Major International Business Headlines Brief::: 21 July 2021

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Major International Business Headlines Brief::: 21 July 2021

 


 

 


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ü  China: Taobao, Weibo fined for illegal child content

ü  JP Morgan: US banking giant gives boss 'special award'

ü  M&S to cut Christmas products in Northern Ireland

ü  UK borrowing leads to record interest payments

ü  Netflix to include mobile games for subscribers

ü  UK property sales at new record as boom peaks

ü  EU plans to make Bitcoin transfers more traceable

ü  Nike trainer output at key factory hit by Covid outbreak

ü  Israel PM warns Ben & Jerry's owner Unilever of consequences over sales
ban

ü  Travel firms lose court bid on traffic light list

ü  Mozambique: 'Hidden Debts' Trial Set for August

ü  South Africa: Government, Business Commit to Rebuilding SA Economy

ü  Nigeria: Hyundai, Dangote Sinotruck, Honeywell, Others Enjoy Nigeria's
Tax Holiday

 

 

 

 

 

 

 

 


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China: Taobao, Weibo fined for illegal child content

China's internet watchdog has ordered some of the country's biggest online
platforms to remove inappropriate child-related content.

 

Kuaishou, Tencent's messaging tool QQ, Alibaba's Taobao and Weibo have been
summoned by the Cyberspace Administration of China (CAC).

 

CAC says the platforms must "rectify" and "clean up" all illegal content and
has fined them.

 

The announcement comes as Beijing carries out a crackdown on tech firms.

 

In a statement, the CAC said "the operation is focused on solving seven
types of prominent online problems that endanger the physical and mental
health of minors". 

 

The platforms have been given a deadline to take down content that violate
the guidelines and have also been fined, though the statement did not give
details on how long companies had to comply nor the size of the fines.

 

China's major internet firms have come under increasingly close scrutiny
this year as Beijing tightens its grip on the technology industry.

 

Earlier this month, shares in Chinese ride-hailing giant Didi Chuxing
plunged after the CAC ordered online stores not to offer Didi's app, saying
it illegally collected users' personal data.

 

In March, China's State Administration for Market Regulation (SAMR) said it
had fined 12 companies over 10 deals that violated anti-monopoly rules.

 

The companies included Tencent, Baidu, Didi Chuxing, SoftBank and a
ByteDance-backed firm, the SAMR said in a statement.

 

According to state broadcaster CCTV, President Xi Jinping has ordered
regulators to step up their oversight of internet companies, crack down on
monopolies and promote fair competition.-BBC

 

 

 

JP Morgan: US banking giant gives boss 'special award'

Banking giant JP Morgan Chase gave its chief executive a "special award",
potentially worth millions of dollars.

 

The company said the award was to persuade Jamie Dimon to lead it for a
"significant number of years" more.

 

The 1.5 million stock appreciation rights, which are like options, will
allow him to take a profit if the firm's share price rises.

 

Mr Dimon is the only sitting boss of a major Wall Street bank who saw it
through the 2008 financial crisis.

 

In a statement to investors, the company said: "This special award reflects
the Board's desire for Mr Dimon to continue to lead the Firm for a further
significant number of years."

 

Mr Dimon became chief executive of JP Morgan Chase at the end of 2005 and
was also named chairman a year later.

 

He was paid $31.5m (£23.1m) in 2020 and, according to Forbes, has an
estimated net worth of $1.8bn.

 

His decision in 2006 for JP Morgan to unload $12bn of subprime mortgages
helped protect the bank against the impact of the global financial crisis.

 

Mr Dimon's future at the bank and succession planning for when he steps down
is often the subject of speculation on Wall Street.

 

In 2018, a statement published by the firm quoted Mr Dimon as saying that "I
will continue in my current role for approximately five more years".

 

In response to queries about the award from the BBC, a JP Morgan Chase
spokesperson said "There was no discussion that Mr Dimon was leaving any of
his roles, and the independent members of the Board initiated the decision
to grant today's award. No third parties were involved."

 

The spokesperson also noted: "the options are highly restricted, vesting in
five years. And he is only allowed to sell any shares related to the grant
in 10 years. Board members can also cancel or claw back the award. And the
options grant has no value if the stock does not increase."-BBC

 

 

M&S to cut Christmas products in Northern Ireland

Marks & Spencer has warned it is already cutting Christmas products in
Northern Ireland due to concerns over forthcoming post-Brexit customs
checks.

 

Chairman Archie Norman told Radio Four's Today Programme the changes could
mean higher prices and less choice for Northern Ireland customers.

 

Mr Norman said current "pointless" checks with the Republic of Ireland were
"threatening" to its business.

 

He called for a "common sense approach to enforcement."

 

The UK is expected later to warn the EU it is prepared to unilaterally
override the Brexit arrangements for Northern Ireland if a simplified
agreement cannot be reached.

 

Right now, supermarkets who send products there from Great Britain face only
light-touch checks, under a so-called "grace period" which delayed some of
the new processes. That runs out at the end of September.

 

The Northern Ireland Protocol helps prevent the need for checks on the
island of Ireland's internal border.

 

But in the first warning from a major retailer on the scale of the potential
problems, former Conservative party MP Mr Norman said once light-touch
export checks end, there will be "gaps on the shelves".

 

"This Christmas, I can tell you already, we're having to make decisions to
delist product for Northern Ireland because it's simply not worth the risk
of trying to get it through," he said.

 

"We've already made that decision. We're waiting to see how serious it's
going to be but if it's anything like southern Ireland (the Republic of
Ireland), and at the moment it's set to be, then it's going to be very, very
serious for customers."

 

Marks and Spencer is a major employer in Ireland, with more than 4,000
staff.

 

In a letter to Brexit minister Lord Frost, Mr Norman said the current EU
customs arrangements were "totally unsuited and were never designed for a
modern fresh food supply chain between closely intertwined trading
partners".

 

'Box-ticking'

"There is no other outcome for consumers in Northern Ireland in the end
other than higher prices, given the inflationary pressures being put on to
retailers by the regulatory regime," Mr Norman wrote.

 

"Being able to keep the show on the road, let alone growing, is going to be
very challenging," he added.

 

Mr Norman told the BBC that "pettifogging enforcement" of the rules required
M&S to employ 14 full-time vets, "simply ticking boxes and filling out
forms", in order to certify its products.

 

"Sandwiches typically require three veterinary certificates to get through,"
he said.

 

Because of the way the system worked, M&S had had to give up exporting half
its sandwich range to Ireland, he said.

