Major International Business Headlines Brief::: 06 June 2021

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Major International Business Headlines Brief::: 06 June 2021

 


 

 


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

 


 

 


ü  Tech giants and tax havens targeted by historic G7 deal

ü  Yellen says she urged G7 to keep up fiscal support for recovery, climate
investments

ü  Explainer: What is a global minimum tax and what will it mean?

ü  Volkswagen chairman to seek re-election at shareholder meeting

ü  Ireland confident G7 tax deal won't dent multinational investment

ü  Blackstone, Carlyle consortium reach deal to buy Medline

ü  Ackman reinvents SPAC in Universal Music deal talks

ü  Reckitt to sell China baby formula business for $2.2 bln

ü  U.S. SEC ousts head of accounting watchdog, puts rest of board on notice

ü  Airlines press U.S. on refusal to lift COVID-19 travel restrictions

ü  India warns Twitter to comply with new IT rules

ü  UAE's solar power start-up Pawame secures $2.5m in funding

ü  Solana Blockchain Raising Up to $450M: Report

ü  Miami, looking to be next crypto hotspot, hosts bitcoin event

ü  Bond Traders Glimpse Taper-Talk Roadmap That Revives Volatility

ü  Ramaphosa: South Africa's rebuilt economy must be better and blacker

ü  US economy adds fewer jobs than forecast despite reopening

ü  Turkey experiments with cannabis crops to boost hemp production

 

 

 

 

 

 

 

 


 <https://www.facebook.com/Hyundaizimbabwe/> 

 


 

Tech giants and tax havens targeted by historic G7 deal

The United States, Britain and other large, rich nations reached a landmark
deal on Saturday to squeeze more money out of multinational companies such
as Amazon and Google and reduce their incentive to shift profits to low-tax
offshore havens.

 

Hundreds of billions of dollars could flow into the coffers of governments
left cash-strapped by the COVID-19 pandemic after the Group of Seven (G7)
advanced economies agreed to back a minimum global corporate tax rate of at
least 15%.

 

Facebook (FB.O) said it expected it would have to pay more tax, in more
countries, as a result of the deal, which comes after eight years of talks
that gained fresh impetus in recent months after proposals from U.S.
President Joe Biden's new administration.

 

"G7 finance ministers have reached a historic agreement to reform the global
tax system to make it fit for the global digital age," British finance
minister Rishi Sunak said after chairing a two-day meeting in London.

 

The meeting, hosted at an ornate 19th-century mansion near Buckingham Palace
in central London, was the first time finance ministers have met
face-to-face since the start of the pandemic.

 

U.S. Treasury Secretary Janet Yellen said the "significant, unprecedented
commitment" would end what she called a race to the bottom on global
taxation.

 

German finance minister Olaf Scholz said the deal was "bad news for tax
havens around the world".

 

Yellen also saw the G7 meeting as marking a return to multilateralism under
Biden and a contrast to the approach of U.S. President Donald Trump, who
alienated many U.S. allies.

 

"What I've seen during my time at this G7 is deep collaboration and a desire
to coordinate and address a much broader range of global problems," she
said.

 

Ministers also agreed to move towards making companies declare their
environmental impact in a more standard way so investors can decided more
easily whether to fund them, a key goal for Britain.

 

TAXING TIMES

 

Current global tax rules date back to the 1920s and struggle with
multinational tech giants that sell services remotely and attribute much of
their profits to intellectual property held in low-tax jurisdictions.

 

Nick Clegg, Facebook's vice-president for global affairs and a former
British deputy prime minister, said: "We want the international tax reform
process to succeed and recognise this could mean Facebook paying more tax,
and in different places."

 

But Italy, which will seek wider international backing for the plans at a
meeting of the G20 in Venice next month, said the proposals were not just
aimed at U.S. firms.

 

Yellen said European countries would scrap existing digital services taxes
which the United States says discriminate against U.S. businesses as the new
global rules go into effect.

 

"There is broad agreement that these two things go hand in hand," she said.

 

Key details remain to be negotiated over the coming months. Saturday's
agreement says only "the largest and most profitable multinational
enterprises" would be affected.

 

European countries had been concerned that this could exclude Amazon
(AMZN.O) - which has lower profit margins than most tech companies - but
Yellen said she expected it would be included.

 

How tax revenues will be split is not finalised either, and any deal will
also need to pass the U.S. Congress.

 

French Finance Minister Bruno Le Maire said he would push for a higher
minimum tax, calling 15% "a starting point".

 

Some campaign groups also condemned what they saw as a lack of ambition.
"They are setting the bar so low that companies can just step over it,"
Oxfam's head of inequality policy, Max Lawson, said.

 

But Irish finance minister Paschal Donohoe, whose country is potentially
affected because of its 12.5% tax rate, said any global deal also needed to
take account of smaller nations.

 

The G7 includes the United States, Japan, Germany, Britain, France, Italy
and Canada.

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

 

Yellen says she urged G7 to keep up fiscal support for recovery, climate
investments

LONDON/WASHINGTON, (Reuters) - U.S. Treasury Secretary Janet Yellen said on
Saturday that she is urging the G7 wealthy democracies and other countries
to keep up fiscal support for their economic recoveries and to make
investments to fight climate change and inequality.

 

In prepared remarks for a news conference after G7 finance ministers met in
London, Yellen also praised an agreement to pursue a global minimum tax of
at least 15% on corporations as helping to stabilize tax systems while
preserving national authority to set tax rates and policies.

 

"G7 economies have the fiscal space to speed up their recoveries to not only
reach pre-COVID levels of GDP but also to support a return to pre-pandemic
growth paths," Yellen said. "This is why we continue to urge a shift in our
thinking from 'let's not withdraw support too early' to 'what more can we do
now.'"

 

Yellen said the G7 finance ministers agreed to ambitious commitments to
de-carbonize their economies and mobilize public and private finance for
action to combat climate change.

 

"To facilitate the mobilization of private climate finance, the G7 also
agreed to take action to improve the availability of consistent, comparable,
and decision-useful climate-related financial information to market
participants," Yellen said.-Our Standards: The Thomson Reuters Trust
Principles.

