Major International Business Headlines Brief::: 23 July 2021

[Bulls n Bears]

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Major International Business Headlines Brief::: 23 July 2021

 


 

 


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ü  India Zomato: Shares of food delivery app soar 80% on market debut

ü  Didi shares fall on reports China is planning penalties

ü  Twitter and Snap add users as restrictions ease

ü  Mike Lynch: UK extradition treaty doesn't rely on any facts

ü  Covid: Food workers given exemption from isolation rules

ü  Fashion for Crocs continues to break records

ü  Major websites hit by global outage

ü  Road planners able to ignore climate change, campaigners claim

ü  Bitcoin climbs as Elon Musk says Tesla 'likely' to accept it again

ü  Hackers reportedly demand $50m from Saudi Aramco over data leak

ü  Inflation spike temporary, says BoE deputy governor

ü  Nigeria: Prices of Protein, Carbohydrate-Rich Foods in Nigeria Up 58%

ü  Nigeria: Investment Announcements Down 13.4% to $10.1bn in H1'21 - NIPC

ü  Namibia: Meatco Eyes DRC, Ghana for Northern Beef

ü  Kenya: Bakers Cut Bread Prices On Competition From Supermarket Bakeries

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

India Zomato: Shares of food delivery app soar 80% on market debut

Shares in Indian food delivery app Zomato have soared by more than 80% in their stock market debut.

 

The listing was pushed forward by four days and comes as India's stock market nears all-time highs.

 

The stellar performance reflected strong investor interest in internet-based start-ups that have done well during the pandemic.

 

In the run up to the listing some analysts raised concerns about the high valuation of the loss-making business.

 

Shares in the Ant Group backed app traded as high as 138.9 rupees each (£1.36; $1.87), valuing the company at about $12bn.

 

Zomato's share offering last week drew bids worth $46.3bn as it was more than 38 times oversubscribed, with big institutional investors also placing major bets.

 

Ahead of the stock market debut, Zomato's founder Deepinder Goyal tweeted "The future looks exciting. I don't know whether we will succeed or fail - we will surely, like always, give it our best."

 

In the year to the end of March, Zomato's losses narrowed to around $110m, even as its revenue from operations fell slightly.

 

The home-grown food delivery platform, which was launched in 2008, operates in about 525 cities across India and partners with almost 390,000 restaurants.

 

As well as delivering food, Zomato collates reviews and allows customers to book restaurant tables.

 

Zomato faces competition in India from SoftBank-backed Swiggy and Amazon's food delivery service.

 

It is India's first stock market listing of a so-called 'unicorn', or a start-up valued at more than $1bn.

 

The company, which is backed by Jack Ma's Ant Group, is also the first of India's major digital start-ups to launch shares on the stock market, although a number of others are expected to list in the months ahead.

 

Digital payments service Paytm, hospitality firm Oyo Hotels and ride-hailing platform Ola are among the big Indian start-ups set to make market debuts, backed by both local and overseas investors.-BBC

 

 

Didi shares fall on reports China is planning penalties

Shares in Chinese ride-hailing giant Didi slumped by more than 11% in New York on Thursday.

 

It comes after a report that regulators in Beijing are considering serious penalties for the company.

 

Didi made its US stock market debut at the end of last month, raising $4.4bn (£3.2bn).

 

Just two days later, China's internet regulator launched an investigation into the company over how it collects user data.

 

The penalties could include fines, suspending some operations or government investment in the company, according to Bloomberg News.

 

Citing people familiar with the matter, the report said that the company could even be forced to remove its shares from the US stock market.

 

It added that the punishment is likely to be more serious than a fine imposed on Chinese e-commerce giant Alibaba earlier this year.

 

Alibaba accepted a record $2.8bn fine after an official investigation found that it had abused its market position for years.

 

Didi says China app removal will affect business

In early July, the Cyberspace Administration of China (CAC) ordered online stores not to offer Didi's app, saying it illegally collected users' personal data.

 

That sent Didi's share price sharply lower and it has now fallen by more than 27% since making its New York Stock Exchange debut on 30 June.

 

Didi did not immediately respond to a request for comment from the BBC.

 

China's major internet firms have come under increasing scrutiny from Beijing this year.

 

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

 

The CAC said Kuaishou, Tencent's messaging tool QQ, Alibaba's Taobao and Weibo were fined and told to "rectify" and "clean up" all illegal content.

 

China's tech giants fall under regulator's pressure

Another government agency fined 12 companies over deals that violated anti-monopoly rules.

 

The companies included Tencent, Baidu, Didi, SoftBank and a ByteDance-backed firm, the State Administration for Market Regulation (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

 

 

 

Twitter and Snap add users as restrictions ease

Social media firms Twitter and Snap are continuing to add users even as pandemic restrictions ease.

 

Snapchat's number of daily users topped 293 million in the three months to the end of June, beating analysts' expectations.

 

And Twitter reported it passed the 200 million mark for daily active users who view adverts on its platform in the same period, up 11% year-on-year.

 

Both California-based companies also saw revenues increase.

 

Snap owns mobile app Snapchat, best-known for its video and photo "stories" that disappear after 24 hours. The firm reported revenues more than doubling to $982m (£713m).

 

"Our second quarter results reflect the broad-based strength of our business, as we grew both revenue and daily active users at the highest rates we have achieved in the past four years," Snap boss Evan Spiegel said in its financial update.

 

The company was, however, still $152m in the red, down from $326m in net losses for the same period in 2020.

 

Meanwhile, micro-blogging site Twitter said sales rose 74% year-on-year to $1.19bn, generating a profit of $65.7m for the company.

 

This is the first time Twitter's advertising revenues have passed the $1bn mark. The firm said it had invested in making advertising campaigns easier to buy into for small and medium-sized businesses.

