Major International Business Headlines Brief::: 28 June 2021

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Major International Business Headlines Brief::: 28 June 2021

 


 

 


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ü  FCA bans world's largest crypto-currency exchange Binance

ü  Hong Kong trading starts after 'black rainstorm' delay

ü  Small businesses urgently call for more Covid support

ü  Johnson & Johnson to pay $230m to settle opioid claim

ü  BT and OneWeb sign rural broadband deal

ü  Didi's $4 bln IPO order books to close Monday - sources

ü  With cloud and AI, IBM broadens 5G deals with Verizon and Telefonica

ü  Chinese flock to home-grown brands in golden opportunity for investors

ü  Fed's Rosengren says U.S. can't afford housing market 'boom and bust' -
FT

ü  Asian shares kick-off week on cautious note as COVID-19 cases spike

ü  Luxury brand Burberry's CEO Marco Gobbetti to step down

ü  Microsoft says new breach discovered in probe of suspected SolarWinds
hackers

ü  Macron rolls out red carpet to JPMorgan, global CEOs in post-Brexit push

ü  Dollar off to firm start as focus shifts to jobs data

ü  UBS CEO sees Archegos hit as one-off, plays down job cuts - Blick

ü  Kenya: Jubilee Health Taps M-Tiba to Extend Mobile Micro-Insurance

ü  Nigeria: Unilag Test-Runs Zero Emission Vehicle

 

 

 

 

 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

FCA bans world's largest crypto-currency exchange Binance

Binance, the world's biggest crypto-currency exchange, has been banned by
the UK's financial regulator.

 

The Financial Conduct Authority (FCA) has ruled that the firm cannot conduct
any "regulated activity" in the UK.

 

It also issued a consumer warning about Binance.com, advising people to be
wary of adverts promising high returns on cryptoasset investments.

 

This comes amid pushback from regulators around the world against
crypto-currency platforms.

 

Binance.com is an online centralised exchange that offers users a range of
financial products and services, including purchasing and trading a wide
range of digital currencies, as well as digital wallets, futures,
securities, savings accounts and even lending.

 

Binance Group is currently based in the Cayman Islands, while Binance
Markets Limited is an affiliate firm based in London. The firm has multiple
entities dotted around the world and Binance Group was previously based in
Malta.

 

The FCA said that Binance Markets Limited (BML), which is owned by Binance
Group, is not currently permitted to undertake any regulated activities
without the prior written consent of the FCA. It has until Wednesday to
comply with the ruling.

 

The regulator also stressed that no entity in the Binance Group holds any
form of authorisation, registration or licence to conduct regulated activity
in the UK.

 

While the FCA does not regulate crypto-currencies, it does regulate
cryptoassets. Firms must be authorised by the regulator in order to
advertise or sell such products in the UK.

 

This means that people in the UK are not allowed to use Binance's services
to speculate, or bet, on whether the price of a crypto-currency like Bitcoin
goes up or down.

 

However, they are still allowed to use the website to purchase and sell
crypto-currencies, which is not regulated, crypto-currency analyst Colin
Stone told the World Business Report programme on BBC World Service.

 

But Binance told the BBC that the FCA notice has no "direct impact" on the
services it provides from its website Binance.com.

 

"BML is a separate legal entity and does not offer any products or services
via the Binance.com website," said a Binance spokesman.

 

"The Binance Group acquired BML May 2020 and has not yet launched its UK
business or used its FCA regulatory permissions."

 

He added that the firm's relationship with its users had not changed,
stressing: "We take a collaborative approach in working with regulators and
we take our compliance obligations very seriously. We are actively keeping
abreast of changing policies, rules and laws in this new space."

 

Controversies over Binance's activities

This is not the first time that Binance has come under scrutiny by
regulators over its global operations.

 

In the US, one of the firm's entities - Binance Holdings - has been the
subject of a probe by the US Securities and Exchange Commission (SEC),
specifically by its officials dealing with money laundering and tax
offences, according to Bloomberg.

 

The SEC issued a similar warning to US consumers in April about the
platform.

 

On Saturday, Binance announced it was pulling out of Ontario, Canada, after
the Ontario Securities Commission (OSC) accused it and several other crypto
trading platforms of failing to comply with province regulations.

