Major International Business Headlines Brief::: 06 January 2021

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Major International Business Headlines Brief::: 06 January 2021

 


 

 

	
 


 

 


ü  Trump bans Alipay and seven other Chinese apps

ü  Coronavirus: Arrivals in UK could soon need negative test

ü  UK new car registrations in 2020 sink to 30-year low

ü  Honda's Swindon factory temporarily suspends production

ü  Amazon plots a course into the healthcare industry

ü  M&S signs call to action over Uighur forced labour

ü  Stocks fall as investors brace for possible 'blue sweep' in Georgia

ü  Bitcoin breaks above $35,000 to touch new high

ü  U.S. bankruptcy filings hit 35-year low thanks to government pandemic aid

ü  Apple will modify executive bonuses based on environmental values in 2021

ü  Nigeria: VP Osinbajo Briefs Buhari On Economic Sustainability Plan

ü  Nigeria: Group Threatens Legal Action Over New Tariff Hike

ü  Africa's Free Trade Agreement - Great Expectations, Tough Questions

ü  Kenya: Digital Service Tax Takes Effect Amid Implementation Concerns

ü  Ghana, UK Reach Trade Deal Worth Over £1.2 Billion

ü  Nigeria Owes Eurobond, World Bank, Others U.S.$31.985 Billion

 

 


 

 


Trump bans Alipay and seven other Chinese apps

US President Donald Trump has signed an executive order banning transactions
with eight Chinese apps.

 

The apps include popular payments platform Alipay, as well as QQ Wallet and
WeChat pay.

 

The order, which takes effect in 45 days, says that the apps are being
banned because they are a threat to US national security.

 

It flags the possibility that the apps could be used to track and build
dossiers on US federal employees.

 

Tencent QQ, CamScanner, SHAREit, VMate and WPS Office are also included
within the order, which only kicks in after Mr Trump has left office.

 

"The United States must take aggressive action against those who develop or
control Chinese connected software applications to protect our national
security," the order said.

 

President Trump's order says "by accessing personal electronic devices such
as smartphones, tablets, and computers, Chinese connected software
applications can access and capture vast swaths of information from users,
including sensitive personally identifiable information and private
information."

 

The Trump administration has ratcheted up pressure on Chinese companies in
its final months in office, including those it considers a national security
risk.

 

President Trump has signed executive orders against a range of Chinese firms
arguing they could share data with the Chinese government.

 

Chinese social media app TikTok and telecoms giant Huawei have been among
the casualties of Washington's crackdown.

 

Last month, the Commerce Department added dozens of Chinese companies,
including the country's top chipmaker SMIC and drone manufacturer DJI
Technology, to a trade blacklist.

 

The administration also restricted a number of Chinese and Russian companies
with alleged military ties from buying sensitive US goods and technology.

 

China has consistently denied claims that these firms share their data with
the Chinese government and has responded by imposing its own export laws
restricting the export of military technology.

 

In August, the US ordered ByteDance, the owner of social media app TikTok,
to either shut down or sell off its US assets.

 

Despite missing a deadline to complete the sale, the US is yet to shut down
the app and negotiations continue over its future.

 

Delisting debacle

The latest ban comes as the White House quietly pushed the New York Stock
Exchange (NYSE) to consider a second U-turn on its decision to delist three
Chinese telecoms giants.

 

Last week the NYSE announced it would delist the China Mobile, China Telecom
and China Unicom in line with another executive order.

 

On Monday, however, the NYSE reversed that decision, announcing it had
decided not to delist the three companies after further consultation with US
regulators.

 

The NYSE made the decision based on ambiguity about whether the securities
were actually covered by the order.

 

However, the exchange has come under pressure over its decision.

 

The US Treasury Secretary Steven Mnuchin called the NYSE President Stacey
Cunningham to tell her he disagrees with the decision, according to Reuters.

 

Republican Senator and China hardliner Marco Rubio has also spoken out,
saying that the NYSE's refusal to delist the companies was an "outrageous
effort" to undermine the President's executive order.

 

The NYSE is owned by Atlanta-based Intercontinental Exchange (ICE), which is
run by billionaire Jeffrey Sprecher.

 

His wife Kelly Loeffler is one of two Republican senators facing run-off
elections on Tuesday in Georgia.--BBC

 

 

 

Coronavirus: Arrivals in UK could soon need negative test

Travellers to the UK from abroad could soon be required to prove they have
had a negative coronavirus test.

 

The Department for Transport (DfT) said the measure is one of several being
considered to "prevent the spread of Covid-19 across the UK border".

 

"Additional measures, including testing before departure, will help keep the
importation of new cases to an absolute minimum," the department added.

 

It is thought that haulage drivers coming through ports would be exempt.

 

However, the DfT said full details are still to be agreed and will be set
out in "due course".

 

Any such measure would be a devolved issue, so the the DfT would need to
agree a path forward with Scotland, Wales and Northern Ireland to make it
UK-wide.

 

A spokesperson said: "With a new strain of the virus on the loose in South
Africa and a more infectious variant already widespread in the UK we need to
do more."

 

The measures were being discussed as Boris Johnson imposed the third
national lockdown in England to prevent the NHS being overwhelmed.

 

The prime minister has faced some calls to strengthen border protections to
prevent the arrival of new cases, particularly of new and concerning
strains.

 

However, there was no mention of tougher border controls during his address
to the nation on Monday, or press conference on Tuesday.

 

Earlier on Tuesday, Cabinet Office Secretary Michael Gove said announcements
will come in the days ahead on "how we will make sure that our ports and
airports are safe".

 

"It is already the case that there are significant restrictions on people
coming into this country and of course we're stressing that nobody should be
travelling abroad," he told ITV.

 

'Nation's door unlocked'

Currently, international arrivals from countries that are not exempt under
the travel corridor programme have to isolate for 10 days.

 

But under the test and release scheme introduced in December, this can be
shortened if they have a private test five days after their departure and it
comes back negative.