 

"As we enter the second half of 2021, we are shipping more, learning faster and hiring remarkable talent," Twitter chief executive Jack Dorsey told investors on Thursday.

 

The San Francisco-based social network also set out plans for spending on data centres, as well as on new features such as newsletters and a subscription service which allows users to "undo" their posts.

 

But Twitter warned that its total costs and expenses would rise by at least 30% this year as it plans to increase its workforce too.

 

Snap has also been experimenting with new features to grow advertising revenues in recent months, such as virtual reality try-on services for clothes or make-up. It has even been trialling augmented reality "Spectacles".

 

Mr Spiegel said he was "pleased by the progress the team is making" on developing the technologies.

 

Looming risks

Both companies have been boosted by an increase in online advertising and spending during the pandemic as companies bid for consumers' attention while they were stuck at home during lockdown.

 

They do, however, face stiff competition from rivals such as Apple and Google.

 

media captionGoogle boss Sundar Pichai on tax and his personal tech habits

And new privacy controls that Apple introduced in April, which aimed at limiting advertisers from tracking iPhone users without their knowledge, could hamper growth.

 

Snap's chief business officer Jeremi Gorman said in a statement that it had already caused "some disruption" to demand.

 

Twitter suggested it was too early to determine the impact of the new policy.

 

The firm also faces other challenges, including a lawsuit filed against Twitter, Facebook and Google by former US Donald President, claiming he is a victim of censorship.

 

The class action lawsuit, filed in conjunction with the America First Policy Institute think-tank, also targets the three companies' bosses.

 

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.

 

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.-BBC

 

 

 

Mike Lynch: UK extradition treaty doesn't rely on any facts

The founder of UK software firm Autonomy can be extradited to the US to face charges of conspiracy and fraud, a London court has said.

 

Mike Lynch sold Autonomy to US computer giant Hewlett Packard (HP) for $11bn in 2011.

 

He denies allegations that he fraudulently inflated the value of Autonomy before the sale.

 

His lawyer, Chris Morvillo of Clifford Chance, said Dr Lynch was disappointed by the ruling and would appeal.

 

Dr Lynch has been facing civil charges at the High Court in London, where HP is suing him for damages over the deal. But separately, the US Department of Justice (DoJ) is pursuing criminal charges against him.

 

Judge Michael Snow said he would deliver his ruling in that action without awaiting the civil verdict, saying it was "of limited significance in the case". Dr Lynch was released on bail by the judge in London.

 

Dr Lynch told BBC Radio 4's PM programme that the decision was not unexpected, because of the terms of the extradition treaty the UK has with the US.

 

"We have this imbalance and this default extradition treaty which can be used [in] any dispute that's going on with American companies and their interests."

 

"The insanity of this extradition treaty [is that] it doesn't rely on any facts," he said.

 

Dr Lynch added that he felt the extradition treaty was "imbalanced" and that the British public did not realise that the US justice system works entirely differently to the UK's.

 

He said it was "particularly egregious" that the DoJ was not waiting to see the full judgement from the UK High Court, which will be due in nine weeks' time.

 

He claimed his former chief financial officer Sushovan Hussain, who was jailed for five years in 2019, did not receive a fair trial. Dr Lynch said no defence witnesses turned up to Mr Hussain's trial because they were told they would be arrested if they entered the US.

 

His lawyer Mr Morvillo said: "At the request of the US Department of Justice, the court has ruled that a British citizen who ran a British company listed on the London Stock Exchange should be extradited to America over allegations about his conduct in the UK.

 

"We say this case belongs in the UK. If the home secretary nonetheless decides to order extradition, Dr Lynch intends to appeal."

 

'Artificially inflated'

The UK's Serious Fraud Office (SFO) investigated the deal in 2013, before dropping the case two years later because of "insufficient evidence".

 

Autonomy was founded by Dr Lynch in 1996. It developed software that could extract useful information from "unstructured" sources of data such as phone-calls, emails or video, and then do things such as suggest answers to a call-centre operator or monitor TV channels for words or subjects.

 

Before it was bought by HP, it had headquarters in San Francisco and Cambridge in the UK.

 

In 2010, about 68% of Autonomy's reported revenues came from the US and elsewhere in the Americas.

 

HP and US prosecutors allege that Dr Lynch and other former Autonomy executives artificially inflated the software company's revenues and earnings between 2009 and 2011, causing HP to overpay for the firm.

 

But Dr Lynch has argued that HP used the allegations to cover up its own mismanagement of Autonomy after the 2011 deal.

 

"I don't think that we did anything wrong at Autonomy, but let me remind you that HP, of its own free will, decided to pay 70% more for Autonomy than its price on the London stock market," he told Radio 4.

 

"It was an astronomical amount of money, but it was their choice - not ours."

 

Dr Lynch is also critical of the SFO for failing to clear him: "The SFO has had a lot of criticism for not getting the guilty, but in my case, they've also failed to clear the innocent. They've investigated, found nothing wrong, and yet have basically sat there.

 

"It's important to defend the innocent companies in our country when they are subject to judicial overreach from countries that are looking after their own interests."-BBC

 

 

 

Covid: Food workers given exemption from isolation rules

Supermarket depot workers and food manufacturers will be exempt from quarantine rules as the government tries to prevent food supply problems.

 

The move comes after the rising number of retail workers being forced to self-isolate was beginning to affect the availability of some products.

 

The government said workers, regardless of vaccination status, could do daily Covid testing instead of isolating.

 

Up to 10,000 workers are expected to qualify for the scheme.

 

The new daily contact testing measures are beginning at 15 supermarket depots, followed by 150 depots next week, but they will not apply to supermarket store staff.

 

It comes as supermarkets said the supply of some products was being affected by the "pingdemic" keeping staff away from work.

 

 

A record 618,903 people were told to self-isolate by the NHS Covid app between 8 and 15 July.in England and Wales.

