Major International Business Headlines Brief::: 08 July 2021

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Major International Business Headlines Brief::: 08 July 2021

 


 

 


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ü  Gates Foundation agrees break-up back-up plan

ü  Chinese ride-hailing firm Didi sued in US as shares slide

ü  Didi shares plunge amid China tech crackdown

ü  Trump sues Twitter, Google and Facebook alleging 'censorship'

ü  Ever Given: Ship that blocked Suez Canal sets sail after deal signed

ü  Newport Wafer Fab: Chip plant's purchase by Chinese company reviewed

ü  House prices set to continue rising as supply shrinks

ü  Warnings of staff shortages due to self-isolation

ü  Some firms to insist customers and staff still wear face masks

ü  Europe's SoftBank Prosus plays long game to shrink value gap

ü  EXCLUSIVE LinkDoc becomes first Chinese firm to shelve U.S. IPO after
Beijing's crackdown

ü  Deliveroo reports 88% jump in orders, tempers margin forecast

ü  Analysis: Reflation rethink sends bond markets into a spin

ü  BlackRock raises $250 mln for emerging markets-focused climate fund

ü  West Africa: ECOWAS Parliament Lists Dangers of Cryptocurrencies,
Cautions Against Use

ü  Nigeria: FEC Approves N86.5 Billion Road Projects in Lagos, Rivers

ü  Malawi: Employer's Consultative Association of Malawi Supports Deduction
of Wages of Workers On Strike

ü  Malawi: Multichoice Malawi Changes Customer Care Line to Just Three
Digits 527

 

 

 

 

 

 

 

 


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Gates Foundation agrees break-up back-up plan

The Gates Foundation has outlined back-up plans in case its co-chairs cannot
work together in the wake of their divorce.

 

The deal gives Bill and Melinda Gates a two-year trial, after which Ms Gates
could resign from the organisation.

 

Under the agreement, Ms Gates would also receive "personal resources" from
her ex-husband for her own charity work.

 

Ms Gates said she was "deeply proud" of what the organisation has achieved.

 

In a statement, she added: "I believe deeply in the foundation's mission and
remain fully committed as co-chair to its work."

 

The agreement comes after question marks were raised over the future of the
organisation when the couple announced they were divorcing after 27 years of
marriage in May.

 

The billionaires run the charitable foundation, which has worked on
initiatives such as fighting infectious diseases and encouraging
vaccinations for children.

 

Ms Gates will remain as a trustee during the "trial period", although it was
announced in a blog post on Wednesday that the foundation will recruit new
trustees to oversee its work.

 

Its chief executive Mark Suzman said the successful candidates will be
announced in January next year.

 

He added that any funds received by Ms Gates in the event of her resignation
would be "completely separate from the foundation's endowment, which would
not be affected".

 

The announcement also follows on from billionaire investor Warren Buffett's
recent decision to step back from the foundation's board.

 

He previously said his "physical participation is in no way needed" for the
foundation to achieve its goals.

 

Mr Buffett is a co-founder of the Giving Pledge, along with Bill and Melinda
Gates, which is a campaign that encourages billionaire philanthropy.

 

In a note to Gates Foundation staff on Tuesday, it was announced that the
couple would be donating another $15bn (£10.9bn) of their personal wealth to
the foundation.

 

Both Mr and Ms Gates do, however, have other charitable funds, focused on
women's causes and green energy respectively.—BBC

 

 

Chinese ride-hailing firm Didi sued in US as shares slide

Chinese ride-hailing giant Didi Global is being sued by US shareholders
after a crackdown by Beijing triggered a slump in its share price.

 

The two lawsuits come a week after Didi's New York Stock Exchange debut.

 

The company's US market value has fallen by more than 20% since a Chinese
regulator told online stores to pull the app.

 

Beijing's cybersecurity watchdog says the app illegally collected users'
personal data.

 

The lawsuits, which were filed in federal court in New York and Los Angeles
on Tuesday, say Didi failed to disclose ongoing talks it was having with
Chinese authorities about its compliance with cybersecurity laws and
regulations.

 

The complaints named Didi's chief Executive officer Will Wei Cheng and
several other executives and directors. The lead underwriters for the
company's share sale - Goldman Sachs, Morgan Stanley and JPMorgan Chase -
were also named as defendants.

 

 

 

Didi shares plunge amid China tech crackdown

China's Cyberspace Administration of China (CAC) announced on 2 July that it
had begun to investigate Didi which had launched its US IPO days earlier.

 

Two days later it ordered smartphone app stores to remove the company's app
from their platforms.

 

Didi has said it will "strive to rectify any problems", in a response on
Monday.

 

The firm, which saw its market value fall by around $15bn (£10.9bn) on
Tuesday alone, had the second-biggest ever US initial public offering (IPO)
for a Chinese company, as it raised $4.4bn.

 

According to Bloomberg, which cited people familiar with the matter, Chinese
regulators asked Didi to delay its share sale due to cybersecurity concerns
as long as three months ago.

 

In Didi's prospectus, which was made available ahead of the IPO, the firm
warned potential investors that their ability to protect their "rights
through US courts may be limited, because we are incorporated under Cayman
Islands law."

 

The document also mentioned some of the regulatory risks to its operations,
but gave no indication that the CAC would start investigating the firm and
ban it from accepting new users.

 

Founded in 2012, Didi is particularly popular in China's cities. On average,
more than 20 million rides are arranged in the country through the app every
day.

 

Didi, Goldman, Morgan Stanley and JPMorgan did not immediately respond to a
request for comment from the BBC.

 

Who else is Beijing investigating?

Also this week, Beijing said it would step up supervision of Chinese firms
listed off-shore.

 

It set out new guidelines saying that watchdogs must improve cross-border
co-operation over audits, and update rules "on data security, cross-border
data flow and other confidential information management."

 

Shares in Chinese parent companies listed in the US such as truck-hailing
firm Full Truck Alliance (FTA) and job-seeking platform, Kanzhun, tumbled
after the announcement.

 

The update follows regulatory crackdowns by China on a number of tech firms,
from Alibaba to food delivery service Meituan.

