Major International Business Headlines Brief::: 10 June 2021

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Major International Business Headlines Brief::: 10 June 2021

 


 

 


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

 


 

 


ü  Government ‘dragging feet’ on China forced labour

ü  Coronavirus: Industry dismisses US-UK moves to reopen travel

ü  Donald Trump-era ban on TikTok dropped by Joe Biden

ü  Shell promises to accelerate shift to low carbon

ü  US Senate passes sweeping bill to counter China tech reach

ü  Nigeria: Financial Loss to Twitter Ban Insignificant to Nigeria's
Integrity - Govt

ü  Nigeria to Sell Unused Power to 4 Countries

ü  Africa: G7 Leaders Should End Not Just Coal, but Also Oil and Gas Finance
in 2021

ü  South Africa Lays Down the Law On Cybercrime

ü  Kenya: High Fuel Prices, Taxes Top Kenyans' Concerns

ü  U.S. weekly jobless claims seen falling; consumer prices expected to rise
further

ü  Tesla to launch high-end Model S 'Plaid' to fend off Mercedes, Porsche

ü  EXCLUSIVE Online wholesale marketplace Faire raises $260 mln, valued at
$7 bln

ü  The great British reopening: how investors are picking their bets

ü  GameStop taps Amazon Australia chief as CEO, may sell shares

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Government ‘dragging feet’ on China forced labour

The government is "dragging its feet" in taking action against UK companies
linked to the use of forced labour in China's Xinjiang region, MPs have
said.

 

In March the Business department (Beis) vowed to sanction firms that could
not prove they had no ties with Xinjiang.

 

But it has refused to commit to "clear timeframes and substantive actions",
the Beis Select Committee said.

 

A government spokesperson said not only had it introduced measures against a
forced labour, there was more to come.

 

Xinjiang, in north-west China, is home to the Uighur Muslim population.

 

China has been accused of committing genocide and crimes against humanity
through its repression of the Uighurs - allegations it denies.

 

The Committee said UK firms in fashion, retail, media and technology could
all be linked to the use of forced labour in Xinjiang and had called for
fines and blacklisting of those that failed to change.

 

But while the government agreed to amend and strengthen the Modern Slavery
Act 2015, the Committee said its response had not gone far enough.

 

It also said ministers had rejected most of the recommendations it had made
to improve oversight in an earlier report.

 

"The fact that the government has rejected the majority of the
recommendations is disheartening in the extreme," said MP Nusrat Ghani, lead
Beis Committee member looking at forced labour in the UK.

 

"Given the horrifying evidence of abuses, it beggars belief the government
is dragging its feet in bringing forward the tough action needed to help to
tackle the exploitation of forced labour in Xinjiang."

 

Map of China shows density of Uighur population in Xinjiang region

The Committee did however welcome the government's decision to impose
targeted sanctions against perpetrators of gross human rights abuses in
Xinjiang.

 

It also welcomed the government's support for a commitment to full
transparency in terms of Overseas Development Assistance funding being spent
in China.

 

The MPs said it was needed to ensure that no government funds are being used
to underpin human rights' abuses.

 

Nevertheless, Ms Ghani said the government was failing to reassure customers
"that they aren't contributing to supply chains tainted by modern slavery".

 

She added the response "lets down" UK businesses which are trying to do the
right thing and ensure their supply chains do not profit from forced labour.

 

However, a Beis spokesperson said the UK is the first country in the world
to require businesses to report on how they are tackling modern slavery and
forced labour in their operations and supply chains, and would go further.

 

"Evidence of the scale and the severity of the human rights violations being
perpetrated in Xinjiang paints a truly harrowing picture and the British
government will not stand for forced labour, wherever it takes place.

 

"In January, we announced a robust package of measures to ensure no UK
organisations are complicit in the serious human rights violations being
perpetrated against the Uighurs and other minorities in Xinjiang and we are
taking forward proposals to strengthen the law in this area," Beis
said.--BBC

 

 

 

Coronavirus: Industry dismisses US-UK moves to reopen travel

Travel industry figures have dismissed the latest moves by the US and UK to
reopen travel.

 

A new taskforce will be set up to make recommendations on easing
restrictions as part of an "Atlantic Charter", set to be agreed on Thursday.

 

A Number 10 statement said the prime minister and president would "work to
relaunch UK-US travel as soon as possible".

 

But the boss of Virgin Atlantic said the announcement "falls short".

 

Chief executive Shai Weiss said: "The creation of the Atlantic Taskforce is
positive recognition of the importance of the UK-US travel corridor and a
first step towards reopening the skies."

 

But he said the lack of a specific time frame for reopening travel meant
airlines, businesses and passengers faced a lack of certainty.

 

Ahead of the start of the G7 summit in Cornwall, Mr Weiss urged Mr Biden and
Mr Johnson to allow trans-Atlantic travel no later than 4 July.

 

line

What are the current rules on US-UK travel?

Nearly all passengers from the UK are currently banned from travelling to
the US.

 

Under a presidential decree introduced last March, non-US citizens who have
been in the UK in the last 14 days cannot enter the country unless a
specific exemption applies.

 

Meanwhile, travellers from the US to the UK must self-isolate for 10 days on
arrival as the country is on the "amber list".

 

Read more on restrictions when travelling to Amber list countries here.

 

line

Clive Wratten, chief executive of the Business Travel Association, also
called for a firm commitment on a date.

 

"We welcome the formation of the Atlantic Charter 2021 as a step in the
right direction for transatlantic travel.

 

"However, this is the latest in a long line of travel taskforces which so
far have only wreaked further devastation on our industry. Jobs won't be
saved, nor livelihoods protected, until we are given a certainty on dates
for the resumption of international travel."

 

A spokeswoman for the Association of British Travel Agents said that "steps
to get travel restarted are very welcome". But she also pointed out the lack
of detail in the announcement.

 

She added: "Consideration should also be given to capitalising on the
success of the UK vaccine rollout by relaxing rules for fully vaccinated
individuals when travelling between low-risk areas, as the US, and many
other countries, are already doing."

 

Job creation

The taskforce will be overseen in the UK by Transport Secretary Grant Shapps
and will be chaired by senior officials in the US and UK.

 

It will "work to explore options for resuming US-UK travel and ensure that
the UK and US closely share thinking and expertise on international travel
policy going forward", Downing Street said in a statement.

