Major International Business Headlines Brief::: 23 June 2021

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Major International Business Headlines Brief::: 23 June 2021

 


 

 


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ü  Wall Street giant Morgan Stanley to bar unvaccinated staff

ü  Millions become millionaires during Covid pandemic

ü  Government borrowing eases in May

ü  New Alan Turing £50 note enters circulation

ü  GSK boss faces crunch meeting with investors

ü  Morrisons' share price soars 28% on takeover offer

ü  Aston Martin sues car dealer in cash wrangle

ü  Google investigated over 'dominance' in ad market

ü  Harvard wasn't pressured over Toshiba, former Japan adviser says

ü  SoftBank CEO Son says share buybacks remain an option for firm

ü  Self-driving startup WeRide deepens ties with Nissan, raises $310 mln

ü  Tech leads tentative rally as Powell soothes markets

ü  Cash loses its shine in pandemic but still king in Switzerland

ü  Tanzania: Bunge Endorses Appropriation Bill 2021/22

ü  Tanzania: Msd Plan to Construct Pharmaceutical Factory in Isle Impresses
Mwinyi

ü  Tanzania: Tacri to Distribute 31 Million Seedlings to Coffee Farmers

ü  NMB Bank Launches First Healthcare Club

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

Wall Street giant Morgan Stanley to bar unvaccinated staff

Wall Street giant Morgan Stanley's staff and clients will be barred from
entering its New York offices if they are not fully vaccinated against
Covid.

 

Unvaccinated employees will need to work remotely, according to a person
familiar with the matter.

 

The policy comes into effect next month, in a move aimed to allow the
lifting of other Covid-related rules.

 

Last week, the investment bank's chief executive called on workers to return
to the office.

 

An internal memo said: "Starting July 12 all employees, contingent
workforce, clients and visitors will be required to attest to being fully
vaccinated to access Morgan Stanley buildings in New York City and
Westchester."

 

The BBC understands the move will allow the company to remove restrictions
in offices on face coverings and social distancing.

 

The policy currently operates on an honour system, but the bank may later
decide to require proof of vaccination status.

 

Morgan Stanley had already implemented so-called "vaccine-only" workspaces
in some departments, including institutional securities and wealth
management.

 

Earlier this month, Morgan Stanley chief executive James Gorman said: "If
you can go into a restaurant in New York City, you can come into the
office."

 

Speaking at a conference, Mr Gorman said he would be "very disappointed" if
US-based workers had not returned by September.

 

It came as a number of banks are taking a tough position on home-working.

 

Jamie Dimon, the boss of America's biggest bank JP Morgan, recently said he
wanted US staff back in the office from July.

 

Meanwhile, Goldman Sachs bankers were instructed to report their vaccine
status ahead of returning to their desks earlier this month.

 

While a Goldman Sachs memo seen by the BBC strongly encouraged staff to get
vaccinated, it stopped short of telling them they must have the jab: "We
understand that the choice to get vaccinated is a personal one."

 

In December, the US Equal Employment Opportunity Commission, a federal
agency, gave the go-ahead for firms to bar unvaccinated staff from
workplaces, subject to exceptions for religious and medical reasons.

 

Barclays' chief executive Jes Staley, said in February that working from
home was "not sustainable". At a virtual meeting of the World Economic
Forum, he said: "It will increasingly be a challenge to maintain the culture
and collaboration that these large financial institutions seek to have and
should have."

 

Meanwhile, a survey published by the BBC last month showed that almost all
of 50 of the UK's biggest employers questioned for the study said they did
not plan to bring staff back to the office full-time.--BBC

 

 

 

Millions become millionaires during Covid pandemic

More than five million people became millionaires across the world in 2020
despite economic damage from the Covid-19 pandemic.

 

While many poor people became poorer, the number of millionaires increased
by 5.2 million to 56.1 million globally, Credit Suisse research found.

 

In 2020 more than 1% of adults worldwide were millionaires for the first
time.

 

Recovering stock markets and soaring house prices helped boost their wealth.

 

Wealth creation appeared to be "completely detached" from the economic woes
of the pandemic, the researchers said.

 

Anthony Shorrocks, economist and author of the Global Wealth Report, said
the pandemic had an "acute short term impact on global markets", but added
this was "largely reversed by the end of June 2020".

 

"Global wealth not only held steady in the face of such turmoil but in fact
rapidly increased in the second half of the year," he said.

 

However, wealth differences between adults widened in 2020, and Mr Shorrocks
said if asset price increases, such as house price rises, were removed from
the analysis, "then global household wealth may well have fallen".

 

"In the lower wealth bands where financial assets are less prevalent, wealth
has tended to stand still, or, in many cases, regressed," he said.

 

"Some of the underlying factors may self correct over time. For example,
interest rates will begin to rise again at some point, and this will dampen
asset prices."

 

Total global wealth grew by 7.4%, the report said.

 

Since the start of the 21st century, the number of people with wealth
between $10,000 and $100,000 had more than tripled in size from 507 million
in 2000 to 1.7 billion in mid-2020.

 

They said the increase reflected the "growing prosperity of emerging
economies, especially China, and the expansion of the middle class in the
developing world".

 

Nannette Hechler-Fayd'herbe, chief investment officer at Credit Suisse,
said: "There is no denying actions taken by governments and central banks to
organise massive income transfer programmes to support the individuals and
businesses most adversely affected by the pandemic, and by lowering interest
rates, have successfully averted a full scale global crisis."

 

She added: "The lowering of interest rates by central banks has probably had
the greatest impact.

 

"It is a major reason why share prices and house prices have flourished, and
these translate directly into our valuations of household wealth."

 

But she added that these interventions "have come at a great cost".

 

"Public debt relative to GDP has risen throughout the world by 20 percentage
points or more in many countries.

 

"Generous payments from the public sector to households have meant that
disposable household income has been relatively stable and has even risen in
some countries."

 

Ms Hechler-Fayd'herbe said a "major reason" why share prices and house
prices had "flourished" was due to the lowering of interest rates by banks,
which, she added, translated "directly into our valuations of household
wealth".-BBC

 

 

 

Government borrowing eases in May

Government borrowing fell in May compared with the same month last year,
with the economy in recovery mode after lockdown measures eased.

 

Borrowing - the difference between spending and tax income - was £24.3bn,
official figures show, which was £19.4bn lower than May last year.

 

However, the figure was the second-highest for May since records began.

 

Borrowing has been hitting record levels, with billions being spent on
measures such as furlough payments.

 

Monthly borrowing

The huge amount of borrowing over the past year has now pushed government
debt up to nearly £2.2 trillion, or about 99.2% of GDP - a rate not seen
since the early 1960s.

 

Where does the government borrow billions from?

The Office for National Statistics (ONS) now estimates that the government
borrowed a total of £299.2bn in the financial year to March.

 

While that was down by £1.1bn from its previous estimate, it remains the
highest level since the end of World War Two.