 

 

Explainer: What is a global minimum tax and what will it mean?

Finance Ministers from the Group of Seven (G7) rich nations reached a
landmark accord on Saturday backing the creation of a global minimum
corporate tax rate of at least 15%, an agreement that could then form the
basis of a worldwide deal. 

Such a deal aims to end what U.S. Treasury Secretary Janet Yellen has called
a "30-year race to the bottom on corporate tax rates" as countries compete
to lure multinationals.

 

WHY A GLOBAL MINIMUM TAX?

 

Major economies are aiming to discourage multinationals from shifting
profits - and tax revenues - to low-tax countries regardless of where their
sales are made.

 

Increasingly, income from intangible sources such as drug patents, software
and royalties on intellectual property has migrated to these jurisdictions,
allowing companies to avoid paying higher taxes in their traditional home
countries.

 

WHERE ARE THE TALKS AT?

 

The G7 accord feeds into a much broader, existing effort. The Organization
for Economic Cooperation and Development has been coordinating tax
negotiations among 140 countries for years on rules for taxing cross-border
digital services and curbing tax base erosion, including a global corporate
minimum tax.

 

The OECD and G20 countries aim to reach consensus on both by mid-year, but
the talks on a global corporate minimum are technically simpler and less
contentious. If a broad consensus is reached, it will be extremely hard for
any low-tax country to try and block an agreement.

 

The minimum is expected to make up the bulk of the $50 billion-$80 billion
in extra tax that the OECD estimates firms will end up paying globally under
deals on both fronts.

 

HOW WOULD A GLOBAL MINIMUM WORK?

 

The global minimum tax rate would apply to overseas profits.

 

Governments could still set whatever local corporate tax rate they want, but
if companies pay lower rates in a particular country, their home governments
could "top-up" their taxes to the minimum rate, eliminating the advantage of
shifting profits.

 

The OECD said last month that governments broadly agreed on the basic design
of the minimum tax but not the rate. Tax experts say that is the thorniest
issue, although the G7 accord creates strong momentum around the 15%-plus
level.

 

Other items still to be negotiated include whether investment funds and real
estate investment trusts should be covered, when to apply the new rate and
ensuring it is compatible with U.S. tax reforms aimed at deterring erosion.

 

WHAT NEXT

 

A G20 meeting scheduled for Venice next month will see whether the G7 accord
gets broad support from the world's biggest developing and developing
countries.

 

Much still needs to be ironed out - including the metrics that will
determine how and to which multinational companies the tax will be applied.

 

The G7 communique left open what will happen in the meantime to digital
services taxes on big technology companies in various jurisdictions, which
the United States wanted to be scrapped as soon as a deal was in place.

 

It said only that there should be "appropriate coordination between the
application of the new international tax rules and the removal of all
Digital Services Taxes".

 

Any final agreement could have major repercussions for low-tax countries and
tax havens.

 

The Irish economy has boomed with the influx of billions of dollars in
investment from multinationals. Dublin, which has resisted European Union
attempts to harmonize its tax rules, is unlikely to accept a higher minimum
rate without a fight.

 

However, the battle for low-tax countries is less likely to be about
scuppering the overall talks and more about building support for a minimum
rate as close as possible to its 12.5% or seeking certain exemptions.

 

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

 

Volkswagen chairman to seek re-election at shareholder meeting

Volkswagen (VOWG_p.DE) Chairman Hans Dieter Poetsch will seek re-election at
a coming annual general meeting, the carmaker said on Saturday.

 

Poetsch, 70, became chairman of the supervisory board in 2015, weeks after
the start of the diesel emissions scandal - in which Volkswagen in 2015
acknowledged using illegal software to rig diesel engine tests in the United
States - and was instrumental in averting a leadership crisis at Europe's
largest carmaker late last year. read more

 

A spokesperson said in a statement that the supervisory board of Volkswagen
AG "recommends to the upcoming AGM that it elect supervisory board chair
Hans Dieter Poetsch" for a full five-year term." The date of the AGM has not
been announced.

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

 

Ireland confident G7 tax deal won't dent multinational investment

Ireland's finance minister said he remained confident the country's low-tax
economy would continue to attract multinational investment and jobs even as
an overhaul of global corporation tax rules moved a major step closer on
Saturday.

 

The United States, Britain and other leading nations agreed to back a
minimum global rate of at least 15% and for firms to pay more tax in the
markets where they sell goods and services rather than in countries like
Ireland where they book profits. read more

 

Ireland, long resigned to having more to lose than most from the reforms due
to the attractiveness of its 12.5% rate to foreign multinationals, continued
to press the case that any final deal must meet the needs of small and large
countries.

 

But Paschal Donohoe, who attended Saturday's meeting in his role as
president of euro zone's grouping of finance ministers, also pointed to the
fact that companies like Apple (AAPL.O) have been in Ireland for decades and
are among its largest employers.

 

"The tax environment that is developing at the moment is one also that
multinationals are evaluating. The reason that I'm very positive about our
country's future and our economy is twofold," Donohoe told the Irish Times.

 

He cited the fact that multinationals are "well embedded in terms of the
physical infrastructure of our country" due to the longevity of their
investments and the fact that Ireland has been clear about how it will
respond to change and remain a predictable destination for foreign
companies.

 

German Finance Minister Olaf Scholz also said he was sure that Ireland will
continue to have a good basis for attracting investment and jobs from
foreign multinationals within the confines of new prospective rules.

 

"I'm sure that this will be a good story for all countries, also for Ireland
in the end," Scholz told Irish national broadcaster RTE.

 

Big multinationals such as Apple, Facebook (FB.O) and Google (GOOGL.O)
directly employ around one in eight workers in Ireland and account for over
80% of corporation tax receipts that have boomed in recent years.

 

Donohoe reiterated that Ireland's annual corporate tax take is set to be
around 20% or 2 billion euros lower than it otherwise would have been by
2025, due to the anticipated changes.

 

However his department has forecast that it would still increase gradually
by then to 12.5 billion euros from an estimated 11.6 billion this year.