 

And on Friday, Japan's Financial Services Agency (FSA) warned Binance for
the second time in three years that it is operating in the country without
permission.

 

One service Binance offers is the ability to use local currency to purchase
digital currencies - known as fiat on-ramp in the industry. In mid-June,
Binance's US partner Silvergate Bank decided to stop processing US dollar
deposits and withdrawals for the firm, according to CoinDesk.

 

While the crypto-currency exchange says its entities are not all connected
to it, Nick Saponaro, a long-time cryptocurrency investor and entrepreneur
tells the BBC this is a handy tactic for avoiding regulatory problems.

 

"Binance has over the course of their operations, moved several times to new
jurisdictions," he said.

 

"That's not uncommon for these fledgling crypto businesses...if the
regulations don't suit their needs, they just move their operations."

 

Another of the firm's entities - Binance.US - is currently one of the
biggest digital currency exchanges in the US, and Binance is one of the
biggest firms in the global fintech industry, he says.

 

"I do believe they are trying to comply with regulations, but often with
these businesses it's an 'ask for forgiveness' model, [where] they hope they
can make enough money so if they do incur a fine, it's negligible
comparatively to what they've earned."

 

Mr Saponaro, who co-founded the crypto-currency Divi and the blockchain
payments ecosystem Divi Project, says the real problem with crypto-currency
exchanges is that they are still centralised, in that there is still a
central authority that takes custody of the users' money, almost like a
bank.

 

This is counter to what the crypto-currency and blockchain technologies were
designed to do, and he feels that all exchanges should be totally
decentralised, enabling users to have complete control over their digital
coins.

 

But he stresses that digital currencies are not a scam and eventually the
fintech industry will get there.

 

"We're 12 years into the crypto adoption cycle, these things just take time
- the exact same things were said about the internet initially," he said.

 

"Governments of each jurisdiction, especially the G7, need to with full
transparency and confidence give us the full regulations about what we can
and cannot do, and it needs to fit what the technology actually does."-BBC

 

 

 

Hong Kong trading starts after 'black rainstorm' delay

Trading on the Hong Kong Stock Exchange finally got underway on Monday
afternoon after its morning session was cancelled due to extreme weather.

 

The decision to open the market came after the government cancelled an
earlier "black rainstorm" warning.

 

The city has three levels of rainstorm warning, with black being the highest
after amber and red.

 

Landslides and flooding were reported in some parts of Hong Kong as it was
hit with high amounts of rainfall.

 

The Hong Kong Stock Exchange announced that trading would start from 1.30pm
local time after the black rainstorm warning was lifted as the extreme
weather conditions eased.

 

It was the city's first black rainstorm warning this year, with more than
150mm of rain reported in the Western part of Hong Kong and the islands of
Lantau and Lamma. Several other districts saw at least 70mm of rain.

 

The storm delayed a flight carrying Hong Kong leader Carrie Lam and her
delegation to Beijing for the Chinese Communist Party's 100th anniversary
celebrations by around an hour, according to the South China Morning Post.

 

Schools and Covid-19 vaccination services were also suspended due to safety
concerns.-BBC

 

 

Small businesses urgently call for more Covid support

Small firms need more help to bridge an 18-day gap as Covid limits continue
but financial support packages wind down, the Federation for Small Business
says.

 

Restrictions were set to be lifted in England on 21 June but were postponed
and the new date is now expected to be 19 July.

 

However, a number of measures aimed at helping firms, such as a business
rates exemption, will end on 1 July.

 

A government spokeswoman said "substantial" support would remain.

 

The FSB is concerned that there will be a gap in financial provisioning that
will put more pressure on businesses that are already struggling.

 

Many firms, especially in the night-time hospitality sector, had budgeted to
be able to trade from 21 June.

 

 

However, the delay in easing coronavirus restrictions - as well as several
different issues coming up to be dealt with at the same time - is causing
many firms stress.

 

While the government has committed to continuing the furlough scheme, there
will be changes from the start of July that will require increased payments
from businesses.

 

>From 1 July, business rate exemptions for retailers and hospitality firms
will end.

 

At the same time, the amount of wage costs employers need to contribute for
furloughed staff through national insurance and pension will rise from 5% to
14%.

