Major International Business Headlines Brief::: 05 July 2021

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Major International Business Headlines Brief::: 05 July 2021

 


 

 


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ü  Didi says removal of app in China will affect business

ü  Australia's Sydney Airport gets $16.7bn takeover offer

ü  Morrisons could see rival offer days after agreeing £6.3bn takeover

ü  Jeff Bezos steps down as Amazon boss

ü  Vitasoy: Beverage maker's shares plunge after China calls for boycott

ü  John Lewis plans to build 10,000 rental homes

ü  Firms urge PM to back returning to the office

ü  Homeowners to get 15 years to sue for 'shoddy' workmanship - minister

ü  'Euro 2020 is a lifeline for my pub'

ü  Asian stocks stumble on China tech worries

ü  Toshiba needs 'prompt, appropriate' disclosure, TSE chief says

ü  Growth in China's June services activity falls to 14-month low - Caixin PMI

ü  Japan's service sector activity contracts for 17th month as pick-up stalls

ü  Daimler, Volvo and Traton plan $600 million truck-charging JV

ü  Nigeria: Covid-19 Third Wave - Nigeria's Economic Recovery Hangs

ü  Nigeria: NIMASA to Bar Ships With Old Permits

ü  Nigeria Can Build an Army of Non-Oil Exporters, Says Awolowo

ü  Nigeria: AKK Gas Project - Kano Signs Pact With GACN, NNPC

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Didi says removal of app in China will affect business

China's biggest ride-hailing company Didi Chuxing has warned there will be an adverse impact on its revenues after its app was removed from Chinese stores.

 

China's internet regulator ordered app stores to stop offering Didi's app on Sunday.

 

It says the firm illegally collected users' personal data.

 

It comes just days after the tech giant began selling shares on the New York Stock Exchange.

 

The removal does not affect existing users, but will prevent new users registering on the country's biggest ride hailing platform.

 

"The company will strive to rectify any problems, improve its risk prevention awareness and technological capabilities, protect users' privacy and data security, and continue to provide secure and convenient services to its users," Didi said in a statement.

 

That came after the Cyberspace Administration of China (CAC) said: "After checks and verification, the Didi Chuxing app was found to be in serious violation of regulations in its collection and use of personal information."

 

Two days earlier, the CAC announced it was investigating the firm to protect "national security and the public interest", prompting Didi's shares to drop by 5.3%.

 

Didi gathers vast amounts of real-time data every day. It uses some of the data for autonomous driving technologies and traffic analysis.

 

Last week, China's answer to Uber made its debut on the New York Stock Exchange and at the end of Friday's trading had a market valuation of almost $74.5bn (£53.9bn).

 

The company raised $4.4bn in the Initial Public Offering (IPO), in what was the biggest listing in the US by a Chinese company since Alibaba's debut in 2014.

 

When I spoke to Didi Chuxing's founder Cheng Wei in 2018, the one thing that was apparent was that this was a man on a mission.

 

He wanted to take the Chinese firm global, and to offer a new vision of what a company driven by data could make possible.

 

"We were born in China," he told me at his offices in Beijing during an interview for the BBC series, Asia's Tech Titans.

 

"But we hope to be a global company. We hope to be able to solve traffic and transportation problems for the world."

 

The huge ambition Cheng Wei displayed to me on the rooftop of his sprawling Beijing campus manifested itself in Didi's much-anticipated US IPO last week.

 

But the environment in China today is very different from when I spoke to the Didi founder just a few years ago.

 

There's tighter scrutiny now both inside and outside of China on Chinese tech firms. And Didi's troubles come against the backdrop of a broader crackdown on Chinese tech by regulators in the country - a crackdown, that some analysts have said, could be politically motivated as Beijing attempts to impose more control on the dynamic sector.

 

What this means for both Didi and other Chinese tech firms is that this is likely to be just the start of their troubles. For those looking to list in the US - there will be more questions from investors on the regulatory outlook - which could mean a difficult and uncertain time going forward.

 

Presentational grey line

Didi Chuxing, a platform similar to Uber or Lyft, arranges more than 20 million rides in China every day, on average.

 

Founded in 2012, it is particularly popular in China's crowded cities. But it has expanded beyond China into 15 other markets.

 

In June, the company reported revenue of about 42.2bn yuan ($6.52bn) for the three months to the end of March, with the vast majority of that coming from its China mobility business.

 

China has recently moved to tighten up regulation of the country's large tech firms.

 

The investigation follows regulatory crackdowns on other tech firms, from Alibaba to food delivery service Meituan.

 

On Monday, the CAC also said that it plans to investigate the Chinese truck-hailing firm Full Truck Alliance (FTA).

 

Like Didi, FTA recently made its New York Stock Exchange debut, raising $1.6bn. It had a market valuation of more than $20bn at the end of trading on Friday.-BBC

 

 

Australia's Sydney Airport gets $16.7bn takeover offer

The owner of Australia's busiest airport has received a A$22.26bn ($16.7bn; £12.1bn) takeover offer.

 

Sydney Airport said the proposal, which is below its pre-pandemic stock market valuation, was being reviewed.

 

Its shares jumped by more than 30% after the buyout approach was announced - a move seen as a sign of confidence in air travel recovering post-pandemic.

 

If the planned purchase is successful it would be the biggest such deal in the country this year.

 

A consortium made up of IFM Investors, pension fund QSuper and Global Infrastructure Management tabled the offer of A$8.25 a share, which is a more than 40% premium to Sydney Airport's closing price on Friday.

 

But it is still well below the A$8.86 record high the firm's shares hit in January 2020, before the pandemic triggered a collapse in demand for air travel.

 

The offer comes less than week after Australia announced it would halve its number of international arrivals, after a new spate of Covid outbreaks put half the population in lockdown this week.

 

The country's strict border rules have only allowed Australians and people with exemptions to enter the country.

