Major International Business Headlines Brief::: 14 June 2021

[Bulls n Bears]

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Major International Business Headlines Brief::: 14 June 2021

 


 

 


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ü  Israel's new PM Naftali Bennett vows to unite nation

ü  Renting now cheaper than buying a home, Hamptons says

ü  EXCLUSIVE IMF eyes new trust to provide aid to broader group of
countries-Georgieva

ü  World stocks near record high as investors await dovish Fed act

ü  Virus outbreaks at Thai factories threaten export sector, recovery

ü  Average age of U.S. vehicles hit record 12.1 years in 2020-IHS Markit

ü  Toshiba blames woes on former CEO's 'confrontational approach' to
shareholders

ü  China's Geely to press on with methanol vehicles, chairman says

ü  Musk says Tesla will accept bitcoins when miners use more clean energy

ü  Oil holds near multi-year highs amid demand recovery

ü  Spotlight on Xbox Game Pass as Microsoft showcases upcoming games

ü  Nigeria: Govt Harvests 30,000 Litres of Rabbit Urine for Fertiliser
Production

ü  South Africa Needs New Thinking for Its Democracy to Work for All

ü  Nigeria: Dangote Commences Sale of Fertiliser

ü  Nigeria Can Attain Sufficiency in Coconut By 2030 - Producers

 

 

 

 

 

 

 

 


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Israel's new PM Naftali Bennett vows to unite nation

Israel's new Prime Minister Naftali Bennett has vowed to unite the nation
frayed by four elections in two years of political stalemate.

 

He said his government "will work for the sake of all the people", adding
that the priorities would be reforms in education, health and cutting red
tape.

 

The right-wing nationalist will lead an unprecedented coalition of parties
backed by MPs in Sunday's 60-59 vote.

 

He succeeds Benjamin Netanyahu who was forced out of office after 12 years.

 

Mr Bennett, leader of Yamina party, will be prime minister until September
2023 as part of a power-sharing deal.

 

He will then hand power over to Yair Lapid, head of the centrist Yesh Atid,
for a further two years.

 

Mr Netanyahu - Israel's longest-serving prime minister - will remain head of
the right-wing Likud party and become leader of the opposition.

 

During Sunday's debate in the Knesset (parliament) in Jerusalem, a defiant
Mr Netanyahu promised: "We'll be back."

 

After lawmakers voted in the new coalition government, Mr Netanyahu walked
over to Mr Bennett and shook his hand.

 

In his speech, Mr Bennett, 49, said: "This is not a day of mourning. There
is a change of government in a democracy. That's it.

 

"We will do all we can so that no-one should have to feel afraid... And I
say to those who intend to celebrate tonight, don't dance on the pain of
others. We are not enemies; we are one people."

 

Representatives of the Palestinians have reacted dismissively to Israel's
new government.

 

"This is an internal Israeli affair. Our position has always been clear,
what we want is a Palestinian state on the 1967 borders with Jerusalem as
its capital," a spokesman for Palestinian President Mahmoud Abbas said.

 

"It is an occupation and a colonial entity, which we should resist by force
to get our rights back," said a spokesman for Hamas, the Islamist group that
controls Gaza.

 

US President Joe Biden sent his congratulations to Mr Bennett, saying he
looked forward to strengthening the "close and enduring" bilateral
relationship.

 

Old habits die hard.

 

After the confidence vote was announced, Benjamin Netanyahu went and sat
back in the prime minister's chair in the Knesset chamber.

 

He had to be ushered to the opposition benches instead.

 

It was a moment of political history - Mr Netanyahu literally unseated as
Israel's longest serving leader.

 

He's not going anywhere, for now at least. He'll stay in that opposition
chair and try to unpick, pull apart and otherwise "overthrow" - as he puts
it - the coalition of the first new prime minister in 12 years.

 

This government is Israel's broadest ever - but that could also make it the
most unstable. Naftali Bennett will have his work cut out just holding the
parties together.

 

Why has this happened?

Mr Netanyahu served five terms, first from 1996 to 1999, then continuously
from 2009 to 2021.

 

He called an election in April 2019 but failed to win enough support to form
a new coalition government. Two more inconclusive elections followed.

 

After the third, he formed a government of national unity with
then-opposition leader Benny Gantz, but the deal collapsed and Israel went
back to the polls in March.

 

Likud emerged as the largest party, but after Mr Netanyahu was again unable
to form a government, the task passed to Mr Lapid, whose party came second.

 

Opposition to Mr Netanyahu staying in power had grown, not just among the
left and centre but also among right-wing parties that are ordinarily
ideologically aligned to Likud, including Yamina.

 

Although Yamina came joint fifth in the election with only seven seats, its
support was critical. After weeks of negotiations, Mr Lapid brought Yamina
on board as part of a constellation of parties whose only common goal was to
remove Mr Netanyahu from office.

 

The agreement involving eight factions with the 61 seats required for a
majority was signed on 2 June, just half an hour before a deadline was due
to expire, effectively sealing Mr Netanyahu's fate.