 

While some retailers said they may have to close stores, they downplayed fears of food shortages, saying the problems were not widespread.

 

It will mean workers who are alerted by the app or contacted by NHS Test and Trace will be able to continue working if they test negative, whether or not they are vaccinated.

 

Helen Dickinson, chief executive of the British Retail Consortium, said "disruption is limited at the moment" but it was vital that the government rolls out the scheme as fast as possible and is prepared to take further action if necessary.

 

Separately, the government outlined plans to allow other key industries in England to deploy daily Covid testing instead of self-isolation for a limited number of essential workers. In this case, the scheme will only apply to workers who are fully vaccinated.

 

This scheme covers sectors including transport, emergency services, border control, energy, digital infrastructure, waste, the water industry, essential defence outputs and local government.

 

The policy only applies to workers named on a list kept updated by officials - it is not a blanket exemption for all employees in a sector.

 

This intervention should alleviate genuine concerns in the food industry about supplies. Hundreds of designated sites - supermarket depots and food manufacturers - will be able to administer the tests that will enable workers to skip the need for self isolation.

 

This will be the case whatever the vaccination status of the worker. It is not sector-wide and will not, for example, apply to actual supermarket stores.

 

But it should be enough to stop some of the sporadic shortages become a systemic issue. Shoppers should feel reassured.

 

More generally the help in other sectors is limited.

 

The government clarified that the scheme announced earlier this week to allow named double-vaccinated workers approved by letter to avoid isolation will apply to 16 sectors from energy to waste to medicine and essential transport.

 

The bar is high. The government is trying to keep the Test and Trace system intact as a second line of defence against the pandemic. It is as tricky a balancing act as it has always been.

 

Hannah Essex, co-executive director of the British Chambers of Commerce, said that while the announcement would be a relief to some businesses, "it will leave many more still facing critical staff shortages and lost revenue as the number of people being asked to isolate remains high".

 

CBI director general Tony Danker agreed, warning: "The current approach to self-isolation is closing down the economy, rather than opening it up."

 

Businesses have already exhausted contingency plans to get in extra staff and are "at risk of grinding to a halt in the next few weeks", he added.

 

Phil Langslow, trading director at Cheshire-based County Milk Products, which provides dairy products to the likes of Nestle and Kellogg's, said the government move was "a step in the right direction."

 

"People having to isolate meant that a number of our suppliers, the service providers that are doing the transport for us, have just said they cannot cope. Roughly half of the deliveries that we would expect to be done are not being done routinely and we're having to scramble to actually get product to its destination on time."

 

"If you think of the food chain as just that - as a chain - and like any chain you're only as good as the weakest link, if you cannot get your goods to the market then you've got a problem," he told Radio Four's Today Programme.

 

Scotland has also launched a system of exemptions from self-isolation, covering workers in sectors such as health and social care.

 

Health Secretary Sajid Javid said daily testing of food industry staff would "minimise the disruption caused by rising cases in the coming weeks, while ensuring workers are not put at risk".

 

However, Environment Secretary George Eustice said the scheme was not being extended to supermarket store staff at this stage - as the government was still concerned about the level of Covid hospital admissions.-BBC

 

 

 

Fashion for Crocs continues to break records

>From the Oscar's to the Love Island fire pit - there's no doubt Crocs have made a pandemic comeback.

 

On Thursday, the chunky shoe-maker reported record sales of $640m (£465m) in the three months to 30 June - nearly double the same period last year.

 

And the trend shows no sign of slowing down - the firm raised its revenue outlook for the rest of the year.

 

The company's boss said there was strong demand for the shoes globally.

 

Net income before tax grew to $190.5m between April and the end of June from a previous $54.7m.

 

Its chief executive, Andrew Rees, now expects revenue for 2021 to rise by as much as 65%, compared to an increase of up to 50% the company forecast in April.

 

 

'Strong consumer demand'

"We continue to see strong consumer demand for the Crocs brand globally," Mr Rees said.

 

People have turned to the footwear company for foamy clogs to pair with their lockdown outfits.

 

Boosted by customers staying at home, the Colorado-based firm said on Thursday that digital sales were up 25.4% and make up more than a third of total sales.

 

But even as restrictions ease, TikTokkers taking part in the #CrocsChallenge and celebrities haven't put the shoes to the back of the wardrobe yet.

 

As the shoes, originally intended for medical professionals, have staged a comeback, copy-cat versions have sprung up.

 

Crocs said last month that it had filed a complaint with the US International Trade Commission (ITC) in a bid to crack down on companies it says are importing copies from overseas.

 

It has also recently filed trademark infringement lawsuits against 21 shops, including retail giant Walmart, according to trade publication Footwear News.

 

And there are some worries the firm might not be able to keep up with demand for its collaborations with the likes of singer Justin Bieber and fashion house Balenciaga because of the pandemic.

 

Mr Rees told journalists on Thursday that its biggest manufacturing site in Vietnam may see temporary closures.

 

Despite that, he said Crocs is still "incredibly optimistic about our business".

 

In a presentation for investors, it said it was counting on sandals and "Jibbitz" shoe charms, which Crocs aficionados can use to customise their shoes, for future growth.

 

It is also set to focus on celebrity campaigns in Asia, and China in particular, where it sees the "largest long-term growth opportunity".--BBC

 

 

 

Major websites hit by global outage

Many popular websites fell offline on Thursday in a widespread global outage of service.

 

Visitors attempting to reach some sites received DNS errors, meaning their requests could not reach the websites.

 

Affected services included Airbnb, UPS, HSBC bank, British Airways and the PlayStation network used for online games.

 

One popular DNS provider, Akamai, reported "an emerging issue" with its Edge DNS service.

 

It has now tweeted that the issue has been fixed and "the service is resuming normal operations".

 

Internet outage monitoring platform DownDetector had reported thousands of problems from its users across dozens of platforms.