 

If forms were filled in incorrectly, that meant delays, with everything on
paper and nothing digital, Mr Norman said.

 

"If one page is blue instead of black typeface, the entire wagon is turned
away," he added.

 

Mr Norman said that if the same regime was replicated in Northern Ireland at
the end of September, it would be "incendiary" for the public there.

 

Mr Norman said M&S was one of the largest UK-based retailers operating in
Ireland as a whole and played "a disproportionate role" in Northern Ireland.

 

"Our market share in Northern Ireland is almost double our share on the UK
mainland. In part, this reflects our history as the only major UK retailer
that committed to trade and invest continuously through the Troubles," he
said.

 

"Our commitment and involvement with the people and communities of Northern
Ireland remains strong. We are also a major employer and investor with over
4,000 people employed directly by M&S and many more in our supply chain."

 

He added that last year, M&S invested more than £10m in the business in
Northern Ireland.

 

However, the issues raised by the current customs arrangements, in which
Northern Ireland remains part of the EU Single Market while the rest of the
UK has left, were "very threatening to our business", he said.

 

Ireland's European affairs minister Thomas Byrne said it was willing to
discuss "any creative solutions".

 

"But we have to recognise as well that Britain decided itself to leave the
single market of the European Union, to apply trade rules, to apply red tape
to its goods that are leaving Britain, to goods that are coming into
Britain," he added.

 

Paperwork errors

The EU has said a temporary Swiss-style veterinary agreement for Northern
Ireland, in which the UK continues to follow EU agri-food rules, could be a
solution, but it has been rejected by the UK.

 

In his letter, Mr Norman said he understood why the UK government was "not
favourably disposed" to this solution, although he added that it was "by far
the best way of delivering a smooth trade flow".

 

Regardless of this, he added, many problems could be solved by a willingness
to overlook "trivial" errors in paperwork and efforts to set up a "trusted
trader" scheme.

 

"Any scheme should start on the basis that we are prepared to follow EU
standards for products going to Northern Ireland," he said.

 

"The debate is not about meeting standards, this is about what we are
required to do to show we are compliant."

 

Number 10 said Mr Norman's letter was a "stark warning" of "the fundamental
problems with the Protocol".

 

"That is why we need to urgently tackle these issues, to ensure there is
minimal disruption to people's lives in Northern Ireland, as the Protocol
itself intended," it added.

 

It plans to set out details later on its approach to the Northern Ireland
Protocol.

 

The sort of products M&S is considering taking off the list for Northern
Ireland this Christmas are ones containing a lot of different ingredients.
For example, special occasion food like pies or pates, which people might
order for a celebration.

 

Today, the company's chairman wants to send a message that the way
post-Brexit rules on trade with EU countries have been implemented is making
it extremely difficult to get products over to the Republic of Ireland,
forcing the retailer to cut back the range it sells there.

 

And he fears Northern Ireland is heading the same way.

 

It won't be a co-incidence that Archie Norman's intervention comes just
before we expect to hear more on the government's proposals. He presents an
argument for introducing less disruptive trade processes after the grace
periods expire.

 

Whether the EU will accept that is a whole other question.-BBC

 

 

 

UK borrowing leads to record interest payments

The UK government spent a record £8.7bn in interest on repaying its debts
last month, official figures show.

 

The figure was more than three times as much as the £2.7bn in interest
payments seen in June 2020.

 

The reason was a surge in inflation, which raised the value of index-linked
government bonds.

 

Overall borrowing - the difference between spending and tax income - was
£22.8bn, which was £5.5bn lower than June last year.

 

However, the figure was the second-highest for June since records began.

 

Borrowing has been hitting record levels, with billions being spent on
measures such as furlough payments.

 

But the cost of servicing all that borrowing has been rising too. Government
gilts, for instance, are uprated in line with Retail Price Index inflation,
which is higher than the headline consumer inflation rate.

 

However, analysts stressed that despite the record payment, debt servicing
costs as a share of GDP remain low by historic standards.

 

Ruth Gregory, senior UK economist at Capital Economics, said: "While debt
servicing costs will stay higher than the [Office for Budget Responsibility]
expects over the next few years, the public finances should reap the
benefits of a fuller recovery in GDP than the OBR expects, meaning that the
deficit will still fall faster."

 

Wartime debt level

The huge amount of borrowing over the past year has now pushed government
debt up to more than £2.2 trillion, or about 99.7% of GDP - a rate not seen
since the early 1960s.

 

The Institute for Fiscal Studies (IFS) warned that the lower-than-expected
borrowing seen in recent months was likely to prove only temporary, leaving
Chancellor Rishi Sunak with "very little room for manoeuvre" in his
forthcoming Spending Review.

 

Where does the government borrow billions from?

The Office for National Statistics (ONS) now estimates that the government
borrowed a total of £297.7bn in the financial year to March.

 

That was 14.2% of the UK's GDP and the highest level since the end of World
War Two.

 

The ONS said the cost of measures to support individuals and businesses
during the pandemic meant that day-to-day spending by the government rose by
£204.3bn to £942.7bn last year.

 

borrowing chart

In response to the latest figures, the chancellor said he was "proud of the
unprecedented package of support we put in place to protect jobs and help
thousands of businesses survive the pandemic".

 

He added: "However, it's also right that we ensure debt remains under
control in the medium term, and that's why I made some tough choices at the
last Budget to put the public finances on a sustainable path."

 

According to the IFS, those tough choices will persist, even though the
economy is recovering more quickly than expected at the time of the Budget.

 

"We now forecast that borrowing in 2021-22 could come in some £30bn lower
than the £234bn forecast in the March Budget," the IFS said.

 

"But this near-term improvement in the outlook is not expected to persist.

 

"Permanent economic damage done by the pandemic and rising debt interest
costs mean that, under our forecast, the chancellor has little, if any,
additional headroom against his stated medium-term target of current budget
balance (borrowing only to invest, not to fund day-to-day spending)."

 

That would leave Mr Sunak with virtually no additional room for permanent
giveaways in this year's Spending Review, the IFS added.

 

How you view the state of the public finances depends on which measure you
pick. If you compare the amount of borrowing that the government needed to
do in June to plug the gap between its income from taxes and the amount it
spent, it's the second-highest on record. But then you remember that records
only go back to 1993. Compared to last June, it's down by £5.5bn.

 

Similarly with the overall debt (simply put, all the borrowings over the
years added up). It's risen - to 99.7% of the size of the economy as
measured by gross domestic product, its highest on that measure since 1961.
But then you look further back and realise public debt was larger than the
size of the economy for 40 of the last 100 years.