 

What will the new government be like?

In appearance, Mr Bennett's government will be unlike any which has preceded
it in Israel's 73-year history.

 

The alliance contains parties which have vast ideological differences, and
perhaps most significantly includes the first independent Arab party to be
part of a potential ruling coalition, Raam. It is also expected to have a
record number of nine female ministers.

 

The inclusion of Raam and left-wing non-Arab Israeli parties means there
could be friction on issues such as Israeli policies towards Palestinians -
Yamina and another right-wing party, New Hope, are staunch supporters of
Jewish settlement in the Israeli-occupied West Bank, for instance.

 

There could also be difficulties over social policies - while some parties
want to advance gay rights, such as recognising same-sex marriages, Raam, an
Islamist party, is against this.

 

In addition, some parties want to relax religious restrictions more
extensively than Yamina - a national-religious party - will likely
allow.-BBC

 

 

 

Renting now cheaper than buying a home, Hamptons says

It is cheaper to rent a property than it is to buy a home for the first time
in six years, says Hamptons.

 

Prior to the pandemic in March 2020, people with a 10% deposit would have
been £102 per month better off buying a property than renting, the estate
agency said.

 

But falling rents mean people are now spending far less to live in cities.

 

There are now only four areas in the UK where it is cheaper to buy a home
than rent.

 

They are the North East, North West, Yorkshire and Humber, and Scotland.

 

Back in early 2020, it was cheaper to buy instead of renting in every nation
or region in the UK. However, the average cost of renting has jumped.

 

In May, the average cost of a newly let rental home was 7.1% higher than a
year earlier - the fastest rate of growth Hamptons has seen since it began
recording data in 2013.

 

This is in contrast to last May, when demand dropped due to work and leisure
restrictions, as well as younger adults returning to live with their
families during the pandemic.

 

Aneisha Beveridge, Hamptons' head of research, says the pandemic is
responsible for reversing this six-year-long trend.

 

"A year ago, lenders were either increasing their rates or withdrawing
higher loan-to-value mortgages altogether," she said.

 

"For first-time buyers in particular this pushed up the cost of paying a
mortgage, if they could get one at all, to well above the cost of renting."

 

Ms Beveridge added that it was likely the balance will swing back somewhat
towards buying, particularly as mortgage rates come down, but this would
likely be partly offset by rising house prices.

 

"And while interest rates are falling, they're still considerably above
where they were pre-pandemic on higher LTV (loan-to-value) loans," she said.

 

"Despite this, we expect the gap between renting and buying to close over
the remainder of this year, moving back towards longer-term levels in
2022."-BBC

 

 

 

EXCLUSIVE IMF eyes new trust to provide aid to broader group of
countries-Georgieva

The International Monetary Fund is exploring creation of a new trust that
could allow its members to lend their IMF reserves to more countries,
including middle-income countries vulnerable to climate change, IMF chief
Kristalina Georgieva said on Sunday.

 

Georgieva said leaders of the Group of Seven rich economies had given the
IMF a 'green light' to keep working on the plan, and China - the world's
second largest economy - had also expressed interest, along with
middle-income countries that stand to benefit from such a fund.

 

She said the IMF would continue working on the "Resilience and
Sustainability Trust" - which could help countries combat climate change or
improve their health care systems - ahead of the July meeting of finance
officials from the Group of 20 major economies, which includes China.

 

"Now we have the indication that we have a green light to go ahead, and we
will reach out to others," Georgieva told Reuters in an interview after the
end of the G7 leaders summit in Cornwall, England.

 

"China has expressed interest to participate, and I would expect there could
be other emerging market economies with sound fundamentals and strong
reserve positions that may also do the same," she said.

 

G7 leaders on Sunday said they welcomed an expansion of the global lender’s
emergency reserves, or Special Drawing Rights (SDRs), by $650 billion, and
backed a global target of providing $100 billion to the most vulnerable
countries, but said other countries should participate.

 

The IMF's Poverty Reduction and Growth Trust already allows members to share
their IMF reserves, but small island states and other middle-income
countries that have been hit hard by the coronavirus pandemic and
significant economic downturns, are not eligible for funding through that
IMF vehicle.

 

'MORAL IMPERATIVE'

 

Georgieva welcomed the G7's commitment to donate one billion COVID-19
vaccine doses as a key step toward ending the pandemic, and said discussions
would continue within the G20.

 

The IMF has been urging rich countries to act, warning that a big divergence
in the recoveries of advanced and developing economies could undercut demand
and disrupt supply chains, which would also affect countries that are
recovering faster.

 

"This is a moral imperative and an economic necessity," Georgieva said,
adding that allowing the gap between rich and poor countries to continue to
widen could also trigger unrest.

 

"We have seen in the past that divergence that leads to more inequality, it
creates a breeding ground for more instability in the world," she said.

