Major International Business Headlines Brief::: 26 July 2021

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Major International Business Headlines Brief::: 26 July 2021

 


 

 


 <https://www.nedbank.co.zw/> 

 


 

 


ü  Tencent shares slide after Beijing crackdown on music rights

ü  Government pingdemic response chaotic, say food supply firms

ü  The experiences replacing closed High Street stores

ü  Asia stocks hit 2021 lows as China skids, funds favour Wall Street

ü  China's new private tutoring rules put billions of dollars at stake

ü  Bitcoin leaps 12% to test recent peaks, ether hits 3-week high

ü  China shares slide as regulatory clampdown spooks investors, education
firms dive

ü  With $4 billion in losses, Heathrow tells UK: open up travel

ü  Ryanair nudges up annual traffic forecast as summer bookings surge

ü  S.Korea to toughen rules to collect cryptocurrencies from tax dodgers

ü  Nigeria and the Debt Trap

ü  Rwanda Mulls Municipal Bonds for District Infrastructure Projects

ü  Africa: About 770 Million Africans Have No Access to Electricity - Report

ü  Nigeria: Govt Extends Deadline for NIN-SIM Linkage 6th Time Till Oct 31

 


 <mailto:info at bulls.co.zw> 

 


 

Tencent shares slide after Beijing crackdown on music rights

Shares in Tencent have fallen after China ordered the technology giant to
end exclusive music licensing deals with record labels around the world.

 

The move is aimed at tackling the company's dominance of online music
streaming in the country.

 

It was also fined 500,000 yuan (£56,000; $77,120) for unfair practices in
the online music market.

 

Tencent controls more than 80% of China's exclusive music streaming rights
after an acquisition in 2016.

 

On Saturday, the State Administration of Market Regulation (SAMR) said the
firm's activities in the Chinese online music market broke the country's
anti-monopoly rules.

 

Tencent bought China Music Corporation in 2016, giving it rights to more
than 80% of all music tracks in the market and an unfair advantage over
rivals, the SAMR said in the ruling.

 

The company and its affiliated businesses have been told that they can no
longer engage in exclusive deals over music rights and must dissolve any
existing agreements within 30 days.

 

They can retain exclusive deals with independent artists, as they expire
after three years.

 

Tencent and Tencent Music Entertainment, the company created by the takeover
of China Music Corporation, said they will abide by the ruling and comply
with the requirements laid out by the regulator.

 

Global record labels like Universal Music, Sony Music and Warner Music have
all struck deals with Tencent giving its streaming platforms access to
thousands of artist music catalogues.

 

In Hong Kong, shares in Tencent Holding were down by 5.7%, while Tencent
Music Entertainment Group's shares were 6.9% lower.

 

This is the latest in a series of actions taken by Chinese authorities
against some of the country's biggest technology companies.

 

Last week, shares in ride-hailing giant Didi slumped by more than 30% in New
York after a report that regulators in Beijing are considering serious
penalties against the company.

 

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.

 

Didi's shares have now fallen by more than 40% since making its New York
Stock Exchange debut on 30 June.

 

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

 

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

 

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

 

Earlier this year, Alibaba accepted a record $2.8bn fine after an official
investigation found that it had abused its market position for years.-BBC

 

 

 

Government pingdemic response chaotic, say food supply firms

Government efforts to deal with the self-isolation "pingdemic" are "chaotic"
and "too late", food supply industry bodies have said.

 

Supply firms are having to fight to keep supermarkets stocked with food, one
industry body warned.

 

The government has been trying to ease the effects of workers having to
self-isolate if they are "pinged" by the NHS Test and Trace app.

 

Health Secretary Sajid Javid said daily testing will help minimise
disruption.

 

The number of people being sent NHS app alerts to self-isolate rapidly rose
throughout July as infection rates soared, reaching a record 600,000 in the
week to 14 July.

 

Many businesses struggled as staff members self-isolated.

 

Covid: Who has to self-isolate, which workers are exempt and what if I'm
fully vaccinated?

Daily tests not self-isolation for police, fire, borders, transport and
freight staff

'Chaos'

The government changed its stance last week and announced that some
double-jabbed staff at some critical organisations would be allowed to take
tests to keep coming to work, rather than self-isolating.

 

On Sunday, the Department for Environment, Food and Rural Affairs said it
had now contacted 500 sites that had been identified for daily contact
testing.

 

Testing is understood to be rolling-out to key manufacturing, food
processing and wholesale sites across the food supply chain, which will be
joining large supermarket depots as part of the initial phase of the testing
programme.

 

The number of roles that are exempt from isolation is also understood to
have been widened to include roles such as forklift drivers and dispatchers.

 

But the government's response has been "very chaotic" and "too late", said
James Bielby, chief executive of the Federation of Wholesale Distribution.

 

Chart showing app alerts rising rapidly

He said that a policy for exemptions was announced on Monday, but that there
were no further details given until Thursday.

 

Many food businesses were still in the dark as to whether their staff could
be included in the scheme, he added, with only 15 supermarket distribution
centres with staff on the list on Friday.

 

"The process for getting on the list is entirely opaque," Mr Bielby said,
adding that the government seemed to be making up the policy "on the hoof"
in response to media reports.

 

Putting in place testing instead of self-isolation would have been better
three weeks ago, Mr Bielby said, but now it was "too late" - especially as
self-isolation is supposed to ease in three weeks' time.

 

He added that the "pingdemic" had been "really bad" for the food supply
chain, as entire production lines in factories and entire driver fleets had
been "taken out".

 

There was already a shortage of lorry drivers because of a combination of
factors including Brexit, the Covid pandemic and changes to self-employment
taxation, he added.

 

'Bigger challenge than Covid'

Shane Brennan, chief executive of the Cold Chain Federation, said the
"pingdemic" had been a greater challenge for businesses than Covid itself.

 

"You can deal with problems as long as you have people working," Mr Brennan
said. "The problem with the 'pingdemic' is that it takes lots of people out
of the workforce."

