Major International Business Headlines Brief::: 23 January 2021

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Major International Business Headlines Brief::: 23 January 2021

 


 

 




 


 

 


ü  Shipping crisis: I'm being quoted £10,000 for a £1,600 container'

ü   China falling short of US trade deal targets

ü  Google says goodbye to giant internet balloons idea

ü  Shoppers stuck at home shun new clothes in 2020

ü  UK borrowing hits highest December level on record

ü  China falling short of US trade deal targets

ü  Biden, citing 'economic imperative,' orders faster relief checks, more
food aid

ü  Exclusive: Buyout firm TPG in lead for stake in AT&T's DirecTV - sources

ü  Chinese vaping firm RLX valued at nearly $35 billion in U.S. market debut

ü  Exclusive: Brazil's Vale, state government $2 billion apart on disaster
settlement, source says

ü  Toshiba regains Tokyo exchange's top category amid calls for better
governance

ü  Tech shares could retake market reins as earnings heat up

ü  Africa: Kenya Tops Continent By a Mile in Internet Penetration

ü  Nigeria: Concerns Over Sale of Contaminated Fuel to Airlines

ü  Uganda: Sugar Exports Decline By Shs108b Due to Blockades

ü  Mozambique: Inae Seizes 220 Tonnes of Cement

ü  Mozambique: Traffic Lights Working Again in Nampula

 


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Shipping crisis: I'm being quoted £10,000 for a £1,600 container'

"We were paying £1,600 per container in November, this month we've been
quoted over £10,000," says Helen White.

 

The founder of start-up Houseof.com, which imports lighting from China, says
the rise in shipping costs means she's making a loss on what she sells.

 

She's one of many UK importers facing soaring freight costs amid a global
shipping crisis that may last months.

 

A shortage of empty shipping containers in Asia and bottlenecks at the UK's
deep sea ports are behind the problems.

 

It was hoped the backlogs could be cleared during the Chinese New Year
holiday in February, but instead a coronavirus outbreak in China is adding
to the uncertainty facing firms.

 

In the UK the difficulties in international shipping have coincided with
problems faced by businesses trading with the EU after Brexit.

 

One Manchester-based freight forwarder said the logistics industry is facing
the most challenging conditions he's seen in the 17 years he's been in the
business.

 

Craig Poole from Cardinal Maritime said during lockdowns, people have been
turning to online shopping, and that's causing a surge in demand for goods
from China.

 

But some companies can't absorb the skyrocketing freight costs that shipping
lines are charging. That could lead to higher prices for consumers or
businesses having to close.

 

"The really unfortunate thing is, the small businesses who can't afford to
pay those rates are going to go under as a result," Mr Poole said.

 

'Making a loss'

Helen White's lighting range is designed in the UK and manufactured in
Guangzhou, China.

 

She said the six-fold increase in shipping costs is hard to take, especially
when getting hold of a container "is like gold dust".

 

"It's really hard for a small business to absorb those costs. We'll be
making a loss on the goods we're selling."

 

At the other end of the supply chain, Chinese manufacturers and logistics
firms say they are equally frustrated.

 

Johnny Tseng is the owner and director of J&B Clothing Company Ltd., which
manufactures garments for some of the UK's most popular fashion sites
including Boohoo and Pretty Little Thing.

 

He's been supplying clothes to British retailers for more than 40 years, but
he says his family-run firm won't be able to absorb inflated shipping rates
for much longer.

 

"To be honest I don't even know how we can survive if we carry on shipping
things at this kind of cost."

 

He says he's now being quoted $14,000 to ship a container to the UK, when
the usual price is $2,500.

 

The shortage of empty containers in China and congestion at UK ports caused
some of his stock to miss the busy Christmas trading period. Now some
customers are holding orders for their Autumn-Winter collections until next
year.

 

"It's chaos," he said. "We are making a loss. We take it as a loss leader
and keep our fingers crossed it will go back to normal after Chinese New
Year, but it is a major issue if it persists this way."

 

'Months of delay'

Usually during the Chinese New Year holiday, factories in China shut down
for two weeks. There were hopes the pause in production would give UK ports
a chance to clear the backlog of ships waiting to dock, and encourage
shipping lines to move more empty containers back to Asia, which is a less
profitable journey.

 

But rising numbers of coronavirus cases have prompted the Chinese
authorities to stagger factory closing dates so that not all workers are
travelling to their home regions at the same time. A worsening outbreak
could lead to travel restrictions, in which case some factories may not stop
production at all.

 

Craig Poole says some companies have been caught out by factories closing
earlier than planned.

 

"A lot of businesses that can't get those goods away are delaying orders
until after Chinese New Year, so this situation could continue 'til March,"
he said.

 

Patrick Lee from the Hong Kong-based Unique Logistics International said it
could be even longer than that.

 

"Middle of the year at the earliest is what we're hearing from end customers
in the UK, and also from some of our people in the industry. Some of the
carriers as well," he said.

 

Full capacity

Mr Lee has called on the shipping lines to add more ships to help ease the
backlog of stock orders building up at warehouses across China.

 

"They are increasing sailing but can increase a lot more. There are idle
ships out there that they can reactivate without too much difficulty," he
said.

 

But a spokeswoman for the World Shipping Council said carriers are using all
available capacity.

 

"The demand for transportation service far exceeds supply. As in any free
market, this puts upward pressure on rates," she said.

 

UK premium

Shipping lines have been trying to drive down demand from British importers
by charging a premium for deliveries to the UK, or bypassing the country's
ports altogether.

 

One shipping line recently offered freight rates of $12,050 for a 40ft
container from China to Southampton, but charged just $8,450 for the same
container to travel from China to Rotterdam, Hamburg, or Antwerp.

 

The UK's largest container port at Felixstowe has been experiencing long
delays since October. Congestion has also been a problem at the Port of
Southampton, albeit to a lesser extent.