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

 

Blackstone, Carlyle consortium reach deal to buy Medline

A consortium of three private equity firms, including Blackstone Group Inc
(BX.N) and Carlyle Group (CG.O), have signed a definitive agreement to buy a
majority stake in medical supplier Medline Industries Inc, sources familiar
with the matter have told Reuters.

 

The deal values Medline at more than $30 billion, excluding debt, the
sources said. Medline has an enterprise value of about $34 billion,
including borrowings, the sources said.

 

Medline's current management and founding family, led by Chief Executive
Charles Mills, will remain the company's largest single shareholder when the
deal is expected to close in the second half of this year, the sources said.

 

The three buyout firms buying majority of Medline are Blackstone, Carlyle
and Hellman & Friedman. The Government of Singapore Investment Corporation
(GIC) is also investing in Medline as part of the deal.

 

Northfield, Illinois-based Medline is one of the largest privately-held
manufacturers and distributors of medicals supplies such as surgical
equipment, gloves, and laboratory devices used by hospitals around the
world. The company generated $17.5 billion in revenue in 2020, according to
its website.

 

The Wall Street journal first reported about the transaction.

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

 

Ackman reinvents SPAC in Universal Music deal talks

William Ackman's Pershing Square Tontine Holdings (PSTH.N) said on Friday it
was in talks to buy 10% of Universal Music Group at a 35 billion euro ($42
billion) valuation, in a departure from the playbook of special purpose
acquisition companies (SPACs).

 

Tontine became the biggest ever SPAC when it raised $4 billion in an initial
public offering (IPO) last summer, with Ackman's hedge fund Pershing Square
committing a minimum of an additional $1 billion.

 

It did so to take a company public. Yet Universal is already in the process
of being listed in Amsterdam by its French parent Vivendi SA (VIV.PA), and
it will not rely on Tontine to go public, as most companies do in their SPAC
deals.

 

Instead, Tontine shareholders will receive Universal shares once the music
label's stock market flotation is completed. Tontine will carry on in search
of another deal, with $1.5 billion in capital left to deploy. Tontine
investors will also receive warrants in a new blank-check company launched
by Ackman that will pursue another, yet-to-be-determined deal.

 

The unusual deal would cap a worldwide hunt for a suitable target by Ackman,
who previously flirted with home rental giant Airbnb (ABNB.O) and Southeast
Asian ride-hailing and food delivery firm Grab Holdings as targets.

 

Tontine's shares were trading down more than 14% at $21.51 in afternoon
trading on Friday, as investors fretted over whether the SPAC was offering
Universal too high a valuation.

 

The closer Tontine's shares trade to its $20 IPO price, the higher the
chance that SPAC investors will choose to redeem their shares, taking away
money that Pershing Square would use to fund the deal. Pershing Square said
on Friday it would backstop any potential financing gap with its other
funds.

 

Pershing Square said it would invest $4 billion to buy the Universal stake.
Investors in the SPAC will get Universal shares when they are listed, but
will not be able to exercise their current warrants. Investors will also get
rights to buy shares in a Special Purpose Acquisition Rights Company (SPARC)
launched by Pershing Square, to do yet another deal down the line.

 

The SPARC will have $10.6 billion in capital available to spend on a new
target. It will have no deadline to spend the money and will become publicly
listed down the line, Ackman said.

 

Ackman added that he plans to make a full presentation on the deal once it
has been finalized in a few weeks.

 

A frenzy of SPAC listings in the United States has seen over $300 billion
raised through the listing of blank-check acquisition vehicles in 2020 and
2021, according to Refinitiv data.

 

The SPAC listing frenzy has cooled in recent months, with new issuance
dropping dramatically and existing blank check vehicles trading down as a
higher interest rate environment hurt appetite for riskier investments. The
IPOX SPAC index is down 23% from its February peak. (.SPAC)

 

AMSTERDAM LISTING

 

Vivendi, controlled by French billionaire Vincent Bollore, has benefited
from growing streaming revenues at the world's biggest music label, which is
behind artists such as Taylor Swift and Lady Gaga.

 

It has already sold chunks of Universal Music to a consortium led by Chinese
giant Tencent (0700.HK), and plans to list Universal in Amsterdam by
September as part of a two-step transaction to distribute 60% of the label
to existing investors.

 

Goldman Sachs in April raised its estimate of Universal's valuation to 44
billion euros, amid a faster shift to music streaming.

 

With about 2 billion euros of debt for Universal, the implied equity value
for the music label is roughly 33 billion euros, along the lines of the
valuation given by Vivendi last month, Bernstein said in a note. read more

 

"Universal Music Group is one of the greatest businesses in the world,"
Ackman said in a statement.

 

A Vivendi spokesman confirmed on Friday there were no changes to the plans
for a Universal IPO by Sept. 27 after the deal with Ackman. The company,
which owns 80% of Universal, had already flagged it could sell an additional
10% of the group to an American investor prior to the IPO.

 

Bringing in Ackman will diminish the stakes held by Vivendi, at the end of
the distribution-in-kind, giving Vivendi 10%, Pershing Square 10%, Bollore
16% and the Tencent-led consortium 20%.

 

Vivendi shareholders are due to vote on the transaction at a June 22
investor meeting.

 

The Universal IPO plan has raised hackles of activist fund Bluebell,
however, which said it penalized minority shareholders as the
distribution-in-kind structure was not tax efficient.

 

Bluebell, which has declined to reveal the size of its stake in Vivendi, has
called on France's markets watchdog to examine disclosures around the deal.
read more

 

($1 = 0.8258 euros)

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

 

Reckitt to sell China baby formula business for $2.2 bln

British consumer goods maker Reckitt Benckiser Group Plc (RKT.L) said on
Saturday it was selling its infant formula and child nutrition (IFCN)
business in China to investment firm Primavera Capital Group for an
enterprise value of $2.2 billion.

 

The Lysol disinfectant and Dettol soap maker will retain an 8% stake in the
IFCN China unit and anticipates net cash proceeds from the sale to be about
$1.3 billion, it said in an emailed statement.