 

Previously it said the issue had been a "partial outage" - and some users reported being able to access some compromised services in different regions.

 

As some websites began to appear again for users in Europe and the US, others in Asian nations continued to report problems.

 

DNS - short for Domain Name System - turns the human-readable web addresses we use, such as bbc.com, into addresses that point to a computer server somewhere online.

 

Disruptions often mean that a web browser cannot find the content it is looking for.

 

Other affected services reported by DownDetector included:

 

Banks such as Barclays, Lloyds, TSB, and Halifax

Gaming services including Steam, Call of Duty, and EA

Streaming services on Channel 4 and ITV

It is the second such widespread outage in two months.

 

In June, cloud computing provider Fastly had an interrupted service which took down a large number of high-profile websites around the world, including many international newspapers and government websites.

 

In that case, it later emerged that a settings change by one customer had inadvertently affected the entire infrastructure.-BBC

 

 

 

Road planners able to ignore climate change, campaigners claim

Planners can effectively ignore climate change when they are deciding whether to grant permission for new road schemes, environmentalists have said.

 

Transport Secretary Grant Shapps has promised a review of £27bn highways policy which will be completed within two years.

 

But in the meantime, planners can use existing guidelines.

 

Campaigners say these ignore the cumulative effects of major road projects.

 

They say Mr Shapps should be blocking new schemes until a new climate-friendly policy is developed.

 

Climate change: US pushes China to make faster carbon cuts

Climate change: Airbus aims for 'climate-neutral' flights by 2035

Many scientists say no new infrastructure should be built unless it is low-carbon.

 

The debate has been raised because government policies for infrastructure were devised before ministers committed to virtually abolishing carbon emissions for the whole UK economy.

 

The policy debate is still catching up.

 

Currently guidance to planners states: “Any increase in carbon emissions is not a reason to refuse development consent, unless the increase in carbon emissions resulting from the proposed scheme are so significant that it would have a material impact on the ability of government to meet its carbon reduction targets.”

 

Campaigners say the government must take account of the cumulative climate effect of its entire roads programme – not just of individual schemes.

 

They have been chivvying Mr Shapps for 18 months to update the roads strategy to combat the climate crisis.

 

He has now promised to review it – but not for up to two years.

 

Chris Todd, from Transport Action Network, said, "As our roads melt and places around the world face record temperatures and floods, the words ‘climate emergency’ appear to have no meaning within the Department for Transport.

 

“Instead, all we seem to get are delay, delay and yet more delay. Having now finally accepted the inevitable, Mr Shapps is still fiddling while the planet burns.”

 

Mr Todd said the test for carbon in the guidelines was "utterly ridiculous".

 

"A road scheme's emissions, however large, are never going to be significant compared to a five year carbon budget for the whole of the UK," he said. "It's high time the government corrected this ludicrous state of affairs."

 

However, Edmund King, AA president, said that zero emission cars will still need roads to drive on.

 

“So while it is correct to review the roads programme and especially the expansion of smart motorways, it is naïve to think we wouldn’t need to sort out the bottlenecks and dangerous hotspots.”

 

Mr King, though, also wants a major government investment in rural broadband to reduce the need for travel.

 

And Mr Shapps himself says he wants to get people out of their cars to reduce emissions and improve health.

 

A government spokesman said that the Department for Transport and Highways England have both published "ambitious plans to get to net zero highways".

 

"This will see the UK rapidly cut carbon from road construction, maintenance and operations, and support the transition to zero emission vehicles - putting roads at the heart of the low carbon economy," a spokesperson said.

 

Among the schemes pending approval is the Lower Thames Crossing – a massive project that campaigners complain would produce over 5 million tonnes of carbon emissions.

 

Other major schemes include:

 

A428 Black Cat to Caxton Gibbet

A66 Northern Trans-Pennine

A417

A27 Arundel Bypass

A5036 Port of Liverpool

A57 Link Roads

A12 Chelmsford to A120 Widening Scheme

Four A47 schemes in Cambridgeshire and Norfolk

The campaigners also complain that smart motorways, which allow vehicles to run on the hard shoulder, are treated as permitted development without the need for planning permission or any assessment of carbon impacts.

 

Emissions come from the creation of the road-building materials such as cement, as well as from petrol and diesel cars and lorries that will be using new road space.

 

Only last week Mr Shapps told holidaymakers they could carry on flying because technology would solve emissions from aviation.

 

This flew in the face of a recommendation from the Climate Change Committee which says ministers must dampen the projected increase in demand for flying – as well as seeking technology solutions.-BBC

 

 

 

Bitcoin climbs as Elon Musk says Tesla 'likely' to accept it again

Bitcoin has jumped past $30,000 as Elon Musk said Tesla is "most likely" to start accepting it as payment again.

 

The electric carmaker said in May that it would no longer accept the cryptocurrency for purchases.

 

It had cited concerns over the environmental impact of Bitcoin mining which uses huge amounts of electricity.

 

That move came less than two months after the company began accepting the world's biggest digital currency as payment.

 

"Most likely the answer is that Tesla would resume accepting Bitcoin," Mr Musk said during the B Word cryptocurrency conference.

 

He also said that he had been investigating fossil fuel usage in Bitcoin mining: "I wanted a little bit more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50%, and that there is a trend towards increasing that number, and if so Tesla would resume accepting Bitcoin."

 

Some Tesla investors and environmentalists attacked Tesla's decision earlier this year to start accepting Bitcoin as payment.

 

The dispute highlighted the issue of what are seen as environmentally-friendly electric vehicles being purchased using an energy-intensive cryptocurrency.

 

Given that Bitcoin mining uses large amounts of electricity, concerns have been raised over whether the energy is from fossil fuel or renewable sources.

 

Mr Musk was also criticised for using his popularity and position as one of the world's richest people to back cryptocurrencies.

