Major International Business Headlines Brief::: 02 July 2021

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Major International Business Headlines Brief::: 02 July 2021

 


 

 


 <https://www.nedbank.co.zw/> 

 


 

 


ü  Trump Organization: Top executive charged with tax crimes

ü  Fashion giant H&M sees China sales slump after Xinjiang boycott

ü  Sir Richard Branson sets 11 July to make spaceflight

ü  Global tax overhaul backed by 130 countries

ü  Bars and restaurants struggle with staff isolating

ü  Clarks workers consider strike over fire-and-rehire

ü  Lorry driver shortage threatens Haribo sweets

ü  U.S. employment likely accelerated in June as companies boost perks

ü  COVID Delta variant worries bubble to the surface in some asset prices

ü  U.S. toymaker doubles down in China despite rising costs, political
tensions

ü  Robinhood reveals breakneck growth, legal pitfalls in IPO filing

ü  Big Tech's push into India's financial sector raises concerns, says
central bank

ü  Nigeria: Senate Passes Petroleum Industry Bill

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Trump Organization: Top executive charged with tax crimes

Former US President Donald Trump's company and its finance chief have been
charged with tax-related crimes.

 

Allen Weisselberg, 73, turned himself in to New York authorities on
Thursday. He was later charged with concealing $1.7m (£1.2m) worth of
income.

 

Prosecutors say the 15-year-long scheme helped executives evade taxes by
giving benefits, such as rent and school fees, that were hidden from the
authorities.

 

Lawyers for the firm and Mr Weisselberg have pleaded not guilty to tax
fraud.

 

No charges were brought against Mr Trump personally, though prosecutors said
the former president had signed some of the cheques at the centre of the
case.

 

The Trump Organization is a family holding company that owns hotels, golf
clubs and other properties - and the cornerstone of a global brand that
encompassed book deals, TV shows and Trump-emblazoned skyscrapers.

 

The criminal charges are the first to arise from long-running investigations
into alleged fraud by both the Manhattan district attorney and the state
attorney general.

 

The inquiry by District Attorney Cyrus Vance focused on whether Mr
Weisselberg and other company executives received benefits such as apartment
rentals or leased cars without reporting them properly on their tax returns.

 

The charges announced on Thursday include tax fraud and falsifying business
records.

 

At the hearing at Manhattan's criminal court, prosecutor Carey Dunne said
this was a "sweeping and audacious" scheme involving "off-the-books
payments".

 

"It was orchestrated by the most senior executives who were financially
benefiting themselves and the company, by getting secret pay raises at the
expense of state and federal taxpayers," he said.

 

Mr Weisselberg "is prepared to fight these charges in court," his lawyers
said.

 

'Not about politics'

Mr Trump and his allies have said the investigations are politically
motivated. The indictment was served as Mr Trump has been discussing a
potential comeback run for president in 2024.

 

The ex-president issued a statement slamming the announcement: "The
political witch hunt by the radical left Democrats, with New York now taking
over the assignment, continues.

 

"It is dividing our country like never before," he said.

 

Earlier on Thursday, the Trump Organization said Mr Vance was using Mr
Weisselberg, who has worked for Trump's business for nearly 50 years, "as a
pawn in a scorched earth attempt to harm the former president".

 

"This is not justice; this is politics," the company said.

 

media captionA flashback through four turbulent years of Trump

However, during the court proceedings, prosecutor Carey Dunne said: "To
address what this case is not about: It's not about politics.

 

"This investigation, which is ongoing, has been thorough, careful and
proper, and has been limited to subject matters within our New York
jurisdiction."

 

If the company is found guilty, however, certain business partners might
draw a line under their relationship with the Trump Organization and the
company could face fines.

 

New York City, for example, has already announced it will terminate
contracts with the firm to run skating rinks, a carousel and a golf course,
in the aftermath of the US Capitol riots.

 

Daniel Goldman, who was lead lawyer in the US House of Representatives for
the first impeachment of Mr Trump in 2019, tweeted that the indictment could
spur lenders to call in their loans, driving the Trump Organization to
bankruptcy.

 

The investigations will also take into account eight years of Mr Trump's
personal and corporate tax returns, obtained by prosecutors after a long
legal battle, which ended in the Supreme Court in February.

 

Mr Trump, who inherited money from his father and went on to become a
property developer, is the first president since Gerald Ford in the 1970s
not to have made his tax returns public.

 

Despite facing a number of investigations, the former president has denied
any wrongdoing personally or in his business.

 

New York City has already cut business ties with the twice-impeached former
president.-BBC

 

 

 

Fashion giant H&M sees China sales slump after Xinjiang boycott

Swedish fashion giant H&M saw its sales slump in China, months after it
became the target of a Chinese boycott.

 

H&M was among several brands that raised concerns over alleged human rights
abuses against Uyghur Muslims in China's Xinjiang province.

 

Its statement led celebrities to cut ties with the brand and e-commerce
platforms to drop H&M.

 

The sales slide came even as H&M's global business returned to profit as the
impact of the pandemic eased.

 

China accounted for around 5% of the retail group's sales last year and is
one of its biggest suppliers.

 

H&M's sales in China were down 23% in the local currency for the second
quarter of 2021, compared to the same time last year.

 

"With regards to China the situation remains complex. Beyond that we refer
to what we have said before," Chief Executive Helena Helmersson said as H&M
quantified for the first time the impact of the boycott.

 

That came as the world's second-largest fashion retailer reported a
stronger-than-expected $420m (£305m) pre-tax profit for the quarter, after a
loss in the same period in 2020.

 

Several Western brands, including H&M and Nike, recently faced a backlash
from Chinese shoppers after the firms expressed concerns about the alleged
use of Uyghur forced labour in cotton production.

 

In March, H&M was removed from the Chinese online retail platform Tmall and
domestic phone makers' app stores after it expressed concerns about the
alleged use of Uyghur forced labour in cotton production.