 

The ONS said the cost of measures to support individuals and businesses
during the pandemic meant that day-to-day spending by the government rose by
£204.2bn to £942.6bn last year.

 

These figures show how rapidly borrowing can fall, even as the government
spends more, not less - and keeps taxes down to help boost the recovery.
Because restrictions in May were lighter than the same month a year before,
the amount of tax coming in jumped by 15% and central government spending
dropped by 12%.

 

So far this financial year, the government is estimated to have spent £53bn
more than its income from taxes. While that has meant the second-highest
borrowing on record, it's £38bn less than in the same period last year and
less than most economists expected.

 

The latest revisions for the year to March 2021 confirm what we already knew
- that the government spent more than it has before in peacetime. It is now
estimated to have had to borrow £299bn to plug the gap between its income
and its spending in the pandemic's worst year. But it's also worth noting
that this is £28bn less than was officially forecast in the Budget.

 

While debt is high at £2.2 trillion, that's slightly less than the size of
the economy (compared to more than twice the size of the economy in World
War Two). And the cost of interest on central government debt - £4.3bn in
May - is comfortably manageable. As the pandemic restrictions have eased, so
too has the pressure on the public finances.

 

Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said public
borrowing was continuing to decline more rapidly than had been expected by
the spending watchdog, the Office for Budget Responsibility (OBR).

 

"The stronger-than-expected economy meant that central government receipts
came in at £56.9bn in May, above the OBR's £55.2bn forecast," he pointed
out.

 

"Public borrowing will continue to undershoot the OBR's Budget forecast,
given that GDP in 2021 likely will be about 3% higher than it expected this
year," he added.

 

"That windfall will be offset only partially by higher-than-expected
interest payments, due to rising RPI inflation, and the likelihood that the
government will extend Covid-19 related health spending into next winter."

 

Net debt

Thomas Pugh, UK economist at Capital Economics, agreed that a strong
economic recovery was starting to feed through into lower government
borrowing.

 

"The trend in tax receipts should continue to improve over the rest of the
year, as stronger GDP growth than anticipated by the OBR boosts the public
coffers," he said.

 

"That means the Chancellor [Rishi Sunak] may be spared having to implement
his proposed tax hikes/spending cuts before the 2024 general election."

 

In a statement, Mr Sunak said the government was "continuing to support
people and businesses to get back on their feet" as the country emerged from
the pandemic.

 

However, he added that it was "also important over the medium term to get
the public finances on a sustainable footing".-BBC

 

 

 

New Alan Turing £50 note enters circulation

The Bank of England's newly-designed £50 note featuring the portrait of Alan
Turing has entered circulation.

 

The release date coincides with what would have been the computer pioneer
and wartime codebreaker's birthday.

 

It means the Bank's entire collection of currently-printed banknotes is made
of plastic for the first time.

 

Paper £50 and £20 notes will no longer be accepted in shops from October
next year, although post offices will still exchange them.

 

The Bank of England's own counter can also swap any old notes for their face
value.

 

 

The BBC was given rare access to the De La Rue banknote printing plant in
Essex, where the new Bank of England note is being produced.

 

As many as five million new banknotes can be produced in a day, with 1.3
billion rolling off the machines in a year. Various currencies are produced
at the site and the notes are sent to countries around the world.

 

Despite cash use falling for purchases, particularly during the pandemic,
there is still a growing demand for banknotes. Population growth and
hoarding are among the reasons for the rising requirement.

 

The £50 note is the least frequently used of the Bank's collection. Its
future has been called into question in the past, with one review describing
it as the "currency of corrupt elites, of crime of all sorts and of tax
evasion".

 

However, there have still been 357 million of them in circulation this year
- the equivalent of one in 13 banknotes.

 

"They are used more often than people realise," said the Bank of England's
chief cashier, Sarah John, whose signature is on the note.

 

"A lot of tourist spending is dependent on £50 banknotes. They are also used
as a store of value."

 

Withdrawn notes

The old, paper £50 banknotes - first issued in 2011 - are no longer being
produced, and will be withdrawn by the end of September next year. They
feature steam engine pioneers James Watt and Matthew Boulton.

 

Paper £20 notes, featuring the portrait of economist Adam Smith, will also
be withdrawn at the same time. The replacement polymer version, which shows
artist JMW Turner, went into circulation in February last year.

 

The polymer versions should last two-and-a-half times longer than their
predecessors, are harder to forge, and should also survive a spin in the
wash.

 

There have been some concerns raised about plastic banknotes, from the
traces of animal products used in their production, to anecdotal worries
about the notes sticking in wallets and purses.

 

Ruth Euling. managing director of De La Rue Currency, said it was "more
challenging" to produce polymer notes, but it made financial sense.

 

"Making cash more efficient is also an important part of keeping cash
alive," she said.

 

Although very few ATMs issue £50 notes, various High Street banks are
issuing the new banknote from their counters from Wednesday.

 

The note features and celebrates the work of Alan Turing, educated in
Sherborne, Dorset, who helped accelerate Allied efforts to read German Naval
messages enciphered with the Enigma machine, and so shortening World War Two
and saving lives.

 

He was also pivotal in the development of early computers, first at the
National Physical Laboratory and later at the University of Manchester.

 

What Turing £50 notes mean to the LGBT community

Is Turing the father of computing?

The choice to place him on the note is also designed to promote diversity.

 

The Bank is flying the Progress Pride flag above its building in London's
Threadneedle Street on Wednesday to recognise improvements since his
appalling treatment by the state for being gay. In 2013, he was given a
posthumous royal pardon for his 1952 conviction for gross indecency.

 

He had been arrested after having an affair with a 19-year-old Manchester
man, and was forced to take female hormones as an alternative to prison. He
died at the age of 41. An inquest recorded his death as suicide.

 

In keeping with his work, the new note includes security features, similar
to other notes, such as holograms, see-through windows - based partly on
images of the wartime codebreaking centre at Bletchley Park - and foil
patches.

 

The UK's intelligence agency GCHQ has also unveiled an artwork of Alan
Turing's portrait inside the wheels of the codebreaking British Bombe
machine, placed in the middle of its headquarters to celebrate his legacy,

 

Jeremy Fleming, GCHQ director, said: "Alan Turing was a genius who helped to
shorten the war and influence the technology that still shapes our lives
today."

 

Snapchat has also created a history of his work which can be viewed via
augmented reality.-BBC

 

 

 

GSK boss faces crunch meeting with investors

The boss of GlaxoSmithKline faces one of the biggest challenges of her
career as she tries to convince shareholders in the pharmaceutical giant
that she is the right person - and has the right plan - for the future of
one of the UK's biggest and most important companies.

 

Emma Walmsley has a number of questions to answer at street level and at
Wall Street level.

 

At street level: how come one of the world's premier vaccine makers was not
in the front line in the war on Covid?