 

During the first lockdown, the government argued against introducing border
restrictions while the prevalence was so high in the UK, with experts
arguing it would do little to bring down infection rates.

 

A quarantine period, however, was introduced in June after the first peak,
when cases were more under control.

 

Earlier, Home Secretary Priti Patel was accused of leaving the "nation's
doors unlocked" to new coronavirus variants coming to Britain from overseas.

 

Labour shadow home secretary Nick Thomas-Symonds wrote to Ms Patel calling
for an "urgent review and improvement plan" as he raised concerns over
checks on the arrival of people who are meant to go into quarantine.

 

He wrote: "It is especially worrying given the concerns regarding mutation
of the virus that emerged in South Africa, which the health secretary
rightly said is 'incredibly worrying'.

 

"However, the lack of a robust quarantine system as a result of shortcomings
from the government mean that it is virtually impossible to keep a grip on
this spread or other variants that may come from overseas, leaving the UK
defenceless, and completely exposed, with the nation's doors unlocked to
further Covid mutations."

 

The Home Office defended its "stringent measures", and pointed to its move
to stop direct flights from South Africa to the UK amid concerns over a new
coronavirus variant in high prevalence there.--BBC

 

 

UK new car registrations in 2020 sink to 30-year low

New car registrations fell to their lowest level in nearly three decades
last year, according to preliminary figures from the industry's trade body.

 

It was also the biggest one-year fall since World War Two, when factories
were being turned over to military production, the Society for Motor
Manufacturers and Traders said.

 

About 1.63 million new cars were registered in 2020, compared with 2.3
million in 2019 - a decline of 29%.

 

It was the lowest total since 1992.

 

The bulk of the lost sales occurred during the first lockdown in the Spring,
when showrooms were forced to close, and factories shut down.

 

"We lost half a million units from March, April, May - and we never
recovered them," said the SMMT's chief executive, Mike Hawes.

 

The restrictions introduced later in the year were less damaging, largely
because dealers were able to sell cars remotely, using 'click and collect'
services.

 

That remains the case during the new lockdown, announced on Monday.

 

"We can still do click and collect, which is important, because that's the
very minimum we need," said Mr Hawes. "Not just to keep retail going, but
also to keep manufacturing going."

 

Overall, the SMMT said the Covid crisis has cost the car industry some £20bn
- and cost the exchequer nearly £2bn in lost VAT.

 

Trade deal worries

There are also serious questions about the extent to which the car market
can recover this year. Previous forecasts, which had suggested new
registrations could rise to about 2 million in 2021, have been thrown into
doubt by the latest restrictions.

 

But while the market as a whole has suffered over the past year, sales of
electric cars have risen dramatically, increasing their share of the market
from 1.5% to 6.5%. Sales of plug-in hybrids also rose sharply.

 

"If we see this continued level of uptake in electric vehicles, then we
anticipate that sales of new EVs and plug-in hybrids will overtake diesel
cars in 2021," said Ian Plummer, commercial director of motoring website
Auto Trader. "Then, pure EVs will overtake those of their internal
combustion engine counterparts in 2026."

 

With the pandemic continuing to inflict serious damage on the industry, Mr
Hawes says the trade deal between the UK and the EU came as a "massive
relief".

 

It confirmed that cars and car parts could continue to move between the two
regions, without tariffs - or taxes - being imposed, provided certain
conditions are met.

 

The SMMT had previously warned that failing to reach a deal could have cost
the industry £55bn over five years - and add £2,000 to the cost of each
vehicle

 

But manufacturers still face potentially significant additional costs due to
so-called non-tariff barriers - including border formalities, and the need
to obtain extra regulatory approvals for new designs.

 

"This is not a free deal", said Mr Hawes.

 

Electric dreams

Another consequence of the trade deal is that the UK will need to focus on
battery production, if it is to maintain its car industry while phasing out
petrol and diesel engines.

 

That's because in order to qualify for tariff-free access to the European
market, the value of car components made outside the UK and the EU will have
to be strictly limited.

 

Specific rules relating to batteries effectively mean that from 2027, they
themselves will have to be made in the EU or the UK.

 

The SMMT believes that, based on current investment plans, UK battery
factories will have a capacity of 15 gigawatt-hours (GWh) by 2024.

 

That is more than seven times the current level, and would be enough to
produce 250,000 electric cars per year.

 

But the SMMT insists much more is needed: 60GWh in order to produce 1
million cars per year by 2030, and 120GWh to produce 2mby 2040.

 

That, says Mr Hawes, will require "massive investment".--BBC

 

 

Honda's Swindon factory temporarily suspends production

Japanese car manufacturer Honda has halted production at its Swindon
factory.

 

The firm said the temporary shutdowns through Tuesday and Wednesday were due
to "global supply delays".

 

Production is expected to restart on Thursday, a spokesman said.

 

It is the second time production has been affected in two months. Work was
also halted in December because of congestion at ports caused by
stockpiling.

 

The spokesman said: "The situation is currently being monitored with a view
to restart production on Thursday 7 January."

 

Trade unions have confirmed staff will remain on full pay through the
closure and praised management for being so open about the shipping delays.

 

Honda's Swindon site is where the current Civic and Civic Type R models are
produced.

 

It currently employs about 3,000 people and creates up to 150,000 new cars
per year, but will close permanently in July 2021. --BBC

 

 

 

Amazon plots a course into the healthcare industry

"I think the impact would be huge," says Ahsan Bhatti, owner of online
pharmacy Quick Meds.

 

He is concerned about the prospect of online giant Amazon moving into the
pharmacy business in the UK.

 

"I'm worried. They'll have a massive marketing budget, and they'll
definitely take a sizeable chunk out of every other pharmacy on the market.
There will be closures as a direct result of it," he says.

 

Mr Bhatti will be closely watching developments in the US where Amazon
Pharmacy launched in November.

 

The service allows customers to make pharmacy transactions through Amazon
and receive unlimited, free, two-day deliveries if they have a Prime
membership.

 

Investors have taken note, with pharmacy chains like Walgreens and CVS
seeing their share prices fall.