 

Airline bosses demand UK-US travel corridor

Travel sector 'frustrated' over rule changes

It added: "Links between the UK and US are not only crucial for our people,
they create and sustain jobs across and throughout our two countries."

 

In a letter calling for trans-Atlantic travel to reopen on Monday, airline
bosses and Heathrow Airport estimated that UK businesses are losing £23m
each day that the route remains closed.

 

Boris Johnson and Joe Biden will also agree to work together on issues such
as the post-pandemic recovery, climate change and security as part of
Atlantic Charter, which is expected to be agreed when they meet on Thursday
in Cornwall.

 

The original Atlantic Charter was a joint statement made by Winston
Churchill and Franklin D Roosevelt in 1941, setting out joint goals in the
wake of the Second World War.--BBC

 

 

 

Donald Trump-era ban on TikTok dropped by Joe Biden

President Joe Biden has revoked an executive order from his predecessor
Donald Trump banning Chinese apps TikTok and WeChat in the US.

 

The ban faced a series of legal challenges and never came into force.

 

Instead, the US Department of Commerce will now review apps designed and
developed by those in "the jurisdiction of a foreign adversary", such as
China.

 

It should use an "evidence-based approach" to see if they pose a risk to US
national security, Mr Biden said.

 

TikTok did not offer comment on the news.

 

Mr Trump ordered the ban on new downloads of the viral video app TikTok,
which is owned by Chinese firm Bytedance, in 2020.

 

He described it at the time as a threat to national security.

 

A proposal was produced that would have seen Oracle and Walmart owning a US
entity of the service, and taking responsibility for handling TikTok's US
user data and content moderation.

 

But a series of legal challenges, and the fact Mr Trump was due to leave
office shortly afterwards, meant neither the ban nor the involvement of the
US companies ever came to fruition.

 

Data collection

In his new executive order, President Biden said that the federal government
should evaluate threats posed by China-based apps and software through
"rigorous, evidence-based analysis", and should address "any unacceptable or
undue risks consistent with overall national security, foreign policy, and
economic objectives".

 

He acknowledged that apps can "access and capture vast swathes of
information from users".

 

"This data collection threatens to provide foreign adversaries with access
to that information," he said.

 

TikTok is used by about 80 million Americans every month.

 

Ashley Gorski, a senior lawyer at the American Civil Liberties Union (ACLU),
welcomed the decision to overturn the ban.

 

"President Biden is right to revoke these Trump administration executive
orders, which blatantly violated the First Amendment rights of TikTok and
WeChat users in the United States," she said.

 

"The Commerce Department's review of these and other apps must not take us
down the same misguided path, by serving as a smokescreen for future bans or
other unlawful actions."

 

Next week, President Biden is due to meet European Commission President
Ursula von der Leyen, and the two are expected to announce a partnership
around technology and trade, in an attempt to push back on China's rise as a
technology superpower.

 

It is likely the partnership will include joint standards around emerging
technologies, as well as commitments to take firmer action policing the
internet, and to act on the critical supply chain issues that have arisen
during the Covid pandemic.-BBC

 

 

Shell promises to accelerate shift to low carbon

The oil giant Shell will reduce its greenhouse gas emissions more quickly
than planned following a legal ruling in the Netherlands, its chief
executive has promised in a blog post.

 

Shell would take "bold but measured steps", Ben van Beurden wrote, but would
still appeal against the ruling.

 

Environmentalists won a court case in May, arguing Shell was failing to
reduce emissions quickly enough.

 

Friends of the Earth said if Shell were serious, it would drop the appeal.

 

Mr van Beurden's post on networking site LinkedIn acknowledged that the firm
would have to respond to the court's ruling without waiting for the outcome
of the appeal, and that it applied to the energy giant's worldwide business.

 

However, he sought to reassure investors that it would not disrupt Shell's
plans.

 

 

"For Shell, this ruling does not mean a change, but rather an acceleration
of our strategy," he wrote.

 

Shell ordered to cut emissions in key court ruling

Fresh bid to capture emissions from power station

Biden to suspend Trump Arctic drilling leases

The campaign group Milieudefensie, the Dutch branch of Friends of the Earth,
which brought the case, successfully argued that Shell had a human rights
obligation to bring its business into line with international agreements on
avoiding faster heating of the planet.

 

As a result, Shell must cut its CO2 emissions by 45% compared with 2019
levels, by 2030.

 

Shell's lawyers argued the firm was already taking "serious steps" to move
away from fossil fuels.

 

'Singled out'

Mr van Beurden said: "I still feel disappointed that Shell is being singled
out by a ruling that I believe does not help reduce global CO2 emissions."

 

But he said the firm was determined to "rise to the challenge".

 

A press spokesperson for Shell said the chief executive's statement did not
represent a change of strategy for the company, but that it was looking at
whether the existing strategy could be implemented more quickly.

 

Mr van Beurden said the firm had set "rigorous, short-term reduction
targets" aimed at achieving net zero by 2050, including an energy transition
strategy published in April, which came too late to be considered by the
court.

 

Net zero means that while the firm will still be responsible for some
greenhouse gas emissions, they will be reduced where possible and the rest
offset with investments that reduce emissions elsewhere.

 

"For a long time to come we expect to continue providing energy in the form
of oil and gas products both to meet customer demand, and to maintain a
financially strong company," Mr van Beurden's post said.

 

"We need this financial strength to keep attracting investment in Shell. So
we can deliver the energy the world needs, invest in lower-carbon energy and
support livelihoods in communities where we operate, as well as those of our
customers, employees and contractors."

 

Action counts

Mr van Beurden said in order to achieve transition away from fossil fuels,
measures should be taken to address demand not just supply.

 

"Imagine Shell decided to stop selling petrol and diesel today. This would
certainly cut Shell's carbon emissions. But it would not help the world one
bit. Demand for fuel would not change. People would fill up their cars and
delivery trucks at other service stations."

 

Rachel Kennerley, international climate campaigner at Friends of the Earth,
said: "Shell will always say the things to allow business as usual on its
terms, but it's what they do that counts and these promises don't go nearly
far enough.

 

"If Mr van Beurden was as serious about this as he claims he'd stop
dismissing his company's role in driving this devastating situation and
would use the court ruling as an intervention to do the right thing, rather
than appealing it with all of Shell's corporate might."--BBC

 

 

 

US Senate passes sweeping bill to counter China tech reach

US Senate lawmakers have approved a massive spending plan to boost
technology research and production.

