Major International Business Headlines Brief::: 25 July 2021

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Major International Business Headlines Brief::: 25 July 2021

 


 

 


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ü  China regulator bars Tencent from exclusive rights in online music

ü  GM, Cruise sue Ford to block use of 'BlueCruise' name for hands-free
driving

ü  U.S. trade agency drops tariff threat against Vietnam over currency
practices

ü  Global supply chains buckle as virus variant and disasters strike

ü  Tokyo Olympics opening draws 16.7 million U.S. TV viewers, a 33-year low

ü  Robinhood CEO says he is considering offering U.S. retirement accounts

ü  U.S. judge rules Lithium Americas may excavate Nevada mine site

ü  Wall Street notches record closing high on earnings, economic strength

ü  Lagardere denies wrongdoing after Le Monde reports ongoing investigation

ü  Global insurance recovery will be faster, stronger than in 2008 -Swiss Re

ü  Malawi: UK Opens Up Market for Malawi's Agro-Business Sector

ü  Nigeria: Special Report - How Prices of Rice, Other Cereals in Nigeria
Doubled in One Year

ü  Tanzania: Cbt Tasked to Improve Cashewnut Production

ü  Egypt: Cabinet Denies Increasing Fees of Public Transportation

 

 

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

China regulator bars Tencent from exclusive rights in online music

(Reuters) - China's market regulator on Saturday said it would bar Tencent
Holdings Ltd (0700.HK) from exclusive music copyright agreements and fined
the company for unfair market practices in the online music market after its
acquisition of China Music Corporation.

 

The Chinese government has been stepping up antitrust actions in recent
months against the country's large tech companies, including a record $2.75
billion fine on e-commerce giant Alibaba for engaging in anti-competitive
behaviour.

 

Tencent and Tencent Music Entertainment Group (TME.N), the unit created from
the acquisition, said they would abide by the decision and comply with all
regulatory requirements.

 

The State Administration Of Market Regulation (SAMR) said it had
investigated Tencent's activities in the online music broadcasting platform
market in China, in which music copyright is the core asset, in a notice
posted on its official website.

 

Reuters reported in mid-July that the antitrust regulator would order
Tencent's music streaming arm to give up exclusive rights to music labels
that it has used to compete with smaller rivals, citing people with
knowledge of the matter. read more

 

Tencent held more than 80% of exclusive music library resources after its
acquisitions, the regulator said, increasing its leverage over upstream
copyright parties and allowing it to restrict new entrants, the regulator
said.

 

SAMR said Tencent and its affiliated companies must not engage in exclusive
copyright agreements with upstream owners of such rights, while existing
agreements must be terminated within 30 days of the regulatory notice.

 

The regulator also ordered Tencent to pay a fine of 500,000 yuan ($77,150).

 

Earlier this month, the regulator said it would block Tencent's plan to
merge the country's top two videogame streaming sites, Huya and DouYu , on
antitrust grounds. read more

 

($1 = 6.4808 Chinese yuan renminbi)

 

The Thomson Reuters Trust Principles.

 

 

GM, Cruise sue Ford to block use of 'BlueCruise' name for hands-free driving

(Reuters) - General Motors Co (GM.N) and its Cruise robo-taxi subsidiary
have filed a lawsuit to stop Ford Motor Co (F.N) from using the name
"BlueCruise" to market its hands-free driving technology, the companies said
on Saturday.

 

In a statement released shortly after midnight Detroit time, GM said Ford's
use of the BlueCruise name infringed on GM's Super Cruise trademark, as well
as Cruise's trademark.

 

"While GM had hoped to resolve the trademark infringement matter with Ford
amicably, we were left with no choice but to vigorously defend our brands
and protect the equity our products and technology have earned over several
years in the market," GM said in its statement.

 

In the lawsuit, filed on Friday, GM said the automakers had held "protracted
discussions" over the matter but failed to resolve the dispute.

 

GM is claiming trademark infringement and unfair competition in the lawsuit.
The No. 1 U.S. automaker has asked the court for an order to prohibit Ford
from using the BlueCruise name and unspecified damages.

 

Ford called the lawsuit, filed in federal court in California, "meritless
and frivolous".

 

"Drivers for decades have understood what cruise control is, every automaker
offers it, and 'cruise' is common shorthand for the capability," Ford said
in a statement. "That’s why BlueCruise was chosen as the name for the Blue
Oval’s next evolution of Ford’s Intelligent Adaptive Cruise Control."

 

Automakers are racing each other to deploy technology to enable drivers to
take their hands off the steering wheel in traffic jams or on highways. The
so-called Advanced Driver Assistance Systems, such as Tesla Inc's (TSLA.O)
semi-automated Autopilot technology, are not supposed to allow drivers to
fully disengage from driving for extended periods.

 

Automakers have used the word, cruise, for decades to describe cruise
control systems which allow drivers to set a speed the car will maintain,
usually in highway driving.

 

"Ford knew what it was doing," GM said in the lawsuit. "Ford's decision to
rebrand by using a core mark used by GM and Cruise will inevitably cause
confusion."

 

GM announced in 2012 it would use the name Super Cruise for its hands-free
driver assistance technology, and has been marketing the technology using
that name since 2017.

 

GM's majority-owned Cruise self-driving vehicle unit has been operating
since 2013.

 

Ford announced it would use the name BlueCruise for its hands-free driving
technology in April this year. read more

 

The Thomson Reuters Trust Principles.

 

 

 

U.S. trade agency drops tariff threat against Vietnam over currency
practices

(Reuters) - The U.S. Trade Representative's office on Friday said it had
determined that no tariff action against Vietnam was warranted after its
central bank agreed with the U.S. Treasury not to manipulate its currency
for an export advantage.

 

In a statement, USTR said it found that the U.S. Treasury-State Bank of
Vietnam agreement earlier this week "provides a satisfactory resolution of
the matter subject to investigation and accordingly that no trade action is
warranted at this time."

 

The State Bank of Vietnam on Monday pledged in an agreement with Treasury
Secretary Janet Yellen to refrain from "competitive devaluation" of its dong
currency and make its monetary and exchange rate policies more transparent.
read more

 

The deal follows months of U.S. pressure on Vietnam over its currency
practices and ballooning U.S. trade surplus. The Trump administration in its
final weeks had declared Vietnam a currency manipulator and had threatened
to impose punitive tariffs on imports from Vietnam over its currency
practices.