 

Although Amazon hasn't yet announced plans for other countries, chemists in
the UK are preparing themselves for a new competitor.

 

Mr Bhatti is one of a growing number of pharmacists to sell products online,
but Amazon's entry would be likely to affect High Street pharmacies as well.

 

"What is lacking in every other pharmacy across the UK is the logistics and
Amazon do that exceptionally well. It's exactly what consumers want - having
a prescription by 10am and dispensed by Amazon to them in the evening. The
likes of Lloyds Pharmacy and Boots can't do that, and independent pharmacies
can only do this on a local level," says Mr Bhatti.

 

Mr Bhatti opened Quick Meds in March, after putting in an application to the
NHS 11 months earlier. It offers products online, as well as consultations
over phone, WhatsApp, email, live chat and video, and even offers same day
services locally.

 

However, for nationwide orders, the company relies on Royal Mail - and this
is where Mr Bhatti believes Amazon has the edge over online pharmacies as it
has proven it can be relied upon for speedy deliveries.

 

"As great as Royal Mail are, occasionally things go wrong or missing and
these delays might not be a big deal for online shopping but if we're
talking about a heart or diabetes medication, all of a sudden, it's a
problem," he says.

 

It's not just logistics that Amazon has on its side - the sheer size of the
company enables it to have an advantage at the negotiating table.

 

"In the US, companies like CVS and Walmart negotiate drug prices all the
time, and they have a fairly significant amount of market power. They've
been able to create monopolies on certain drugs, making it more difficult
for consumers to access drugs if you're not shopping with them. If Amazon
enters, it disrupts this because they have much more sizeable purchase
power," says Kate McCarthy, healthcare analyst at research company Gartner.

 

Jeff Bezos, Amazon's chief executive, once said "your margin is my
opportunity", implying that Amazon delivered better prices by removing the
costs added by the middlemen in the supply chain. The pharmaceutical and
healthcare sectors have complex and inefficient supply chains that he would
look to cut out.

 

This ultimately means that Amazon may negotiate better prices, and
potentially offer discounted rates to consumers to get them through the
online door of Amazon Pharmacy.

 

According to Scott Galloway, professor of marketing at NYU Stern, serial
entrepreneur and author of Post Corona: From Crisis to Opportunity,
consumers will be the winners over the short and medium term.

 

"For the most part of Amazon's history, as a consumer you're getting
products for near cost or sometimes even below cost and that has just been
an incredible boon for consumers and shareholders," he says.

 

Amazon Pharmacy is not just about the technology company entering the
pharmaceutical retail market; it has been readying itself for the entire
healthcare sector.

 

"Amazon have been working on ways to ensure their platform is dynamic and
secure for healthcare organisations in order to partner with them - you see
many organisations looking at things like Alexa for healthcare skills, and
building healthcare apps on Amazon Web Services, or leveraging Amazon's
cloud storage. Now, Amazon is focusing on the actual consumer services,"
says Ms McCarthy.

 

Eventually, the company could use data from its different arms to build a
picture of each consumer's health, and use this to provide them with
products and services.

 

"With their new wearable Amazon Halo, the company can build a 3D image of
their consumers and they can then combine this with the foods you eat
through Whole Foods, data from Amazon Prime and Alexa, and information such
as your post code, relationship status, demographic data," says Mr Galloway.

 

Currently, the healthcare system is largely reactive - consumers seek
medication and other healthcare services when they need them but Mr Galloway
believes that Amazon could change this dynamic and even offer Prime members
special recommendations around exercise products, nutrition and medicines.

 

"They can use this to offer proactive healthcare services," he says.

 

It wouldn't be unfeasible for Amazon to enter the health insurance market
considering the amount of data - and technological capabilities - at its
disposal to assess risk.

 

Mr Galloway says that over the medium to long term, Amazon will put a number
of healthcare companies out of business. At the same time, healthcare
start-ups may struggle to get a foothold in a market that Amazon has
entered.

 

"It's very difficult to get funding now for an e-commerce company because
the general assumption is that Amazon is unassailable," he says.

 

Amazon counters that, saying it has plenty of competition: "Amazon Pharmacy
operates in a competitive environment with other US pharmacies, and we know
our customers have a choice. We are working hard to earn their business," a
company spokesperson told the BBC.

 

Ms McCarthy says that Amazon typically brings improvement to the industries
it enters but says it doesn't typically unseat industry incumbents, and she
says the same will be true for healthcare companies.

 

"It's more a case of how everyone adapts," she says.

 

Mr Bhatti suggests that pharmacies should adapt by going online and
diversifying their income.

 

"You can't rely on NHS income, you have to start developing private services
and require that personal touch through face-to-face interactions," he says,
adding that they should also be prepared to partner with Amazon.

 

Leyla Hannbeck, chief executive of the Association of Independent Multiple
Pharmacies (AIMp), claims pharmacies are "not trying to maximise potential
sales" and are instead focusing on "caring for the health of their
patients".

 

"The pharmacy network is already under threat due to the lack of funding and
a multi-national player such as Amazon could be the final blow for many and
disrupt this valued network. When the choice, and that personal interaction
and care in the community is gone, the consumers are not the winners," she
says.

 

But Amazon is taking its foray into healthcare seriously - it's not just
expanding its already vast retail network. According to Ms McCarthy, Amazon
has put out job posts for clinicians both for Amazon Pharmacy and for other
areas of its business.

 

This suggests that it may eventually be able to offer this same personalised
service as existing pharmacies.--BBC

 

 

 

M&S signs call to action over Uighur forced labour

Retailer Marks & Spencer has signed onto a call to action on human rights
abuses in China's Xinjiang region.

 

In December, the BBC revealed new evidence that China is forcing hundreds of
thousands of Uighurs and other minorities into hard, manual labour in the
cotton fields of Xinjiang.

 

The report increased pressure on clothing retailers to remove Xinjiang
cotton from their supply chains.

 

M&S uses around 40,000 tonnes of lint cotton each year from various sources.