 

In May, Sydney Airport said its international traffic was some 93% lower than the same month in 2019. For the same period domestic traffic was down by 39.2%.

 

>From 14 July, Australia will accept just over 3,000 people a week - a measure likely to last until next year.

 

Sydney Airport has long held a monopoly on traffic to and from Australia's biggest city, but that is due to end in 2026 with the planned opening of Western Sydney Airport.

 

Sydney Airport Holdings is Australia's only stock market-listed airport operator, as the country's other big airports are owned by groups of infrastructure investors.

 

IFM holds stakes in major Australian airports in Melbourne, Brisbane, Perth and Adelaide.

 

QSuper owns a stake in London's Heathrow Airport and Global Infrastructure is invested in London's Gatwick and London City Airports.-BBC

 

 

Morrisons could see rival offer days after agreeing £6.3bn takeover

A US investment firm is considering making a rival offer for Morrisons, days after the UK supermarket agreed to a £6.3bn ($8.7bn) takeover.

 

Apollo Global said it was considering the move, but no approach has yet been made to Morrisons.

 

It is the third firm to show an interest in the UK chain in two months, fuelling speculation of a bidding war.

 

On Saturday, Morrisons accepted an offer by another US investment group led by the owner of Majestic Wine.

 

The takeover bid - led by US private equity firm Fortress Investment Group - is subject to shareholder approval, but the supermarket group's directors are recommending it is accepted.

 

In a short statement issued on Monday, Apollo said it was "in the preliminary stages of evaluating a possible offer for Morrisons".

 

However, it added: "No approach has been made to the board of Morrisons. There can be no certainty that any offer will be made, nor as to the terms on which any such offer might be made."

 

'Position of strength'

Over the weekend, Morrisons said the Fortress deal meant shareholders would get 254p per share, which the supermarket said was a 42% premium on its share price before the offer period.

 

Morrisons boss Andrew Higginson said the supermarket's "performance through the pandemic" had improved its standing and enabled it to enter discussions with Fortress from "a hard-won position of strength".

 

He said the consortium had a "full understanding and appreciation of the fundamental character of Morrisons".

 

Joshua A Pack, managing partner at Fortress, said the group was committed to being "good stewards of Morrisons".

 

Morrisons has nearly 500 shops and more than 110,000 staff in the UK.

 

Last month, it turned down an offer worth £5.5bn from a different private equity firm, Clayton, Dubilier & Rice, saying it had significantly undervalued the business.-BBC

 

 

Jeff Bezos steps down as Amazon boss

In 2004, Jeff Bezos and his technical adviser Colin Bryar drove together to the city of Tacoma, an hour south of Seattle in Washington State.

 

At that time Amazon was a multi-billion dollar company. However they were headed to Amazon's customer services centre - where they were to spend two days as customer service agents.

 

"Jeff was actually taking the calls himself", Bryar says. He recalls that a complaint on one product in particular kept coming in. "Jeff's eyes went wide," he says.

 

Bezos was frustrated. There was clearly something wrong with the product, but it hadn't been escalated. Later that day he sent out an email asking for more efficient ways of flagging faulty products.

 

Bezos steps down from Amazon on Monday - exactly 27 years after he founded it.

 

In that time he has developed a series of unusual leadership principles - which some argue are the backbone of his success. Others believe they speak to everything that is wrong with Big Tech.

 

Talk to anyone who's ever worked at Amazon, and you don't have to wait long before you hear the phrase "customer obsession".

 

For Bezos, profit was a long-term aspiration. For a company to be successful it had to have happy customers - at almost any cost.

 

Nadia Shouraboura started working for Amazon in 2004. She went on to be invited into the elite "S-team" of Amazon managers - the senior managerial board. But when she first started, she thought she was going to be immediately fired.

 

"I made the biggest mistake of my life during our Christmas peak," she says.

 

Shouraboura had ordered key products onto warehouse shelves that were too high. It would take time and money to get the right products off the shelves.

 

"I came up with a clever way for us to lose as little money as possible, and sort of fix the problem. But when I talked to Jeff about it he looked at me and said, 'you're thinking about this all wrong'.

 

"You're thinking how to optimise money here. Fix the problem for customers, and then come back to me in a few weeks and tell me the cost."

 

Bombshell claims

Bezos has many critics. Last month, a bombshell article from ProPublica claimed to have seen Bezos' tax returns - and alleged Mr Bezos paid no tax in 2007 and 2011. It was a stunning claim about the world's richest man.

 

Other negative stories about Amazon, its ruthlessness, its claims of monopolistic behaviour, haven't helped Bezos' reputation.

 

However, many people who work closely with him don't recognise the characterisation that he is uncaring or selfish.

 

For them he is a business visionary - a man with singular focus who has created a legendary work philosophy and a company worth almost $1.8trn (£1.3tn).

 

Bezos likes small teams. He has a rule to keep meetings productive: make sure you can feed the whole group with two pizzas.

 

He hates PowerPoint presentations, preferring instead written memos for executives to discuss.

 

To avoid dominant personalities having too much sway, he'll sometimes go round each person at a meeting, asking how they feel about a question.

 

And people who know him say he likes those who push back. "We would argue, and we would scream at each other," says Shouraboura.

 

"Everything is very open, and on the table, and the conversations get heated and very passionate. But it's about the subject, never against the person," she says.

 

Amazon has a set of 14 "leadership principles". One of those speaks of having "the backbone to disagree".

 

And it seems Bezos genuinely wants to foster that culture at a higher level. Leaders should "not compromise for the sake of social cohesion", the principle says.

 

There are questions, however, about whether that philosophy is always interpreted correctly down the chain at Amazon.

 

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In 2015, the New York Times published an article with claims of a "bruising" work culture from former employees.

 

Bezos is a fan of engineering, inventions, machines. He's obsessed with metrics - not a bad trait in the world of logistics. But critics say that obsession has human costs, particularly in Amazon's numerous warehouses.