 

The proposed measures come in the face of growing international competition,
particularly from China.

 

A Beijing official hit back at the bill on Wednesday, saying it "exaggerated
the 'China threat'".

 

The bill, which must pass the House of Representatives before being signed
into law, is a rare point of agreement between Republicans and Democrats.

 

In a vote in the upper chamber of the US Congress, 68 of the 100-member
Senate supported the measure, with 32 against. The Senate is evenly divided
between Republicans and Democrats, and experts say the vote shows how the
two political parties are united on the need to counter Beijing's economic
and military ambitions.

 

Supporters say the package is one of the largest industrial bills in US
history and the biggest investment in scientific research that the country
has seen in decades.

 

"I believe that this legislation will enable the United States to
out-innovate, out-produce, and out-compete the world in the industries of
the future," Senate majority leader and co-sponsor of the bill Chuck Schumer
said on the Senate floor.

 

It authorises roughly $250bn (£176bn) in funding for technology research,
semiconductor development and manufacturing, as well as subsidies for robot
makers and chipmakers amid a shortage of computer chips worldwide.

 

The computer chip shortage has hit automobile production at a time of
rebounding global demand and bosses of big tech firms have told the BBC it
could last as long as two years.

 

Why is Huawei still in the UK?

IBM says chip shortage could last two years

China's tech giants fall under regulator's pressure

The bill includes a number of China-specific provisions, including the
prohibition of the social media app TikTok from being downloaded on
government devices.

 

The purchase of drones manufactured and sold by Chinese state enterprises
would also be blocked under the legislation.

 

Chinese organisations engaged in US cyber attacks or theft of US
intellectual property from US firms would face sanctions too, once the bill
is passed.

 

The legislation was passed amid some signs of a thaw in relations between
Beijing and Washington. In May, China and the US held virtual talks between
trade negotiators in the first such meeting of the Biden presidency.

 

China's Commerce Ministry said in early June that China and the US had
agreed to restart normal communications.

 

But on Wednesday, Chinese foreign ministry spokesman Wang Wenbin suggested
the bill could harm these efforts, saying it was "full of Cold War and
zero-sum thinking and runs counter to the public aspiration in both
countries to strengthen exchanges and cooperation".

 

"The China-related content of the bill passed by the US Senate distorts
facts and slanders China's development path and its domestic and foreign
policies," he said. "It exaggerates the 'China threat', advocates
traditional competition with China and seriously interferes with China's
internal affairs on Taiwan."

 

A version of the legislation must still pass the US House of Representatives
and then be reconciled with the Senate version before being signed by
President Joe Biden to become law.

 

However, President Biden praised the bill's passage.

 

"It is long past time that we invest in American workers and American
innovation," President Biden said in a statement.

 

"We are in a competition to win the 21st century, and the starting gun has
gone off. As other countries continue to invest in their own research and
development, we cannot risk falling behind."-BBC

 

 

 

Nigeria: Financial Loss to Twitter Ban Insignificant to Nigeria's Integrity
- Govt

The federal government has acknowledged that Twitter and its users in
Nigeria are facing huge financial loss, following the social media
platform's suspension in Nigeria.

 

But the government insisted that the loss was insignificant, when compared
to the integrity of Nigeria.

 

The Director General of the National Orientation Agency, Dr. Garba Abari,
said this on ARISE News Channel, the broadcast arm of THISDAY Newspapers,
while responding to a question on the controversy surrounding the matter.

 

He insisted that the federal government had to take the decision in order to
protect national interest and integrity.

According to him, "It is a difficult decision to take because of the
economic implications, but it is also a right decision of government because
Nigeria must exist as a country and government has a duty to defend the
country's integrity."

 

The federal government last week, suspended the operations of Twitter in
Nigeria, following the action of Twitter to delete the post of President
Muhammadu Buhari, which Twitter said could be incisive to violence and which
negates its community standards. Few hours after the suspension was
announced, FaceBook, another social media platform, which owns and controls
WhatsApp, also pulled down the same post of President Buhari, while citing
violation of international standards.

 

Following the announcement, the Nigerian Communications Commission (NCC)
directed all telecoms operators to deactivate access to all Twitter
subscribers in Nigeria, an order that had since been carried out.

In spite of the deactivation, many Nigerians continued to tweet with their
twitter handles, through the use of Virtual Private Network (VPN).

 

Some social media users have been bitter with the federal government over
the development and have warned government of its implications.

 

Nigerians who depend on Twitter for their business growth and expansion,
said they have lost so much money to its suspension since it cost them more
to use VPN to support their tweets.

 

The Institute of Software Practitioners of Nigeria (ISPON), has however
called for a continued dialogue with stakeholders in the social media
ecosystem.

 

ISPON, which said it has been following the unfolding events, stressed the
need for dialogue as the best means to address the issue.

 

According to a statement released by ISPON, and singed by its President, Mr.
Chinenye Mba-Uzoukwu, "ISPON notes in its memo released on November 24, 2020
under the subject: 'Framing a National Consensus on Social Media
Management', that Nigeria has been navigating the digital transformation
journey that all nations are undergoing with varying degrees of success.

"With the growth of the digital economy, government's definition of national
security is rightly seen as fundamental to the social media management issue
however, Nigeria's interest is better served by a progressive policy that
creates an enabling environment for local entrepreneurship and the ecosystem
on which it depends on to thrive."

 

The statement further said: "Accordingly, the Institute has actively
supported efforts to consider and recommend an approach to designing a
social media policy that protects all Nigerians and promotes its use in a
positive and productive way."

 

Mba-Uzoukwu said ISPON had been proactive in driving the conversation with
stakeholders, and reiterated that "Our jointly issued report in December
2020 titled Who Decides Social Media Policy, continues to guide us in a
multi-stage programme on a collective journey towards ensuring that Nigeria
becomes a player in the global economy by accelerating the growth of the
human capital and propagation of information technology adoption and use
exponentially."

 

He called on stakeholders to continue the engagement already underway to
work together in an open and transparent manner and in good faith, to
achieve a policy environment that secures the national interest and the
aspirations of all Nigerians.-This Day.

 

 

 

Nigeria to Sell Unused Power to 4 Countries

Nigeria is in talks with four West African countries to sell unused
Electricity to them through a planned $570 million Northcore Power
Transmission Line.