 

The call to action comes from a coalition of civil society organisations and
labour unions who want to end abuses against Uighur people.

 

The coalition said it is almost certain that any brand currently sourcing
apparel, textiles, yarn or cotton from the region is profiting from human
rights violations, including forced labour.

 

Marks & Spencer sources its cotton through businesses that are accredited
with the Better Cotton Initiative (BCI), a not-for-profit organisation that
focuses on sustainable production.

 

In March last year, BCI suspended its activities in Xinjiang, and as a
result, there is no new licensed BCI cotton coming from the region or in M&S
products.

 

Nevertheless, M&S said it was important to sign on to the call to action to
encourage other companies to examine their supply chain.

 

"When it comes to sustainable and ethical clothing, we can only achieve real
change at scale by working with others," said Richard Price, the managing
director of M&S Clothing & Home.

 

Anti-Slavery International welcomed the move and encouraged other retailers
to follow suit.

 

"The Call to Action sets out a clear path of action for brands to follow in
line with the UN Guiding Principles on Business and Human Rights and we call
upon other major brands to follow suit with M&S and commit to the Call to
Action urgently," the organisation's chief executive Jasmine O'Connor said
in a statement.

 

Further concerns

Xinjiang province accounts for roughly 20% of the world's cotton production.

 

Cotton production isn't the only human rights issue that has been documented
in Xinjiang province.

 

Alongside a large network of detention camps, in which more than a million
are thought to have been detained, allegations that minority groups are
being coerced into working in textile factories have already been well
documented.

 

The Chinese government has long denied the claims, insisting that the camps
are "vocational training schools" and the factories are part of a massive,
and voluntary, "poverty alleviation" scheme.--BBC

 

 

 

Stocks fall as investors brace for possible 'blue sweep' in Georgia

TOKYO (Reuters) -Global stock prices slipped and bond yields rose on
Wednesday as investors braced for the prospect that Democrats could win both
races in a U.S. Senate run-off election in Georgia, handing them control of
the chamber.

 

Along with their narrow majority in the House of Representatives, a “blue
sweep” of Congress could usher in larger fiscal stimulus and pave the way
for President-elect Joe Biden to push through greater corporate regulation
and higher taxes.

 

While the races were too close to call, with 98% of votes tallied, Democrat
Raphael Warnock held a slight lead over incumbent Kelly Loeffler while
Democratic challenger Jon Ossoff trailed Republican David Perdue by just
3,600 votes.

 

“With Biden proposing to reverse President Donald Trump’s tax cut, increase
the minimum wage, and strengthen oversight on various industries, some might
argue that his agenda is not particularly market-friendly,” said Vasu Menon,
investment strategy executive director at OCBC Bank in Singapore.

 

Futures for the S&P 500 fell 0.8%, while Nasdaq futures shed 1.6% on fears
Democrats could pursue tighter regulations on big tech firms.

 

Other industries, such as banks, oil and gas and healthcare, could come
under heavier scrutiny, while infrastructure and alternative energy sectors
could benefit.

 

Japan’s Nikkei fell 0.4% while MSCI’s index of Asian-Pacific excluding Japan
erased earlier gains to trade 0.2% lower.

 

The 10-year U.S. Treasuries yield rose above 1% for the first time since
March, on expectations of larger government borrowing under a Senate where
Vice President-elect Kamala Harris would become a tie-breaker.

 

“U.S. bonds’ reaction reflects growing wariness about Democrats’ victory in
the runoffs,” said Shogo Maekawa, global market strategist at JPMorgan Asset
Management.

 

“It is also natural for stocks to fall near-term as there could be tax hikes
and tighter regulations on big techs and so on. But on the other hand, there
should be positive factors as well, such as more stimulus and further
infrastructure spending.”

 

Vishnu Varathan, economist at Mizuho Bank in Singapore, expects the falls in
shares to be short-lived.

 

“My suspicion is that the immediate knee-jerk reaction would be a slightly
stronger dollar and a slight setback in equities, because people are still
sizing things up,” he said. “I don’t think this is a trade that markets will
continue to chase and extend.”

 

Shanghai stocks extended gains on Wednesday, with the CSI300 index rising
0.5% and reaching its best levels since 2008, shrugging off New York Stock
Exchange’s chaotic handling of how it will treat Chinese companies to comply
with sanctions set by the Trump administration.

 

 

The exchange made a second sudden U-turn as it says it is reconsidering its
plan to allow three Chinese telecom giants to remain listed.

 

Oil prices held firm, maintaining their gains of nearly 5% made on Tuesday
after Saudi Arabia offered to make voluntary cuts to its oil output.

 

Tensions following OPEC member Iran’s seizure of a South Korean vessel also
frayed nerves, adding further support to the market.

 

Tehran denied on Tuesday it was using the ship and its crew as hostages, a
day after it seized the tanker in the Gulf while pressing a demand for Seoul
to release $7 billion in funds frozen under U.S. sanctions.

 

U.S. crude futures added 0.2% to $50.05 a barrel having climbed 4.9% on
Tuesday.

 

International benchmark Brent crude futures rose 0.6% to $53.91.

 

In currencies, the U.S. dollar hit a new low before bouncing back on the
prospects of the “blue sweep” in Georgia.

 

The euro rose to as high as $1.2328, a high last seen in April 2018, while
the yen hit a 10-month high of 102.595 to the dollar.

 

Spot gold held firm at $1,948.20 an ounce, having touched a two-month high
earlier in the day.

 

Bitcoin rose more than 5% to hit a record high of $35,879.

 

 

 

Bitcoin breaks above $35,000 to touch new high

SHANGHAI (Reuters) - Bitcoin traded above $35,000 for the first time in Asia
on Wednesday, rising to a high of $35,879 and extending a rally that has
seen the digital currency rise more than 800% since mid-March.

 

The world’s most popular cryptocurrency crossed $20,000 for the first time
ever on Dec. 16.