 

During the failed attempt by Amazon workers in Bessemer, Alabama, to form a union, I spoke to many workers who said they felt like a "cog in a machine". Others would describe the feeling of being "constantly monitored".

 

At more senior levels however, Bezos' management style appears different. He likes his teams to have autonomy, which he believes fosters innovation.

 

Amazon Web Services (AWS), the astoundingly successful cloud computing service, on the face of it didn't have much to do with Amazon's core business: e-commerce.

 

However Bezos backed the idea, giving his trusted employee Andy Jassy the freedom, and capital, to go about creating a company within a company. Bezos views Jassy as an entrepreneur, not just a manager - a key part of why he will take over as Bezos' successor.

 

"It's easy to be brave when you're a start-up" says Shouraboura. "As you grow it gets harder and harder to be brave, because now you're risking a lot. He was always very brave."

 

People who know him say that Bezos likes to approach problems "backwards". "It's a very specific process at Amazon," says Bryar.

 

In the planning stage teams will do a reverse timeline - start with what a launch would look like and then work backwards.

 

"The first thing the team does is write a press release, which is usually the last thing companies write."

 

This plays into Bezos' view of time. It's something he thinks about a lot. He's installed a $42m (£30m), 10,000 year clock in a hollowed out mountain in Texas. It's supposed to represent the power of "long-term thinking".

 

And to the fair, Bezos has always approached business with the long game in mind. People close to him often use the word "methodical" to describe the customer obsession over short-term profits.

 

Always fascinated by space travel, later this month he aims to fly into space on the first crewed flight made by his company Blue Origin.

 

A petition to not allow him back to Earth has gathered nearly 150,000 signatures.

 

But like him or loathe him, Bezos has proved an extremely bright and able leader - someone who has changed the way companies around the world operate.-BBC

 

 

Vitasoy: Beverage maker's shares plunge after China calls for boycott

A Hong Kong beverage maker's shares had their biggest ever slump, after calls in China for a boycott of the firm.

 

Shares in Vitasoy fell by as much as 14.6%, the biggest single-day drop since its listing in 1994.

 

The calls were in response to a memo offering condolences to the family of a man who stabbed a Hong Kong policeman.

 

A Vitasoy worker stabbed the officer and then killed himself on Thursday, the anniversary of the city's handover from British to Chinese rule.

 

It was also the 100th year anniversary of the Chinese Communist party.

 

It is not clear what the attacker's motives were, but authorities described him as a "lone-wolf domestic terrorist". The police officer is said to have suffered a punctured lung.

 

According to a report by Chinese state media outlet the Global Times, the deceased was a director at Hong Kong's Vitasoy unit.

 

'Extremely inappropriate'

In a statement on the Chinese social media platform Weibo on Saturday, Vitasoy said a staff member had circulated a memo that it described as "extremely inappropriate" without authorisation.

 

It added that the memo did not receive "official approval, but rather was written an forwarded by an employee in private", adding that it reserved the right to take legal action against the employee involved.

 

"Vitasoy Group sincerely apologises for any troubles or grievances this has caused. We support Hong Kong's long-term prosperity, stability and development," Vitasoy said.

 

The worker's memo triggered a flood of online calls for a boycott of Vitasoy, which gets around two-thirds of its revenue from mainland China.

 

By Sunday, the hashtag #Vitasoygetoutofthemainland had accounted for some 100m views.

 

Hong Kong police have described the stabbing as an attempted murder and a terrorist attack by a lone wolf.

 

They have also said that a computer they seized from his home showed the attacker had been "radicalised", although police have not provided further details about the alleged radicalisation.

 

Authorities in Hong Kong on Sunday warned that advocating for people to mourn for the attacker was no different from "supporting terrorism" and criticised parents who took children to mourn for him.

 

The incident took place on 1 July - a significant date both in Hong Kong and mainland China.

 

Relations between Hong Kong's police force and its people have come under strain at times. Pro-democracy protests in 2019 saw police accused of responding to protesters in a heavy-handed manner.

 

One opinion poll suggested that Hong Kongers' approval of the police dropped from 66.9% in 2017 to 36.8% in 2020.

 

H&M sees China sales slump after Xinjiang boycott

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It is not uncommon for consumer boycotts to take place in China.

 

Last week, Swedish fashion giant H&M saw its sales slump in China, months after it became the target of a Chinese boycott. Its sales in China were down 23% in the local currency for the second quarter of 2021, compared to the same time last year.

 

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

 

 

 

John Lewis plans to build 10,000 rental homes

John Lewis has announced plans to move into the residential property market by building 10,000 homes for rental over the next few years.

 

The department store chain said it wanted to address the national housing shortage and support local communities.

 

It said the plans would give the firm a stable, long-term income, as well as providing new job opportunities.

 

Tenants will have the choice of renting fully furnished with John Lewis products or using their own.

 

"As a business driven by social purpose, we have big ambitions for moving into property rental," said Nina Bhatia, executive director of strategy and commercial development for the John Lewis Partnership.

 

She added that the move "plays to our strength as a trusted brand known for strong service".

 

The company said 7,000 of the initial 10,000 homes would be on sites in its existing property portfolio, ranging from studio flats to houses.

 

However, it also said some homes could be built on entirely new sites.

 

It added that all housing developments would come with a concierge service and would feature a Waitrose convenience store near the entrance.

 

The Sunday Times, which first reported the story, said some homes could be built in department store car parks, above Waitrose supermarkets or next to distribution centres.

 

The first John Lewis homes are planned for south-east England, but the partnership said it believed there were opportunities across the country.

 

The announcement comes as John Lewis's traditional department store retail business has come under increasing pressure from the decline of UK High Streets and the rise of an increasingly competitive online market.

 

Since Dame Sharon White took over as boss in February 2020, the chain has closed about a third of its stores, leaving it with 35.-BBC

 

 

 

Firms urge PM to back returning to the office

A group of business leaders has urged ministers to "set the country clearly on the path to recovery" by encouraging people to return to the office.