 

During his appearance at the B Word conference Mr Musk said that, along with the Bitcoin owned by Tesla and his his rocket company SpaceX, he personally held Bitcoin and the cryptocurrencies Ethereum and Dogecoin.

 

He also addressed claims that he had helped to artificially increase the price of cryptocurrencies before selling them: "I might pump, but I don't dump... I definitely do not believe in getting the price high and selling... I would like to see Bitcoin succeed."

 

Other speakers at the B Word conference included Twitter chief executive Jack Dorsey and ARK Investment Management boss Cathie Wood.

 

Following his comments, Bitcoin was up 6% at $31,952, and Ethereum was 10.6% higher at $1,979, according to data from the Coindesk website.-BBC

 

 

Hackers reportedly demand $50m from Saudi Aramco over data leak

The world's most valuable oil producer Saudi Aramco has confirmed to the BBC that company data has leaked from one of its contractors.

 

The files are now reportedly being used in an attempt to extort $50m (£36.5m) from the company.

 

The global oil and gas industry has long been criticised for failing to invest in cyber security.

 

In May, the Colonial Pipeline in the US was hit by a ransomware cyber-attack.

 

In an emailed statement, Aramco told the BBC that it "recently became aware of the indirect release of a limited amount of company data which was held by third-party contractors."

 

The Saudi Arabian energy giant did not say which contractor was affected nor whether the contractor had been hacked or if the files were leaked in some other way.

 

 

"We confirm that the release of data was not due to a breach of our systems, has no impact on our operations and the company continues to maintain a robust cybersecurity posture," the firm said.

 

According to the Associated Press (AP), one terabyte, or 1,000 gigabytes, of Aramco's data was being held by extortionists, citing a page on the darknet - a part of the internet within an encrypted network which is accessible only through specialised anonymity-providing tools.

 

The AP report said the page offered to delete the data in exchange for $50m in cryptocurrency, although it is unclear who is behind the ransom plot.

 

Aramco did not immediately respond to a BBC request for clarification over the AP report that the company was the target of a $50m extortion attempt.

 

The oil and gas industry, which includes companies that own wells, pipelines and refineries, has failed to invest in cyber-security over the years, according to experts.

 

This is not the first time Aramco has been the target of a data-related attack. In 2012, the company's computer network was hit by the so-called Shamoon virus.

 

A cyber-attack this year on the Colonial Pipeline in the US further highlighted the vulnerabilities of the energy industry's computer systems.-BBC

 

 

Inflation spike temporary, says BoE deputy governor

The Bank of England should not relax its efforts to boost the UK's economy despite the forecast of higher inflation this year, deputy governor Ben Broadbent has said.

 

The pick up in the rate of inflation, which the Bank expects to hit more than 3%, is mainly due to temporary rises in goods prices, he said.

 

Economic uncertainties around the pandemic remain, he added.

 

But some Bank policymakers have suggested a change might be needed.

 

Last week, Michael Saunders and deputy governor Dave Ramsden - who are both members of the Bank's Monetary Policy Committe (MPC) - said that the time for tighter monetary policy might be approaching.

 

But another MPC member, Jonathan Haskel, said reducing support for the economy was not the right option for the foreseeable future and Catherine Mann, who joins the MPC on 1 September, has warned against curbing stimulus too soon.

 

Rising bills have prompted some headlines warning of a return to an era of high inflation and rate rises.

 

"Not so fast" is the message from one who actually matters.

 

The deputy governor may be just one of the eight (usually nine) strong panel that sets interest rates.

 

But he's usually a good barometer of the mood in the Bank of England.

 

What we're seeing, he indicates may be an adjustment: supply catching up with demand as the economy opens.

 

There are physical bottlenecks, issues with production and transport of internationally traded goods.

 

We've focused on spending on goods - a new TV say - rather than services - cinema trips - under lockdowns.

 

And firms have had to pay more to recruit staff as furlough limits jobseekers.

 

These, Mr Broadbent says, should settle. The spike in inflation may be temporary.

 

But it takes interest rates a year or two to have an impact on inflation, and that's the horizon policymakers actually focus on.

 

What happens then, he says, depends on the labour market.

 

Will today's higher inflation and skills shortages allow workers to secure sustained pay rises, putting pressure on prices?

 

Or will the end of furlough keep a lid on wages with an influx of jobseekers?

 

There's much uncertainty - but our pay packets may hold the key to the future of interest rates.

 

The UK's central bank has two main tools to control inflation, which is measured by how fast the prices of goods and services rise.

 

One of those tools is setting interest rates, which the Bank does by controlling the rate it charges banks to borrow money.

 

The second tool it uses is creating money digitally to buy government and corporate bonds, which is debt issued by the public and private sector, traded as assets. This is called "quantitative easing".

 

The Bank currently has a bond-buying target of £895bn.

 

What are interest rates and why do they matter?

Will creating billions of pounds save your job?

Mr Broadbent said on Thursday that now is probably not the right time to start paring that support back, despite the recent pick up in inflation.

 

"While we know it's going to go further over the next few months, I'm not convinced that the current inflation in retail goods prices should in and of itself mean higher inflation 18 to 24 months ahead, the horizon more relevant for monetary policy," he said.

 

Most of the inflation in goods prices is down to oil price rises, he said, which is likely to "fall away" in the early part of 2022.

 

Pressure will probably remain on goods suppliers even if some of the heat comes out of consumer demand, and there are still risks to global supply chains from Covid outbreaks.

 

Mr Broadbent's comments came as the European Central Bank decided to hold interest rates as they are and gave forward guidance that rates would probably be lower for longer.

 

The Bank of England will give its next decision on UK interest rates on 5 August.-BBC

 

 

 

Nigeria: Prices of Protein, Carbohydrate-Rich Foods in Nigeria Up 58%

Market surveys in seven states show that the prices of the cost of protein-rich foods rose by an average of 60.5 per cent while carbohydrate quickened 59 per cent.