 

 

 

U.S. bankruptcy filings hit 35-year low thanks to government pandemic aid

WASHINGTON (Reuters) - U.S. bankruptcy filings for 2020 hit their lowest
level since 1986 as a flood of government support programs offset at least
temporarily the full brunt of the coronavirus pandemic and a related
recession, Epiq AACER reported on Friday.

 

The firm’s compilation of bankruptcy cases showed the Chapter 11 filings
used to reorganize larger businesses still jumped 29% in 2020 to 7,128,
compared to 5,158 in 2019, a tally that included major retailers like J.C.
Penney driven under by the biggest economic downturn in a century.

 

But overall filings, including all personal and other business bankruptcies,
for the year were 529,068, compared to nearly 800,000 annually in recent
years, and triple that in 2010 at the end of the last recession.

 

The low level of bankruptcies has been one of the more perplexing dynamics
of a pandemic era that has seen millions of jobs destroyed, record numbers
of people collecting unemployment insurance, and small businesses forced to
close to combat the spread of the coronavirus.

 

Government unemployment insurance, business loans and other programs ended
up replacing much of that lost income, pushing savings to record levels and
keeping households and businesses afloat -- at least for now.

 

A further $900 billion recently approved by Congress may continue to push a
full reckoning down the road.

 

But Epiq AACER Senior Vice President Chris Kruse said in a press release he
expects household and other non-commercial filings “to grow substantially in
the second half of 2021,” as government programs end and debts from the last
few months come due.

 

Though many households used government stimulus or increased unemployment
benefits to pay down debts, for example, others are wracking up obligation
by delaying rent and mortgage payments.

 

 

 

Apple will modify executive bonuses based on environmental values in 2021

SAN FRANCISCO (Reuters) -Apple Inc said in its annual proxy filing on
Tuesday that it will modify executive cash bonuses based on whether the
executives act within the company’s social and environmental values.

 

But the iPhone maker did not specify how it would evaluate progress toward
the company’s publicly stated targets such as removing carbon from its
supply chain.

 

Apple lists six values that include environmental practices such as using
recycled materials in products, diversity and inclusion among its workforce
and the privacy and security of its devices.

 

“Beginning in 2021, an environmental, social, and governance modifier based
on Apple Values and other key community initiatives will be incorporated
into our annual cash incentive program,” the filing said.

 

Apple said its minimum performance requirements, its targets and its maximum
payouts of cash bonuses to executives will not change.

 

But the compensation committee of its board of directors will use the new
modifier to increase or decrease bonus payouts by up to 10% “based on the
Compensation committee’s evaluation of our named executive officers’
performance with respect to Apple Values and other key community initiatives
during 2021.”

 

The filing did not detail how the committee would evaluate executives based
on progress toward Apple’s publicly announced goals around its values.

 

In July, Apple said it plans to remove carbon emissions from its entire
business, including its products and sprawling supply chain, by 2030. At the
time the company said it aimed to achieve 75% of the goal by reducing
emissions, with the remaining 25% coming from carbon removal or offset
projects such as planting trees and restoring habitats.

 

Apple cited the new modifier in its recommendation to vote against a
shareholder proposal to reduce executive pay relative to the median employee
pay at Apple. Chief Executive Tim Cook’s 2020 compensation of $14.8 million
was 256 times greater than the median Apple compensation of $57,783.

 

“America’s ballooning executive compensation is neither responsible for the
society nor sustainable for the economy, especially under the current
pandemic crisis. Reducing the (named executive officer) pay ratios should be
included to the principles of executive compensation program,” the proposal
reads.

 

 

 

Nigeria: VP Osinbajo Briefs Buhari On Economic Sustainability Plan

In their first official meeting for the year 2021, President Muhammadu
Buhari yesterday received Prof. Yemi Osinbajo, SAN in his office where the
Vice President updated him on the progress recorded so far in the
implementation of the Economic Sustainability Plan (ESP).

 

President Buhari had mandated Vice President Osinbajo as chair of the
Economic Sustainability Committee, to coordinate the implementation of the
ESP aimed at cushioning the economic effects of the COVID-19 pandemic.

 

About three months into the implementation of different components of the
plan namely, MSMEs Survival Fund; Social Housing Scheme, and Solar Home
System, among others, Nigerians across different sectors have been impacted.

For the Payroll Support track of the Survival Fund, a total of 277,628
beneficiaries drawn from 56,575 businesses have now been paid.

 

This total number includes the batch of 20,614 beneficiaries that were
recently paid for October, and 257,014 beneficiaries that were paid for
November and December.

 

A breakdown of the 257,014 beneficiaries shows that: N30, 000 each was paid
to 222,466 beneficiaries as November and December payments while N50,000
each was paid to 34,548 beneficiaries as November and December salaries.

 

Out of the total number, 3 per cent are beneficiaries with special needs,
while 43 per cent are female employees/beneficiaries.

 

Meanwhile, the enumeration of prospective beneficiaries for the Transport
Support Track, which was launched in December 2020, is still ongoing. And
payment of N30, 000 one-time grant to 333,000 artisans across the country is
in progress with payments already made to verified beneficiaries in States
under streams 1, 2, and 3, comprising FCT, Lagos, Ondo, Kaduna, Borno, Kano,
Bauchi, Anambra, Abia, Plateau and Delta (under stream 1); Taraba, Adamawa,
Bayelsa, Edo, Ogun, Ekiti, Katsina, Kebbi, Kogi, Kwara, Enugu, and Ebonyi
(under stream

 

2); Akwa-Ibom, Cross River, Zamfara, Yobe, Sokoto, Nasarawa, Niger, Imo,
Oyo, Osun, Jigawa, Gombe and Benue (under stream 3).

 

The process of installation of the N140 billion Solar Home System that will
cover up to 5 million households, serving about 25 million individuals in
rural areas and urban communities, has begun with the enlistment of solar
assembling companies and components manufacturers

 

as well as solar servicing firms.

 

Under the scheme, the Central Bank of Nigeria (CBN) will make available
funds to private companies involved in the manufacture, installation,
servicing of the solar systems, at rates ranging between 5 to 10 percent.