 

The USTR determination, outlined in a federal register notice, only pertains
to its Section 301 investigation into Vietnam's currency practices. It does
not affect a separate Section 301 investigation into Vietnam's use of
illegally harvested or traded timber that could lead to tariffs on furniture
and other wood products imported from Vietnam.

 

"American workers and businesses are stronger when our partners value their
currency fairly and compete on a level playing field," U.S. Trade
Representative Katherine Tai said in a statement.

 

"Going forward, in coordination with Treasury, we will work together with
Vietnam to ensure implementation, and we will continue to examine the
currency practices of other major trading partners," Tai added.

 

Vietnam welcomed the USTR's decision to take no action, its foreign
minister, Bui Thanh Son, said.

 

"Constructive efforts and goodwill help resolve outstanding issues and
contribute to the building of a better and stronger partnership," Son said
on Twitter on Saturday.

 

The Vietnamese dong closed at 23,005 to the dollar on Friday, compared with
23,191 on Oct. 2, 2020, the day that USTR launched its currency probe.

 

The Thomson Reuters Trust Principles.

 

 

 

Global supply chains buckle as virus variant and disasters strike

(Reuters) - A new worldwide wave of COVID-19. Natural disasters in China and
Germany. A cyber attack targeting key South African ports.

 

Events have conspired to drive global supply chains towards breaking point,
threatening the fragile flow of raw materials, parts and consumer goods,
according to companies, economists and shipping specialists.

 

The Delta variant of the coronavirus has devastated parts of Asia and
prompted many nations to cut off land access for sailors. That's left
captains unable to rotate weary crews and about 100,000 seafarers stranded
at sea beyond their stints in a flashback to 2020 and the height of
lockdowns.

 

"We're no longer on the cusp of a second crew change crisis, we're in one,"
Guy Platten, secretary general of the International Chamber of Shipping,
told Reuters.

 

"This is a perilous moment for global supply chains."

 

Given ships transport around 90% of the world's trade, the crew crisis is
disrupting the supply of everything from oil and iron ore to food and
electronics.

 

German container line Hapag Lloyd (HLAG.DE) described the situation as
"extremely challenging".

 

"Vessel capacity is very tight, empty containers are scarce and the
operational situation at certain ports and terminals is not really
improving," it said. "We expect this to last probably into the fourth
quarter – but it is very difficult to predict."

 

Meanwhile, deadly floods in economic giants China and Germany have further
ruptured global supply lines that had yet to recover from the first wave of
the pandemic, compromising trillions of dollars of economic activity that
rely on them.

 

The Chinese flooding is curtailing the transport of coal from mining regions
such as Inner Mongolia and Shanxi, the state planner says, just as power
plants need fuel to meet peak summer demand.

 

In Germany, road transportation of goods has slowed significantly. In the
week of July 11, as the disaster unfolded, the volume of late shipments rose
by 15% from the week before, according to data from supply-chain tracking
platform FourKites.

 

Nick Klein, VP for sales and marketing in the Midwest with Taiwan freight
and logistics company OEC Group, said companies were scrambling to free
goods stacked up in Asia and in U.S. ports due to a confluence of crises.

 

"It's not going to clear up until March," Klein said.

 

MORE PAIN FOR AUTOMAKERS

 

Manufacturing industries are reeling.

 

Automakers, for example, are again being forced to stop production because
of disruptions caused by COVID-19 outbreaks. Toyota Motor Corp said this
week it had to halt operations at plants in Thailand and Japan because they
couldn't get parts.

 

Stellantis temporarily suspended production at a factory in the U.K. because
a large number of workers had to isolate to halt the spread of the virus.

 

The industry has already been hit hard by a global shortage of
semiconductors this year, mainly from Asian suppliers. Earlier this year,
the auto industry consensus was that the chip supply crunch would ease in
the second half of 2021 - but now some senior executives say it will
continue into 2022.

 

An executive at a South Korea auto parts maker, which supplies Ford,
Chrysler and Rivian, said raw materials costs for steel which was used in
all their products had surged partly due to higher freight costs.

 

"When factoring in rising steel and shipping prices, it is costing about 10%
more for us to make our products," the executive told Reuters, declining to
be named due to the sensitivity of the matter.

 

"Although we are trying to keep our costs low, it has been very challenging.
It's just not rising raw materials costs, but also container shipping prices
have skyrocketed."

 

Europe's biggest home appliances maker, Electrolux (ELUXb.ST), warned this
week of worsening component supply problems, which have hampered production.
Domino's Pizza (DPZ.N) said the supply-chain disruptions were affecting the
delivery of equipment needed to build stores.

 

U.S. AND CHINA STRUGGLE

 

Buckling supply chains are hitting the United States and China, the world's
economic motors that together account for more 40% of global economic
output. This could lead to a slowdown in the global economy, along with
rising prices for all manner of goods and raw materials.

 

U.S. data out Friday dovetailed with a growing view that growth will slow in
the last half of the year after a booming second quarter fueled by early
success in vaccination efforts.

 

"Short-term capacity issues remain a concern, constraining output in many
manufacturing and service sector companies while simultaneously pushing
prices higher as demand exceeds supply," said Chris Williamson, chief
business economist at IHS Markit.

 

The firm's "flash" reading of U.S. activity slid to a four-month low this
month as businesses battle shortages of raw materials and labor, which are
fanning inflation.

 

It's an unwelcome conundrum for the U.S. Federal Reserve, which meets next
week just six weeks after dropping its reference to the coronavirus as a
weight on the economy.

 

The Delta variant, already forcing other central banks to consider retooling
their policies, is fanning a new rise in U.S. cases, and inflation is
running well above expectations.

 

'WE NEED TO SUPPLY STORES'

 

Ports across the globe are suffering the kinds of logjams not seen in
decades, according to industry players.

 

The China Port and Harbour Association said on Wednesday that freight
capacity continued to be tight.

 

"Southeast Asia, India and other regions' manufacturing industry are
impacted by a rebound of the epidemic, prompting some orders to flow to
China," it added.