 

On Monday, the CAC also said that it plans to investigate FTA. Like Didi,
FTA recently made its debut on the New York Stock Exchange, raising $1.6bn
(£1.1bn).--BBC

 

 

 

Trump sues Twitter, Google and Facebook alleging 'censorship'

Former US president Donald Trump has filed a lawsuit against tech giants
Google, Twitter and Facebook, claiming that he is the victim of censorship.

 

The class action lawsuit also targets the three companies' CEOs.

 

Mr Trump was suspended from his social accounts in January over public
safety concerns in the wake of the Capitol riots, led by his supporters.

 

On Wednesday, Mr Trump called the lawsuit "a very beautiful development for
our freedom of speech".

 

In a news conference from his golf resort in Bedminster, New Jersey, Mr
Trump railed against social media companies and Democrats, who he accused of
espousing misinformation.

 

"We are demanding an end to the shadow-banning, a stop to the silencing, and
a stop to the blacklisting, banishing, and cancelling that you know so
well," he said.

 

The suit requests a court order to end alleged censorship. Mr Trump added if
they could ban a president, "they can do it to anyone".

 

None of the tech companies named have yet responded to the lawsuit, which
was filed to a federal court in Florida.

 

Mr Trump was joined at the announcement by former Trump officials who have
since created the not-for-profit America First Policy Institute.

 

The former president called the post that got him banned from Twitter, "the
most loving sentence".

 

According to Twitter, the tweets that resulted in Mr Trump's ban for
"glorification of violence" were from 8 January, two days after the rioting
in the nation's capital. The riot followed his repeated claims, without
evidence, that the election was rigged in Joe Biden's favour.

 

He wrote that the "great patriots" who voted for him will have "a giant
voice" and "will not be disrespected or treated unfairly in any way, shape
or form", and in another post said he would not attend President Joe Biden's
inauguration.

 

At the same time on Wednesday, Mr Trump's Republican allies in Congress
released a memo describing their plan "to take on Big Tech".

 

The agenda calls for antitrust measures to "break up" the companies, and a
revamping of a law known as Section 230.

 

Section 230, which Mr Trump tried to repeal as president, essentially stops
companies like Facebook and Twitter from being liable for the things that
users post. It gives the companies "platform" rather than "publisher"
status.

 

"It's a liability protection the likes of which nobody in the history of our
country has ever received," Mr Trump said, criticising the law on Wednesday.

 

He added that the law invalidates the companies' statuses as private
companies.

 

The lawsuit has been criticised by legal experts, who pointed to Mr Trump's
habit of issuing lawsuits for media attention but not aggressively defending
the claims in court. His argument of free speech infringement has also been
questioned by analysts, as the companies he accuses have those same First
Amendment protections in determining content on their sites.

 

Donald Trump's muzzling on social media has been extremely effective.

 

His megaphone removed, Trump has struggled to be heard at times.

 

His plans for his own social media platform have so far come to nothing.

 

This lawsuit illustrates, if it were needed, just how important the big
social media companies are to him.

 

A key strategy of Trumpism is being able to speak directly to voters -
bypassing traditional media.

 

Facebook proved particularly important to Trump - giving him access to
millions of Americans at the click of a button.

 

Experts believe the lawsuits are unlikely to succeed.

 

Mr Trump will argue that his First Amendment rights have been violated. But
tech companies will say that, as private companies, they have the right to
decide who uses their platform - an argument that is likely to succeed.

 

House Republicans, too, want to introduce legislation that will "break up"
Big Tech. However, without a majority in either house they will struggle to
do so.

 

Trump desperately wants to get back into your newsfeed, but that may not be
likely to happen anytime soon.-BBC

 

 

 

Ever Given: Ship that blocked Suez Canal sets sail after deal signed

A huge container ship that blocked the Suez Canal in March - disrupting
global trade - is finally leaving the waterway after Egypt signed a
compensation deal with its owners and insurers.

 

The Ever Given weighed anchor shortly after 11:30 local time (09:30 GMT) and
headed north towards the Mediterranean escorted by tugs.

 

The ship has been impounded for three months near the canal city of
Ismailia.

 

Terms of the deal were not disclosed but Egypt had demanded $550m (£397m).

 

As it got under way, Egyptian TV showed footage of the captain and a crew
member being presented with flowers and a plaque on board the ship.

 

'I was blamed for blocking the Suez Canal'

How was the Suez Canal ship freed?

The 193km (120-mile) Suez Canal connects the Mediterranean Sea at the
canal's northern end to the Red Sea in the south and provides the shortest
sea link between Asia and Europe.

 

But the vital waterway was blocked when the 400m-long (1,312ft) Ever Given
became wedged across it after running aground amid high winds. Global trade
was disrupted as hundreds of ships were stuck in the traffic jam.

 

The container ship was refloated following a six-day salvage operation that
involved a flotilla of tug boats and dredging vessels. One person was killed
during the operation.

 

Since then, the Suez Canal Authority (SCA) has been seeking compensation
from the Ever Given's Japanese owner Shoei Kisen for the cost of the salvage
operation, damage to the canal's banks and other losses.

 

The SCA initially asked for $916m compensation, including $300m for a
salvage bonus and $300m for loss of reputation. But UK Club - which insured
Shoei Kisen for third-party liabilities - rejected the claim, describing it
as "extraordinarily large" and "largely unsupported".

 

The SCA later lowered its demand to $550m. The final settlement, which has
not been revealed, was agreed a few days ago and signed on Wednesday to
coincide with the ship's release.

 

Journalists were taken on a tugboat to film the Ever Given finally resuming
its voyage along the Suez Canal. As we watched the giant vessel sail past,
everybody felt relieved. After more than three months, the story was coming
to an end.

 

I remembered the scene back in March, when the ship was wedged across the
waterway, bringing navigation to a stand-still for six days and disrupting
global trade. Those days were quite tense and full of uncertainty. On
Wednesday, the atmosphere was one of cheerfulness.

 

However, so far no-one knows what caused this whole saga. Investigations
were carried out, but the findings have not been announced. At a news
conference, Suez Canal Authority chairman Osama Rabie said the ship was the
sole responsibility of its master.