 

 

An important aspect of the scheme is the option of outright ownership by
beneficiaries at a cost ranging from N1, 500 per week to N4, 000 monthly
depending on the capacities, for a period of 3 years.

 

The plan by the Federal Government to support 1.5 million Nigerians to
acquire low-cost houses Under the Social Housing program of the ESP is on
course as the portal for application by prospective beneficiaries was
launched in December 2020 alongside the prototype 1-bedroom and 2-bedroom
units.

 

During a visit over the weekend to the completed model houses in Dei Dei at
the Federal Capital Territory, Vice President Yemi Osinbajo, SAN, reiterated
the FG's commitment to deliver decent and affordable accommodation that will
be within the reach of many Nigerians.

 

The plan is to have a Rent to Own option as part of the Buhari
administration's resolve to impact the common man in the social housing
scheme expected to also generate 1.8m jobs and deliver houses to about 1.5m
Nigerian families.

 

Already sites for early start projects have been identified in all the 6
geo-political zones in addition to the FCT.

 

The sites include those in Ekiti and Ogun in the Southwest, Enugu, and Abia
in the Southeast, Delta, and Edo in the South-south, Yobe, and Bauchi in the
Northeast, Kaduna and Katsina in the Northwest and Nasarawa and Plateau in
the North-central. Sites have also been

 

identified in Abuja.

 

To kickstart the social Housing projects, the CBN has already committed to a
N200B facility with a guarantee by the FG via the Finance Ministry.

 

The implementing agency, Family Homes Fund Ltd, an agency under the Federal
Ministry of Finance has already mobilized thousands of Cooperatives groups
across the country who will participate in the social Housing plan as the
main warehouse agents and mobilize

 

low-income buyers. For instance, FHF met recently with 93 Cooperative

 

Leaders from the 6 geographical zones, under the aegis of the Co-Operatives
Federation of Nigeria.

 

In another development, during a virtual meeting on Tuesday with management
of the North East Humanitarian and Innovation Hub (NEHIH), Prof. Osinbajo
pledged the support of the Federal Government and the National Economic
Council (NEC) in the establishment of a Social

 

Innovation and Research Institute (SIRI), an initiative of NEHIH aimed at
developing skills and building capacity for social innovation.

 

The Vice President noted that the idea of establishing a centre for social
innovation as conceived by the NEHIH was good, emphasizing that "I don't
think there is enough attention being paid to the local needs of social
innovation. I really think that this proposed institute can

 

do enough in terms of capacity building and leveraging on ideas. And also
making a lot of the innovations relevant to our demands and needs here in
Nigeria."

 

Prof. Osinbajo added that "part of the work I think SIRI might end up doing
is in looking at our peculiar humanitarian condition, because the
humanitarian condition that we find ourselves in Nigeria is enormous, a huge
one.

 

"So, there is an opportunity here to teach the rest of the world how to deal
with this, especially from the point of view of education of children in
conflict situations, and even entrepreneurship in conflict situations."

 

Other participants at the meeting include the coordinator of the Hub, Mr
Ahmad Moddibo, the SIRI project coordinator at the hub, Nguveren Mary, among
others.-Leadership.

 

 

 

Nigeria: Group Threatens Legal Action Over New Tariff Hike

A consumer rights group known as All Electricity Consumers Protection Forum
has threatened to challenge in court, the recent increase in electricity
tariff by the Nigerian Electricity Regulatory Commission (NERC).

 

The National Coordinator of the forum, Mr. Adeola Samuel-Ilori, who conveyed
the position of the group in a recorded statement shared to reporters
yesterday, called on Nigerians to "brace up to resist this chicaneries and
shenanigans being lorded on us by NERC".

 

Samuel-Ilori described the new increase in tariff as an aberration and a
slap on the consumers of electricity in the country.

He said from all indications, NERC has shown that it was no longer capable
of discharging its responsibilities as an unbiased umpire, as stated in
Section 32 of the Electricity Power Sector Reform Act of 2005, which demands
that it should balance every dealing with all concerned stakeholders in the
sector.

 

Samuel-Ilori said: "It is obvious now that the NERC is no longer capable of
discharging that function in Section 32. It is also obvious that NERC is
ready to foist anything on us the consumers, as long as it satisfies the
whims and caprices of the hegemonies in the power sector.

 

"We have watched with trepidation all this while seeing them capitulate,
approbating and reprobating over the issuance of orders and directives
especially as it relates to tariff and prepaid meters, which primarily
concern the consumers.

 

"This new increase has prompted the All Electricity Consumers Protection
Forum to gear up and be ready to challenge it in the court.

 

"We can no longer fold our hands, believing that every policy must be
targeted towards the poor masses whose purchasing powers are being eroded
while the hegemonies and the people continue to frolic.

 

"The new increase in tariff is an aberration and a slap on us the consumers
and it is something that we cannot fold our hands and watch them get away
with."-This Day.

 

 

Africa's Free Trade Agreement - Great Expectations, Tough Questions

The start of trading under the African Continental Free Trade Area (AfCFTA)
agreement on 1 January 2021 marks the dawn of a new era in Africa's
development journey. Over time, the AfCFTA will eliminate import tariffs on
97% of goods traded on the continent, as well as address non-tariff
barriers.

 

Opening up a market of over 1.3 billion people is expected to spur more
intra-African trade while increasing the appeal of direct investment in
Africa for the rest of the world.

 

Intra-Africa trade has historically been low. In 2019, only 12% of Africa's
$560 billion worth of imports came from the continent. African countries
have also been trapped in the lower levels of the global economy by selling
low-value raw materials and buying higher-value manufactured goods. This is
seen as one of Africa's major challenges for development. The free trade
agreement seeks to reverse this.

 

The rationale behind it is simple in theory, but complex in reality. Free
trade between African countries is expected to stimulate structural
transformation in Africa. Structural transformation is expected to increase
growth in exports of more complex goods and services. Export growth, in
labour-intensive sectors at least, is expected to create jobs.