 

Reckitt expects to incur a net loss of 2.5 billion pounds ($3.5 billion) on
the disposal, mainly due to the re-measurement of goodwill and intangible
assets, it said.

 

Reuters in March reported that the Slough, England-based company was
considering the sale of the business. read more

 

The sale closes a strategic review of IFCN China launched in February as a
result of sluggish sales caused by intense competition from local Chinese
baby formula brands and slowing birth rates in China. read more

 

Reckitt executives have also attributed Hong Kong border closures during the
COVID-19 pandemic as weighing on the business, which it acquired as part of
its $16.6 billion purchase of U.S.-based Mead Johnson in 2017.

 

In the same sector, French dairy group Danone (DANO.PA) sold its 9.8% stake
in China Mengniu Diary (2319.HK) in May for about $1.6 billion euros.

 

Reckitt's Greater China infant formula business represents 6% of group
sales, which were almost 14 billion pounds ($19.82 billion) in 2020, up
11.8% year-on-year.

 

On Saturday, Reckitt said the deal included the sale of its manufacturing
plants at Nijmegen in the Netherlands, and in Guangzhou, China, and a
royalty-free perpetual and exclusive license of the Mead Johnson and Enfa
family of brands in China.

 

After the deal's close, expected in the second half of 2021, Reckitt will
own and operate the Mead Johnson and the Enfinitas, Enfamil and Enfagrow
brands in the rest of the world.

 

($1 = 0.7065 pounds)

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

U.S. SEC ousts head of accounting watchdog, puts rest of board on notice

The U.S. Securities and Exchange Commission (SEC) on Friday said it had
removed the head of the oversight board that sets standards for audits of
public companies and planned to replace the rest of the board in due course.

 

The SEC said in a statement that it had voted to remove William Duhnke III
as chair of the Public Company Accounting Oversight Board (PCAOB), a role he
has held since January 2018, effective Friday. The other four members of the
board will stay on, but the SEC -- which oversees the accounting watchdog --
is soliciting resumes for those roles.

 

Duhnke's ouster is a warning shot by the new SEC chair Gary Gensler, who
took the helm at the markets regulator in April. The PCAOB, which was
created by the 2002 Sarbanes-Oxley Act following major accounting scandals,
has long been criticized by Democrats for being toothless.

 

The PCAOB has also come under criticism by hawks who wanted it to take a
tougher stance on Chinese auditors of U.S.-listed Chinese companies which
have generally evaded U.S. oversight.

 

"The PCAOB has an opportunity to live up to Congress's vision in the
Sarbanes-Oxley Act," Gensler said in the statement.

 

Democratic Senator Elizabeth Warren and Independent Senator Bernie Sanders
last month pressed the SEC to immediately replace the board, which they said
has fallen down on its job of overseeing audit firms meant to keep
publicly-traded companies in check.

 

While the SEC did not disclose the breakdown of the vote, Hester Peirce and
Elad Roisman, the Republican members of the five-person commission, said in
a statement that Duhnke's ousting established a "troubling precedent."

 

Former SEC chair Jay Clayton overhauled the PCAOB in 2017, appointing five
new members including Duhnke, after the board's staff leaked confidential
information to one of the audit firms it oversees.

 

Duane DesParte, who also joined the board in 2018, will serve as acting
chair, the SEC said.

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

Airlines press U.S. on refusal to lift COVID-19 travel restrictions

Major airlines are pressing the United States government on its decision not
to move quickly to relax COVID-19 restrictions that block travelers who have
been in much of Europe and elsewhere even as other countries began to ease
prohibitions.

 

On Monday, the heads of several major airlines as well as the chief
executives of Heathrow Airport and industry group the U.S. Travel
Association will hold a virtual news conference to push for removal of
travel restrictions between the United States and the United Kingdom. On
hand will be the CEOs of American Airlines (AAL.O), IAG (ICAG.L) unit
British Airways, Delta Air Lines (DAL.N), United Airlines (UAL.O) and
JetBlue Airways Corp (JBLU.O).

 

The airline CEOs on May 11 had called for a summit between U.S. officials,
UK officials, and airlines to discuss how to "expeditiously reopen
transatlantic travel."

 

Since March 2020, the United States has barred nearly all non-U.S. citizens
who have been in the UK within the last 14 days from entering the country.
Most U.S. travelers visiting the UK must quarantine for 10 days upon
arrival.

 

Airline and administration officials say no change is expected in the near
term but add it is possible the restrictions could be removed as early as
July 4 or thereabouts, but they caution no decisions have been made.

 

On Friday, France said vaccinated Americans starting on June 9 will be able
to travel to the country. United said it would resume Paris flights from
Washington in July and Delta said it was adding flights to France as well.

 

At a press event at Washington National Airport on Friday, American Airlines
(AAL.O) President Robert Isom said, "We know there is tremendous pent-up
demand for service."

 

Isom said the airline has "a lot of capacity to be ready to go" for European
travel. Asked if July 4 would be too late for European summer travel, Isom
said: "We're going to take it whenever it comes."

 

Airline officials had held out hope earlier that by late May, the United
States would have lifted travel restrictions on the United Kingdom and
Ireland, where new COVID-19 cases have plummeted. (See graphic, Global
vaccination tracker:
https://graphics.reuters.com/world-coronavirus-tracker-and-maps/vaccination-
rollout-and-access/)

 

The travel restrictions also apply to most non-U.S. citizens in Brazil,
South Africa, India and Iran.

 

The Biden administration held a call with British officials on Thursday,
people briefed on the matter said, but the White House gave no indication it
is planning to lift restrictions.

 

The White House, which is focused on boosting U.S. vaccination rates and
reducing COVID-19 cases, declined to comment on Friday.

 

President Joe Biden is certain to face questions about the issue from
foreign leaders when he travels to Europe next week.

 

"We certainly understand the desire of many Europeans to come to travel the
United States and vice versa," White House spokeswoman Jen Psaki said May
21. "We can't respond to public pressure or even emotion. We have to rely on
the guidance of our health and medical experts."