 

There are already rolling shortages of stock in supermarkets, and supply
businesses are "fighting to keep food on the shelves", he said.

 

However, the application process for getting staff exemptions for
self-isolation was "way too complicated" and came too late.

 

In addition, government departments did not appear to be working in a
unified way.

 

"It's quite obvious that the government is having an argument with itself
[over self-isolation]," he said.

 

Train delays

Although the daily number of people testing positive for coronavirus has
fallen over the past week to fewer than 32,000 per day, critical businesses
have reported struggling with staff absences.

 

The Rail Delivery Group, which represents train companies, said that there
could be disruption to services in the coming weeks.

 

"While train companies are doing everything they can to minimise any
disruption, there may be an impact on services so we are asking people to
check before they travel using app alerts," a spokesperson said.

 

On Saturday, Govia Thameslink Railway (GTR), which runs Thameslink and
Southern trains, said it would introduce a reduced timetable from Monday 26
July.

 

Non-essential businesses, including pubs and restaurants, have also
struggled with staff getting pinged.

 

Emma McClarkin, chief executive of the British Beer & Pub Association, said:
"Pubs are closing or greatly reducing their opening hours due to staff
shortages caused by app pings - despite staff testing negative on lateral
flow tests."

 

She said 43% of pub staff were aged 18 to 25 and would not have their second
jab for months.

 

"We urge the government to work with us to find a sensible solution to this
that still ensures staff and customer safety," she added.

 

Daily testing

However, Health Secretary Sajid Javid said: "As we learn to live with the
virus, we must do everything we can to break chains of transmission and stop
the spread of the virus.

 

"Daily contact testing of workers in these critical sectors will help to
minimise any disruption caused by rising cases in the coming weeks, while
ensuring staff are not put at risk."

 

A spokesperson said that as a first step, daily contact testing was being
rolled out to critical workplaces in the food supply chain and that many
sites would be operational from Monday 26 July.BBC

 

 

 

The experiences replacing closed High Street stores

I'm taking a spin on a go-kart track with a difference. It's the old beauty
hall of the Debenhams store in south-west London.

 

The escalators are the only trace of the former department store which
remain. All four floors are now being transformed into a high-tech
entertainment venue.

 

As we filmed, shoppers stopped to take photos when the shutters briefly
opened giving a glimpse of the flashing lights and builders beavering away
inside.

 

"We're creating a department store of fun," says Michael Harrison, the
co-founder of Gravity which is due to open on 1 August.

 

"We have three bars, two restaurants, go-karting, a bowling alley, huge
screens to watch sporting events and adventure golf. This is the future of
the High Street. It's about experience," he says.

 

Michael has no shortage of retail landlords now ringing him up offering him
potential new locations.

 

They're grappling with the need to rethink, or repurpose, empty shops.
Latest figures suggest one in seven stores, on average, are lying vacant.
And in some places the number is far higher.

 

The UK's biggest property company, Landsec, owns the Southside shopping mall
where Gravity is based. Its other centres include Bluewater in Kent and
Trinity in Leeds.

 

Landsec boss Mark Allan thinks a quarter of what is currently retail space
will need to be turned into something else.

 

"For me, it's really difficult to think of an example where you have 25% of
something that it exists in the UK that is no longer required. And so you're
not going to solve that sort of a problem by tinkering around the edges," he
says.

 

The pain won't be evenly spread either, says Mr Allan: "Some places are
going to be virtually empty and they are not going to survive as retail in
any shape or form.

 

"Some are going to be absolutely fine - rents are lower, sales are lower and
they're worth less than they were but fundamentally they've got a role to
play longer term and some places are going to be in the middle where they
are going to survive but they need some investment."

 

Some industry experts think the amount of redundant retail space is even
higher. So how did we get here?

 

We've seen a huge proliferation of shops over the last 40 years. Retail has
just been growing and growing, from out of town retail parks and shopping
centres to so called clone towns dominated by chains, who were willing to
pay higher rents.

 

That retail property boom is now over. Many of our town centres will have to
find a new purpose.

 

We've been talking about how to save the High Street for more than a decade
but the pandemic has turbo charged the problems now.

 

Mr Allan says it's time to act. "Covid has been a tipping point. If we don't
tackle it over the next couple of years together then there's a real risk
some of this redundant retail property sits there for decades empty and that
would be a disaster for the communities where that property is located."

 

And he says there's no single party that can solve the problem: "This needs
people to come together. I think it's a significant moment and a really big
opportunity, particularly for those centres and high streets where there is
no future for retail, for radical, bold, thinking. I think it could be
exciting."

 

Stockton-on Tees has one of the boldest plans to reshape its entire town
centre. It has decided to demolish a large part of its high street.

 

The local council bought Stockton's two shopping centres and plans to knock
one of them down, creating a new riverside park to make the town a greener,
nicer place.

 

The £37m project is largely being funded with money from the Tees Valley
Combined Authority and the Government's Future High Streets Fund.

 

The Castlegate mall was built in the 1970s, an era when local authorities
were falling over themselves to attract big retail development.

 

 

"Retail is still very important, but we now need to consolidate it to meet
the demand," says councillor Nigel Cooke, cabinet member for regeneration.

 

Businesses who want to stay will eventually move into the other shopping
centre further up the street.

 

The scheme is part of a wider masterplan to market Stockton as an events
town. The main high street, the widest in the UK, has been spruced up with
new paving, lighting and a big water fountain. The council is also paying
for the renovation of the town's Grade II-listed art deco Globe Theatre.

 

"I think it is money well spent and I am convinced it's the right thing to
do. We need to get people back onto the high street either to live, to work
or to enjoy themselves," insists Mr Cooke.

 

"It would be easy to hide under my desk and say guys, we can't do anything,
let's just wait for the good times to come back. But we have to do
something.. nothing is risk free, it's about managing the risk."

 

But Stockton has now got a large, empty Debenhams to contend with, too.