 

The bottlenecks were initially caused by a surge in imports as business
activity picked up after the first wave of the pandemic. Huge shipments of
PPE and the usual Christmas rush added to container volumes and ports
struggled to cope.

 

"Most of the carriers just don't want UK cargo because of the issues when
the vessels dock, so mainly they're favouring European ports and we are
having to truck containers over," said freight forwarder Craig Poole.

 

He said that adds a cost of up to £2,000 per container, and takes an extra
seven to ten days to reach the delivery point in the UK.

 

For business-owners like Helen White , the difficulties affecting global
shipping can't be solved quickly enough.

 

"Lots of little start-ups are really hurting," she said. "It has been paired
with logistical nightmares across Europe as well. It just feels like
logistics is falling apart at the moment. It's hard to see where the
resolution is."-BBC

 

 

 

 

China falling short of US trade deal targets

China is falling short of its commitment to buy an extra $200bn (£146bn)
worth of US goods over 2020 and 2021.

 

China agreed to buy the goods in a trade deal with the US agreed last
January in exchange for reduced tariffs on $120bn worth of goods.

 

The agreement was seen as phase one of a deal aimed at resolving the trade
war between the world's biggest economies.

 

Since the Covid-19 pandemic the US trade deficit with China has surged.

 

Medical goods and equipment used for the work from home boom helped drive US
imports of Chinese goods in 2020.

 

During this time, China exported nearly three times as much as it imported
from the US in December, according to Chinese customs figures.—BBC

 

 

 

Google says goodbye to giant internet balloons idea

Google's parent-company Alphabet is scrapping a company set up to build
giant balloons to beam the internet to rural areas.

 

Loon was a long-term experimental bet from the tech giant's "X" business
unit.

 

But it failed to get costs low enough to make it sustainable, its chief
executive said in a blog post on Thursday announcing the winding-down.

 

The balloons were the size of tennis courts and self-navigating.

 

"While we've found a number of willing partners along the way, we haven't
found a way to get the costs low enough to build a long-term, sustainable
business," Loon chief executive Alastair Westgarth wrote.

 

"Developing radical new technology is inherently risky, but that doesn't
make breaking this news any easier. Today, I'm sad to share that Loon will
be winding down."

 

Loon was set up nine years ago but has struggled to make a profit from
bringing the internet to remote places via high-altitude balloons.

 

"The arc of innovation is long and unpredictable," Mr Westgarth added in the
blog.

 

Gigantic kites

The scrapping of Loon comes one year after Alphabet shut down another
experimental business called Makani, which provided wind power from gigantic
kites.

 

These were part of a wave of eye-catching projects that helped to forge
Google's image as one of Silicon Valley's most ambitious tech companies.

 

Technology experts said one of the problems with Loon was that many people
in rural areas couldn't afford the 4G phones that Loon required or weren't
interested in getting access.

 

media captionWATCH: Timnit Gebru accuses Google and the wider tech sector of
institutional racism

However, Loon wasn't a total failure as it signed a major deal with a Kenyan
telecommunications company, Telkom, to bring 4G to remote parts of the
country.

 

In 2017, it helped bring internet connectivity to Puerto Rico after
Hurricane Maria destroyed the island's telecommunications
infrastructure.--BBC

 

 

 

Shoppers stuck at home shun new clothes in 2020

Shoppers bought far fewer clothes last year as lockdowns meant people had
less opportunity to socialise and go out.

 

Clothes sales slumped 25%, the biggest drop in 23 years when records began,
official figures suggest.

 

While shops have reported demand for certain clothing such as pyjamas and
loungewear has risen, demand for going-out items has fallen sharply.

 

And despite a pick-up in December, clothing sales remain lower than before
the pandemic struck.

 

"With few opportunities to socialise during lockdown and many people working
from home, the clothing sector has been one of the "worst-affected by
restrictions", the Office for National Statistics (ONS) said.

 

Growing numbers of High Street shops have faced financial difficulties due
to the temporary store closures imposed during lockdowns.

 

Topshop-owner Arcadia and competitors Debenhams, Edinburgh Woollen Mill
Group, Oasis and Warehouse have all slid into insolvency since lockdown
measures were first imposed last March.

 

The inability to try clothes on in bricks-and-mortar shops, as well as
restrictions on eating out meaning consumers are going out less, have all
affected sales, the ONS suggested.

 

Worst year on record

And the slump in demand for fashion meant that British retail sales saw
their largest annual fall on record in 2020.

 

Sales fell by 1.9% last year, when compared with 2019, the largest
year-on-year fall since records began in 1997.

 

Annual retail sales

Retail sales, including fuel, did see a small increase last month, growing
by 0.3% when compared with November.

 

It came following the end of England's national lockdown on 2 December.
Sales had slumped by 4.1% in November during a month-long shutdown.

 

But "this was very clearly not a Merry Christmas for most of the High
Street", said Susannah Streeter, senior investment and markets analyst at
Hargreaves Lansdown.

 

"For most retailers it's the most crucial month of the year to get profit
back on track but the large upswing in sales after the pain of the November
lockdowns didn't materialise," she said.

 

ONS deputy national statistician for economic statistics Jonathan Athow said
that some sectors, however, had been "able to buck the trend" last year.

 

"The increased popularity of click-and-collect and people buying more items
from home led to a strong year for overall internet sales, with record highs
for food and household goods sales online."

 

In a sign of the way the pandemic has changed shopping habits, the value of
online retail sales jumped by 46.1% in 2020 when compared with 2019 - the
highest annual growth reported since 2008.

 

Online trade now accounts for more than one-third of all retail sales.

 

Online retail sales

Richard Lim, chief executive of Retail Economics, explained that the rise of
online had "polarised industry performance".

 

"The gap widened between those retailers with the most sophisticated online
propositions from those with legacy store-dependent business models," he
said.