 

At Wall Street level, why has GSK continued to underperform its competitors
in revenue growth, profit and share price in the four years she has been in
charge?

 

On the first question, she will freely admit that being eclipsed by
AstraZeneca, Pfizer and others has not been an enjoyable experience for the
last year.

 

But she will point out that the pandemic is far from over and GSK is
expecting to announce the results of trials of the vaccine it has developed
along with French company Sanofi in the autumn.

 

Novavax: Deal agreed to 'fill and finish' 60 million doses in UK

If the trial results are positive the company hopes to start production of a
vaccine in the last three months of this year.

 

She will also point to the fact that GSK has played its part in the fight by
using its production facilities in the North East to manufacture the vaccine
developed by Novovax.

 

On the second, she will promise that the already announced split of the
consumer healthcare division, which makes Sensodyne and Panadol, along with
products from Pfizer - Advil and Viagra - into a separate company, GSK
Healthcare, will allow the new GSK to focus on developing new drugs and
vaccines which will grow future revenues and profits - and she will give
some firm numbers around those commitments.

 

That effort will be helped, she will argue, by parking some of GSK's overall
debt into GSK Healthcare which has the steady cash flow to pay the interest.

 

That will free up the new less indebted GSK to invest in new drugs and
vaccines.

 

Insiders point to the recent $600m (£430m) acquisition of cancer drug
specialists Iteos as a good example.

 

It promises to be a tough crowd.

 

Activist investor Elliot Advisors has bought a multibillion pound stake in
the company and has been trying to convince others that GSK would be better
off - and worth more - if it were split up even further - separating its
vaccine business from the rest of the pharma division.

 

Elliott has also been raising doubts about whether Ms Walmsley herself, who
comes from a consumer healthcare background, is the right person to lead a
drug and vaccine business.

 

As one investor told the BBC, she's been there for more than four years now,
so it's very hard to play the "it will all get better from here" card.

 

GSK management has been meeting with leading shareholders in recent weeks
and months and insists that "they are supportive of the plan we have put
forward".

 

Wednesday will be an important test of that support and a potentially
pivotal day for one of the UK's most important blue chip global companies -
and its boss.-BBC

 

 

 

Morrisons' share price soars 28% on takeover offer

Morrisons' share price has surged by 28% after a US private equity firm made
an offer to buy the supermarket group for £5.5bn.

 

The shares closed at 228p on Monday, just below the 230p-a-share proposed by
Clayton Dubilier & Rice.

 

Morrisons' board has rejected the offer, saying it "significantly
undervalued" the business "and its future prospects".

 

However, there is speculation the move may prompt others to bid for the
group.

 

Morrisons - the UK's fourth-largest supermarket chain - has nearly 500 shops
and employs about 118,000 people.

 

George McDonald, executive editor of the publication Retail Week, said
CD&R's proposal "could flush out more bidders".

 

He pointed to private equity firms Apollo Global Management and Lone Star
Funds, which had been interested in buying Asda.

 

"But one of the interesting things about Morrisons is the closeness of its
relationship with Amazon," he told the BBC's Today programme.

 

Morrisons share price graphic

Morrisons has had a relationship with Amazon since 2016, under which the
supermarket sells fresh produce and food through Amazon's website.

 

Mr McDonald said: "Amazon hasn't, so far, really become a force to be
reckoned with in food but it would like to be. You wonder whether this
situation might flush out interest from them."

 

Amazon owns the US supermarket chain Whole Foods, which also has seven
outlets in the London.

 

Under UK takeover rules, CD&R has until 17 July to announce a firm intention
to bid or walk away. Its initial proposal offers 230p per share for
Morrisons.

 

In addition to the cash offer, CD&R would take on Morrisons' £3.2bn of debt,
taking the total value of any deal to almost £9bn.

 

However, Legal and General Investment Management, which is a top 10
shareholder in Morrisons, criticised the private equity firm's approach.

 

Andrew Koch, L&G senior fund manager, told the Financial Times that the
retail sector in general "looks undervalued", adding: "Private equity look
to be interested in Morrisons partly because it has a lot of freehold
property which they would 'sale and leaseback' to generate cash to pay back
to themselves."

 

Morrisons owns the freehold on around 85% of its properties including its
supermarkets.Mr Koch said: "That's not adding any genuine value, and the
company could do that themselves. So I would personally not expect a bid to
succeed at that level."

 

A successful bid by CD&R for Morrisons would mark the second time this year
that a private equity firm has been involved in the takeover of a UK
supermarket.

 

Earlier this year, TDR Capital and the Blackburn-based Issa brothers bought
a majority stake in Asda from US parent Walmart, valuing the supermarket at
£6.8bn.

 

However, Seema Malhotra, Labour's shadow minister for business, expressed
caution about what a potential takeover of Morrisons could mean for the
workforce.

 

"Our supermarkets... need owners that put the long-term interests of the
business and its employees first," she said.

 

"When Debenhams went bust we saw private equity firms walk away while
employees lost their jobs and staff who have paid into the pension scheme
were left out of pocket. Too often dodgy private equity firms load the
companies with debt and leave while pocketing the dividends. This has to
end."

 

The shop workers' union, Usdaw, declined to comment on CD&R's proposal and
what it could mean for jobs.

 

CR&R has made investments in UK retail in the past - it banked £1bn from
selling its stake in discount chain B&M - and it counts Sir Terry Leahy, the
former chief executive of Tesco, as a senior adviser.

 

Morrisons' entire executive board is made up of former Tesco executives,
including chief executive David Potts, chief operating officer Trevor Strain
and chief financial officer Michael Gleeson. Morrisons' chairman Andrew
Higginson was also a long-time executive at Tesco.

 

Through CD&R, Sir Terry is also chairman of Motor Fuel Group which operates
hundreds of petrol forecourts and convenience stores.

 

In 2018, CD&R acquired convenience and petrol forecourt firm MRH for £1.2bn.
Together Motor Fuel Group and MRH operate some 900 sites selling brands such
as BP Esso and Shell as well as Budgens, Costa Coffee and Spar.

 

Unlike Tesco and Sainsbury's, Morrisons has few convenience stores. A deal
with CD&R could see the supermarket's brand rolled out across Motor Fuel
Group's sites.

 

Asda's new owners, Zuber Issa and Mohsin Issa, are also the co-chief
executives of EG Group, which operates more than 6,000 convenience and
petrol forecourts sites across 10 countries. Through the Asda deal they
acquired 323 convenience and petrol forecourts.

 

'Surprising'

Shares across retail-related companies rose following the emergence of the
bid approach.

 

Ocado, the grocery delivery and distribution platform, saw its shares rise
5%, Sainsbury's added 3.7% and Tesco climbed 1.1%.

 

Despite being one of the retail sectors allowed to stay open throughout the
entirety of Covid, some supermarkets have seen their share prices
underperform.