 

Firms needed to know what the end of Covid restrictions would mean in practice, more than 50 leaders said in a letter to PM Boris Johnson.

 

The letter, organised by lobby group London First, said firms expected city centres to "buzz again" after 19 July.

 

Working from home should no longer be the default, they said.

 

"Our economic recovery will only succeed if the government commits to reviving our city centres," they added.

 

Those signing the letter included Heathrow and Gatwick airport chief executives John Holland-Kaye and Stewart Wingate, Capita chief executive Jon Lewis and BT boss Philip Jansen.

 

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In the letter, they said that for many months, employers and employees alike had been receiving messages that were complex and sometimes mixed, while official advice had not always been clear-cut.

 

"At this critical moment, we believe that it is essential that the government is unambiguous in its communications that when the stage four restrictions lift, public transport is safe, offices are safe, and working from home is no longer the default," they said.

 

"Employers can then move forward with plans for new ways of working, considering the needs of their staff, clients and customers."

 

The letter called for a clear plan of action for London, which it said would "reap significant benefits for the whole of the UK".

 

They said measures should include:

 

Government support for a promotional push to attract commuters and holidaymakers back to the capital

Funding to keep the public transport network operating at full strength

A reskilling programme to get Londoners into work

Despite their initiative, almost all of 50 of the UK's biggest employers questioned by the BBC in May said they did not plan to bring staff back to the office full-time.

 

Some companies, including supermarket chain Asda, have said they will continue to allow flexible working for office-based staff.

 

Others had announced that they wanted staff to return to the office, but have not yet implemented those plans.

 

Those firms include investment bank Goldman Sachs, which had initially told staff to be ready to return to the workplace in June, but then delayed the move.-BBC

 

 

 

Homeowners to get 15 years to sue for 'shoddy' workmanship - minister

Homeowners in England and Wales will get 15 years to legally challenge shoddy building work in light of the cladding crisis, a minister has said.

 

This would increase the current six-year period in which legal action can be brought against developers.

 

Housing Secretary Robert Jenrick said the change would "put new cards in the hands of the leaseholders".

 

However, speaking to the BBC one leaseholder described the announcement as "smoke and mirrors".

 

And Labour said it would bring "little relief" as the barriers to mount legal action were "too high and costly".

 

It comes amid concerns that homeowners are bearing the cost of fire safety works following the Grenfell tragedy.

 

After the 2017 fire in which 72 people lost their lives, thousands of other blocks of flats were found to be covered in similar dangerous cladding.

 

This triggered a programme of works to remove the material from buildings, as well as other fire safety improvements, leaving many residents with huge bills.

 

Speaking to the BBC's Andrew Marr programme, Mr Jenrick said "it is not right that either the leaseholder or the taxpayer" should pay for fire safety changes.

 

"I'm announcing today we are going to change the law retrospectively to give every homeowner 15 years in which to take action against the people who built their building if there is shoddy workmanship.

 

"This is a huge step forward - the law as we found it was that you only had six years to take action against the person who built your home.

 

"That often gives you less protection than if you had bought a toaster or a fridge."

 

Asked about buildings more than 15 years old, Mr Jenrick said "most of the cladded buildings were built in the period from 2000-17".

 

He said "not all, but the lions' share that are facing this particular issue will now be helped by this unusual change in the law".

 

The change will be introduced as part of the Building Safety Bill which is set to be published on Monday.

 

The government says the change would be applied retrospectively for new builds.

 

"This could mean that residents of a building completed in 2010 that is unfit to live in, such as from unsafe cladding installed on the building when constructed, would be able to bring proceedings against the developer until 2025," the government says.

 

'A hellish four years'

But Will Martin - a leaseholder of a property in Sheffield - told the BBC Mr Jenrick's announcement left many questions.

 

"My building is over 15 years old and my developer is insolvent - what is he going to do where the developer has become insolvent," he asked.

 

"What is he going to do where the developer put legal materials on the side of the building but where the materials are now illegal.

 

"I don't know when my building is going to be made safe, I don't know when I will be able to sell, I don't know when I will be able to move on with my life - it's been a hellish four years," he said.

 

He also expressed concern that many properties would fall out of the time limit, by the time the new rule change is implemented.

 

Giles Grover a leaseholder from Manchester said he was concerned about the practicalities of residents taking on a developer in court. "They will have a better legal team and will be able to kick it in to the long grass," he said.

 

While Kean Silvester from Brighton told the BBC he could consider making use of the extended time limit but was concerned the companies would have "an army of lawyers" and that legal action could be "expensive and risky".

 

Labour's shadow housing secretary Lucy Powell said the government's announcement would "bring little relief to homeowners trapped in unsellable, unmortgagable homes, as those already in the scope of the deadline have found barriers to mount legal action too high and costly, and outcomes ineffective".

 

Instead she said leaseholders should be legally protected from costs and a building works agency should be set up to "pursue developers themselves, to ensure the polluter pays".

 

Mr Jenrick said he had "huge sympathy" for people facing high costs adding that, except for a few cases, all Grenfell-style cladding would be removed from buildings by the end of the year.

 

In February, the government set aside £3.5bn to replace unsafe cladding for residential buildings 18m (six storeys) or higher in England.

 

This was on top of £1.6bn announced in 2020 for the removal of unsafe cladding.

 

For buildings under 18m, residents can access a loan to help pay for removal, towards which they pay a maximum of £50 a month.

 

However, campaigners have argued that many leaseholders are also facing bills to pay for other safety measures such as fire breaks, safer doors and sprinkler systems.-BBC

 

 

'Euro 2020 is a lifeline for my pub'

The coronavirus crisis has been tough for the Willoughby Arms, a sports pub in Kingston-upon-Thames.

 

While takings are sharply down, staff costs are higher, due to the need to provide table service.

 

However, the Euro 2020 football tournament has brought some welcome relief.

