Major International Business Headlines Brief::: 03 June 2021

Thu Jun 3 05:50:22 CAT 2021

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Major International Business Headlines Brief::: 03 June 2021

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ü  US delays tariffs in 'tech tax' row

ü  AMC cinema shares surge in 'frantic' trading

ü  Amazon beefs up Covid testing capabilities

ü  Etsy snaps up Gen-Z focussed shopping app Depop for $1.6bn

ü  Tesla failed to stop Musk tweets, says regulator

ü  UK begins process to join Asia-Pacific trade bloc

ü  Amazon warehouse injuries '80% higher' than competitors, report claims

ü  Wetherspoons boss denies facing shortage of EU workers

ü  Asia shares off 3-month highs, caution ahead of U.S. payrolls

ü  U.S. Treasury says G7 expected to endorse U.S. global minimum tax proposal

ü  Analysis: China seeks to milk the milk market but doesn’t have enough cows

ü  Engine No. 1 extends gains with a third seat on Exxon board

ü  Dollar on tenterhooks as payrolls test looms

ü  Nigeria: Buhari Transmits Bill Extending Retirement Age, Service Years for Teachers to Senate

ü  Africa: Sub-Saharan Africa Most Expensive Globally to Send and Receive Money

ü  Tanzania: Airtel Africa Sells Tanzania Towers At $175 Million

ü  Lesotho: Vodacom Voted Most Popular Brand in Lesotho

ü  Lesotho: High Unemployment a Ticking Time Bomb - Mahao

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US delays tariffs in 'tech tax' row

The US has announced and immediately suspended tariffs on about $2bn (£1.4bn) of imports in retaliation for taxes on its tech firms.

The 25% tariffs apply to certain goods from the UK, as well as Austria, India, Italy, Spain, and Turkey.

US Trade Representative Katherine Tai said the delay would allow more time for discussions on tax.

"The US remains committed to reaching a consensus on international tax issues," she said.

It comes after a year-long US investigation into digital services taxes put in place by the six countries, which tax tech firms on their revenues, rather than profits.

Washington previously described the taxes as "unreasonable" and "discriminatory" against American social media companies, online marketplaces and tech firms.

The US government said it will approve the threatened tariffs on $887m of UK goods, as well as on $383m of Italian goods and $323m of Spanish products.

In addition it will impose tariffs on $118m of goods from India and $65m worth of products from Austria.

But it suspended the introduction of the tariffs immediately for up to 180 days as talks on how to tax tech companies with a global footprint continue in the G20 and the Organisation for Economic Co-operation and Development (OECD).

"The US is focused on finding a multilateral solution to a range of key issues related to international taxation, including our concerns with digital services taxes," said Ms Tai.

But she noted that it still had the option to impose the charges.

"Today's actions provide time for those negotiations to continue to make progress while maintaining the option of imposing tariffs... if warranted in the future," she said.

Under the proposals, the UK would face extra duties on goods including make-up, perfume, coats, ceramics and some types of toys, according to US Trade Representative documents.

At the Budget, the Office for Budget Responsibility calculated the digital services tax would raise £300m in the current financial year, and as much as £700m in future years.

It was introduced in the UK last April and taxes at 2% the revenues of tech companies who derive value from UK users.

It followed years of claims in Europe and elsewhere that big tech firms do not pay enough tax in the countries where they operate.

Last August, Facebook agreed to pay the French government €106m (£95.7m) in back taxes to settle a dispute over revenues earned in the country.

Earlier in 2020, Facebook boss Mark Zuckerberg said he recognised the public's frustration over the amount of tax paid by tech giants.--BBC

AMC cinema shares surge in 'frantic' trading

Shares in the US cinema chain AMC surged on Wednesday in what could mark a return to frenzied trading that rocked markets earlier this year.

Trading in AMC Entertainment was halted briefly several times as high volumes of shares were bought and sold.

AMC stock climbed as much as 100%, peaking at $69.09 part-way through the day.

The firm promised to give free popcorn to smaller investors.

Analysts have said that so-called "meme" stocks, such as AMC and GameStop, should be approached with caution.

It is the latest example of amateur investors trying to seize power from Wall Street giants.

Major hedge funds had bet billions of dollars that GameStop and AMC's shares would fall.

But they have faced losses after amateurs, swapping tips on social media sites like Reddit or Twitter, drove prices up.

In the year to date, shares in AMC have soared 3,000% - despite its cinemas being largely shut during the pandemic.

"It's frantic volume," said Brian Overby, analyst at Ally Invest.

The renewed interest prompted the company to update its offer for retail investors, who can now claim a tub of free popcorn or go along to exclusive movie screenings.

AMC has been among the biggest gainers from a deluge of interest in meme stocks, fuelled in part by a new generation of social media-centric small traders.

The shares were trading at just over $2 at the end of last year.

"The party could go on as long as investors continue co-acting," said Ipek Ozkardeskaya, senior analyst at Swissquote. "The problem is, the higher the price goes, the higher is the temptation to take profit and walk away."

AMC was the most heavily traded name in options on Wednesday, with 3.5 million contracts changing hands.

About $30bn worth of AMC shares had been traded by midday, by far the most of any stock on Wall Street.

#AMCstock was trending on Twitter in the US as shareholders discussed their holdings.

Susannah Streeter, senior investment analyst at Hargreaves Lansdown said: "The swell under the share price has been gathering for some weeks as investors searched out re-opening stocks which could benefit from the easing of social restrictions.

"Add into the mix strong takings for cinemas over the weekend and a possible loss of appetite for crypto investments following recent falls, and the swirl of interest has intensified."

She said that were was also a "legacy effect" from the GameStop saga at play, and cautioned that investors should "proceed with caution and avoid following the herd into hot stocks".

AMC shares surged a day after hedge fund Mudrick Capital Management sold a $230m stake in the company for a profit shortly after acquiring it, saying the stock was overvalued.

Investors appeared unfazed by the sale, which some analysts said was an attempt to cash in on the retail-driven rally.