 

But later in March, H&M said it was dedicated to regaining the trust of
customers and partners China and that its commitment to the country remained
strong.

 

Last week, the boss of Nike, which also faced a boycott in China, made a
robust defence of the sportswear giant's business in the country.

 

Chief executive John Donahoe said "Nike is a brand that is of China and for
China" in response to a question about competition from Chinese brands.

 

Mr Donahoe made the comments during a discussion on Nike's fourth quarter
earnings, which showed revenues had doubled to a better-than-expected
$12.3bn (£8.8bn) for the three months to the end of March.

 

What is Xinjiang and who are the Uyghurs?

·         Xinjiang, China's biggest region, produces about a fifth of the
world's cotton. An autonomous region in theory, in reality it faces
restrictions which have only increased in recent years

·         Millions of China's Uyghurs, a Muslim minority that sees itself as
culturally and ethnically close to Central Asian nations, live in Xinjiang

·         In recent decades, mass migration of Han Chinese (China's ethnic
majority) to Xinjiang has fuelled tensions with Uyghurs which has at points
flared into deadly violence

·         This has resulted in a massive security crackdown and an extensive
state surveillance programme, which critics say violate Uyghur human rights.
China says such measures are necessary to combat separatism and terrorism

·         Uyghurs have been detained at camps where allegations of torture,
forced labour and sexual abuse have emerged. China has denied these claims
saying the camps are "re-education" facilities aimed at lifting Uyghurs out
of poverty

In March, a group of Western countries imposed sanctions on officials in
China over rights abuses against the Uyghurs.

 

The sanctions were introduced as a coordinated effort by the European Union,
UK, US and Canada.-BBC

 

 

Sir Richard Branson sets 11 July to make spaceflight

Sir Richard Branson has named the date he'll fly to the edge of space. It
will be 11 July, or very soon after.

 

He'll be a passenger in the back of the Unity rocket plane his Virgin
Galactic company has been developing in the US for the better part of two
decades.

 

The vehicle can climb to an altitude of 90km (295,000ft), giving those
onboard a few minutes of weightlessness and a view of the curvature of the
Earth.

 

Sir Richard's intention is to introduce a commercial spaceflight service.

 

Some 600 individuals have already lodged deposits to take the ride.

 

Witnessing the British entrepreneur do it means those customers are now
getting extremely close to having to hand over the full ticket price, which
in some cases will be $250,000 (£180,000).

 

Sir Richard Branson said: "I truly believe that space belongs to all of us.
After 17 years of research, engineering and innovation, the new commercial
space industry is poised to open the Universe to humankind and change the
world for good.

 

"It's one thing to have a dream of making space more accessible to all; it's
another for an incredible team to collectively turn that dream into
reality."

 

Absolutely key to Virgin Galactic moving forward with its business was the
granting last week of a commercial spaceflight licence by the Federal
Aviation Administration.

 

Sunday 11 July is the opening of what's termed a flight "window". The
Galactic team will aim to make the ascent on that day, but it could of
course be delayed because of unfavourable weather conditions or perhaps a
technical issue.

 

If the mission does indeed go ahead on that Sunday, it would mean Sir
Richard stealing a march on his rival in sub-orbital space tourism, fellow
billionaire Jeff Bezos.

 

The founder of the online retail empire Amazon.com has sunk a fortune into
his hobby of building rockets and has announced his own trip to the edge of
space on 20 July.

 

He's invited three individuals to join him in his New Shepard booster and
capsule system: his brother Mark; a mystery person who paid $28m (£20m) at
auction for a seat; and the famed female aviator Wally Funk.

 

Eighty-two-year old Funk trained to be an astronaut in the 1960s and will
become the oldest ever spacefarer when she rockets to an altitude of 100km
with Mr Bezos.

 

The Amazon man has yet to detail how he'll sell tickets more generally for
New Shepard, but this is his plan.

 

Sir Richard has clearly moved his first flight up in response to Mr Bezos
naming the date for his inaugural mission.

 

The original schedule for the next Unity flight called for four Virgin
Galactic employees to ride as passengers to test the cabin experience for
future tourists. Only after that outing was Sir Richard supposed to strap
himself in.

 

He'll now be one of the four testers - alongside Beth Moses, Galactic's
chief astronaut instructor; Colin Bennett, lead operations engineer; and
Sirisha Bandla, vice president of government affairs.

 

The two pilots up front will be Dave Mackay and Michael "Sooch" Masucci.

 

Space tourism is a sector being rekindled after a decade's hiatus.

 

Throughout the 2000s, seven wealthy individuals paid to visit the
International Space Station (ISS). But this adventurism, organised under the
patronage of the Russian space agency, ceased in 2009.

 

Now, new initiatives abound, and some of these will be aiming much higher
than the sub-orbital flights from Sir Richard and Jeff Bezos.

 

California tech entrepreneur Elon Musk has already lined up several private
missions in his Dragon capsules. These vehicles reach several hundred km
above the Earth and will stay up for days.

 

The Russians, too, are reprising their commercial flights to the ISS, and
there are even those who want to launch private space stations for people to
visit. Among these is Axiom, a company started by a former Nasa ISS
programme manager.-BBC

 

 

 

Global tax overhaul backed by 130 countries

Officials from 130 countries have agreed to overhaul the global tax system
to ensure big companies "pay a fair share" wherever they operate.

 

The OECD said on Thursday that negotiators had backed a proposed minimum
corporate tax rate of at least 15%.

 

US Treasury Secretary Janet Yellen said: "Today is an historic day for
economic diplomacy."

 

Tax on big tech firms has been a source of friction between the US and
others.

 

The Organisation for Economic Co-operation and Development (OECD), which led
the talks, said that the plans could generate about $150bn (£109bn) in tax
revenues a year.