 

Town centre regeneration is often complicated stuff, with a myriad of
owners, stakeholders and issues to solve.

 

It's taken Stockton 13 years to get this far and it's only a third of the
way through. But given the magnitude of the challenges now, doing nothing is
no longer an option.-BBC

 

 

 

Asia stocks hit 2021 lows as China skids, funds favour Wall Street

(Reuters) - Asian shares skidded to their lows for this year on Monday as
concerns over tightening regulations upended Chinese equities and strong
U.S. corporate earnings sucked funds out of emerging markets into Wall
Street.

 

Chinese blue chips .CSI300 shed 4.4% to their lowest since December, in what
was also the biggest daily decline in more than a year, as the education and
property sectors were routed on worries over tighter government rules.

 

"We believe China's economy, and specifically its financial system, will
face significant risks in coming months due to the unprecedented tightening
measures applied to the property sector," economists at Nomura warned in a
note.

 

That dragged MSCI's broadest index of Asia-Pacific shares outside Japan
.MIAPJ0000PUS down 2.0% to its lowest since last December. Japan's Nikkei
.N225 did bounce 0.9%, but that was off a seven-month low.

 

In contrast, Nasdaq futures NQc1 were off just 0.1% from historic highs, and
S&P 500 futures ESc1 were down 0.3%. EUROSTOXX 50 futures STXEc1 and FTSE
futures FFIc1 both dipped 0.5%.

 

More than one-third of S&P 500 companies are set to report quarterly results
this week, headlined by Facebook Inc FB.O, Tesla Inc TSLA.O, Apple Inc
AAPL.O, Alphabet Inc GOOGL.O, Microsoft Corp MSFT.O and Amazon AMZN.O.

 

With just over one-fifth of the S&P 500 having reported, 88% of firms have
beaten the consensus of analysts' expectations. That is a major reason
global money managers have poured more than $900 billion into U.S. funds in
the first half of 2021.

 

Oliver Jones, a senior markets economist at Capital Economics, noted U.S.
earnings were projected to be roughly 50% higher in 2023 than they were in
the year immediately prior to the pandemic, significantly more than was
anticipated in most other major economies.

 

"With so much optimism baked in, it seems likely to us that the tailwind of
rising earnings forecasts, which provided so much support to the stock
market over the past year, will fade," he cautioned.

 

The week is also packed with U.S. data that should underline the economy's
outperformance. Second-quarter gross domestic product is forecast to show
annualised growth of 8.6%, while the Fed's favoured measure of core
inflation is seen rising an annual 3.7% in June.

 

The Federal Reserve meets on Tuesday and Wednesday and, while no change in
policy is expected, Chair Jerome Powell will likely be pressed to clarify
what "substantial further progress" on employment would look like.

 

"The main message from Fed Chair Powell's post-meeting press conference
should be consistent with his testimony before Congress in mid-July when he
signalled no rush for tapering," said NatWest Markets economist Kevin
Cummins.

 

"However, he will clearly remind market participants that the taper
countdown has officially begun."

 

So far, the bond market has been remarkably untroubled by the prospect of
eventual tapering with yields on U.S. 10-year notes US10YT=TWEB having
fallen for four weeks in a row to stand at 1.26%.

 

The drop has done little to undermine the dollar, in part because European
yields have fallen even further amid expectations of continued massive bond
buying by the European Central Bank.

 

The single currency has been trending lower since June and touched a
four-month trough of $1.1750 last week. It was last at $1.1779 EUR= and
looked at risk of testing its 2021 low of $1.1702.

 

The dollar has also been edging up on the yen to reach 110.40 JPY=, but
remains short of its recent peak at 111.62. The fall in the euro has lifted
the dollar index =USD to 92.870, a long way from its May trough of 89.533.

 

The rise in the dollar has offset the drop in bond yields to leave gold
range-bound around $1,800 an ounce XAU=.

 

Oil prices have generally fared better amid wagers that demand will remain
strong as the global economy gradually opens and supply stays tight. O/R

 

The U.S. and European oil giants are expected to announce higher profits,
cash and dividend payments this week.

 

Brent LCOc1 was trading down 73 cents at $73.37 a barrel, while U.S. crude
CLc1 fell 76 cents to $71.31.

 

The Thomson Reuters Trust Principles.

 

 

 

China's new private tutoring rules put billions of dollars at stake

(Reuters) - China's sweeping new rules in private tutoring has left private
education firms facing a significant business impact as Beijing steps up
regulatory oversight of a $120 billion industry that investors had bet
billions of dollars on in recent years.

 

The new rules released on Friday bars for-profit tutoring in core school
subjects in an effort to boost the country's birth rate by lowering family
living costs.

 

The news sent shockwaves through the sector and parents struggled to
understand how exactly the move would impact their children in a highly
competitive education system.

 

Under the new rules, all institutions offering tutoring on the school
curriculum will be registered as non-profit organisations, and no new
licences will be granted, according to an official document.

 

The rule changes, which are much tougher than previously expected, have put
at risk billions of dollars of public and private capital ploughed into the
sector over the last few years on hopes for continued demand in the world's
most populous country.

 

The move triggered a massive fall on Friday in the Hong Kong and New
York-listed shares of Chinese private education companies, and the selloff
continued on Monday with some of the stock plummeting between 30% and 40%.

 

China's education industry sub-index (.CSI930717) dropped as much as 14% on
Monday.

 

U.S.-listed TAL Education Group (TAL.N) said on Sunday it expected the new
rules to have "material adverse impact on its after-school tutoring services
... which in turn may adversely affect" its operations and prospects. It did
not elaborate.

 

Gaotu Techedu (GOTU.N), New Oriental Education & Technology Group (9901.HK),
, Koolearn Technology Holding (1797.HK), Scholar Education Group (1769.HK),
and China Beststudy Education Group (3978.HK) made similar statements on
Monday.

 

The new rules will result in existing online tutoring firms being subjected
to extra scrutiny and after-school tutoring will be prohibited during
weekends, public holidays and school vacations, the document said.