 

The details of the financial settlement between the SCA and the ship's
owners and insurers have also not been revealed. Mr Rabie refused to even
give a rough estimate of how much of a compensation the SCA received.

 

SCA head Osama Rabie told a news conference that the authority would not
change its rules about the passage of ships in bad weather. However, he said
the grounding had accelerated plans for the canal's expansion.

 

The UK Club paid tribute to "the work and expertise of the SCA and others
whose professionalism and dedication resulted in the ship being refloated".

 

"Over the last three months we, along with the ship's owners and other
interests, have worked closely with the SCA's negotiations team to achieve
today's results," a statement said.

 

Yukito Higaki of Imabari shipbuilding, of which Shoei Kisen is a subsidiary,
said the company would continue to be "a regular and loyal customer" of the
Suez Canal Authority.

 

The vessel, with an Indian crew, is still loaded with about 18,300
containers. It is due to undergo an inspection by divers at Port Said before
sailing to Rotterdam in the Netherlands and then to the UK port of
Felixstowe where it will offload its containers, the Wall Street Journal
reported.-BBC

 

 

 

Newport Wafer Fab: Chip plant's purchase by Chinese company reviewed

The prime minister's national security adviser is examining the purchase of
the UK's largest computer chip plant by a Chinese-backed company.

 

Boris Johnson said he had asked Sir Stephen Lovegrove to look at Nexperia's
takeover of Newport Wafer Fab.

 

The prime minister told MPs: "We are looking into it. I have asked the
national security adviser to review."

 

He said Welsh ministers had asked UK ministers to deal with the issue but
the Welsh government has denied this.

 

The company, which makes wafers of semiconductors at its plant in Duffryn,
Newport, employs 450 people and is the UK's largest chip plant.

 

How the semiconductor shortage is hitting Playstation and Xbox

Can Europe supercharge semiconductor production?

Nexperia is a Chinese owned company with headquarters in the Netherlands,
and already has a site in Manchester.

 

Mr Johnson told Westminster's Liaison Committee on Wednesday: "We have to
judge whether the stuff that they are making is of real intellectual
property value and interest to China, whether there are real security
implications.

 

"I have asked the national security adviser to look at it."

 

A Welsh government spokesman said: "The Welsh government has not made a
request to the UK government to review the takeover of Newport Wafer Fab."

 

Dr Drew Nelson, Newport Wafer Fab's outgoing chairman has said the deal for
the Wafer Fab site helped secure its future, and semiconductor production in
Wales.-BBC

 

 

House prices set to continue rising as supply shrinks

A lack of available properties is helping to push up house prices, surveyors
say.

 

As a result, a majority of Royal Institution of Chartered Surveyors (RICS)
members think prices will continue to rise over the next year.

 

The shrinking supply meant the number of new properties coming to the market
fell by a third in June.

 

But with no let-up in demand, all parts of the UK continued to report robust
increases in house prices, RICS said.

 

"Respondents are pretty unanimous in once again highlighting the challenge
around supply, whether in the sales or rental markets," said Simon
Rubinsohn, RICS chief economist.

 

With demand increasing and supply continuing to falter, a net balance of 83%
of surveyors reported an increase.

 

Looking ahead, a net balance of 56% anticipated that prices will continue to
increase over the next twelve months.

 

Tenant demand

Demand from tenants rose in June, boosting the rental market and pushing up
rent costs.

 

A net balance of 60% of surveyors noted a rise in demand, up from 48% in
May.

 

But a shortfall in new landlord instructions intensified with a net balance
of -32% of surveyors reporting a decline in supply.

 

Surveyors predicted rental growth would grow slightly as a result,
suggesting a 3% rise over the coming twelve months, including in London,
where the rental market has bounced back since a RICS assessment earlier in
the year.

 

Sharp rises

There were notable sharp house rises in Yorkshire & the Humber, Northern
Ireland and Wales, according to surveyors.

 

Ben Hudson, York surveyor reported: "The busiest sales month on record with
the push towards the end of June stamp duty deadline."

 

In Haverfordwest in Wales, Paul Lucas said: "The sales market is currently
extremely buoyant with buyers moving to Pembrokeshire from both England and
many parts of Wales."

 

But London is presenting a different picture, said Allan Fuller, Putney
surveyor. "New buyer enquiries have reduced except for larger houses where
demand remains strong, as opposed to flats," he said.

 

Mr Rubinsohn said the government needed to continue to help increase the
supply of new homes.

 

"While the role of the credit channel and the extended period of ultra-low
interest rates can't be ignored, it is critical the government is able to
create the conditions to support higher levels of new build development to
address the worsening affordability challenge," he said.

 

But he added homes are "needed across all tenures", including social and
private rent alongside home ownership.-BBC

 

 

 

Warnings of staff shortages due to self-isolation

A decision not to ease rules on self-isolation until 16 August could lead to
severe staff shortages this summer, industry groups have warned.

 

>From next month, double-jabbed people in England will not have to isolate if
a close contact tests positive.

 

But with cases rising and most Covid rules set to end on 19 July, there are
fears millions of people will still have to take time off work this summer.

 

UK Hospitality said self-isolation was already causing "carnage" to firms.

 

At the moment, close contacts of people who test positive for Covid have to
isolate for up to 10 days.

 

But UK Hospitality boss Kate Nicholls said testing could replace isolation
for people who've been in contact with a Covid patient.

 

"We understand the need for caution and effective transmission control," she
wrote on Twitter.

 

"What we are asking for is pragmatic adjustment to avoid disadvantaging
young workers - test to release as per international travel will reduce
disruption without reducing protection."

 

The Orchard Tea Gardens in Grantchester near Cambridge had to close this
week after several staff were contacted by the NHS Test and Trace app.

 

Owner Charles Bunker said sales were already down 30% this summer, while
ingredient prices and staff wages had risen sharply. The cafe now faced a
"perfect storm" due to the impact of test and trace.

 

"The reality is that most of these people aren't ill, they've just been in
contact with someone who has and have had to self isolate," he told BBC
Radio 5 Live's Wake up to Money.

 

"We need a system now whereby people can test, and immediately they are
found not to have Covid they can come back to work.