 

Michael Hewson, chief market analyst at CMC Markets, said this was
"surprising" given the resilience shown by the supermarkets amid the
pandemic.

 

"While in the case of Morrisons profits halved last year, like-for-like
sales growth remained resilient in its first quarter, rising 2.7%, despite
the tough comparatives of last year, when sales surged for all three as
people stockpiled all manner of staples."

 

For the year to the end of January, Morrisons reported a 50.7% drop in
annual pre-tax profit before exceptional items to £201.1m.

 

The supermarket paid back £230m of business rates relief that the government
had granted to businesses to help them through Covid.

 

Earlier this month, Morrisons faced a significant backlash over bonuses from
investors at its annual general meeting

 

The company's board had stripped out the cost of the pandemic when
calculating bonuses for senior staff.-BBC

 

 

Aston Martin sues car dealer in cash wrangle

Aston Martin has begun legal action against a Swiss dealer, accusing it of
withholding customer deposits for its £2.5m Valkyrie sports car.

 

The carmaker says it will no longer work with the dealer, Nebula Project,
and will now take deposits directly.

 

Nebula signed a deal in 2016 to help finance the Valkyrie and took some
deposits from customers, to be used to fund development of the car.

 

Aston Martin said customers affected would still get their cars on time.

 

It also asked Swiss prosecutors to consider a criminal investigation.

 

Aston Martin Lagonda said it expected to take a £15m hit to profits this
year as it tried to get back the money that was allegedly lost.

 

 

However, it said it still expected to achieve targets of 10,000 sales, with
£2bn in revenues and £500m underlying pre-tax profits by 2025.

 

It is also ending agreements with AF Cars AG, which runs its St Gallen
dealership in Switzerland and is led by Nebula board members, saying that
some cars were sold in breach of agreements.

 

The Valkyrie car, part of Aston Martin's attempts to revive its fortunes
after a period of financial hardship, has been billed as the fastest
"street-legal" car in the world.

 

The firm's intention was to build a car that was equally at home on the
racetrack and on conventional roads.

 

Fewer than 200 models are being produced and have already sold out.

 

Under the original contract, Nebula was to receive a commission on sales of
the car, as well as Aston's Valhalla and Vanquish models.

 

Since the signing of that deal, Aston Martin has received cash injections
from Canadian billionaire Lawrence Stroll and Germany's Mercedes-Benz.

 

The company said: "Both Aston Martin and its customers have been impacted by
Nebula Project AG's and its board members' behaviour.

 

"Aston Martin is fully committed to supporting and working with those
customers affected to ensure that they will still receive delivery of their
Valkyrie programme vehicles as scheduled, prioritising customer
relationships, despite the company not having received all the deposited
funds."-BBC

 

 

Google investigated over 'dominance' in ad market

The European Commission has opened an investigation into whether Google is
dominating the online-advertising market at the expense of its rivals.

 

It will examine Google's role in collecting data, selling advertising space
and acting as an online-advertising intermediary.

 

The commission is concerned the technology giant is making it hard for other
online advertisers to compete.

 

Google has said it will co-operate with the inquiry.

 

'Fair competition'

The fact the company is present "at all levels of the supply chain for
online display advertising" is concerning, commission executive
vice-president Margrethe Vestager said.

 

"Online-advertising services are at the heart of how Google and publishers
monetise their online services," she said.

 

"Google collects data to be used for targeted advertising purposes, it sells
advertising space and also acts as an online advertising intermediary.

 

"A level playing field is of the essence for everyone in the supply chain.

 

"Fair competition is important - both for advertisers to reach consumers on
publishers' sites and for publishers to sell their space to advertisers."

 

The inquiry will look at:

 

·         the obligation to use Google's services and or Google Ads to
purchase display ads on YouTube

·         the obligation to use Google Ad Manager to service online display
ads on YouTube

·         the apparent favouring of Google's ad exchange, AdX, by its other
services

·         the restrictions placed by Google on the ability of rival
advertisers to access data about user identity or behaviour

·         Google's plans to prohibit third-party cookies on Chrome

·         Google's plans to stop making the advertising identifier available
to third parties on Android smart mobile devices

·         Google logo with chocolate cookies by the side

 

Google says its plans will strengthen user control over their own data.

 

Its Privacy Sandbox alternative to cookies, which track users as they move
around the web, on Chrome will provide only anonymised feedback.

 

But there are concerns it will also favour Google over its rivals.

 

Increased scrutiny

In the UK, the Competition and Markets Authority (CMA) has won commitments
from the search giant any alternatives it develops will avoid this.

 

Google has also agreed with the CMA to publicly disclose the results of
tests of new technologies and limit how it uses and combines individual
user's data for advertising purposes.

 

Google has been hit with a series of EU fines in the past three years,
totalling 8.25bn euros (£7bn).

 

In March 2019, it was fined £91m for abusing its market dominance by
restricting third-party rivals from displaying search ads between 2006 and
2016.

 

Google and Facebook together account for most of the global internet-ad
sales market but the practices of both are now under increased scrutiny from
regulators around the world.--BBC

 

 

Harvard wasn't pressured over Toshiba, former Japan adviser says

(Reuters) - A former Japanese government adviser said he did not put
pressure on Harvard University's endowment fund to influence its voting at
Toshiba Corp's (6502.T) contested shareholder meeting last year, and that
the fund should "set the record straight".

 

Hiromichi Mizuno, until recently an adviser to the Ministry of Economy,
Trade and Industry, was identified by a shareholder-commissioned
investigation this month as an important figure in what it said was
management collusion with METI to block the influence of foreign
shareholders.

 

Mizuno told Reuters he had volunteered to METI officials to speak with
Harvard Management Co as he was about to start a fellowship at the
university last year.

 

Mizuno, a member of the board of U.S. electric vehicle maker Tesla Inc
(TSLA.O), said he had discussed potential risks for the Harvard fund, known
as HMC, over voting at Toshiba. The conglomerate's top shareholder, activist
hedge fund Effissimo Capital Management, was pushing for board seats.

 

HMC was also an investor in Singapore-based Effissimo, sources previously
told Reuters.

 

Mizuno made clear to HMC that he was not representing the Japanese
government, he said.

 

"I have no interest in whichever way you vote," Mizuno said he told the
endowment's leaders.

 

Mizuno's comments to Reuters in an interview late on Monday were his first
public remarks about Toshiba since the investigation found management
colluded with METI to block the influence of Effissimo, HMC and other
foreign shareholders, and provided new details about the talks. He had
previously told the Financial Times he was not representing the Japanese
government.

 

Mizuno's account also casts new light on events at Toshiba. The incidents
detailed in the investigation have renewed concern about Japan's corporate
governance and openness to foreign shareholders, and appear to cut against
the government's long drive to win more foreign investment.

 

A spokesperson for HMC declined to comment for this article.

 

A senior METI official with direct knowledge of the matter, speaking on
condition of anonymity, backed Mizuno's account and said it was not
reflected in the investigation.