 

Georgieva said she would work with IMF members in the coming months on how
they could re-allocate some of their SDRs or use budget loans to reach - or
even exceed - the $100 billion goal.

 

Countries could also use budget loans and other means to raise the money,
she said, noting this was done successfully in the first year of the
pandemic when the IMF sought donations for its Poverty Reduction and Growth
Trust.

 

The IMF expects its board to formally approve the $650 billion SDR
allocation in August, paving the way for member countries to donate their
unneeded reserves to others in need.

 

The previously unreported new trust could help broaden the effort and make
funds available to more countries, and for broader initiatives, in line with
global goals for combating climate change.

 

Eric LeCompte, an adviser to the United Nations and executive director of
Jubilee USA Network, said the IMF's work on the new trust marked
"significant progress" for many middle income countries also hit hard by the
pandemic.

 

“It means that more countries with needs can get aid and resources to get
through the pandemic,” he said.

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

 

World stocks near record high as investors await dovish Fed act

Global shares held firm near record highs on Monday while U.S. bond yields
flirted with three-month lows as investors expect the Federal Reserve to
stick to its dovish mantra later this week.

 

Japan's Nikkei (.N225) rose 0.35% while MSCI's broadest index of
Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was down 0.1%. Activity
was limited with the region's largest markets - China, Hong Kong and
Australia - closed for a holiday.

 

Globally, equity markets were basking in the prospects of a broadening
economic recovery from the coronavirus pandemic and anticipation of
continuity in dovish monetary policy from the U.S. Federal Reserve.

 

The MSCI all-country world equity index (.MIWD00000PUS), the U.S. S&P 500
(.SPX) and the pan-regional STOXX Europe 600 index (.STOXX) all closed at
record highs on Friday.

 

The rally came even as U.S. inflation data on Thursday exceeded market
expectations.

 

"One big factor is that the Fed has been saying inflation will be transitory
and that it will maintain loose monetary policy," said Norihiro Fujito,
chief investment strategist at Mitsubishi UFJ Morgan Stanley Securities.
"But another factor to consider is that markets are simply awash with cash."

 

Ample funds are finding their way to bonds, where the yield on 10-year U.S.
Treasuries stood at 1.465% ahead of the Fed's policy meeting this week,
having fallen to a three-month low of 1.428% on Friday.

 

"It is becoming painful for bond bears and I bet the 10-year yield will fall
to 1.25% or even 1%," said Akira Takei, fund manager at Asset Management
One, noting that U.S. economic recovery is likely to slow in coming months.

 

"The U.S. employment rate was 61% before the pandemic. It has recovered to
58% but I expect its recovery to slow. After the great financial crisis (of
2008), it has never recovered to its pre-crisis levels."

 

Speculators are also building up long positions in U.S. debt, with their net
long positions in U.S. bond futures hitting the highest level since October
2017 , U.S. financial watchdog data showed.

 

Many investors expect the Fed to repeat its dovish view at its two-day
meeting from Tuesday.

 

While some Fed board members have said the bank should start discussing
tapering its bond buying, most investors think a majority of policymakers
still prefer to wait a bit more.

 

"There will probably be no surprise from the Fed this week," said Mitsubishi
UFJ's Fujito. "But in the longer term, there's clear risk of the Fed's
stimulus becoming excessive. There is little justification for buying
mortgage bonds when housing markets are becoming so hot."

 

In the currency market, the euro has lost steam after the European Central
Bank last week showed no willingness to reduce its stimulus either.

 

The euro traded at $1.2111 , having fallen to a one-month low of $1.2093 on
Friday.

 

The yen stood little changed at 109.70 yen .

 

The British pound changed hands at $1.4113, near the lower end of its
trading range over the past month, ahead of British Prime Minister Boris
Johnson's announcement on Monday on whether its planned lifting of
coronavirus restrictions can go ahead as scheduled on June 21.

 

Hopes of ending the curbs hung in the balance as data showed a further rise
in cases of the rapidly spreading Delta variant, which was identified first
in India. read more

 

British tabloid The Sun on Friday reported Johnson is set to delay lockdown
lifting to July 19. read more

 

Meantime, oil prices held near multi-year highs on an improved outlook for
worldwide fuel demand.

 

Brent crude futures inched up 0.2% to $72.85 per barrel, near their highest
levels since May 2019.

 

U.S. West Texas Intermediate (WTI) crude futures added 0.2% to $71.05 per
barrel, near their highest since October 2018.

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

 

Virus outbreaks at Thai factories threaten export sector, recovery

A series of coronavirus outbreaks in Thai factories is raising concerns that
the export sector could be hit hard, threatening to further undermine an
economy as it struggles to recover from the pandemic's crippling blow to the
crucial tourism industry.

 

The virus has swept through over 130 factories, including those supplying
international brands, with more than 7,100 cases across 11 provinces, making
manufacturing one of the top sources of infections along with prisons and
construction camps.