 

Firms will also have to start paying deferred VAT bills, while repayments on
more than £45bn in emergency bounce-back loans will soon be due.

 

Cash reserves

FSB national chairman Mike Cherry told the BBC that some of the UK's most
fragile businesses had "clung on" through the pandemic, but now have no cash
reserves remaining.

 

"With 'freedom day' delayed and business support now peeling back, we are
worried for those who suddenly face new costs, but are unable to raise
revenue to pay for them. Some may now cease trading and let staff go," he
said.

 

"Business support should be extended such as full furlough and full business
rates relief."

 

A spokeswoman for the government said that the furlough scheme, introduced
at the start of the first nationwide lockdown, was still in place until
September and "is amongst the most generous schemes in the world", providing
£65bn of support and protecting 11.5 million jobs.

 

"The government will continue pay 70% of workers' wages over July, with
businesses asked to cover just 10%," she added,

 

"They can also continue to access additional support, including restart
grants worth up to £18,000 per business, and business rates relief and a cut
to VAT - both in place until March 2022."-BBC

 

 

Johnson & Johnson to pay $230m to settle opioid claim

US drugs giant Johnson & Johnson is to pay $230m (£165m) to settle claims it
fuelled an opioid addiction crisis in New York State.

 

The firm did not admit liability or wrongdoing in settling with the state.

 

The payments remove it from a trial due to begin on Tuesday in which several
large opioid makers and distributors are defendants.

 

J&J said the settlements were consistent with a prior agreement to pay $5bn
to settle US opioid claims.

 

The settlement with New York State also calls for J&J to stop selling the
painkillers nationwide.

 

"The opioid epidemic has wreaked havoc on countless communities across New
York state and the rest of the nation, leaving millions still addicted to
dangerous and deadly opioids," New York attorney general Letitia James said.

 

"Johnson & Johnson helped fuel this fire, but today they're committing to
leaving the opioid business - not only in New York, but across the entire
country," she added, saying her focus remained "getting funds into
communities devastated by opioids as quickly as possible."

 

Opioids are a class of powerful drugs found in opium poppies that can be
used to block pain signals between the brain and the body.

 

They can be found as legal prescription medications, but they can also be
found as illegal street drugs, such as heroin.

 

Opioid addiction to both legal and illegal drugs has been a serious, ongoing
problem in countries such as the US, which had nearly half a million deaths
from overdoses between 1999 and 2019, according to the US Centers for
Disease Control and Prevention.

 

Johnson & Johnson and the largest US drug distributors - AmerisourceBergen,
Cardinal Health and McKesson - have proposed paying a combined $26bn to end
thousands of opioid lawsuits.

 

J&J has also been appealing against an Oklahoma judge's 2019 ruling that it
pay the state $465m for deceptive marketing of opioids.

 

Tuesday's opioids trial is one of several scheduled for this year, with
others under way in California and West Virginia.

 

Drugmakers AbbVie and Teva Pharmaceutical Industries and several
distributors are among the defendants.

 

In October Purdue Pharma, the maker of OxyContin painkillers, reached an
$8.3bn settlement and agreed to plead guilty to criminal charges to resolve
an investigation into its role in America's opioid crisis.-BBC

 

 

 

BT and OneWeb sign rural broadband deal

BT and satellite operator OneWeb have signed a deal to explore ways to
provide broadband internet to remote areas of the UK and to people at sea.

 

OneWeb, which is partly UK taxpayer-owned, has hundreds of satellites in low
Earth orbit.

 

It is currently adding to its network, and said it should start to provide
services later in the year.

 

OneWeb competes against providers such as Elon Musk's Starlink, which was
recently granted a license to operate.

 

Starlink began a UK trial of its services in January after Ofcom granted it
a licence in November.

 

At the moment OneWeb has 218 satellites, and is due to launch a further 36
on Thursday, a spokesperson said.

 

BT and OneWeb will look at how to improve the speed that people can access
data in remote areas, and how to improve the signal people can get on their
phone, including how to stop it cutting out so much.

 

The two also want to develop services for BT's global customers.

 

BT chief executive Philip Jansen said: "It is clear that greater partnership
is needed, both with government and within industry, to ensure connectivity
can reach every last corner of the country."