 

Curriculum-based tutoring institutions would also be barred from raising
money through listings or other capital-related activities, while listed
companies would be banned from investing in such institutions, it said.

 

Scholar Education said that authorities had yet to provide details around
the implementation of the rules and there were uncertainties as to when and
how such rules will become specifically applicable to the group.

 

EDUCATION BURDEN

 

Goldman Sachs said in a research note its one year price targets on the
listed tutoring stocks would be cut by 78% on average. The impact, the note
said, would be mostly due to the ban on weekend and winter and summer
holiday tutoring, which brought in up to 80% of the firms' revenue.

 

China's for-profit education sector has been under scrutiny as part of
Beijing's push to ease pressure on school children and reduce a cost burden
on parents that has contributed to a drop in birth rates.

 

In May, China said it would allow couples to have up to three children, from
two previously.

 

More than 75% of students aged from around 6 to 18 in China attended
after-school tutoring classes in 2016, according to the most recent figures
from the Chinese Society of Education, and anecdotal evidence suggests that
percentage has risen over recent years.

 

Citing a person in charge at the Ministry of Education, a Xinhua report on
Sunday said the move was needed to tackle a huge burden on primary and
middle school students and their parents' finances.

 

Dave Wang, portfolio manager at Nuvest Capital in Singapore, said "the
Chinese government has always been more particular on sectors that have
widespread social implications."

 

Some parents, however, struggled to understand how the new rules will impact
the education of their children.

 

"In the long run, it is definitely good news for the children as they don’t
have to immerse themselves in endless homework," said Zhu Li, a Chinese
parent in Haidian District in Beijing.

 

"But on the other hand, it might not be so good if they fail to enter a good
university."

 

The Thomson Reuters Trust Principles.

 

 

Bitcoin leaps 12% to test recent peaks, ether hits 3-week high

(Reuters) - Cryptocurrencies popped to the top of recent ranges on Monday as
short sellers bailed out in the wake of a strong week and while traders
hoped a handful of positive comments from influential investors might signal
a turnaround in fragile sentiment.

 

Bitcoin rose as far as 12.5% to hit $39,850, its highest since mid-June
during the Asia session, while ether hit a three-week peak of $2,344. On the
heels of bitcoin's best week in almost three months, the move put the
squeeze on short sellers.

 

Last week, cryptocurrency enthusiast and Tesla (TSLA.O) boss Elon Musk said
the carmarker would likely resume accepting bitcoin once it conducts due
diligence on its energy use. It had suspended such payments in May,
contributing to a sharp crypto selloff. read more

 

Twitter (TWTR.N) boss Jack Dorsey also said last week that the digital
currency is a "big part" of the social media firm's future and, on Sunday,
London's City A.M. newspaper reported - citing an un-named "insider" - that
Amazon is looking to accept bitcoin payments by year's end. read more

 

Brokers said that taken together the remarks were enough to finally lift the
market from the floor of support where it has held steady since a May
plunge, while data also pointed to heavy short-seller liquidations -
suggesting many might have given up.

 

"Over the last five trading sessions we've seen general near-term
bullishness in the market, driven by key technicals, as well as recent
positive comments," said Ryan Rabaglia, global head of trading at digital
asset platform OSL.

 

"With a record $1.2 billion in shorts liquidated over the past 24 hours, the
outlook and momentum for the week ahead is positive," he said.

 

Bitcoin was last up 8% at $38,064, putting it within sight of resistance
around June's $41,341.57 peak just a week after it was testing support at
$29,500.

 

Ether was last up 5% at $2,304.

 

The Thomson Reuters Trust Principles.

 

 

 

China shares slide as regulatory clampdown spooks investors, education firms
dive

(Reuters) - Chinese shares slumped on Monday as investor worries over the
impact of government regulations kneecapped the education and property
sectors, after Beijing barred for-profit tutoring in core school subjects.

 

The searing sell-off sent Hong Kong-listed Scholar Education Group (1769.HK)
shares crashing more than 43% in morning trade. Hong Kong stocks of New
Oriental Education & Technology Group Inc (9901.HK) lost over a third of
their value after U.S. shares plummeted more 50% on Friday. The company
provides tutoring and test preparation services in China.

 

Sub-indexes tracking education and related sectors declined sharply. The CSI
Education Index (.CSI930717) was last down 9.73% and the Hang Seng Tech
index (.HSTECH) slumped 5.89%, touching its lowest level since Aug. 12,
2020.

 

The shakeout in China's $120 billion private tutoring sector follows
Beijing's announcement on Friday of new rules barring for-profit tutoring in
core school subjects to ease financial pressures on families. The policy
change also restricts foreign investment in the sector through mergers and
acquisitions, franchises, or variable interest entity (VIEs) arrangements.

 

Louis Tse, managing director at Wealthy Securities in Hong Kong, said the
curbs were needed to prevent "chaos" in a profitable sector.

 

"The Chinese government...in a way it's right, they want to put a heavy hand
and try to regulate that industry to make it more acceptable," he said. "Of
course investors....I won't say they suffer. They won't earn that much
anymore."

 

The crackdown on tutoring firms follows a tightening grip on China's
internet sector that has rattled global investors. Beijing launched a
data-related cybersecurity investigation into ride-hailing giant Didi Global
Inc (DIDI.N) just two days after it raised $4.4 billion in a New York
initial public offering.

 

China's blue-chip CSI300 index (.CSI300) hit a more than 10-week low and was
last down 2.89%, the Shanghai Composite Index (.SSEC) declined 2.18%, having
earlier hit a two-month low and the Shenzhen Composite (.SZSC) fell 2.2%.

 

Both the Shanghai and Shenzhen indexes were hit by heavy foreign-investor
selling. Refinitiv data showed outflows of 6.2 billion yuan ($956.24
million)from A-shares as of midday on Monday. (.NQUOTA.ZK), (.NQUOTA.SH)

 

In Hong Kong, the Hang Seng index (.HSI) slipped to its weakest level since
Dec. 29 and was last down 2.91%. The Hang Seng China Enterprises index
(.HSCE) fell 3.66%.