 

The England vs Germany match on Tuesday, plus England's quarter final match on Saturday, have really helped the business, owner Rick Robinson said.

 

The pub is completely booked up for the England vs Ukraine match on Saturday, and the tournament is a much-needed shot in the arm, he said.

 

"It has definitely helped," he said. "I would describe it as a lifeline."

 

Despite this, takings are still down on a normal year for a big tournament, in part due to less interest than usual in games that don't involve England, he said.

 

In the last world cup, the pub took £20,000 per week for two of the weeks, compared with normal £8,000 per week gross takings.

 

However, during Euro 2021, the highest gross takings have been £14,000 in a week.

 

Staff costs surge

Over the pandemic, he says, earnings have been down between 30% and 40%, and staff costs have doubled.

 

Keira Barker, Rick Robinson, and Sasha Cardoso

image captionKeira Barker (left) and Sasha Cardoso are two of the nine staff who serve tables at the Willoughby Arms

Rick has had to get extra staff in for the match on Saturday. Whereas normally he would have one or two staff, he has nine to serve 160 customers in the pub and its garden.

 

The business has also had to cope with staff having to self-isolate if they've been in contact with someone who tests positive for Covid. Sick days have quadrupled.

 

The business is managing to keep going with the help of government grants and loans, but is behind on its rent, which it has to pay "even though trade is down drastically", he said.

 

However, Rick is hopeful that the business can stay open.

 

"I think the competition will drop because more pubs will close," he said.

 

Kim Adams, a publican at the Hinksford Arms, near Birmingham, said: "After a really difficult and uncertain 18 months the Euros has made a huge impact.

 

The pub, which is part of Punch Pubs, is "doing everything we can to make the most of the opportunity, and even have plans to expand our outdoor space and add additional screens if England make it to the final", she said.

 

"The feedback we've had has been terrific, and we're already fully booked, with people returning for future games."

 

The Euro 2020 tournament has led to a massive rise in sales for some pubs, according to Langton Capital principal analyst Mark Brumby.

 

He said data from mobile ordering app OrderPay suggested that pub sales had more than doubled since the beginning of the Euros.

 

"During the England vs Germany match drink sales at pubs increased 176% with the average spend at £21.70 per customer," he added.

 

Book ahead

Pubs have seen a high demand for tables for the England vs. Ukraine match on Saturday, the Mitchells & Butlers chain said.

 

"We've had really strong booking interest for Saturday night with many pubs showing the game fully booked for the big game," a Mitchells & Butlers spokesman said.

 

"However, although the Euros has given large parts of our sector a bit of an uplift, the current capacity constraints have meant we haven't been able to take full advantage of the demand we're seeing," he added.

 

Pub chain Shepherd Neame recommended people book a table for the match "to avoid disappointment".

 

Although the football tournament is providing much needed help for pubs which show games, the sector is missing out due to continuing Covid restrictions, industry body the British Beer and Pub Association (BBPA) said.

 

Pubs, bars and restaurants can serve customers inside and outside, but the number of people allowed is restricted to what is possible with social distancing and table service.

 

Groups of up to six, or two households of any size, are allowed inside.

 

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Pubs expect to serve 19 million pints on Saturday - but if restrictions had been lifted, that number would be around 24 million pints, the BBPA said.

 

The difference "could be the difference to survival or closure for some", said BBPA chief executive Emma McClarkin.

 

Pubs, bars and restaurants have also been struggling with staff having to self-isolate after being contacted through the Test and Trace app.

 

Coronavirus: How does the test-and-trace system work?

"Already pubs are closing or greatly reducing their opening hours due to staff shortages caused by app pings - despite staff testing negative on lateral flow tests," she said.

 

A government spokesperson said: "Public safety must remain our priority and pubs should continue to adhere to current rules, including keeping noise at a low volume and ensuring social distancing is maintained at all times.

 

"We are doing everything we can to back hospitality as it reopens, including offering pubs brand new Restart Grants worth up to £18,000 - part of our much wider £352bn support package."

 

The guidelines will not change ahead of the England quarter final.

 

Moving too fast in relaxing restrictions risks a resurgence of Covid, the spokesperson added.-BBC

 

 

 

Asian stocks stumble on China tech worries

(Reuters) - Asian stocks were mixed on Monday amid growing worries about China's crackdown on local tech companies, paring earlier gains made after a welcome U.S. jobs report drove global shares to a record high.

 

The region's biggest markets, Japan and China, both declined. The Nikkei (.N225) fell 0.6% following a surge in COVID-19 infections in Tokyo, just weeks before the city hosts the Olympics.

 

Chinese tech firms slumped amid concerns over Beijing's crackdown on ride-hailing giant Didi Global and scrutiny of other platform companies in the country. read more

 

That pushed Chinese blue chips (.CSI300) down 0.4% and Hong Kong's Hang Seng (.HSI) 0.8% lower, weighing on MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), which swung into negative territory.

 

Taiwan shares (.TWII) were a standout, rallying 1.2%, while South Korea's Kospi (.KS11) added 0.3%.

 

Trading was thinner than usual with U.S. markets closed for the extended 4th of July weekend, meaning "price action might be choppy," and markets may be "trading on their own regional idiosyncrasies rather than a macro thematic," said Kyle Rodda, a market analyst at IG in Melbourne.

 

"But given Friday’s nonfarm payrolls numbers, things are still really, really optimistic, and I think you'll start to see that come through again as the week unfolds," Rodda said.

 

"Conditions are right for equities to continue to push higher right across the globe."

 

The MSCI All Country World index (.MIWD00000PUS) closed at a record 724.66 last week, and edged slightly higher on Monday despite Asian headwinds.

 

European equity futures pointed to minor gains, with Euro Stoxx 50 futures marginally higher, while FTSE futures rose 0.1%.