 

But the Paris-based organisation confirmed that Ireland and Hungary -
countries with low corporate taxes - had not joined the deal on the global
minimum.

 

All G20 countries, such as the US, UK China and France, did back the
agreement.

 

Participating governments are now expected to try to pass relevant laws to
bring in the minimum, although details such as possible exemptions for
certain industries are still up for negotiation.

 

"A detailed implementation plan together with remaining issues will be
finalised by October 2021," said a statement signed by 130 out of 139
countries and jurisdictions involved in the talks.

 

Countries have also signed up to new rules on where the biggest
multinational companies are taxed. They would see taxing rights on more than
$100bn of profits shift to countries where profits are generated, rather
than where a business might have its headquarters.

 

'No nation has won this race'

The US Treasury Secretary, Janet Yellen, said the agreement sent a sign that
a "race to the bottom" on tax rates was coming to an end.

 

"For decades, the US has participated in a self-defeating international tax
competition, lowering our corporate tax rates only to watch other nations
lower theirs in response.

 

"The result was a global race to the bottom: Who could lower their corporate
rate further and faster?"

 

She said that "no nation" had won the race.

 

The Biden administration has been pushing for a deal internationally while
it seeks to raise taxes domestically. It has, for example, called for an
increase in the US corporate tax rate from 21% to 28%.

 

This agreement has been years in the making. The talks had lost momentum,
reflecting to a large extent the United States' lack of enthusiasm for
either of the main proposals.

 

But that all changed with the new administration, which took power in
Washington in January. President Joe Biden and his Treasury Secretary, Janet
Yellen, wanted a deal and made specific proposals. They want to raise more
tax to repair the public finances after the pandemic and to cover their
spending plans.

 

A few countries have held out against the reforms, including three in the EU
- Ireland, Hungary and Estonia, which have at least some corporate taxes
below the proposed minimum.

 

If the deal works as planned, though, staying out won't help them. It
includes a "top-up" provision, so that a parent company would get an
additional bill if a subsidiary paid less than the minimum.

 

The news was also welcomed by other finance ministers.

 

Chancellor Rishi Sunak cited last month's G7 talks in London, where rich
nations agreed to battle tax avoidance: "We achieved a historic agreement
that will see the largest multinational tech giants pay the right tax in the
right countries.

 

"I'm pleased to see this momentum has continued and welcome the OECD's
progress today.

 

"I look forward to continuing discussions with our global partners in the
coming months with a view of finalising the details by October," he said.

 

French Finance Minister Bruno Le Maire described it as the "most important
international tax deal reached since a century" during a news conference.

 

And German Finance Minister Olaf Scholz said on Thursday that while details
still needed to be worked out, the agreement marked "colossal progress" and
would allow countries to increase spending on "important priorities" such as
infrastructure and efforts to fight climate change.

 

Explaining its decision not to join the agreement, Ireland said it had not
signed up because of reservations over the proposed corporate tax "floor".

 

"Ireland expressed our broad support... but noting our reservation about the
proposal for a global minimum effective tax rate of 'at least 15%'," the
government said in a statement.

 

"As a result of this reservation, Ireland is not in a position to join the
consensus."-BBC

 

 

 

Bars and restaurants struggle with staff isolating

Becky Salisbury and her husband David were in the car on Sunday when they
got the news: one of the staff at their pub, the Alford Arms in Berkhamsted,
had tested positive for Covid.

 

So, after a rollercoaster year, overhauling how they work and installing
every hygiene measure they could think of, the pub is now closed again, for
10 days.

 

"It's frustrating," says Becky. "Having made some profit recently with nice
weather and a good garden, unfortunately it's all going to go down the pan."

 

Becky and David are far from the only ones in this situation. Pubs and
restaurants across the country are finding operating day-to-day a minefield.

 

It only takes one case on site, and the NHS Test and Trace alerts come thick
and fast, instructing staff to isolate. Without them, venues can't open.

 

It isn't sustainable, the industry says, especially as cases continue to
rise so rapidly.

 

The government says self-isolation remains an essential part of the effort
to control the spread of the virus.

 

Ian Payne, chairman of the nationwide Stonegate group of pubs, wrote on
social media that the chain has around 1,000 people off, because they had
been alerted by NHS Test and Trace, and 15 sites closed, because the
management team were self-isolating.

 

The Wetherspoon pub chain said six members of its staff had tested positive,
leading to 69 further employees being required to self-isolate.

 

Nick Collins, chief executive of the chain Loungers, which operates 173
cafe-bars, has also had to close some sites, even after reallocating staff
between venues.

 

"It's really challenging," he said, but he now fears that it "could get
worse" as rates of the virus continue to rise.

 

As a result, the body representing pubs and restaurants, UKHospitality, is
calling on the government to reconsider the rules on isolation.

 

"For some weeks, we have been telling government about the severe staff
shortages at venues," said UKHospitality chief executive Kate Nicholls.

 

She said some team members were being told to isolate even if they hadn't
shared shifts with colleagues who tested positive.

 

UKHospitality would like to see a testing system that monitors whether staff
are still negative for the virus, but allows them to continue working.

 

"If the system remains as it is, there's a threat of mass isolations, which
would hugely damage trade, putting many companies at risk of failure," said
Ms Nicholls.

 

"A strong focus on testing when cases are identified, rather than isolating
fit and healthy people, would help to avoid mass isolations," she said.

 

The government is running a pilot scheme to see whether allowing people who
have been exposed to the virus to take daily tests instead of isolating is
effective at controlling its spread.

 

The government would continue to support the hospitality industry, but
self-isolation was currently an essential part of the strategy for
protecting the public, a government spokesperson said.

 

"By self-isolating, people are helping to break the chains of transmission
while protecting friends and family from the virus and minimising the risk
of further disruption in schools," the spokesperson said.

 

'Utterly vulnerable'

Without a change to the rules, pubs such as Becky and David's, which cannot
switch staff between multiple sites, fear they could end up yo-yoing between
being open and closed all summer.