 

Union Pacific (UNP.N), one of two major railroad operators that carry
freight from U.S. West Coast ports inland, imposed a seven-day suspension of
cargo shipments last weekend, including consumer goods, to a Chicago hub
where trucks pick up the goods.

 

The effort, which aims to ease "significant congestion" in Chicago, will put
pressure on ports in Los Angeles, Long Beach, Oakland and Tacoma,
specialists said.

 

A cyber attack hit South African container ports in Cape Town and Durban
this week, adding further disruptions at the terminals.

 

If all that were not enough, in Britain the official health app has told
hundreds of thousands of workers to isolate following contact with someone
with COVID-19 - leading to supermarkets warning of a short supply and some
petrol stations closing.

 

Richard Walker, managing director of supermarket group Iceland Foods, turned
to Twitter to urge people not to panic buy.

 

"We need to be able to supply stores, stock shelves and deliver food," he
wrote.

 

The Thomson Reuters Trust Principles.

 

 

 

Tokyo Olympics opening draws 16.7 million U.S. TV viewers, a 33-year low

(Reuters) - NBC's broadcast of the Tokyo Olympic Games opening ceremony drew
16.7 million viewers, the smallest U.S. television audience for the event in
the past 33 years, according to preliminary data from Comcast-owned(CMCSA.O)
NBCUniversal on Saturday.

 

Across all platforms, including NBCOlympics.com and the NBC Sports app, 17
million people watched the ceremony, NBCUniversal said in an email.

 

The streaming audience on those platforms grew 76% from the 2018 PyeongChang
opening ceremony and 72% from the 2016 Rio opener, reflecting a change in
viewing habits.

 

Friday's audience reflects a steep drop, despite difficult comparisons with
previous opening ceremonies when viewers had fewer streaming options.

 

 

The Tokyo opener TV audience declined 37% from 2016, when 26.5 million
people watched the Rio de Janeiro Games opener, and 59% from 2012, when 40.7
million people watched the London ceremony.

 

It was the lowest audience for the opening ceremony since the 1988 Seoul
Games, which attracted 22.7 million TV viewers. It was also lower than the
1992 Barcelona Games, when 21.6 million people tuned in, according to
Nielsen data.

 

The Rio, London, Barcelona and Seoul numbers reflect final ratings data not
yet available for the Tokyo Games opener.

 

As a result of the COVID-19 pandemic, Friday's scaled-down opening event
took place with fewer than 1,000 attendees at the Olympic Stadium under
strict social distancing rules.

 

 

Major absences included former Japanese Prime Minister Shinzo Abe, who had
wooed the games to Tokyo, and top sponsors, as the event faced strong
opposition in COVID-fatigued Japan.

 

With Tokyo 13 hours ahead of the U.S. East Coast, NBC for the first time
broadcast the ceremony live in the morning, at 6:55 a.m. ET Friday. NBC's
taped, primetime broadcast began at 7:30 p.m. ET.

 

In its primetime coverage, NBC acknowledged the pandemic and its toll while
presenting the Olympics as a positive event.

 

"Absence makes the heart grow fonder," said host Savannah Guthrie, co-anchor
of NBC News' "Today" morning show. "There's nothing like an opening ceremony
to really get you excited for the Olympic Games."

 

NBCUniversal has aggressively pushed its digital platforms this year and
views the Olympics as a vital driver of subscribers for its Peacock
streaming service.

 

The company plans to air an "unprecedented" 7,000 hours of Olympics coverage
across its multiple television networks and Peacock. These include some of
the most anticipated events, such as gymnastics and U.S. Men's basketball,
on the streaming platform. It will also stream over 5,500 hours of the
Olympics on NBCOlympics.com and its sports app.

 

Not all athletes were present at the teams' parade during the opening
ceremony, due to rules that require many to fly in just before their
competitions and leave shortly after to limit social contact.

 

The TV ratings drop is part of a trend among live TV events, including
awards shows and sports.

 

February's Super Bowl broadcast on CBS, a ViacomCBS (VIAC.O)unit, attracted
an average of about 92 million viewers, according to Nielsen data, the
lowest since 2006. The April Oscars telecast on Walt Disney Co's (DIS.N) ABC
broadcast network averaged 10.4 million, a record low, Nielsen said.
Audiences for the most recent Emmys and Grammys also hit new lows.

 

NBCUniversal, which paid $7.65 billion to extend its U.S. broadcast rights
for the Olympics through 2032, is framing the games as a "healing" event,
despite skepticism from many Japanese citizens about the wisdom of holding
even a scaled-down Games during a pandemic.

 

In June NBCUniversal said it had signed over 120 advertisers for the games,
more than any other Olympics broadcast. An NBCUniversal spokesperson said
that month the company was on track to exceed the $1.2 billion in ads sold
for the 2016 Rio Olympics, but declined to say whether it would beat the
$1.25 billion sold last year before the Tokyo Games were postponed.

 

Ratings are not an indication of profitability. Despite a drop in overall
viewership from the 2012 London Olympics, NBC earned more than $250 million
from its Rio Olympics coverage, with ad sales up more than 20% from London.

 

In June NBCUniversal Chief Executive Jeff Shell said the Tokyo Games could
be the most profitable Olympics in NBC’s history.

 

The Thomson Reuters Trust Principles.

 

 

 

Robinhood CEO says he is considering offering U.S. retirement accounts

(Reuters) - Robinhood Markets Inc is considering launching U.S. retirement
accounts, CEO and co-founder Vlad Tenev said on Saturday in a webcast with
users of its trading app looking to participate in its initial public
offering, which is set to price next week.

 

The online brokerage has about 18 million funded investment accounts on its
platform, most of which are held by retail traders.

 

Offering individual retirement accounts (IRAs) and Roth IRAs, which offer
tax advantages to those saving for retirement, would allow Robinhood to tap
a vast market. Americans held $12.6 trillion in IRAs at the end of March, up
2.8% from the end of December, according to the Investment Company
Institute.

 

"We are interested in building more account types, including IRAs and Roth
IRAs, we've been hearing that a lot from our customers. We want to make
first-time investors into long-term investors," Tenev said in response to an
investor question.