 

Government efforts to rein in an overheated property sector also spooked
investors on Monday, sending the CSI 300 Real Estate index (.CSI000952) down
4.82%, while the Hang Seng Properties index (.HSNP) fell 2.32%.

 

Media reports that China's central bank has ordered lenders in Shanghai to
raise the rate of mortgage loans for first-time homebuyers followed a
statement from the housing ministry on Friday that China will strive to
clean up irregularities in the property market in three years.

 

Shares in China Evergrande Group (3333.HK), the heavily indebted developer
whose financing difficulties have stoked broader apprehensions about the
outlook for the property sector, fell 7%. Evergrande shares have fallen by a
third this month, and are down more than 54% this year.

 

Fellow developer Country Garden Holdings Co (2007.HK) dropped 2.18%.

 

"We believe China's economy, and specifically its financial system, will
face significant risks in coming months due to the unprecedented tightening
measures applied to the property sector," economists at Nomura said in a
note Monday.

 

($1 = 6.4837 Chinese yuan)

 

The Thomson Reuters Trust Principles.

 

 

 

With $4 billion in losses, Heathrow tells UK: open up travel

(Reuters) - London's Heathrow Airport urged Britain on Monday to open up
travel to vaccinated passengers after its recovery fell behind Europe,
pushing its cumulative pandemic losses to $4 billion.

 

Heathrow, which before the pandemic was the busiest airport in Europe, said
that fewer than four million people travelled through the airport in the
first half of 2021, a level which would have been surpassed in 18 days of
2019's traffic.

 

It said it now believes 21.5 million passengers will travel through Heathrow
in 2021, driven by what it hopes will be pent-up demand for holidays.

 

"The UK... is falling behind its EU rivals in international trade by being
slow to remove restrictions," Heathrow Chief Executive John Holland-Kaye
said in a statement on Monday.

 

Britain's travel industry continues to be plagued by surging COVID-19 cases
at home and government caution, causing last-minute rule changes and
cancellations.

 

Heathrow said it had increased liquidity to 4.8 billion pounds ($6.60
billion), and sought a waiver of its Heathrow Finance ICR covenant for the
financial year 2021due to pressures on its cashflow.

 

For the six months to June 30, Heathrow posted an adjusted loss before tax
of 787 million pounds ($1.08 billion), compared to the 471 million loss for
the same period last year which was only half affected by the pandemic.

 

($1 = 0.7274 pounds)

 

The Thomson Reuters Trust Principles.

 

 

 

Ryanair nudges up annual traffic forecast as summer bookings surge

(Reuters) - Ryanair (RYA.I) on Monday nudged up its forecast for full-year
traffic on strong summer bookings but said fares remained well below
pre-pandemic levels as it reported a first-quarter net loss of 273 million
euros ($322 million).

 

The Irish airline, Europe's largest low-cost carrier, said it expected to
fly between 90 and 100 million passengers in its financial year to end-March
2022, up from an earlier forecast of 80-100 million.

 

A surge in bookings saw traffic increase from around one-third of 2019
levels in June to a forecast two-thirds in July, the airline indicated.

 

At least 10 million passengers are expected in August and September, around
70% of pre-pandemic levels, Chief Financial Officer Neil Sorahan said.

 

Rival easyJet last week said it hoped to ramp up capacity to 60% of 2019
levels in the July-September quarter. read more

 

"We've been encouraged by closing bookings, over the past number of weeks,
particularly since the European Digital COVID certificate has been rolled
out," Sorahan said in a presentation to investors. "So on that basis we're
now improving our traffic guidance."

 

Ryanair flew 27.5 million passengers in the year to March 2021, down from a
pre-COVID-19 peak of 149 million. Sorahan said the airline may beat its
forecast of 150 million next year.

 

The loss of 273 million euros for the three months to the end of June was
slightly better than the 283 million euro loss forecast by a company poll of
analysts.

 

But Ryanair said it remained impossible to provide a meaningful profit
forecast for the financial year to end-March 2022, reiterating that the
airline was cautiously expecting to post a small loss or break even before a
strong recovery next year.

 

Ryanair's average fare was 24 euros in the April-June quarter down from 36
euros in the same quarter of 2019.

 

Revenue for optional extras grew, however, increasing to 22 euros from 19
euros as cautious passengers paid to choose their seats and board more
quickly.

 

The average number of empty seats is likely to fall from 27% in the
April-June quarter to a more normal level of under 10% during the first half
of next year, Sorahan told Reuters in an interview.

 

Ryanair, which has one of the strongest balance sheets in the airline
industry, said it had cash reserves of 4.06 billion euros, up from 3.15
billion at the end of March following a 1.2 billion euro bond sale in May.

 

Group Chief Executive Michael O'Leary said he did not expect to distribute
any cash to shareholders over the next year or two due to large capital
expenditure on an order of 210 Boeing MAX200 jets, which he said were
performing better than expected since they entered the fleet last month.

 

Ryanair remains in talks with Boeing (BA.N) about a significant order of the
slightly larger MAX 10 jet for delivery from 2026, and the airline may do a
deal later in the year but only if the price is right, Sorahan said.

 

($1 = 0.8490 euros)

 

The Thomson Reuters Trust Principles.

 

 

 

S.Korea to toughen rules to collect cryptocurrencies from tax dodgers

(Reuters) - South Korea will look to tighten a crackdown on tax evasion by
cryptocurrency investors and high-income earners as it seeks fresh revenue
to cover rising welfare costs, its finance ministry said on Monday.

 

The government proposes revising tax codes so that tax authorities will be
able to seize crypto assets held by tax dodgers even if their
cryptocurrencies are stored in digital wallets, starting next year.

 

Current regulations make it difficult for authorities to confiscate virtual
assets held in digital wallets, although those accessible through exchanges
can be seized to pay overdue taxes.