The start of trading under the AfCFTA marks a new era in Africa's
development journey

 

The creation of a larger African middle class means more consumption, which
should trigger more production and even higher incomes on both national and
individual levels. The cycle is expected to continue.

 

Data shows that intra-African trade comprises a higher share of manufactured
goods, and meeting domestic demand for these can better position African
countries in global value chains. For this, African countries must find
answers to several questions including production growth, productivity
growth and reduced transport costs.

Increased production for exports cannot happen in a vacuum. The agreement
attempts to solve demand issues by creating a single African market, but
there are reasons that countries haven't been able to scale up production to
match the consumption of their citizens.

 

After petroleum products, cars are the highest-value imports into Africa. In
2019, the continent spent about $19 billion importing cars and only 3% of
this was fulfilled by African exporters. Nigeria spent close to $4 billion
importing cars in the same year and has done so for five years.

 

Understanding why Nigerian producers have been unable to meet even the local
demand for cars will highlight what needs to change in the context of a
single African market. The logic, however, is that a larger market will
improve the business case for foreign direct investment, bringing
much-needed capital and technology into Africa.

 

Africa's history of slavery, colonialism and global marginalisation provides
an impetus for change

 

On the other hand, productivity, or being able to produce more output with
fewer resources, may be a harder nut to crack. Increased productivity has
been recognised as a key driver of growth. Improving productivity will
require more efficient allocation of factor endowments like land, labour and
capital while leveraging appropriate technologies.

 

One way to drive productivity growth may be through using industrial
policies by encouraging the transition of economic activity from the simple
extraction of raw materials to the more complex production of manufactured
goods. This is sometimes done by providing infrastructure, loans, subsidies
and tax incentives to support producers, or by 'protecting' them with trade
restrictions.

 

The third issue is transport costs. Tariffs aren't the only reason
intra-Africa trade has been so low - non-tariff barriers like transport
costs have played a significant role. Conversations around implementing the
free trade agreement have recognised the need for investment in transport
infrastructure to facilitate trading. Although several options are being
considered, high transport costs continue to pose a threat to the pricing
competitiveness of intra-African exports, especially in the cross-regional
context.

 

There will be several other barriers to trade including the deficit in hard
and soft infrastructure, certification requirements, bureaucratic red tape
and rent-seeking by government officials. A mechanism has been set up for
reporting and addressing non-tariff barriers.

 

African countries will need to work together to find lasting solutions to
these problems. More specifically, for industrial policies to work for and
not against the AfCFTA, they may have to be coordinated on the continental
level. Otherwise, most African countries could focus on similar goods and
services, again limiting themselves to their domestic markets.

 

Africa could become a beacon of cooperation in an increasingly divided world

 

Coordinating industrial policies will also help countries or regions
specialise production in specific and complementary directions.
Specialisation facilitates economies of scale and productivity growth. It
can also lead to lower prices and more competitive goods for both the
African and global markets.

 

There have been several attempts - both nationally and regionally - to find
collective solutions to these problems. Almost all regional economic
communities have created collective industrial strategies at some point. The
African Union launched the implementation strategy for its Accelerated
Industrial Development of Africa plan in 2008.

 

Some of these attempts at supra-national cooperation and coordination have
failed for several reasons including legitimacy and enforcement challenges
with regional bodies, and insufficient political will from national
governments.

 

Similar to China's 'century of humiliation', Africa's history of slavery,
colonialism and subsequent global marginalisation provides an impetus for
change. From the independence to the post-independence period, leaders like
Kwame Nkrumah laid out a vision of unity and cooperation for Africa. With 54
signatories and 36 ratifications, the speed at which African leaders have
moved on the AfCFTA may signal a new level of commitment to these ideals.

 

Cooperation has its difficulties, as shown by the decline of
multilateralism. African leaders must navigate the path to collective
development with sufficient wariness for these issues. The ubuntu philosophy
captures the famous African collectivist idea that is often proudly
contrasted with the Western individualist version.

 

Africa could become a beacon of multilateral cooperation in an increasingly
divided world. Will the AfCFTA lay the foundation for African advancement?
Or will it be a precursor to the premature unravelling of African unity and
cooperation? We'll soon find out.-ISS.

 

 

 

Kenya: Digital Service Tax Takes Effect Amid Implementation Concerns

Kenya Revenue Authority (KRA) has announced that the newly introduced
Digital Service Tax (DST) came into effect on January 1.

 

The Finance Act 2020 introduced DST on income from services provided through
the digital marketplace in Kenya and will be applied at 1.5 percent on the
gross transaction value (exclusive of VAT).

 

"The Finance Act 2020 introduced a new tax known as Digital Service Tax
(DST) effective 1st January 2021. DST is charged at 1.5% of the gross
transaction value and shall be payable by a person whose income from service
is derived from or accrues in Kenya through a digital market place," KRA
said in a statement.

It added that the tax shall be due at the time of transfer of payment for
the service to the service provider.

 

One will be subject to DST if one provides or facilitates provision of a
service to a user who is located in Kenya.

 

With the introduction of the DST under the Finance Act 2020, key
stakeholders have been eagerly waiting to see KRA would implement it.

 

There have been various concerns about the exact scope of the transactions
that fall under the ambit of new tax and the mechanism through which KRA
would collect and administer it.

 

According to KRA, for residents and companies with a permanent establishment
in Kenya, the DST will be offset against the income taxes due in the year of
income.

 

For non-residents and companies without a permanent establishment in Kenya,
DST will be a final tax.

 

The regulations have elaborated the array of transactions taking place on
digital platforms that attract the tax.

 

These include downloadable digital content such as e-books, films, mobile
applications, subscription-based media such as newspapers, over-the-top
content such as streaming services, music, games, e-tickets for concerts and
restaurants, transport-hailing services and any other digital market place
service providers.

 

This definition is quite broad and seems to capture service providers that
were previously unsure whether Digital Services Tax would apply to their
services such as taxi-hailing apps.