 

Toshiba declined to comment.

 

The independent investigation found Mizuno's role compromised the vote at
the July 2020 annual general meeting after HMC, which held a more than 4%
stake, abstained from voting.

 

It was not clear how HMC had planned to vote at the meeting.

 

Mizuno told Reuters he tried to keep his dealings with Harvard friendly, and
has asked the fund for some clarifications "to set the record straight".

 

Mizuno is the former chief investment officer of Japan's $1.61-trillion
pension fund. He resigned as a special adviser to METI after being named a
United Nations special envoy, the government said in January.

 

'HIGHLY INAPPROPRIATE'

 

Some of Mizuno's account stood in contrast with the investigation, which
quotes a HMC letter stating the endowment received an unwelcome request from
a person -- apparently Mizuno -- before the shareholder meeting and "found
the exchange to be highly inappropriate in both content and timing".

 

The report said even if Mizuno spoke as a private citizen, shareholders
would understand his government influence.

 

METI has regulatory power over Toshiba's foreign shareholders because the
company is considered a strategic asset, making nuclear and defense
equipment.

 

Mizuno told Reuters in a follow-up message on Tuesday that he served as a
channel for messages from HMC to METI and Toshiba after the fund became
frustrated with the company, which has been dogged by accounting and
governance issues.

 

Toshiba's shares have recovered after hitting a three-year low last year.
The shares are up 68% this year, outperforming an 8% rise in Tokyo's TOPIX
index (.TOPX).

 

Mizuno said the leaders of the $41-billion endowment, Chief Executive N.P.
"Narv" Narvekar and Chief Investment Officer Rick Slocum, welcomed his
input.

 

HMC did not make Narvekar or Slocum available for an interview.

 

Effissimo had nominated three candidates to Toshiba's board at the July 31
meeting, all of whom were opposed by management. None were elected although
one received 44% of the vote.

 

Mizuno said he wanted HMC to understand the potential consequences of the
vote, given that new rules on foreign ownership in Japan could put scrutiny
on HMC's ties to Effissimo.

 

Sources previously told Reuters that Mizuno voiced the possibility of a
regulatory investigation should HMC vote against the interest of Toshiba's
management.

 

Mizuno told Reuters he had wanted to help HMC avoid surprises, and told
Narvekar to vote however HMC felt was right to satisfy its fiduciary duty.

 

"I made it clear I was only trying to give enough information" for the fund
to understand how things worked in Japan, he said.

 

($1 = 110.3700 yen)

 

The Thomson Reuters Trust Principles.

 

 

SoftBank CEO Son says share buybacks remain an option for firm

(Reuters) - SoftBank Group Corp (9984.T) CEO Masayoshi Son said on Wednesday
share buybacks remain an option for the conglomerate, amid a slide in its
shares.

 

"Buybacks are always on my mind as an important option but when and how big
requires balanced thinking," Son said at SoftBank's annual shareholders'
meeting, adding that the group also needs to consider alternative uses of
its capital.

 

Shares in SoftBank, which completed a record 2.5 trillion yen ($22.6
billion) buyback programme in May, have fallen amid weakness in tech stocks.
That has helped widen its conglomerate discount - the gap between the value
of its assets and share price - to about 50%.

 

SoftBank shares were flat at 7,699 yen on Wednesday. Further falls to
7,000-7,500 yen "may increase the expectation of a buyback", Jefferies
analyst Atul Goyal wrote in a note earlier this month.

 

Buybacks would increase 63-year-old Son's own shareholding and make any
management buyout easier to achieve.

 

"I believe our potential is much bigger than the discounted share price,"
said Son, calling on shareholders to take a long-term view on the company.

 

The billionaire drew a historical comparison, saying that while credit is
given to inventors like 18th century British steam engine pioneer James
Watt, the capitalists that funded the railways are overlooked.

 

"Just as the Rothschilds were a central player in the industrial revolution,
we'd like to become the key player in the information revolution," said Son
in reference to the prominent European banking dynasty.

 

He sought to put the focus on SoftBank's role as a "capital provider for the
information revolution" backing tech startups around the world but faced
repeated questions at the meeting about its plans for repurchases.

 

"Aren't you going to do more, are you still not doing it, how much will you
buy - being so concerned about only this makes me a little sad," Son said.

 

($1 = 110.7300 yen)

 

The Thomson Reuters Trust Principles.

 

 

Self-driving startup WeRide deepens ties with Nissan, raises $310 mln

(Reuters) - WeRide, a China-based autonomous driving startup, said on
Wednesday that it would deepen development with Nissan Motor (7201.T) on
autonomous driving technology for the China market as it raised $310 million
at a $3.3 billion valuation.

 

WeRide, led by founder Tony Han, is pursuing what is known in the auto
industry as a level 4 autonomous standard, in which the vehicle can handle
all aspects of driving in most circumstances with no human intervention.

 

WeRide, which is testing vehicles in California, its headquarters in China's
southern city of Guangzhou and the central city of Zhengzhou, did not
disclose details on the size of the funding.

 

Investors for the $310 million funding round include
Renault-Nissan-Mitsubishi (RENA.PA), (7201.T), (7211.T) alliance and China
Structural Reform Fund, WeRide said in a statement.

 

Ashwani Gupta, chief operating officer of Nissan, said, "As China stands at
the forefront of helping define the future of mobility, we are delighted to
partner with WeRide to bring even more innovative technologies and services
to enrich people's lives in China."

 

Automakers and technology firms are investing billions of dollars in
autonomous driving, aiming to take an early lead in what many consider the
future of mobility.

 

In Guangzhou, where several COVID-19 cases were reported in recent weeks,
WeRide and several other autonomous driving companies, including
Toyota-backed (7203.T) Pony.ai, are delivering essential goods to residents
in locked-down communities using self-driving vehicles.

 

The Thomson Reuters Trust Principles.

 

 

 

Tech leads tentative rally as Powell soothes markets

(Reuters) - Stocks found a footing and swinging bond markets calmed down on
Wednesday, with testimony from U.S. Federal Reserve chair Jerome Powell
providing investors with reassurance that the central bank has an eye on
inflation but is not hastening to hike rates.

 

The rates-sensitive Nasdaq index (.IXIC) closed at a record high on Tuesday,
while tech stocks were bid in Asia - notably in Taiwan where chipmakers
helped the benchmark index rise 1%. MSCI's broadest index of Asia-Pacific
shares outside Japan (.MIAPJ0000PUS) rose 0.4%. Japan's Nikkei (.N225) rose
0.3%.

 

The Fed had knocked stocks and boosted the dollar last week with a surprise
projection for rate hikes as soon as 2023.

 

However overnight Powell reiterated the Fed's goal of a broad labour market
recovery and said fear of inflation alone would not be enough to prompt rate
rises. read more

 

"We will wait for evidence of actual inflation or other imbalances," Powell
said in a hearing before a U.S. House of Representatives panel.

