Major International Business Headlines Brief::: 24 June 2021

Thu Jun 24 09:39:27 CAT 2021

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Major International Business Headlines Brief::: 24 June 2021

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

ü  Malaysian casino giant Genting makes $4.3bn bet on Las Vegas

ü  Covid: UK's foreign travel 'traffic light' lists due to be reviewed

ü  Investor Warren Buffett gives away $4.1bn more to charity

ü  Lego plans to sell bricks from recycled bottles in two years

ü  Biden to meet with bipartisan senators to discuss infrastructure plan

ü  Fed's mixed messages on inflation unsettle investors

ü  Musk says Starlink to go public once cash flow is more predictable

ü  Amazon restores services after multiple users face outage

ü  U.S. bans imports of solar panel material from Chinese company

ü  Bezos' 2021 Space Odyssey a risk too far for insurers

ü  Honda hopes new Civic hatchback to be basis for more efficient cars

ü  Asian shares tread water, markets eye U.S. inflation signals

ü  Dollar rally sputters as Fed sends mixed signals on inflation

ü  Okonjo-Iweala Seeks Lower Trade Cost to Boost Africa's Economic Recovery

ü  Rwanda: Govt to Spend Rwf40 BIllion on Arrears

ü  Nigeria: Gas Flare Commercialisation Yet to Take Off 5 Years After Approval

 <mailto:info at bulls.co.zw> 

Malaysian casino giant Genting makes $4.3bn bet on Las Vegas

Malaysian casino operator Genting Group is taking a $4.3bn (£3bn) bet on Las Vegas as it opens a huge new resort in the US gambling capital today.

Resorts World Las Vegas is the most expensive resort ever developed in Las Vegas.

Las Vegas saw visitor numbers slump by more than 50% last year as casinos were forced to close their doors for three months due to coronavirus restrictions.

Tourists are now returning but numbers remain well below 2019 levels.

Covering almost 88 acres, the new resort has 3,500 hotel rooms and suites, a 5,000-seat theatre and one of the world's biggest LED screens on one of its towers. It is the biggest new property on the city's famous Strip in over a decade.

Genting has partnered with US hospitality giant Hilton Worldwide, which has three hotels in the resort.

It is hoped that the new attraction will prove to be a major boost for Las Vegas, which was hit hard by measures to slow the spread of Covid-19 last year.

The city saw visitor numbers jump over 15% between March and April this year but those numbers are still more than 27% lower than the same period in 2019, the Las Vegas Convention and Visitors Authority said.

The move also comes as many big casino operators focus on Asia. Las Vegas was overtaken by Macau as the world's biggest gambling centre in 2007.

Like Las Vegas, the so-called 'Monte Carlo of the East' was hit hard by the pandemic last year but attracted almost 40m visitors in 2019, predominantly from mainland China and Hong Kong.

Genting Group is also currently hoping to develop a major resort in Japan's Yokohama City, with its Singapore unit leading a bid by a consortium of major Japanese companies.

The company, which is headquartered in Kuala Lumpur, Malaysia, has operations around the world, including China, the US, India and the UK.

Resorts World Las Vegas delays

Genting bought the site in 2013 after a failed project by a previous owner but delayed the opening of the new resort several times due to design changes and other issues.

Its original plan was aimed to attract Asian gamblers, with a resort known in Chinese as 'Genting's World of China', featuring a live panda habitat and a replica of the Great Wall.

Those plans were scrapped for a less heavily themed approach, which will now include the kind of luxury features found at other resorts on the Strip.

Some Asian elements remain in the finished resort though - notably there are no fourth floors in the hotels because four is seen as an unlucky number in many Asian cultures.

What was previously on the site of Resorts World Las Vegas?

Resorts World Las Vegas stands on the former site of the iconic Stardust Resort and Casino, which was demolished in 2007.

The Stardust was conceived by Anthony Cornero, a bootlegger and gambling entrepreneur who died in suspicious circumstances in 1955 before the project was completed.

It was the largest hotel in the world when it opened in 1958 and was known for its Lido de Paris production, which featured topless showgirls, and the famous Siegfried and Roy live animal performances.-BBC

Covid: UK's foreign travel 'traffic light' lists due to be reviewed

The UK's rules on foreign travel are set to be reviewed later, after industry bosses united in a desperate plea for the green list to be widened.

Transport Secretary Grant Shapps will face MPs this morning, with an update on the traffic light system expected in the afternoon.

Travel bosses are calling for an exemption to quarantine for fully-vaccinated people from amber countries.

Mr Shapps has said ministers "need to look at what the science says".

But the prospect of European holidays could face another hurdle, after German Chancellor Angela Merkel suggested all EU countries should make British travellers quarantine on arrival to slow the spread of the Delta variant.

She told Germany's parliament: "In our country, if you come from Great Britain, you have to go into quarantine - and that's not the case in every European country, and that's what I would like to see."

Currently, people travelling from the UK to Greece, Spain and Portugal are not required to quarantine. Those going to Italy have to self-isolate for five days then take a test, while fully-vaccinated UK visitors to France can enter without quarantining.

By contrast, when returning to the UK from most holiday hotspots on the amber list, travellers have to self-isolate for 10 days, as well as pay for tests.

Just 11 destinations are on the green list - including Gibraltar, Israel and Australia. Travellers do not need to quarantine when they get back from these countries, but they do have to pay for tests.

Countries on the red list are considered the highest risk, and travel from those nations is more strictly limited.

The UK government reviews which countries are on which list every three weeks, and the last update - when Portugal was stripped from the green list - was three weeks ago on 3 June.

As well as today's review, the government has also said there will be a "checkpoint" review of the rules for each category on Monday 28 June. That could be when ministers decide whether to relax quarantine for fully-vaccinated travellers.

On Wednesday, Mr Shapps told the BBC: "If you've been double vaccinated then of course we need to look at what the science says. We've said that Monday is the point to review that data, so we are coming up to having a look at it.

"We're looking at it in the next few days and I'll have more to say."