 

S&P 500 futures signalled a 0.2% dip for Tuesday's open, after the index closed 0.8% higher at a record on Friday. The Dow Jones Industrial Average (.DJI) rose 0.4% and the Nasdaq Composite (.IXIC) added 0.8% to also hit a record.

 

U.S. nonfarm payrolls increased by a bigger-than-expected 850,000 jobs last month. But the unemployment rate unexpectedly ticked up to 5.9% from 5.8%, while the closely watched average hourly earnings, a gauge of wage inflation, rose 0.3% last month, lower than the consensus forecast for a 0.4% increase. read more

 

"The goldilocks print suggests there is no need to accelerate the tapering timeline or the implied rate hike profile," Tapas Strickland, an analyst at National Australia Bank, wrote in a client note.

 

"Overall the level of payrolls is still 6.8 million below pre-pandemic February 2020 levels and is still below the level of substantial progress needed by the Fed. As such there is nothing in this report for the Fed to become hawkish about."

 

Eyes will be trained on the minutes of the Federal Open Markets Committee meeting from last month, when policymakers surprised markets by signalling two rate hikes by the end of 2023.

 

Commentary by Fed officials since then has been more balanced, particularly from Chair Jerome Powell, and investors parse Wednesday's release for further clues on the timing of policy tightening.

 

The dollar was mostly flat on Monday after dropping from a three-month high at the end of last week, pressured by the weaker details of the U.S. payrolls report.

 

The greenback was 0.1% stronger at 111.110 yen , and gained slightly to $1.18615 per euro .

 

Gold edged down 0.1% to $1,785.03 an ounce.

 

Crude oil was rangebound as OPEC+ talks dragged on. Saudi Arabia's energy minister pushed back on Sunday against opposition by fellow Gulf producer the United Arab Emirates to a proposed OPEC+ deal and called for "compromise and rationality" to secure agreement when the group reconvenes on Monday. read more

 

Brent crude added 7 cents to $76.24 a barrel, and U.S. crude lost 4 cents to $75.20 a barrel.

 

The Thomson Reuters Trust Principles.

 

 

Toshiba needs 'prompt, appropriate' disclosure, TSE chief says

(Reuters) - The Tokyo Stock Exchange (TSE) wants Toshiba Corp (6502.T) to make "prompt and appropriate" disclosure about its widening governance scandal, including who was responsible, the head of the bourse said, adding transparency remained a problem.

 

Hiromi Yamaji also told Reuters that activist investors - who have been in focus because of Toshiba - can be a force for better shareholder engagement at Japanese companies and help improve governance.

 

His comments reflect both a shift in attitude toward activist investors in Japan, and the extent the Toshiba scandal has raised concern within corporate Japan about governance, something shareholders have said is long overdue. read more

 

"The lack of transparency is the biggest problem at Toshiba," Yamaji said in an interview late on Friday, adding that investors are eager to know if shareholders were treated unfairly.

 

"We strongly request Toshiba make prompt and appropriate disclosures of its own inquiries such as who was responsible," he said.

 

An independent probe revealed last month that Toshiba had colluded with the government to put pressure on foreign shareholders.

 

Overseas investors account for 65% of trading volume on the TSE, owned by Japan Exchange Group Inc (JPX) (8697.T).

 

While some activists focus on short-term profits, Japan is seeing an increasing number of those with more constructive approaches, Yamaji said.

 

"The presence of such activists could be positive in a sense that they can foster dialogue between shareholders and companies, as encouraged by Japan's corporate governance code," the former Nomura Holdings (8604.T) banker said.

 

MARKET REVAMP

 

Yamaji said the bourse could further tighten the criteria for companies to stay on its main board after an initial revamp in April next year.

 

The change is aimed at improving companies' profitability and governance, by raising the requirements to remain on the bourse's first section, which will be renamed the "prime market".

 

Companies will be required to have a free-floating market capitalisation of more than 10 billion yen ($90 million), and at least 35% of their total shares free-floating. They will also need to adopt a more stringent governance code in areas such as disclosure and board diversity.

 

He declined to say how many companies would be downgraded. Analysts expect about 30% of the nearly 2,200 listed companies could be forced from the first section.

 

Many investors think the exchange could set higher standards, a point Yamaji acknowledges.

 

"We don't think (the current criteria) is our final goal," he said. "The corporate governance code will be reviewed every three years. So that might be a good time to re-evaluate our criteria too."

 

He also expects more Asian companies to list in Tokyo after the debut this year of Appier (4180.T), an AI technology firm founded in Taiwan, and Omni Plus System (7699.T), a Singapore plastics manufacturer.

 

Japan's political stability, predictable regulatory environment and vast household savings make Tokyo an attractive place for fundraising for Asian firms, he said, adding the bourse was doing more marketing in places such as Hong Kong and Singapore.

 

"More Asian companies are starting to think of Japanese markets as an option for IPO," he said.

 

The Thomson Reuters Trust Principles.

 

 

Growth in China's June services activity falls to 14-month low - Caixin PMI

(Reuters) - Growth in China's services sector slowed sharply in June to a 14-month low, weighed down by a resurgence of COVID-19 cases in southern China, a private survey showed on Monday, adding to concerns the world's second-largest economy may be starting to lose some momentum.

 

The Caixin/Markit services Purchasing Managers' Index (PMI) fell to 50.3 in June, the lowest since April 2020 and down significantly from 55.1 in May. It held just above the 50-mark, which separates growth from contraction on a monthly basis.

 

China's official services gauge had also shown a marked slowdown in June, though it remained well in expansion territory. The private survey is believed to focus more on smaller companies.

 

Coupled with a slowdown in the manufacturing sector, analysts say the PMI survey findings suggest that pent-up COVID demand may have peaked and China's robust economic rebound from the crisis is starting to moderate.

 

Though slower to recover from the pandemic than manufacturing, a gradual improvement in consumption in recent months had boosted China's services sector.