 

AMP Capital's chief economist Shane Oliver put it this way in a note to
clients on Wednesday: "This is all a long way off as even the first hike is
a while away."

 

Powell's comments helped the yield on benchmark 10-year U.S. Treasuries
lower and put the brakes on a rising U.S. dollar. The 10-year Treasury yield
fell to 1.4666% on Tuesday and stayed there early in the Asia session.

 

The U.S. dollar lost a little ground overnight, but it remains near
multi-month highs after the Fed's change in tone cleared out a heap of short
positions.

 

The greenback was firm against most majors on Wednesday and last traded 0.1%
higher at $1.1928 per euro and was close to its highest for the year at
110.78 yen .

 

"Dollar bears, surfing a wave of easy Fed policy, are running out of time,"
Societe Generale analysts said in a note.

 

"If the U.S. can escape the clutches of the zero-rate bound, it will earn
itself a significantly stronger dollar."

 

SEPTEMBER SHOWDOWN

 

Several other Fed speakers are due to appear later on Wednesday and their
comments may add to a growing sense among traders that September's Fed
meeting may bring the announcement of the beginning of the end of stimulus
later in the year.

 

"Short of something going very wrong, taper around the turn of the year
seems like a high probability event at this point," said RBC Capital
Markets' chief U.S. economist Tom Porcelli.

 

Also on the horizon are speeches from Reserve Bank of Australia Assistant
Governor Luci Ellis - the first from a central banker since stellar jobs
data this month - and from European Central Bank President Christine
Lagarde.

 

Preliminary Purchasing Managers' Index figures, which showed a slowing in
Japan in June, are also due in Europe and the United States and will be
watched as markets try to get a sense of the breadth of the economic
strength behind rising prices.

 

"It's not a surprise we do see elements of inflation creeping in when the
economy is doing well - its not all negative 1970s-style stagflation," said
Hugh Dive, chief investment officer at Atlas Funds Management in Sydney.

 

Elsewhere, cryptocurrencies were licking their wounds after heavy selling
drove bitcoin to its lowest since early January - although it has since
recovered back above $30,000.

 

In commodity markets, reopening confidence helped oil prices hover near
multiyear peaks even as producers discuss output increases.

 

Brent crude futures were last up 0.5% to $75.22 a barrel, while U.S. crude
futures rose 0.4% to $73.16 a barrel.

 

Gold, which pays no income and has been hammered by rises in the U.S. dollar
and in Treasury yields, steadied at $1,780 an ounce.

 

The Thomson Reuters Trust Principles.

 

 

Fed will not raise rates on inflation fears alone, Powell says

(Reuters) - Federal Reserve Chair Jerome Powell on Tuesday reaffirmed the
U.S. central bank's intent to encourage a "broad and inclusive" recovery of
the job market, and not to raise interest rates too quickly based only on
the fear of coming inflation.

 

"We will not raise interest rates pre-emptively because we fear the possible
onset of inflation. We will wait for evidence of actual inflation or other
imbalances," Powell said in a hearing before a U.S. House of Representatives
panel.

 

 

Recent price increases have pushed the consumer price index to a 13-year
high, prompting Republicans on the committee to offer charts detailing
spikes in consumer items like bacon and used cars to suggest price increases
are getting out of hand.

 

"We have unstable employment and higher inflation," said Representative Jim
Jordan, an Ohio Republican, referring to the Fed's congressionally mandated
goals of ensuring maximum employment and stable prices. "Something has to
give."

 

The recent high inflation readings, however, "don't speak to a broadly tight
economy" that would require higher interest rates, Powell said, referring to
a "perfect storm" of rising demand for goods and services and bottlenecks in
supplying them as the economy reopens from the pandemic.

 

Those price pressures should ease on their own, Powell said.

 

In setting upcoming monetary policy, the Fed chief pledged that the central
bank would keep its eyes focused on a broad set of labor market statistics,
including how different racial and other groups are faring.

 

"We will not just look at the headline numbers for unemployment," Powell
told the members of the House Select Subcommittee on the Coronavirus Crisis.
"We will look at all kinds of measures ... That is the most important thing
we can do" to ensure the benefits of the recovery are more fully shared.

 

Markets were little changed over the course of the hearing.

 

Powell's comments were "not really much that we haven't heard before," said
Michael Brown, a senior analyst at payments firm Caxton, London.

 

A SENSITIVE PIVOT

 

But the session, at times a sparring match between Democrats and Republicans
over the Biden administration's economic plans, hinted at the delicate line
the Fed must walk in coming months as it balances inflation risks with its
promise to ensure the economy recovers all the jobs lost after the onset of
the coronavirus pandemic.

 

Until recently there was little perceived conflict between those goals.

 

Yet since Powell last appeared before the subcommittee in September, the
central bank's outlook for inflation has doubled. Projections released by
the Fed last week showed prices in 2021 are expected to increase at a 3.4%
rate, compared with the 1.7% projected as of last September.

 

Recent job growth, meanwhile, has been slower than hoped. Some of Powell's
colleagues are now openly suggesting the pandemic prompted so many people to
retire it may be unrealistic to think the United States can return to the
pre-crisis level of employment before the Fed needs to tighten monetary
policy.

 

That is a stance counter to Powell's own focus on restoring the economy to
the conditions of early 2020, and to that of the subcommittee's influential
Democratic chairman, Representative James Clyburn of South Carolina, who
pushed Powell on Tuesday to ensure a fair and equitable jobs recovery.

 

"Millions of Americans are depending on the Fed to continue to support the
economy’s recovery,” said Clyburn, who has close ties to President Joe
Biden.

 

Biden must decide in coming weeks whether to reappoint Powell to a second
four-year term. In the closing minutes of the hearing the Fed chair received
a glowing review from another ranking Democrat, House Financial Services
committee chair Maxine Waters of California.

 

Waters noted that Powell was ready to "think big" about policy as the
pandemic took hold and said she wanted to thank him "not only for his
leadership ... but his creativity."

 

Still, a rapidly improving economic landscape is beginning to reshape views
at the Fed about when to reduce some of those pandemic efforts as the crisis
recedes.

 

At their meeting last week Fed officials projected they may raise interest
rates as soon as 2023, perhaps a year earlier than anticipated, and Powell
said during a news conference that the central bank was beginning talks
about when to pare down its $120 billion in monthly purchases of government
bonds and securities used to support the recovery.

 

 

 

Powell told reporters the economy "is still a ways off" from the progress in
rehiring that the Fed has said it wants to see before making any changes, a
cue that the timing of an actual policy shift remains up in the air.

 

But the change in tone and projections surprised markets, which are now
keenly watching to see if the Fed is hedging its job market promises.

 

Market trading in inflation-protected and other securities shows investors
betting the Fed will raise rates even faster than policymakers project, a
potential loss of faith in the central bank's willingness to run a "hot"
high-inflation economy to encourage a robust jobs recovery.