 

The acting Managing Director of the Transmission Company of Nigeria (TCN)
and Chairman, Executive Board of the West African Power Pool (WAPP), Engr.
Sule Ahmed Abdulaziz, stated this on Wednesday during the WAPP meeting on
the Northcore project in Abuja.

 

Daily Trust reports that about 2,000 megawatts (MW) of electricity is said
to be unutilised daily across the Generation Companies (GenCos) in Nigeria
and could be exported.

"The power we will be selling is the power that is not needed in Nigeria.
These generators that are going to supply power to this transmission line
are going to generate that power specifically for this project. So it is
unutilised power."

 

He also noted that Nigeria is expecting new generators to participate in the
energy export for the 875 kilometre 330 kilovolts Northcore transmission
line from Nigeria through Niger, Togo, Benin to Burkina Faso.

 

"In addition, there are some communities that are under the line route,
about 611 of them which will be getting power so that there won't be just a
transmission line passing without impact."

 

Abdulaziz said the project funded by World Bank, French Development Council
and the African Development Bank, has recorded progress and that the energy
ministers will be addressing security issues for the project at a meeting in
Abuja on Thursday.

On the benefits, the WAPP chairman said, "Nigeria has the greatest advantage
among these countries because the electricity is going to be exported from
Nigerian GenCos. So from that, the revenue is going to be enhanced and a lot
of people will be employed in Nigeria."

 

The Secretary General of WAPP, Siengui Appolinaire Ki, said: "The cost is
about $570 million and the part of the investment in each country is funded
by the country and they are supported by the donors, and Nigeria is taking
its own."

 

He also said the funding agreement is ready as they await the disbursement.

 

However, the donor agencies had said they needed a Power Purchase Agreement
(PPA) between the buying and the selling countries to be executed before
releasing the fund.

 

"So we will be addressing the ministers on this so they can talk to the
donors to remove this condition for disbursing the fund and let's go on with
the implementation," he noted.-Daily Trust.

 

 

 

Africa: G7 Leaders Should End Not Just Coal, but Also Oil and Gas Finance in
2021

Any views expressed in this opinion piece are those of the author and not of
Thomson Reuters Foundation.

 

Ahead of summit, more than 100 economists call on G7 countries to commit to
shift their finance out of all fossil fuels this year, to enable a green
pandemic recovery

 

On June 11-13, world leaders will gather at the G7 summit. There, they plan
to adopt an agenda to "build back better from coronavirus and create a
greener, more prosperous future". We, the undersigned economists, believe
that this means decisively shifting finance out of fossil fuels, and into
clean alternatives worldwide. We welcome the decision taken last month by G7
environment ministers to end international finance to coal-fired power in
2021. We call on G7 leaders to go further and shift their finance out of all
fossil fuels in 2021.

 

According to the IEA's recent Net Zero scenario, which gives a 50% chance to
limit global warming to 1.5°C, "there is no need for investments in new
fossil fuel supply beyond 2021". This applies not only to coal, but also oil
and gas. Research co-authored by the UN Environment Programme shows that oil
and gas production needs to decline by about 4% and 3% respectively every
year between 2020 and 2030. Even if coal were phased-out overnight, the
emissions from oil and gas fields already under development would push the
world beyond 1.5°C, into catastrophic climate change. Due to carbon lock-in
and path dependency, further investments in oil and gas would undermine
achievement of the Paris Agreement's goals.

Continued investments in fossil fuel infrastructure create increased risks
of stranded assets, unfunded clean-up, job cuts, and shortfalls in
government revenue, as competition with cheaper and cleaner alternatives
grows and demand for fossil fuels declines. Renewables are becoming the
cheapest energy source in most parts of the world. Since 2015, solar power
has become the cheapest form of electricity in history and the cost of
electric vehicle batteries has more than halved. A report last year showed
that green recovery packages would create more jobs, deliver higher
short-term returns per dollar spent and lead to increased long-term cost
savings, by comparison with traditional fiscal stimulus.

As G7 members inject historic levels of public money into the economy in
response to Covid-19, they can take advantage of the tremendous investment
opportunities in clean energy and promote a just and equitable transition
away from all fossil fuels. We urge G7 leaders to take this opportunity.

 

Yet, between 2017 and 2019, the G7 still provided $86 billion in public
finance for fossil fuels, of which 88% went to oil and gas. This is more
than three times their support for clean energy over the same period.
Canada, Japan, and the United States were the largest, providing $32
billion, $30 billion, and $9 billion, respectively, in public finance for
fossil fuels. Japan's resistance to limiting fossil fuels weakened last
month's G7 environment ministers' statement. While G7 members eventually
agreed to end coal finance by the end of 2021, this deadline should also
apply to oil and gas.

The UK has already taken important steps on ending not just coal, but also
oil and gas finance. In March, it adopted a new policy that put an immediate
halt to new finance for fossil fuel projects overseas. It is the first major
economy to take this step. As this year's G7 and COP26 host, the UK is in a
unique position to live up to its commitment to turn this individual policy
into a collective one.

 

The urgency of the climate crisis requires that 2021 be a turning point to
end investments into fossil fuels. This presents G7 members with both a
clear task and an opportunity. Ending new fossil fuel finance will free up
billions a year to invest in clean energy, just transition measures and
increased support for the clean energy transition in low- and middle-income
countries. This will in turn help create the jobs needed to build the
greener and more prosperous economy the G7 strives for.- Thomson Reuters
Foundation.

 

 

South Africa Lays Down the Law On Cybercrime

A new law brings South Africa up to international standards for fighting
cybercrime. With a global spike in internet-based offences, partly driven by
more people working from home due to the COVID-19 pandemic, it couldn't come
soon enough.

 

The country's well-developed financial infrastructure makes it an attractive
target for cyber criminals who use the internet for extortion, fraud, child
pornography, human trafficking and selling illicit goods.

 

Advocate Doctor Mashabane describes South Africa's Cybercrimes Act as 'a
groundbreaking and decisive step in the country's cyber governance and
policy space.' Mashabane is Director-General in the Department of Justice
and Constitutional Development and South Africa's former Cyber Envoy to the
United Nations.

 

Together with the Protection of Personal Information (POPI) Act 2020, which
will be in full effect after 30 June 2021, the new cyber law is a key part
of South Africa's armoury in the fight against cybercrime.

The absence of a clear definition of cyber crime has hampered investigations
and prosecutions

 

At the act's core are the offences that constitute cybercrimes. Until now,
the absence of a clear definition has hampered investigations and
prosecutions of internet-based crimes, with authorities having to rely on
the Criminal Procedure Act.