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

 

India warns Twitter to comply with new IT rules

NEW DELHI: India on Saturday issued "one last notice" to Twitter to comply
with new IT regulations that the social media giant says threaten privacy
guarantees.

 

Digital rights activists say New Delhi's latest rules could be used by the
government to identify authors of critical posts on social media sites.

 

But the government argues they are needed to investigate national security
offences and cases involving sexually explicit material.

 

India's electronics and IT ministry said on Saturday it was "dismayed" over
Twitter's "non-compliance" and flagged the May 26 deadline, when the new
rules came into force.

 

"The refusal to comply demonstrates Twitter's lack of commitment and efforts
towards providing a safe experience for people of India on its platforms,"
its notice said.

 

"Needless to state, such non-compliance will lead to unintended consequences
including Twitter losing exemption from liability as an intermediary," the
ministry said.

 

"As a gesture of goodwill, Twitter Inc is hereby given one last notice to
immediately comply with the rules." The regulations demand that social media
companies give details of the "first originator" of posts deemed to
undermine India's sovereignty, state security or public order.

 

Tech companies are also required to appoint a chief compliance officer for
the rules and a "grievance redressal officer", both based in India.

 

New Delhi last week said most major social media sites had already shared
details of their chief compliance officer, contact person and grievance
officer, including Koo, ShareChat, Telegram, LinkedIn, Google, Facebook and
WhatsApp.

 

The row between India and Twitter escalated in May after the tech firm
marked a tweet from a ruling party spokesman as "manipulated media".

 

New Delhi accused Twitter and other US tech giants of "double standards" in
taking down disputed content.

 

Delhi police visited Twitter's office to serve a notice ordering it to join
an official inquiry into the "manipulated media" label - a move the company
described as "intimidation".

 

There was no immediate comment from Twitter on the latest notice from New
Delhi Saturday.

 

India's IT minister Ravi Shankar Prasad has said the government respects
people's privacy and the new rules are aimed at preventing "abuse and misuse
of social media".

 

But critics say Prime Minister Narendra Modi's administration is seeking to
stifle online opposition in what is a huge market for Twitter, Facebook and
other tech firms.

 

 

UAE's solar power start-up Pawame secures $2.5m in funding

UAE-based off-grid solar energy start-up Pawame secured $2.5 million in
grants and equity, with plans for a $5m early stage funding round as it bids
to bring electricity into more households in Africa.

 

The social impact enterprise (pronounced Power Me) raised $1.7m in grant
commitments and $750,000 in equity, including $250,000 from pan-African fund
Launch Africa Ventures, it said in a statement on Sunday.

 

The planned $5m Series A round will fund its expansion initially into Kenya
and eventually other African countries as it equips homes in remote areas
with affordable and clean solar energy, Pawame's chief executive Maurice
Parets said.

 

"Energy is just the beginning. Supplanting dirty kerosene lamps, our solar
products help protect as well as change the lives of off-grid families," Mr
Parets said. "The funds from our Series A equity round will allow us to
accelerate our growth by delivering a broader array of life-changing
products to more families."

 

International organisations such as the World Bank have urged governments
around the world to build more sustainable and equitable economies after the
Covid-19 pandemic highlighted existing inequalities. Climate change
activists have also ramped up the pressure on policymakers, regulators,
corporations and banks to accelerate the transition towards a low-carbon
economy.

 

Renault, which reported a net loss of $9.7 billion for 2020, owns 50 per
cent of the new venture Hyvia. EPAMastercard introduces calculator to help
consumers track carbon impact

 

Renault and Plug Power in venture to make hydrogen vans this year

 

Pawame aims to bring electricity to the homes of 580 million people in
sub-Saharan Africa, or more than half of the region's population, that do
not have access to power. The company distributes, finances and provides
after-sales support for residential solar home systems using a rent-to-own,
pay-as-you-go business model.

 

"Despite facing challenges during the pandemic, Pawame delivered exceptional
results in 2020, including achieving bottom-line profitability and positive
cashflow for the first time," Alexandre Allegue, chairman and co-founder of
Pawame, said without providing figures.

 

Pawame said it is "on target" for its expansion within and beyond Kenya,
with the Series A fund raising set to further accelerate its growth.

 

The five grants worth $1.7m came from entities including the Netherlands
Enterprise Agency, Energy and Environment Partnership, the Dutch development
organisation SNV, AECF REACT Kenya and the flagship World Bank-funded Kenya
Off-Grid Solar Access Project (KOSAP), the company said.

 

The grants will help to accelerate Pawame's product development pipeline -
funding pilots for new products like solar water pumps and solar
refrigerators - and financing market activation initiatives in Kakuma and
Kalobeyei refugee camps in Kenya.

 

Pawame's current investors are mainly based in the Gulf and include senior
executives from the region's largest power utility companies as well as
Launch Africa Ventures, it said.

 

"Our thesis for investing into Pawame is simple: without electricity or
connectivity, individuals are excluded from the exponential growth that an
increasingly digital world has to offer," Baljinder Sharma, director at
Launch Africa Ventures, said.

 

 

Solana Blockchain Raising Up to $450M: Report

Solana, the blockchain backed by FTX's Sam Bankman-Fried, is raising between
$300 million and $450 million, according to a report Friday by Decrypt,
largely citing anonymous sources.

 

·         Solana had planned on closing a smaller round in March but boosted
its ambitions in response to strong demand, the report said.

·         The project plans to use the funds in part to become a go-to-place
for decentralized applications, taking aim at the Ethereum blockchain, the
current leader in the space, the report said.

·         Decrypt executives didn't deny the report, Decrypt said.

·         Alameda, a trading firm led by Bankman-Fried, has been heavily
investing in the Solana ecosystem in a bid to promote an Ethereum
alternative capable of faster transactions and higher scalability. The
Ethereum blockchain has become increasingly congested, leading to an
increase in transactional tariffs known as "gas fees."

·         Bankman-Fried's team chose to build Serum, a decentralized
exchange (DEX), on Solana.

·         Ethereum currently handles about 15 transactions per second (TPS),
while Solana is capable of more than 1,000 TPS, according to data from
blockchair and Solana Beach. The project claims its maximum speed is many
times in excess of that.