 

"16 August will be two thirds of the way through our summer and the
hospitality is dependent on having a good summer."

 

What are your rights if asked to self isolate?

Currently, if you are required to self isolate your employer cannot force
you to come into work, says Emma Bartlett, an employment lawyer at CM
Murray.

 

Doing so would not only breach your rights but those of your fellow workers
in terms of health and safety.

 

As you isolate you may be entitled to Statutory Sick Pay, which is worth
£96.35 a week, or more if your employer has a sick pay scheme.

 

A £500 grant is also available in England to people on low incomes who have
to self-isolate. This includes parents who can't work because their child
has to self-isolate.

 

Presentational grey line

'Balance'

On Tuesday, Health Secretary Sajid Javid said he expected cases to "rise
significantly" as restrictions were eased and that they could go as high as
100,00 per day.

 

According to BBC analysis, more than 4.5 million people could still be asked
to self-isolate between now and 16 August.

 

But Business Secretary Kwasi Kwarteng insisted the government had to strike
a balance between reopening the economy and curbing the spread of Covid-19.

 

"On the one hand we're being told that the restrictions are too onerous, and
on the other we're being told that we're being too loose in terms of lifting
those restrictions. And that's the balance, that's the nature of political
judgment," he told Sky News.

 

Cumbrian climbing centre The Wall only has three staff and if they all had
to isolate at the same time the business would have to shut, manager Joe
Holden said.

 

All staff are under 25 and none have had the jab, he added.

 

"It's hard enough to get enough people through the door, let alone keeping
up with the rules changing every few weeks," he told the BBC.

 

"We'll have to take on more staff as a contingency option [in case we're
forced to isolate] but training more people increases the workload and costs
for us."

 

Another sector potentially at risk from a rise in self-isolation is beauty.
Most businesses in the sector are small and only employ a few staff. They
also rely heavily on younger workers.

 

Lesley Blair, boss of industry group Babtac, said self-isolation was
"incredibly disruptive" and urged the government to give staff in the
industry priority for second vaccinations ahead of 16 August.

 

"Alternatively ideally rules could be changed, subject to certain
conditions, such as daily tests being done, to allow businesses to stay open
and staff to work provided they tested negative each day."

 

However, Amanda Falls, owner of KH Hair Group in the East Midlands, said she
"welcomed" the easing of self-isolation rules from August.

 

Out of 26 staff across her two salons, 20 have been double jabbed and those
that have not are under 20 years old. One fully vaccinated staff member had
to self-isolate recently costing her about £2,000 in lost income.

 

"Businesses can't continue like this - if I got tracked and traced I'd be
fuming because I'm double jabbed," she said.-BBC

 

 

 

Some firms to insist customers and staff still wear face masks

Wearing face masks will become a matter of "personal choice" with the end of
restrictions in England on 19 July, Prime Minister Boris Johnson says. But
it seems that companies and individuals intend to interpret the change
differently.

 

While, for example, some airlines have confirmed face masks will still be
compulsory after 19 July, shops, pubs and hairdressers are altering
policies.

 

The World Health Organization still advises masks should remain mandatory on
public transport, in shops and in crowded places. So, a day after the
government's announcement, what are the intentions?

 

Ryanair says masks will be mandatory, regardless of the departing
destination. A spokesperson adds that this is in keeping with current
guidance from the European Union Aviation Safety Agency and the European
Centre for Disease Prevention and Control.

 

British Airways says it sees no reason yet to change its existing rules,
requiring staff and customers to wear masks, but says that it keeps its
policies under constant review.

 

EasyJet and Virgin have also told customers that, for the time being at
least, passengers should continue to wear them.

 

Passengers flying with Jet2 will not be allowed to board their flight
without a face mask, unless they have previously given a reason for not
wearing one.

 

Transport Secretary Grant Shapps has said he is "very relaxed" if transport
operators want to make mask-wearing a condition of carriage, as urged by
London Mayor Sadiq Khan.

 

He said he thought operators should do what was right in given
circumstances, adding that he would support individual transport
organisations if they wanted to mandate the use of masks.

 

The most important thing, he said, was "to reassure people that it is safe
to travel, which it is, as it happens".

 

He added that on a crowded Underground train, it might feel right to be
wearing a face covering for the next period, but on an empty line during day
or night, it might be pointless.

 

Industry body the Rail Delivery Group, which represents train companies,
says that travelling by train is "low-risk" and "any decision to leave
public transport behind other parts of the economy would need to be based on
the science".

 

It says trains are "well ventilated with air regularly refreshed either by
air-conditioning systems, or by doors and windows being opened".

 

The group adds, though, that wearing a mask can help protect other rail
users.

 

However, the Unite union has said that dropping mask-wearing on public
transport would be "gross negligence".

 

Unite's national officer for passenger transport, Bobby Morton, pointed to
the number of deaths from Covid among bus drivers.

 

"Rates of infection are continuing to increase and not only does mask
wearing reduce transmissions, it helps provide reassurance to drivers and to
passengers who are nervous about using public transport."

 

Clive Watson, chief executive of the City Pub Group, which has 45 pubs
across the south of England and Wales, says masks will be encouraged after
19 July and as much table service as possible will continue.

 

"We don't want a free-for-all scrum at the bar, loads of people queuing up,"
he says.

 

Staff will also be encouraged to continue to wear masks and Mr Watson says
he wants to maintain half of all orders coming through their app.

 

However, Chris Jowsey, chief executive of Admiral Taverns, which has 1,000
pubs, says the lifting of all restrictions is "long overdue". He adds that
19 July will "be critical for the future of our industry, supporting
community hubs across the UK and allowing businesses to operate as normal
once again".

 

Andrew Barker, a pub landlord in north Lancashire, says he expects
hospitality businesses to remain cautious once restrictions are eased.

 

Mr Barker - who runs several pubs in Lancaster - is appealing to customers
to be sensible, telling the BBC: "It will be customer choice, but I don't
see how anyone could enforce it if they want to stay in business without
masks being mandatory."

 

Shop workers union Usdaw has urged the government not to lift Covid safety
measures in shops.