 

The affected plants are just a fraction of about 63,000 factories in
Thailand that employ 3.4 million, government data shows, but officials worry
about the impact on exports that have kept the struggling economy moving as
income from tourism has collapsed.

 

In 2020, exports accounted for 45% of gross domestic product. The
tourism-reliant economy, a global trade hub, suffered a steep 6.1%
contraction last year, and last month the government trimmed GDP growth
forecast for this year to 1.5%-2.5% from 2.5%-3.5% previously.

 

Electronics, rubber gloves, and food are among the export sectors hit by
infections, Federation of Thai Industries vice chairman Kriengkrai
Thiennukul told Reuters, but he said it was too early to assess the overall
impact.

 

“If it continues the damage will increase so factories have to be fully
vaccinated,” he said.

 

Already, some of the manufacturers affected by the outbreak have had to
curtail production.

 

Charoen Pokphand foods Pcl (CPF.BK), which exports to 40 countries from
Thailand, said a factory that was closed due to infections accounted for 10%
broiler chicken production.

 

Instant noodle maker, Thai President Foods Pcl (TFMAMA.BK) closed a factory
that produces rice vermicelli and rice noodle. Overseas sales accounted for
about a third of the company's semi-finished food sales.

 

Some factories continued partial operations while others have temporarily
closed and quarantined their workers. The outbreak has sent industry
sentiment tumbling to an 11-month low. read more

 

Thailand has recorded a total of 199,264 COVID-19 infections and 1,466
deaths so far, with over 80% of the new cases and 90% of the fatalities
reported after April.

 

BUBBLE-AND-SEAL IMPACT

 

The government has been trying to contain the outbreak with a "bubble and
seal" policy, which takes effect in when 10% of factory workers are
infected. The confirmed cases are then sent for treatment while the
remainder are kept at the factory for 28 days.

 

Workers at factories and in construction camps who live on site - many of
them low-wage migrant workers - have been unable to leave their workplace,
even if they are not infected. The policy differs from other workplaces
affected by the coronavirus.

 

“It’s not appropriate," said Suthasinee Kaewleklai, Migrant Workers Rights
Network (MWRN) coordinator in Thailand, adding that authorities should be
doing more tests.

 

Suthasinee said that companies should improve conditions, give more space
for social distancing and increase training for workers so those who were
healthy could avoid infection and move freely.

 

The Industry Ministry has given factories until the end of June to upgrade
conditions including providing mandatory face masks and administering
temperature checks.

 

A government official defended the bubble and seal policy, saying it allows
businesses to continue operations and limits the outbreak.

 

“Those with symptoms will be sent for treatment, others will be in the
bubble, if it spreads it will spread in there and not outside," health
official Taweesap Siraprapasiri told Reuters.

 

"This limits the outbreak and allows business to continue."

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

 

Average age of U.S. vehicles hit record 12.1 years in 2020-IHS Markit

The average age of U.S. cars and light trucks rose to a record 12.1 years in
2020, as Americans drove fewer miles and scrapped more vehicles during the
COVID-19 pandemic, according to IHS Markit.

 

The research firm said the two-month increase in vehicles' average age over
the 2019 figure could be short-lived as sales of both new and used cars
continue to pick up as the pandemic eases.

 

Vehicle miles traveled in the United States declined more than 13% in 2020,
according to IHS, while more than 15 million vehicles were scrapped - about
5.6 percent of the total vehicle population.

 

Normally, such a high scrappage rate would cause average vehicle age to
decline, the firm said. But fewer miles traveled, combined with lower
vehicle sales during the pandemic, had the opposite effect, with average age
rising from 11.9 years in 2019.

 

IHS researchers also said an ongoing shortage of semiconductors, which cut
into vehicle production, resulted in lower dealer inventories and inflated
transaction prices, in turn causing a concurrent rise in used vehicle
prices.

 

The firm said these factors could cause the average vehicle age to go back
down in 2021, as more owners sell or trade in their older used vehicles.

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

 

Toshiba blames woes on former CEO's 'confrontational approach' to
shareholders

Japan's Toshiba Corp (6502.T) on Monday blamed its former chief executive
for fomenting a "confrontational approach" to shareholders, citing that as
underlying factor in its widening governance crisis.

 

The comment from Osamu Nagayama, the chairman of Toshiba's board, comes
after a shareholder-commissioned investigation revealed the company colluded
with the Japanese government to "beat up" foreign shareholders.

 

One shareholder has described the scandal as the biggest corporate scandal
in a decade.

 

Nagayama, who apologised to shareholders, also told a news conference
broadcast online that it will hold an emergency general meeting to appoint
new board members and wants to include two foreigners among new directors.

 

"There was a somewhat confrontational stance towards shareholders brewing
from some time ago," Nagayama said, when asked about the responsibility of
former CEO Nobuaki Kurumatani.

 

"That's an underlying cause in one sense for the current state of affairs,"
Nagayama said.

 

It was not immediately clear if that admission would be enough to win over
shareholders.