 

Due to the penalties involved in withdrawing money, IRAs tend to attract
long-term investments, rather than the quick flip in stocks, options and
cryptocurrencies that some investors turn to Robinhood for.

 

In his webcast, however, Tenev said: "We see evidence that the majority of
our customers are primarily buy and hold."

 

Robinhood, which is targeting a valuation of up to $35 billion in its IPO,
has said it will allocate 20% to 35% of shares offered to its users, an
unusual move for a high-profile offering. One of the reasons many IPOs enjoy
a first-day trading pop is because the retail investors that Robinhood has
invited are excluded and must buy shares in the open market.

 

Robinhood launched its IPO Access platform earlier this year to enable users
to buy into the IPOs of other companies if it can negotiate deals with the
investment banks handling them.

 

Some individual investors are calling for a boycott of Robinhood's IPO on
Reddit and other social media over its handling of the 'meme' stock-trading
frenzy in January. Robinhood placed restrictions on buying GameStop Corp
(GME.N) and other stocks that hedge funds had bet against, on grounds it was
needed for the financial and operational stability of its platform.

 

Tenev said in Saturday's webcast that Robinhood had invested in the
stability of its platform to avoid another such incident.

 

PAYMENT FOR ORDER FLOW

 

Robinhood's popularity has soared over the past 18 months of
coronavirus-induced social restrictions that have kept many retail investors
at home. It has said its mission is to "democratize finance for all" by
allowing users to make unlimited commission-free trades in stocks,
exchange-traded funds, options and cryptocurrencies.

 

The brokerage has been criticized for relying on "payment for order flow"
for most of its revenue, under which it receives fees from market makers for
routing trades to them and does not charge users for individual trades,
however.

 

Critics argue the practice, which is used by many other brokers, creates a
conflict of interest, on the grounds that it incentivizes brokers to send
orders to whoever pays the higher fees. Robinhood contends that it routes
trades based on what is cheapest for its users, and that charging a
commission would be more expensive.

 

Robinhood chief financial officer Jason Warnick left the door open for the
company to change the practice if necessary.

 

"If a ban or other limitations on it were to be imposed, we believe
Robinhood and the industry would adapt and explore other revenue sources,"
Warnick said.

 

Robinhood was founded in 2013 by Stanford University roommates Tenev and
Baiju Bhatt, who will hold nearly two-thirds of the voting power after the
offering, a filing with the stock exchange showed.

 

Robinhood customer Minjie Xu, who works as a software engineer in Missouri,
remained unimpressed after the presentation on concerns the offering was
overpriced.

 

"This is not unique to them, as I think most IPOs are overpriced," Xu told
Reuters.

 

The Thomson Reuters Trust Principles.

 

 

 

U.S. judge rules Lithium Americas may excavate Nevada mine site

(Reuters) - A U.S. federal judge has ruled that Lithium Americas Corp
(LAC.TO) may conduct excavation work at its Thacker Pass lithium mine site
in Nevada, denying a request from environmentalists who said the digging
could harm sage grouse and other wildlife.

 

The ruling marked a rare win for a U.S. critical minerals project as
environmental groups increasingly pressure courts and regulators to block
mining projects, even if they produce metals key to building electric
vehicles. read more

 

Chief Judge Miranda Du of the federal court in Reno, Nevada, said late on
Friday that the digging - needed to determine whether the land holds
historical import for Native Americans - may proceed while she determines
the broader question of whether former President Donald Trump's
administration erred when it approved the project in January. Du said she
will try to publish her decision by early 2022.

 

Vancouver, Canada-based Lithium Americas had agreed not to dig before July
29 while Du deliberated. It was not immediately clear if the company now
intends to start digging on that date. Company representatives could not be
reached for comment.

 

The land that would be affected amounts to less than a quarter of an acre on
a project roughly 18,000 acres in size, a factor which Du said affected her
decision.

 

Additionally, Du said, environmental groups could not prove what specific
damage would be caused by the digging, only hypothetical guesses.
Environmentalists "failed to meet their burden to show they will be
irreparably harmed," Du said.

 

"We are disappointed in the court's ruling allowing the company to dig up
and remove cultural and historical artifacts," said Kelly Fuller of the
Western Watersheds Project, one of the environmental groups that sued to
block the project.

 

Fuller said the group looks forward to a hearing with Du in the future to
argue the entire project should be canceled.

 

The Thomson Reuters Trust Principles.

 

 

 

Wall Street notches record closing high on earnings, economic strength

(Reuters) - Wall Street gained ground for the fourth straight session on
Friday, extending a rally that pushed all three major U.S. stock indexes to
record closing highs as upbeat earnings and signs of economic revival fueled
investor risk appetite.

 

The S&P 500, the Nasdaq and the Dow all notched weekly gains.

 

"We see a continuation of the last couple days. It's roller coaster in
reverse. We did the drop first, and we’ve been climbing back to the top ever
since," said Chris Zaccarelli, chief investment officer at Independent
Advisor Alliance in Charlotte, North Carolina.

 

Growth (.IGX) and value (.IVX) stocks seesawed for much of the week as
market participants weighed spiking infections of the COVID-19 Delta variant
against strong corporate results and signs of economic revival.

 

"There’s push and pull, there’s clearly conflict in the market," Zaccarelli
added. "There’s a strong difference of opinion as to whether the future’s
bright or whether there are clouds on the horizon."

 

Market participants now look toward next week with the Federal Reserve's
two-day monetary policy meeting and a series of high-profile earnings.

 

The Fed's statement will be parsed for clues regarding the timeframe for
tightening its accommodative policies, although Chairman Jerome Powell has
repeatedly said the economy still needs the central bank's full support.

 

Unofficially, the Dow Jones Industrial Average (.DJI) rose 238.34 points, or
0.68%, to 35,061.69, the S&P 500 (.SPX) gained 44.33 points, or 1.02%, to
4,411.81 and the Nasdaq Composite (.IXIC) added 152.39 points, or 1.04%, to
14,836.99.

 

Second-quarter reporting season is firing all pistons, with 120 of the
companies in the S&P 500 having reported. Of those, 88% have beaten
consensus, according to Refinitiv.