 

Given that the pandemic has put the economy on something like a war footing,
it's worth noting that after World War Two, it was 2.5 times the size. The
reaction of the government then was not to cut spending, but to embark on
the biggest expansion of state spending in history. Sixteen years later, in
1961, prosperity was secure, taxes rolled in and both borrowing and debt
dropped rapidly.

 

As a proportion of the economy, it's businesses' debts, rather than
government debts, that are now larger - a consequence of the fact that many
small and medium-sized businesses have been given no choice but to borrow
their way through the pandemic. Arguably it's that debt, rather than the
government "debt" (mostly "borrowed" from itself by issuing currency), which
needs the most urgent policy attention in the wake of the pandemic.

 

Ruth Gregory of Capital Economics said the government had borrowed less in
June than forecast by the Office for Budget Responsibility, which had
expected it to be £25.2bn.

 

She said higher tax receipts and stronger GDP growth were further signs that
the strong economic recovery was starting to feed through into lower
government borrowing.

 

However, she cautioned that higher taxes were still in the offing as Mr
Sunak attempts to rebalance the books after the cost of the pandemic.

 

"We suspect the chancellor will 'bank' any improvement in the deficit rather
than scale back the planned tax hikes and spending cuts set to hit the
economy. At least by 2022-23, the economy should be strong enough to cope
with it," she said.-BBC

 

 

 

Netflix to include mobile games for subscribers

Netflix has confirmed that it will include video games as part of
subscription packages at no extra cost.

 

In a letter to investors, it said it was in the early stages of expanding
into games and those for mobile would be added to the platform first.

 

"The time is right to learn more about how our members value games," it said
on Tuesday.

 

But Netflix shares dipped in after-hours trading after it missed a target on
subscriptions.

 

The California-based company said it expects to sign up 3.5 million new
customers in the three months to the end of September - less than the 5.86
million analysts had estimated.

 

"Covid has created some lumpiness in our membership growth (higher growth in
2020, slower growth this year), which is working its way through," it said
in its latest financial update.

 

"We continue to focus on improving our service for our members and bringing
them the best stories from around the world."

 

It now counts more than 209 million paid-up members in total, having seen a
surge in sign-ups when consumers were spending more time at home during
coronavirus-related lockdowns.

 

But the pandemic has proven a double-edged sword for Netflix, because it
disrupted the production of some big titles.

 

"Covid and its variants make predicting the future hard, but with
productions largely running smoothly so far, we're optimistic," it said,
pointing to new seasons of the series "Sex Education" and "Never Have I
Ever".

 

Despite the slowdown on-set, in the three months to the end of June the
firm's revenues totalled $7.3bn - about 19% higher than a year before.

 

Profits dipped to $1.35bn, down from $1.7bn the previous quarter, citing
additional investment in improving its apps and non-English language
content.

 

Netflix said it is continuing to put more money into production and that it
was keen to "increase our share of screen time in the US and around the
world".

 

Given that the firm faces increasingly stiff competition from new streaming
services entering the market, such as Disney+ or Amazon Prime, gaming could
provide Netflix with a unique offer, building on efforts such as an
interactive episode of Black Mirror called "Bandersnatch".

 

Independent telecoms analyst Paolo Pescatore said that this could prove
costly: "The company will have to dedicate significant resources including
time and investment with no guaranteed success.

 

"For sure this is a long-term play as Netflix needs to strongly think about
retention and engagement."

 

He also cautioned that competition in the gaming industry is even tougher
and it could be years before the streaming giant could establish itself in
that market.

 

Netflix has recently announced a number of moves in order to aid its
transition, such as hiring Mike Verdu who used to work for gaming company
Electronic Arts (EA) as its vice president of game development, as well as
reportedly expanding its deal with the Bridgerton creator Shonda Rhimes to
include gaming.-BBC

 

 

 

UK property sales at new record as boom peaks

Property sales in the UK hit a new record level in June, official figures
show, but analysts say it may mark the peak of the housing boom.

 

An estimated 213,120 sales were completed during the month - more than twice
the total in May, data from HM Revenue and Customs (HMRC) shows.

 

Commentators said there was a "frenzied rush" before the withdrawal of some
of the stamp duty concessions.

 

But. with demand outstripping supply, they expect prices to keep on rising.

 

UK residential property transaction

Record sales

In June, sales hit their highest monthly UK total since comparable figures
were first collected in April 2005.

 

The figure was 216.1% higher than the same month a year earlier, and 108.5%
above that of May this year.

 

One reason for the big increase was a rush to complete sales before
Covid-related stamp duty concessions were made less generous in England and
Northern Ireland at the end of June. In Wales, a similar tax break was
withdrawn entirely.

 

Scotland's concession ended at the end of March.

 

London estate agent Jeremy Leaf said: "These figures clearly illustrate the
frenzied rush to the finishing line for buyers to take advantage before the
stamp duty holiday drew to a close.

 

"However, activity has reduced since, particularly in London where the
savings were greatest. Early signs are that sales will be down significantly
but we have noticed nearly all of our transactions are continuing with very
few renegotiations. This leads us to believe prices will not be markedly
different over the next few months."

 

Sarah Coles, personal finance analyst at investment platform Hargreaves
Lansdown, said: "There's been a huge imbalance between buyers and sellers
during the spring and early summer, which has meant panic buying, bidding
wars, and the return of gazumping."

 

She said this could lead people to overpay for property.

 

"It's also easy to feel you don't have any other choice, so you end up
pushing your budget and over-stretching your finances. Months down the line,
you could seriously regret the lifestyle compromises you've had to make,"
she said.-BBC

 

 

 

EU plans to make Bitcoin transfers more traceable

Proposed changes to EU law would force companies that transfer Bitcoin or
other crypto-assets to collect details on the recipient and sender.

 

The proposals would make crypto-assets more traceable, the EU Commission
said, and would help stop money-laundering and the financing of terrorism.

 

The new rules would also prohibit providing anonymous crypto-asset wallets.

 

The proposals could take two years to become law.

 

The Commission argued that crypto-asset transfers should be subject to the
same anti-money-laundering rules as wire transfers.

 

"Given that virtual assets transfers are subject to similar money-laundering
and terrorist-financing risks as wire funds transfers... it therefore
appears logical to use the same legislative instrument to address these
common issues," the Commission wrote.

 

 

While some crypto-asset service providers are already covered by
anti-money-laundering rules, the new proposals would "extend these rules to
the entire crypto-sector, obliging all service providers to conduct due
diligence on their customers," the Commission explained.