 

Going after tax evaders is part of South Korea's broader probe to tighten
oversight of crypto markets to root out money laundering and other financial
crimes using cryptocurrencies, as President Moon Jae-in looks to expand the
tax base to fund increased welfare spending. read more

 

The government has been hiking taxes from big earners and conglomerates to
ensure wealthy citizens share the burden of growing costs of an aging
population, as South Korea became the world's fastest-aging society with the
lowest birth rate anywhere in 2020.

 

Monday's proposal is one pillar of the government's once-a-year review of
its tax system, which seeks to revise a total of 16 tax codes.

 

The revisions will lead to a decline in tax revenue of at least 1.5 trillion
won ($1.30 billion) between now and 2026, as tax breaks for research and
development in semiconductors, batteries and vaccine sectors more than
offset any additional revenue expected from high-income earners, according
to the ministry.

 

"Although that 1.5 trillion can't be described as tax neutral, it isn't that
big of an amount and something necessary as we revised tax codes," finance
minister Hong Nam-ki said at a news conference.

 

The government also proposed expanding tax incentives to companies for
hiring especially outside the capital Seoul, and offered to cut corporate
income taxes for companies reshoring production capacities.

 

The ministry will submit the tax review to parliament by Sept. 3 as the
proposal needs approval from lawmakers to make it enforceable, the statement
said.

 

($1 = 1,151.4300 won)

 

The Thomson Reuters Trust Principles.

 

 

 

Nigeria and the Debt Trap

Ayo Oyoze Baje argues that the country's debt burden is excessive.

 

"Our political leaders have suddenly developed not just a taste for, but a
voracious appetite for debt. As usual, most of such debts that are procured
are hardly thought through. Predictably, ability to repay such debts is
lacking" - Chief Olusegun Obasanjo

 

One recurring ugly decimal of Nigeria's inexcusable economic paradox in the
midst of abundant God-endowed resources is the ever-increasing debt profile,
at both the state and federal levels. It is sad to note that it has been so
over the decades, spanning different administrations with variant political
colourations.

More worrisome is that there is inadequate empirical value on ground, that
is in terms of infrastructural development, appreciable human development
index and economic production for the humungous sums of money so borrowed,
year after year. It would seem that our set of successive political leaders
have refused to adhere to the biblical admonition that: "The rich rule over
the poor, and the borrower is slave to the lender," according to Proverbs 22
verse 7.

 

It would be recalled that yours truly has over the years raised the alarm on
the critical issue, as a concerned citizen. These include the ones titled:
"Nigeria's debilitating debt profile" (January 2013), "Who will pay these
huge debts?" (July, 2017), "Nigeria's dehumanizing debt profile" (July,
2019) and "Nigeria's free fall into China's debt trap" (July 2020) as
published by different newspapers and magazines. But painfully, things have
not changed for the better ever since.

 

For instance, as of 8th July 2021 the news media was awash with the
following headlines: "Fresh loan request pushes Nigeria's public debt to
over N35.5 trillion". "Buhari gets Senate's approval for N2.3tr foreign loan
request". "FG to fund N5.62tr deficit in 2022 budget with loans". "Nigeria
on debt precipice, spent N1.8tr on debt servicing between January and May
2021". "Government records debt service to revenue ratio of 98%"! You should
be similarly worried about these scary economic indices.

The reason is simple - one does not want Nigeria, our dear country to go the
way of some other African countries that are currently enmeshed in the debt
marsh to China. For instance, as of 2020, the countries in Africa with the
largest Chinese debts include Angola ($25 billion), Ethiopia ($13.5
billion), Zambia ($7.4 billion), the Republic of Congo ($7.3 billion) and
Sudan ($6.4 billion).

 

The warning given here is that our current political leaders should prevent
Nigeria from being taken over by the overtly ambitious China because all
Chinese loans are tied to infrastructural developments. In fact, some of the
African debtor nations have had to forfeit some to China. For instance, $7.4
billion of Zambia's total $8.7 billion foreign debt is owed to China. It was
reported in late 2018 that China may soon take over the state electricity
company, ZESCO as a form of debt repayment since the country had defaulted!

Also, Kenya may soon lose its largest and most lucrative port, Port of
Mombasa to its creditor (China) after it defaulted in the refund. This could
force Kenya to relinquish control of the port to China.

 

This unfortunate economic situation throws up some salient questions, all
begging for answers. Have we, as a country not been making money from crude
oil sales, multiple company taxes including VAT, inflow from the ports and
that from the Customs Service?

 

It would be recalled that back in June, 2017 Prof. Pat Utomi and Mr.
Bismarck Rewane, both seasoned economists asked questions about the
increasing debt burden at both the state and federal levels. As at March
that year the nation's total debt had risen by N7.1trn to a mind-boggling
N19.16trn.

 

While as at June 30, 2015 the country's total debt was N12.12trn by
September 2018, the debt stood at N22.43trn. That means that within the
first three and a half years of the current administration the debt rose by
N10.31trn which is 85.06 %. The external debt component of both the federal
and state governments including the FCT increased by 109.21% according to
the DMO. Are you not worried?

 

Fast forward to 2019. Dr. Akinwunmi Adesina, President of the African
Development Bank(AfDB) raised similar concerns to that of Utomi and Rewane.
According to him, Nigeria was as at that year using 50 per cent of its
revenue to service its debts, compared to the average of 17 per cent for
other African countries! This is unsustainable.

 

Furthermore, going by the frightening figures made public by the Debt
Management Office (DMO) the total debt stock stood at some humongous amount
of N24.047 trillion as at March 31, 2019. Reports have it that N560 billion
out of these was borrowed in only three months!

 

In fact, on May 21, 2020 the online platform 'Nairametrics' in its 'Economy
& Politics' page warned about Nigeria falling into China's debt trap.
According to Dr. Bongo Adi, the Director of Centre for Infrastructure Policy
Regulation and Advancement (CIPRA), Nigeria lacks accountability,
transparency, and responsibility to refund its loans. He is of the Lagos
Business School and surely knows his onions.