"There's a retail fanaticism with this stock right now," said MKM Partners analyst Eric Handler, who has a sell rating and a $1 price target on AMC stock. "There's such a disconnect between what the stock's doing and what the fundamentals look like."-BBC

Amazon beefs up Covid testing capabilities

Amazon is to expand its Covid testing lab facilities in the UK as the pandemic continues.

The online giant said this was to benefit employees and UK public health.

However, analysts said it could also provide business opportunities in the health sector and buff up Amazon's reputation after questions over working conditions.

Amazon recently moved into the online pharmacy business in the US for subscribers to its Prime service.

Lab tests

In 2020, the online retailing giant set up laboratories in Kentucky and in Greater Manchester to process employees' PCR tests.

The lab in Manchester has processed 900,000 test samples to date.

The test results are anonymous and will be shared with Public Health England once the lab is approved for sequencing.

Its coronavirus response efforts have so far cost the company $11.5bn (£8.1bn).

Tom Forte, managing director and senior research analyst at D.A. Davidson, said Amazon could convert staff Covid-19 testing and healthcare clinics for consumer use.

"We believe Covid-19 inspired Amazon to accelerate its healthcare-related efforts, by necessity.

"That said, we had long believed healthcare was an attractive opportunity for Amazon given its large market size and chances for the company to both improve the customer experience and lower the costs."

There are very few companies in the world who could have decided to build a state of the art diagnostics lab and have it functioning within months, but Amazon is one of them.

While the company insists that at the moment this site is purely to help keep their staff safer at work, they are sending out a very clear message.

They are able to process medical diagnostics and feed that information into public health agencies.

Right now this multimillion-pound site in Salford is only testing for Covid-19, but it's unlikely to be left idle after the pandemic.

Amazon's most valuable product is the information they already hold about their customers, and medical data is a very rich pool indeed to be dipping their toes into.

Lab director Luke Meredith joined Amazon from the World Health Organization and works alongside 70 Amazon lab technicians at the site in Wardley, Manchester.

"What we decided during the Covid outbreak is that we really needed to maximise protection for safe working in the fulfilment centres," he told the BBC.

Luke Meredith, director of Amazon’s Covid-testing laboratory in Manchester

image captionLuke Meredith said the lab will help increase protection in Amazon's warehouses

At the moment, the two sites are processing samples from staff across Europe and the Americas, tapping into the company's logistics network.

Neil Travis, the director of Amazon's Covid testing laboratory in Kentucky, said: "For now, we are focused on the safety of our colleagues."

James Moar, lead analyst for Juniper Research, thinks that Amazon's expansion of its testing laboratories is "intended to enhance Amazon's reputation", although he said Amazon would be unlikely to pass up a business opportunity.

There have been a number of controversies about how Amazon treats its staff.

On Wednesday, a report found that staff at its warehouses in the US are injured at a higher rate than those doing similar jobs at other companies' warehouses.

Earlier this year, the company apologised for falsely denying that its drivers were having to urinate in plastic bottles.

And during the first wave of the pandemic, the company was accused of "cutting corners" on Covid safety, which it denied.

However, Mr Moar thinks that having the laboratories could be useful to Amazon in the future.

"Amazon has tried to get into healthcare in a number of ways," he said.

"This is basically Amazon saying that as well as providing the facilities for its employees' healthcare, it's a demonstration that they can work to provide healthcare services.

"This means they've already got some groundwork to show any potential partners."-BBC

Etsy snaps up Gen-Z focussed shopping app Depop for $1.6bn

Etsy is buying Depop, a UK-based second-hand fashion app, in a bid to target younger Gen-Z shoppers.

The $1.62bn (£1.14bn) deal was announced on Wednesday and is expected to go through later this year.

Etsy boss Josh Silverman described Depop as "the resale home for Gen-Z consumers".

About 90% of Depop's users are under the age of 26, with younger shoppers placing importance on shopping in a more sustainable way.

The app, which was founded in London in 2011, lets users buy and sell used clothes through its online marketplace.

Depop combines its shopping element with Instagram-style direct messages, so buyers and sellers can negotiate on prices and postage.

It now counts about 30 million registered users in total across 150 countries.

Etsy, however, tends to skew towards older customers, with craft goods and vintage items on offer from sellers.

Etsy's chief executive Mr Silverman added in a statement: "Depop is a vibrant, two-sided marketplace with a passionate community, a highly-differentiated offering of unique items, and we believe significant potential to further scale."

It added that the deal would allow Depop to expand further, although it will still be based in London and run by its existing team.

Depop chief executive Maria Raga said: "We're on an incredible journey building Depop into a place where the next generation comes to explore unique fashion and be part of a community that's changing the way we shop.

"They come to Depop for the clothes, but stay for the culture."

After the deal is completed, Etsy will be home to three brands - Etsy, Depop, and also Reverb, an online marketplace for new and used musical instruments.

Resale firms such as Depop, Ebay and Vinted have benefitted from consumers being stuck at home during lockdown, with sales and listings of items spiking.

According to analytics firm GlobalData, that trend is set to continue with the resale clothing market set to reach $64bn in the next five years.

Neil Saunders, managing director of GlobalData, said: "Over the next ten years it will become larger still, fuelled by an interest in sustainability, a desire for uniqueness, and the rise of the participatory consumer who wants to trade as well as buy."

He pointed out that the market is, however, becoming more crowded with apps forced to fight for customers' attention.

Depop has also faced questions in the past over the security of its app, as well as the sale of stolen goods, such as one crop top made out of a Chiltern Railways seat cover.-BBC

Tesla failed to stop Musk tweets, says regulator

Tesla has allegedly repeatedly failed to pre-approve Elon Musk's tweets, despite the rules of a court order.

In 2018, the US Securities and Exchange Commission (SEC) accused Mr Musk of misleading investors, after he made claims about taking Tesla private.

An agreement was made requiring Tesla's lawyers to pre-approve certain tweets.

But documents obtained by the Wall Street Journal suggest the regulator believes Mr Musk and Tesla have broken the terms of that deal.

According to the newspaper, the SEC wrote to Tesla alleging that Elon Musk's Twitter account had violated the deal twice.

One tweet made claims about Tesla's stock price "being too high", while the other made claims regarding the company's solar roof production.