 

In summary, cybercrime is now defined as including, but not limited to, acts
such as: the unlawful access to a computer or device such as a USB drive or
an external hard drive; the illegal interception of data; the unlawful
acquisition, possession, receipt or use of a password; and forgery, fraud
and extortion online. Malicious communications are also criminalised.

 

The act also sets out the scope and mechanisms by which investigators can
search and seize computer hardware, software and other items such as USB
keys or storage devices. It describes how the South African authorities
should conduct international investigations and how evidence must be
collected, shared and preserved for future prosecutions.

Cybercrime often transcends borders, so the legislation details how states
should cooperate and share information through mutual assistance. In urgent
cases, it appears that the law allows officials from another country to
apply directly to a South African judge to request cooperation. Some lawyers
have indicated privately to the Institute for Security Studies that this
could prove controversial if it's interpreted as a breach of South Africa's
sovereignty.

 

The act gives SAPS the driving seat for domestic investigations and
international cooperation requests

 

The major challenge now is the rapid and decisive implementation of the act.
Despite some committed police officers who have championed the cybercrime
issue and tried to secure more resources, the South African Police Service's
knowledge, experience and staffing are in short supply. That matters because
under the act the police are responsible for setting up a 24/7 point of
contact for all cybercrime reporting.

They will have just a year to establish such a facility once the legislation
enters into force. The act puts the SAPS firmly in the driving seat for
coordinating both domestic investigations and international requests for
cooperation and help. Plugging the capacity gap may well require support
from international donors working through Interpol and the private sector in
the form of resources, mentoring and knowledge transfer.

 

The Cybercrimes Act and the POPI Act are closely connected. The latter
underscores data privacy. Balancing security, privacy and personal freedom
when swift investigations are needed for cybercrimes may result in legal
challenges. These could test the limits of investigative powers and what
information prosecutors and judges can access. This has been raised by
defence lawyers in other prominent cyber security cases internationally.

 

Organisations that are hacked may not report the crime if it emerges that
they failed to take precautions (such as regular software updates). This
breach could expose them to sanction under the POPI Act, which obliges
companies and other organisations to protect personal data. Although the two
laws are meant to complement each other, there may well be conflicts.

 

Although the Cybercrimes and POPI Acts are meant to complement each other,
there may well be conflicts

 

Regarding transparency, investigators need access to what is often highly
sensitive information to understand the value chain of cybercrime and what
experts call the 'cyber kill chain' or modus operandi.

 

Currently, encouraging entities to disclose their cyber vulnerabilities to
police is fraught with mistrust. Indeed it was one of the reasons that cyber
security references were removed from the original bill. Under the
Cybercrimes Act, organisations that are hacked will have to cooperate with
investigations and assist in preserving data and providing access.

 

Policymakers will also have to manage tensions between the law and politics
if a foreign state is suspected of committing or commissioning a cyber
attack. Although some consider South Africa's history of non-alignment a
form of protection, many countries suffer collateral damage in large-scale
incidents such as the December 2020 SolarWinds attack.

 

Experience from other countries such as the United Kingdom shows that in
addition to police and prosecutors, other stakeholders (such as diplomats
and government ministers) claim an interest when foreign states are
suspected of being involved. This makes swift prosecution-guided
investigations highly complex and sometimes politically sensitive.

 

Electronic service providers such as internet companies will have to report
cyber attacks within 72 hours, facing a stiff penalty if they don't. With so
much commerce now conducted using the internet, other businesses with online
offerings such as retail or financial services may by captured by the
dragnet of reporting obligations.

 

Many of these problems aren't unique to South Africa. Other countries such
as Zambia are scrambling to get cyber legislation into their statute books
and will no doubt face similar challenges.

 

Mashabane says the act will further 'bolster our engagement at diplomatic
and multilateral platforms with a view to developing a global framework on
cybercrimes and cyber security.' South Africa is already a key player
internationally, sitting on numerous UN forums that are considering how best
to govern cyberspace.

 

International tensions between balancing security and freedom of speech
could make achieving that goal an ambitious challenge. By enacting new
domestic legislation, South Africa sends an important signal to the world of
its commitment.

 

Karen Allen, Senior Research Adviser, Emerging Threats in Africa, ISS
Pretoria

 

In South Africa, Daily Maverick has exclusive rights to re-publish ISS Today
articles. For media based outside South Africa and queries about our
re-publishing policy, email us.-ISS.

 

 

Kenya: High Fuel Prices, Taxes Top Kenyans' Concerns

Mr Dennis Mumo manoeuvres his pineapples-laden handcart through clogged
traffic on Haile Selassie Avenue in Nairobi, calling out to potential
clients to sample his fruits.

 

Even though his 'vehicle' is not propelled by any petroleum product, he
feels the pinch occasioned by the increased fuel prices.

 

"The fuel prices are too high and have eaten into my earnings, reducing what
I take home to my family after each day of toiling in this unforgiving city.
If only the government can consider reducing fuel prices, which have raised
transport costs, making suppliers to increase the prices of fruits," Mr Mumo
told the Nation.

 

High fuel prices, coupled with the move to raise cess from Sh6,000 to
Sh10,000 per lorry, has pushed up the cost of business, leaving traders like
him who source their stock from the suppliers with little earnings. This
means they also have to mark up their selling prices, which keeps many
customers away.

"It has become very costly for us," he said.

 

Heavy taxation

 

His concern is shared by many Kenyans who have to carry the burden of
increased taxes on fuel and other key drivers of the economy at a time when
consumers have limited purchasing ability due to the economic impact of the
Covid-19 pandemic.

 

Kenyans who spoke to the Nation on the main issues in their lines of work
linked high fuel prices and heavy taxation to the pains they are
experiencing.

 

The majority called on the government to consider reducing taxes when it
unveils its 2021/22 budget estimates tomorrow.

 

"Sourcing raw materials is an expensive affair for us since the price of
metal has increased from Sh80 to Sh120 per kilogram as transporters seek to
recover increased costs due to high fuel prices. The challenge is that we
cannot increase the selling prices of our products since that would drive
customers away," said Mr Eric Ogol, a Jua Kali trader at Kamukunji Market in
Nairobi.

 

He noted that lockdowns and other restrictions imposed by the government to
contain the spread of Covid-19 over the past year had locked out the
sector's long-distance customers.