 

The Thomson Reuters Trust Principles.

 

 

 

Cash loses its shine in pandemic but still king in Switzerland

(Reuters) - Cash is still king in Switzerland, a Swiss National Bank study
published on Wednesday found, although the wealthy country's citizens are
increasingly turning to cards and apps for payments during the pandemic.

 

Around 43% of one-off payments in supermarkets and restaurants are made with
cash, the most popular payment instrument, the survey said.

 

But cash has lost some of its appeal, with the figure dropping from the 70%
level in the last SNB survey in 2017.

 

"In terms of the number of payments made, cash continues to be the payment
instrument most frequently used by the Swiss population," SNB Vice Chairman
Fritz Zurbruegg said.

 

"Compared with 2017... its usage share has dropped significantly. The
coronavirus pandemic has given additional impetus to this shift from cash to
non-cash payment methods."

 

Now a third of payments are made via debit cards, up from 22% four years
ago, while credit cards are also becoming increasingly popular. Both are
benefiting from the rising use of contactless payments.

 

Mobile payment apps like Twint and Paypal now make up 5% of transactions in
Switzerland, up from almost none in 2017.

 

"Non-cash payment methods have...come to be considered, at least in part, as
easier to use than cash," said the study, which was carried out between
August and November 2020.

 

Increased online shopping has boosted the popularity of cards and apps
during the pandemic, as has the tendency to buy more at supermarkets during
lockdowns.

 

While Swiss may be gradually falling out of love with using cash, the number
of banknotes in circulation is on the rise. This suggests cash is
increasingly being used as a store of value, the SNB said.

 

The report estimated individuals have stashed away cash reserves of around
10 billion francs or 12% of the notes in circulation.

 

Some 70% of the population keeps cash at home or in a safety deposit box,
with most (77%) holding up to 1,000 francs to deal with unforeseen expenses
or as a long-term store of value.

 

The SNB said negative Swiss interest rates were not a factor because most
people had not been directly affected by them.

 

The Thomson Reuters Trust Principles.

 

 

 

Tanzania: Bunge Endorses Appropriation Bill 2021/22

THE Parliament yesterday endorsed an Appropriation Bill to set aside 36.681
tr/- from the national budget as Consolidated Fund, which is an additional
of 352bn/- from the budget estimates tabled in June, 10th, this year.

 

Speaker of the National Assembly, Job Ndugai said the endorsement signifies
official issuance of 36.681tr/- for the use of the 2021/22 fiscal year
national budget in comparison to the estimates of 36.329tr/- that was tabled
previously.

 

By the Act the Treasury may issue the Consolidated Fund as supply granted
for the service of the year ending on the June, 2022.

The Appropriation Act empowers the Minister for Finance and Planning to
borrow money anytime within or outside the country, but not later than June
30th, 2022.

 

"The Minister may borrow within or outside the United Republic of Tanzania
any sum not exceeding 36.681tr/- by the way of loan" read the Act in part.

 

It further elaborated that the Minister is mandated to borrow money as loan,
advance, in form of bills or bank overdraft he/she deems fit, and pin kit on
any of the assets of the country, including securities forming part of the
Consolidated Fund.

 

Moreover, according to the Act, any money borrowed shall be placed to the
Credit of the Exchequer Account and shall form part of the Consolidated
Fund, and be available in any manner in which that it is available.

 

Besides that, any money borrowed shall be subject to repayment in accordance
to the conditions prescribed in the loan agreements between the country and
the lenders.

In the case, the powers conferred upon the Minister for Finance and Planning
shall be in addition to the mandate of the authority under the Government
Loans, Guarantees and Grants Act to reallocate the funds wished.

 

"Where the Minister is satisfied that it is necessary in the public interest
to reallocate the funds... that provision be made for any region, ministry
or independent department of the government.

 

It would be detrimental to the public interest to postpone the expenditure
until provision is made by the Parliament" read the Act in part.

 

It further read that the Minister subject to the provisions of the Budget
Act, authorize the application of any surplus arising out of the savings in
the Consolidated Fund for pensions, gratuities or other retirement benefits,
or for widows and orphans' pension for or towards the excess or
service.-Daily News.

 

 

Tanzania: Msd Plan to Construct Pharmaceutical Factory in Isle Impresses
Mwinyi

THE Medical Store Department (MSD)'s plan to build a pharmaceutical factory
in Zanzibar has been received with great support from President Hussein Ali
Hassan Mwinyi, who promised that his government will work closely with the
department to implement the project.

 

"This is a good idea and a timely project that will help Zanzibar meet its
requirement for medical equipment and medicines," Dr Mwinyi said at the
State House where he met and held talks with Major General Saali
Mhidze-Director General of MSD.

 

In his remarks, President Mwinyi explained that the MSD idea to invest in
the pharmaceutical industry in Zanzibar will be of great help, especially at
this time when Covid-19 pandemic is posing a threat. He said due to the
pandemic, access to medicines and medical equipment from abroad is a
challenge.

 

The President said the government has already allocated areas for industries
and that goods produced in Zanzibar will penetrate easily to the Tanzania
mainland market through non-tariff barriers that existed in the past and
made trade between the two parts of the Union difficult.

 

He said that Zanzibar plans to have a variety of industries but its market
is small compared to Tanzania Mainland. Dr Mwinyi said the isles therefore
targets market in the mainland and that the produced goods must meet the
demand of wananchi on the other side of the union and other countries.

 

"Our focus must be on finding market in mainland, EAC, and the Southern
African Development Community (SADC) markets," he said.

 

Dr Mwinyi added: "We ask MSD to bring experts to share experience and train
our staff in Zanzibar on procurement, storage, distribution of medicines,
equipment and medical equipment. This will enable us to improve service
delivery."

 

Earlier, Major General Saali Mhidze briefed the President on MSD's plan to
invest in Zanzibar through a pharmaceutical factory that will be a major
asset for Tanzania, the East African region and even the Southern African
Development Community (SADC) countries.

 

"MSD's commitment to build a pharmaceutical factory in Zanzibar is in
response to the growing demand of medicines and other medical equipment in
the country, especially at this time of Covid-19 where access to medicines
and medical equipment from outside the country is a challenge," Mhidze said.

 

He explained that MSD has been taking deliberate measures to construct more
factories to expand supply of medicines and medical equipment in the
country, and that four factories have already been completed, and it is
expected to address the challenge of medicine shortage in the country.

 

In addition, the MSD boss also said that there is need for the government to
work with the private sector in the construction of pharmaceutical factories
as he stressed to implement building pharmaceutical factories in
Zanzibar.-Daily News.

 

 

 

Tanzania: Tacri to Distribute 31 Million Seedlings to Coffee Farmers

PLANS are underway to distribute over 31 million coffee seedlings to farmers
across the country by end of 2021/22 financial year.