The UK government's traffic light system applies to England, with Scotland, Wales and Northern Ireland able to make their own rules. However, the rules are broadly the same and previous changes to the lists have been adopted by all four nations.

The travel industry is nervous.

The school summer holidays, a crucial time for the sector to make much of its income, are looming and most holiday destinations are on the amber list, meaning arrivals from there to the UK have to quarantine at home and pay for at least three Covid tests.

Few are feeling optimistic that today's expected announcement will see many destinations added to the green list.

But the industry is more hopeful that there could be news about removing the quarantine requirement for fully vaccinated passengers from amber list countries - though there is no guarantee whether or when this could be introduced.

Ministers have always said that their international travel policy will be guided by protecting public health.

Earlier this week, Health Secretary Matt Hancock said ministers were "working on" plans for fully-vaccinated people to be exempt from quarantine if they returned from amber-list countries.

More than 60% of UK adults have now been fully vaccinated, while 82.5% have had their first jab.

The latest daily Covid figures for the UK also showed a further 16,135 confirmed cases and 19 further deaths.

Hospital admission data is not updated as frequently as cases, deaths and vaccinations, but the most recent data - from 21 June - showed there were 1,508 people being treated for Covid in hospital.

Graphic showing how the traffic light system for arrivals will work

Presentational white space

On Wednesday, workers in the travel industry including cabin crew, pilots, travel agents and airport staff held a series of protests against the rules.

They called on the government to offer the industry more financial support and increase the number of countries on the UK's green list.

And industry body Abta, representing travel agents and tour operators, estimated 195,000 travel jobs have been lost during the pandemic or are at risk.

The government said its international travel policy was guided by "one overwhelming priority - protecting public health".

It said a range of factors were considered when making decisions about countries - including how capable a country is at genomic sequencing, the risk of transmission and the risk from any variants of concern.

The government added it was keeping all possible travel measures under review, and that economic support for the sector included the furlough scheme.--BBC

Investor Warren Buffett gives away $4.1bn more to charity

Billionaire Warren Buffett has donated another $4.1bn (£2.9bn) worth of Berkshire Hathaway shares to charity.

Regarded as the world's most successful investor, the Berkshire Hathaway chairman has given away huge sums of his wealth to charity.

In a statement, he wrote: "Society has a use for my money; I don't."

Mr Buffett also announced his resignation as a trustee of the Bill and Melinda Gates Foundation.

The donation takes him half-way to meeting a 2006 pledge to give all of his Berkshire Hathaway shares to five organisations, including the Gates Foundation.

Mr Buffett has 238,624 Berkshire shares remaining.

He wrote on Wednesday: "Over many decades I have accumulated an almost incomprehensible sum simply by doing what I love to do. I've made no sacrifice nor has my family.

"Compound interest, a long runway, wonderful associates and our incredible country have simply worked their magic. Society has a use for my money; I don't."

Mr Buffett joined the exclusive $100bn (£72bn) club that includes Elon Musk, Jeff Bezos and Bill Gates in March, after Berkshire Hathaway saw its shares rise to record levels in 2021.

He is a co-founder of the Giving Pledge, along with Bill and Melinda Gates, which is a campaign that encourages billionaire philanthropy.

Mackenzie Scott, ex-wife of Amazon founder Jeff Bezos, has also signed up to the pledge and recently announced she had donated another $2.7bn to a wide range of charities.

Although Mr Buffett said the remarks made on Wednesday were "no swansong", he also announced his resignation from the position of trustee of the Bill and Melinda Gates Foundation.

He said he had already stepped down from all other corporate boards, other than that of Berkshire Hathaway.

"My physical participation is in no way needed" for the foundation to achieve its goals, Mr Buffett wrote.

It comes after question marks were raised over the future of the organisation after Bill and Melinda Gates announced their divorce in May.

The billionaire couple run the charitable foundation, which has worked on initiatives such as fighting infectious diseases and encouraging vaccinations for children.

A spokesman for the foundation previously said they would remain co-chairs and trustees.

Mr Buffett also praised incoming chief executive, Mark Suzman, on Wednesday, describing him as an "outstanding" candidate.

"My goals are 100% in sync with those of the foundation", he added.--BBC

Lego plans to sell bricks from recycled bottles in two years

Toy giant Lego is aiming to put bricks made from recycled drinks bottles on shelves within two years.

Lego makes about 3,500 different bricks and shapes, but faces the challenge of coming up with a sustainable product that can last years - decades, even.

The goal is to find a product good enough that people don't notice the difference, said Lego's Tim Brooks.

He did not specify how many of its bricks will contain recycled material, adding: "It's too soon to say."

But he added that Lego wants to start using the bottle-made ones "as soon as possible".

Mr Brooks, Lego's vice president of sustainability, said the two types of blocks should fit together and be interchangeable like any Lego product.

The next stage will be to add colours to the prototype bricks, and test them with children and adult fans,.

Lego said it would initially get soft drinks bottles from the US to make its new plastic toy parts. It said plastic recovered from the oceans would not be suitable as it is typically too degraded.

Plastics crisis

Libby Peake, head of resource policy at the thinktank, Green Alliance said the recycled plastic plan is "certainly preferable to using virgin plastic" but she "hopes the supply of single use plastic bottles falls in future as people embrace reuse".

A number of firms are making products from recycled plastic as sustainability becomes more important to customers.

Lego said that many customers, both children and adult, were asking for more sustainability when buying products in general, and had contacted the firm to say so.

But Friends of the Earth plastics campaigner Camilla Zerr said that "it's really important that recycling isn't hailed as the default solution to the plastics crisis."

"Manufacturers must ensure toys are made to endure many years of use, so they can be handed down and reused from generation to generation," she adds.

In 2018, Lego set a goal to make all of its core products from sustainable materials by 2030.

As part of these efforts, Mr Brooks said the company had developed prototype bricks made from polyethylene terephthalate (PET) bottles, with some other chemicals added.

At present, the company makes many of its bricks using acrylonitrile butadiene styrene (ABS), a virgin plastic made from crude oil.