 

"I think the risk to all hospitality of having more than one closure this
summer is really high," says Becky.

 

"We've done everything we can and we are still utterly vulnerable."

 

"We have a machine that cleans the air. The staff wear hand cream that gives
them four hours of protection. We clean religiously. But there's no way I
can protect the staff from being pinged," she says.

 

She has gently asked her team to be as careful as they can outside work, but
they are mostly young and she says she can't ask them not to see their
friends. Yet she knows that is the age group where levels of the virus are
highest.

 

"We're reopening on Tuesday and we're really excited. But there's every
chance someone could be in contact on Wednesday and we'd have to close
again. It could happen," she says.-BBC

 

 

 

Clarks workers consider strike over fire-and-rehire

Over 100 workers at Clarks shoes are considering strike action as the
company threatens to dismiss them and rehire them on worse terms.

 

The union says it is another example of a controversial practice which has
become increasingly widespread.

 

Clarks has been losing money for years, and was taken over by a Hong
Kong-based private equity firm in February.

 

A company spokesperson confirmed it is consulting with employees about
employment terms.

 

109 of the 145 workers in the Clarks warehouse in Somerset are on contracts
signed before the private equity takeover, which are more generous than
those offered to recent hires.

 

They are being asked to accept a new contract which would reduce pay by
around 15%, along with three fewer days' holiday, worse sickness terms, and
eliminate 10-minute breaks and complimentary hot drinks.

 

Clarks will this week file official paperwork to begin a 45-day
consultation, after which it could dismiss all its workers and offer to
rehire them on the new contracts.

 

Community, the trade union representing employees, has said all options are
being considered to fight the move, which could include strike action.

 

A Clarks spokesperson said: "Clarks is currently consulting with unions and
employees at our Westway Distribution Centre in Street, Somerset on proposed
changes to employment terms and conditions for all operatives.

 

"As we are in a period of consultation, we are unable to comment any further
at this time."

 

The BBC understands that Clarks is still hoping to find a negotiated
solution which does not involve firing and rehiring any workers. The workers
on the new contracts could see their pay rise under new employment terms.

 

Clarks was losing money before the pandemic, and has been hit hard in
lockdown. It is expected to report a significant loss when it files its next
set of annual accounts.

 

"The workers most adversely impacted by these changes are those who have
been employees for decades, sticking with the company through thick and
thin, stepping up in the last year during the challenging pandemic period,"
said John Paul McHugh, Assistant General Secretary from Community.

 

"Fire-and-rehire is no way to thank your employees or your customers. We ask
Clarks to call off the diminishing of terms and conditions."

 

Founded in Somerset in 1825 by two brothers, Cyrus and James, Clarks shoe
shops became a fixture on the British high street. It currently has 460 UK
stores and over 700 more around the world. Workers in shops are not affected
by the proposed changes.

 

Earlier this year Hong Kong-based private equity group LionRock Capital
bought a majority stake for £100m, as the Clark family lost control of the
business for the first time in nearly two centuries.

 

What is fire-and-rehire?

When an employer wants to change workers' employment contracts, often to
reduce costs, they can sometimes dismiss all the affected workers and offer
to re-engage them on new contracts - known as "fire-and-rehire".

 

The controversy about this practice has become more intense following the
pandemic.

 

The list of recent disputes involving alleged fire-and-rehire tactics
includes British Airways, Coffee maker Jacobs Douwe Egberts, British Gas,
bus company Go North West, and Tesco.

 

A study into fire-and-rehire by the conciliation service ACAS found evidence
of the practice at small- and medium-sized employers too.

 

Labour, the Lib Dems and the SNP, as well as trades unions, have called for
it to be banned.

 

The government has no plans to ban it but has said it should be used only as
a last resort, not a negotiating tactic.

 

 

Lorry driver shortage threatens Haribo sweets

German confectionery giant Haribo has said it is struggling to deliver its
sweets to shops in the UK because of a shortage of lorry drivers.

 

A spokesperson said that like many other manufacturers and retailers, it was
"experiencing challenges" that were hampering supplies.

 

The problems affect all Haribo sweets, including Goldbears and Tangfastics.

 

The haulage industry has blamed the pandemic and Brexit for thousands of
unfilled HGV driver jobs.

 

Haribo said it was "working with partners across the food and drink
industry" to address the problem.

 

The Road Haulage Association believes there is currently a shortfall of
about 60,000 drivers.

 

It estimates that some 30,000 HGV driving tests did not take place last year
because of the Covid pandemic.

 

Why are lorry drivers getting big pay rises?

Where have all the UK workers gone?

The haulage industry is one of a number of sectors having trouble finding
suitable staff as the economy reopens, leading some experts to talk of the
UK's missing workers.

 

Kate Shoesmith, deputy chief executive of the Recruitment and Employment
Confederation, told the BBC last month that before the pandemic, many lorry
drivers in the UK had been nationals of EU countries, particularly Romania
and Bulgaria.

 

They stayed in the UK after the Brexit referendum, but started leaving when
coronavirus struck, she said.

 

"They have either sourced work in their home countries or they feel it's not
right to return to the UK, either because of Brexit or the pandemic," Ms
Shoesmith added.

 

The Department for Transport said it was well aware of the shortage, but
that progress was being made with regard to HGV driving tests and
recruitment.-BBC

 

 

 

U.S. employment likely accelerated in June as companies boost perks

(Reuters) - U.S. job growth likely picked up in June as companies, desperate
to boost production and services amid booming demand, raised wages and
offered incentives to lure millions of reluctant unemployed Americans back
into the labor force.

 

The Labor Department's closely watched employment report on Friday will
likely show that the economy closed the second quarter with strong growth
momentum, following a reopening made possible by vaccinations against
COVID-19. More than 150 million people are fully immunized, leading to
pandemic-related restrictions on businesses and mask mandates being lifted.