 

"We’re seeing companies, on average, beat on the top and on the bottom
line," Zaccarelli said. "We’re seeing the resilience of the consumer and
that’s been the story of the earnings season so far."

 

Analysts now expect aggregate year-on-year S&P 500 earnings growth of 78.1%
for the April to June period, a sizeable increase from the 54% annual growth
seen at the beginning of the quarter.

 

Shares of chipmaker Intel Corp (INTC.O) fell after said late Thursday that
it still faces supply constraints and provided disappointing guidance. read
more

 

American Express Co (AXP.N) gained following the release second-quarter
results, which handily beat expectations on the strength of a global
recovery in consumer spending. read more

 

Social media firms Twitter Inc (TWTR.N) and Snap Inc (SNAP.N) advanced on
the back of their upbeat results. read more

 

Those reports gave a boost to shares of Facebook Inc (FB.O), which is due to
post second-quarter results next week.

 

Other high-profile earnings expected next week include Tesla Inc (TSLA.O),
Apple Inc (AAPL.O), Alphabet Inc (GOOGL.O), Microsoft Corp (MSFT.O) and
Amazon.com (AMZN.O).

 

Industrials Lockheed Martin Corp (LMT.N), Boeing Co (BA.N), Ford Motor Co
(F.N), General Dynamics Corp (GD.N), 3M Co (MMM.N) Caterpillar Inc (CAT.N),
Chevron Corp (CVX.N) and Exxon Mobil Corp (XOM.N), along with a host of
healthcare, consumer goods and others, are also on deck.

 

The Thomson Reuters Trust Principles.

 

 

 

Lagardere denies wrongdoing after Le Monde reports ongoing investigation

(Reuters) - French media giant Lagardere (LAGA.PA) denied any wrongdoing
after daily newspaper Le Monde reported on Friday a judicial investigation
into the company was underway to look into potential infractions including
false accounting and vote buying.

 

Le Monde said a judicial investigation had been launched in April, leading
to the appointment of a judge on the matter.

 

"The company acts within the law and will vigorously defend itself against
any contrary allegation," Lagardere said in a short statement on Saturday.

 

Lagardere has been at odds recently with several shareholders including
hedge fund Amber Capital which earlier this year filed a complaint. The
dispute has been resolved since.

 

It is transforming itself into a joint-stock company, unravelling an arcane
structure that had caused strife with shareholders.

 

The Thomson Reuters Trust Principles.

 

 

 

Global insurance recovery will be faster, stronger than in 2008 -Swiss Re

(Reuters) - The global insurance industry is poised to recover more quickly
and forcefully from the pandemic than it did after the 2008 financial
crisis, despite such obstacles as low interest rates and inflation risk,
insurer Swiss Re AG's (SRENH.S) chief Americas economist said on Friday.

 

Unlike the prior crisis, the pandemic did not weaken insurers' overall
capitalization or financial strength, which allows companies to write new
coverage and increase revenue, economist Thomas Holzheu told Reuters.

 

Writing new policies was more difficult in 2009 and 2010 when insurers were
reeling from capital losses, slow economic growth and depleted incomes of
companies and individuals.

 

In contrast, businesses and individuals now have more money from government
stimulus and support programs, and are more conscious of the need to buy
protection against risks, he added.

 

"We see a much stronger, more resilient demand for insurance - last year,
this year, and we expect for the next few years - compared with the
financial crisis, when the industry was a part of the financial markets
issues," he said.

 

Swiss Re's view aligns with other bullish signs. Global commercial insurance
prices, for example, rose 18% in the first quarter of 2021 from a year
earlier, on average, insurance broker Marsh McLennan Cos Inc (MMC.N) said in
May. Rates have risen since late 2017.

 

Swiss Re said it expects annual growth for all premiums, not just
commercial, to reach 3.3% this year and 3.9% in 2022, after falling just
1.3% last year. That compares with a 3.7% decline in 2008, during the
financial crisis, and a slower rebound of 0.5% and 2.1% in 2009 and 2010,
respectively.

 

Sector bellwether Travelers Companies Inc (TRV.N) on Tuesday beat
second-quarter Wall Street estimates by more than $1.00 a share. read more

 

Other large U.S. insurers are due to report results over the next two weeks.

 

The Thomson Reuters Trust Principles.

 

 

 

Malawi: UK Opens Up Market for Malawi's Agro-Business Sector

Malawi's largest development partner, the UK Government, has announced that
they are geared to opening up the Agro-business trade and investment for its
former protectorate, Malawi as a way to get more Malawian products on the
British retail shelves.

 

British High Commissioner to Lilongwe, David Beer made the remark in his
keynote address at the Malawi-UK Business Group high-level virtual
networking event on Friday. The event brought together over 200 business
leaders sharing knowledge and current opportunities available in Malawi's
Agro-Business sector.

 

Said Beer: "We would like to make Malawi's Agro-business sector more
competitive than the neighbours and we need to get more Malawian
agro-products on the UK market."

 

Beer said the UK is looking at developing countries like Malawi to access
the UK agro-business market as a way to boost the sector.

 

The British envoy to Malawi said the UK is satisfied with Malawi's
commitment in fighting corruption and its continued efforts in cutting out
the red-tape and eliminate bureaucratic tendencies in the Agro-business
industry making it easy for trade and investment.

 

Apart from the UK High Commissioner to Lilongwe, David Beer, other keynote
speakers at the conference included Malawi's Trade and Industry Minister
Sosten Gwengwe MP and Agriculture Deputy Minister Agnes Nkusa-Nkhoma MP.

 

Other presenters and panellists included: Greenbelt Authority CEO Amon
Mluwira; Cannabis Regulatory Authority Chairman Bonface Kadzamira and Dr
Ketulo Salipira; National Planning Commission (Vision 2063) CEO Dr Hope
Chavula; MITC Chairman Mr Karl Chokhontho; Afrexim Bank Director Chandi
Mwenebungu; and CDC Group Director Roman Frankel.

 

The was exceptionally moderated by Scotland-Malawi Partnership Chief
Executive David Hope Jones making it one of the very best digitally hosted
event.

 

Trade and Industry Minister, Sosten Gwengwe said the Malawi Government has
created a conducive environment and favourable conditions for the
Agro-business in order to attract direct investment.