 

The prices of protein and carbohydrate-rich foods in Nigeria rose at an average of 58 per cent in the last year, as the country continues to face insecurity, attacks on farmers, and economic problems aggravated by the coronavirus pandemic, a PREMIUM TIMES survey has shown.

 

Market surveys in seven states show that the prices of all food items dramatically skyrocketed, and the cost of protein-rich foods rose by an average of 60.5 per cent while carbohydrate quickened by 59 per cent.

 

The rise means Nigerians are spending a lot more to buy food and millions of low income-families find it difficult to get critical nutrients like protein needed especially by children for proper growth and development.

Food inflation in Nigeria fell for the third consecutive month to 21.83 per cent in June after reaching its highest rate in more than a decade. The peak rate in March was 22. 95 per cent.

 

Nigeria is not self-sufficient in food production, and the country relies on imports to supplement deficits in almost all types of food, from fish to sugar to maize.

 

Government initiatives to boost production have yielded little returns. In June, PREMIUM TIMES reported how the country has failed to produce enough cassava, perhaps the most widely consumed food in Nigeria, despite investments over decades.

 

The government closed its land borders in 2018 and blocked access to foreign exchange for food importers as part of efforts to discourage importation and grow domestic production.

 

With local production not rising as expected, the measures only led to a significant rise in food prices. Rising insecurity compounded the problem.

Market insight

 

PREMIUM TIMES has examined how prices of food have risen in the last one year, and how the increase has affected consumers and farmers alike.

 

In this part of the series, we examined the prices of only protein and carbohydrate-based foods. The research covered meat (beef, chicken and goat), fish (fresh, iced and dried), crayfish, egg, garri, yam, cassava, and yam flour, and semovita/semolina.

 

Our research showed that on average, the price of a kilogram of chicken rose from between N1300 to N1700 and N1800 to N2500, while a kilogram of beef rose from N1550 to N2000.

 

The price of a big bag of crayfish rose from N40,000 to N80,000 and one basket increased from N7000 to N15,000.

 

A kilogram of iced fish increased from N1200 to N1800, and 20 pieces of dried fish rose to N5000 against the previous price of N2500. A crate of egg sold for N1500 as against N850.

For carbohydrate-rich foods, the survey found that the price of a 1.5 kilogram of garri (popularly called a mudu) rose from N250 t0 N550 on average. In some states, garri sold in a 20-litre paint container went for N6500 against the previous price of N5000.

 

Five tubers of medium-sized yam rose from N2000 to N3500. One big tuber in some states rose from N1500 to N2000.

 

Also, the price of 10 kilograms of semovita rose from N3500 to N5600.

 

The price of a 50-kilogram bag of cassava flour rose to N2000 from the N1500.

 

Yam flour sold in a four-litre paint container sold for N1500 against its former price of N1200, and the price of 100-kilogram bag of the same flour rose from N70, 000 to N85, 000.

 

What traders say: Abuja

 

Chukwu Okoroafor, a trader at the Garki Model Market in Abuja, attributed the increase in the prices of garri to cost of production and insecurity in the country.

 

"Due to the cost of production, kidnapping in the farm, and the farmers/herders clashes, some farmers are no longer going to the farm. That's why you see prices of things going high," Mr Okorofor said.

 

"A bag of yellow garri that goes for the sum of N15,000 as of last year is now sold at the rate of N28,000.

 

"Last year I sold a mudu of yellow garri for N250 but as I am speaking with you now, it has doubled in price. A mudu is now N500."

 

Mr Okorofor said a medium-sized bag of white garri that was N12,500 before now goes for N25,000 and a mudu now goes for N400 against its previous price of N150.

 

Auwalu Yusuf, a food seller in the same market, said prices went up as a result of supply problems.

 

"Companies hoarding the products just to increase it at their own time should please stop this," he said.

 

A yam dealer at the market, Mallam Lawan, said the hike in food items has curtailed the purchasing power of consumers.

 

"If you come here some years back, I don't think I will be able to listen to you because I will be busy attending to plenty of customers," Mr Lawan told our reporter.

 

At Wuse market in Abuja, Alhaji Ibrahim, who has been in the business of selling dried fish for over 20 years, said prices doubled in the last two years to three years.

 

"A cartoon of fish sold at N18,000 now costs an average of N27,000 - N29,000," Mr Ibrahim said.

 

"Due to road blockage, banditry and Boko haram and border closure that is why you see all things going high. Because of "this, I have lost almost N300,000 - N500, 000."

 

Ekiti

 

At the Olojudo market, Ido Ekiti in Ekiti State, Idowu Ojo, who sells cassava and yam flour, attributed the increase in the cost of food items to insecurity.

 

Bolanla Adetitun, a yam trader at the Olojudo market, also expressed worry over the rising cost of the commodity.

 

"100 pieces of yam which formerly sold for N40,000 now sells for N60,000," she said.

 

Kingsley Okonkwo, a trader at the same market, said scarcity and high cost of raw materials like corn for producing semovita was also a factor for price rise.

 

"I must tell you, I have ordered some bags of semovita but what most of the companies do now is to ration the products because they don't even produce enough again," he said.

 

Ajayi Idowu, frozen food seller, said a carton of frozen turkey previously sold at N17,500 now costs N23,000 while a cartoon of frozen chicken is now sold at N20,000 from N17,000.

 

Anambra

 

At Ose market in Onitsha, Anambra State, Chioma Njoku, a yam seller, said, "I remember in 2017, I sold a tuber of yam from an average of N200 to N250 but now things are very difficult.

 

"100 pieces of yam sold for N40,000 before is now N55,000 and a tuber of yam now goes as high as N550 to N700," she said.