 

Online-only retailers such as Boohoo and Asos, for example, have reported
strong sales figures in 2020.

 

Supermarkets in particular have embraced the shift to digital, with online
food store sales up 79.3% last year.

 

There was also better news from the John Lewis Partnership, which owns
Waitrose, on Friday. It said that it would return a £300m emergency
coronavirus loan to the government as trading went "better than anticipated"
over Christmas.

 

Today's figures show just how badly the clothing sector has been affected
these last 12 months.

 

Fashion is the big retail loser from this pandemic. Who needs to splash out
on the latest trends when we're working from home and not going out? And
even when clothing shops are open, chances are you can't try things on.

 

With all of the Covid-19 measures in place, the fun has been sucked out of
shopping. We haven't stopped spending, but most of it is going online.
Boohoo and Asos have seen very strong sales growth, for instance.

 

The going's far harder for retailers with large numbers of physical stores.
The pressures have already taken their toll on the likes of Sir Philip
Green's Arcadia Group and Debenhams.

 

And things may well get worse on the high street before they better. Many
retailers are worried about the end of the business rates holiday and of the
temporary ban on eviction for non payment of rent in April. These will
result in a big increase in costs when sales have yet to fully recover.

 

But Helen Dickinson, chief executive of the British Retail Consortium,
called for more help for non-essential shops and High Street retailers who
continue to be affected by lockdown restrictions.

 

"With no end in sight for retailers closed in lockdown, many will struggle
to survive under a mounting rent burden, and a return to full business rates
in April," she said.

 

She called on government to offer "targeted" business rates relief to
businesses worst-affected by the pandemic.

 

"Decisive action is needed to save jobs, shops and local communities, with
town and city centres looking to be particularly hard hit unless the
government acts now."

 

Earlier in January, a report from the Centre for Retail Research said that
2020 was the worst for High Street job losses in more than 25 years, because
of the acceleration towards online shopping.

 

Nearly 180,000 retail jobs were lost last year, up by almost a quarter from
2019, it said.=BBC

 

 

 

 

UK borrowing hits highest December level on record

UK government borrowing hit £34.1bn last month, the highest December figure
on record, as the cost of pandemic support weighed on the economy.

 

It was also the third-highest borrowing figure in any month since records
began in 1993, the Office for National Statistics said.

 

The figures underline Chancellor Rishi Sunak's problems as he prepares his
March Budget.

 

Separately, a survey suggested activity at UK firms fell sharply this month.

 

The closely-watched Purchasing Managers' Index (PMI) from IHS Markit/CIPS
found a "steep slump in business activity" during in January as lockdown
measures continued, and warned that "a double-dip recession is on the
cards".

 

Borrowing surge

Government borrowing for this financial year has now reached £270.8bn, which
is £212.7bn more than a year ago, the ONS said.

 

The independent Office for Budget Responsibility (OBR) has estimated that
borrowing could reach £393.5bn by the end of the financial year in March.

 

Borrowing by month

A Budget had been expected to take place in autumn last year, but it was
delayed because of the pandemic and will now take place on 3 March.

 

Mr Sunak has already imposed a pay freeze on at least 1.3 million public
sector workers as part of efforts to contain government spending.

 

The increase in borrowing has led to a steep increase in the national debt,
which now stands at £2.13 trillion.

 

The UK's overall debt has now reached 99.4% of gross domestic product (GDP)
- a level not seen since the early 1960s.

 

Borrowing so far this financial year is at its highest level since monthly
records began in 1993. The overall government deficit is still heading to
its highest in peacetime. Having started to recover in late summer, the
renewed shutdowns have again hit the numbers.

 

The actual amount of borrowing in December, at £34.1bn, was five times last
year's amount and exceeded in only two previous months at the start of the
pandemic lockdowns. Spending on jobs support, including the furlough scheme,
was £10bn in the month alone.

 

Purchases of vaccines, testing equipment and PPE also pushed up borrowing by
£9bn. Receipts of income tax, VAT and business rates were all around £1bn
less than last December.

 

Despite the national debt now rising to just under 100% - the highest since
the early 1960s - the interest paid on that debt was just £100m up on last
December.

 

The chancellor said the figures showed it had been fiscally responsible to
inject massive sums to support lives and livelihoods, but reiterated a
message that he would look to return the public finances to a more
sustainable footing when the recovery returns. The Budget in March will mark
only a tentative start to this process.

 

2px presentational grey line

Paul Dales, chief UK economist at Capital Economics, said the latest
borrowing figures, coupled with weak retail sales data, meant that the
economy still needed the government's financial support.

 

"The chancellor should ensure that is the main focus of his Budget on 3
March and not a desire to reduce the budget deficit by raising taxes," he
added.

 

In his reaction to the figures, Mr Sunak appeared to acknowledge that now
was not the time for tax increases.

 

"Since the start of the pandemic we've invested over £280bn to protect jobs
and livelihoods across the UK and support our economy and public services,"
he said.

 

"This has clearly been the fiscally responsible thing to do. But as I've
said before, once our economy begins to recover, we should look to return
the public finances to a more sustainable footing."

 

 

Nonetheless, Samuel Tombs, chief UK economist at Pantheon Macroeconomics,
pointed out that the Treasury would not tolerate a 10% deficit indefinitely.

 

"The timing of the next general election in 2024 suggests that Mr Sunak will
not wait until the economy has fully recovered before actively tightening
fiscal policy," he said.

 

"Accordingly, we expect taxes to rise sharply in 2022, in order to attempt
to stabilise the debt-to-GDP ratio, while at the same time funding big
demography-linked increases in health and pensions spending."

 

The government borrows in the financial markets, by selling bonds.

 

A bond is a promise to make payments to whoever holds it on certain dates.
There is a large payment on the final date - in effect, the repayment.