 

OneWeb was bought out of bankruptcy last year by the British government and
Indian conglomerate Bharti Global, and in April received a major investment
from Eutelsat.

 

The plan for OneWeb to work more closely with BT comes as the UK government
runs the £5bn Project Gigabit which aims to improve UK rural broadband
coverage.-BBC

 

 

 

Didi's $4 bln IPO order books to close Monday - sources

(Reuters) - China's biggest ride-sharing firm Didi Global Inc will close the
investor order books for its U.S. initial public offering (IPO) to raise up
to $4 billion one day early on Monday, two people with direct knowledge of
the matter said.

 

The people could not be identified as the information is not yet public.
Didi did not respond to a request for comment.

 

The books will close at 5pm in each region on Monday, the people said.

 

Didi set a price range of $13 to $14 per American Depositary Share (ADS), a
regulatory filing showed on Thursday, and said it would offer 288 million
such shares in the IPO. At the top of the range, the deal will raise $4.03
billion.

 

An overallotment option could see the company sell an extra 43.2 million
shares to raise up to an extra $605 million.

 

At the flagged price range, Didi would be worth $62.4 billion to $67.2
billion. read more .

 

The Thomson Reuters Trust Principles.

 

 

With cloud and AI, IBM broadens 5G deals with Verizon and Telefonica

(Reuters) - IBM (IBM.N) will offer telecom operators Verizon (VZ.N) and
Telefonica (TEF.MC) new services ranging from running 5G over a cloud
platform to using artificial intelligence, the U.S. technology company said
on Monday.

 

Big technology players such as Microsoft (MSFT.O) and Amazon (AMZN.O) are
vying for a share of 5G revenue by offering telecom operators
next-generation software tools.

 

IBM, using technology it obtained from buying software firm Red Hat, will
offer the telecom operators cloud services to run their networks and assist
them in selling products tailored to customers. No financial terms were
disclosed about the tie-ups, which broadened IBM's existing partnerships
with the two firms.

 

A cloud platform uses software instead of physical equipment to perform
network functions, helping telecom operators build 5G networks faster,
reduce costs and sell customised services.

 

"It's a disruptive time in this particular market segment, telcos are trying
to position themselves as the destination for services like augmented
reality, machine learning and AI," Darell Jordan-Smith, vice president of
Redhat, told Reuters.

 

On the AI front, IBM and Spain's Telefonica have created a virtual assistant
that they say will remove friction points, such as long wait times, by
automating the handling of frequently asked questions and tasks like
billing.

 

"We see this as an existential moment for telco operators with 5G:
architecturally, they're looking to gain more control on their platforms and
rethink their network as a digital world rather than a structured physical
model," said Steve Canepa, IBM's general manager for communications
business.

 

The Thomson Reuters Trust Principles.

 

 

Chinese flock to home-grown brands in golden opportunity for investors

BEIJING/HONG KONG, June 28 (Reuters) - He Shuang, a student at a U.S.
university stranded in her home city of Chongqing in southwest China during
the pandemic, has added more than 300 domestic brands to her list of
favourites on Alibaba's (9988.HK) Taobao online mall.

 

Like with He, Chinese brands are hot with most shoppers and have spurred
billions of dollars in investment, as consumers increasingly make patriotic
choices amid a growing backlash against foreign brands in the country.

 

A surge in online shopping after people were forced indoors due to COVID-19
last year, a recovery in the market since then, and infrastructure that
allows vendors to scale up swiftly have also propelled demand for local
brands.

 

"Once you try, you find the quality of local products is as good as foreign
products," said the 19-year old He, who favours home-grown labels from
Carslan eye shadows and Feiyue sneakers to Bestore Co (603719.SS) snacks and
Miniso (MNSO.N) homeware.

 

Maia Active, a Sequoia Capital-backed athleisure wear maker, said its
products were designed based on body measurements of Asian women and,
therefore, offered local customers a better fit and more comfort than
western counterparts.

 

In lockstep with demand, investors too have been pouring funds into local
consumer brands this year.

 

Chinese consumer firms raised 69.7 billion yuan ($11 billion) from primary
market investors in the first five months, more than double the year-earlier
amount, according to Cygnus Equity, a Chinese boutique investment bank.