·         The price of SOL, the native token of Solana, began the year at
less than $2. In recent trading, it was at $39.87, up more than 5% in the
last 24 hours.

 

 

 

Miami, looking to be next crypto hotspot, hosts bitcoin event

MIAMI: Thousands of people have descended on Miami for a massive two-day
bitcoin conference that opened Friday - a sign that the US city, in the
midst of a tech boom, is hoping to become the next cryptocurrency hub.

 

"I don't think there's anything more important in my lifetime to work on"
than bitcoin, given the flexibility it offers, billionaire entrepreneur Jack
Dorsey, the co-founder of Twitter and payments firm Square, told a crowded
auditorium.

 

"We don't need the financial institutions that we have today. We have one
that is thriving, that is sound, that is owned by the community, that is
driven by the community," said Dorsey, one of the keynote speakers at
Bitcoin 2021.

 

Dorsey tweeted Friday that Square was considering making a hardware wallet
for safely storing bitcoin.

 

With 12,000 participants and all speaker sessions sold out, the Bitcoin 2021
trade show features exhibits from crypto mining companies, crypto traders
and bitcoin exchange networks.

 

The conference was originally scheduled to take place in Los Angeles, but
was moved due to tougher coronavirus restrictions in California.

 

The line to get into the Mana Convention Center in Miami's trendy Wynwood
neighborhood wrapped around the building. Everyone was in high spirits and
there were no face masks to be seen.

 

Beyond Dorsey, two of the other speakers were Cameron and Tyler Winklevoss,
twin Harvard classmates of Mark Zuckerberg who sued him over claims he stole
the idea for Facebook from them, and now run cryptocurrency exchange Gemini.

 

"We think bitcoin is gold 2.0," Tyler said at a panel discussion. "When we
get to Mars, what is the currency going to be in Mars? Dollars? No.
Bitcoin."

 

So where does Miami fit into the picture?

 

For David Abner, Gemini's global head of business development, Miami is
"centrally located, especially in the Americas, and there's a lot of
political support here."

 

"I think they've spent time to understand it and think about the
ramifications of bitcoin. And so they're very supportive of the economy,"
Abner said, adding that cryptocurrency could revolutionize remittances sent
back to Latin America.

 

Miami Mayor Francis Suarez, who opened Bitcoin 2021, has become a bit of a
celebrity in tech circles, for his intense efforts to turn the Magic City
into a beachfront Silicon Valley.

 

In February, the Republican mayor announced that the city would explore ways
to do some of its financial transactions using cryptocurrency, including
paying salaries to employees.

 

Earlier this week, venture capital firm Borderless Capital announced it was
moving its headquarters from Atlanta to Miami and launching a new $25
million fund for local startups using blockchain technology.

 

And the mayor announced the launch of MiamiCoin, a Miami-specific
cryptocurrency that will allow investors to boost the city's coffers while
making money themselves.

 

"This is not a moment. This is a movement," Suarez said Friday.

 

Since late last year, Miami has been attracting techies away from Silicon
Valley and New York for a variety of reasons - thanks to Florida's lack of
state taxes and relatively lax coronavirus precautions, along with the
city's multicultural work force and proximity to Latin America.

 

It's not exactly clear how many have moved, but there are signs of growth -
home prices are soaring, up nearly 35 percent in just a year, according to
the Miami Association of Realtors.

 

But not everyone is happy. The Miami Herald warned in an editorial of the
possible pitfalls of the city's embrace of all things crypto.

 

"Don't get us wrong. We hope cryptocurrency - and the flashing neon welcome
mat we've set out for the tech industry - elevate this city to new
prosperity," the paper said.

 

 

Bond Traders Glimpse Taper-Talk Roadmap That Revives Volatility

Bond investors are confident that the calm engulfing the Treasury market for
months will have a limited shelf life.

 

A report on May job growth that disappointed some traders did spark a burst
of short-covering Friday. But it left intact speculation that the U.S.
recovery from the pandemic is strong enough to lead the Federal Reserve to
finally start discussions this month around the idea of tapering its massive
bond-buying program.

 

No policy move is expected at the June 15-16 Fed gathering. The options
market is coalescing around an actual shift -- with the potential to bust
yields out of their volatility-killing range trade -- in August. That's when
the Fed traditionally holds its annual meeting in Jackson Hole, Wyoming,
which has served as a venue in the past for important policy signals.

 

Gauge of bond-market swings is near lowest since February

"The Fed at least will acknowledge that they have moved out of the
not-even-talking-about-talking-about-tapering to talking about it" this
month, said Gene Tannuzzo, a portfolio manager at Columbia Threadneedle.

 

"Our timeline for an announcement would center on Jackson Hole as a forum to
float an academic discussion on the topic" and September as the base case
for unveiling a plan to reduce bond buying, setting the 10-year yield up for
a likely climb to 2% by year-end, he said.

 

Hiking Precursor

Tapering looms large for financial markets because the Fed has signaled that
it will be a precursor to actual rate increases. While policy makers project
that they'll keep overnight rates near zero at least through 2023, bond
traders have been betting for months that liftoff will come early that year.

 

With investors holding firm on those expectations for now, volatility has
been slumping. A measure of future price swings in Treasuries is around the
lowest since February. And 10-year yields have traded sideways, pivoting
around 1.6% for weeks, after reaching a more than one-year high of 1.77% in
March.

 

The leadup to the Fed's June 16 decision isn't devoid of risk. Next week
brings a report that's forecast to show consumer prices accelerated in May
at the fastest pace since 2008. That's after April's above-forecast reading
pushed yields toward the upper end of their recent range. There's also a
$120 billion round of note and bond auctions to absorb next week.

 

Jeffrey Rosenberg, a senior portfolio manager at BlackRock Inc., also saw
May's job report -- which included robust wage growth -- as leaving the Fed
on course to send some signaling in June of a slow movement toward
eventually reducing asset purchases.

 

Seeking Progress

The Fed is currently buying around $120 billion in debt each month -- $80
billion of Treasuries and $40 billion of mortgage-backed securities. The
central bank has said it will continue to do so until it has made
"substantial further progress" toward its employment and price goals.