 

"Retail staff are working with the public every day and are deeply worried
about catching Covid-19,"says Paddy Lillis, Usdaw general secretary.

 

"This is not the right time to water down safety in stores and the
government should not be removing the requirements for face coverings and
distancing in busy public areas like shops."

 

But Sainsbury's boss Simon Roberts says mask wearing in stores would be a
matter of "personal choice" after 19 July. And the Westfield shopping centre
group said it would "encourage" customers to wear masks.

 

Restaurant chain Nando's says it is too early to announce what its position
would be, adding it was waiting for "full guidance next week before we can
finalise our position".

 

Lesley Blair, chair of the British Association of Beauty Therapy and
Cosmetology (BABTAC), a membership organisation and insurance provider for
professionals working in the industry, agrees that mask wearing should
continue after 19 July in England. Ms Blair says that the organisation will
encourage members to consider the the evidence as part of their risk
assessments and continue to wear them "especially when working in the
breathing zone".

 

Among smaller businesses, Joe Hemmings, who owns two hairdressers in
Bristol, says he'll be taking a staged approach to mask wearing: "To go from
all of the PPE to nothing overnight is too radical for the sheer fact of
peoples' anxiety and the need for precaution."

 

Eight of his 17 staff are aged about 30 and won't have had their second jab
by 19 July. "We need to make sure we can do everything we can to protect the
team," he says.

 

If customers refuse to wear a mask, Mr Hemmings says "it's a tricky one" but
he'll "have to honour" their decision. "We'd like to think it is everyone's
best interest for us all to wear them inside," he adds.

 

The cost of shutting down the salons for one day due to a case would be at
least £3,000 so he plans to phase out masks over a three-month period
depending on local case numbers in Bristol.

 

Sarah Laker, who owns Stationery Supplies in Cheshire, says she won't ask
customers to wear masks because she feels it has "really affected" her trade
and having to ask customers to wear them has resulted in some incidents
where they have become abusive.

 

"Customers aren't comfortable in them so they either visit the shop and
don't browse, or shop online instead," she told the BBC.

 

 

 

Europe's SoftBank Prosus plays long game to shrink value gap

(Reuters) - Prosus, Europe's answer to SoftBank and its Vision Fund, is
betting that its long-term investments can fill a yawning valuation gap and
give it the same name recognition as one of the world's most aggressive
technology investors.

 

Based in the Netherlands, Prosus was spun out of South Africa's Naspers in
2019 with a mandate to manage the spoils of a $32 million bet on China's
Tencent, now worth $200 billion, on a 30-year investment horizon.

 

Japanese giant SoftBank's own firepower is backstopped by its stake in
Alibaba, which has its origins in CEO Masayoshi Son's $20 million investment
in the Chinese e-commerce firm.

 

A banker who has worked with both Prosus and Softbank describes them as "the
two global elephants out there with massive permanent capital" for tech
investments, and the rivals are also sometimes co-investors.

 

In an indication of its ambition, Prosus last month hired Ervin Tu, a
managing partner at Vision Fund and a former technology banker at Goldman
Sachs, to head its group M&A.

 

Jean Pierre Verster, CEO of South African investment manager Protea, which
holds almost 10% of its fund assets in Prosus, says Tu's appointment "tells
you that there's probably going to be more (M&A) activity coming down the
line".

 

That is already evident as since April, Prosus has made a dozen investments,
last month announcing the $1.8 billion acquisition of software developer
platform Stack Overflow.

 

"We have significant capacity on the balance sheet, and we also see really
good opportunities in the segments we operate today," Chief Executive Bob
van Dijk told Reuters, adding that while Prosus at times competed with
SoftBank there were significant differences between the two investors.

 

Verster sees the Stack Overflow acquisition as a sign that Prosus may "get a
bit more aggressive", although he expects the group, which owns a mix of
controlling and minority stakes in many tech firms, will remain more
conservative than Softbank.

 

MIND THE GAP

 

Prosus (PRX.AS) has not had easy ride in its first few years, with a
complicated structure and operating losses at most investments it has made,
apart from Tencent(0700.HK), leading it to trade at a deep discount to the
value of its assets.

 

Its stock market valuation is 25% lower than the market value of the 28.9%
stake in Tencent it currently holds. At Naspers, which in turn controls
Prosus, the discount to its economic interest in Tencent is more than 40%.

 

(For an interactive graphic, click on https://tmsnrt.rs/3hD4Ukk)

 

Bob van Dijk, who also heads Naspers, says this discount is transitory and
investors have done well so far and will continue to in the long term.

 

"You just need to look through (the losses) and the potential and the
strength of the business model is much more important than short-term
profitability," he said.

 

One way of narrowing the gap is by gradually offloading the crown jewels,
and Prosus raised $15 billion by selling a 2% stake in WeChat owner Tencent
in April.

 

A third of that will go to share buybacks once a cross-holding structure
with Naspers, has been set up. Prosus shareholders are set to approve the
deal on Friday.

 

Prosus says the real solution to the valuation gap is finding more new
investments and improving profitability at the old ones until they rival or
even eclipse the Tencent holding.

 

And that is why the remaining $10 billion from its most recent stake sale is
being ploughed back into broadening the Prosus portfolio, which spans online
classified firms, fintech, educational software and online food ordering and
delivery.

 

NO END GAME

 

Finding the next Tencent among tens of thousands of technology start-ups
around the globe is the challenge facing Van Dijk and his new SoftBank hire
Tu.

 

Prosus invests in only one out of every 200 or 300 opportunities it reviews,
Van Dijk said, in the range of sectors it knows well. The more mature
portfolio ranges from U.S.-based Codecademy, to Indian food deliverer
Swiggy, to Russia's Mail.Ru to global marketplace operator OLX.

 

Early stage investments are generated by a two-dozen person venture arm,
where Banafsheh Fathieh is head of Americas. Investments of more than $200
million go through the Prosus board.

 

Fathieh, who works out of a small office in San Francisco, says her
portfolio is a far cry from the Silicon Valley bubble.

 

"We are a different brand of venture capital. If you're taking a 30 year
point of view, you can go after entrepreneurs that have lifelong dreams to
build companies that will last," she said in an interview.