 

We surely do not need rocket science to understand that the country's
economic growth is undermined by the huge debt stock as well as other
obvious factors include sheer profligacy in running government apparatus.
With decrepit infrastructure and some 23 out of 36 states at a point unable
to pay 100% salaries to deserving workers there is crass corruption in high
places.

 

This is exacerbated by the huge pay package of political office holders,
with that of our lawmakers ranking amongst the highest in the world, even as
Nigeria remains the poverty capital of the world. All these have no doubt
led to an unprecedented unemployment level and an upsurge in the wave of
crimes.

 

The way forward is for government to cut its economic coat according to
available resources. It should allow for a holistic economic restructuring
so that the states can control their resources and pay an agreed percent of
income as tax to the federal centre.

 

We have to become more creative now so that the commercial banks can start
lending to the real sector to boost manufacturing. Government should ban
sundry consumables including textile materials and electronic equipment that
are either being imported daily at astonishing rates and giving smugglers a
field day.

 

One's current concern, however, is who will pay these huge debts? Will the
burden being left by the reckless and frivolous political class not be too
weighty for the lean shoulders of our jobless children? Those in government
should heed the words of caution by Chief Obasanjo so that generations yet
unborn will not be turned to slaves and beggars in their own country by the
creditor nations.- This Day.

 

 

 

Rwanda Mulls Municipal Bonds for District Infrastructure Projects

The districts will be able to refund the money on monthly basis from various
revenue streams.

 

The Ministry of Finance and Economic Planning is looking into prospects of
introducing municipal bonds in the local market to enable districts to raise
capital and necessary investment for infrastructure projects.

 

Municipal bonds are debt securities issued by states, cities and other
governmental entities to raise money to finance long-term projects for the
public good.

 

This will see the general public able to lend money to a district that can
be repaid with interest over a period of time after which the original
investment will be returned to the lender on maturity of the bond.

The move to introduce municipal bonds is one of several interventions being
explored by government to broaden sources of infrastructure funding, Amina
Rwakunda the Chief Economist at the Ministry of Finance said at the recent
Rwanda Economic Update by the World Bank.

 

A recent World Bank report noted the need for Rwanda to significantly
mobilise private sector investments in infrastructure to meet development
goals in the medium and long term.

 

Rwakunda said that in response to the challenges cited in limited capital
for infrastructure investment, the Ministry of Finance is also looking at
reducing the risk perception in infrastructure investment.

 

She said that the process will include working with the various district
administrations to ensure that their financials can prove their
creditworthiness.

"We are looking at infrastructure bonds and at district level how we can do
municipal bonds through the capital market. We have to take the district
administrations through a process to check their financials, have them rated
on creditworthiness and make them ready to partner with the private sector,"
she said.

 

Rwanda in 2014 established guidelines and regulations for Municipalities on
how to raise funds through the issuance of municipal bonds.

 

The guidelines noted that the bonds could be used to mobilise investment for
projects such as water supply, sewerage or sanitation, drainage, solid waste
management, housing, roads and urban transport among others.

 

District authorities would pay back the interest from revenues generated
monthly through the various streams such as rental income tax, immovable
property tax, trade licenses and market fees among others.

The idea of municipal bonds has previously been floated by the government
with experts noting that the various districts authorities need to undergo
assessment and rating as well as have standard books of accounts.

 

This would also require the authorities to ensure prudent resource
management, project execution and efficiency.

 

The introduction of municipal bonds is ideal in that it allows members of
the public to invest their savings in low-risk bonds. This will serve to
improve savings culture and investment in infrastructure.

 

Going by the trends of oversubscription of the quarterly Treasury bonds,
municipal bonds could be popular in the local market. Government Bonds have
an over 10 per cent per annum coupon repayment.

 

Experts say that given the availability of savings, the question has been
how to ensure that the holders of the capital can find it attractive enough
to invest it in Infrastructure.

 

Allen Dennis, a Senior Economist with the Development Economics Prospects
Group said that key factors that inform the public confidence to invest
savings include regulatory ecosystem, availability of public-private
partnership framework as well as institutions that can spearhead the
process.-New Times.

 

 

 

Africa: About 770 Million Africans Have No Access to Electricity - Report

Nigeria accounts for about 10 per cent of the African population without
electricity.

 

The number of people without access to electricity in Africa dropped from
almost 860 million in 2018 to 770 million in 2019, the International Energy
Agency (IEA) has said.

 

This represents 38 per cent of the population in the continent.

 

In its report, 2019 Africa Energy Outlook, IEA said energy access policies
continue to bear fruit in Africa, with data showing important progress.

 

The report gave for the first time an assessment of off-grid electricity
access, sourced from government and commercial data.

 

It noted that 75 per cent of the population without access live in
sub-Saharan Africa, a share that has risen over recent years.

 

The number, IEA said, is set to increase in 2020, pushing many countries
farther away from achieving the goal of universal access by 2030.

"By 2030, 50 per cent of the global population without access is
concentrated in seven countries - Democratic Republic of the Congo, Nigeria,
Uganda, Pakistan, Tanzania, Niger and Sudan."

 

A country-by-country assessment shows that only 1 per cent of South Sudan
has access to electricity; 3 per cent in Central Africa and 9 per cent in
Chad and Democratic Republic of Congo respectively.

 

Likewise in Burundi, 11 per cent of the population has access, 12 per cent
in Liberia and 14 per cent in Niger.

 

This, according to the IEA, shows how progress remains uneven in sub-Saharan
Africa.

 

On the other hand, 96 per cent of the population in Cape Verde has access to
electricity; 85 per cent in Ghana; 76 per cent in Cote D'Ivoire and 71 per
cent in Senegal and Sao Tome respectively.

 

In Nigeria, home to over 200 million people, about 62 per cent of its
population have access to electricity.