One of the terms of the settlement was that Tesla's lawyers must pre-approve tweets that relate to things such as production numbers, new products and the company's finances.

When Elon Musk was reprimanded by the SEC in 2018 and forced to submit sensitive tweets to Tesla's lawyers in future, did anyone think that would really work?

The man who had tweeted: "Am considering taking Tesla private at $420. Funding secured" - without having that funding tied down - seemed unlikely to change his spots. And so it has proved.

The tycoon has in fact become even more incontinent and prolific in his tweeting, whether it is raging about the Californian authorities for wanting to shut his factory at the beginning of the pandemic, propelling shares in Gamestop higher amid the speculative frenzy around the company, or helping turn Dogecoin from a joke into a crypto-currency success story.

To be fair, he has been more careful in his tweets about his own companies, though predictions about Tesla's self-driving capabilities or the progress of his brain interface project Neuralink may have raised eyebrows.

But it's the Musk effect - the fact that any tweet about a quoted company or crypto-currency can send its value soaring - which must worry the SEC.

Short of ordering the volatile entrepreneur to close his Twitter account, however, it's not clear what the watchdog can do.

Tesla told the SEC it believed Mr Musk's contentious tweets were not covered by the agreement, since they were "aspirational" or opinion, the Journal reported, citing documents obtained using a Freedom of Information request.

The SEC disagreed, the newspaper's documents show.

"In the face of Mr Musk's repeated refusals to submit his covered written communications on Twitter to Tesla for pre-approval, we are very concerned," the SEC wrote.

It urged the company to "reconsider its position" and enforce controls and procedures "to prevent further shareholder harm".

Following accusations of misleading investors in 2018, Mr Musk was forced to resign as chairman of Tesla as a result, and he was fined $20m (£14.1m).

Mr Musk did not admit any wrongdoing.

In an interview with news channel CBS at the time, he said he had "no respect" for the SEC, but he had chosen to pay the settlement fine because he believed in the justice system.-BBC

UK begins process to join Asia-Pacific trade bloc

The 11-member Trans-Pacific Partnership trade bloc has agreed to open accession talks with the UK.

The British government, which asked to join the TPP in February, said membership was a huge opportunity in a post-Brexit world.

A working group is now expected to be set up to discuss tariffs and rules governing trade and investment.

The UK is not expected to join the TPP, which includes Australia, Mexico and Japan, until next year at the earliest.

International trade secretary Liz Truss said in a statement the decision to begin the accession process was "excellent news".

"It will help shift our economic centre of gravity away from Europe towards faster-growing parts of the world, and deepen our access to massive consumer markets in the Asia Pacific.

"We would get all the benefits of joining a high-standards free-trade area, but without having to cede control of our borders, money or laws."  

She said the government would present plans to Parliament "in the coming weeks" before starting negotiations.

Since Brexit, the government has sought to replace many of the trade deals it had as a member of the EU, but has yet to sign one with a new country or trade area.

Farmers 'should not fear Australia trade deal'

What is the Trans-Pacific Partnership?

China, South Korea, Taiwan and Thailand have also expressed interest in joining the TPP, which covers a market of nearly 500 million people.

The US was initially involved in the process to set up the bloc, but pulled out on former President Donald Trump's first day in office in 2017.

The TPP's current members are Japan, Malaysia, Vietnam, Singapore, Brunei, Australia, New Zealand, Canada, Mexico, Chile and Peru.

The UK is currently negotiating a trade deal with Australia, which has raised fears among British farmers that their domestic markets could be flooded with cheaper beef and lamb. Critics have said an Australia deal will be used as a template for a TPP agreement.

However, the UK government has said farmers and exporters generally should view such deals as opening up new markets overseas.-BBC

Amazon warehouse injuries '80% higher' than competitors, report claims

Employees at US Amazon warehouses are injured at a higher rate than those doing similar jobs at other companies' warehouses, a new report has found.

A union-backed study of safety data found Amazon workers had 5.9 serious injuries per 100 people - almost 80% higher than the rest of the industry.

The study's organisers blamed Amazon's "obsession with speed" as a main cause of the problem.

It is the latest in a string of controversies around worker safety.

Earlier this year, the company apologised for falsely denying that its drivers are forced to urinate in plastic bottles. That came alongside a wider string of allegations that employees both on driving routes and in warehouses are under too much time pressure to use bathrooms, which Amazon denies.

And during the first wave of the pandemic, the company was accused of "cutting corners" on Covid safety - something it also denies.

This new study comes from the Strategic Organizing Center (SOC), a coalition of labour unions. It analysed workplace safety data reported to the US Occupational Safety and Health Administration from 2017 to 2020.

It found that "workers at Amazon warehouses are not only injured more frequently than in non-Amazon warehouses, they are also injured more severely".

Workers forced to take time off for injuries were absent for an average of 46.3 days, it said - a week longer than the average across the warehouse industry.

And compared to its largest retail competitor Walmart, Amazon's overall injury rate was more than double, at 6.5 per 100 employees compared with three.

Injury rates per 100 full-time equivalent employees. By injury category. Three charts show the number of injures per 100 FTEs for Amazon warehouses (6.5), non-Amazon warehouses (4.0), and all employers (3.5).  Data from 2020 SOC analysis of OSHA figures except all employers data, which is Bureau of Labor Statistics 2019.

An independent analysis of the same data by The Washington Post reached similar conclusions.

The SOC characterised the report as an "epidemic of workplace injuries".

In a statement, Amazon said it invested more than $1bn (£705.9m) in work place safety last year, growing its safety team to more than 6,200 people.

"While any incident is one too many, we are continuously learning and seeing improvements through ergonomics programs, guided exercises at employees' workstations, mechanical assistance equipment, workstation setup and design, and forklift telematics and guardrails - to name a few," a spokesman said.

He also pointed towards its "WorkingWell" wellbeing programme, something Amazon boss Jeff Bezos highlighted in his recent shareholder letter in which he committed to reducing workplace injuries.

'Industrial athletes'

But technology news site Motherboard has this week published an Amazon warehouse pamphlet issued under the "working well" branding, which tells workers they should think of themselves as "industrial athletes".