 

Fathieh said that what makes Prosus/Naspers unique is its willingness to
invest in entrepreneurs and businesses it believes in, without the 3-7 year
"exit plan" that frames most venture capital and private equity investments.

 

At Prosus/Naspers, Fathieh said, "there is no end game".

 

FOOD FOR THOUGHT

 

Food ordering and delivery is an industry where Prosus is clearly hungry for
more. Its initial 2017 investments in Delivery Hero (DHER.DE) have tripled
in value and in March it paid 2.2 billion euros to increase its stake in the
German firm.

 

One target is iFood of Brazil, a company that delivered 500 million meals
last year. Prosus owns a two-thirds stake, and co-owner Just Eat
Takeaway.com is looking to divest the other third for more than $2 billion.

 

Such investments are delivering growth and for the year ended March 31,
Prosus reported revenue at its non-Tencent ecommerce businesses grew by 46%
to $6.2 billion.

 

Although trading losses were $429 million, Prosus' net profit including
Tencent nearly doubled to $7.45 billion, underlining how much the stake
still dominates results.

 

"If they grow at say, 30% per year ... I am happy," Protea's Verster said.
"Any narrowing of the discount is just a bonus."

 

Analyst Ken Rumph of Jefferies, who rates Prosus shares a hold, says the
market discount may persist after the cross-holding structure is in place as
"investors are put off by the same issues they had with Naspers," including
a complicated control structure.

 

And the Tencent stake will long outshine other management actions, Rumph
said, adding: "Even a continued 20% return on investments elsewhere in the
portfolio will take years to shift the balance away from Tencent".

 

The Thomson Reuters Trust Principles.

 

 

 

EXCLUSIVE LinkDoc becomes first Chinese firm to shelve U.S. IPO after
Beijing's crackdown

(Reuters) - Chinese medical data group LinkDoc Technology Ltd (LDOC.O) has
shelved plans for an IPO in the United States following Beijing's clampdown
on overseas listings by domestic firms, according to three sources with
direct knowledge of the matter.

 

It is the first known Chinese firm to pull back from its IPO plans since the
crackdown began last week with an investigation by China's cybersecurity
regulator into ride-hailing giant Didi Global Inc (DIDI.N) just two days
after it made its New York debut.

 

Beijing said on Tuesday that it would strengthen supervision of all Chinese
firms listed offshore, a sweeping regulatory shift that triggered a sell-off
in U.S.-listed Chinese stocks.

 

The decision to pull the LinkDoc deal was due to the crackdown, the sources
said. One of the sources said the regulatory uncertainty affected both the
company and investors.

 

LinkDoc filed for an initial public offering in the United States last month
and was due to price its shares after the U.S. market close on Thursday.

 

It had planned to sell 10.8 million shares between $17.50 and $19.50 each.
The deal would have raised $211 million at the upper end of the indicated
range. The book closed one day earlier than planned on Wednesday, two of the
sources said.

 

The sources declined to be named as the information has not yet been made
public yet.

 

Beijing-based LinkDoc did not immediately respond to a request for comment.

 

The Thomson Reuters Trust Principles.

 

 

Deliveroo reports 88% jump in orders, tempers margin forecast

(Reuters) - Deliveroo's (ROO.L) orders jumped 88% during the June quarter,
although the food delivery firm tempered its outlook for annual profit
margins on Thursday, as it burns more cash and orders return to pre-pandemic
levels.

 

The company, which listed in London in March, said growth in its annual
gross transaction value (GTV) — a measure of the total value paid by
customers apart from tips — is expected between 50% and 60%, up from the
previously forecast 30%-40%.

 

Deliveroo said it saw an opportunity to invest more in growth opportunities
in the second half of the year, without elaborating further. The higher
spending, along with the expectation that average order values would return
to pre-pandemic levels, would weigh on profit margins, it added.

 

The company maintained its annual gross margins forecast of 7.5% to 8%, but
said margins would likely come in at the lower end of that range.

 

This is a second business update from Deliveroo after going public in a much
anticipated stock market debut in March that saw its shares plunge 30%. The
stock is currently down about 18% from its IPO price.

 

The Thomson Reuters Trust Principles.

 

 

Analysis: Reflation rethink sends bond markets into a spin

(Reuters) - An economy powering back from the COVID-19 shock and resurgent
inflation is yesterday's story if the sharp rally in the world's biggest
bond markets in the last 24 hours is anything to go by.

 

Prices on U.S. 10-year Treasuries have shot up, pushing yields down 8 basis
points on Tuesday in their second biggest daily drop of 2021. The rally
accelerated on Wednesday, with yields falling to just below 1.3%, their
lowest in over four months.

 

British gilt yields fell to a similar low while German Bund yields -- which
looked set to push above 0% in May -- have dropped to -0.3% , .

 

Various explanations have been proffered: a squeeze on investors who had bet
on yields rising, softer-than-expected economic data and concern about COVID
variants.

 

Push past the noise and the real message from sovereign bond markets --
watched closely by policymakers and investors alike as a key indicator of
economic trends -- is clear: economic growth, while firmer, looks to have
peaked, and any pick-up in inflation will likely prove transitory.

 

"Markets have gone from thinking that growth is strong and inflation could
be strong to saying growth has peaked and inflation is transient," said Guy
Miller, chief market strategist at Zurich Insurance Group.

 

The turnaround in bond markets may not fit with the message from the U.S.
Federal Reserve, which has just shifted to a hawkish bias and brought
forward its trajectory for rate hikes.

 

But even with that shift, the Fed does not expect to start raising rates
until 2023 and, like other major central banks, has stressed it will look
past any short-term rise in price pressures.

 

Fed officials last month felt substantial further progress on the U.S.
economic recovery "was generally seen as not having yet been met".

 

"You have to change your view given the facts that you are faced with -
economic growth is not solid, inflation is not about to surge," said Pictet
Wealth Management strategist Frederik Ducrozet.

 

The rush back into bonds comes as data reinforces the view that economic
growth may have peaked.

 

Data on Tuesday showed U.S. service sector activity grew at a moderate pace
in June, while a closely-watched gauge of German investor sentiment fell
more than expected in July.