 

Despite the anticipated acceleration in hiring, employment gains would
probably still be less than the million or more per month that economists
and others had been forecasting at the beginning of the year.

 

"There are jobs, but workers are not there," said Sung Won Sohn, professor
of finance and economics at Loyola Marymount University in Los Angeles.

 

The minimum pay workers will accept has risen significantly since the
pandemic began, he said, "and many workers have an inflated view of what
their skills are worth and as a result they are not willing to go back to
work at the prevailing wage."

 

According to a Reuters survey of economists, nonfarm payrolls likely
increased by 700,000 jobs last month after rising 559,000 in May. That would
be more than the 540,000 monthly average over the past three months. Still,
employment would be about 6.9 million jobs below its peak in February 2020.

 

Estimates ranged from as low as 376,000 to as high as 1.05 million. The
unemployment rate is forecast dipping to 5.7% from 5.8% in May. The jobless
rate has been understated by people misclassifying themselves as being
"employed but absent from work." There are a record 9.3 million job
openings.

 

Politicians, businesses and some economists have blamed enhanced
unemployment benefits, including a $300 weekly check from the government,
for the labor crunch. Lack of affordable child care and fears of contracting
the coronavirus have also been blamed for keeping workers, mostly women, at
home.

 

There have also been pandemic-related retirements as well as career changes.
Economists generally expect the labor supply squeeze to ease in the fall as
schools reopen and the government-funded unemployment benefits lapse but
caution many unemployed will probably never return to work. Record-high
stock prices and surging home values have also encouraged early retirements.

 

"Labor shortages may become less of a constraint from September, but there
is no guarantee, given evidence to suggest potentially more than 2 million
people have taken early retirement in the past year," said James Knightley,
chief international economist at ING in New York.

 

SWEETENING OFFERS

 

According to job search engine Indeed, 4.1% of jobs postings advertised
hiring incentives through the seven days ending June 18, more than double
the 1.8% share in the week ending July 1, 2020. The incentives, which
included signing bonuses, retention bonuses or one-time cash payments on
being hired, ranged from as low as $100 to as high as $30,000 in the month
ended June 18.

 

Some restaurant jobs are paying as much as $27 per hour plus tips, according
to postings on Poachedjobs.com, a national job board for the
restaurant/hospitality industry. The federal minimum wage is $7.25 per hour,
but is higher in some states.

 

"The fact is, competition for talent is going to become brutal," said Ron
Hetrick, director of staffing products at Emsi, a labor market data firm in
Moscow, Idaho. "Businesses can no longer assume there will be enough people
to go around."

 

Average hourly earnings are forecast rising 0.4% last month after increasing
0.5% in May. That would boost the year-on-year increase in wages to 3.7%
from 2.0% in May. Annual wage growth will in part be flattered by so-called
base effects following a big drop in earnings last June.

 

With employment not expected to return to its pre-pandemic level until
sometime in 2022, rising wages are unlikely to worry Federal Reserve
officials even as inflation is heating up because of supply constraints. Fed
Chair Jerome Powell has repeatedly stated he expects high inflation will be
transitory.

 

"There is probably going to be some pick-up in wage growth but not enough to
really change what we already know about inflation over the coming months,"
said James McCann, deputy chief economist at Aberdeen Standard Investments.
"What the data could do is cement investors' thinking about when the Fed
might announce a tapering of asset purchases."

 

The U.S. central bank last month opened talks on how to end its crisis-era
massive bond-buying. read more

 

In line with recent trends, jobs gain in June were likely led by the leisure
and hospitality industry. Manufacturing employment likely increased, though
gains were probably curbed by the rampant worker shortages. The Institute
for Supply Management reported on Thursday that its measure of factory
employment contracted for the first time in seven months in June. read more

 

Construction payrolls likely rebounded after declining in May. The sector is
being supported by robust demand for housing, though expensive lumber is
hampering homebuilding.

 

Government employment likely increased sharply, driven by state and local
government education. End of school year layoffs were probably fewer
relative to the previous year. This is expected to boost the seasonally
adjusted education payrolls.

 

The average workweek likely held at a high 34.9 hours

 

The Thomson Reuters Trust Principles.

 

 

 

COVID Delta variant worries bubble to the surface in some asset prices

(Reuters) - Worries over the spread of the Delta coronavirus variant are
emerging in various corners of global financial markets, even as U.S. stocks
hover near record highs.

 

The Delta variant is now present in over 90 countries and has become the
most prevalent variant among new COVID-19 cases in the United States,
according to California-based genomics company Helix.

 

So far, however, it is hard to tell how much the new strain will disrupt the
global growth rebound that has helped power risk assets higher in recent
months.

 

Here are some assets where concerns over the Delta variant may be moving the
needle.

 

TRAVEL AND LEISURE STOCKS

 

Southwest Airlines (LUV.N), American Airlines (AAL.O), Delta (DAL.N) and
Carnival Corp (CCL.N) made the list of the 25 worst performing stocks over
the last 1 month, a Reuters analysis showed. The Dow Jones U.S. Travel &
Leisure Index (.DJUSCJ) fell 3.35% in June, compared with a 2.2% gain for
the S&P 500 Index (.SPX).

 

Oil prices, which were hammered in the wake of the pandemic, rose about 10%
in June, however.

 

CURRENCIES

 

Worries over the Delta variant are weighing on the currencies of countries
where it is spreading quickly, including the Australian dollar and British
pound.

 

The moves have contributed to a rally in the U.S. dollar that was sparked by
the Federal Reserve’s hawkish shift and saw the U.S. currency gain 2.7%
against a basket of peers in June.

 

"Early on I think the risks of the Delta variant were most apparent in
British pound," said John Doyle, vice president of dealing and trading at FX
payments firm Tempus Inc.

