 

 


 


 


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
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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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