 

The Tanzania Coffee Research Institute (TaCRI) said during the 2020/21 and
2021/22 financial year a total of 31,675,744 seedlings of the new varieties
would have been produced and distributed.

 

They include the varieties of both Arabica and Robusta coffee seedlings
which are resistant to the coffee deadly diseases namely Coffee Berry
Disease (CBD) and Coffee Leaf Rust (CLR) for Arabica coffee and Coffee Wilt
Disease (CWD) for Robusta coffee.

 

These seedlings reduce production costs as less fungicides and herbicides
which are expensive are required, gives higher yields per unit area,
produces coffee with bigger bean sizes with good flavor thus liked by many
people across the globe meaning always fetching good prices in the world
market.

 

Chief Executive Director of the Tanzania Coffee Research Institute (TaCRI),
Dr Deusdedit Kilambo, revealed this when addressing the 11th National Coffee
Stakeholders' Meeting held in Dodoma recently.

 

Dr Kilambo said a total of 11,382,474 of such seedlings were already
produced and distributed to farmers in 2020/21 while it is anticipated that
a total of 20,293,270 of the same will be produced and distributed to
farmers in 2021/22.

 

"Not only TaCRI alone but local government authorities (LGA's) in coffee
producing districts numbering to 69 across the country will also produce
such seedlings through cooperation with my Institute which have always
assisted and will continue assisting in the establishments of mother tree
gardens later to produce such seedlings through clonal vegetative methods"
he said adding that through such an initiative a total of 69 district
councils in 18 coffee producing regions across the country will produce and
distribute to farmers a total of 10 million seedlings.

 

Talking on methods which have been adopted and will continue being adopted
to produce the said new varieties of Arabica and Robusta coffee seedlings he
named them to be clonal vegetative propagation, grafting techniques and the
production of compact hybrid seedlings for both Arabica and Robusta coffee.

 

The TaCRI Chief took time to pay tributes to various districts across the
country for their good efforts of supporting and financing the
establishments of coffee nurseries which produces respective coffee
seedlings.

 

He named such districts to be Muleba-Kagera, Kigoma rural, Bumbuli-Tanga,
Mbinga-Ruvuma, Same-Kilimanjaro, Butiama-Mara, Ludewa-Iringa and Mvomero in
Morogoro region.

 

Citing an example of how the new varieties of Arabica coffee seedlings are
of benefits to farmers he cited one farmer in Tarime district in Mara
region, Mr Mwita Hechei whom he said such a farmer with a total of 1,300
convectional coffee trees I a hectare used to produce 0.65-2.3 tons of
coffee which gave him Tshs 1.9-6.9 million in each coffee harvesting season.

 

However, he said upon planting a total of 1,641 seedlings of the new
varieties of Arabica in the same farm this same farmer was able to produce a
total of 4.92 tons of coffee thereby earning a total of 14.8m/-.

 

Coming to challenges facing the production of these seedlings he said
production costs have been the main challenge ad to this he call upon coffee
producing districts and other relevant authorities countrywide to set aside
funds later to finance and support the production and distribution to
farmers respective seedlings.

 

Giving details on the said production costs her said the production of one
Arabica coffee seedlings through clonal vegetative propagation methods is
1,467/-, 1,714/- for the same in Robusta coffee, 1,150/- per tree when using
grafting techniques, compact hybrid Arabica seedlings 1,138/- per seedlings
while production of composite Robusta seedlings stands at 1,115/-.

 

"TaCRI is currently facing a big budget deficit of around 1.743tri/- arising
from the fact that what we used to get from farmers as our main stakeholders
which was 0.75 percent of the coffee prices per every kilogram sold through
Direct Coffee Export and Tanzania Coffee Board (TCB) Moshi Coffee Exchange
(Auctions) have been halved to 0.375 percent of the same.

 

Concluding the TaCRI Chief said what his Institution is currently getting to
finance its activities supposed to cover 18 coffee producing regions across
the country is only enough to cover 3 regions.- Daily News.

 

 

NMB Bank Launches First Healthcare Club

NMB BANK has become the first financial institution in the country to launch
'NMB Healthcare Club', a network that provides health sector stakeholders
with loans for labour equipment, capital and investment.

 

The bank has so far spent more than 32bn/-to provide loans to the private
health sector, out of 112.5bn/- planned to be spent until 2025.

 

The NMB Healthcare Club was launched in conjunction with the Tanzania Health
Summit 2021, a launch that brought together more than 150 health sector
stakeholders, including doctors, pharmacists, hospital owners, dispensaries,
various health centres and colleges and allied party leaders.

 

The inauguration took place over the weekend in Dar es Salaam, where the
Chief Medical Officer Dr Aifelo Sichwale, representing the Permanent
Secretary of the Ministry of Health, Community Development, Gender, Elderly
and Children, commended NMB for uniting and empowering key stakeholders in
the Health Sector in the country.

 

Speaking at the launch, Dr Sichwale noted that the responsibility to provide
services to the people, including health, belongs to the government, but the
opportunities and capabilities are not enough, thus opening the doors to the
private health sector and that they will continue to work with all
stakeholders serving in the sector.

 

"This launch today has all the blessings of the government and we support
NMB for your efforts to unite doctors and other key stakeholders in the
Health Sector in the country, in supporting the government of President
Samia Suluhu Hassan's goals to improve the environment of this sector. "The
government's goal is to improve the environment for entrepreneurs to
participate in the growth of the national economy through taxes they pay,
provide employment and raise capital. We believe through NMB Healthcare
Club, members will receive training on business knowledge as well as
financial education," said Dr Sichwale.

 

He commended NMB not only for connecting these key stakeholders but for
their willingness to provide free education that would otherwise be costly,
especially on savings, investment, the importance of transferring their
money to a bank account, as well as other services.

 

The Acting Chief Internal Auditor of NMB Bank, Benedicto Baragomwa,
commended the Health Sector stakeholders for their efforts during the
Covid-19 crisis, and that they as a bank supported their clients by
providing them with financial recovery and changing the system repayment of
their loans.

 

"Our proximity to customers was aimed at enabling them to withstand the
challenges posed by the Corona epidemic. Because we NMB have been at the
forefront of supporting this health sector, where we provide medical
supplies, including those aimed at serving a challenging, reproductive
health area.

 

For his part, the President of the Tanzania Health Summit, who is also the
Head of the Department of the Physiology Muhimbili University of Health and
Allied Sciences (MUHAS), Dr Omary Chillo, asked the government to increase
the opportunities for private health sector stakeholders to participate in
ministry planning sessions.

 

The President of the Tanzania Medical Association (MAT), Shedrack Mwaibambe,
described NMB as a bank that has never stopped trying in every area to
ensure it eliminates the Tanzania Health Sector, and that NMB Healthcare
Club is another assertion that gives extra power to key investors and
stakeholders the industry.-Daily News.

 

 

 

 

 


 


 


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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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