 

"Malawi Government is committed to promote and grow the country's
Agro-business sector and we are open for business. We encourage the
agro-processing as this helps rapid growth of the industry and job creation.

 

"We would like to thank the UK government for their continued support.
Malawi, as one of the of least-developed countries is set to benefit on the
Developing Countries Trading Scheme, said Gwengwe.

 

Gwengwe appealed to the UK Diaspora Malawians to take part in the
Agro-business development program being cultivated by the Malawi and UK
governments through the Malawi-UK business Group .

 

He said: "Agro-business is the largest forex earner and the backbone of the
Malawian economy and, therefore, I encourage the Malawi-UK Business Group to
continue making strides in promoting Malawian trade and industry
particularly the Agro-business sector."

 

Agriculture Deputy Minister and Mchinji South parliamentarian, Agnes
Nkusa-Nkhoma, attended the conference from the rural areas in a village in
Mchinji District said agriculture is the country's most significant sector
and a driver of the economy.

 

"The Malawi 2063 Agenda places agriculture places Agro-business as a first
priority and President Chakwera's administration have put in place
deliberate policies that promotes a vibrant agriculture sector.

 

"However, Malawi needs viable investments in order to flourish and I
therefore appeal to investors in the UK to come to Malawi and invest as by
investing in Malawi they will have opportunities to grab the SADC and the
African continental market to which Malawi is a member," said Nkusa-Nkhoma.

 

During the conference, various public and private entities in Malawi have
had a platform to share ideas and information and were able to make new
business contacts and have had direct discussions with key decision-makers
in the industry.

 

Chief Executive Officer for Cannabis Regulatory Authority, Boniface
Kadzamira and the Director General Dr Ketulo Salipira outlined the
importance and process involved in getting licensed.

 

"Malawi's economy is agro-based and contributes 21 percent of the country's
Gross Domestic Product (GDP) and if we put so much in it our country can
move up on the economic scale. We, therefore, encourage local farmers to
form cooperatives so that they can participate in the cannabis industry,
said Kadzamira.

 

Malawi-UK Business Group chairperson, Edgar Chibaka in his remarks praised
the British High Commissioner to Malawi, David Beer for supporting the
groups initiative but also thanked the Malawian High Commissioner to London
Kena Mphonda for taking a lead in the groups concerted efforts in pushing
for a better Agro-business industry in Malawi and in the UK.

 

"I am pleased with the response and interest from the event and I would like
to register my appreciation for everyone's support as we are on the right
path to increasing the amount of value-added Malawian products onto the
international markets."

 

Malawi has for so long depended on tobacco as the main cash crop, but with
the winds of change blowing across the globe due to global warming, there is
an urgent need to diversify and build up the agro-business sector at a
faster pace in line with the new trends.

 

Malawi has a number of crops that can be elevated to cash earners, from
coffee, cotton, medicinal and industrial cannabis, macadamia, beans, rice,
soya, maize, groundnuts and many others.

 

The Malawi-UK Business Group, which was formed in November 2017, brings
together key organisations and individuals in the UK engaged in business and
trade with Malawi.-Nyasa Times.

 

 

 

Nigeria: Special Report - How Prices of Rice, Other Cereals in Nigeria
Doubled in One Year

The rates of widely eaten cereals and legumes rose by a average of 98 per
cent in the last one year.

 

The prices of major legumes and cereals in Nigeria rose at an average of
about 98.85 and 99.9 per cents respectively in the last one year, a PREMIUM
TIMES market survey has shown.

 

The prices of staples such as rice, beans, groundnut, soybeans, maize,
sorghum, and millet were surveyed across some major markets located in
different regions of the country. The prices of grains such as rice, maize,
sorghum, and millet have risen by 44.4 and 117 per cents respectively.

Likewise, the survey showed that the prices of essential cowpeas such as
beans and soybeans increased by 159.3 and 76.7 per cent, while prices of
groundnuts rose by 63.64 per cent from what they were being sold for last
year.

 

Nigeria's food inflation reached 27 per cent in February 2021, according to
the National Bureau of Statistics, making it the highest since at least
2005.

 

The aftermath of the rise has been evident in the prices of all classes of
food, as prices continue to skyrocket almost on a daily basis, leaving
Nigeria's large population of poor citizens struggling to get food and key
ingredients for survival.

 

The <a target="_blank" href="http://nigerianstat.gov.ng">National Bureau of
Statistics</a> (NBS) latest Consumer Price Index report, which measures the
prices of goods and services, said Nigeria's inflation rate fell for the
second consecutive month in May to 17.93 per cent from 18.12 per cent
recorded a month earlier.

However, food inflation reached 22.28 per cent in May from 22.72 per cent
recorded in April 2021, the NBS reported.

 

The NBS in its report noted that the rise in the food index as of May this
year was caused by increases in the prices of bread, cereals, milk, cheese,
eggs, fish, soft drinks, coffee, tea and cocoa, fruits, meat, oils and fats,
and vegetables.

 

While inflationary pressures subsist, efforts to spur local food production
by the Buhari-led administration in the bid to cut down on importation
bills, and as well achieve food sufficiency have been majorly truncated by
attacks on farms and farmers, forex scarcity, naira devaluation, and extreme
climatic events, Covid-19 disruption, and challenges with importation due to
border closure policy that lasted almost a year, causing food prices to
steadily rise.

 

A PREMIUM TIMES market survey shows that the prices of common cereals and
legume crops, such as rice, beans, maize, soybeans, groundnut among others
which are the main staple foods among Nigerians have doubled in the past
weeks and months, while the income of citizens remains stagnated.

In several interviews conducted by this newspaper, producers, marketers and
consumers expressed dissatisfaction over the spike in the prices of key food
products and that it has become highly unbearable, leaving Nigeria's large
population of poor citizens struggling to get food and key ingredients.

 

PREMIUM TIMES reported how insecurity among other factors have affected
important poultry feed formulation ingredients such as maize, soybeans, and
groundnut supply in recent months.

 

Market survey

 

Muhammadu Adamu, the chairperson of, grain dealers association at Suwarin
market in Kiyawa local government area of Jigawa State, said the price of
grains compared to that of last year has skyrocketed significantly, but that
the prices are now going down following the commencement of the rainy
season.