 

The buyers of these bonds, or "gilts", are mainly financial institutions,
like pension funds, investment funds, banks and insurance companies. Private
savers also buy some.

 

You can read more here about how countries borrow money.

 

The latest PMI survey from IHS Markit/CIPS was the lowest for eight months,
coming in with an overall reading of 40.6. A figure below 50 implies a
decline in activity.

 

"A steep slump in business activity in January puts the locked down UK
economy on course to contract sharply in the first quarter of 2021, meaning
a double-dip recession is on the cards," said Chris Williamson, chief
business economist at IHS Markit.

 

"Services have once again been especially hard hit, but manufacturing has
seen growth almost stall, blamed on a cocktail of Covid-19 and Brexit, which
has led to increasingly widespread supply delays, rising costs and falling
exports."

 

Despite this, the survey also found companies were upbeat about longer-term
prospects, thanks to progress being made with the vaccine rollout this
year.--BBC

 

 

 

China falling short of US trade deal targets

China is falling short of its commitment to buy an extra $200bn (£146bn)
worth of US goods over 2020 and 2021.

 

China agreed to buy the goods in a trade deal with the US agreed last
January in exchange for reduced tariffs on $120bn worth of goods.

 

The agreement was seen as phase one of a deal aimed at resolving the trade
war between the world's biggest economies.

 

Since the Covid-19 pandemic the US trade deficit with China has surged.

 

Medical goods and equipment used for the work from home boom helped drive US
imports of Chinese goods in 2020.

 

During this time, China exported nearly three times as much as it imported
from the US in December, according to Chinese customs figures.

 

The January 2020 trade agreement was an attempt to wind back a tit-for-tat
trade war which saw both China and the US ratchet up tariffs.

 

At the time, then-president Donald Trump hailed the deal as
"transformative", and said it would protect American workers.

 

Under the agreement, the $200bn worth of additional purchases are based on
2017 levels, and only apply to specific categories of goods.

 

The agreement included agricultural products, manufactured products and
energy products.

 

Analysis by the Peterson Institute estimates that China would need to
purchase $173bn worth of goods to meet the requirement.

 

media caption'I wouldn't say we've started a lot of trade wars'

The latest figures from Chinese customs show that China imported just under
$135bn from the US in 2020.

 

However, about $35bn worth of goods didn't count under the agreement,
meaning China bought about $100bn worth of covered goods.

 

The figure amounts to 58% of what China committed to under the agreement,
according to the Peterson Institute.

 

China imported 64% of its targets for agricultural products, 60% of its
targets for manufactured products and 39% for energy products.--BBC

 

 

 

 

Biden, citing 'economic imperative,' orders faster relief checks, more food
aid

WASHINGTON (Reuters) - U.S. President Joe Biden on Friday ordered the faster
issuance of pandemic stimulus checks to needy families and increased food
aid for children who normally rely on school meals, an effort to ease
Americans’ burdens while Congress negotiates over his proposed $1.9 trillion
economic stimulus package.

 

In the opening days of his administration, Biden is emphasizing that the
government must tackle the coronavirus crisis with urgency after his
predecessor Donald Trump largely played it down.

 

More than 400,000 Americans have died from the virus and millions of jobs
have been lost.

 

“It’s not just to meet the moral obligation,” Biden said in remarks at a
White House event to sign two executive orders. “This is an economic
imperative.”

 

Biden said his stimulus package to address the economic effects of the
pandemic has support from business, labor, Wall Street and Main Street.

 

“A lot of America is hurting. The virus is surging. ... Families are going
hungry. People are at risk of being evicted. Job losses are mounting again.
We need to act. No matter how you look at it, we need to act,” Biden said.

 

Republican lawmakers have questioned the price tag on pandemic aid and a
separate investment proposal for infrastructure, green energy projects,
education and research.

 

Biden says we need to act 'decisively and boldly'

Earlier on Friday, White House National Economic Council director Brian
Deese said he would speak with lawmakers on Sunday to push for relief.

 

“We’re at a precarious moment for the virus and the economy. Without
decisive action, we risk falling into a very serious economic hole, even
more serious than the crisis we find ourselves in,” Deese said.

 

Biden’s actions were not a substitute for legislative relief, Deese said,
with about 16 million people now receiving some type of unemployment benefit
and an estimated 29 million who do not have enough to eat.

 

A major pillar of the Biden plan is greatly increasing the number of people
who are being vaccinated against the novel coronavirus. In December, Biden
set a goal of 100 million vaccinations in his first 100 days in office and
on Friday he spoke of exceeding that number.

 

“We’re going to, God willing, not only do 100 million, we’re going do more
than that,” he said.

 

The U.S. Centers for Disease Control said it had administered 19.1 million
doses of the vaccine as of Friday.

 

Women, minorities and low-income service workers have been
disproportionately hurt, with Black and Hispanic workers facing higher
jobless rates than white workers.

 

In an early test of whether Republicans might support Democrat Biden’s plans
for coronavirus relief, infrastructure investment and tax increases, the
U.S. Senate Finance Committee voted unanimously on Friday to approve Janet
Yellen, Biden’s choice for Treasury Secretary, paving the way for her
confirmation by the full chamber.

 

Biden’s hopes for speedy action on his legislative agenda and Cabinet
appointments are complicated by the expected trial of Trump in the Senate as
early as next week and bipartisan squabbling over operations in an evenly
split Senate.

 

In an executive order on Friday, Biden asked the Treasury Department to
consider taking steps to expand and improve delivery of stimulus checks,
such as by establishing online tools for claiming payments.

 

Biden also said that under his executive order he expected the Department of
Labor “to guarantee the right to refuse employment that will jeopardize your
health, and if you do so you’ll still be able to qualify for (unemployment)
insurance.”

 

Unemployment benefits are largely administered by the states, which set
their own eligibility requirements, and it was unclear how the federal
agency would put this directive into effect.