 

The bond rally would have inflicted losses on the multitude of traders with
"short" Treasury positions - essentially a bet that yields would rise in
line with a recovering economy - forcing many to liquidate those trades,
pushing yields lower still.

 

THE REAL THING

 

Plenty of investors, including the world's biggest asset manager BlackRock,
have been bearish on Treasuries. BlackRock reiterated its bearish bet on
Wednesday. Yet yields have seen a steady 50 bps decline since March.

 

Explanations for that slide vary; some cite demand from Europe and Japan
where central banks are resolutely dovish. Others point to the liquidity
swirling around the U.S. financial system as the Treasury spends its cash
balance and the Federal Reserve sucks up $120 billion of bonds each month.

 

But it may also be that despite the seemingly vibrant economic recovery,
bond markets have had doubts on the outlook; yield declines are being led by
"real" or inflation-adjusted borrowing costs, ING Bank analysts said in a
note.

 

U.S. 10-year real yields have slumped to minus 1%, the lowest since
February, while German real yields are at three-month lows.

 

It could be that the 1.77% U.S. 10-year nominal yield level touched in March
will remain this year's high as more of the "reflation" bets are forced to
unwind, according to Mike Sewell, a portfolio manager at T.Rowe Price.

 

"There is still some potential for that trade to reengage but that is more a
3rd or 4th quarter potential. Right now the reflation trade is not dead but
it's certainly hibernating," Sewell said.

 

Two other factors may be contributing to the nervousness.

 

First, China, the world's number two economy, also this week released data
showing services sector growth slowing to a 14-month low. That, some
analysts believe, is a blueprint for how developed economies will fare.

 

Second, more countries -- including China -- are seeing a resurgence in
COVID-19 caseloads and worries are growing about new, potentially more
infectious variants.

 

The Delta variant, now dominant in many countries, including the United
States, is more easily transmitted than earlier versions of the coronavirus.

 

"The muscle memory of markets is that governments will lock down again if
they see cases rise, which means slower growth and that we are caught in a
loop," said Charles Diebel, head of fixed income at Mediolanum International
Funds.

 

The Thomson Reuters Trust Principles.

 

 

BlackRock raises $250 mln for emerging markets-focused climate fund

(Reuters) - BlackRock Inc (BLK.N), the world's biggest asset manager, said
on Thursday it has raised over $250 million for its climate finance fund to
invest in select countries in Asia, Latin America, and Africa.

 

BlackRock's Climate Finance Partnership (CFP) will focus on investing in
areas like renewable power generation, energy storage solutions, electrified
transportation services and is targeting to raise at least $500 million, the
company said.

 

The partnership's consortium of ten investors included the governments of
France, Germany, Japan, and other philanthropies and institutional
investors, BlackRock added.

 

The asset manager said that "significant capital" was required for climate
infrastructure in these regions to help reduce carbon emissions.

 

"This ambitious partnership... will help redirect financial flows toward
sustainable development investments across the emerging world, with a
priority to Africa," Remy Rioux, chief executive officer of the French
Development Agency said.

 

James and Kathryn Murdoch's Quadrivium Foundation and Jeremy and Hannelore
Grantham's Grantham Environmental Trust are also part of the partnership.

 

The Thomson Reuters Trust Principles.

 

 

 

West Africa: ECOWAS Parliament Lists Dangers of Cryptocurrencies, Cautions
Against Use

The ECOWAS Parliament has cautioned against the use of cryptocurrencies as a
means of exchange and commerce.

 

Rising from a meeting of its joint committee in Ouagadougou, Burkina Faso
yesterday, the ECOWAS Parliament stated that there is a cause for concern
with regards to the risk factors involved.

 

The meeting, which highlighted the prospects of cryptocurrencies as a
facilitator for investment in West Africa had in attendance cryptocurrency
experts and resource persons.

 

The meeting added that the sharp decline in the value of Bitcoins over
recent weeks is a reminder to all that cryptocurrencies are not safe assets,
hence their use on the African continent is not without dangers for several
reasons.

 

The joint committee also reminded the sub-region that cryptocurrencies can
be refused for payment without contravening legal provisions.

 

It added that crypto-assets are not a means of payment and cannot be likened
to e-cash, even as cryptocurrencies were also identified as extremely
volatile, owing to restrictive issuance mechanism that encourages
speculation.

The joint committee stated that like all other digital payment instruments,
Bitcoin is always attacked by pirates.

 

The committee urged cryptocurrencies enthusiasts to guard against the risk
of theft, adding that if the cryptocurrency is by nature inviolable,
portfolios, on the other hand, are not.

 

Among the risk factors identified is that cryptocurrency is an insecure
liquidity, given the shallow depth of the foreign exchange market and high
concentration of assets (96 per cent of bitcoins are believed to be held by
2.5 per cent of users), a liquidity problem may arise.

 

Another risk factor of cryptocurrencies identified by the committee is that
it is an irreversible transaction.

 

The transaction cannot be cancelled when the sender notices a mistake, as
only the receiver can decide to return them.

 

The committee said another source of concern to its use was that almost no
authority to regulate it.

 

The joint committee, however, said the boom of Bitcoin and the growing
popularity of virtual currencies had caught the attention of financial
authorities, while governments have started giving them a thought.

 

It noted that some countries have made efforts to put in place regulations
and have made some progress.-This Day.

 

 

 

Nigeria: FEC Approves N86.5 Billion Road Projects in Lagos, Rivers

The Federal Executive Council yesterday approved N86.5bn for road projects
in Lagos and Rivers States.

 

The Minister of Works and Housing, Babatunde Fashola, said N7.2bn was
approved specifically for emergency repairs on 32 federal roads in Lagos
State.

 

"We were seeking council's ratification for 32 routes such as
Iganmu-Ijora-Isolo, Herbert Macaulay road, Jibowu-Unilag road, old
Abeokuta-Egba, Mushin, Falomo and so on.

 

"It was for N7.282bn and the council approved the emergency procurement
which had been done between 2017 and 2019."