 

"Now I think it is most apparent in the Oceanic currencies that are
generally tied to Asian risk sentiment."

 

TREASURIES

 

Some investors have piled into Treasuries in recent weeks, fueled by
expectations that U.S. growth may be peaking and the Fed will be less
tolerant of rising consumer prices. Some investors believe fresh uncertainty
over Covid-19 may be accelerating the move in yields on U.S. government
bonds, which are among the world’s most popular haven assets.

 

"The fear that incremental lockdowns could reappear has recently been a
factor" in Treasury positioning, wrote Arnim Holzer, strategist with EAB
Investment Group, in a note on Wednesday.

 

"Multi-asset and safety seeking does look to be gaining a bit of interest
with U.S. Treasury and dollar strength," Holzer said.

 

GROWTH VS VALUE

 

So-called value stocks - companies that trade at low multiples to book value
and tend to be more sensitive to economic cycles - ripped higher earlier
this year on expectations of an economic rebound but have stumbled lately.

 

Meanwhile, shares of growth names, including stay-at-home bets like
Amazon.com (AMZN.O), Netflix (NFLX.O), and Zoom Video Communications (ZM.O)
and ETSY Inc (ETSY.O), have risen.

 

JP Morgan's Marko Kolanovic believes the shift resembles one that took place
in February, when investors briefly grew defensive on worries over the Alpha
variant, only to sell bonds and pile back into value stocks when the threat
had passed.

 

"We expect this to repeat now as investors assess the so-called Delta
variant," Kolanovic said.

 

The Thomson Reuters Trust Principles.

 

 

 

U.S. toymaker doubles down in China despite rising costs, political tensions

(Reuters) - Hammered by tariffs, pandemic-fueled disruptions and rising
costs, some global manufacturers are reducing their reliance on Chinese
factories and moving assembly lines to Vietnam, Malaysia and other
lower-cost countries, or even Japan.

 

But Ryan Gunnigle, the chief executive of Kids2, is swimming against that
tide. The Atlanta-based maker of toys and infant products recently opened
the first phase of a factory on the banks of the Yangtze river in central
China at a cost of $20 million.

 

China's dense supply networks, still-competitive labor costs, and growing
domestic market proved too powerful a draw.

 

"If you're making wood furniture, Indonesia is great," Gunnigle said. "But
for us, being central in China just outweighs any benefit of other markets."

 

Gunnigle, who oversees a five-decade-old brand, has watched some suppliers
and competitors set up shop in other countries - only to move back to China
after finding the costs in their new locations were too high or having to
deal with labor shortages and difficulties finding suppliers.

 

"There's definitely a risk" in building a new factory in China, he said.
"But our products have sewing, electronics, steel, plastic - and all those
things come together well in China."

 

For many U.S. companies operating in China, the prospect of decamping to
another Asian market was not a serious idea until 2018, when rising tensions
between Washington and Beijing flared into a trade war marked by punitive
tit-for-tat tariffs.

 

Some Southeast Asian nations saw a chance to lure away American companies
with the prospect of lower labor costs and calmer political waters. Even
Japan, a G7 economy, got into the act by offering to pay Japanese firms to
relocate from China.

 

The pressure on U.S. companies to reconsider investments in China reached a
fever pitch during former President Donald Trump's administration but it is
not expected to dissipate much under his successor, President Joe Biden.

 

U.S. Treasury Secretary Janet Yellen said last month that she expects full
"decoupling" in some areas of the economic relationshipwith China in order
to protect U.S. national security. read more And Group of Seven leaders
recently announced plans to work more closely to contain China's economic
influence.

 

'I'LL GET RICH'

 

Southeast Asia's biggest advantage versus China is that labor costs are
lower, said Jack Sun, general manager of the Kids2 factory in Jiangxi
province, which has around 450 staff and currently produces around 10% of
the company's products.

 

"But supply chains are no good. In China you can buy anything."

 

Finding workers in central China is also easier and cheaper than on the
wealthier coasts, where most foreign investment has been concentrated. And a
factory in China also makes it easier to sell to the roughly 400 million
middle-class consumers in its domestic market.

 

Kids2 launched its products on Alibaba's (9988.HK) e-commerce site Tmall on
May 18 - a date which, as Sun mentioned, sounds like "I'll get rich" in
Chinese. Gunnigle is hoping for 30% annual growth in China sales in the
first few years beyond 2022.

 

China's President Xi Jinping is personally pushing an effort to boost
domestic consumption and cut reliance on overseas markets in the face of the
rising tensions between Beijing and its trading partners.

 

Kids2 is among the companies that have been hurt by the tariffs on an array
of manufactured goods that resulted from the U.S.-China trade war. The
company said it has paid $6 million in tariffs on Chinese imports since
April 2018.

 

Most of those tariffs remain in place. Meanwhile, the challenges of
producing in China have continued to mount as the onset of the coronavirus
pandemic upset the flow of goods.

 

Still, China managed to keep its factories humming through most of the last
year, even as other locations battled with lockdowns to curb the spread of
the virus. Chinese exports, after a short-lived drop in early 2020 during
the country's COVID-19 lockdown, have climbed on a year-over-year basis for
12 straight months through May, including a record increase of nearly 155%
in February, according to China Customs data.

 

PRODUCTION CONTROL

 

Gunnigle said his own board has raised questions about whether he should be
looking elsewhere, but he's convinced that the investment in a new plant and
design operations in China - part of a revamp of the company's product
development system - is key to remaining competitive.

 

Early in the pandemic, foreign businesses said disruptions added to the
pressure to diversify away from China.

 

Yet a survey released in June by the European Union Chamber of Commerce in
China found that member companies were now strengthening positions in joint
ventures and onshoring supply chains despite longstanding concerns about
limited market access and unequal treatment in China.