 

She explained that the high cost of transporting food commodities was one of the reasons for the hike in price.

 

Lagos

 

At Agege market in Lagos, Soje Ayiba, a meat seller, lamented how prices of meat have risen in recent years.

 

"This is as a result of an increase in fuel price leading to rising in the cost of transporting the cattle and goats from the north down to the southern part of the country," he said.

 

"A kilogram of beef as at last year was N1,550 to N1,950 this year while a kilogram of goat meat which was sold at the rate of N1,300 last year now costs N1,800."

 

Olawoye Aremu, an egg trader said prices were up at the poultry farms as a result of costly feeds and ingredients like maize and soybeans.

 

Ogun

 

The situation was no different in Ogun where residents lamented the high cost of food commodities in the state.

 

Alex Adeleye, a food vendor, who owns a restaurant in Abeokuta, said he has reduced the quantity of food he sells and increased the price to be able to make a profit.

 

"The prices of foodstuffs in the market are becoming so worrisome, due to this I have to reduce the quantity and still, increase the prices at which I sell to my customers," he said.

 

"A plate of Amala is now N1,000 as against the previous cost of N700 while a plate of pounded yam goes from N700 to N1,200."

 

Nike Ogundipe, a housewife and a mother of five, lamented how difficult it is to buy food items now.

 

"Before, when I go to the market with N5,000 I will still have a little change to go back home with, but now it is no longer like that, I now find it so difficult to even buy enough foodstuff with N5,000.

 

"Here in Ogun one small tuber of yam that sells for N500 is now N1,000 to N1,200," she said.

 

Ezeokoli Charity, who sells crayfish and dried fish at the Ipare market in Ondo State, attributed the increase in crayfish to the government.

 

"The reason for this increase is bad government, this is the season of crayfish but still crayfish is not cheap in the market now.

 

Plateau

 

At Angwar Rukuba market in Jos, Plateau State, a mudu of cassava flour which sold for N200 before now costs an average of N350 - N400.

 

A tuber of yam that costs N900 is now N1,300 while a mudu of garri now costs N450 from the previous N300 in the market.

 

Traders and farmers unions speak

 

The president of the National Association of Yam Farmers, Processors and Marketers, Simon Itwange, explained that insecurity has been a major factor in the increase in the price of yam.

 

He said this is coupled with the simple law of demand and supply.

 

"A lot of farmers are unable to go to their farms," Mr Itwange said.

 

He added that multiple taxes as a result of the movement of the yam from one place to another, from several security checkpoints, add up to the cost of the yam and lack of storage facilities.

 

As a mitigating strategy for insecurity, he said they've devised a new method in which people are encouraged to plant yams in cement bags in their compounds and undeveloped plots within the city, and the yams are growing well.

 

"This will enable us to have yams available all year round," he said.

 

Momoh Mustapha, who is the president of the Catfish Association of Farmers in Nigeria (CAFAN), gave the same reasons.

 

"The insecurity in the north is affecting the price, where we source our raw feed materials," he said.

 

He said a bag of raw materials like the feed was N5,000 as at last year, now it is N9,000.

 

"Our fish farmers are still struggling to sell, they can't break even to N1,000 presently for one kilo," he said.

 

"Fishmongers and farmers are short-changed to manage to sell at the present price, even though they have their own local feed millers in Lagos.

 

"For last year it was sold at 650 to 800 naira due to high cost of production," he said.

 

Also speaking with PREMIUM TIMES, the national president, All Farmers Association of Nigeria (AFAN), Ibrahim Kabir, said there are many reasons why food prices have skyrocketed across the country but one of them he said, is that demand is outpacing supply.

 

"So there's scarcity," he said. "Secondly, the naira is also losing its value every passing day. You know the dollar now sells for about N500 so prices of all things not only food are going up.

 

"And the only way to solve the problem of food pricing is by producing optimally during this season otherwise the situation will escalate through the end of the year and next year we will have worst problems than we have already which portray troubles because we have the problem of insecurity due to banditry, kidnapping from other reasons but once it comes from hunger, it's going to be more devastating because is going to affect so many people," Mr Kabir said.

 

"So, we need to work very hard around the food system to make sure that we have food in the country.

 

"We must also try to follow the NIMET advice, we are taking advice as farmers that we should not plant in flood-prone areas so that what we will plant will not be flooded," he added.-Premium Times.

 

 

Nigeria: Investment Announcements Down 13.4% to $10.1bn in H1'21 - NIPC

Investment announcements in Nigeria dropped 13.4 percent to $10.1 billion in the first half of 2021, H1'21. This economy development indicated recorded $11.68 billion in the second half of 2020, H2'20.

 

In a report yesterday, the Nigerian Investment Promotion Commission, NIPC, also indicated a lull in investment announcements in the second quarter of 2021 (Q2'21) at $1.69 billion, a 79.9 percent quarter-on-quarter, QoQ, drop compared to $8.41 billion announced in the first quarter, Q1'21.

 

The profile however shows an increase of 99.6 percent over the $5.06 billion reported in the same period in 2020, H1'20, apparently reflecting the impact of the COVID-19 tension in H1'20.

Sectorial analysis of the "Report of Investment Announcements in Nigeria H1 2021" released by NIPC shows that the Manufacturing sector attracted most investments with $5.9 billion or 58 percent, followed by Construction $2.9 billion (29 percent); Electricity (including gas, steam and air conditioning supply) $680 million (7 percent); Information & Communication $410 million (4 percent); while others recorded $210 million or 2 percent.

 

On the sources, the report revealed that $3.29 billion or 33 percent of the total investment announcements emanated from domestic investors; $1.40 billion (14 percent) from Morocco; $950 million (9 percent) from China; $640 million (6 percent) from UK; with other sources accounting for $3.82 billion or 38 percent.