Using PET will also allow the firm to make different shaped Lego pieces.

'Clutch' test

Typically, Lego is durable enough to last for two to three generations of humans playing with it, and that is what the firm is aiming for with its PET blocks, Mr Brooks said.

In trying to make its products more sustainable, Lego decided to carry on making them durable, rather than biodegradable, and is banking on people saving the blocks and not throwing them away, he said.

The biggest challenge with the new blocks is getting the "clutch" right, he said.

That is, children being able to stick them together and pull them apart with their fingers, regardless of the ambient temperature.

Some materials they tested couldn't even be prised apart with pliers, he said.

The firm has a temperature test, a butter test, and a test to mimic children putting them in their mouths.

"Cleaning it up and getting it to turn into Hogwarts Castle is a challenge," he said, referring to Harry Potter merchandise. "A super-fun challenge."

Lego makes between 110 and 120 billion plastic pieces per year, and about 80% are currently made from ABS.

About 5% are made from a polymer that comes from sugar cane from which Lego makes its plastic plants.

The firm emits about 1.2 million tonnes of carbon per year, and about a third of that is from making its materials.

Using recycled plastic will help to cut those emissions, and the firm also wants to use more renewable energy in its processes, Mr Brooks said.-BBC

Biden to meet with bipartisan senators to discuss infrastructure plan

(Reuters) - President Joe Biden will meet with a bipartisan group of U.S. senators on Thursday to discuss their proposed framework for an infrastructure bill as he looks to push a large-scale spending package through Congress despite Republican opposition.

Members of the group of 21 senators, or "G-21," announced an agreement on a framework on Wednesday after a meeting with White House officials.

The G-21 talks have focused on a $1.2 trillion, eight-year spending plan, with a mix of new and repurposed funding.

For Biden, securing a large-scale infrastructure package is a top domestic priority.

The White House opened talks with the group after the Democratic president broke off negotiations with Republican Senator Shelley Capito. The White House said her proposals had fallen short of meeting "the essential needs of our country."

Biden, seeking to fuel growth and address income inequality after the coronavirus pandemic, initially proposed spending about $2.3 trillion. Republicans chafed at his definition of infrastructure, which included fighting climate change and providing care for children and the elderly.

The White House later trimmed the offer to about $1.7 trillion in an unsuccessful bid to win the Republican support needed for any plan to get the 60 votes required to advance most legislation in the evenly split 100-seat Senate.

 "We came to an agreement on a plan ... and we're just going to try to wrap it up tomorrow," Democratic Senator Joe Manchin told reporters on Wednesday of the new plan.

A major sticking point had been how to pay for the investments. Biden has pledged not to increase taxes on Americans earning less than $400,000 a year, while Republicans are determined to protect a 2017 cut in corporate taxes.

Manchin said the framework encompassed a "long list" of so-called pay-fors and that all new spending would be offset with provisions to cover it, but he offered no specifics.

Democrats in Congress are operating on two tracks.

While they have been open to a bipartisan deal that could win enough Republican support to clear the Senate, they are also planning to bring up a separate measure with significant additional spending on unconventional infrastructure programs, such as home healthcare for the elderly.

That measure would be brought up under special Senate rules for budget bills that would allow it to pass without any Republican support. In that case, Vice President Kamala Harris would be called upon to cast the tie-breaking vote.

The Thomson Reuters Trust Principles.

Fed's mixed messages on inflation unsettle investors

(Reuters) - Investors have been struggling to interpret signals from the Federal Reserve about how hot it is willing to let inflation run before it begins unwinding pandemic-era monetary stimulus.

Measures of markets' U.S. inflation expectations hit multi-year highs in mid-May, but fell after comments from some Fed speakers and minutes from the committee's April meeting sounded more hawkish.

Some investors interpreted that as policymakers having a lower tolerance for an inflation overshoot than previously estimated.

The fall in inflation expectations was exacerbated by the central bank's policymaking meeting on June 15-16, when the Fed pulled forward projections for its first two rate hikes into 2023. Since then, bets on inflation have nudged back up, likely helped by Fed Chair Jerome Powell's insistence on Tuesday that the bank would not preemptively raise rates because of the "fear" that inflation may be coming.

The choppiness suggests investors are struggling to make sense of the sometimes conflicting signals from Fed officials, who are facing their first inflation test under a new flexible average inflation framework adopted in 2020.

"There is a lot of uncertainty among bond investors about what exactly has changed since the Federal Open Market Committee (FOMC)" met last week said Tom Graff, head of fixed income at Brown Advisory.

"Some are arguing that the Fed lost its nerve after a couple of inflation prints and won't ultimately follow through with allowing inflation to stay above 2%."

Breakeven inflation rates on five- and 10-year Treasury Inflation-Protected Securities (TIPS) , have fallen around 25 basis points since hitting 10- and eight-year peaks in May, respectively.

The five-year, five-year forward breakeven inflation rate, which tracks the expected rate of inflation over five years in five years' time, was recently at 2.2%, below the seven-year high of 2.4% it reached in May. Those measures have rebounded slightly in recent days.

The personal consumption expenditures price index (PCE) - the Fed's preferred measure for inflation - rose 3.6% in April from a year earlier.

WAVERING FED?

Last August, the Fed adopted a flexible average inflation target (FAIT) that is designed to be somewhat more forgiving to price pressures than in the past, a major shift to the central bank's approach towards its dual role of achieving maximum employment and stable prices.

Some market participants say the Fed may be less committed to FAIT than when it adopted the policy last summer, when Powell said the central bank would allow prices to rise faster than would have been tolerated in previous cycles.

Last week's Fed meeting suggested "they're walking that back," said Michael Pond, head of global inflation-linked research at Barclays.

"We might have some inflation for now but on a structural basis, this reaction function from the Fed is likely to once again lead to a persistent undershoot," said Pond.

But not everyone agrees that the Fed's commitment is wavering.

"I think some people think the Fed is changing tune and abandoning flexible average inflation targeting. I don't agree, but clearly some people are putting that trade on," said Graff.