 

Kids2 has long relied on joint ventures with Chinese toy producers and will
keep working with those sources, Gunnigle said. But the new design and
manufacturing operation that the company has built in China and owns
outright gives more power to craft goods, move quickly to organize the
production process and invest in needed machinery, he said.

 

The factory's injection molding machines, which squirt molten plastic into
parts for bassinets and brightly colored walkers for toddlers, were further
automated this year by the in-house engineering team, reducing required
labor by nearly 60% and cutting costs much more than other local suppliers
have, Sun said.

 

And on the assembly line, located on the other side of the factory, the
process of screwing, riveting, and packing can all be further automated
without much trouble, Sun said.

 

Gaining more control over how products are made creates many advantages.
About 40% of Kids2's business is now e-commerce, which means designing toys
to minimize their size and weight and accommodate shipping is more important
than ever.

 

Control over the production process also makes it easier for the company to
create products that rely on common parts, which drives down tooling and
other costs. For example, the plastic cradles in Kids2's swings and
highchairs are made using the same injection mold.

 

David Butler, the company's internal head designer, said the other reason to
control more of the production is to involve designers more directly in the
decisions that will influence how assembly lines are configured.

 

"We used to design more as one-offs," Butler said, with designers coming up
with a new toy or accessory and then the manufacturing team deciding how to
produce it. "Now that we own our own factory, we design differently - with
more interchangeable and modular systems. It's the way IKEA designs
products."

 

The Thomson Reuters Trust Principles.

 

 

 

Robinhood reveals breakneck growth, legal pitfalls in IPO filing

(Reuters) - Robinhood Markets Inc on Thursday set the stage for its hotly
anticipated IPO as it revealed rapid growth in users of its trading app in a
filing, while also flagging a swathe of investigations by prosecutors and
regulators.

 

The company, under scrutiny after this year's trading frenzy for so-called
meme stocks such as GameStop (GME.N), is aiming for an IPO valuation of over
$40 billion, Reuters has reported.

 

Robinhood's IPO filing detailed for the first time how the trading mania,
which has swept amateur investors, fueled a four-fold jump in its revenue
over January to March, and also how its quick expansion came at a cost.

 

It reported a net loss of $1.4 billion for the period after borrowing $3.5
billion via convertible bonds to backstop the wave of trading orders amid
the rally in a few stocks, which had been shorted by hedge funds and
championed by individual investors in online chatrooms including Reddit's
WallStreetBets.

 

Its handling of the meme stock frenzy, marred with glitches and followed by
trading restrictions, attracted the wrath of many of its users and U.S.
lawmakers.

 

Legal authorities and regulators, that were already looking into Robinhood's
aggressive marketing to investors and how it profits off trading orders,
doubled down on their scrutiny.

 

A probe by the U.S. attorney's office in California even resulted in a
search warrant for Robinhood co-founder and CEO Vlad Tenev's cell phone, the
IPO filing shows.

 

A spokesperson for the U.S. Attorney's Office in Northern California
declined to comment.

 

Earlier this week, the Menlo Park, California-based company agreed to pay a
$70 million fine as part of a settlement with U.S. financial regulators who
accused it of failing to vet its customers and implement risk controls.

 

Robinhood and CEO Tenev have been subpoenaed and received requests for
information from several government bodies, including the U.S. Justice
Department and the U.S. Securities and Exchange Commission, according to the
filing.

 

The company was also sued this year by the family of a 20-year-old stock
trader who committed suicide, citing the app's "misleading communications"
that caused their son to panic over what he wrongly believed were huge
market losses. read more

 

A majority of Robinhood's revenue is derived from "payment for order flow."
Under this practice, brokers receive a fee from market makers for routing
trades to them.

 

Critics argue this creates a conflict of interest situation, whereby brokers
are incentivized to send orders to whoever pays the most, which might not
necessarily be the best deal for customers. Regulators are scrutinizing
Robinhood over it.

 

In the first quarter of this year, 59% of Robinhood's revenue came from four
market makers. Its revenue last year rose to $959 million, the company said.

 

Robinhood turned profitable in 2020, reporting a net income of $7 million,
versus a loss of $107 million in 2019.

 

The company held about $12 billion in cryptocurrency assets under custody as
of March 31, 2021, a 23-fold jump from a year earlier. More than 9.5 million
customers traded about $88 billion of cryptocurrency on Robinhood's platform
during the same period.

 

GO-TO APP FOR YOUNG INVESTORS

 

Founded in 2013 by Stanford University roommates Tenev and Baiju Bhatt,
Robinhood's trading app has made it easier for the masses to trade
securities and electrified a generation of retail traders.

 

The platform's easy-to-use interface allowed it to become a go-to for young
investors stuck at home due to the pandemic and its popularity has soared
over the past 18 months.

 

Arguably the breakout financial technology startup of its generation,
Robinhood has captured the imagination of Silicon Valley's biggest
investors, who have poured billions of dollars into the company. It
challenges age-old rules around investing by dismissing the role of
financial advisers.

 

"Some pundits deride individual stock ownership and say that people should
only be investing in passively-managed funds through an adviser. We reject
this, and we believe that it's important to be able to own stocks directly
in the companies you love, without any middlemen," Tenev and Bhatt said in
the IPO filing.

 

Robinhood said underwriters would reserve between 20% and 35% of its Class A
shares for sale to customers through its IPO Access feature, a platform it
unveiled in May to give retail investors the opportunity to snap up shares
in IPOs. read more

 

Robinhood has raised over $5.5 billion from investors since its launch,
including Ribbit Capital, ICONIQ, Andreessen Horowitz, Sequoia Capital,
Index Ventures and New Enterprise Associates.

 

Its valuation nearly tripled in the last year alone, with a financing in
February valuing the company at around $30 billion, according to people
familiar with matter.

 

The online brokerage plans to list on the Nasdaq under the symbol "HOOD".
read more

 

Goldman Sachs and J.P.Morgan are the lead underwriters for the offering.