 

Biden is also asking the Agriculture Department to consider issuing new
guidance to increase the aid given to families who normally rely on schools
to provide a daily main meal for their children. It could provide a family
with three children more than $100 of additional support every two months.

 

 

 

Exclusive: Buyout firm TPG in lead for stake in AT&T's DirecTV - sources

(Reuters) - Private equity firm TPG has entered into exclusive talks to
acquire a minority stake in AT&T Inc’s satellite TV division, DirecTV, in a
deal that would allow the U.S. wireless carrier to trim its net debt of
close to $150 billion, people familiar with the matter said on Friday.

 

The exact price TPG is willing to pay could not be learned, but sources said
the deal could value DirecTV at more than $15 billion. Were the negotiations
to conclude successfully, a deal could be announced in the coming weeks,
added the sources, who requested anonymity because the matter is
confidential.

 

AT&T and TPG declined to comment.

 

AT&T shares rose close to 1% on the news to an intraday high of $29.05,
giving the company a market capitalization of nearly $210 billion. The
shares unofficially closed Friday at $28.92, up 0.3%.

 

The advanced talks with TPG are the culmination of an auction that AT&T ran
for DirecTV for several months. The deal would crystallize a financial hit
for AT&T, which valued DirecTV at about $67 billion including debt when it
agreed to acquire it in 2014.

 

Since then, DirecTV has been bleeding subscribers, with users shifting to
less costly online streaming services such as Netflix Inc and Amazon.com
Inc’s Prime service.

 

AT&T has said it lost 590,000 subscribers in the third quarter spanning its
DirecTV, U-verse and AT&T TV platforms. It is under pressure to trim its
swelling debt pile as it invests more in 5G and other wireless services.

 

AT&T’s biggest deal, its $85 billion acquisition of media conglomerate Time
Warner in 2018, has soured in the wake of the COVID-19 pandemic, as a plunge
in movie theater attendance weighs on its film revenue.

 

WarnerMedia, the segment that contains HBO and the company’s movie and TV
studio, generated revenue of $7.5 billion in the third quarter of 2020, down
from $8.4 billion in the year-ago quarter.

 

Thanks to more people seeking entertainment at home, however, AT&T reported
38 million subscribers in the United States for both its premium TV channel
HBO and HBO Max during the third quarter, reaching its goal for 2021 a year
early.

 

TPG, which previously invested in companies in the sector such as U.S.
regional cable TV operator Astound and Spanish language broadcaster
Univision, has about $85 billion in assets under management, according to
its website.

 

 

 

Chinese vaping firm RLX valued at nearly $35 billion in U.S. market debut

(Reuters) - American depositary shares of RLX Technology Inc jumped 86% in
their U.S. stock market debut on Friday, giving the Chinese vaping firm a
market capitalization of nearly $35 billion.

 

RLX’s shares opened at $22.34, well above their initial public offering
(IPO) price of $12 per share. Shares were up 58% in early trade on the New
York Stock Exchange.

 

The Beijing-based company offered 116.5 million shares in its IPO, raising
$1.4 billion, after having earlier targeted a price range of $8 to $10 per
share.

 

RLX’s debut comes at a time of heightened scrutiny of Chinese listings from
the U.S. government. Former U.S. President Donald Trump signed legislation
last month to delist Chinese companies that do not adhere to American
auditing standards.

 

Chinese firms in 2020 raised $13.5 billion in IPOs in the United States, up
from $3.5 billion in the previous year.

 

Founded in 2018, the company sells vaping products under the RELX brand name
and is headed by Kate Wang, the former head of Uber Technologies Inc’s China
operations.

 

RLX posted a net income of 108.6 million yuan ($16.76 million) on net
revenue of 2.2 billion yuan ($339.45 million) for the nine months ended Sep.
30, 2020, according to a filing. bit.ly/39Uge7J

 

($1 = 6.4810 Chinese yuan renminbi)

 

 

 

Exclusive: Brazil's Vale, state government $2 billion apart on disaster
settlement, source says

RIO DE JANEIRO (Reuters) - Brazilian miner Vale SA and state authorities
narrowed their gap in a potential settlement deal over the Brumadinho mining
disaster to 11 billion reais ($2 billion) before talks fell apart, a person
close to the negotiations told Reuters on Friday.

 

The 2019 disaster in the town of Brumadinho in Minas Gerais state killed
some 270 people when a dam ruptured at a Vale facility and unleashed a
torrent of mining waste.

 

The Minas Gerais state government lowered its demands for a settlement to 40
billion reais in a meeting with Vale on Thursday, down from the 54 billion
reais in damages it previously sought, the source said, who spoke on
condition of anonymity as the negotiations were closed.

 

Vale offered 29 billion reais, the person said, with the talks breaking down
over the difference.

 

Vale in an emailed statement did not comment on specific settlement figures.

 

“Although the parties have not reached consensus, the divergence centers on
aspects related to amounts to be paid and their destination,” the company
said.

 

Following the failed talks on Thursday, Minas Gerais Secretary General
Mateus Simões delivered an ultimatum, saying that a lawsuit would proceed on
Feb. 1 if Vale does not make a new offer.

 

 

 

Toshiba regains Tokyo exchange's top category amid calls for better
governance

TOKYO (Reuters) - The Tokyo Stock Exchange approved on Friday Toshiba Corp’s
return to the bourse’s first section amid calls from some shareholders for
better governance at the Japanese industrial conglomerate.

 

Toshiba, which filed an application for the return in April last year, will
move back to the first section on Jan. 29. The company has said the return
could help lure buying from investors in stock indexes.

 

The Japanese company was relegated to the second section in 2017 after
massive writedowns at its U.S. nuclear power business caused liabilities to
exceed assets - a condition for automatic demotion.

 

The TSE’s decision comes as two large shareholders - Singapore-based
Effissimo Capital Management and U.S. hedge fund Farallon Capital Management
- demand an extraordinary shareholders meeting for governance-related
issues.