"Just like an athlete who trains for an event, industrial athletes need to prepare their bodies to be able to perform their best at work," it warns.

"Some positions will walk up to 13 miles a day... [others] will have a total of 20,000lb (9,072kg) lifted before they complete their shift," it said.

The pamphlet, from a Tulsa warehouse, also offers tips on health and fitness. It encourages exercise on days off, a good diet to fuel the 400 calories an hour the company expects employees to burn, and tips on buying shoes to fit swollen feet from the active working environment.

Amazon told Motherboard that the pamphlet had been created in error and removed - though the employee who gave it to the publication said it was available on-site for months.

Legalised weed

In a separate development for US Amazon employees, the company also said it will stop testing some employees for marijuana use.

"We will no longer include marijuana in our comprehensive drug screening programme for any positions not regulated by the Department of Transportation, and will instead treat it the same as alcohol use," the company said in a blog post.

"Given where state laws are moving across the US, we've changed course," executive Dave Clark wrote - but added that people would still be checked for impairment "after any incident".

To back that stance, Amazon will back federal legislation that would legalise marijuana and expunge past criminal records, he said.-BBC

Wetherspoons boss denies facing shortage of EU workers

The boss of Wetherspoons has denied claims his pubs are facing a staff shortage caused by Brexit.

It comes after Tim Martin was quoted by the Daily Telegraph as saying he favoured a more "liberal" visa scheme for EU workers to tackle shortfalls.

Mr Martin, a vocal Brexit supporter, told the BBC he had always favoured an Australian style system which treated near neighbours preferentially.

There was "no recruitment issue" other than in small coastal towns, he added.

Many hospitality businesses have struggled during the pandemic despite extensive government support, and firms are reportedly now struggling to recruit as they reopen.

According to trade group UK Hospitality, Brexit has added to the problem, as more EU workers return to their home countries.

According to the Telegraph, Mr Martin said a more flexible visa system for EU workers could help ease the pressure on firms.

"The UK has a low birth rate. A reasonably liberal immigration system controlled by those we have elected, as distinct from the EU system, would be a plus for the economy and the country," he told the paper.

"America, Australia and Singapore have benefited for many decades from this approach. Immigration combined with democracy works."

However, Mr Martin later told the BBC the comment has been taken out of context.

He added that Wetherspoons was not struggling to recruit, and in some towns, such as Northallerton, jobs at its pubs were oversubscribed.

Figures from the Office for National Statistics in April suggest that more than one in 10 UK hospitality workers left the industry in the last year.

James Reed, chief executive of the Reed employment agency, told BBC Radio 4's Today programme the firm was advertising 275,000 new jobs in the sector in May.

"When we added them up we had more jobs in May than in any month since February 2008," he said.

Hotel chain Best Western said it could not open some of its venues at full capacity due to staffing shortages.

'It's becoming restrictive'

Boss Rob Paterson told the BBC: "One hotel didn't have the cleaning staff to be able to sell all of their rooms.

"It's becoming restrictive on trade, at a time when we're investing so much on meeting safety precautions and needing more staff to do that."

He said uncertainty and a fear of being repeatedly furloughed had driven some employees away.

"They don't want to be in a hospitality industry that's shutting down and opening up and their jobs are always at risk. It's not just about pay conditions," said Mr Paterson.

UK Hospitality has urged the government to encourage UK-based workers to join the sector.

It is also asking the government to renew its list of shortage occupations and consider a visa scheme for workers who would not qualify under the points-based system.

Over the past 12 months Wetherspoons, which has 871 pubs, has reduced the number of staff by about 6,000 to almost 38,000.-BBC

Asia shares off 3-month highs, caution ahead of U.S. payrolls

Asian shares were a touch below a recent three-month top on Thursday with China a tad weaker as investors weighed inflation concerns ahead of key U.S. economic data while oil prices rose to near 1-1/2 year highs.

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 0.3% to 711 points. It went as high as 712.57 on Wednesday, a level not seen since early March.

Japan's Nikkei (.N225) added 0.4%. Australian shares (.AXJO) climbed to all-time highs as investors cheered stronger-than-expected economic growth data released on Wednesday. read more

Chinese shares were marginally softer. (.CSI300), (.SSEC)

While broader stock markets remain close to record highs, the momentum seen earlier in the year has ebbed as investors begin to worry a stronger-than-expected rebound from COVID-19 means higher inflation and sooner-than-expected monetary policy tightening.

A weekly unemployment report and May private payrolls data on Thursday will be followed by monthly jobs numbers on Friday, with investors looking for signs of an economic rebound and rising inflation.

Adding to inflation fears, oil prices hit the highest level in 1-1/2 years led by a decision by major producing nations to restore supply only gradually while the slow pace of nuclear talks between the United States and Iran also helped. read more

The U.S. Federal Reserve published its "Beige Book" report, which pointed to labour shortages and inflation pressures. read more

Investment managers too are becoming increasingly worried with BlackRock Founder Larry Fink the latest to warn that the market was underestimating the risk of higher inflation.

Philadelphia Fed Bank President Patrick Harker also restated his call that "it may be time to at least think about tapering our $120 billion in monthly Treasury bond and mortgage-backed securities purchases."

The Fed has already announced it would begin unwinding the corporate bond holdings it acquired last year to calm credit markets at the height of the pandemic.

In Australia, the central bank too is expected to begin tapering its pandemic emergency stimulus from next month when investors believe it would announce not extending its three-year yield target beyond the April 2024 bond.

Wall Street's main indexes ended Wednesday's session mixed despite a breathtaking rally in theatre chain operator AMC Entertainment Holdings (AMC.N), which nearly doubled in price on Wednesday, lifting a group of stocks favoured by retail investors on forums such as Reddit's WallStreetBets.

"Frothiness it seems is there, particularly on the retail side, which may be part of the caution being seen in the wider stock market ahead of Non-farm Payrolls on Friday," said Tapas Strickland, economist at National Australia Bank.

The surge in retail stocks comes as investors remain unconvinced by central bank assurances that the current inflation upsurge is transitory. read more

Moves in currency markets have been limited with the dollar index and other major pairs staying in tight ranges.