 

Further out, bets for a shake-up at Jackson Hole have been popping up in the
options market, targeting a more aggressive rate outlook for the Fed.

 

"Until the Fed talks about tapering, or if we get an ugly inflation number,
the current yield levels will hold for the time being," said Gary Pollack,
head of fixed-income for private wealth management at Deutsche Bank. "But I
expect that yields will be higher by the end of the year, with 10-year
yields moving to 2%. The outlook is still bright for the U.S. economy."

 

 

Ramaphosa: South Africa's rebuilt economy must be better and blacker

President Cyril Ramaphosa told the Black Management Forum that South Africa
had to rebuild an economy that had black business at its centre.

Ramaphosa said South Africa must emerge from the pandemic with an economy
that creates more jobs and provides more opportunities to new entrants.

He said funding institutions must be bold in their support for black
businesses at this time.

 

President Cyril Ramaphosa said on Friday evening that government and other
supporters of economic transformation were in the throes of a "battle"
against enemies of progress and that those who opposed this transformation
had to be "defeated".

 

Ramaphosa was speaking at a gala dinner in Johannesburg. The dinner was
organised by the Black Management Forum in celebration of the organisation's
forty-fifth year in existence.

 

The event comes as government has had to defend its Covid-19 Tourism Equity
Fund, which is aimed at assisting black-owned tourism businesses to access
financing to promote transformation in the industry. Solidarity and
AfriForum challenged the fund's rollout at the North Gauteng High Court in
Pretoria, saying it is discriminatory on the basis of race.

 

Referencing the case, Ramaphosa said it's a clear example of a sector where
resistance was found and "everything must be done to defeat such attacks on
the transformation agenda".

 

"We will need to review our BBBEE strategy as well as the act to develop a
new strategy, because we cannot continue to live in a country where black
people do not own the levers of control of the economy. This needs to
change," said Ramaphosa.

 

Earlier this week, Statistics South Africa announced that unemployment grew
to a record high of 32.6% in the first quarter of 2021, with unemployment
among black Africans much higher than in other groups.

 

Black African women are the most vulnerable with an #unemployment rate of
38,3% in Q1:2021.

 

During his keynote address, Ramaphosa hailed the BMF as the "true
architects" of the Broad-Based Black Economic Empowerment Act and said the
group was at the forefront of the transformation agenda in the South African
economy. He said black business had to be central to South Africa's economic
recovery.

 

"The economic contraction we are experiencing has hit many emerging
businesses far harder than established businesses that are better resourced
and have reserves. The recovery of our economy needs to be transformative.
It needs to be more inclusive and more transformed than before," said
Ramaphosa.

 

He added that government cannot allow the transformation agenda to be
compromised by corruption.

 

Government is facing a storm of corruption in the procurement of personal
protective equipment (PPE) in response to the Covid-19 pandemic. Minister of
Health Zweli Mkhize is feeling the pressure to resign after reports that
there was a conflict of interest in the awarding of a R150 million contract
to Digital Vibes, as the company contracted two of Mkhize's associates.

 

Ramaphosa said the PPE scandal was a shock, but that he found comfort in
learning that the formal and recognised black business formations were not
involved in this corruption.

 

"We will work to ensure that those involved in corruption are arrested and
that the monies that were stolen are brought back to the state -including
the large companies," he said.

 

Funding

 

Ramaphosa said South Africa must emerge from the pandemic with a
fundamentally different economy that creates more jobs and provides more
opportunities to new entrants. He said funding institutions must be bold in
their support for black businesses at this time.

 

"Funding is a major challenge, but we need to be creative and innovative. We
must come up with funding options and proposals. This is where black
business should not be afraid or hold back - even if we have to kiss as many
frogs as we can - until we find our princes and princesses as we look to
build and grow black businesses," Ramaphosa said.

 

Ramaphosa said the manufacture of vaccines must be led by black people as
government had already given R18 billion to black industrialists in the past
year.  

 

He said black businesses should not shy away from looking for opportunities
on the continent, as the African Union launched the African medical supplies
platform. Local businesses can place their products on the platform for
purchase, with R2 billion worth of trade up for grabs, benefitting new
companies.

 

"In the economy we have seen new emergent businesses in FinTech. The African
Free Trade Agreement also creates opportunities for black business in South
Africa with a market of 1.3 billion African people from nations with a
combined GDP of $4 trillion," he said.

 

Ramaphosa also took the opportunity to ask BMF members to reconsider their
position of refusing to apply for positions at state-owned entities as
directors, saying that South Africa needed the skills of black
professionals. Last year, the BMF issued a statement calling black
professionals to hold back their resumes from state-owned entities amid
concerns that black professionals at parastatals were under siege.

 

Before Ramaphosa's address, BMF president Andile Nomlala took the stage to
decry reports of corruption, adding that the BMF and other black business
formations rejected and condemned corruption in state PPE procurement.

 

"If you steal, we cannot call you black. There are no black thieves. We have
started to be conscious about who are the people being arrested. It will
never matter. When you steal, pillage or dilapidate our economy, you must be
arrested, first or last.

 

"Because corruption has become a bigger pandemic than Covid-19, there are
people who steal from our people and flaunt their spoils on social media. I
can tell you, Mr President, from that point, as black professionals in our
country, we are tired," said Nomlala.

 

Nomlala said South Africa can only thrive economically if it has a plethora
of black entrepreneurs and industrialists and, pursuant to that, financial
institutions need to align themselves to the goal of helping establish and
support black businesses of all sizes and industries.

 

"We want equity funded by the PIC [Public Investment Corporation] in the
state-owned enterprises as black people. We no longer trust that government
can optimally run these entities. Therefore, the model that was applied to
Telkom must be applied to others. We do not want diluted equity. We want
proper equity directed to black business," Nomlala said.-news24

 

 

US economy adds fewer jobs than forecast despite reopening

The US economy saw an increase in hiring in May as restrictions eased,
although fewer jobs were added than expected.