 

Under the proposals, a company transferring crypto-assets for a customer
would be obliged to include their name, address, date of birth and account
number, and the name of the recipient.

 

David Gerard, author of Attack of the 50 Foot Blockchain, told the BBC:
"This is just applying existing rules to crypto. This has been coming since
2019."

 

He said that although these were European proposals their impact would reach
much further.

 

"If you want to make real money, you have to follow the rules of real
money," he said.

 

To become law the proposals will need the agreement of member states and the
European Parliament.-BBC

 

 

 

Nike trainer output at key factory hit by Covid outbreak

Production at some of Nike's largest plants in Vietnam has been disrupted as
Covid has spread through factories.

 

The company refused to comment on whether store supplies would see shortages
as a result of the outbreak.

 

About half of Nike's shoes were manufactured in Vietnam in the last
financial year, so this will mean challenges for its supply chain.

 

Vietnam has seen a record rise in cases since last April with many infection
clusters in its industrial provinces.

 

Apple, Samsung and Puma could also be affected by the surge in cases
recorded at suppliers' factories in the country.

 

"The health and safety of our teammates, as well as that of our suppliers,
remains our top priority," a statement from Nike said.

 

What do we know about China's Covid-19 vaccines?

France probes retailers over forced labour claims

Nike said the company would continue to work with its suppliers to support
them in response to the rise in Covid cases.

 

"We are confident in Nike's ability to navigate these near-term dynamics,
and we remain prudent in our planning," the statement added.

 

One of Nike's worst affected suppliers in the region, Pou Chen Corp, also
makes footwear for Adidas and is the world's largest manufacturer of branded
trainers.

 

It suspended operations at its plant in Ho Chi Minh City on Wednesday due to
the outbreak in infections.

 

In a statement, the country's health ministry said Pou Chen's Pouyuen
Vietnam factory would be suspended for 10 days.

 

The factory is Ho Chi Minh City's largest employer, with a total of 56,000
workers. But it was unable to stay open and arrange for its workers to sleep
at the factory, as was required by authorities to limit the spread of
infections, according to the health ministry.

 

Nike employs over 450,000 workers in the country, 80 % of whom are women.

 

Similar challenges could also be faced for Puma, whose footwear is also
manufactured in the country. Apple and Samsung also have large suppliers in
the worst affected factories in the northern region of Vietnam.

 

Apple did not give a comment on whether the outbreak will mean item
shortages in shops, while Adidas, Puma and Samsung did not immediately
respond to the BBC's request for comment.

 

Samsung makes around half of its phones in Vietnam and has had to stop work
at three factories in Ho Chin Minh City. According to the health ministry's
website, Samsung Electronics is planning for workers to sleep at the plants
and has currently cut its staffing to 3,000 from 7,000.

 

Trainers

Many firms had begun to move their production from China to countries such
as Vietnam as a result of challenges from tariffs over the course of the
pandemic.

 

Dr Patsy Perry, senior lecturer in fashion business at Manchester
Metropolitan University, told the BBC these problems are compounded by the
Covid-related surge in demand for athletic wear as people have been spending
more time at home.

 

"This shows the risk of overreliance on a particular sourcing region," she
explained.

 

Bu, Dr Perry said that Nike's manufacturing map means it could potentially
move production the other countries, depending how agile its supply chain
relationships are.

 

"Costs might increase in the short term if it needs to move production into
more expensive areas, but it's more important to service demand than risking
a stock-out situation," Dr Perry added.

 

Dr Steve New, professor of operations management at the University of
Oxford's Saïd Business School, told the BBC that previously, because Vietnam
has been effective at containing Covid, it has been able to respond rapidly
with short local shutdowns. But he said that as the situation worsens, "it
will be much harder to pursue this approach without much more significant
disruption to the supply chain."

 

Vietnam has vaccinated around 4% of its 100 million population. Its capital
Hanoi has stopped all non-essential services due to new clusters of Covid
infections and on Sunday urged its citizens to stay at home.

 

The government added factory workers to its vaccine priority list after the
rise in cases in late April forced manufacturing areas in the north of the
country to close.-BBC

 

 

 

Israel PM warns Ben & Jerry's owner Unilever of consequences over sales ban

Israel's prime minister will take "strong action" against boycotts, after
Ben & Jerry's decided to stop selling ice cream in Israeli settlements in
the occupied Palestinian territories.

 

Naftali Bennett warned the US firm's parent company, Unilever, that there
would be legal and other consequences.

 

Ben & Jerry's said on Monday that the sale of its products in the West Bank
and East Jerusalem was "inconsistent with our values".

 

Palestinian activists praised the move.

 

More than 600,000 Jews live in about 140 settlements built since Israel's
occupation of the West Bank and East Jerusalem in the 1967 Middle East war.

 

Most of the international community considers the settlements illegal under
international law, though Israel disputes this.

 

The BBC's Tom Bateman in Jerusalem says Ben & Jerry's is popular in Israel,
its ice cream coming in special flavours to mark Jewish festivals or
national events.

 

It is also sold in Israeli settlements - something that has seen activists
in the US put pressure on the company, known for its progressive views.

 

Announcing its decision to end sales "in the Occupied Palestinian
Territory", Ben & Jerry's said its partnership with its Israeli franchisee
would expire next year and that it would "stay in Israel through a different
arrangement".

 

Our correspondent says many Palestinians support such trade boycotts, but
they are viewed with outrage by Israel's government and many Israelis.

 

The Israel-Palestinian conflict explained

Mr Bennett said he had spoken to Unilever CEO Alan Jope about the "clearly
anti-Israel step" taken by the UK-based consumer goods giant's subsidiary.

 

"This is an action that has severe consequences, including legal, and
[Israel] will take strong action against any boycott directed against its
citizens."

 

Unilever said the decision was taken by Ben & Jerry's independent board, and
that it remained "fully committed" to maintaining a presence in Israel.

 

The Israeli franchisee said it was unwilling to refuse to sell ice cream to
Israelis in settlements and was legally prevented from doing so.

 

Israeli Foreign Minister Yair Lapid called Ben & Jerry's move a "disgraceful
capitulation" to anti-Semitism and the Boycott, Divestment and Sanctions
(BDS) movement, which calls for a complete boycott of Israel over its
treatment of the Palestinians.

 

He said he would ask the 35 US states with anti-BDS laws to enforce them
against the company.

 

BDS called Ben & Jerry's decision "a decisive step towards ending the
company's complicity in Israel's occupation and violation of Palestinian
rights".-BBC

 

 

 

Travel firms lose court bid on traffic light list

Judges say the government does not have to publish more information on how
it decides its traffic light system, after a legal challenge brought by
Manchester Airport Group and five airlines failed.