The dollar index , which measures the greenback against a basket of major currencies, was flat at 89.899, not far from a five month trough of 89.535 touched last week. The Japanese yen was barely changed at 109.65 per dollar.

The Canadian dollar and the Norwegian krona have outperformed over the past 24 hours on the back of higher oil prices.

At the other end of the ladder, the New Zealand dollar was a laggard, down 0.2%. The Aussie was little changed at $0.7749.

Brent rose 24 cents to settle at $71.59 a barrel, its highest since January 2020.

U.S. West Texas Intermediate (WTI) crude rose 25 cents to $69.08 a barrel, its highest since October 2018.

Our Standards: The Thomson Reuters Trust Principles.

U.S. Treasury says G7 expected to endorse U.S. global minimum tax proposal

The G7 wealthy democracies are expected to endorse Washington's proposal for an ambitious global corporate minimum tax when their leaders meet later this week in Britain, a U.S. Treasury official said on Wednesday.

The official said in an emailed statement that the Treasury expects the meetings of the Group of Seven finance ministers on Friday and Saturday in London to provide momentum for advancing global corporate tax negotiations toward a broader G20 finance meeting in July in Italy.

A full endorsement is expected at the culmination of the G7 meetings with the leaders summit, the official added.

The U.S. Treasury in May proposed a global minimum corporate tax of at least 15% to try to end a downward spiral of corporate tax rates and deter multinational firms from shifting profits to tax-haven countries. read more

The proposed minimum is lower than the Biden administration's own proposals to raise the domestic corporate tax rate to 28% and impose a 21% minimum levy on overseas profits earned by U.S. companies.

Treasury Deputy Secretary Wally Adeyemo told Reuters in late May that he expected strong support from G7 countries for the U.S. minimum tax proposal, and said it would help solidify support for Biden's tax plans among U.S. lawmakers. read more

A number of other G7 officials have raised expectations for the finance ministers' meetings in London, the first face-to-face meetings for the group since the COVID-19 pandemic turned meetings virtual last year.

German Finance Minster Olaf Scholz told Reuters in an interview that he expects the group to make "significant progress" on corporate tax issues, which include the thornier problem of agreeing how to tax large global digital services companies such as Facebook (FB.O), Amazon.com (AMZN.O), Alphabet Inc's (GOOGL.O)Google, Apple Inc (AAPL.O) and Microsoft (MSFT.O). read more

A number of countries have imposed unilateral digital services taxes targeting these firms, drawing threats of retaliatory tariffs from the United States. read more

The United States has insisted that any tax regime for these firms not discriminate against U.S. companies and that all individual digital services taxes be prohibited. It has instead proposed targeting the 100 largest and most profitable firms for paying more taxes in the countries where they do business, regardless of their industry classification and business model.

British finance minister Rishi Sunak told Reuters on Wednesday that the U.S. plan for targeting the top 100 firms could work, but said the big technology firms must be part of this group and pay more tax where they operate. read more

Our Standards: The Thomson Reuters Trust Principles.

Analysis: China seeks to milk the milk market but doesn’t have enough cows

China has come to crave milk. Demand that had been steadily growing has spiked further after doctors touted its health benefits amid the coronavirus pandemic and dairy firms across the country have embarked on a farm-building frenzy.

But quenching that thirst will be problematic, not least because finding the millions more cows needed for planned new and expanded farms will be challenging.

China is the world's third-largest milk producer, but last year's 34 million tonnes of output only met about 70% of domestic needs. Complicating matters are feed costs at multi-year highs, while land and water are also in short supply, making the country a costly place to produce milk.

Spurred on by near record highs for raw milk prices and government subsidies, just over 200 new Chinese dairy farm projects were announced last year, according to consultancy Beijing Orient Dairy.

Its analysis shows that 60% of the new projects have set their sights on 10,000-plus cows and in total the plans call for some 2.5 million cows - roughly half of China's current milking herd - to be added in the coming years.

On the face of it, China's dairy market, worth some $62 billion in annual sales, is ripe for development. The government has heavily promoted milk and its benefits - in part to support the rural dairy industry - boosting consumption. Even so annual per capita intake is only 6.8 litres compared to 50 litres for the United States, according to Euromonitor International.

"Average per capita consumption is still very low," Gao Lina, the CEO of China Modern Dairy Holdings Ltd (1117.HK) told Reuters. "The potential is huge."

She said Chinese people, especially children, have begun eating more cheese which will further inflate demand. A kilogram of cheese generally requires 10 kilograms of milk to make.

Milk in China is, however, still considered special enough to be a popular gift. Fresh milk costs about $2 a litre, roughly double UK and U.S. prices, while the more common 240 ml packs of room temperature UHT milk cost about 40 cents.

Demand for fresh chilled milk especially, which constitutes just a fifth of milk sales in China, has shown rapid growth, climbing 21% in the first 11 months of 2020 versus 10.9% for room-temperature milk, according to Nielsen data.

To satisfy that demand, big players will need to develop more raw milk sources closer to wealthier population centres, analysts say.

SEND IN THE COWS

Firms outlining grand plans include Modern Dairy, which wants to double its herd over the next five years to 500,000 by buying up smaller farming companies and building new farms.

Shanghai-based processor Bright Dairy and Food Co Ltd (600597.SS) aims to build four more farms to add 31,000 cows to its 66,000-strong herd. China Youran Dairy is planning an IPO, seeking up to $800 million to expand its breeding herd and increase milk output.

According to Beijing Orient Dairy, new Chinese farms needing a total of 1.35 million cows are already under construction, but some of those will have to sit empty.

It estimates that over the next two years, China's domestic herd will generate about 500,000 new heifers while imports could come in at around 400,000 if the pace of imports stays the same as last year when China imported almost 200,000 heifers, mostly from Australia and New Zealand.

Importing heifers is the fastest way to stock a new farm, shaving about a year off the time it would take to breed the stock at home. Imports are also preferred as the cattle are free from the many diseases circulating in China's herd.

But clouding that outlook has been New Zealand's decision in April to halt live cattle exports within two years due to concerns about the welfare of livestock on ships for long periods.