FED JUNE MEETING

Powell's argument has been that this year's spike in inflation is transitory and related to the reopening of an economy shuttered by the coronavirus pandemic.

The Fed's more hawkish stance at last week's meeting surprised some market participants because the bank's inflation forecasts a few years out had not changed dramatically.

The median Fed voter in June expected PCE to rise to 3.4% this year, compared to 2.4% in March. Projections for 2022 and 2023 were 10 basis points higher.

Market participants, weighing on every word from Powell at his address on Tuesday, did not have a clear takeaway.

Kathy Bostjancic, chief U.S. financial economist at Oxford Economics, said that Powell this week "re-emphasized that they have the tools to bring inflation down."

"And while I think he was still overall sanguine about the outlook, he did say (they) were surprised about how large and persistent it (inflation) was."

The Thomson Reuters Trust Principles.

Musk says Starlink to go public once cash flow is more predictable

(Reuters) - Tesla Inc (TSLA.O) Chief Executive Officer Elon Musk will list SpaceX's space internet venture, Starlink, when its cash flow is reasonably predictable, the billionaire entrepreneur said late on Wednesday.

"Going public sooner than that would be very painful," Musk said in a tweet. "Will do my best to give long-term Tesla shareholders preference."

He was responding to a question on Twitter, where a user asked: "Any thoughts on Starlink IPO we would love to invest in the future. Any thoughts on first dibs for Tesla retail investors?"

Last year, SpaceX President Gwynne Shotwell floated the idea of spinning off Starlink for an initial public offering.

Starlink, a planned network of tens of thousands of satellites in low-earth orbit, aims to offer fast internet speeds globally.

Musk had said earlier that Starlink, currently based in Redmond, Washington, will be a crucial source of funding for his broader plans like developing the Starship rocket to fly paying customers to the moon and eventually trying to colonize Mars. read more

The Thomson Reuters Trust Principles.

Amazon restores services after multiple users face outage

(Reuters) - Multiple users experienced a brief outage at Amazon.com Inc's (AMZN.O) platforms including Alexa and Prime Video late Wednesday before services were restored, according to outage monitoring website Downdetector.

More than 6,200 user reports had indicated issues with Amazon's online store site, as of 0148 GMT, while about 1,700 users reported problems with Prime Video and more than 400 with Alexa, according to Downdetector.

Outage reports dropped significantly to double digits on the platforms in a little over an hour, Downdetector showed.

The issue affecting the sites was not immediately clear. Amazon did not immediately respond to a Reuters request for comment.

Downdetector tracks outages by collating status reports from a series of sources, including user-submitted errors on its platform.

The Thomson Reuters Trust Principles.

U.S. bans imports of solar panel material from Chinese company

(Reuters) - The Biden administration on Wednesday ordered a ban on U.S. imports of a key solar panel material from Chinese-based Hoshine Silicon Industry Co (603260.SS) over forced labor allegations, said two sources briefed on the matter.

The U.S. Commerce Department separately restricted exports to Hoshine, three other Chinese companies and the paramilitary Xinjiang Production and Construction Corps (XPCC), saying they were involved with the forced labor of Uyghurs and other Muslim minority groups in Xinjiang.

The three other companies added to the U.S. economic blacklist include Xinjiang Daqo New Energy Co, a unit of Daqo New Energy Corp (DQ.N); Xinjiang East Hope Nonferrous Metals Co, a subsidiary of Shanghai-based manufacturing giant East Hope Group; and Xinjiang GCL New Energy Material Co, part of GCL New Energy Holdings Ltd (0451.HK).

The Commerce Department said the companies and XPCC "have been implicated in human rights violations and abuses in the implementation of China’s campaign of repression, mass arbitrary detention, forced labor and high-technology surveillance against Uyghurs, Kazakhs, and other members of Muslim minority groups in" Xinjiang.

At least some of the companies listed by the Commerce Department are major manufacturers of monocrystalline silicon and polysilicon that are used in solar panel production.

The companies or their parent firms did not immediately respond to requests for comment, or could not immediately be reached. XPCC could not immediately be reached for comment.

The immediate effect of the restrictions would be limited as the companies named do not have "vast contracts" with U.S. based wafer companies, Dennis Ip, Regional Head of Power, Utilities, Renewables & Environment (PURE) Research at Daiwa said in a note to clients.

"However, we see possibility for the ban to gradually extend to include restrictions on all solar modules which contain Xinjiang-produced polysilicon," he said.

Chinese module producers could still use polysilicon from Inner Mongolia and Yunnan for their U.S.-bound module shipments, he added.

About 45% of all polysilicon used in solar module production is produced in Xinjiang, with 35% produced in other parts of China. The remainder comes from outside China.

The global solar energy supply chain has been squeezed by record high costs for polysilicon, labour and freight. read more

When asked for comment, China's embassy in Washington referred to remarks on Tuesday by Chinese Foreign Ministry spokesperson Zhao Lijian who dismissed accusations of genocide and forced labor in Xinjiang as "nothing but rumors with ulterior motives and downright lies."

The "Withhold Release Order" by U.S. Customs and Border Protection only blocks imports of the material from Hoshine. A source familiar with the order said it does not impact the majority of U.S. imports of polysilicon and other silica-based products.

A second source said the move does not conflict with President Joe Biden's climate goals and support for the domestic solar industry.

The Biden administration in March announced a target to cut the cost of solar energy by 60% within the next 10 years. President Biden has set a goal of a 100% clean electricity grid by 2035.

The sources said the United States is continuing to investigate allegations of forced labor by Chinese companies who supply polysilicon.

The Xinjiang region accounts for approximately 45% of the world’s solar-grade polysilicon supply, a report by solar industry analysts found.

The two sources familiar with the policy said the White House sees the actions as a "natural continuation" of the G7 agreement earlier this month to eliminate forced labor from supply chains.

"We view these three actions as putting that commitment into action," one of the sources said. "We believe these actions demonstrate a commitment to imposing additional costs on the PRC for engaging in cruel and inhumane forced labor practices."