 

However, a COVID-19 outbreak of the more infectious Delta strain in the export and manufacturing hub of Guangdong since late May and the subsequent imposition of anti-virus measures have weighed on consumer and business activity.

 

While the government reacted quickly to contain the new wave of cases, and economic disruptions are easing, the private survey showed services providers' business outlook for the year ahead slipped to the lowest in nine months.

 

A sub-index of new business stood at 50.5, also the lowest since April 2020 when the services sector was still mired in COVID paralysis. Firms also cut staff in June for the first time in four months, as a result of slowing demand.

 

One bright spot in the survey was a marked easing in inflationary pressures, which have squeezed profit margins. Input costs rose at the slowest pace since September 2020, and services firms cut their prices charged for the first time in 11 months to win new business.

 

Caixin's June composite PMI, which includes both manufacturing and services activity, fell to a 14-month low of 50.6 from May's 53.8.

 

"The manufacturing industry has returned to normal in the wake of the epidemic, while the services industry is still sensitive to regional resurgences," said Wang Zhe, Senior Economist at Caixin Insight Group.

 

"In addition, the low base effect from last year will continue to weaken in the second half of this year. Inflationary pressure, intertwined with the economic slowdown, will still be a serious challenge."

 

The Thomson Reuters Trust Principles.

 

 

Japan's service sector activity contracts for 17th month as pick-up stalls

(Reuters) - Japan's services sector activity shrank for the 17th straight month in June as the coronavirus dampened demand at home and abroad, underscoring sluggish momentum for the world's third-largest economy.

 

The decline in the services industry kept overall private-sector activity in contraction for a second month, in a sign the country's economic recovery struggles to pick up despite making progress with a coronavirus vaccine rollout.

 

The final au Jibun Bank Japan Services Purchasing Managers' Index (PMI) was at a seasonally adjusted 48.0, up from the prior month's final level of 46.5 and a 47.2 flash reading.

 

It meant services activity came in below the 50.0 threshold that separates contraction from expansion for a 17th month, the longest such streak since a 27-month run through March 2010.

 

The PMI survey showed firms saw a slower contraction in new business, including from overseas, and grew increasingly bullish about expectations for the year ahead.

 

Outstanding business, however, saw a slightly faster rate of decline, suggesting many firms in the services sector are still feeling the pain from the health crisis despite their optimism conditions would improve over the year ahead.

 

"Businesses in the Japanese service sector reported that activity remained subdued as the country continued to battle the latest wave of COVID-19 infections," said Usamah Bhatti, economist at IHS Markit, which compiles the survey.

 

"Firms continued to build capacity in anticipation of increasing demand, though the pace of job creation eased to a four-month low."

 

Sectors covered in the survey include transport, real estate, communication, information, business services and consumer, excluding retail.

 

The final au Jibun Bank Flash Japan Composite PMI, which is calculated using both manufacturing and services, was 48.9 in June, the second straight month of a contractionary reading.

 

The Thomson Reuters Trust Principles.

 

 

Daimler, Volvo and Traton plan $600 million truck-charging JV

(Reuters) - Three major European truck manufacturers - Daimler Trucks (DAIGn.DE), AB Volvo (VOLVb.ST) and Traton (8TRA.DE) - said on Monday they plan to form a joint venture to develop an electric battery-charging network for long-haul trucks and buses.

 

Charging infrastructure expansion has been a central hurdle to the mass adoption of battery-powered vehicles.

 

The three companies, which are normally competitors, will invest 500 million euros ($593.20 million) in the venture that they will own equally and that will start operations in 2022.

 

The aim is to install and operate at least 1,700 charging points within five years.

 

The joint company will be based in Amsterdam and will over time seek further partners and public funding.

 

($1 = 0.8429 euros)

 

The Thomson Reuters Trust Principles.

 

 

Nigeria: Covid-19 Third Wave - Nigeria's Economic Recovery Hangs

The International Monetary Fund (IMF) has expressed concern on some issues that, it says, may significantly affect the pace of Nigeria's economic recovery if measures are not taken.

 

This is coming on the heels of fears of possible outbreak of the third wave of the COVID-19 pandemic.

 

The IMF made the statement in a recently published report titled 'Sub-Saharan Africa: We Need to Act Now'.

 

According to the report, the level of increase in infections in the third wave of the disease in Sub-Saharan Africa (SSA) is faster than anywhere else in the world.

 

Analysts at Afrinvest have said the report was not surprising given that vaccine rollout in SSA is estimated to be less than 5 percent of the total population according to data from the World Bank.

 

Precisely, less than one adult in every 100 is fully vaccinated in SSA compared to an average of over 30 in every 100 in more advanced economies.

Interestingly, Nigeria has the largest population in SSA (c.208m) and its vaccination story is not in any way better than other SSA countries whose vaccination data were analyzed by the IMF.

 

For instance, data obtained from Thomas Reuters global COVID-19 vaccination tracking portal as of June 29, 2021 shows that Nigeria has administered 3.4 million doses of vaccine.

 

Given that each person requires two doses of the vaccine to be fully immunised against the pandemic, it is safe to estimate that only 1.7m Nigerians have received the two doses required for full vaccination as of the end of June 2021.

 

This number represents a paltry 0.8% of Nigeria's estimated current population of 208m. This is worrisome given the quick spread of the new Delta variant (now in 96 countries) which was first discovered in India earlier in May 2021.

Even though Nigeria's total confirmed cases during the first and second wave of the pandemic in 2020 settled below 140,000, yet, the minimum estimated economic loss arising from the disruption stood at N3 trillion, with Gross Domestic Product (GDP) contracting by 1.9% in 2020.

 

Although the federal government has already announced some strict measures that would see passengers from India, Turkey, Brazil and South Africa either barred from entering the country (non-Nigerians) or subjected to a compulsory 14-day quarantine (Nigerians), yet, the analysts are of the view that these measures may not be sufficient to prevent the entry of the Delta variant into Nigeria, given the porous borders and reported cases of compromise from some Nigerian officials at the airports.