 

Effissimo Capital has called for an investigation in Toshiba’s annual
general meeting held last July, at which the company said the voting rights
of several shareholders were compromised.

 

Farallon Capital is asking the firm to seek shareholder approval over what
the fund said is a change in investment strategy.

 

 

Tech shares could retake market reins as earnings heat up

NEW YORK (Reuters) - A bevy of major U.S. earnings reports next week led by
Apple, Microsoft and Facebook could help technology and growth stocks
reassert their dominance after a recent run by banks, energy and other
potential beneficiaries of an economic reopening.

 

After leading markets higher for most of 2020, technology-related stocks
took a backseat late last year to so-called value or cyclical plays, whose
businesses are expected to gain the most from the economic revival promised
by vaccines against COVID-19.

 

That shift has stalled in recent days as investors weighed lackluster
outlooks from big banks and a blockbuster quarterly report from Netflix that
lifted its shares by 17%. The Russell 1000 growth index was up 3.3% in the
past week as of Friday morning, while its value counterpart fell 1.5%.

 

Next week’s crop of fourth-quarter results - with about a quarter of the S&P
500 reporting - could help determine whether the resurgence in growth stocks
will continue, potentially threatening the recent rally in value and
cyclical shares, said Chuck Carlson, chief executive officer at Horizon
Investment Services.

 

“That is probably going to be the story of earnings season,” he said. “What
will earnings mean in terms of the sustainability of this rotation that has
occurred in the last eight, nine weeks.”

 

Steady growth and resilience in the face of the coronavirus pandemic made
technology stocks desirable to investors, who poured money into the sector
as widespread lockdowns devastated swaths of the U.S. economy.

 

But a resumption in tech outperformance could also revive concerns over
investor crowding into popular names. The biggest five technology-related
companies account for about 22% of the weight of the S&P 500.

 

Aside from Apple and Microsoft, other tech sector companies due to report
next week include payment processing firms Visa and Mastercard and
semiconductor company Advanced Micro Devices. Tesla, whose explosive share
price turned the electric car maker into one of the world’s most valuable
companies, reports on Wednesday.

 

So far, corporate profits have been strong across the board: Of 66 S&P 500
companies that have reported earnings, 87.9% have beaten Wall Street
estimates, well above the long-term average of 65%, according to IBES data
from Refinitiv.

 

Investors are particularly watching corporate outlooks, given the
expectation of an economic rebound this year. Earnings are expected to rise
23.7% this year after falling 14.1% in 2020, according to Refinitiv.

 

While the tech sector’s earnings held up relatively well in 2020, its
expected profit growth of 14% in 2021 is below the S&P 500 overall and lags
areas such as financials, industrials and materials. “The risk is in
situations where you have had such a good 2020, which is going to be capped
off by this reporting next week, what do you do for an encore?” said Walter
Todd, chief investment officer at Greenwood Capital.

 

Demand for Apple’s iPhone 12 will be a key issue when the company reports on
Wednesday, said Robert Pavlik, senior portfolio manager at Dakota Wealth
Management. Analysts on average expect the company to report a 13% rise in
quarterly earnings.

 

Kim Forrest, chief investment officer at Bokeh Capital Partners, is eager to
learn how well Microsoft is making inroads with its work-from-home products.
The software giant is expected to post an 8.7% rise in earnings.

 

Facebook, estimated to report a 25% rise in earnings, could field questions
around any fallout for the social media business from the U.S. elections and
banning of President Donald Trump from various platforms, investors said.

 

Earnings season is heating up as the S&P 500 has risen to records to start
2021, worrying some investors who say corporate results in the coming year
will need to justify high stock valuations.

 

“Stocks have had a great run since October and you have to wonder with all
the talk about the market possibly pulling back, when will it come or what
will cause it,” Pavlik said.

 

 

 

Africa: Kenya Tops Continent By a Mile in Internet Penetration

Kenya recorded the highest internet penetration rate in Africa in the year
2020. This is according to a ranking by Internet World Stats (IWS), showing
that 87.2 percent of the country's population was connected to the internet.

 

Figures from the Communication Authority (CA) indicate that in quarter one
of 2020/2021 financial year (July to Sept 2020), the country recorded 43.45
million internet/data subscriptions, an increase of 4.8 percent from the
previous quarter.

 

The regulator attributes this growth to the internet connectivity demand
necessitated by the ongoing Covid-19 pandemic, which forced many Kenyans to
work and undertake studies from home.

 

"As at the end of the first quarter of 2020/21 financial year, the
Internet/data market experienced positive growth with rising dependence on
digital platforms for work, learning, healthcare, shopping and
entertainment," said CA.

The uptake of internet usage in Kenya, CA reports, is expected to continue
"evolving rapidly" with increasing innovation in tech, availability of more
affordable smartphones in the market and enhanced connectivity (3G, 4G) in
the country.

 

"Going digital is now more important than ever with the Covid-19 pandemic
changing how we live, work and interact with one another. The uptake of
mobile services is expected to rise with the presence of affordable
smartphones in the country," the telecommunications industry regulator said.

 

The IWS ranking shows Libya had the second highest internet penetration in
2020 with 74.2 percent while Seychelles came in third with 72.5 percent
penetration. Nigeria remains the top country in terms of the total number of
internet users with over 126 million internet users--her internet
penetration rate however, stood at 61.2 percent.

 

Regionally, internet penetration rate stood at 46.2 percent for Rwanda, 40.4
percent for Uganda, 38.7 percent for Tanzania, 17.8 percent for
Ethiopia,10.7 percent for Somalia and 9.7 percent for Burundi.

 

Western Sahara had the least internet penetration with a rate of 4.7
percent. South Sudan was the second last country with 7.9 percent
penetration, while the northeast African nation Eritrea followed with 8.3
percent penetration for her estimated population of 3.5 million people.