The XPCC, a paramilitary organization sent to Xinjiang in the 1950s to build farms and settlements, remains powerful in the region's energy and agriculture sectors, operating almost like a parallel state. read more

Foreign governments and human rights activists say it has been a force in the crackdown and surveillance of Uyghurs in the region, running some detention camps. The U.S. Treasury Department last year sanctioned XPCC for "serious rights abuses against ethnic minorities."

The Thomson Reuters Trust Principles.

Bezos' 2021 Space Odyssey a risk too far for insurers

(Reuters) - Launching one of the richest individuals on earth into orbit has proved a leap too far for insurers, who are not ready to price the risk of losing Jeff Bezos or his fellow space travelers.

Amazon (AMZN.O) CEO Bezos, a lifelong space enthusiast, has been vying with Elon Musk and Richard Branson to become the first billionaire to fly beyond the earth's atmosphere.

And while insurers are well known for offering cover for even the most outlandish of risks, at a price, potential accidents in space are not yet among them.

"Space tourism involves significant risk, but is not an issue life insurers specifically ask about as yet because it is so rare for anyone to travel into space," Insurance Information Institute (III) spokesperson Michael Barry said.

There is a nearly $500 million market to insure satellites, rockets and unmanned space flight, but no legal requirement for an operator such as Blue Origin, which Bezos founded, to insure passengers for injury or death or for space tourists to have life cover, brokers and insurers said.

"We're not aware of a case where anybody is insured against passenger liability," Neil Stevens, senior vice president, aviation and space at Marsh (MMC.N), the world's biggest insurance broker, told Reuters.

Assuming they lift-off as planned next month, Bezos and the other wannabe astronauts on Blue Origin's New Shepard spacecraft will not only spend several minutes 62 miles (100 km) above the earth in a truck-sized capsule, they also have to get back.

The only group that has regularly flown humans sub-orbitally since the 1960s is Branson's Virgin Galactic. All have been tests, with one failure in 2014 resulting in a death. Blue Origin has flown 15 unmanned sub-orbital flights with no failures, Seradata SpaceTrak data showed on June 10.

Bezos, Blue Origin and Virgin Galactic did not respond to requests for comment from Reuters on their insurance plans and flight records.

'DIFFERENT RISK PROFILES'

Being uninsured in space is nothing new.

NASA and the U.S., in general, do not buy liability cover, with government launches basically insured by taxpayers, Richard Parker of Assure Space, a unit of insurer AmTrust Financial that provides space insurance, said.

NASA astronauts are eligible for government life insurance programs, a NASA spokesperson said in an emailed response.

Charles Wetton, underwriting manager for space policies at insurer Global Aerospace, said astronauts on government-funded missions are carefully selected for their knowledge, skills and fitness and train for several years before blast off.

"They and their families understand the risks of the work they do, Wetton said.

But commercial space cadets may only get a few days of training for a sub-orbital flight or a few months for a ride to the International Space Station (ISS), Wetton said, adding: "These represent two very different risk profiles that insurers will take into account".

Blue Origin on its website says the spaceflight passenger will receive training the day before the launch, including mission and vehicle overviews, safety briefings, mission simulation and instruction on in-flight activities.

Virgin Galactic said participants will get three days of training and preparation before the launch.

Insurers expect iron clad waivers and contracts from commercial space travel firms, stating they will bear no burden if a passenger dies during a flight.

NASA has called for responses from the industry for its plans for a liability framework for privately-funded astronaut missions to the ISS. NASA's plans include requiring private astronauts to buy life insurance.

It is still early days, but cover for space tourists may be the next step, said Tim Rush, senior vice president, U.S. space, at insurance broker Gallagher, adding that the life insurance market currently provides individual cover of $2-5 million for private astronauts.

The only mandatory insurance in place for commercial space operators is third-party liability, mainly to cover property damage on earth or to a flying aircraft, said Akiko Hama, client executive, space and aerospace underwriting at Global Aerospace.

Blue Origin plans for its six-seater spacecraft to take off on July 20 and fly for four minutes beyond the boundary between the earth's atmosphere and outer space, where passengers will experience total weightlessness.

MILLION DOLLAR QUESTION

A key question for how the sector develops is whether risks related to tourism fall under space or aviation insurance lines, insurers and brokers told Reuters.

The U.N. Outer Space Treaty and the Liability Convention of 1972 governs all activities in space and very few countries have a legal framework for commercial human spaceflight, they said.

The first-ever aviation insurance policy was written by Lloyd's of London (SOLYD.UL) in 1911. A few years later the market insured Charles Lindbergh and his single-engine plane for $18,000 on its non-stop flight from the United States to Europe.

Space trips are different, said Marsh's Stevens, because the passengers are returning to the same place as they left, making it technically a domestic trip to which international aviation insurance cannot be applied, meaning there will also be no limitation to liability.

"The aviation, aircraft insurance market, and the like, are less keen to take on risks that involve spacecraft," he said, adding that whether space tourism trips fall under aviation or space insurance is a "million dollar question".

While air travel is governed by rules that establish airline liability in the case of death of passengers, Stevens said he was unaware of plans for similar rules for space tourism.

However, Wetton said Global Aerospace had started to receive enquiries from companies for sub-orbital missions.

"In 10 years' time, maybe the two lines, aviation and spaceflight will look very similar," said Assure Space's Parker.

"Some legislative somewhere will say, look, we're now having average Joes flying on these launch vehicles and need to protect them," Parker added.

The Thomson Reuters Trust Principles.

Honda hopes new Civic hatchback to be basis for more efficient cars

(Reuters) - Honda Motor Co (7267.T) unveiled its latest Civic hatchback designs on Thursday, with hopes that the all-new model will become a foundation for developing cars more efficiently.

The eleventh generation model of the Civic reflects Honda's company-wide initiative dubbed Honda Architecture, which is aimed to increase the efficiency of development and to expand parts-sharing for mass-produced cars.