 

The World Bank excluded Nigeria from the list of 51 Low Income Countries (LIC) it would be assisting with a fresh $4.4bn for the purchase and deployment of vaccines in the coming weeks, and the FG's balance sheet remains weak to support state-funded mass vaccination.

Despite the IMF making a case for other multilateral organisations and Advanced Economies (AEs) to support SSA countries in vaccinating about 30% of their population (through support with funds or giving out vaccine from their stockpile) in 2021, The Analyst suspect that Nigeria may not benefit significantly from this arrangement given that the new Delta variant has peaked in South Africa (83%), Zambia (92%), Tunisia (98%) and Namibia (100%).

 

Besides, the IMF also reported that much of the global supply of vaccines for 2021 has already been bought up by AEs. Hence, this leaves Nigeria with no other option than to be aggressive in preventing the Delta variant from entering the country.

 

The analysts estimated that adopting strict measures such as banning flights from red zones and limiting social activities may cause Nigeria's economic recovery in H2:2021 to drag by about 0.5%.

 

They said: "The cost of allowing a third wave of the pandemic may take the country back into a recession in the coming quarters if taken for granted."-Daily Trust.

 

 

Nigeria: NIMASA to Bar Ships With Old Permits

The Nigerian Maritime Administration and Safety Agency (NIMASA) will soon bar ships with old permits from operating in the country's waters.

 

In a statement on Sunday, the agency said it has commenced the issuance of new certificates of ship registration to ship-owners while phasing out old permits.

 

The Director General of the agency, Dr. Bashir Jamoh, is restructuring the Nigerian Ship Registration Office to serve shipper owners more efficiently and effectively.

 

"The DG is determined to grow our national fleet and tonnage to an enviable height," it stated.

 

"We are committed to ensuring that our Ship Registry remains of International Standard and this is why we have enhanced our certificates with more security features that would stand the test of time. The all-encompassing process of issuance will ensure robust screening of vessels that would visit our waters," Jamoh said in the statement.

 

The agency also said all existing certificates issued by the Registrar of Ships before the commencement of the new regulation remain valid and should be carried on board vessels until their expiration. But vessel owners or Masters may apply for the reissuance of their existing certificates.-Daily Trust.

 

 

Nigeria Can Build an Army of Non-Oil Exporters, Says Awolowo

The Chief Executive Officer of the Nigerian Export Promotion Council (NEPC), Mr. Segun Awolowo, has expressed confidence that through a deliberate synergy between the public and private sector, Nigeria can build an army of non-oil exporters.

 

Awolowo disclosed this recently when he hosted the Managing Director of the Nigerian Sovereign Investment Authority (NSIA), Mr. Uche Orji, who visited the Export House .

 

The NEPC boss alongside his management team, briefed the delegation on the strategic importance of collaboration and activities under the Export Expansion Facility Programme (EEFP).

According to a statement issued yesterday by Awolowo, the NSIA delegation was thoroughly impressed with the critical partnerships and initiatives that NEPC continues to innovate and promote, particularly the Zero Oil Plan.

 

"I was glad to host the MD of the Nigerian Sovereign Investment Authority, Mr. Uche Orji accompanied by Mr. Titi Olubiyi at the Export House .

 

"Along with my Management team, I briefed the delegation on the strategic importance of our collaboration and activities under the Export Expansion Facility Programme @eefpgov.

 

"The NSIA delegation was thoroughly impressed with the critical partnerships and initiatives that NEPC continues to innovate and promote, particularly the Zero Oil Plan.

 

"Together we brainstormed numerous ways to bring about a Nigerian non-oil export centric collaboration between the Nigerian Sovereign Investment Authority and the Nigerian Export Promotion Council. Discussions centered on : The establishment of Domestic Export Warehouses (DEW), the establishment of Export Trading Company (ETC).

 

"This collaboration will no doubt have a potential ripple effect on not just Nigerian non-oil export quality development but significant improvements in local production quality, export scale growth and drive; ultimately earning Nigeria the much needed foreign exchange revenue."-This Day.

 

 

Nigeria: AKK Gas Project - Kano Signs Pact With GACN, NNPC

The Kano State Government has signed a Memorandum of Understanding (MOU) with the Gas Aggregation Company of Nigeria (GACN) and the Nigerian National Petroleum Corporation (NNPC) on the Ajaokuta-Kaduna-Kano (AKK) natural gas pipeline project.

 

The 614 kilometre natural gas pipeline project is estimated to cost $2.8 billion in the phase one of the Trans-Nigeria Gas Pipeline (TNGP) project.

 

Before the pact signing, GACN as part of its sensitization for the upcoming Gas Opportunity Forum in Kano on July 29 held two engagements with the National Association of Road Transport Owners (NARTO), National Union of Road Transport Workers (NURTW) and the Manufacturers Association of Nigeria (MAN).

At the pact signing, the Group Managing Director of NNPC, Mele Kyari, represented by Chief Operating Officer, Gas & Power, Engr. Yusuf Usman said the establishment of the AKK committee in Kano and the creation of a new gas industrial park at Tamburawa by the state government made NNPC to see Kano as very keen on the project.

 

Kano state governor Abdullahi Umar Ganduje, represented by his deputy, Nasir Gawuna, said with the establishment of the gas industrial park, foreigners have started approaching the state government with investment proposals.

 

MD of GACN, Olalekan Ogunleye, said one of the initiatives under the gas project is the autogas, which is to convert vehicles to gas and engaging with NARTO and NURTW is one of the steps to achieve this.

 

He said 30 percent of the operational cost of vehicles could be cut when vehicles are converted to autogas.

 

Chairman of the Kano AKK Committee, Engr. Muazu Magaji, said the designation of Tamburawa as a gas industrial park by the state government will come in handy when the AKK project finally kicks off.-Daily Trust.

 

 

 

 

 

 

 

 

 


 


 


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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