 

Travel sector firms had been pushing in court for more transparency, arguing
that decisions on which countries were on the list were not based on data.

 

But the High Court ruled the government had not acted unlawfully.

 

The traffic light system rates countries based on to their Covid risk.

 

The judges said that in many cases providing the detailed information
requested when amber list countries changed "would impose an unreasonable
burden" and "risk slowing the decision-making process".

 

The legal challenge was brought by Manchester Airport Group (MAG) and
Ryanair, IAG, Tui, EasyJet and Virgin Atlantic, who have all been calling
for more transparency about how decisions are made.

 

What are the rules for travelling to green, amber and red list countries?

The group of firms hit back after the judgement was handed down, describing
the decision that fully-jabbed travellers returning from France still have
to quarantine as "shambolic".

 

"The way decisions have been taken to date has not been transparent and has
created huge confusion and uncertainty for the British public," the firms
said.

 

They added that the US and major EU countries should be added to the UK's
green list.

 

"The UK has already fallen behind the EU's reopening and our overly cautious
approach to international travel will further impact our economic recovery,"
the group said.

 

The companies had been calling for more information about how the government
decides which countries qualify for the green list of safe places to visit
amid the pandemic.

 

They had criticised the traffic light system, arguing that decisions were
not based on data, and saying last minute changes had hurt bookings.

 

While the judges accepted part of the group's argument, the government will
not have to disclose more information on how it reaches decisions over its
travel rules.

 

Lord Justice Lewis and Mr Justice Swift accepted that if the Transport
Secretary had to give more detail on decisions by law, it "may risk
jeopardising the supply of information to HM government from overseas
governments and organisations".

 

They left the decision on whether to reveal more information about how
countries are divided into red, amber, and green to the government.

 

A government spokesperson said: "Our traffic light system continues to
cautiously manage the risk of new variants, as we balance the timely
reopening of international travel while safeguarding public health and
protecting the vaccine roll-out."-BBC

 

 

 

Mozambique: 'Hidden Debts' Trial Set for August

Maputo — The trial of 19 people accused of crimes in relation with the
scandal of Mozambique's "hidden debts" has been set for 23 August, according
to a report in Wednesday's issue of the independent newssheet "Mediafax".

 

Those of the accused under detention in the Lingamo prison in the southern
city of Matola received and signed notifications of the trial on Monday.

 

"Mediafax" adds that the authorities have not yet decided on a venue for the
trial. A large space is required given the number of defendants, and the
huge public interest in the case. One venue under consideration is the
Joaquim Chissano Conference Centre in Maputo.

 

Another possibility would be to hold the trial in a large air-conditioned
tent erected in the grounds of the top security prison in Matola. This was
the solution found for the trial, in 2002-2003, of the six people found
guilty of murdering the country's foremost investigative journalist, Carlos
Cardoso.

The term "hidden debts" refers to the loans, in 2013 and 2014, of over two
billion US dollars granted by the banks Credit Suisse and VTB of Russia to
three fraudulent, security-linked Mozambican companies, Proindicus, Ematum
(Mozambique Tuna Company) and MAM (Mozambique Asset Management).

 

The negotiations leading up to the loans involved at least three corrupt
officials from Credit Suisse, who have admitted to taking bribes, and
officials of the Abu Dhabi based group Privinvest , notably Jean Boustani.
Between them, they ensured that the Mozambican government of the day, led by
the then President Armando Guebuza, issued illegal loan guarantees, covering
the entire two billion dollars.

 

The effect of the guarantees was that, if the companies defaulted (as they
have done), then the Mozambican government would be held liable for repaying
the loans. But the guarantees violated the budget laws of 2013 and 2014 and
the Mozambican constitution. The loans and their guarantees have been
declared unconstitutional by the Constitutional Council, Mozambique's
highest body in matters of constitutional law.

The man who signed the loan guarantees was the then Finance Minister, Manuel
Chang. He is currently languishing in a South African prison, while the
South African Justice Minister, Ronald Lamola, decides whether he should be
extradited to Mozambique or to the United States.

 

Privinvest, which became the sole contractor for the three fraudulent
companies, sat at the heart of a network of corruption. According to US
prosecutors investigating the case, Privinvest used at least 200 million
dollars of the loan money for bribes and kickbacks. Among those who took
money from Privinvest were Chang, and the three Credit Suisse bankers Andrew
Pearse, Surjan Singh and Detelina Subeva.

 

The Attorney-General's Office (PGR) initially charged 20 people in
connection with the case, though the Supreme Court later ordered the release
of one of the accused, Marcia Namburete. The charges include corruption,
blackmail, embezzlement, abuse of office, violation of management rules,
falsification of documents, and membership of a criminal organisation.

 

Among those charged are Ndambi Guebuza, the oldest son of former President
Armando Guebuza, the former head of the State Intelligence and Security
Service (SISE), Gregorio Leao, the head of SISE economic intelligence,
Antonio do Rosario, who became chairperson of all three fraudulent
companies, President Guebuza's former secetary, Ines Moiane, and Renato
Matusse, once an advisor to Guebuza.

 

Most of the accused were released on bail or against a statement of identity
and residence in March this year. Five remain in detention, including Leao,
Rosario and Ndambi Guebuza.

 

 

South Africa: Government, Business Commit to Rebuilding SA Economy

Government and business leaders from industries affected by the recent
destruction of property and violence, in KwaZulu-Natal and Gauteng, have
committed to working together to rebuild the South African economy.

 

This commitment was made by 90 business leaders during a meeting with
President Cyril Ramaphosa on Tuesday in the wake of the civil unrest.

 

The vandalism and torching of various businesses affected operations and
livelihoods in the two provinces.

 

Representatives from sectors such as retail, agriculture, automotive,
telecommunications, banking and transport met with the President, Ministers
and the Premiers of Gauteng and KwaZulu-Natal. In a statement, the
Presidency said the meeting reflected on the challenges faced by key
industries and discussed priorities and measures that need to be taken to
rebuild and reposition the country.

"Business made practical suggestions for immediate recovery steps, support
to small businesses and longer term inclusive economic growth.

 

"The President outlined government's priorities, including the restoration
and maintenance of stability with the increased deployment of security
personnel; securing essential supplies by opening critical supply routes;
provision of relief and support for rebuilding; and accelerating inclusive
economic recovery," said the Presidency.

 

At the meeting, the importance of focusing on rural and township economies
and increased investment in infrastructure development was emphasised. The
meeting also discussed steps to assist companies, particularly small
businesses, to claim insurance and access other support measures.