 

Mr Adamu said last year, a 120kg bag of local Rice was sold at about N42,000
and that this year, the price is still the same, fluctuating within the
N41,000 to N42,000 price rates.

 

He said soybeans were sold at N22,000 per 120kg bag in the market last year,
but that the price jumped to N36,000, this year.

 

Similarly, he said the prices of Sorghum, maize, and millet as of last year
were at N12,000 per 120kg bag but are now being sold at N26,000 in the
market.

 

However, he said unlike other markets in the state, Shuwarin market is not
much identified with the selling of wheat.

 

Sule Gomo, chairperson of rice dealers association, in Shuwarin market,
attributed the high prices of the grains to high demands due to the increase
in population and insecurity in some parts of the country.

 

Mr Gomo said; " The price of Rice remains static due to year-round
irrigation farming in the state, and that the price of rice was once down to
N40,000 due to consistent irrigation farming for at least three times in a
year."

 

"The prices of beans went up because more people went into rice farming,"
said an Abak market foodstuff trader in Akwa Ibom state, Samuel Daniel.
"Last year January we sold a cup of beans between N40-N50 per cup, but we
are currently selling it for N150 per cut now,"

 

He said they used to purchase a 100kg bag of beans at the rate of N27, 000
as of last year, but that it is now sold for N70,000 per 100kg bag.

 

He explained that the prices of foreign rice went up due to the high cost of
logistics involved to smuggle it into Nigeria.

 

Early last year, Mr Daniel said foreign rice was sold for as low as N18,000
per 50kg bag, but that is now fluctuating between N26,000- N30,000 per 50k
bag. He said they are currently selling at N25,500 (wholesale).

 

"There are so many Nigerian rice (local rice) in the market and this is what
affected the prices of beans, and that people are also complaining that
forex exchanges contributed to the hike they're currently experiencing. The
price of a bag of local rice ranges between N15,000 -N25,000 currently,
depending on the level of purity of the rice. Stony rice is cheaper. It was
sold for N7000 last year," he said.

 

The trader lamented that a bag of groundnut in the market is currently as
high as N53,000 and that the measurement of groundnut it contains is reduced
when compared to the same bag sold for N30,000 as of last year.

 

This was majorly caused by the crisis ravaging the Northern parts of the
country, Mr Daniel said, and that they're no longer selling with the hope of
making much profit anymore.

 

"We just don't want to disappoint our customers," he added.

 

At New Benin market in Edo state, Madam RO, a rice retailer said they were
selling a "rubber" of rice between the range of N600-N800 as of last year,
but that it is currently being sold at N1,800.

 

"The price of beans is the worst," she said, "they used to say that beans
are for 'poor men' before, but that is not the case now. The price of beans
is highly unbearable. People with 6-10 children are bearing the brunt. They
can no longer afford even 6 cups of beans anymore, and that will still not
satisfy them. How will they survive?"

 

She explained that they were selling a 'rubber' of beans between the range
of N400 and N500 before the COVID-19 pandemic, but that is currently being
sold above N1000 per rubber.

 

At Garki market in Abuja, a foodstuff trader, who identified himself as
Alhaji Usman, told PREMIUM TIMES that as of last year a mudu of brown beans
was sold at N700 but that it is currently being sold at N900 a mudu, while a
bag of brown beans, he said was sold at N47,000 in 2020, and that it has
increased to N62,000 per 100kg bag.

 

By implication, the prices of rice, beans, groundnut, soybeans, maize,
millet, and sorghum from the above-sampled markets have gone up by 44.4,
159.3, 76.7, 63.64, and 116.70 per cents respectively.

 

Vegetable and Spices

 

In a similar manner, the prices of essential vegetables and spices such as
Tomatoes, peppers, and onions have also been on a steady rise.

 

Many Nigerians have been lamenting about the spike in prices of these
components being the necessary spices and vegetables required for the
preparation of soups and other delicacies.

 

At Wuse market in Abuja, Baba Gombe, who sells these products confirmed to
this newspaper that the prices of these items have gone up substantially.

 

He said he used to sell a full basket of pepper and tomatoes at the rate of
N600-N700 early this year, but that they are now sold for N3000 per basket
each because the bag of pepper and a full basket of tomatoes he used to buy
at N7000 now sells for N27,000 per bag and baskets each.

 

For Onions, he said a basket is currently being sold for N1500 per basket,
but that he was selling it at the rate of N600-N700 about two months ago.

 

The trader said they usually experience a significant spike in the prices of
the product in the rainy season of every year.

 

Due to the perishable nature of these products, Baba Gombe said he usually
runs on huge losses, and that the increase in price has dwindled the
purchasing powers of his customers.

 

" I have lost over N100,000 this past week, because when the tomatoes and
peppers are going bad, I do sell them at cheaper prices as "Baje" to food
sellers," he said.

 

Another trader, Yunusa Mohammed, said the price of plantain is currently
N3000 for a bunch but that it was sold for N2000 as of last year.

 

He said in 2020, six fingers of plantain were sold for N500, but four
fingers are currently being sold for N500.

 

" The prices increased this year, plantain is also a seasonal food, it is
not the season now so this must have affected the price of the food,"he
said.

 

Experts react

 

Razaq Fatai, Policy and Advocacy Manager for ONE Campaign in Africa, said
the rise in food prices has decimated consumers' purchasing power.

 

"For a country where almost 60% of household income was going to food before
the coronavirus pandemic, a continuous increase in food prices poses a
significant threat to livelihoods," he said, continuing that "millions of
people would eat less food to cope with the shock or spend less money on
non-essential goods and services."

 

Mr Fatai said the food inflation is driven by many factors, notably Covid-19
restrictions that disrupted food production systems and resulted in sharp
currency depreciation that has increased imported food prices.

 

He explained that the rising insecurity in the country has displaced several
food system actors, particularly producers and traders. Adding that the
impact of climate change is negatively impacting farm-level productivity, as
the incidence of drought and flood continue to undermine food production
efforts.