 

"Beauty products, food and beverage brands are the most popular. Recently
hotpot and ramen brands are particularly coveted," said Ming Jin, managing
partner at Cygnus.

 

Up to 200 brands are currently seeking new capital from investors, bankers
and investors said.

 

"China is the easiest market for building something from zero to a
100-million-yuan sales target," a private equity investor in tea chain
operator Nayuki (2150.HK) said, declining to be named as he was not
authorised to speak to media.

 

Nayuki last week raised $656 million in a Hong Kong float, which gave it a
valuation of $4.4 billion, more than double the level in a December funding
round.

 

Weilong Delicious Global Holdings, whose flour-based spicy sticks sell for
under 5 yuan per pack, raised 3.56 billion yuan in May from big name
investors including Tencent (0700.HK), Jack Ma's Yunfeng Capital, CPE,
Hillhouse Capital and Sequoia Capital China. The snack maker was valued at
nearly 70 billion yuan.

 

Sequoia-backed Genki Forest, a soft drink brand seeking to challenge Coca
Cola, said it was valued at $6 billion after an April fundraising, ten times
more than 18 months earlier.

 

Its fundraising attracted investors such as Louis Vuitton owner LVMH's
(LVMH.PA) private equity arm and Singaporean state investor Temasek.

 

LOCAL VS GLOBAL

 

During JD.Com's online shopping festival this month, sales growth of Chinese
brands was 4% higher than international brands. The growth in their customer
numbers exceeded that of international brands by 16%, JD.com said.

 

Chris Mulliken, a Shanghai-based partner at consultancy EY, said nationalism
was a factor driving the popularity of local brands, including pride in
China's recovery from COVID-19 even as several other countries battle high
infection rates.

 

"People are travelling (albeit domestically) and taking the opportunity to
rediscover their own country, return to their customs and discover new
Chinese brands," he said.

 

The recent Xinjiang cotton ban imposed by several global brands including
H&M (HMb.ST), Nike (NKE.N) and Adidas (ADSGn.DE) over concerns about alleged
rights abuses in the province, which offended many Chinese consumers, was
another catalyst. China strongly denies the claims and says all labour in
Xinjiang is consensual and contract-based.

 

Shares of domestic sportswear producers Xtep (1368.HK), Li Ning (2331.HK)
and Anta (2020.HK) have risen 196%, 60% and 38% respectively since April.

 

Dealmakers have warned about the sharply higher valuations, while they also
say the demand trend will stay for a long time.

 

"Consumers no longer idolize international, multinational brands. They like
products and brands that speak for them," said Nina Gong, a Beijing-based
managing director with private equity firm Carlyle Group.

 

The Thomson Reuters Trust Principles.

 

 

Fed's Rosengren says U.S. can't afford housing market 'boom and bust' - FT

(Reuters) - The United States cannot afford a "boom and bust cycle" in the
housing market that would threaten financial stability, Boston Federal
Reserve Bank President Eric Rosengren told the Financial Times in an
interview published on Monday.

 

"It's very important for us to get back to our 2% inflation target but the
goal is for that to be sustainable," Rosengren told the newspaper. "And for
that to be sustainable, we can't have a boom and bust cycle in something
like real estate."

 

The Thomson Reuters Trust Principles.

 

 

 

Asian shares kick-off week on cautious note as COVID-19 cases spike

(Reuters) - Asian shares got the week off to a cautious start on Monday,
with Chinese markets holding steady, as a spike in coronavirus cases across
the region over the weekend hurt investor sentiment while oil hovered around
2-1/2 year highs.

 

MSCI's broadest index of Asia-Pacific shares outside Japan was last a shade
weaker at 702.57. Australian shares (.AXJO) slipped 0.2%. South Korea's
benchmark KOSPI (.KS11) was barely changed as was Japan's Nikkei (.N225).

 

Investors were concerned about a spike in coronavirus infections in Asia
with Australia's most populous city of Sydney plunging into a lockdown after
a cluster of cases involving the highly contagious Delta strain ballooned.

 

Indonesia is battling record high cases while a lockdown in Malaysia is set
to be extended. Thailand too announced new restrictions in Bangkok and other
provinces.