 

This, he added, means they have to incur huge transport costs to get their
products to their clients but have to sell at normal prices.

 

This has forced a majority of the estimated 6,000 traders who operate at the
market to survive on reduced earnings.

 

Some have either closed or defaulted on expensive loans they had taken in
efforts to keep their businesses afloat, the trader told the Nation.

 

Mr Paul Mwema, a matatu driver on the Nairobi-Machakos route, complained
that the ever-increasing fuel prices amid an order that matatus must carry
passengers at 60 per cent capacity had drained the sector.

"The government should reduce these prices and allow us carry at full
capacity to save our jobs and provide for our families. Our line of business
has contracted by up to 80 per cent, yet my employer expects a certain
amount of money in the evening," Mr Mwema said.

 

He noted that many people who used to travel on the Nairobi-Machakos route
have resorted to sending parcels home as a way of cutting costs, a factor
that has reduced the number of travellers greatly.

 

Other operators echoed Mr Mwema's concerns, saying they were paying other
taxes on top of increased fuel prices.

 

They asked the government to cushion low-income earners, who suffer a lot
when fuel prices and other core economic drivers are tweaked upwards.

 

"Fuel prices have increased from as low as Sh105 to Sh126 for a litre of
Super petrol. This has reduced my income by up to Sh200 daily," said Mr
Kevin Nganga, a boda boda operator.

 

Whenever the government increases the price of fuel, low-income earners are
hit the hardest, regardless of whether they directly depend on fuel in their
line of work.

 

For instance, Mr Joe Komu, a cobbler at the Country Bus station who uses a
matatu to and from Wangige, Kiambu County where he lives, says the latest
fuel prices have hit him hard.

 

He finds it hard to cater for his family with the Sh300 he takes home on a
good day.

 

"Covid-19 ruined our business. My clients are 20 per cent of those that I
used to serve. The price of shoe polish has also gone up from Sh140 to
Sh200," Mr Komu told the Nation.

 

Other concerns Kenyans raised include high tax of importing different types
of products, double taxation for traders who operate in more than one county
and the operation times, which have reduced due to the night curfew, which
has been in place for more than a year.

 

"Today I pay up to Sh1,500 to import a pair of shoes that costs Sh900. Most
of these costs are due to taxes. They end up making the product costlier,"
said Mr Shadrack Njuguna, who runs a boutique in the Nairobi CBD.-Nation.

 

 

 

U.S. weekly jobless claims seen falling; consumer prices expected to rise
further

The number of Americans filing new claims for unemployment benefits likely
fell last week to the lowest level in nearly 15 months, while consumer
prices increased further in May as the pandemic's easing grip on the economy
continues to boost demand.

 

The Labor Department is likely to report on Thursday that initial claims for
state unemployment benefits totaled a seasonally adjusted 370,000 for the
week ended June 5, compared to 385,000 in the prior week, according to a
Reuters survey of economists.

 

That would be the lowest since mid-March 2020 when the first wave of
COVID-19 infections barreled through the country, leading to closures of
nonessential businesses, and mark the sixth straight weekly decline.

 

Layoffs are abating, with employers scrambling for labor as millions of
unemployed Americans remain at home because of trouble securing child care,
generous unemployment benefits and lingering fears of the virus even though
vaccines are now widely accessible.

 

At least half of the adult U.S. population has been vaccinated against the
virus, allowing for broader economic re-engagement. But the pent-up demand
unleashed by the resumption of business operations is straining the supply
chain and fanning inflation pressures.

 

Economists expect another report from the Labor Department on Thursday will
likely to show the consumer price index increased 0.4% last month after
surging 0.8% in April, which was the largest gain since June 2009.

 

In the 12 months through May, the CPI is forecast accelerating 4.7%. That
would be the biggest year-on-year increase since September 2008 and follow a
4.2% rise in April. The anticipated jump will partly reflect the dropping of
last spring's weak readings from the calculation. These so-called base
effects are expected to level off in June.

 

Inflation could also get a boost from employers raising wages as they
compete for scarce workers, despite employment being still 7.6 million jobs
below its peak in February 2020. There are a record 9.3 million unfilled
jobs.

 

Wages increased a solid 0.5% in May, with hefty gains in the leisure and
hospitality sector.

 

Accelerating inflation will have no impact on monetary policy. Federal
Reserve Chair Jerome Powell has repeatedly stated that higher inflation will
be transitory. The U.S. central bank slashed its benchmark overnight
interest rate to near zero last year and is pumping money into the economy
through monthly bond purchases.

 

The Fed has signaled it could tolerate higher inflation for some time to
offset years in which inflation was lodged below its 2% target, a flexible
average. Its preferred inflation measure, the personal consumption
expenditures (PCE) price index, excluding the volatile food and energy
components, increased 3.1% in April, the biggest rise since July 1992.

 

"We have not yet seen the peak in inflation, but that should occur in the
current quarter, though existing pressures should keep the year-over-year
pace elevated for the remainder of 2021," said Sam Bullard, a senior
economist at Wells Fargo in Charlotte, North Carolina.

 

"We expect inflation to slow more discernibly over the latter half of 2022,
but with inflation expectations continuing to firm, core PCE inflation is
expected to remain above 2.0% through our forecast horizon."

 

Though layoffs are abating, initial claims remain well above the 200,000 to
250,000 range that is viewed as consistent with healthy labor market
conditions. Claims have, however, dropped from a record 6.149 million in
early April 2020.

 

Further decreases in applications are likely as Republican governors in at
least 25 states, including Florida and Texas, are cutting off unemployment
programs funded by the federal government for residents starting on
Saturday.

 

These states account for about 40% of the economy. The benefits being
terminated early include a weekly $300 unemployment subsidy, which
businesses say is discouraging the jobless from seeking work.-The Thomson
Reuters Trust Principles.

 

 

Tesla to launch high-end Model S 'Plaid' to fend off Mercedes, Porsche

Tesla Inc will deliver a high-performance version of its Model S on
Thursday, aiming to reignite interest in the nearly decade-old sedan and
fend off rivals such as Porsche, Mercedes-Benz and Lucid Motors in the
luxury electric vehicle market.

 

Tesla (TSLA.O) redefined electric cars in 2012 when it launched its high-end
Model S with a sleek design and long driving range, but is facing a raft of
new challengers.

 

The automaker plans to livestream the delivery of the first Model S Plaid at
its U.S. factory in Fremont, California at 7 pm PT (0200 GMT, Friday),
according to its official Twitter account.