 

The entire continent of Africa, with an estimated population of 1.3 billion
people, registered a penetration rate of 47.1 percent according to IWS.

 

Internet penetration rate is the percentage of the total population in a
region that is connected to the internet.- Nation.

 

 

 

Nigeria: Concerns Over Sale of Contaminated Fuel to Airlines

There are concerns that some fuel marketing companies might be selling
contaminated fuel to airlines due to poor regulation.

 

The industry was alerted to this when two airlines discovered that their
aircraft contained over 100 litres of water after they bought fuel from the
same source last year and had to abort their flights, an incident that would
have caused tragic accidents if the flights had taken off.

 

THISDAY investigation revealed that the Nigerian Civil Aviation Authority
(NCAA), which closed the fuel depot after the incident and since then has
intensified the monitoring of fuel marketers.

Before the incident however, NCAA had left the audit of fuel marketers to
the Department of Petroleum Resources (DPR), which has the expertise to
check the quality of products sold to airlines.

 

Spokesman of NCAA, Sam Adurogboye, told THISDAY that while DPR still audits
the fuel marketers, the regulatory agency has also intensified the mentoring
of the activities of fuel marketers after that incident and ensures that
marketers do not come to the airport with contaminated fuel, adding that the
regulatory authority has confidence in DPR because this is where they have
expertise.

 

An industry official explained to THISDAY that NCAA regulates airlines and
in the process regulates their fueling, but since it lacks the experience
and resources to audit fuelers, it partners with DPR, noting that each
fueler has the resources for continuous testing of its fuel to meet the
given standards.

 

But aviation security expert and General Secretary of Aviation Round Table
(ART), Group Captain John Ojikutu (retd) said bridging of fuel supplies to
the airport was dangerous, disclosing that he had attempted to notify the
Nigerian National Petroleum Company (NNPC) about this but was met with stiff
resistance.

Ojikutu said the NCAA has the responsibility of having oversight on the
quality of fuel sold to airlines, noting that fuel marketers ought to
dedicate the tankers they use for aviation fuel to the product, explaining
that the product becomes contaminated when they use the same vehicle to lift
other petroleum products.

 

However, THISDAY spoke to the CEO of CleanServe Integrated Energy Solutions
Limited, Chris Ndulue, who said before now, the NCAA was not strongly
involved in regulating the quality of fuel products sold to airlines. But he
noted that the authority has intensified efforts recently.

 

"The regulation by NCAA is better now but in the past it was left for DPR
because it has more competence to deal with it, but the most important thing
is that there are many marketers that are coming up.

"This is because the entry barrier is low and DPR's way of regulation is to
visit the depot and issue it license; so what DPR does is depot licensing,"
he added.

 

Ndulue said those marketers that do not have depot are not regulated and
they could source that products from anywhere and bring it and sell to the
airlines.

 

"If you don't have depot, they won't regulate you; so you may choose not to
have depot and some airlines may not inspect the product before buying;
however, DPR has started stepping up its regulation but still on those that
have depot. They should subject everyone to their regulatory oversight. NCAA
is also stepping up its regulatory responsibility, which was not strong
before," Ndulue said.

 

He stressed that for the regulation to be effective, the NCAA and DPR must
have to carry the Federal Airports Authority of Nigeria (FAAN) along because
it is the agency that enforces the regulation and gives approval to the
marketer that could have access to the ramp to fuel the aircraft.

 

"FAAN allows you to get into the ramp; it can stop you from getting into the
ramp if you don't have the right documentations. So FAAN is very important
in the regulatory framework. Without FAAN's involvement there will be a
loophole in the process," Ndulue said.

 

THISDAY also spoke to the airlines: Aero, Arik Air and Air Peace and they
said they have multilayered checks on the quality of fuel they buy from
marketers, especially since that incident of contaminated fuel
happened.-This Day.

 

 

 

Uganda: Sugar Exports Decline By Shs108b Due to Blockades

Sugar exports have dropped by Shs108b, representing a 35 per cent decline in
earnings in the last three years, according to data from Bank of Uganda.

 

The decline, data indicates, could have been occasioned by export blockades
placed on Uganda's sugar by East Africa member states on claims of dumping.

 

Kenya and Tanzania, specifically separately imposed blockades on Uganda's
sugar on claims that dealers were importing and re-exporting cheap sugar
into their markets.

 

The claim saw Uganda lose out on sugar exports ranging between 100,000 and
130,000 tonnes.

For instance, according to data from Bank of Uganda, cumulative exports for
the year ended November 2020, dropped to $83.39m (Shs308b), which was lower
than the $95.3m (Shs352b) the country had earned in the same period between
November 2018 and November 2019.

 

In the same period between 2017 and 2018, Uganda had earned $112.7m
(Shs416b), which means that close to Shs180b has been lost in the last three
years.

 

The blockades have also seen stockpiles build, accumulating to more than
150,000 metric tonnes.

 

Kenya, Rwanda and Tanzania have all blocked or allowed just a few metric
tonnes to enter their markets in the last three years.

 

Early, this week, Kenya said it would allow at least 90,000 metric tonnes of
Uganda's sugar to enter its market but manufacturers yesterday said nothing
had been formally communicated.

Mr Jim Kabeho, the Uganda Sugar Manufacturers Association chairman,
yesterday told Daily Monitor Kenya had not issued any permits for the 90,000
sugar imports.

 

"We have not received permits for the 90,000 tonnes consignment or even
discussed anything in that regard," he said, noting that in 2019 Kenya had
promised to issue permits for Uganda's sugar exporters but nothing has come
through ever since.

 

"When Kenya provides the permits to ship the 90,000 metric tonnes, it is
then that we will be able to talk with certainty. Otherwise, we cannot
celebrate yet," he said.