He also said N79.3bn was approved as variation for Bodo Bonny Road in Rivers
State which he noted was previously awarded for N120.6bn. We sought approval
from council to augment it by N79.305bn, bringing it to a total sum of
N199bn. N199.923bn is now the total revised contract sum and council
approved," Fashola said.

 

Presidential spokesman, Femi Adesina, said the FEC awarded the Ecological
Fund Projects for the 3rd and 4th Quarters of 2020 in favour of various
contactors in the total sum of N16,041,101,334.79 inclusive of 7.5% VAT were
for soil erosion/flood control and pollution control intervention projects.

 

He said: "These are the projects approved for implementation today: Erosion,
Flood Control, Bridge Reconstruction and Road improvement at Umulmenyi Nkpa
Communities of Bende LGA, Abia State; Gully Erosion Control Works at
Umuokoro Lower Okata Community, Ihitte/Uboma LGA, Imo State; Imaku Omi
Erosion Control Project, Ogun Waterside Local Government (Phase II), Ogun
State; Afforestation, Combating Land Degradation, Road Improvement Measures
in Aworiosun, Ikoyi Agroforestry Community, Isokan LGA, Osun State; Erosion
Control at Calabar Free Trade Zone, Calabar, Cross River State; and Erosion
and Road Improvement Works at Yelwa Primary School and Police Station Road,
Yola, Adamawa State.

"Others are Ecological Problem at Federal College of Education Technical,
Gombe, Gombe State; Flood and Erosion Menace Affecting Lau Community and its
Environs in Lau LGA, Phase II, Taraba State; Erosion and Flood Control at
Birnin Kudu, Budiga, Babaidu, Kafin Gana, Sammiya/ Buji LGA, Gofara, Yayarin
Tukur, Birnin Kudu LGA, Jigawa State; Flood Erosion Control Works from Kano
Road to Main Water Channel in Daura, Katsina State, Phase II; Asa
River/Isale Koko Erosion and Flood Control Project, Ilorin East LGA, Kwara
State; Erosion Flood Control and Environmental Degradation in Agaie and
Lapai Community, Niger State; Soil Erosion, River Channelization and Slope
Protection within Maitama District (Phase III), Federal Capital Territory,
Abuja.-Daily Trust.

 

 

Malawi: Employer's Consultative Association of Malawi Supports Deduction of
Wages of Workers On Strike

Tonse Alliance government's stand to amend the Labour Relations laws
continues to attract mixed reactions with the Employer's Consultative
Association of Malawi (ECAM) supporting the contentious proposal that will
mandate employers to deduct wages of an employee on strike.

 

The Industrial Relations Amendment Bill, which was presented in Parliament
last week by the Deputy Minister of Labour Vera Kantukule is believed will
result into the violation of workers' rights.

 

Kantukule told the august House that there was a need to strike a balance on
the right to strike and need to produce an economy.

 

Center for Human Rights and Rehabilitation (CHRR) argued that the proposed
amendments pose serious threat to workers' rights, including the right to
take industrial action where they feel to have been aggrieved, as enshrined
in Section 31 of the Constitution.

But ECAM, the only recognized employers' body in the country under the
Labour Relations Act (2006), says it has always advocated for the review of
the labour relations and employment act with the hope of creating a
conducive environment to doing business in the country.

 

In a statement signed by ECAM President Buxton Kayuni and Executive Director
George Khaki promise to closely monitor progress and continue to lobby and
advocate for the best interests of employers in the country.

 

However, ECAM is against the removal of panellists at the Industrial
Relations Court (IRC).

 

"ECAM's expectation, by law and in the spirit of tripartism was to be
invited to consultations for inputs into the final bill to be presented in
Parliament. As Social Partners, the Government should have consulted with
the Employers' Organization-ECAM and Workers' Organization-Malawi Congress
of Trade Unions before tabling further changes to the labour laws in
Parliament.

"As a matter of practice, the final draft amendment Bill has always been
submitted to us before being presented to Parliament," contends ECAM.

 

It further argues that the use panellists at the IRC are not the only reason
there are inordinate delays in disposing cases.

 

"ECAM is of the view that there are other various options that could have
been considered and implemented such as recruitment of full-time panellists,
utilization of panellists on secondment amongst other options as other
jurisdictions have adopted," reads the statement.

 

Despite speaking against the removal panellists at the IRC, ECAM has
encouraged government to proceed tabling the Bill in Parliament.

 

"It is our hope that since meetings of the Tripartite Labour Advisory
Council (TLAC) to discuss the topical changes and other issues are convened
regularly, the issue of engagement procedures and IRC panellists will be
tabled as key Agenda items at an appropriate time," says ECAM.

 

According to ECAM, the labour law review has been on the negotiation desk
from as far back as 2011, specifically, a tripartite consultative meeting
that took place on 5th of January 2018 at the Ministry of Labour
Headquarters in Lilongwe.-Nyasa Times.

 

 

Malawi: Multichoice Malawi Changes Customer Care Line to Just Three Digits
527

With effect from Thursday, July 8, MultiChoice Malawi will be changing the
customer care line number to three simple digits, 527 -- in what the company
says is an effort to further optimize their customer service at all key
touch points.

 

"This is our way to ensure that our contact number is easier for customers
to remember, saving them more time when they need to get in touch with us,"
said Managing Director, Gus Banda.

 

MultiChoice Malawi representatives are available on weekdays from
8hrs-20hrs; from 8hrs-17hrs on Saturday; from 8hrs-20hrs Sunday's while
Public Holidays is at 9hrs-15hrs."

 

He added that standard tariffs and call rates will still apply for in-bound
callers as MultiChoice "continues to explore initiatives that will enhance
customer service and to keep customers in control of their accounts".

 

"Control of their accounts ensures customers stay connected from the comfort
of their homes: easily service their account and pay or upgrade
subscriptions.

 

"Customers are also able to clear error codes and more, directly from the
MyDStv and MyGOtv apps available for download on iOS and Android."

 

As part of observing the CoVID-19 preventive measures, MultiChoice
encourages clients to use mobile money platforms through Airtel Money, TNM
Mpamba or bank accounts.-Nyasa Times.

 

 

 


 


 


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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