 

Chinese shares were a touch higher with the CSI300 index (.CSI300) up 0.2%.
Data over the weekend showed profit growth at China's industrial firms
slowed again in May as surging raw material prices squeezed margins and
weighed on factory activity.

 

Investors will keep a close eye on official factory activity from China due
Wednesday. The manufacturing reading is expected to slow to 50.7 from 51.
The private sector Caixin Manufacturing PMI will follow later in the week.

 

Last week, global shares reached record highs as weaker-than-expected U.S.
inflation and news of a bipartisan U.S. infrastructure agreement boosted
risk appetite.

 

The infrastructure plan is valued at $1.2 trillion over eight years, of
which $579 billion is new spending.

 

"Investors are keenly watching the progress of U.S. President Biden's
bipartisan infrastructure deal through congress. The package could boost
demand significantly, driven by investment in renewables and electronic
vehicle (EV) infrastructure," ANZ analysts wrote in a note.

 

Oil prices climbed to their highest since October 2018 in early Asian
trading on expectations demand growth will outstrip supply and OPEC+ will be
cautious in returning more crude to the market from August.

 

Brent futures rose 12 cents to $76.30 a barrel, while U.S. crude added 13
cents to $74.18.

 

On Friday, the S&P 500 (.SPX) rose 2.7% for the week, its strongest weekly
gain since early February after data showed a measure of underlying
inflation rose less than expected in May, easing fears of a sudden tapering
in stimulus by the Federal Reserve.

 

The Dow (.DJI) climbed 0.7% while the tech-heavy Nasdaq (.IXIC) dropped
0.06% after holding near the previous session's record high.

 

Later in the week, a closely-watched U.S. jobs report will be released for
June which could point to strong labour demand.

 

Yields for benchmark 10-year U.S. Treasuries , jumped back above 1.50% to
close out a week in which rates notched their largest gains since March.

 

Monetary and fiscal stimulus around the world in response to the COVID-19
pandemic is boosting financial assets, despite an uneven pace of recovery
between regions.

 

Boston Federal Reserve Bank President Eric Rosengren on Friday warned a
build-up of financial stability risks linked to a low interest rate
environment could lead to another downturn that interrupts the labour market
recovery and impedes a return to maximum employment.

 

In currencies, the U.S. dollar was slightly firmer at 91.846 against a
basket of other currencies .

 

The Japanese yen weakened to 110.65 versus the greenback and the euro eased
to $1.1925.

 

An appreciating dollar took some lustre off gold with prices prices down
0.4% at $1,771.9 an ounce.

 

The Thomson Reuters Trust Principles.

 

 

 

Luxury brand Burberry's CEO Marco Gobbetti to step down

(Reuters) - Burberry (BRBY.L) Chief Executive Marco Gobbetti will step down
from the role to take up another opportunity that will let him be closer to
his family in Italy, the British luxury group said on Monday.

 

Gobbetti will be leaving at the end of 2021 after almost five years with the
company, during which he transformed Burberry's brand and business, to take
up a position that will let him return to Italy, Burberry said.

 

"With Burberry re-energised and firmly set on a path to strong growth, I
feel that now is the right time for me to step down," Gobbetti said as
Burberry said it will start the search for a successor.

 

The Thomson Reuters Trust Principles.

 

 

 

Microsoft says new breach discovered in probe of suspected SolarWinds
hackers

(Reuters) - Microsoft (MSFT.O) said on Friday an attacker had won access to
one of its customer-service agents and then used information from that to
launch hacking attempts against customers.

 

The company said it had found the compromise during its response to hacks by
a team it identifies as responsible for earlier major breaches at SolarWinds
(SWI.N) and Microsoft.

 

Microsoft said it had warned the affected customers. A copy of one warning
seen by Reuters said the attacker belonged to the group Microsoft calls
Nobelium and that it had access during the second half of May.

 

"A sophisticated Nation-State associated actor that Microsoft identifies as
NOBELLIUM accessed Microsoft customer support tools to review information
regarding your Microsoft Services subscriptions," the warning reads in part.
The U.S. government has publicly attributed the earlier attacks to the
Russian government, which denies involvement.

 

When Reuters asked about that warning, Microsoft announced the breach
publicly.