Yosuke Sato, development leader for Japan's second biggest automaker, told reporters this month the company utilised Honda Architecture to increase efficiency when developing the Civic's engine compartment by integrating parts and arrangements for components such as an inlet air cooler.

"Successor car models will overall become more efficient," Sato said.

Honda said in 2019 that it expected to reduce the number of man-hours spent on developing mass-production models by 30% by 2025 to accelerate its research and development in new technologies such as electrification and autonomous driving.

Honda has sold more than 27 million Civic vehicles worldwide across 10 different generational models since it was introduced in 1972. The Civic is one of Honda's top-selling cars in the United states.

The new Civic will offer features such as advanced safety and driver-assistance technologies.

While the Civic will be offered with the choice of a continuously variable transmission or a six-speed manual transmission this time, the carmaker said it plans to roll-out hybrid and sporty type-R versions next year.

Sales of the new Civic will start this fall in Japan and the United States, the company said, with the price to be revealed in August.

The Thomson Reuters Trust Principles.

Asian shares tread water, markets eye U.S. inflation signals

(Reuters) - Asian shares marked time on Thursday, with China nudging lower, while the U.S. dollar held below an 11-week high as investors reassessed U.S. Federal Reserve statements on inflation and looked to upcoming data for direction.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.1% to 695.2 points, off a one-month trough of 685.12 touched earlier this week.

Japan's Nikkei (.N225) rose slightly to 28,905.5, while Chinese shares were in the red with the blue-chip CSI300 index (.CSI300) off 0.3%.

On Wall Street, the Nasdaq closed at a record high on Wednesday, while other major U.S. indexes ended lower alongside European stocks.

The market has whipsawed over the last week, feeling the after-effects of a surprise projection for rate increases as soon as 2023 by the U.S. Federal Reserve which knocked stocks, boosted the dollar and led to the flattening of the U.S. bond yield curve.

Investors are now pricing the first full U.S. interest rate rise for February 2023 compared to December 2022 in the immediate aftermath of the Fed meeting.

Overnight, 10-year Treasury yields remained below 1.5% in muted trading.

"Until bond yields break out in a sustainable fashion, in either direction, it remains very hard to determine which direction stocks are headed in over the near term," JPMorgan analysts wrote in a note.

"Much continues to hinge on the upcoming growth data."

Europe released strong manufacturing activity data on Wednesday, while figures on ISM manufacturing and U.S. non-farm payrolls are due next week.

The U.S. dollar vacillated below an 11-week high versus major peers as traders navigated conflicting signals from Fed officials on the timing of a withdrawal of monetary stimulus.

On Wednesday, two Fed officials said a period of high inflation in the United States could last longer than anticipated, just a day after Fed Chair Jerome Powell played down rising price pressures.

The dollar index , which measures the greenback against six rivals, stood at 91.806 early in the Asian session after dipping to 91.509 on Wednesday. It was at 92.408 at the end of last week, the highest since April 9.

Against the Japanese yen, the dollar climbed to a 15-month high of 111.11.

The Bank of England is expected to acknowledge the strength of inflationary pressures in recent data when it meets later in the day.

"We do not expect the statement to push back against expectations that interest rates could start to move higher in the second half of next year," ANZ economists said.

The British pound was steady at $1.3959.

Flash U.S. manufacturing PMI climbed to a record high in June, but manufacturers are still struggling to secure raw materials and qualified workers, substantially raising prices for both businesses and consumers.

Early PMI data showed that euro zone business growth accelerated at its fastest pace in 15 years in June on the easing of more lockdown measures and the unleashing of pent-up demand.

Oil prices hovered near two years high after an industry report on U.S. crude inventories reinforced views of a tightening market as travel picks up in Europe and North America.

Brent crude futures was last off 5 cents at $75.14 a barrel and U.S. crude eased 5 cents to $73.03 per barrel.

Spot gold prices dipped to $1,776 an ounce.

The Thomson Reuters Trust Principles.

Dollar rally sputters as Fed sends mixed signals on inflation

(Reuters) - The U.S. dollar vacillated below an 11-week high versus major peers on Thursday as traders attempted to navigate conflicting signals from Federal Reserve officials on the timing of a withdrawal of monetary stimulus.

The dollar index , which measures the greenback against six rivals, stood at 91.806 early in the Asian session after dipping to 91.509 on Wednesday. It was at 92.408 at the end of last week, the highest since April 9.

The U.S. currency got some support overnight as two Fed officials said that a period of high inflation in the United States could last longer than anticipated, a day after Fed Chair Jerome Powell played down rising price pressures.

Atlanta Fed President Raphael Bostic said with growth surging to an estimated 7% this year and inflation well above the Fed's 2% target, he now expects interest rates will need to rise in late 2022.

Both Bostic and Fed Governor Michelle Bowman said that while they largely agree recent price increases will prove temporary, they also feel it may take longer than anticipated for them to fade. read more

The dollar index jumped as much as 2.1% last week after the Fed surprised markets on June 16 by saying that policymakers are forecasting two interest rate hikes in 2023.

But the index gave up about a third of those gains after Powell on Tuesday said that inflation is climbing due to a "perfect storm" as the economy reopens from the COVID-19 pandemic, and that those price pressures should ease on their own. read more

Six Fed officials are due to speak on Thursday, including New York Fed President John Williams, who on Tuesday said any conversation about when to adjust interest rates is still far off.

"The market has shifted back into price discovery mode, reflecting the Fed's recent shift and the need to fine-tune the taper lift-off date," Mark McCormick, the global head of foreign-exchange strategy at TD Securities, wrote in a client note.

"Good U.S. data will be good for the USD and bad for risk markets, owing to the impact on the tapering process. Accordingly, we still like USD dip-buying into the early parts of the summer."

Producer price inflation data on Friday is this week’s U.S. economic focus, with consumer spending numbers also due that day, and the latest reading on jobless claims released later on Thursday.

The euro was little changed at $1.19295 on Thursday compared to the previous session, when it rose as high as $1.19700 for the first time in a week. It had dipped to the lowest since April 6 on Friday, at $1.18470.