 

CEO Elon Musk has not said whether he will take the stage, but he has been
on Twitter promoting the new model, which is priced at $129,990 against
$79,990 for a long-range Model S.

 

The latest price for the Model S Plaid is $10,000 more than what was
displayed a few days ago on Tesla's website.

 

"The Model S has not been changing a lot in terms of looks over the past
almost decade. I think Tesla has to offer consumers something more," said
Jessica Caldwell, executive director at car information provider Edmunds
said.

 

The launch of the Model S Plaid, which has already been showcased online,
has faced delay and some controversy over an expected airplane-style yoke
steering wheel. Musk canceled another variant, Model S Plaid+, which would
have had a 33% higher driving range than the Model S Plaid and used advanced
battery technology, known as 4680 cells.

 

"The Model S Plaid is definitely intended to help reduce the migration of
current Tesla owners out of Tesla," said Ed Kim, vice president at
consultancy AutoPacific. "I think what we're seeing now is that Tesla can no
longer operate in a vacuum."

 

He said Model S Plaid is a low-volume, halo model aimed at showcasing the
automaker and generating excitement around the sedan, with Tesla needing to
successfully roll out new models like Cybertruck and Semi trucks to expand
its customer base.

 

Musk has called the Model S Plaid "the fastest accelerating car ever."

 

The more powerful sports sedan goes from zero to 60 miles per hour (97 kph)
in 1.99 seconds and has an estimated driving range of 390 miles.

 

While it offers little change in body style, as well as yoke steering the
Plaid is expected to feature enhanced gaming with new titles and more
powerful processors.

 

The launch event was pushed back to Thursday, from June 3, 2021.-The Thomson
Reuters Trust Principles.

 

 

 

EXCLUSIVE Online wholesale marketplace Faire raises $260 mln, valued at $7
bln

Online wholesale marketplace Faire said on Thursday it raised $260 million
in its latest funding round and is now valued at $7 billion, thanks to the
fast growth in e-commerce following the pandemic.

 

Faire helps small retailers connect with small brands, helping them to
compete with retail giants like Amazon.com Inc (AMZN.O) or Walmart Inc
(WMT.N), said Faire Chief Executive and co-founder Max Rhodes. He started
the company as he experienced the challenges of finding sales channels for
an upscale New Zealand umbrella brand he was trying to sell in the United
States.

 

“We were flying all over the country, going to trade shows. We were emailing
back and forth with retailers. Email was kind of the height of the
technological innovation for us in that business,” said Rhodes.

 

There are an increasing number of tech companies that are helping small and
medium-sized businesses grow online, offering shipping, payment, e-commerce
platforms and marketing services, and making it possible to sell outside of
the Amazon marketplace.

 

One of Faire’s most popular filters to add in merchandise searches is the
“not on Amazon,” said Rhodes. He said the average retailer or brand on
Faire's platform has about $250,000 in annual sales, but some are also
growing big, fast.

 

Following its success in the U.S. market, Faire expanded into Europe three
months ago and is seeing fast growth there, said Rhodes.

 

The funding round was led by Sequoia Capital, one of Silicon Valley’s top
venture capital firms.

 

“We're still in the single-digit online penetration for the wholesale
market,” said Sequoia partner Ravi Gupta. “We're in the very early innings
of what we think is a multi-decade-long trend towards digitization on some
of these things.”-The Thomson Reuters Trust Principles.

 

 

 

The great British reopening: how investors are picking their bets

Cinema tickets, traffic jams, office footfall, web conferencing, even
private jet leasing: investors are parsing motley metrics for clues about
how to make money when a major economy reopens.

 

Britain's blistering COVID-19 vaccine rollout is helping its economy open
quicker than much of continental Europe, potentially providing a blueprint
for investors trying to map how the recovery trade will play out across the
rest of the region.

 

The United Kingdom has been gradually loosening restrictions, with much of
the country set to fully reopen on June 21, and consumers who have
accumulated savings during lockdowns are starting to spend.

 

As a result, international investors who had largely shunned UK stocks since
the 2016 Brexit referendum are back; they now hold the biggest British
"overweight" - their UK share holdings relative to Britain's size in global
equity benchmarks - in seven years, BofA's monthly survey of fund managers
shows.

 

"The UK suffered disproportionately from the lockdown, and is now rebounding
stronger and faster than other countries in Europe," said Kasper Elmgreen,
head of equities at Amundi, Europe's biggest fund manager.

 

But how are investors picking their bets?

 

They have turned to various indicators including traffic congestion and
flight activity. Based on those and other metrics, Amundi figures that
shares in retail, budget airlines, media and beverage firms have further
room to run.

 

British cinemas offer early data too.

 

They reopened between May 17 and May 24, and box office takings to the end
of that month topped 25 million pounds ($35 million), according to the UK
Cinema Association. That compares with 16.6 million for the whole month of
May in 2019, before the pandemic upended everyday life.

 

DRINK IN THE SUN

 

Investment banks are also compiling data to guide clients' decisions.

 

Jefferies, for instance, said its proprietary consumer behaviour gauge found
that the e-commerce and web-conferencing sub-indexes - so mighty as people
sequestered themselves at home - had slipped off recent highs. Meanwhile
public transport use rose 11 percentage points to 118% of pre-COVID levels
in the week to June 8, while traffic congestion hit 107%.

 

Based on such data, the bank advised clients to buy shares in cinema group
Cineworld (CINE.L) and casual dining chain The Restaurant Group (RTN.L) -
already up 46% and 98% respectively in 2021, though still down about 50% and
18% on their pre-pandemic prices.

 

"Sustained high levels in web traffic to property portals leads us to also
recommend home-improvement plays, like Kingfisher (KGF.L) and Travis Perkins
(TPK.L)," Jefferies added.

 

The reopening hopes, alongside the summer weather, have also boosted
hard-hit hospitality sector shares such as pub groups Mitchells and Butler
(MAB.L) and Wetherspoons (JDW.L).

 

Fitness subscription app ClassPass, meanwhile, reported that new memberships
in Britain rose 600% in the week to May 24, with London one of its
fastest-recovering markets across the 30 countries where it operates.

 

'STARTING TO BOOM'

 

More than half of British adults have had two vaccine doses, double the
percentage seen in many euro zone countries.