"We have been inundated with inquiries, especially as New Zealand stops the trade," said an Australian cattle exporter who declined to be identified, adding that the surging demand from China is encouraging graziers to spend more on breeding.

Chile and Uruguay also export small volumes, but shipping times are twice as long and the breeds used produce less milk, making them less attractive options.

Brazil, the United States and European countries could become good sources of breeder cattle, said Dou Ming, chief economist at Beijing Orient Dairy.

"If we just added two more import countries, we'd be fine," he said.

China and the United States pledged to start talks on imports of breeder cattle within a month of the Phase 1 trade deal signed in Jan. 2020 but it remains unclear if the discussions have begun.

The office of the U.S. Trade Representative, China's Ministry of Commerce and General Administration of Customs did not respond to requests for comment.

Feed costs, however, present another impediment, analysts and industry sources say, as imported heifers take time before they become milkable cows.

Corn prices are at record levels, while hay/grass is also set to become more expensive as it competes for acres with corn, said Grant Beadles, China manager at Land O Lakes, which supplies feed and forage seed to the market.

($1 = 6.4496 Chinese yuan)

Our Standards: The Thomson Reuters Trust Principles.

Engine No. 1 extends gains with a third seat on Exxon board

Exxon Mobil Corp (XOM.N) shareholders elected a third director nominated by hedge fund Engine No. 1 to the oil company’s board, the company said on Wednesday, extending the firm’s upset victory at one of America’s top energy corporations.

The election was a shock to an energy industry struggling to address growing investor concerns about global warming and a warning to Exxon managers that years of weak returns were no longer acceptable.

Engine No. 1 nominee Alexander Karsner, a strategist at Google owner Alphabet Inc , won the fund's third seat out of its 12-member board, according to a regulatory filing. Exxon board member and former Caterpillar (CAT.N) CEO Douglas Oberhelman also was elected, the company said.

"We look forward to working with all of our directors to build on the progress we've made to grow long-term shareholder value and succeed in a lower-carbon future," said Exxon Chief Executive Darren Woods in a statement. He was unavailable for further comment.

The activist campaign's success is part of a "tidal wave" of investor concerns on environmental, social and corporate governance (ESG) issues, said Exxon Director Ursula Burns, who spoke Wednesday evening at a Federal Reserve Bank of Dallas virtual event.

The company's response to environmental criticisms "has not been well done," Burns said, adding: "that's one of the thing we have to work on," noting its investments in carbon capture and storage technologies. Burns was one of the directors who secured a seat last week.

Woods, who campaigned against the challenger, was re-elected by 94.1%, a larger margin than a year ago. A non-binding shareholder proposal asking the company to split the CEO and chairman's roles was supported by 22.1% compared to 32.7% last year, according to preliminary numbers released on Wednesday.

Directors Steven Kandarian, Samuel Palmisano and Wan Zulkiflee will exit the 12-person board, the filing said. Former Malaysian state oil company chief Zulkiflee was appointed in February after Exxon received blunt criticism its directors lacked energy experience. Former IBM CEO Palmisano was the board's longest serving director with 15 years.

Engine No. 1 nominees Kaisa Hietala, a former executive at Finish refiner Neste Oyj (NESTE.HE), and Gregory Goff, a former top executive at Marathon Petroleum (MPC.N) and Andeavor, were the ninth and tenth largest vote recipients, respectively.

"We hope the existing board directors will work with the new non-executive directors and benefit from their significant experience with transition plans and in renewable energy," said Bess Joffe, at the Church Commissioners for England, which invests for the Church of England.

The tallies remain preliminary as the counting continues a week after Exxon's annual meeting, where the company delayed proceedings by taking a recess, a move criticized by Engine No. 1 as a pretext to continue to solicit votes.

"People who are expecting substantive changes soon at (Exxon) will likely be sorely disappointed," said Mark Stoeckle, senior portfolio manager at Adams Funds. "Repositioning XOM from a company focused on oil to one focused on climate change issues will take a long, long time."

Our Standards: The Thomson Reuters Trust Principles.

Dollar on tenterhooks as payrolls test looms

The U.S. dollar was wavering above major support levels on Thursday, as traders awaited a batch of U.S. economic data that could set the tone at central bank meetings later this month.

Investors have bet on the dollar falling as the world recovers from the COVID-19 pandemic, but they have lately grown nervous over whether a surprisingly strong U.S. economic rebound poses a threat to a key assumption that interest rates stay low.

The mood has kept speculators from adding much to short positions in recent weeks. That has put the brakes on what had a month ago seemed like a relentless downtrend and has pushed trend-following traders into a wait-and-see mode.

Against the euro the dollar traded at $1.2209 after unwinding a small Wednesday rally. The greenback lost 1.7% on the euro in May, but did not fall past strong support at $1.2266. It was steady at 109.64 yen .

In Asia, startling gains in the Chinese yuan this week had also sparked speculation about shifts in Chinese policymakers' stance on the currency, although it eased slightly to 6.3807 in early offshore trade on Thursday .

The dollar index , which measures the greenback against a basket of six major currencies, also held at 89.919 where it seems to have found strong support in recent weeks.

U.S. private payrolls figures due later on Thursday are the latest numbers to offer clues on the state of the economy and a possible read on broader non-farm payrolls data due on Friday. Appearances by a handful of Federal Reserve officials will also be closely watched for hints of sensitivity to the early strength of the rebound ahead of their next meeting in mid June.

"The major pairs (are) still stuck within ranges," said strategists at Singapore's OCBC Bank in a note. They added, however, that yield differentials seem to be moving in the dollar's favour and that policymakers' tone is subtly shifting.

Remarks from Fed Governor Lael Brainard this week noting risks to both sides of the Fed's goals offered "another signal that the Fed is slowly moving away from its excessively dovish stance," said the bank's strategists, Terence Wu and Frances Cheung.

"(We) retain the view that Fed expectations should be gradually built in from here, barring any key data misses this week."

The Fed's overnight announcement of a move to unwind corporate bond holdings bought through an emergency facility last year offers another sign of pandemic measures coming to an end.