The yen weakened as far as 111.11 per dollar for the first time in 15 months, and was last 0.1% weaker at 111.03.

Rising inflation puts Bank of England on the spot

(Reuters) - The Bank of England will say on Thursday whether it is worried about a recent jump in inflation, which broke above the central bank's 2% target and looks set to climb higher as Britain reawakens its economy from its coronavirus slumber.

With global policymakers grappling with economic overheating risks against the backdrop of huge stimulus programmes, Governor Andrew Bailey and other BoE officials have mostly said Britain's faster price growth is likely to prove transitory.

But last week, the U.S. Federal Reserve began to move towards reducing its pandemic stimulus by signalling its first rate hike in 2023, a year earlier than previous projections, putting the focus on what other central banks might now do.

The BoE is expected to leave its benchmark rate at an all-time low of 0.1% and press on with its 895 billion-pound ($1.25 trillion) bond-buying programme when it announces its June policy decision at 1100 GMT.

But investors are watching to see if any other Monetary Policy Committee members join Chief Economist Andy Haldane who is likely to vote again to scale back the bond-buying programme at his final meeting before leaving the BoE.

With the world's fifth-largest economy bouncing back sharply from its near 10% plunge last year, Haldane has said the British central bank is facing its most dangerous policy challenge in almost 30 years. read more

Consumer price inflation jumped to 2.1% in May, a long way below the U.S. rate of 5% but surpassing the BoE's 2% target level sooner than the central bank had forecast.

Last month, it projected that CPI would hit 2.5% in late 2021 before easing back to 2%. But some economists are now pencilling in a peak of just over 3%.

On Wednesday, a survey of businesses showed cost pressures at their highest levels since the 1990s. read more

Hugh Gimber, global market strategist at J.P. Morgan Asset Management, said some MPC members other than Haldane might feel that the time to act was approaching.

"Last week the Fed took its first step in guiding investors towards less easy policy ahead. The Bank of England may not be far behind," Gimber said.

Interest rate futures on Wednesday priced in a rise in Bank Rate to 0.25% from its current 0.1% by the summer of 2022.

RISKS REMAIN

While Bailey and other MPC colleagues say they are watching inflation closely, they also worry about a possible rise in unemployment when the government asks employers to contribute to the cost of keeping on furloughed workers from July 1.

The furlough scheme is due to end altogether at the end of September.

Evercore, a consultancy, said the BoE's assumptions for how many furloughed workers were likely to go back to their old jobs looked too optimistic, meaning it was expecting a first Bank Rate hike only in late 2022.

"But if the furlough phase-out goes better than we anticipate, the Bank could certainly be hiking as early as May 2022," it said in a note to clients.

The BoE must also monitor a new rise in COVID-19 cases in Britain which on Wednesday hit their highest since February. A planned easing of social-distancing rules due this week was delayed by a month as the government delivers more vaccines to younger people.

($1 = 0.7164 pounds)

The Thomson Reuters Trust Principles.

Okonjo-Iweala Seeks Lower Trade Cost to Boost Africa's Economic Recovery

The Director-General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, has called for lower trade costs to boost Africa's economic recovery.

Okonjo-Iweala said yesterday at the opening ceremony of the 2021 meetings of the African Development Bank (AfDB), that record-high trade costs hinder the movement of goods.

A report by TheCable quoted her as calling for debt relief for African countries, adding that many countries are at risk of entering debt distress.

She said:"When thinking about how to use debt productively, it is paramount to think about how it is managed and what it is used for.

"Debt means to go into high yielding activities with high rates of returns. One potential area for high returns on investment is acting to lower what economists call trade cost, the cost associated with moving goods from the factory gates to the final consumer.

"This would raise the productive capacity of African economies, ultimately reducing debt burdens and helping build regional value chains and competitiveness of firms on the continent.

"Currently, moving manufactured goods across international borders costs roughly 2.7 times more than moving the same goods across the same distance domestically. Costs are even higher for agricultural goods and services.

"Shipping and logistic expenses often accounts for a significant share of these costs and are key factors of why trade cost between high-income countries and much lower than those among low-income countries."

According to her, trade costs could be managed through channels like the African Continental Free Trade Area (AfCFTA), improving internet infrastructure to boost e-commerce, implementing regulatory reforms, and developing infrastructure in ports and roads.

She had earlier this month told WTO members that restoring and increasing the export performance of least developed countries (LDCs) in services trade should take a greater urgency in light of the COVID-19 crisis, which has seen LDCs suffer the steepest declines in services trade.

Okonjo-Iweala was speaking at a webinar on LDCs and services organised by the WTO's Council for Trade in Services.

She highlighted the impact COVID-19 was having on LDCs' services trade.

According to her, the pandemic has severely affected services that require in-person contact between suppliers and consumers, most notably the tourism and transport sectors, where LDCs have a relatively high footprint in global trade.

In 2020, LDC exports of travel/tourism and transport services fell by 69 per cent and 16 per cent, respectively, with total services export revenue loss of nearly $17 billion, she said.

"Decreased export revenues mean job losses and economic distress for people, along with increased financial and debt pressures for governments.

"Against this background, restoring and increasing the export performance of LDCs in services takes on even greater urgency.

"Services can help LDCs increase and diversify exports from more traditional agricultural products and commodities, reducing exposure to price volatility," she added.-This Day.

Rwanda: Govt to Spend Rwf40 BIllion on Arrears

Government has allocated Rwf40 billion under the 2021/2022 national budget in a bid to settle arrears owed to various entities.

On Tuesday, June 22, the joint Plenary Sitting of the Parliament adopted the relevance of the 2021/2022 Rwf3,807 billion national budget bill, which was presented by Uzziel Ndagijimana, Minister for Finance and Economic Planning.

The committee started scrutinising the national budget bill Wednesday, June 23. After that, it will submit its report to Parliament before its Plenary Sitting votes the bill into law to approve the budget.

The New Times understands that the arrears that the government owes in different cases are more than the money allocated.

However, that will contribute to addressing the issue.