 

Uganda currently has stockpiles worth $45m (Shs168b), which Mr Kabeho, said
have been building since 2019 as a result of blockades.

 

Tanzania and Rwanda were the first to close out Uganda's sugar followed by
Kenya last year.

 

However, although Uganda had resumed exports to Tanzania, they have since
February 2020 been closed out with the country applying for permission from
the East Africa Business Council to import sugar outside East Africa. The
situation, Mr Kabeho said, has not been helped by an increase in sugar
imports, which are stacked in various bonds across the country.

President Museveni issued a directive in 2018 for the closure of sugar
bonds, reasoning that they were suffocating local industries.

 

However, nothing has been done, on top of claims that [bonded sugar] owners
don't pay taxes.

 

Mr Kabeho last year said manufacturers had built capacity to produce about
550,000 tonnes of which about 370,000 tonnes are consumed locally.
Manufacturers have been searching for new markets in addition to South Sudan
and Eastern DR Congo.

 

Openings, according to Mr Kabeho, have been seen in regional markets such as
Ethiopia and Zambia.

 

Kenya says

 

According to media reports, Uganda Manufacturers Mssociation (UMA), said
Uganda had more sugar than what actually Kenya intends to import.

 

"We are considering importing sugar from Uganda under Comesa and the EAC.
The import being negotiated will not be affected by the exhaustion of
allocated quota under Comesa safeguard for 2020," Ms Rosemary Owino, the
Kenya Sugar Directorate, Agriculture and Food Authority, in Kenya's Ministry
of Trade, said.-Monitor.

 

 

 

Mozambique: Inae Seizes 220 Tonnes of Cement

Maputo — Mozambique's National Inspectorate of Economic Activities (INAE)
seized about 220 tonnes of cement in January, after a nationwide inspection
drive intended to discourage price speculation, largely carried out by
informal retailers.

 

Addressing a joint press conference on Friday in Maputo to clarify the
alleged price speculation of cement and several moves taken to halt the wave
of speculation, the INAE General Inspector Rita Freitas said between 13 and
21 of January, 250 warehouses and retail establishments were inspected and
about 220 tonnes seized.

 

The seizures arose from various irregularities that were found, such as
illegal sale (without a license), and poor conditions for storing and
selling the product. Some of the informal retailers sell the cement on the
pavement, exposed to the elements.

The inspection was triggered by recent claims on social media that a 50 Kilo
sack of cement allegedly costs 720 meticais (about 10 US dollars at the
current exchange rate) somewhere on the streets of Maputo. However, after
the inspection campaign, the INAE team concluded that in reality sacks of
cement are sold for between 410 and 500 meticais, and the most desired
varieties for between 470 and 530 meticais.

 

"It is the government's duty to ensure that the product has the right
quality," Freitas said. She added that INAE monitors the price of 12 basic
food products, as well as that of cement. "After thorough verification, we
have not found anywhere where the price charged is 720 meticais," she said.

 

The National Director of Industry, Sidonio dos Santos, said there are 14
cement manufacturers across the country and the total installed capacity has
reached 5.7 million tonnes a year. Last year, despite the Covid-19 pandemic,
the cement factories worked successfully and recorded a 2.1 per cent growth
when compared to 2019.

But some of the factories, dos Santos said, have been faced with breakdowns
and difficulties in access to raw materials especially clinker which mostly
has to be imported from South Africa.

 

"Despite reasonable domestic production of clinker by one of the
manufacturers, the other industries have to import and the restrictions
caused by the Covid-19 pandemic had an impact on the production levels," dos
Santos said. "The depreciation of the metical also has a bad impact on
imports."

 

The chairperson of the Association of Cement Manufacturers, Edney Viera,
pointed to factors which should not be underestimated when looking at the
pricing of cement.

 

These include the cost of electricity which rose by 17 per cent in 2020.
Furthermore cement sacks are not produced in Mozambique, and have to be
imported, sometimes with delays in delivery.

 

Sidonio dos Santos said efforts are underway to attract investors interested
in making the cement packaging inside Mozambique.

 

 

 

Mozambique: Traffic Lights Working Again in Nampula

Maputo — Traffic lights are working again in the northern Mozambican city of
Nampula, after three weeks in which they were completely dead because
Nampula Municipal Council refused to pay for the electricity they use,
according to a report by the independent television station, STV.

 

The publicly owned electricity company, EDM, had installed pre-paid
electricity meters. EDM is installing this system, known as Credelec, across
the country, including for government and municipal electricity consumption.

 

The EDM delegate in Nampula, Eduardo Pinto, told STV that, at the end of
last year, EDM officials sat down with representatives of the municipality,
and EDM explained that the Municipal Council should pay for the electricity
that it uses. Pinto said the municipality had agreed.

"We wrote a letter to the municipality about that meeting, and what we were
doing", he said. "We installed the Credelec electricity meters, but when the
initial amount ran out, the municipality did not buy any more electricity".

 

The Credelec system is simple. The user buys a code for however much power
he wishes to use, and then keys that code into the meter.

 

There is nothing new about the system, said Pinto. The Municipal Councils in
other large cities, such as Chimoio or Tete, were already using it.

 

When Nampula Council did not make any further pre-payments via Credelec, the
city's traffic lights ceased working, thus increasing the risk of traffic
accidents.

 

On Wednesday afternoon, the traffic lights started working again. The
Council had decided to pay up - although Ossufo Ulane, the head of the
office of Nampula mayor Paulo Vahanle, claimed "there's a political war
going on" - clearly referring to the fact that Nampula municipality is in
the hands of the main opposition party, Renamo.

 

Lawyers consulted by STV stressed that the traffic lights are municipal
assets, and so must be managed, and paid for by the Municipal Council.

 

 

 

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2021

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


ART

PPC

Dairibord

 


Starafrica

Fidelity

Turnall

 


Medtech

Zimre

Nampak Zimbabwe

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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

 


 

 


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