 

The crisis at Toshiba has renewed concern about governance in the world's
third-largest economy and its openness to foreign investors.

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

 

China's Geely to press on with methanol vehicles, chairman says

Chinese automaker Geely (GEELY.UL) will keep working on vehicles powered by
methanol even though the effort may fail, chairman Li Shufu said on Sunday.

 

Zhejiang-based Geely, among a small number of automakers developing
methanol-powered vehicles, is testing methanol taxis in some western Chinese
cities as well as developing methanol-powered trucks at its commercial
vehicles unit.

 

Li said Geely, which owns Volvo Cars and 9.7% stake in Daimler AG
(DAIGn.DE), invested in Carbon Recycling International, an Icelandic
company, to work on technologies to produce methanol with carbon dioxide, in
a way to lower overall carbon emissions.

 

"We will keep exploring methanol vehicle technologies. Of course it might
fail in the end, but currently we are still working on it," Li told an
industry conference in the western city of Chongqing, without elaborating.

 

Methanol fuel would boost China's energy independence as the country has
huge amounts of coal, which can be converted to methanol. Geely's Li has
also said he expects methanol vehicles to be cleaner than gasoline models.

 

Li did not offer details of the technology. He has told Reuters that Geely
would expand production of methanol-powered vehicles.

 

Geely is also developing battery electric vehicles, petrol-electric hybrid
cars and hydrogen commercial vehicles.

 

China, the world's biggest auto market, is developing electric and hydrogen
fuel-cell vehicles.

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

 

Musk says Tesla will accept bitcoins when miners use more clean energy

Tesla Inc (TSLA.O) Chief Executive Officer Elon Musk tweeted on Sunday that
the electric carmarker will resume allowing bitcoin transactions when miners
who verify transactions use more renewable energy.

 

“When there’s confirmation of reasonable (~50%) clean energy usage by miners
with positive future trend, Tesla will resume allowing Bitcoin
transactions,” he said in a tweet.

 

Bitcoin rose 5.1% to $37,360.63 at 1810 GMT (2:10 p.m. ET) on Sunday, adding
$1,817.87 to its previous close, after Musk’s tweet.

 

Musk also said that Tesla sold about 10% of holdings to confirm bitcoin
could be liquidated easily without moving market.

 

He announced in May that Tesla would no longer accept bitcoin for car
purchases, citing long-brewing environmental concerns for a swift reversal
in the company’s position on the cryptocurrency. Bitcoin fell more than 10%
after his tweet.

 

The billionaire said that he believed cryptocurrency has a promising future,
but it cannot be at great cost to the environment.

 

In February, Tesla revealed it had bought $1.5 billion of bitcoin and would
accept it as a form of payment for cars.

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

 

Oil holds near multi-year highs amid demand recovery

Oil prices held near multi-year highs on Monday, underpinned by an improved
outlook for demand as increased COVID-19 vaccinations help lift travel
curbs.

 

Brent crude was up 14 cents, or 0.2%, at $72.83 by 0123 GMT. It rose 1.1%
last week and hit the highest since May 2019 of $73.09 on Friday.

 

U.S. West Texas Intermediate was also up 14 cents, or 0.2%, at $71.05 a
barrel, after reaching the highest since October 2018 at $71.24 on Friday
and rising 1.9% on the week.

 

Vehicle traffic is returning to pre-pandemic levels in North America and
much of Europe and more planes are in the air as lockdowns and other
restrictions are being eased, driving three weeks of gains for the oil
benchmarks.

 

The Organization of the Petroleum Exporting Countries (OPEC) and allies,
known as OPEC+, need to increase output to meet recovering demand, the
International Energy Agency (IEA) said in its monthly report on Friday. read
more

 

The OPEC+ group has been restraining production to support prices after the
pandemic wiped out demand in 2020.

 

"OPEC+ needs to open the taps to keep the world oil markets adequately
supplied," the IEA said.

 

Goldman Sachs said last week it expects Brent to rise to $80 per barrel this
summer as the rollout of inoculations boosts economic activity around the
world. read more

 

U.S. oil rigs rose by six to 365, the highest since April 2020, energy
services company Baker Hughes Co said in its weekly report.

 

It was the biggest weekly increase of oil rigs in a month, as drilling
companies sought to benefit from rising demand.

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

 

Spotlight on Xbox Game Pass as Microsoft showcases upcoming games

Microsoft (MSFT.O) on Sunday showcased 30 upcoming games and said most of
those titles will be available on its monthly subscription service, Xbox
Game Pass.

 

The company said it would launch new games on Game Pass every month through
the end of the year, including titles such as PC strategy series "Age of
Empires IV" and racing game "Forza Horizon 5."

 

One of Microsoft's big-ticket games, "Halo Infinite," is now set for a
holiday launch this year after being delayed due to the challenge of
developers being stuck at home during coronavirus restrictions.