Some of the arrears that were exposed during the budget hearings held in May this year include an estimated Rwf17 billion owed to residents in expropriation compensations to pave the way for different infrastructure projects, Rwf7.1 billion unsettled for the construction of Bugesera, Ngoma and Nyagatare stadiums in Eastern Province, and Rwf3.3 billion that the Rwanda Agriculture Board (RAB) owes to contractors for completed agriculture-related works.

Others are over Rwf21 billion owed for the construction of classrooms in 2020/2021, Rwf25 billion owed by the community-based health insurance scheme - commonly known as Mutuelles de Santé - to various health facilities for the medical services they offered to its members, and over Rwf7 billion outstanding remunerations of former Energy, Water and Sanitation Authority (EWSA).

MP Albert Ruhakana said that arrears are accumulated over time, calling for strategies to solve the issue, such as through paying Government suppliers and contractors on due course.

"It has been realised that the arrears are in expropriation, and contractors who were not paid for the services they provided or work they did [to public entities] such as the supply of fertilisers and seeds, as well as setting up infrastructures among others," he said.

Omar Munyaneza, the Chairperson of the Committee on National Budget and Patrimony, told The New Times that settling arrears is one of the aspects that were given priority in the budget bill as it was also among the recommendations of MPs.

He said that the arrears in question are over Rwf40 billion, but indicated that they were considered in the budget, adding that the Government was still doing an inventory so as to clear all of them such as during the budget revision.

"There are contractors who supplied fertilisers and seeds but they are still owed money. The budget bill has allocated funds for paying such arrears," he said, indicating that the same applies to people who offered classroom construction services but were not paid.

Minister Ndagijimana said that the Government does not want arrears to accrue over time.

"The first thing is to allocate the needed funds, but also ensure that the works done be paid on time," he indicated, underscoring that there is collaboration between all concerned entities to address the issue going forward.

WASAC to clear the arrears owed to former EWSA staff

An estimated 1,700 former staff members of the now-defunct Energy, Water and Sanitation Authority (EWSA) were owed Rwf11 billion in total,https://www.newtimes.co.rw/news/pay-ex-utility-employees-their-due-benefits-mps according to data from officials.

The affected employees were laid off in July 2014 during restructuring which saw the parastatal split into two independent agencies; Rwanda Energy Group Ltd (REG), and Water and Sanitation Corporation (WASAC).

The employees include 900 for what is currently REG who were owed more than Rwf5.4 billion, and about 800 for WASAC owed some Rwf6 billion.

During budget hearing held mid-May, WASAC told the Parliamentary Committee on National Budget and Patrimony that Rwf1.2 billion was paid, indicating that the remaining batch - which is Rwf5 billion - had been provided in the 2021/2022 budget.

Jordi-Michel Musoni, President of Energy, Water, and Sanitation Workers Union -SYPELGAZ told The New Times that so far, of out an estimated Rwf11 billion in arrears owed to employees of former EWSA, about Rwf3.2 billion - consisting of Rwf2 billion for REG and Rwf1.2 billion for WASAC - has been paid in the current fiscal year which will come to an end on June 30.

Musoni said that if the money is paid earlier in the 2021/2022 fiscal year, it will be a relief for the former staff, and would make the concerned parties be on good terms as it that could put an end to court cases that were filed by some who could not put up with the delays.

"If all the arrears are paid in the first trimester of 2021/2022, it would be good as it can help the concerned former staff get means to improve their livelihoods, especially during this Covid-19 period which has adversely affecting living conditions," he said.- New Times.

Nigeria: Gas Flare Commercialisation Yet to Take Off 5 Years After Approval

Despite that the department of petroleum resources (DPR) has received bids from about 200 companies for the commercialisation of Nigeria's 45 gas flaring points, the Nigeria gas flare commercialisation programme (NGFCP) is yet to take-off five years after it was launched.

The country is currently losing over $2.5 billion yearly because of severe gas flaring from 178 flare sites nationwide, a development expected to hit $9 trillion in the next 10 years, according to a report by Africa energy portal.

The NGFCP was launched in 2016 and is designed as the strategy to implement the policy objectives of the federal government for the elimination of gas flares with potential enormous multiplier and development outcomes for Nigeria.

The objective of NGFCP is to eliminate gas flaring through technically and commercially sustainable gas utilisation projects developed by competent third party investors who were invited to participate in a bid process.

As at February 2020, the DPR had announced that 200 companies were shortlisted out of 800 applications, to develop 45 gas flare sites across the country under NGFCP.

DPR chief executive officer, Mr. Sarki Auwalu, had said then that in selecting the 200 bidders, careful consideration was given to their capacity, quality of service, track record and ability to deliver on set targets.

But 15 months after their shortlisting, winners are yet to be announced and the project is yet to commence.

Auwalu, had said in June 2020, that the bidding round had been delayed due to travel restrictions aimed at stemming the spread of Coronavirus.

"What is holding (up) the programme is COVID-19. Because (the bidders) need access to the flare points... , they have to go and see (them) physically," he'd said a year ago, adding "We had to officially extend the programme by six weeks."

Yet, speaking a year later at the Nigerian International Petroleum Summit (NIPS) earlier this month, Auwalu still said: "We have received a bid from 200 companies. We evaluated these bids and we are yet to announce the winners.

"It is the first of its kind in the whole world because we are the first country that will take our flare gas points and turn it into commercial value."

Nigeria continues to lose huge revenues to persistent gas flaring and ranks among the seventh gas flare countries in the world.

NOSDRA, a government-run satellite tracker, said that 1.8 billion standard cubic feet (scf) per day of gas was flared in the last nine years, one that should ordinarily attract about $3.6billion in penalty, little of which was paid.

The volume has generated 95.5 million tonnes of CO2 emissions. The flared gas is valued at $6.3 billion and it could generate 179.9 thousand GWh, data from NOSDRA showed.

In 2020 alone, natural gas valued at $1.24billion was burned by oil companies, one which could generate the annual electricity use of 804 million Nigerian citizens, according to the tracker.- Leadership.

Invest Wisely!

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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.

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