 

"The meeting agreed on the need to work with greater urgency to tackle
poverty and unemployment and improve the living conditions of all South
Africans. Among other things, this requires a common effort to mobilise
investment, develop appropriate skills and create opportunities for young
people in particular."

 

President Ramaphosa welcomed proposals raised by business leaders and their
commitment to work with government, labour and communities not only to
rebuild their businesses, but also to transform the economy.

 

He said the security situation would have severe humanitarian, economic and
social consequences. "There is virtually no part of the economy that has not
been affected by the violence, and there is probably no part of the country
that will not feel the effects in some form or another because of the way
our supply chains work."

 

However, he said government and business leaders should build a social
contract to respond to the crisis, and to rebuild an economy that is far
more resilient, sustainable, dynamic and inclusive.

 

He reiterated that the attacks were used as a "smokescreen" to carry out
economic sabotage through targeted attacks on trucks, factories, warehouses
and other infrastructure necessary for the functioning of the economy and
the provision of services.

 

Despite the efforts of instigators, business people, worker representatives
and community leaders had played a remarkable role to defend property, to
protect communities, to open supply chains among other supportive steps.

 

"Taxi owners have defended malls. Businesses have provided food and fuel to
their workers. Today supermarkets are feeding our security forces. Some of
you have supplied cars to our forces," said President
Ramaphosa.-SAnews.gov.za.

 

 

 

Nigeria: Hyundai, Dangote Sinotruck, Honeywell, Others Enjoy Nigeria's Tax
Holiday

Forty-eight companies, amongst them shopping malls, were awarded tax holiday
in 2020.

 

Forty-eight companies were awarded tax holiday in 2020, according to the
Nigerian Investment Promotion Commission.

 

The federal government gives companies in critical sectors of the economy
tax holiday, also known as the Pioneer Status Incentive, to encourage and
attract investment into sectors that could significantly impact development
and deliver key benefits to the country.

 

The incentive, provided under the Industrial Development Income Tax Relief
Act, grants benefitting firms relief from the payment of corporate income
tax for an initial period of three years, extendable for one or two
additional years.

 

The NIPC, on the authority of the Minister of Industry, Trade, and
Investment, processes the PSI applications and, on the authority of the
president, approves and extends them. The agency issues the pioneer
certificates and can also cancel them if the provisions of the law and some
set guideline documents are contravened.

According to the PSI report of the third quarter of 2020, 34 companies are
currently enjoying tax relief under the pioneer incentive. These companies
have about 9,678 staff and have helped in reducing the rate of unemployment
in the country.

 

Seven other companies also enjoyed a tax holiday in 2020, but their
certificates expired at the end of the year. They can apply for an extension
for one or two additional years.

 

Beneficiaries

 

According to the NPC, the following are the current beneficiaries of the
incentive:

 

Kunoch Hotels Limited

 

The hotel was registered with the Nigerian Corporate Affairs Commission on
May 3, 2012, with the RC number: 1030799.

Operating in Lagos, the company is into hotel development and has 65 staff,
and has invested about N3 billion so far.

 

Its certificate expires on the last day of 2021.

 

Amarava Agro Processors Limited

 

The rice milling company has 242 staff and has invested N2.9 billion so far.

 

Its certificate expires by September 30, 2022.

 

Registered on February 25, 2016, with the RC number 1318319, it listed
Sriram Venkateswaran and Swaminathan Ramasubbu as its directors.

 

Maindata Nigeria Limited

 

Investing N4.2 billion and with 312 staff, the data centre and cloud-hosting
company registered its company on January 10, 2014 (RC 1164042).

 

Its pioneer incentive certificate expires on the last day of 2022. It listed
Folu Aderibigbe and Kehinde Olaleye-akin as its directors.

Masters Liquefied Gas Limited

 

The gas processing company is operating with 82 staff and has so far
invested N918 million.

 

It was registered on April 12, 2013 (RC 1107804). Its certificate will
expire on April 30, 2023.

 

Elvis Hotels Nigeria Limited

 

Incorporated on February 8, 2013, with registration number 1095306, the
hotel has 110 staff and has invested about N3.4 billion.

 

Its certificate expires on July 31, 2023.

 

Stallion Motors NMN Nigeria Limited

 

The automobile company was incorporated on April 09, 2018, with Registration
Number 1485394.

 

Presently it has 59 staff and has invested N238 million manufacturing
Passenger cars.

 

Its certificate expired on June 30, 2020.

 

Hyundai Motors Nigeria Limited

 

It has 105 staff and has invested about N392 million in manufacturing
passenger cars.

 

Registered with the RC 374728 on February 15, 2000, it is currently enjoying
an extension on its pioneer status and it's two years extended certificate
expired October 31, 2020.

 

Maryland Mall Limited

 

With 14 staff, and an investment of about N4.1 billion, the shopping mall
construction company's certificate which was granted on November 1,2017
expired on October 31, 2020.

 

The company was registered with Registration Number 1143373 on September 20,
2013.

 

Reliance Chemical Products Limited

 

Manufacturing Liquid and solid sodium silicate, the company has 111 staff
and has invested about N626 million.

 

It is currently enjoying a 2 years extension that expired on April 30, 2020.

 

It was incorporated with Registration Number 729851 on February 8, 2008.

 

Delta Mall Development Company Limited

 

The shopping mall has seven staff and has invested over N20 billion,
according to NPC.

 

It's extended tax holiday certificate expired on April 30, 2020.

 

It was incorporated on March 21, 2012, with Registration Number 1019187.

 

Afrifone Limited

 

The phone and tablet devices manufacturing company has 138 staff with N1
billion investment.

 

Its current pioneer incentive certificate was granted on June 6, 2017, and
it expired on May 31, 2020.

 

It was incorporated with Registration Number 1327438 on April 8, 2016.

 

Von Automobile Nigeria Limited

 

With 160 staff and over N 3.4 billion investment, the passengers' car
manufacturing company certificate which was granted on July 1, 2017, expired
on June 30, 2020.

 

It was registered with Registration Number 11301 on April 4, 1973.

 

Multipro Enterprises Limited

 

The road haulage company has 1,602 staff and has invested about N1.3
billion.

 

It is currently enjoying an extension on its pioneer status and it expired
on July 31, 2020.

 

PNG Gas Limited

 

With 121 staff, the propane -LPG company has invested N13 billion so far and
its certificate was granted on September 1, expired on August 31, 2020.

 

It was registered with the RC Number 1125856 on July 2, 2013.