This, IEA said, implies 77 million of the country's population are without
access to electricity.

 

Nigeria is second to Democratic Republic of Congo in a toll of countries
with highest number of people without electricity access in Africa.

 

Covid-19 reverses electricity access progress

 

In Africa, the number of people gaining access to electricity doubled from 9
million a year between 2000 and 2013 to 20 million people between 2014 and
2019, outpacing population growth.

 

As a result, IEA said the number of people without access to electricity,
which peaked at 610 million in 2013, declined progressively to around 580
million in 2019.

 

Much of this recent dynamism comes from a small number of countries leading
the progress, in particular Kenya, Senegal, Rwanda, Ghana and Ethiopia, the
organisation said.

In Kenya, the access rate rose from 20 per cent in 2013 to almost 85 per
cent in 2019.

 

The report stated that the majority of progress over the past decade in
Africa has been made as a result of grid connections.

 

But a rapid rise has been seen in the deployment of off-grid systems, it
said.

 

For example, Kenya, Tanzania and Ethiopia accounted for around half of the 5
million people gaining access through new solar home systems in 2018, up
from only 2 million in 2016.

 

However, the health crisis and economic downturn caused by Covid-19 is
compounding the difficulties faced by governments as they look to alleviate
energy poverty and expand access, pushing countries farther away from
achieving universal access.

 

Shifting government priorities, supply-chain disruptions and social
distancing measures have slowed access programmes and hindered activities in
the decentralised energy access area, the report said.

 

"Sub-Saharan Africa, home to three-quarters of the global population without
access to electricity, has been particularly hard hit, and recent progress
achieved in the region is being reversed by the effects of the pandemic.

 

"Our first estimates indicate that the population without access to
electricity could increase in 2020 for the first time since 2013."

 

The report also suggest that mobilising development finance institutions and
donors is critical to ensuring that energy access progress continues.

 

Similarly, it recommended decentralised solutions as the least-cost way to
provide power to more than half of the population gaining access by 2030.

 

"The least expensive way to achieve universal electricity access in many
areas appears to be renewable energy sources: in addition to increasing
grid-connected electricity generation from renewables, declining costs of
small-scale solar photovoltaic (PV) for stand-alone systems and mini-grids
is key in helping deliver affordable electricity access to millions."

 

"This is especially the case in remote rural areas in African countries,
home to many of the people still deprived of electricity access.-Premium
Times.

 

 

 

Nigeria: Govt Extends Deadline for NIN-SIM Linkage 6th Time Till Oct 31

Nigerians with NIN reach 59.8 million, and focus shifts to remote,
hard-to-reach areas, schools, health centres...

 

The Federal Government has again approved the extension of the deadline for
NIN-SIM data verification to October 31, the sixth extension since December
last year.

 

A joint statement by the Nigerian Communications Commission (NCC) and the
National Identity Management Commission (NIMC) on Sunday said the decision
to extend the deadline was made following a request by stakeholders to
accommodate registration in hard-to-reach remote areas, foreigners and
diplomatic missions and Nigerians in diaspora.

 

The statement signed by NCC's Director of Public Affairs Ikechukwu Adinde
and NIMC Head of Media Kayode Adegoke also said the extension would address
low enrolments in schools and hospitals, as evidenced by enrolment
statistics.

 

"It also followed a review of the progress of the exercise which indicated
significant progress hence the need to consolidate the gains of the
enrolment and NIN-SIM verification process across the country", the
officials said.

As at Saturday 24 July, Adinde and Adegoke said, there are over 5,500
enrolment systems within and outside the country "and this would
significantly ease the NIN enrolment process and subsequent linkage of NIN
to SIM."

 

They said President Muhammadu Buhari has approved the extension as part of
efforts to make it easier for Nigerians within and outside the country, and
legal residents to obtain the NIN.

 

The statement urged Nigerians to take advantage of the extension to avoid
their mobile lines from being blocked after the expiration of the exercise.

 

It said: "The NIN-SIM linkage also makes it easier for the security agencies
to carry out their statutory duties and the relevant parastatals under the
Ministry of Communications and Digital Economy are supporting them as
required."

The statement by Adinde and Adegoke also revealed that there are now a total
of 59.8 million unique NIN enrolments, with average of 3 to 4 SIMs per NIN.

 

" With the great number of enrolment centres within and outside the country,
and many more coming up, every citizen, legal resident, and Nigerian
citizens living in diaspora should be able to obtain their NINs," they said.

 

The statement quoted the Minister of Communications and Digital Economy, Isa
Ali Ibrahim Pantami as commending the Kano State government and other states
that have made NINs a key requirement for school enrolments and access to
other important services.

 

It added: " The Federal Government is also excited at the news that the use
of NIN in the process of the Joint Admissions and Matriculation Board (JAMB)
exam significantly reduced the challenge of exam malpractice.

 

The Minister, on behalf of the Federal Government, appreciates Nigerians for
their patience and compliance with the Federal Government's directive on the
NIN-SIM registration exercise. Similarly, the Executive Vice Chairman of the
Nigerian Communications Commission, Prof Umar Garba Dambatta, and the
Director-General/CEO of that National Identity Management Commission, Engr
Aliyu Azeez, urge citizens and legal residents to make sure they use the
opportunity to complete the process of enrolment and verification before the
October 31st deadline."-Daily Trust.

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2021

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


ART

PPC

Dairibord

 


Starafrica

Fidelity

Turnall

 


Medtech

Zimre

Nampak Zimbabwe

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
constitute an offer to sell or the solicitation of an offer to buy or
subscribe for any securities. The information contained in this report has
been compiled from sources believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
the securities of more established companies. Neither Faith Capital nor any
other member of Bulls ‘n Bears nor any other person, accepts any liability
whatsoever for any loss howsoever arising from any use of this report or its
contents or otherwise arising in connection therewith. Recipients of this
report shall be solely responsible for making their own independent
investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and sourced from third parties.

 


 

 


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