 

Mobility numbers, real-time consumer and business surveys and pub companies'
weekly customer data signal Britain "is already starting to boom", said Phil
Milburn, co-manager of Liontrust's Global Fixed Income Team.

 

Britain's reopening is at least several weeks ahead of the region, and
Milburn views it as a portent of what lies in store for European business
activity.

 

"We are seeing signs that the UK is taking off. The euro zone is behind but
catching up fast," he added. "Consumer behaviour seems to be pretty similar
across countries - once vaccinated people are happy to take risks."

 

At 87% of pre-COVID levels, Jefferies' euro area economic activity index
lags Britain's 94% but is growing, rising two percentage points over the
past week.

 

In the United States, where reopening is even more advanced in some areas
than in Britain, activity has risen to 97% of pre-COVID levels.

 

Investors are also watching Citi's economic surprise index that measures the
degree to which data is beating forecasts. While the UK index is near
seven-month highs, its euro area equivalent hasn't budged much since March.
(.CESIEUR).(.CESIGBP)

 

PRIVATE JET, ANYONE?

 

Milburn at Liontrust noted one big potential advantage that the euro zone
holds in the longer term.

 

UK government stimulus has boosted consumer finances, spurring service
sector spending, but the euro zone's infrastructure investment focus could
mean "less of a boom, but a more sustainable boom", he added.

 

Indeed some doubt Britain's activity surge can last.

 

A virus variant first identified in India may delay plans to reopen sport
stadia and nightclubs, potentially hurting the pound, Nomura analysts
warned.

 

The government has reduced the list of "green" countries tourists can visit,
hitting shares in airlines EasyJet (EZJ.L) and British Airways operator IAG
(ICAG.L).

 

But the well-heeled who want to travel can still capitalise on the broader
easing of curbs.

 

John Keeble, who runs Luton-based private jet broker The Charter Company,
has four flights booked in for the first half of June, including trips to
Iceland and Greece. Last year, he sold no flights for months on end.

 

Chartering costs anywhere between $4,800-an-hour for a smaller jet to
$25,000-an-hour for a 40-seater. Based on the strength of recent interest,
Keeble predicts that leisure travel will return to pre-pandemic levels by
mid-2022.

 

Business travel may take longer to rebound, though.

 

"There is no doubt there is very repressed demand," he said.

 

($1 = 0.7067 pounds)-The Thomson Reuters Trust Principles.

 

 

 

GameStop taps Amazon Australia chief as CEO, may sell shares

GameStop (GME.N) on Wednesday named the head of Amazon's Australian business
as its CEO and said the struggling videogame retailer may sell new shares,
sending its volatile stock down 7% in extended trade and disappointing some
of its ardent fan base of individual investors.

 

In a quarterly report that was stronger than analysts forecast, GameStop
said it may sell up to 5 million new shares, which would be worth $1.4
billion based on its latest share price.

 

Matt Furlong, a nine-year Amazon (AMZN.O) veteran, will succeed George
Sherman as chief executive officer. GameStop said Mike Recupero, who spent
over 17 years at Amazon, will succeed Jim Bell as chief financial officer.

 

Furlong will join on June 21, while Recupero, who was chief financial
officer of Amazon's North American consumer business, will come on board on
July 12, the company said.

 

GameStop's shares have almost doubled in the past month, approaching their
January high. That was when a massive surge driven by investors on Reddit's
wallstreetbets trading forum made the stock the most traded on the U.S.
market for several days.

 

The Securities and Exchange Commission requested documents and information
related to an investigation into that trading, GameStop disclosed, along
with trading in shares of other companies.

 

AMC Entertainment, Blackberry (BB.TO), Clover Health Investments (CLOV.O)
and other recently surging so-called "meme" stocks fell more than 4% in
extended trade on Wednesday.

 

Even after falling late on Wednesday, GameStop's stock has gained more than
1,300% in 2021.

 

 

Earlier, shareholders elected billionaire investor Ryan Cohen, the company's
biggest stockholder and co-founder of online pet supplies retailer Chewy
(CHWY.N), as its chairman.

 

He warned shareholders of more volatility ahead. "As my dad would say,
buckle up," Cohen said.

 

Taking advantage of GameStop's recently rising stock price, Wednesday's
announcement of a potential share sale follows the issue of 3.5 million
shares in April, which raised about $550 million.

 

Some on wallstreetbets forum were disappointed with GameStop's latest
share-sale plan.

 

"Guys why didn’t Cohen and his NEW CFO just go to the damn bank and get a
2-3% loan to fund their new plans?," one commenter posted on the site.

 

Furlong oversaw a small but growing part of Amazon's business as the country
head for Australia, a role his LinkedIn profile said he assumed in May 2019.
Under Furlong, net sales for the unit that operates Amazon's Australia
e-commerce site roughly doubled in 2020 to A$1.12 billion ($867 million)
from the year prior, according to a securities filing.

 

"These appointments reflect the refreshed Board’s focus on building a
technology company and investing in growth," GameStop said in the statement.

 

While the recent rollout of new videogame consoles is likely to benefit
GameStop, analysts warned that its soaring stock price has become
disconnected from the company's day-to-day business. At least two Wall
Street analysts recently dropped coverage of the company.

 

CORE BUSINESS SHRINKING

 

Video games are a massive industry that rivals Hollywood by some measures,
but GameStop's core business of selling new and pre-owned videogame discs is
shrinking as consumers move to downloading games digitally or streaming. The
company has lost money for the past three years.

 

Cohen hopes to transition GameStop into an e-commerce business that can take
on big-box retailers. He told shareholders at Wednesday's meeting in
Grapevine, Texas that they had "ushered in a whole new era at GameStop," but
he declined to provide a detailed plan.

 

He has said that changes at GameStop should speak for themselves, including
hiring new employees from Amazon, Google and Chewy.

 

"What retail investors were looking for was a glimpse into the strategy that
Ryan Cohen promised in January," said Wedbush analyst Michael Pachter.
"Every day he doesn't reveal his strategy weakens the meme. That's what I
think has spooked investors."

 

GameStop said its net sales for the quarter ending May 1 jumped 25% to $1.28
billion, exceeding analysts' average estimate of $1.16 billion, according to
Refinitiv data.

 

Its adjusted loss per share was 45 cents, beating expectations of an 84 cent
loss per share.

 

In a brief conference call, Sherman gave a summary of GameStop quarterly
results and did not take questions from analysts as companies normally
do.-The Thomson Reuters Trust Principles.

 

 

 


 


 


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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