 

Rensource Distributed Energy Limited

 

According to details on the site, this company deals in renewable (solar)
energy under the electric power generation, transmission, and distribution
pioneer industry In Kano. It has 28 staff members and invested N158 million.
Its certificate expired on the last day of 2020.

 

The company was registered on February 23, 2016, with registration number RC
1317198.

 

It has four directors; Ademola Adesina, Jussi Savukoski, Jussi Nykanen,
Oludayo David Olusegun, Oyindamola Oyeduntan and Ademola Adesina as the
secretary.

 

Sumo Steels Limited (Pipeline Division)

 

With its 565 staff, it invested N500 million in the manufacturing of basic
iron and steel in Ogun. The company is currently enjoying its two years
extension period and it's two years extended certificate expired on the last
day of 2020.

 

The company was registered on April 20, 2012, with the registration number
1027579.

 

CDK Integrated Industries Limited

 

The company has 440 staff and invested N14 billion in ceramics tiles in Ogun
State. Its certificate, which expired on the last day of 2020, is for the
manufacture of refractory products.

 

It was registered on July 29, 2020, with the registration number 903054. It
is owned by Longe Bernard and Chagoury Ronald.

 

Lafarge Africa Plc

 

With 71 staff, the company was granted the certificate for the manufacturing
of clinker and cement, lime, plaster. It has invested N120 billion in the
project going on in Cross River. Its certificate expired on the last day of
2020.

 

It was registered on February 24, 1959, with the registration number 1858.

 

Edimara Properties Limited

 

The company got relief through its pioneer industry that constructs and
operates nonresidential buildings in Lagos. So far it has invested N9
billion, also with 33 staff and its certificate expired on the last day of
2020.

 

It was registered on July 22, 2013, with the registration number 1130149. It
has eight directors namely; Samuel Oniorosa, Adewale Adegbite, Paul
Kokoricha, Enelamah Enyinna, Kokoricha Oje, Oniovosa Samuel, Adegbite
Olumide, Adegbite Michael.

 

Wacot Rice Limited

 

The company got the relief for the manufacture of grain mill products in
Kebbi State. It has 154 staff and has invested N18.4 billion.

 

It was registered on August 12, 2014, with registration number 1209432 and
its certificate expired on the last day of 2020.

 

It has Cornelis Geradus, Jerome Shogbon, Rahul Savara as Directors;
Investment Limited Tropical General, Gerardus Cornelis, Olagunju Jerome, as
Shareholder and Associates Gafol Continental Management as its secretary.

 

Tribute Lifestyle Global Concept Limited

 

It got relief for e-commerce through sales done predominantly or exclusively
online, in which it invested N121 million and employed 17 staff. The
certificate expired on the last day of 2020.

 

The company was registered on June 22, 2016, with registration number
1344015 and has Anders Einarsson, Stephen Naude, Jonathan Strom as its
directors.

 

Owerri Mall Development Company Limited

 

With over N16.2 billion investment and 206 staff, the company was granted a
tax holiday for the construction and operation of nonresidential buildings
like shopping malls and stores in Imo State. Its certificate expired on
February 28, 2021.

 

It was registered on March 5, 2014, with the registration number 1175661 and
has twelve directors; Shonekan Olatunde, Muller James, Marshall Holden,
Buhrs Jason, Chikwe Onyegbuleonweya, Akinsanya Kayode, Resilient Africa
Proprietary Limited, Tidlock Nigeria Limited, Somachi Investment Limited,
Median Infrastructure Dev. Co Limited, Terestria Mall Dev. Limited, and
Ajaja Oluseyi.

 

Power Gas Delta Innovations Limited

 

It was given the PSI certificate for distributing and supplying gaseous fuel
(LPG), for which it invested N8.6 billion and employed 55 staff in Lagos.
Its certificate expired on February 28, 2021.

 

The company was registered on May 7, 2012, with registration number 1031156,
with Rishi Chandra, Rilak Sen, and Swapan Hazra as its directors.

 

Asaba Mall Development Company Limited

 

With over N13.3 billion investment and 200 staff, the company was granted a
tax holiday on the construction and operation of nonresidential buildings
like shopping malls and stores in Delta State. Its certificate expired on
March 31, 2021.

 

It was registered on October 8, 2013, with the registration number 1146422
and has seven directors; Edward Mc Donald, Akinsanya Kayode, Justin Muller,
Jason Buhrs, Owolabi Odekunu, Jacobus Van Biljon, and Cornelius Semiteje.

 

Triton Aqua Africa Limited

 

This company got relief for investment in agriculture through marine and
freshwater fishing (Tilapia), and aquaculture, for which it invested N4.4
billion and employed 416 staff. Its certificate expired on March 31, 2021.

 

The company was registered on September 30, 1996, with the registration
number 300858 and has Krishnamoorthy Kalyanasundaram, Nigli Kelvin,
Muhtari-inuwa Obiageli, and Adeyeye Daniel as its directors.

 

ATC Nigeria Limited

 

The telecommunication company got a two years extension on its relief for
investing in infrastructure in Lagos. It invested N260 billion and employed
197 staff, with its certificate expired on March 31, 2021.

 

Confluence Metal Fabricating Company Limited

 

The company got the PSI certificate on the manufacturing of tanks,
reservoirs, and containers of metal. It has invested N1.9 billion and
employed 31 staff in Kogi State. Its certificate expired on April 30, 2021.

 

The company was registered on March 4, 2015, with the registration number
1246282 and has Bernard Calil, Mark Hadad, Kabiru Shuaibu, Wissam Hazzoury,
and Uzor Kalu as its directors.

 

Unicane Industries Limited

 

The company got relief for the manufacture of basic chemicals (ethanol) in
Kogi State. It has 32 staff and has invested N31 billion.

 

It was registered on August 16, 2013, with registration number 1135511 and
its certificate expired on April 30, 2021.

 

It has Marta De Saavedra, Bernard Call, Shuaibu Kabiru, Derjani Naheed,
Hazzoury Wissan, and Kalu Uzor as its directors.

 

Grand Pela Hotels and Suites Limited

 

The hospitality company got relief for the construction of a hotel it
invested N1.2 billion with 112 staff in FCT. Its certificate expired on
April 30, 2021.

 

It was registered on February 9, 2011, with registration number 935307. Its
directors are; Nwakaeze Ebuechukwu, Nwakaeze Chidinma, Nwakaeze
Onyinyechukwu, Nwakaeze Uju, and Nwakeze Chukwudi.