 

Employers created 559,000 jobs, driven by reopenings at restaurants, bars
and hotels in particular.

 

That failed to meet economists' expectations of 675,000 jobs being added.

 

However, the hiring did help lower the unemployment rate to 5.8% from the
6.1% seen in April.

 

Despite the modest increase, President Biden described the report as "great
news", adding: "This is progress, historic progress [after] our worst crisis
in 100 years."

 

In all, 9.3 million people remain unemployed - down considerably from the
highs seen in April last year, although still well above the pre-pandemic
measure of 5.7 million in February 2020.

 

Some of the worst-hit sectors during the pandemic - such as hospitality and
education - saw significant numbers of jobs being added as a vaccination
drive continued and restrictions eased.

 

The number of jobs in restaurants, cafes and bars jumped by 292,000, for
example.

 

And the monthly report from the US Bureau of Labor Statistics showed that
the number of long-term unemployed fell by 431,000, although it still
remains at 3.8 million.

 

Robert Alster, chief information officer at wealth manager Close Brothers
Asset Management, said: "April's figures were a shock, coming in at a
quarter of the expected increase despite stellar economic growth and
otherwise positive employment data.

 

But he suggested: "Now we are seemingly back on track and signals are
pointing towards a bright future for the US."

 

In April, just 266,000 jobs were added. That was such a surprise, and so out
of step with what economists were expecting, that many had wondered if it
would be revised by much on Friday when May's data was released.

 

Revisions are common as the government's number crunchers get more data to
work with.

 

But not this time. April's job number has only been increased by 12,000
jobs. And on top of that, May's new job figures were also mediocre - and
less than forecast.

 

All of which suggests that the US economic recovery may not be quite the
post-Covid boom many were expecting. Not yet anyway.

 

Some analysts said there was still an "ongoing mismatch" between supply and
demand for workers.

 

Average hourly earnings rose 0.5% in May from a month earlier, to $30.33,
the new figures showed.

 

"The data for the last two months suggest that the rising demand for labour
associated with the recovery from the pandemic may have put upward pressure
on wages," the report said.

 

Big food firms such as McDonald's and Chipotle have increased wages, while
smaller businesses have started to offer sign-on bonuses in a bid to lure
workers back.

 

John Leiper, chief investment officer at Tavistock Wealth, said: "Today's
miss speaks to the ongoing mismatch between strong demand for labour and the
reality of lacklustre supply."

 

He suggested this could be due to several factors - including unemployment
benefits, childcare issues or concerns over working conditions.

 

Under the $1.9tn coronavirus rescue package that President Joe Biden signed
into law in March, some workers can get a $300 weekly supplemental benefit
if they are out of a job.

 

But Mr Leiper pointed out that at least 25 states had opted to cut
unemployment benefits prematurely, so people are not persuaded to stay at
home.

 

"I expect non-farm payrolls to accelerate from here, as supply rises to meet
demand, alongside a continuation of the economic reopening narrative."-BBC

 

 

Turkey experiments with cannabis crops to boost hemp production

A bespectacled, well-dressed Islamist recently expelled from the Turkish
Journalists' Association for comparing campaigners against domestic violence
to prostitutes is perhaps not the most likely candidate for ardent cannabis
advocate.

 

But Abdurrahman Dilipak, 72, is one of Turkey's loudest voices in favour of
legalisation as attitudes change and the country begins to experiment with
reintroducing the once widespread crop.

 

"Cannabis has a thousand benefits . This plant is generally a blessing of
Allah. It cleans the air, water and soil," he wrote in his column for Yeni
Akit, a conservative newspaper. "Alcohol is more dangerous."

 

Industrial hemp was cultivated in Turkey's humid Black Sea region until
strict anti-narcotics laws were introduced in the 1970s: many people today
attribute the change in policy to pressure from the US. Even now, cannabis
remains a taboo topic, and penalties for recreational use can be as high as
two years in prison.

 

While hemp paper and textiles production survived, the last of these
factories closed down in 2000, unable to compete with cheaper
petroleum-based materials imported from places such as India.

 

Grappling with an economic crisis, and searching for ways to diversify, in
2019 Turkey's president, Recep Tayyip Erdoğan, made a surprise announcement
that the country would take steps to increase cannabis production in the
hope of restoring the once booming hemp export industry.

 

Now, the first crop of plants bred and studied by researchers has been
harvested and, according to Selim Aytaç, the director of Ondokuz Mayıs
University's leading cannabis research centre, the results are promising.

 

"We have been improving and breeding seeds since 2013 to cultivate a product
with fine fibres for industrial use, and decrease the amount of drug
material, and so far we've had great success," he said. "We hope it can be
used for medicines, food, flour, forestry products, rope, textiles.

 

"Bringing back hemp can have a global impact as world governments look at
reducing carbon footprints. It uses far less resources than plastics or
cotton."

 

Despite the taboo of talking about drug use, a first-of-its-kind study in
Turkey from Istanbul University that analysed wastewater from 14 sewage
treatment plants suggests that illegal substance use is rife in the megacity
of 17 million people.

 

Istanbul has the second highest level of substance consumption in the world
after Barcelona, the researchers found, with cannabis the most used drug.
The study also showed Istanbul is second only to New York in levels of
heroin usage.

 

As Dilipak and others point out, legalising cannabis could help to regulate
the existing illegal industry, taking production out of the hands of
organised crime.

 

"Adana is one-third of Istanbul's population, but the cannabis used in Adana
is almost the same as in Istanbul. Adana ranks third in the world in terms
of proportion . Supposedly we don't have marijuana in this country," wrote
Dilipak.

 

Attitudes towards cultivating cannabis appear to be slowly changing, Aytaç
added. "One village in Samsun has been leading the way [in] changing
perceptions and opening up the conversation.

 

"In our trial in farming locations, sometimes the locals came and ripped up
the plants in the night. But more and more people are starting to understand
we're not growing something harmful, we're growing a product with value."

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2021

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


ART

PPC

Dairibord

 


Starafrica

Fidelity

Turnall

 


Medtech

Zimre

Nampak Zimbabwe

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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

 


 

 


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