 

The Thomson Reuters Trust Principles.

 

 

 

Big Tech's push into India's financial sector raises concerns, says central
bank

(Reuters) - Plans by Big Tech to foray further into India's financial sector
pose risks for traditional banks as the tech firms have the potential to
become dominant players in financial services, the central bank said.

 

The plans will also create governance-related challenges for regulators, the
Reserve Bank of India (RBI) wrote in its bi-annual financial stability
report on Thursday.

 

Major technology firms "straddle many different lines of business with
sometimes opaque overarching governance structures," it said.

 

The RBI said concerns included operational risks, too-big-to fail issues,
challenges for antitrust rules, cybersecurity and data privacy. But it added
that positive outcomes could include efficiency gains and more access to
financial services.

 

Amazon.com Inc (AMZN.O) and Google currently provide basic payment services
in India. Both companies as well Facebook (FB.O) and others have applied for
licences to operate broader retail payment and settlement systems in
partnership with Indian companies such as Reliance (RELI.NS) and lenders.

 

The central bank's warnings come at a time of much tension between the
Indian government and U.S. tech giants over issues that range from
e-commerce rules to data privacy and content posted on their platforms.
Amazon, Facebook, Facebook-owned WhatsApp and Twitter have all been caught
up in disputes with New Delhi.

 

India's largest state-run bank and UNI Global Union which represents about
20 million workers globally last month also raised concerns about the entry
of large tech companies into the country's payments sector. read more

 

The Thomson Reuters Trust Principles.

 

 

 

Nigeria: Senate Passes Petroleum Industry Bill

The Senate has passed the long-awaited Petroleum Industry Bill (PIB).

 

This followed approval of recommendations of the report of the Senate Joint
Committee on Petroleum, (Downstream,) Petroleum (Upstream) and Gas at
plenary on Thursday.

 

Presenting the report, Chairman of the committee, Sen.Mohammmed Sabo
(APC-Jigawa), said the bill consisted of five distinct and logically
connected chapters.

 

Sabo listed the chapters to include governance and institutions,
administration, host communities development, petroleum industry fiscal
framework and miscellaneous provisions, comprising 319 clauses and eight
schedules.

He said the committee carried out its assignment effectively and conducted a
public hearing to collate inputs from critical stakeholders and the Nigerian
people.

 

Sabo said the committee reviewed the bill and all the memoranda submitted by
stakeholders during the public hearing adding that the committee also
embarked on on-the-spot assessments of impacted oil exploration communities.

 

This, he said was to critically examine issues raised by Senators during the
second reading of the bill and consulted widely on the justifications for
passing the bill into Law.

 

Sabo said the bill when passed into law "will strengthen accountability and
transparency of Nigerian National Petroleum Corporation(NNPC) Ltd as a
full-fledged CAMA company under statutory and regulatory oversight with
better returns to its shareholders and the Nigerian People".

On the Frontier Basins, he said the committee's recommendation recognised
the need for the country to explore and develop the country's frontier
basins.

 

This, he said was to take advantage of the foreseeable threats to the
funding of fossil fuel projects across the world due to speedy shift from
fossil fuel-to other alternative energy sources.

 

"To this end, the committee recommends funding mechanism of 30 per cent of
NNPC Ltd profit oil and profit gas as in the production sharing, profit
sharing, and risk service contracts to fund exploration of frontier basins,"
Sabo said.

 

On host communities' development, he said' 'to ensure adequate development
of the host communities and reduction in the cost of production, the Joint
Committee recommends five per cent of the actual annual operating
expenditure of the preceding financial year in the upstream petroleum
operations affecting the host communities for funding of the Host
Communities Trust Fund".

According to him, in the past 10 years, the country has only attracted less
than five per cent of the over 100 billion dollars capital investment inflow
into Africa's oil and gas industry.

 

He added that all stakeholders were in total support of the passage of the
bill as there was no dissenting voice opposing its passage.

 

He described the bill as laudable and commendable saying that its passage
would bring the long awaited change in the oil and gas industry.

 

However, Sen.Ahmed Baba Kaita (APC-Kastina) moved a motion for the reduction
of funding of host community trust fund to 3 per cent as against the 5 per
cent earlier recommended by the committee.

 

The motion which was adopted, resulted to dissenting views by senators James
Manager(PDP-Delta),Bassey Akpan(PDP-Cross-River), George Sekibo(PDP-Rivers)
among others.

 

Sekibo, having cited order 17 of the Senate rule called for division to
contest the decision to reduce funding of host community trust fund to 3 per
cent.

 

However, Leader of the Senate, Abdullahi Yahaya (APC- Kebbi) said the call
for division was not in the interest of the Senate and the nation,
describing the situation as heading for "Armageddon."

 

He called for a withdrawal of the call for a division in the Senate, saying
that the senate in its two years of existence had worked in a peaceful and a
bipartisan manner.

 

Manager urged the Senate to increase the funding for host community trust
fund given the economic contributions of the people of Niger-Delta over the
years.

 

According to him, no amount is too small for the people of the region.

 

President of Senate, Ahmad Lawan, prevailed on Sen. George Sekibo to rescind
his earlier call for division.

 

"The Senate expects President Muhammadu Buhari to assent to the PIB after
harmonisation with the House of Representatives," he said.

 

The News Agency of Nigeria (NAN) reports that the bill was the first in a
series of long awaited petroleum industry laws designed to reform the
Nigerian oil and gas industry.

 

The PIB is an omnibus law, meant to regulate the entire sphere of the
industry and repeal all current existing oil and gas legislation.

 

It struggled to see the light of day in spite of its introduction to the
National Assembly over 16 years ago.

 

Vanguard News Nigeria

 

 

 

 

 

 

 


 


 


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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<mailto:info at bulls.co.zw> info at bulls.co.zw Tel: +263 4 2927658 Cell: +263 77
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