 

Globus Resources Limited

 

With about N19 billion investment and 111 staff, the company was granted a
tax holiday for the processing and packaging of fresh, chilled, or frozen
meat/poultry (production of table birds) in Oyo State. Its certificate
expired on April 30, 2021.

 

It was registered on August 30, 2003, with the registration number 491412
and has six directors; Nigli Kelvin, Inuwa Obiageli, Krispalani Sunil, Jain
Yashpal, Enterprise Limited, and Hamels Nominees Ltd.

 

Karshi Agro Farms Limited

 

The agro company got relief for the production of poultry and animal feed
concentrate, feed supplements, and animal feeds, which it invested about N3
billion and employed 171 staff in Kaduna. The certificate expired on April
30, 2021.

 

The company was registered on March 22, 2016, with registration Number
1323854 and has Shikha Bansal, Gaurav Bansal as its Directors.

 

Obu Cement Nigeria Limited

 

The company got its tax relief from the manufacturing of clinker and cement
in Edo. It invested about N89 billion and 573 staff and its certificate
expired on May 31, 2021.

 

Txtlight Power Solutions Limited

 

The company was relieved of tax for operating generation facilities that
produce electricity (Solar) in FCT. It invested N589.4 million and had 57
staff. Its certificate expired on June 30, 2021.

 

The company was registered on August 20, 2013, with the registration number
1136227 and has Nova Lumos Netherlands B.v, David Vorman, and Uzodinma
Iweala as its directors.

 

Crown Flour Mills Limited

 

With about N41 billion investment and 206 staff, the company was granted a
tax holiday for the manufacturing of animal feed concentrates and feed
supplements in Kwara State. Its certificate expired on June 30, 2021.

 

It was registered on May 24, 1971, with the registration number 8575.

 

Sumo Steels Limited (Cold rolled flat sheet division)

 

With its 243 staff, it invested N300 million in the manufacturing of
cold-rolled flat steel in Ogun. The company is currently enjoying its
two-year extension with Its certificate expired on June 30, 2021.

 

The company was registered on April 20, 2012, with the registration number
1027579.

 

Skretting Nigeria Limited

 

The company got relief for the manufacturing of animal feed concentrates and
feed supplements, which it invested about N239 million and employed 123
staff in Oyo State. Its certificate expired on June 30, 2021.

 

Dharul Hijra Fertilizer Company Limited

 

According to the commission's website, the company was granted the PSI
certificate, which will expire on August 31, 2021, for the manufacturing of
organic fertilisers and nitrogen compounds in Kaduna State. It invested N769
million and has 22 staff.

 

The company was registered on April 12, 2016, with registration number
1328117.

 

Olam Hatcheries Limited

 

The company was relieved of tax for the raising and breeding of animals in
ranches and farms in Kaduna State. It invested N23 billion and has 166
staff. Its certificate will expire by August 31, 2021.

 

The company was registered on March 14, 2016, with registration number
1322305 and has Chandrasekaran Balaji and Anurag Shulkla as its directors.

 

Jabi Mall Development Company Limited

 

With about N124 billion investment and 170 staff, the company was granted a
tax holiday for the construction and operation of nonresidential buildings
like shopping malls and stores in FCT. Its certificate will expire on
September 30, 2021.

 

It was registered on December 12, 2012, with the registration number 1084178
and has Jabi Lake Mall (mall) Limited, Foac Nominees Limited, Ejekam Chu'di,
and Usman Mohammed as its directors.

 

Industries LimitedHarvestfield

 

It got relief for the production of Insecticides (pesticides and
agrochemicals) in Ogun State. It has 179 staff and invested about N5
billion. Its certificate will expire on September 30, 2021.

 

The company was registered on April 4, 2000, with the registration number
377960 and has as its directors; Awofisayo Martins, Awofisayo Patience,
Awofisayo Isaac, and Awofisayo Deborah.

 

Power Gas Global Investment Limited

 

The company got relief for the distribution and supply of gaseous fuel
(LPG), which it invested about N7 billion and 27 staff in Rivers State. The
certificate will expire by September 30, 2021.

 

Polar Petrochemicals Limited

 

The company got relief for the manufacturing of lubricants which it invested
about N1.1 billion and employed 700 staff in Kwara State. The certificate
will expire by October 31, 2021.

 

Hayat Kimya Nigeria Limited

 

With about N12 billion investment and 561 staff, the company was granted a
tax holiday for the manufacturing of sanitary towels, tampons, and diapers
in Lagos. Its certificate will expire on December 31, 2021.

 

It was registered on March 6, 2014, with registration number 1176010. It is
owned by Hayat Kiuya and Mehmet Kigili.

 

Kalambaina Cement Company Limited

 

The company got tax relief for the manufacturing of cement, lime, plaster,
which it invested about N108 billion. It has 153 staff and its certificate
will expire by December 31, 2021.

 

It was registered on March 5, 2018, with registration number 1475842. Its
directors are Abdulsamad Rabiu, Kabiru Rabiu, and Chimaobi Madukwe.

 

Dangote Sinotrucks West Africa

 

With about N1.5 billion investment and 208 staff, the company was granted a
tax holiday for the manufacturing of trucks, tippers, tractors, and its
components in Lagos State. Its certificate will expire by December 31, 2021.

 

It was registered on June 16, 2014, with the registration number 1197597.

 

Royal Pacific Group Limited

 

The company got relief for the construction of a hotel, in which it invested
about N5 billion with 190 staff in the FCT. Its certificate will expire by
December 31, 2021.

 

It was registered on March 14, 1979, with registration number 28080. Its
directors are; Maruf Ahmed, Attia Nasreddin, Ali Sallam, and Attia
Nasreddin.

 

Wells-Hosa Greenhouse Farms Limited

 

It got relief for the growing of tomatoes, peppers, cucumbers in Edo State.
It has 143 staff and invested about N5.4 billion. Its certificate will
expire by December 31, 2022.

 

The company was registered on December 28, 2016, with the registration
number 1382725 and has as its directors; Idahosa Okunbo, Osahon Okunbo, and
Nosa Igiehon.

 

Honeywell Flour Mills Nigeria Plc

 

With N49.4 billion investment and 390 staff, the company was granted a tax
holiday for the production of pasta and macaroni in Ogun State. Its
certificate will expire by March 31, 2022.

 

It was registered on June 21, 1983, with the registration number
55495.-Premium 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.

 


 

 


(c) 2021 Web: <http://www.bullszimbabwe.com>  www.bullszimbabwe.com Email:
<mailto:info at bulls.co.zw> info at bulls.co.zw Tel: +263 4 2927658 Cell: +263 77
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