 

NIPC noted that in terms of destination, only 14 states attracted all the investment announcements. Bayelsa and Delta States emerged top investment destinations during the period, with $3.60 (36 percent) and $2.94 billion (29 percent) respectively, followed by Akwa Ibom $1.40 billion (14 percent) and Lagos State $700 million (7 percent).

The other 10 states attracted $1.47 billion or 15 percent of the investment announcements.

 

In total, NIPC noted that Nigeria received 29 projects across 14 states in H1'21 compared to H1'20 with 34 projects across 16 states and the Federal Capital Territory (FCT).

 

The Commission said that the report is based only on investment announcements captured by NIPC from January to June 2021, adding that investment announcements do not necessarily translate to actual investment inflow. It also noted that investment announcements do not necessarily translate to actual investment inflow.

 

Records show that in 2017, only $2.41 billion actual foreign direct investment (FDI) inflow was recorded out of a total investment announcements of $66.35 billion; in 2018 only $780 million FDI out of $90.89 billion; in 2019 $2.31 billion out of $29.91 billion, and in 2020 only $2.39 billion actual FDI was recorded out of $16.74 billion investment announcements.-Vanguard.

 

 

 

Namibia: Meatco Eyes DRC, Ghana for Northern Beef

IN a quest to secure a market for the northern livestock farmers, the national meat company, Meatco, is exploring new markets in Ghana and the DRC.

 

It is doing so through a subsidiary, Meatco's Meatco Northern Communal Area (Pty) Ltd which is headed by Kingsley Kwenani.

 

Kwenani was appointed last year, and his move to create a market for northern farmers in other areas of Africa comes at a time when the African Development Bank (AfDB) has launched an Africa-wide livestock investment master plan.

 

The plan is to strengthen the agriculture sector, particularly the livestock sub-sector whose true potential remains untapped, said the bank.

 

The northern livestock subsector has limited economic development and remains a contributor to persistent poverty and deteriorating food and nutrition security across the continent, the bank's opening statement of the master plan reads.

Meatco has been Namibia's poster child bringing in billions over the years by selling beef to European markets mainly.

 

The cattle for these markets have, however, been mainly those south of the redline.

 

Over the years, northern farmers have complained about this exclusion, saying it has hindered their ability to scale up and also partake in the lucrative beef export markets which farmers south of the red line enjoy.

 

The data show that although Meatco bought over 154 770 cattle for slaughter during the past two years, only 2 394 were from the northern communal areas.

 

This is despite the region having an estimated 1,6 million cattle, the state-owned enterprise said in its 2020/21 financial report.

 

Exporting to other parts of Africa appears to be the solution, says Kwenani.

Namibian beef is considered to be the best in sub-Saharan African and if the African markets are explored, it would lead to the company finding a lasting solution for these farmers, the company said in its recently released annual report.

 

The northern farmers were not excluded without cause, it is said. The lack of mechanisms to minimise the outbreak of foot-and-mouth disease in the NCA has systematically prevented northern farmers from accessing lucrative markets.

 

To enable market access, the beef from the NCA will be subjected to the Commodity Base Trade (CBT) Protocols that would allow its sale south of the veterinary cordon fence and the new African markets, explained Meatco.

 

Meatco's NCA subsidiary quarantined 540 animals for 30 days in preparation for the first slaughter at the Katima Mulilo abattoir early last month.

The abattoir is set to slaughter 55 to 60 animals per day. The cattle would be quarantined for a month and then slaughtered under CBT protocols.

 

The CBT approach requires that all animals going through an export abattoir be thoroughly checked, said Kwenani.

 

They should then go through a 30-day quarantine as required by Namibia's Directorate of Veterinary Services.

 

"This is to ensure that symptoms of foot-mouth-disease (FMD) or any other disease are identified during the

 

quarantine period and then checked again before slaughter," he said.

 

After slaughter, the carcasses go through maturation for 24 hours at 2 to 3 degrees, as an additional measure to detect diseases.

 

"The final stage requires carcasses to be deboned and de-glanded for the marketing in any market that accepts meat from an FMD zone," Kwenani stated

 

This includes south of the red line and any other markets, he added.

 

Exports to the new African markets are expected to start by next month, after the Katima Mulilo abattoir has been audited and Namibia has been issued export permits by the authorities in these new regional markets.

 

Currently, the country is not only going through a restocking phase, but a pricing war is fully on between operators of export abattoirs and producers.

 

Producers feel they are not being paid enough for their cattle, with some producers threatening to start their own abattoirs.

 

Meatco was directed by the government to open the Katima Mulilo and Rundu abattoirs.

 

The abattoirs will facilitate the marketing of an estimated 1,6 million cattle in the NCA to be mainstreamed into the Namibian economy, by accessing markets south of the red line, in regional and international markets, in the Middle East and southeast Asia.

 

The Katima Mulilo abattoir catchment covers the entire infected zone from the Zambezi region extending to Ndiyona constituency in the Kavango East region.

 

The infected zone is home to about 240 000 cattle of which the Katima Mulilo abattoir's total capacity accounts for only 12 000 cattle per year.

 

This represents only 5% of the total cattle in the catchment area.-Namibian.

 

 

Kenya: Bakers Cut Bread Prices On Competition From Supermarket Bakeries

Bakers have sliced bread prices by Sh5 on the stiff competition by supermarket in-store bakeries, hurting their profit margins in the wake of the prevailing high global cost of wheat.

 

The price of bread in the in-store bakeries has been cheaper by an average Sh5 since April when rival bakers raised their prices in a fresh attempt to pass the additional cost in the price of wheat to consumers.

 

The in-store bakeries did not adjust their prices -- titling the scale as price-sensitive consumers opted for the cheaper products. Spooked by the consumer shift, bakers have now lowered their prices to keep up with the competition.-Nation.

 

 

 

 

 


 


 


Invest Wisely!

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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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