That leaves traders to focus on Friday's jobs data which following a big miss in April, when monthly hiring of 266,000 confounded expectations for 1 million, has May estimates ranging between 400,000 and 1 million, with consensus around 664,000.

"Given last month's disappointing report, the risk is the results deliver another downside surprise and bears down on dollar," said Commonwealth Bank of Australia analyst Carol Kong.

The European Central Bank also meets next week and investors are focused on whether policymakers signal any slowdown in their bond buying programme.

Nigeria: Buhari Transmits Bill Extending Retirement Age, Service Years for Teachers to Senate

Five months ago, the Federal Executive Council (FEC) approved the upward review of the retirement age of teachers and their years of service.

President Muhammadu Buhari has transmitted to the Senate, a bill to increase the retirement age for teachers in the country from 60 to 65 years.

The bill also seeks to extend the years of service for teachers from 35 to 40 years.

The bill was conveyed in a letter to the Senate President, Ahmad Lawan, who read it out at the start of plenary on Wednesday.

In the letter, the president explained that the piece of legislation would provide for a harmonised retirement age for teachers in Nigeria.

The decision to increase the retirement age and service years of teachers, he said, was pursuant to Section 58(2) of the 1999 Constitution as amended.

"Transmission of the Harmonised Retirement Age for Teachers in Nigeria Bill 2021 to the National Assembly for consideration.

"Pursuant to Section 58 subsection 2 of the 1999 Constitution of the Federal Republic of Nigeria (as amended), I forward herewith the harmonised retirement age for teachers in Nigeria Bill, 2021 for consideration by the Senate.

"The harmonised retirement age for teachers in Nigeria bill 2021 seeks to increase the retirement age for teachers from 60 to 65 years, and also increase the possible years of service from 35 to 40 years," part of the letter read.

Further details of the legislation will be discussed on another legislative day when the lawmakers begin the process of its passage.

Mr Buhari's letter comes about five months after the Federal Executive Council approved the extension of teachers' retirement age as well as service years.

Meanwhile, Mr Lawan, during plenary, also referred the president's request for the confirmation of Farouk Yahaya as Chief of Army Staff of the Armed Forces of the Federal Republic of Nigeria to the Committees on Defence and Army.

The Defence Committee, which is chaired by Aliyu Wamakko (APC Sokoto), was mandated to be the lead Committee to screen the newly appointed army chief.-Premium Times.

Africa: Sub-Saharan Africa Most Expensive Globally to Send and Receive Money

The cost of remittances in sub-Saharan Africa was the highest, averaging 8.17 percent in the fourth quarter of 2020 compared with 4.9 percent in South Asia, the lowest average cost.

The cost of diaspora remittances from Tanzania to Kenya and Uganda was among the highest in Africa in the past year, averaging between 17 percent and 21 percent per $200. These were some of the findings of a brief prepared by the Global Knowledge Partnership on Migration and Development for the World Bank.

The report also said remittance flows to the sub-Saharan Africa region declined by 12.5 percent in 2020 -- the biggest drop in over a decade -- partly as a result of the global Covid-19 pandemic, but mainly attributed to a huge decline in remittances to Nigeria.

The cost of sending money varied widely across corridors in the region with Tanzania-Kenya and Tanzania-Uganda rated among the five most expensive corridors alongside Angola-Namibia, South Africa-Angola and South Africa-Botswana. Remittance costs from Tanzania to Kenya went up to 17 percent in the fourth quarter of 2020 compared with 14.5 percent in the fourth quarter of 2019, while the rise for Tanzania-Uganda was even steeper from 15.2 percent in the last quarter of 2019 to just over 21 percent in the fourth quarter of 2020. The lowest-cost corridors in the region averaged three percent for transfers primarily to the Philippines, while the highest-cost corridors, including Tanzania-Kenya and Tanzania-Uganda, averaged 13 percent.

The decline in remittance flows across sub-Saharan Africa was "almost entirely due to a 27.7 percent decline in remittance flows to Nigeria, which alone accounted for over 40 percent of remittance flows to the region," said the report. It notes that excluding Nigeria, remittance flows to sub-Saharan Africa increased by 2.3 percent, demonstrating resilience at a time of crisis and defying earlier projections. "Strong remittance growth was reported in Zambia (37 percent), Mozambique (16 percent), Kenya (nine percent) and Ghana (5 per cent)." Remittance flows to the region were affected by "restricted mobility measures and the employment situation in the main host countries" resulting from the Covid-19 pandemic.

Kenya was ranked third in top remittance recipients in sub-Saharan Africa in 2020, receiving $3.1 billion to trail only Nigeria ($17.2 billion) and Ghana ($3.6 billion). In East Africa, South Sudan and Uganda were ranked 7th and 9th respectively, receiving $1.2 billion and $1.1 billion apiece and separated by Zimbabwe in 8th position ($1.2 billion).

The report recommends that remittance support infrastructure to maintain healthy global flows should include efforts to lower remittance fees which continued to average above 6.5 percent in quarter four of 2020.

In current dollar terms, the top five remittance recipient countries in 2020 were India, China, Mexico, the Philippines, and Egypt, with India being the largest recipient of remittances since 2008. The United States was the largest source country for remittances in 2020, followed by the United Arab Emirates, Saudi Arabia, and Russia.-East African.

Tanzania: Airtel Africa Sells Tanzania Towers At $175 Million

Airtel Africa PLC has on Wednesday, June 2, said that it has agreed to sell Airtel Tanzania's tower portfolio to a joint venture owned by a subsidiary of SBA Communications Corp. and Paradigm Infrastructure Ltd. for $175 million.

SBA Communications is an independent owner and operator of wireless communications infrastructure, while the UK-based Paradigm Infrastructure is focused on developing, owning and operating shared wireless infrastructure in selected growth markets.

The UK listed, Africa-focused telecommunications operator said this is the latest strategic divestment of its tower portfolio as part of its shift to an asset-light business model focused on its core subscriber-facing operations.

Airtel Tanzania's tower portfolio comprises around 1,400 towers, which form part of the group's wireless telecommunications infrastructure network.

As per the agreement, the group's subsidiary Airtel Tanzania Plc will continue to develop, maintain and operate its equipment on the towers under a separate lease arrangement with the buyer companies.