 

Several of the game launches announced by Microsoft at the E3 conference
came from video game publisher Bethesda, behind hits such as Fallout and
Doom. Microsoft last year bought ZeniMax Media, parent company of Bethesda,
for $7.5 billion.

 

Microsoft also announced launch dates of two big-budget games, exclusive to
Xbox and PC - role playing game "Starfield" and vampire-themed shooting game
"Redfall." "Starfield" will launch on Nov. 11, 2022 and "Redfall" next
Summer.

 

Both Microsoft and Sony (6758.T) launched their next-generation gaming
devices in November last year and have seen heightened demand for the
consoles as gamers stuck at home due to the pandemic snapped up the devices.

 

Gaming analytics firm Newzoo forecasts that the global games market will
generate revenue of $175.8 billion in 2021, with 2.9 billion players, and
surpass $200 billion in 2023.

 

Microsoft has also been developing its cloud gaming service to attract
casual gamers and its own streaming devices.

 

Game Pass has hundreds of games playable on Xbox consoles, Android devices
and PCs with a $9.99 monthly fee.

 

"What makes us different from a service like Netflix is that we give players
both options, a subscription package and also a full retail store," said
Phil Spencer, head of Xbox.

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

 

Nigeria: Govt Harvests 30,000 Litres of Rabbit Urine for Fertiliser
Production

A federal government agency, the National Agricultural Land Development
Authority (NALDA) says it has harvested over 30,000 litres of rabbit urine
and 1,000kg of rabbit droppings for fertiliser production in the country.

 

The Executive Secretary of the NALDA, Prince Paul Ikonne, while briefing
newsmen in Abuja, said the rabbit urine and droppings were subjected to
laboratory analysis and rabbit farmers were already realising income from
it.

 

Similarly, Ikonne said the authority had identified and recovered NALDA's
abandoned farm estates across the country following directives by President
Muhammadu Buhari.

 

He stated that recoveries were made from 21 states, including Abia, Adamawa,
Akwa Ibom, Borno, Delta, Ekiti and Kaduna.

 

Ikonne added that the NALDA had started reactivating them in phases and was
already in partnership with some state governments to reactivate abandoned
state-owned farm estates.

 

According to him, the reconstruction and reactivation of the abandoned
Acharaugo Farm Estate in Imo State, comprising 20 poultry pens, goat pens,
crop farming areas and a feed mill, had begun and was expected to be
completed by August 2021.

 

In Ebonyi State, the Authority was in the process of reactivating the
hatchery farm in Nkaliki, while it had initiated a programme called NALDA
Integrated Farms, to be established in all the 109 senatorial districts
across the country, he said.

 

The NALDA boss said they had begun dry season rice farming in Adamawa,
Niger, Yobe, Taraba and Bauchi, as pilot states.-Daily Trust.

 

 

 

South Africa Needs New Thinking for Its Democracy to Work for All

Claims of racial bias against black pupils at affluent private schools are
becoming a routine South African event. They are also a symbol of the
country's reality.

 

The private schools were created by and for white people - this is reflected
in their rules and customs. But they are seen as centres of education
quality and so black people who can afford them send their children to them.
But they either can't or won't change into institutions which include
everyone. All of which is a fair description of South Africa since 1994.

 

In a just published book, Prisoners of the Past: South African Democracy and
the Legacy of Minority Rule, I argue that the new order created when racial
laws were scrapped in 1994 is "path dependent" - patterns which held sway in
the old order are carried into the new. This does not mean that, as some
claim, nothing has changed - anyone who claims there is no difference
between racial minority rule and democracy was either not alive before 1994
or not paying attention. But core realities have not changed.

Before 1994, South Africa was divided into white insiders and black
outsiders. Some who were outsiders are now insiders, the minority who have a
regular income from the formal economy. But most remain outside. Within the
insider group there are divisions: race is the most important.

 

Although racism is now outlawed, racial pecking orders survive - some black
people have been absorbed into a still white-run economy, a reality
confirmed by the make-up of boards and senior management. Middle class black
people are among the angriest South Africans - they enjoy opportunities and
hold qualifications which were unavailable to their parents, but experience
many of the same racial attitudes. This fuels conflicts which sound like
campaigns for radical economic change but are driven by middle-class anger
at the survival of racial barriers.

In the suburbs, people vote overwhelmingly for the opposition and hold the
governing African National Congress (ANC) in contempt - in the townships and
shack settlements where poor people live, the ANC still dominates although
it has lost some ground. But the quality of public services in suburbs is
still way above that in townships and authorities are much more likely to
listen to suburbanites who pressure them. Under apartheid, too, the suburbs
were well served and well heard, the townships were neither.

 

Wrong solutions

 

Why has democracy not ended these patterns? First, because the negotiations
which ended minority rule tackled only the most obvious problem - that most
South Africans were denied citizenship rights. No progress was possible
without ending this, but it was only a part of what needed to change. There
were no negotiated agreements on the economy or the professions or
education.