 

This move will have the likes of Netflix, HBO, Amazon Prime among others
included in the tax regime in the country, many of whom signed to provide
services to Kenyans and had not registered for VAT.

 

One aspect of the law is that the government will restrict these firms from
the Kenyan market if they fail to comply with the regulations.

 

"A person who fails to comply with the provisions of these Regulations
shall, in addition to the penalties prescribed under the Act, be liable to
restriction of access to the digital marketplace in Kenya until such
obligations are fulfilled," the new law reads in part.

 

The National Treasury also wants intermediaries who supply digital products
on behalf of suppliers be required to charge and account for the VAT on such
supplies whether such other person is registered for VAT or not.

 

The gazettement of the regulations breathes life into digital tax in Kenya,
placing it among the countries that are ramping up efforts to collect tax in
the e-commerce space.-Nairobi News.

 

 

 

Ghana, UK Reach Trade Deal Worth Over £1.2 Billion

The Trade and Industry Minister, Alan Kyerematen and the UK Secretary of
State for International Trade, Elizabeth Mary Truss, on the eve of New Year
reached a consensus on the agreement through a video conference which would
see existing international trade among the two countries strengthened.

 

Per the agreement, Ghana would be provided with duty free and quota free
access to the UK market, while same preferential tarrif reductions would be
given to British exporters.

 

The agreement also provided the basis to replicate the effects of already
established trade relationship between the country and UK underpinned by
strong people to people connections which the two have said has driven
economic growth, created jobs, and inspired creativity and innovation in
both countries.

 

A joint Ministerial statement agreement regarding the deal indicated that,
"We intend over the next few weeks to finalise the text of the agreement to
reflect progress made in relation to rules of origin, cumulation
arrangements, time bound commitments, provisions for development cooperation
and commitments to human rights and good governance."

 

The two parties have since reaffirmed their shared ambition to further
deepen partnership in the future and also work with the West African
partners "to make progress towards a regional agreement."

 

In a tweet about the agreement, the British High Commissioner to Ghana, Ian
Walker noted that last year, trade between UK and Ghana totalled more than
£1.2bn and said, "Today our mutually prosperous partnership continues to
strengthen as our countries reach a consensus on the main elements of a
deal."

 

He added "I look forward to seeing a full agreement shortly as we build back
better."-Ghanaian Times.

 

 

 

Nigeria Owes Eurobond, World Bank, Others U.S.$31.985 Billion

At least 67 per cent of the $31.985 billion (N12.193 trillion) outstanding
external debt of Nigeria is for loans taken as Eurobond, a commercial loan,
and from the International Development Association (IDA) as of September
2020.

 

According to records released by the Debt Management Office (DMO) recently
for September 2020, loans from these two sources accounted for $21.201bn
(N8.082tr) of the $31.985bn external debt.

 

Nigeria has an outstanding $10.868bn (N4.413tr) to pay for the Eurobond
issued at commercial rate, while the country will repay $10.332m (N3.939tr)
for the IDA loan, the breakdown showed.

 

Eurobond is issued by the European Central Bank (ECB) for the European Union
and the European member countries on the international markets to generate
funds. However, the IDA is a branch of the World Bank Group offering
long-term development funding.

 

The balance of $10.783bn (N4.111tr) loan is to be paid to 15 other
international lenders.

 

 

An analysis of other debts indicates that Nigeria owes the International
Monetary Fund (IMF) $3.454bn (N1.317tr).

 

Still under the World Bank Group, there is an outstanding debt of $409,000
(N156bn) to be paid to the International Bank for Reconstruction and
Development (IBRD).

 

Three entities of the African Development Bank (AfDB) Group expect Nigeria
to repay $2.247bn (N856.6bn) debt: AfDB will get $1.315bn (N501.3bn), Africa
Growing Together Fund $0.14 (N53.4m) as outstanding; while African
Development Fund (ADF) has $932,000 (355.3bn).

 

Also, Nigeria will pay $295,003 (N112.5bn) to four other international
lenders. These are Arab Bank for Economic Development in Africa has
$5,000.88 (N1.91bn); European Development Fund $53,000.92 (N20.2bn); Islamic
Development Bank $30,000.66 (N11.4bn); while the International Fund for
Agricultural Development will get $207,000.66 (N78.91bn).

 

The country also took $4.075m (N1.553tr) bilateral (country to country)
loans from five countries with the highest from China. This is 12.74 per
cent of the $32bn external debt of Nigeria.

 

According to the breakdown, $3.264m (N1.244tr) is for the Export Import
(Exim) Bank of China; Agence Francaise Development (AFD) of France has
$502,000.38 (N191.4bn); Japan International Cooperation Agency (JICA)
$78,000.20 (N29.7bn); Exim Bank of India $37,000 (N14.1bn) and Kreditanstalt
Fur Wiederaufbua of Germany will be paid $193,000.26 (N73.6bn) debt.

 

Aside from the Eurobonds commercial loan, Nigeria has another $300,000
(N114.4bn) commercial loan to pay as the Diaspora Bond.

 

Commenting on the implications of taking commercial loans like the Eurobond,
a professor of Economics and Chairman of the Foundation for Economic
Research and Training (FERT) in Lagos, Akpan Horgan Ekpo, said: "The excuse
that the World Bank or the IMF give too many conditions is not germane for
taking very expensive commercial loans.

 

"We met those conditions in the past with Dr. Ngozi Okonjo Iweala, and we
can still do the same."

 

Prof. Ekpo argued that studies had shown that the preference for fast
commercial loans also created the risk of not deploying the loans in the
projects they were meant for because there were no strict preconditions for
borrowing and therefore left room for poor accountability.

Equally, professor of Capital Market, Uche Uwaleke, cautioned against the
loan saying, "The appreciation of the dollar compared to the Naira also has
implications for Nigeria's growing external debts profile.

 

"The risk is heightened by the growing proportion of commercial debts
relative to concessional loans."-Daily Trust.

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2021

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


ART

Seed co Int.

Dairibord

 


Starafrica

Medtech

Turnall

 


Seed co

 

 

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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

 


 

 


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