 

Jimmy John-Mark, a veterinarian and farmer in Kaduna said the biggest
trigger of the increase in the prices of food is insecurity, and that this
has stopped farmers from carrying out farming activities and transportation
of produce from the farm.

 

"It has displaced farming communities and has put a strain on national
supplies. The second is inflation. Fertilizer prices have gone up
dramatically," he said.

 

Wilson Erumebor, a senior economist at the Nigerian Economic Summit Group
(NESG), said despite the reopening of the land borders in December 2020,
Nigerians continue to grapple with a surge in food inflation into the year
2021.

 

Mr Erumebor stated that the rising food prices could be largely due to the
increasing spate of insecurity which has constrained farming activities in
the major food-producing regions of the country.

 

"Other drivers of food inflation include higher food import bill, fuel price
hike and the attendant high transport costs across the country, as well as,
pandemic-induced breakdown in global food supply chains," he said.

 

The economist noted that on the domestic side, a higher fuel price resulted
in an increase in transport costs, which has risen significantly with a
negative impact on food prices.

 

He stated that despite the adverse impact of COVID-19 crisis on global
supply chains, Nigeria's food import bill grew by 133 per cent year-on-year
in the first quarter (Q1) of 2021, according to the National Bureau of
Statistics (NBS).

 

"Consequently, imported food inflation in Nigeria averaged 16.8% in the
first five months of the year 2021, above its levels of 15.8% and 16.3% in
2019 and 2020, respectively," he said.

 

Mr Erumebor said; "It is no news that the food component accounts for 51 per
cent of Nigeria's consumer price basket. With the prices of all essential
food items rising simultaneously year-on-year in May 2021, the purchasing
power of Nigerians are expected to reduce drastically as a result."

 

"In summary, many Nigerians became poor last year due to inflation-induced
shocks. Data from the World Bank's Nigeria Development Update confirm this
assertion," he added.

 

Just as predicted

 

A report published early this year by the Food and Agriculture Organisation
(FAO) of the United Nations and the World Food Programme(WFP) had projected
that about 13 million people will be victims of acute food insecurity across
15 states in northern Nigeria by August.

 

"Of the 13 million, 3.9 million are projected to be in the northeast and 5
million in the northwest, where there is little humanitarian presence," the
report detailed.

 

The report's findings show a worsening food insecurity trend in the next
lean season (June to August 2021), up from 9.2 million between October and
December 2020 and 8.7 million in mid-2020.

 

This projection was contained in a 2021 report titled 'Hunger hotspots.
FAO-WFP early warnings on acute food insecurity: March to July 2021
outlook.'

 

According to the FAO-WFP, the report was meant to issue an early warning to
20 countries recognised as hotspots, where parts of the populations are at
risk of acute food insecurity.

 

In Nigeria, the report highlighted that issues such as expanding revolt and
inter-communal strife, which led to multiple displacements and destruction
of livelihoods, will worsen the possibility of food security.

 

"The majority of people with critical food insecurity are in Borno State, as
a result of heavy humanitarian access constraints and ongoing conflict.
"Here, the localities of Abadam, Dikwa, Guzamala, Kukawa, and Marte, as well
as other only-partially accessible garrison towns, remain of extreme
concern. Should the situation deteriorate further, these areas may be at
risk of famine." The report partly reads.

 

"Yemen, South Sudan, and northern Nigeria represent the highest alert level
with a risk of famine," the report said.-Premium Times.

 

 

 

Tanzania: Cbt Tasked to Improve Cashewnut Production

PRIME Minister Kassim Majaliwa has directed the Cashewnut Board of Tanzania
(CBT) to find reliable market for cashewnuts that will guarantee better
prices for the crop.

 

Equally, the Premier ordered the CBT to oversee the construction of small
and large scale factories for processing cashewnuts in all areas which
cultivate the cash crop in order to abandon the selling of raw cashews.

 

The PM issued the directives on Thursday during a meeting with regional
commissioners from Lindi, Mtwara and Ruvuma and cooperative society
registrar and leaders of cashewnut cooperative unions aimed at discussing
the availability of agricultural inputs to cashe growers held in Lindi
region.

He said that the new cashew board must work responsibly to increase
cashewnut production, cautioning that the government will not hesitate to
dissolve it if it fails to fulfill its responsibilities.

 

"You must make follow ups and be aware of the trend of the crop and the
system used in selling the crop ...you should also have statistics of
farmers and the size of the farms so that you can easily serve them," he
said.

 

He further said that CBT is also required to prepare a special schedule
indicating all stages required to be followed in cashewnut growing, starting
with farms preparations to harvesting stage by considering the weather
patterns of respective areas and present it to the farmers.

 

Mr Majaliwa stressed that they should also use agricultural expertise in
growing the crop in order to increase efficiency to farmers. He also
directed the board members to make sure that farmers are provided with
inputs, including better seedlings.

He also emphasized that the cashewnut board should set a strategy of
educating farmers about cashewnut farming covering its benefits.

 

For his part, Deputy Minister for Agriculture, Hussein Bashe said that the
government has alredy embarked on a process of empowering farmers'
associations to start processing cashew nuts, noting that in this season,
Tandahimba Newala Cooperative Union Limited (TANECU) has secured a loan from
CRDB bank and will start processing 2500 tonnes of raw cashewnuts.

 

He said that other cooperative societies which will also follow the
procedure after TANECU are TAMCU, MAMCU and RUNALI, which they all plan to
set up factories with a capacity of processing 2,500 tonnes of cashewnut
annually.

 

CBT Chairman, Brigedia General (retired) Aloyce Mwanjile said that they have
received all directives issued by the PM and pledged to cooperate with all
board members and management to work on them.-Daily News.

 

 

 

Egypt: Cabinet Denies Increasing Fees of Public Transportation

The Cabinet media center on Saturday 24/07/2021 denied reports about
increasing fees of public transportation after an increase of fuel prices.

 

The center in a statement said that it has contacted the Ministry of Local
Development which denied the reports and said they were inaccurate.

 

The fees of all collective transportation means nationwide will remain the
same without any increase, added the ministry.

 

The ministry also urged all media outlets and users of social media to be
careful while publishing such reports.-Egypt Online.

 

 

 


 


 


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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
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for guideline purposes only and sourced from third parties.

 


 

 


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