In theory, changing the political system was meant to ensure that everything
else changed too. But habits and hierarchies do not disappear simply because
political rules change - neither does the balance of power in the economy
and society. The political system is now controlled by the formerly excluded
black majority - other areas of the country's life are not.

 

Second, the political elite who took over in 1994 have not tried to change
these realities because they - with, ironically, the old white economic and
cultural elite - believe that the goal of democratic South Africa is to
extend to everyone what whites enjoyed under apartheid. They have not built
a new economic, cultural and social order - they have tried to slot as many
black people as possible into what exists. The parents who send their
children to suburban private schools and hope they will be treated with
respect are following the same path.

 

Apartheid was good to whites. It gave them the vote and freedom of speech as
long as they were not too sympathetic to blacks. It created large formal
businesses and, in its heyday, whites were guaranteed a formal job. The
suburbs of major cities resembled California in the US. It is this which the
new and old elite want to extend to everyone.

 

Despite much talk of black economic empowerment, far more effort is devoted
to the role of black people in the corporations which have dominated the
economy for decades than to promoting black-owned businesses. In the
professions, new black entrants have been expected to conform to the habits
and rules created when whites controlled the society. Culturally, apartheid
and its values may be discredited but the West remains the centre of
attention.

 

Everyone can't have what whites had under apartheid because there isn't
nearly enough of it to go around. While political rights can be enjoyed by
everyone, apartheid's economic and social benefits were what a fraction of
the country enjoyed by using force to deny it to the rest. Once apartheid
went, the living standards of the minority needed to adjust to what a middle
income country could afford. Because they haven't, there are just so many
black people who can benefit.

 

It is common for the South African debate to blame the government, or
particular people in it, for the country's difficulties. But it is the
realities described here which explain poor growth, continued inequality and
the many problems of which the debate complains.

 

New thinking

 

It is easy to see why the white elites prefers the old arrangements - but
why does the new black leadership want them? Anywhere one group dominates
others, the standards and habits of the group in charge come to be seen as
the measure of the good society: for the leadership of those at the wrong
end of this, domination only ends when everyone shares in them. The response
is very human - but it keeps alive the old order with its inequalities and
unfairness.

 

Despite change in important areas this is the reality of post-1994 South
Africa. It ensures that the country does not reach anything like its
potential - that it is not only less humane than it might be but less
well-off too because many are still barred from using their talents and
energies to help it to grow.

 

South Africa is not, the book argues, doomed to follow this path forever.
Change needs, firstly, new thinking, an approach which seeks a society which
works for all its people. This is unlikely to come from elites, who are
wedded to the present, but could be the product of campaigning by citizens.
It could create the ground for negotiation which would tackle what the 1994
deal left untouched - how to create a new, shared, society and not only a
new political order.

 

It is this path, not the constant search for the perfect political leader
who will solve all problems, which could enable South Africa to bury its
past and create a better future.

 

 

 

Nigeria: Dangote Commences Sale of Fertiliser

The Dangote urea plant pushes out 120 trucks everyday.

 

After months of speculation, Dangote urea fertiliser is now finally on sale
nationwide and it currently pushes out a minimum of 120 trucks per day
across the country.

 

The Group Executive Director (Strategy, Capital Projects & Portfolio
Development), Dangote Industries Limited, Devakumar Edwin, revealed to the
press over the weekend that the plant which has the capacity to turn out
more than 4,500 tonnes of urea per day will conveniently meet the local
demand and even produce for exports.

 

According to him: "... We have the capacity to turn out 4,500 tonnes of urea
everyday... this is a bulk application fertiliser... each crop in Nigeria or
globally will require Nitrogen and this is a rich fertiliser, having 46 per
cent nitrogen... The company has the capacity to meet local demand and also
export to African countries... Currently, the demand is less than 1 million
tonnes and we alone can produce 3 million tonnes, so we can easily meet
local demand and also produce for export to other West African countries."

Aside fertiliser production, the company, according to Mr Edwin, is already
working to support the farmers with training on application of the
fertiliser and even establish laboratories across the country for proper
soil examination.

 

"The uniqueness of this plant, apart from the fact that we are producing is
the focus on farmers' support, on training, education, development as we are
now establishing laboratories across the country and even mobile
laboratories where we can go drive around and take soil samples for proper
examination to effectively grow the agricultural outputs across the
country."

The urea fertiliser plant was built to tap into Nigeria's demand for
fertiliser, a critical component of achieving food sufficiency for Africa's
most populous country.

 

The fertiliser plant is expected to manufacture 3 million metric tonnes of
urea per annum, with a view to reducing the nation's fertiliser imports, and
generating $400 million annual foreign exchange from export to Africa
countries.

 

Meanwhile, marketers and farmers in Kano have described the newly introduced
Dangote fertiliser as a game changer and a forecast for the expected
agricultural revolution in the country.

 

Marketers and farmers who were apparently excited, over the weekend welcomed
the more than ten trucks that entered Kano markets at the weekend.