The transaction is the latest strategic divestment of Airtel's tower portfolio as it focuses on an asset-light business model and on its core subscriber-facing operations.

Of the entire deal amount, $157.5 million will be payable on the first closing date, which will be in the second half of the group's current financial year.

The balance amount is payable in instalments upon the completion of the transfer of any remaining towers to the buyer companies. As per Airtel, it'll invest around $60 million from the proceeds on network and sales infrastructure in Tanzania and for distribution to the Tanzania government. The rest of the amount will be used to reduce debt at the group level.

Airtel's Africa deals in telecommunications and mobile money services across 14 countries in Africa including Kenya, Uganda, Nigeria Zambia among others.-Citizen.

Lesotho: Vodacom Voted Most Popular Brand in Lesotho

Vodacom Lesotho has been voted the most popular brand in the 2021 Brand Africa 100 survey.

The Brand Africa 100 survey ranks the best performing brands on the continent.

The survey results are meant to inspire African brands to grow and recover from Covid-19 and accelerate the African Continental Free Trade Area's (AfCFTRA) goal of growing intra-African trade from 18 percent to 50 percent by 2030.

The results of the inaugural Lesotho survey were announced this week by founder and chairperson of Brand Africa, Thebe Ikalafeng.

Established in 2011, the Brand Africa 100 surveys and analyses brands and underlying businesses in Africa, based on a study by international research company, Geopoll, across 25 countries.

The Lesotho edition of the survey was facilitated by Tangerine Co. Africa, Brand Africa 100's local partner. It conducted the surveys in April this year in urban, peri-urban and rural areas through face to face interviews and online questionnaires.

Vodacom Lesotho was named the most popular brand in Lesotho followed by Nike, Shoprite, Samsung, Econet Telecom Lesotho (ETL), Adidas, Alliance Insurance, Pep, KFC and Toyota.

Vodacom was also named the most helpful brand in Lesotho since the beginning of the Covid-19 pandemic. It was followed by ETL, Alliance Insurance, Shoprite Lesotho and Matekane Group of Companies (MGC).

Although it is not stated how Vodacom helped clients, in April this year, the Vodacom Group and Vodafone Foundation donated US$1 million (about M15 million) to help the government procure Covid-19 vaccines.

"The overall number one brand in Lesotho is Vodacom Lesotho," Mr Ikalafeng said in a virtual presentation.

"I have been to Lesotho and I have seen the dominance of that brand. It is by far the number one brand in Lesotho."

Nedbank Lesotho's head of marketing 'Mamoabi Phori, one of the local panelists who led discussions in Lesotho during the launch, said Vodacom was prominent in its marketing and charitable initiatives.

"For me, this makes you realise that being relevant makes all the difference to your clients. Vodacom has shown empathy and that is something that brands must adopt during the ongoing Covid-19 period. You cannot be seen to be worried about profits only. I think Vodacom has done that well," Ms Phori said.

She said the company has consistently continued investing in marketing itself to remain relevant in the market.

In the financial services sector, Standard Lesotho Bank (SLB) was the most popular brand followed by First National Bank Lesotho (FNB), Lesotho PostBank (LPB), Nedbank and Metropolitan Lesotho.

Among locally owned brands in the financial services sector, LPB was voted the most popular brand followed by Alliance Insurance, Boliba Savings and Credit, Naledi Funeral Planners and JP Finance.-Lesotho Times.

Lesotho: High Unemployment a Ticking Time Bomb - Mahao

The high levels of poverty and youth unemployment in the country are a ticking time bomb which will explode soon if nothing is done to correct these ills, Basotho Action Party (BAP) leader Nqosa Mahao has said.

Addressing an estimated 5000 crowd at a weekend rally in Hlotse, Leribe, Prof Mahao said his newly formed party was working on addressing the high unemployment and poverty levels.

He said youths were angered by the lack of opportunities and one way of ensuring they had decent livelihoods was to help them start cooperatives which would be involved in various sectors of the economy.

This was his second rally since the formation of the BAP last month. Prof Mahao formed the party after leaving the ruling All Basotho Convention (ABC) where he had been deputy leader for the past two years. His first rally was held in home area of Koro-Koro, Maseru last week.

Prof Mahao dumped the ABC allegedly to preempt a plot by Prime Minister Moeketsi Majoro, ABC leader and former premier Thomas Thabane and ABC secretary general Lebohang Hlaele to oust him from the party. All three have denied the allegations and have instead accused Prof Mahao of seeking to unprocedurally oust Mr Thabane.

Addressing his well-attended second rally over the weekend, Prof Mahao said the party had been formed by men and women who were committed to freeing the country from the shackles of poverty and unemployment.

"Every nation goes through its share of sufferings and Basotho are no exception," Prof Mahao said.

"Lesotho is sitting on a time bomb that's ready to explode any minute. It is a bomb of unemployment and abject poverty for in most families. These factors have already led to major revolts in other countries.

"But we are living in the time of change where the people have decided to take a new route. It is evident that you are thirsty for change and the time has come to change to change the medicine to get you the desired results. That new medicine to give you the desired results is the BAP.

"As BAP, we are an action-driven party. We are not even waiting to be in government to start delivering. Here in Leribe, we have started a youth project to create jobs and empower youths. We intend to start similar income generating projects nationwide even where youths lack formal education.

"We will also help the youths set up cooperatives to enable them to generate income and support their families from the proceeds," he said.

The Lesotho Times observed that youths had already started making and selling various products including fruit juices with the help of the BAP. The products were on sale at the rally.

Prof Mahao also took a swipe at the government for its poor handling of its botched solar power deal with German company Frazer Solar.

Government assets have now been seized to pay off more than M856 million damages to Frazer Solar for allegedly breaching the contract aimed at providing Lesotho with solar water heating systems, 20 megawatts of solar power capacity, LED lights and solar lanterns over four years.

"We are very sad to hear of reports that Lesotho's assets in other countries have been seized to pay off damages for a botched corrupt deal made by some of individuals in government. This is equal to 20 percent of the national budget," Prof Mahao said.-Lesotho Times.

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INVESTORS DIARY 2021

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