Speaking at the event organised by Dan-Hydro company in Kano to mark the
introduction of the fertiliser into the northern market, the chairman of the
Kano State Agro Dealers Association, Shuaibu Akarami, said agro dealers have
confidence in Dangote fertiliser as they have in all his products, adding
that as a dealer who spent decades in the business, he has discovered that
Dangote fertiliser will have no problem penetrating the market in the North.

 

"I have checked the product and have found out that it will have no problem
penetrating the market. With my experience in agro products, I can
authoritatively say the product has met our expectations and that has
confirmed the confidence we have in Dangote fertiliser and other sister
products of the Dangote Group," he said.

 

The Dan-Hydro fertilizer company in Kano which took delivery of the first
batch of trucks in Kano said the timing and strategy for the introduction
are rife.

 

The head of operations at Dan-Hydro, Hamadi Drammeh, said the Dangote
fertiliser conforms to all set standard required by the regulatory agencies.

 

He said the phenomenon of perennial shortage of the fertiliser product will
be over in the country.

 

He said as part of its public enlightenment plan, the company was going to
work with all stakeholders in the agricultural sectors.

 

In the same vein, the Sales Manager of Dan-Hydro, Sulaiman Tanko, assured
that the product will be sold at a reasonable price that will enable fair
competition in the market.-Premium Times.

 

 

 

Nigeria Can Attain Sufficiency in Coconut By 2030 - Producers

The Jigawa State chapter of the National Coconut Producers, Processors and
Marketers Association (NACOPPMAN) has inaugurated the 2021 coconut planting
season in the state.

 

The coordinator of the association, Hajiya Sakina Muhammad, stated this
during the exercise, with the theme, 'One family, three coconut trees,' in
Dutse.

 

Hajiya Sakina said the gesture was aimed at having coconut sufficiency in
Nigeria by 2027.

 

"The parent body of this association is the Federal Ministry of Industry,
Trade and Investment.

"Coconut is a tropical plant that can grow anywhere under any condition, and
Jigawa happens to be among the states in the North where the cultivation of
coconut thrives," she said.

 

Hajiya Sakina said coconut had become a major foreign exchange earner for
countries that produce it in large quantities.

 

She quoted the Minister of Agriculture and Rural Development, Alhaji Sabo
Nanono as saying that 653 billion nuts were produced in 2013 and Nigeria
currently produces 265,000 metric tonnes.

 

According to her, this makes Nigeria the 18th producer of coconut in the
world.

 

She said the continuous dwindling of income from oil in Nigeria informed the
need to look at ways of earning foreign exchange from other sources, hence
the need to boost the production of crops like coconut.

 

"A barrel of coconut oil in the international market today stands at $12 per
barrel, while a barrel of crude oil is oscillating between six to seven
dollars per barrel.

"It will interest you to know that four litres of palm oil is N5,000 while
four litres of coconut oil is N15,000.

 

"Coconut has the capacity to be a hard foreign exchange earner; that is why
the NACOPPMAN decided to come up with the slogan of planting 10,000 hectares
per state.

 

"It is in this regard that the national president of the association, Mrs
Nna Okoji, appealed to state governments to allocate 10,000 hectares of land
for the cultivation of coconut so that by 2030, Nigeria can attain
self-sufficiency," she said.

 

She further said that coconut could be used for eco-friendly bio fuel for
cars. She said there are ongoing researches on using coconut oil for
treating cancer.

 

She described the market for coconut both locally and internationally as
huge, pointing out that a bag of coconut before COVID-19 pandemic was
N8,000, but now N25,000.

According to her, coconut has over $400billion market worldwide.

 

"Although a typical coconut tree takes five to seven years before yielding
fruits, it is an investment that's worthwhile because once it starts, you
will reap the benefits for between 60 and 80 years.

 

"I have good news for those of you present here today. I am pleased to
inform you that the specie of coconut we are inaugurating today is the
typical Malaysian dream dwarf plant that produces more than a 100 fruits in
a tree, annually. This variety produces fruits within three years.

 

"At this point, I want to specifically appreciate the support given to the
NACOPPMA by the Federal University, Dutse, Jigawa, Ministries of Works and
Housing, Agriculture and Rural Development, as well as the Jigawa Rural
Development Agency," the coordinator said.

 

She urged people to invest in coconut farming as it has short and long term
benefits.

 

She also said that 1,000 farmers were registered by the group in the state
for the exercise; and assured that they would be linked up with the Nigeria
Incentives-based Risk Sharing System for Agricultural Lending (NIRSAL) to
access loans.-Daily Trust.

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2021

 


Company

Event

Venue

Date & Time

 


Edgars

AGM

virtual

June 30, 8:45am

 


GetBucks

2019  AGM

Conference Room 1, Monomotapa Hotel, 54 Parklane

July 1, 8:30am

 


GetBucks

2020 AGM

Conference Room 1, Monomotapa Hotel, 54 Parklane

July 1, 10:30am

 


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
344 1674

 


 

 

 

 

 

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