 

After commenting on a broader phishing campaign it said had compromised a
small number of entities, Microsoft said it had also found the breach of its
own agent, who it said had limited powers.

 

The agent could see billing contact information and what services the
customers pay for, among other things.

 

"The actor used this information in some cases to launch highly-targeted
attacks as part of their broader campaign," Microsoft said.

 

Microsoft warned affected customers to be careful about communications to
their billing contacts and consider changing those usernames and email
addresses, as well as barring old usernames from logging in.

 

Microsoft said it was aware of three entities that had been compromised in
the phishing campaign.

 

It did not immediately clarify whether any had been among those whose data
was viewed through the support agent, or if the agent had been tricked by
the broader campaign.

 

Microsoft did not say whether the agent was at a contractor or a direct
employee.

 

A spokesman said the latest breach by the threat actor was not part of
Nobelium's previous successful attack on Microsoft, in which it obtained
some source code.

 

In the SolarWinds attack, the group altered code at that company to access
SolarWinds customers, including nine U.S. federal agencies.

 

At the SolarWinds customers and others, the attackers also took advantage of
weaknesses in the way Microsoft programs were configured, according to the
Department of Homeland Security.

 

Microsoft later said the group had compromised its own employee accounts and
taken software instructions governing how Microsoft verifies user
identities.

 

A White House official said the latest intrusion and phishing campaign was
far less serious than the SolarWinds fiasco.

 

"This appears to be largely unsuccessful, run-of-the-mill espionage," the
official said.

 

Scott McConnell, a spokesman for Homeland Security's Cybersecurity and
Infrastructure Security Agency, said the defensive group “is working with
Microsoft and our interagency partners to evaluate the impact. We stand
ready to assist any affected entities.”

 

A SolarWinds spokesperson said, "The latest cyberattack reported by
Microsoft does not involve our company or our customers in any way."

 

The Thomson Reuters Trust Principles.

 

 

 

Macron rolls out red carpet to JPMorgan, global CEOs in post-Brexit push

(Reuters) - President Emmanuel Macron will declare that Paris is back on the
map of global finance on Tuesday when he inaugurates JPMorgan's new trading
hub in the French capital which he hopes will attract more bankers leaving
post-Brexit Britain.

 

The U.S. bank's chief executive, Jamie Dimon, will be one of almost 120
international CEOs travelling to Versailles on Monday for Macron's now
traditional "Choose France" summit in which he pitches France as an
investment destination.

 

The day after, Dimon and Macron will visit JPMorgan's new hub in central
Paris, a stone's throw away from the Louvre museum, where about 440
employees will be based, many having relocated from London.

 

Macron's advisers say that is testament to the appeal of France's
pro-business reforms implemented since the former investment banker's
election in 2017.

 

JPMorgan's new trading floor is the latest concrete example of how Brexit is
changing Europe's financial landscape since January.

 

Paris is at the vanguard of attempts to relocate clearing of euro
derivatives from London to the EU after Britain's "Big Bang" liberalisation
of financial rules in the 1980s drained EU financial capitals of such
activity and staff.

 

Global banks like JPMorgan have long used London as their EU gateway, but
with Brexit largely severing Britain from the bloc's financial market, banks
have spent millions of dollars on hubs in Paris, Frankfurt and elsewhere in
the bloc to avoid disruption.

 

EY has calculated that over 7,500 financial jobs and $1.3 trillion in assets
have moved from London to the EU.

 

After these initial moves, financial firms are now deciding if there is
enough business in London and the EU for two operations to be profitable.

 

"We may reach a tipping point many years out when it may make sense to move
all functions that service Europe out of the United Kingdom and into
continental Europe," Dimon told shareholders in a letter this year.

 

New Financial think tank said in a report in May that Paris has attracted
102 of 440 firms from Britain that opened units in the EU, second only to
Dublin's 135.

 

Officials say past tax measures have helped create 3,000 new finance jobs in
Paris since Brexit and no new perks are planned this week when Macron courts
executives in the palace of Versailles.

 

"London had everything. Our ambition is for Paris to have everything too,"
an advisor to Macron told reporters.

 

($1 = 0.8380 euros)

 

The Thomson Reuters Trust Principles.

 

 

 

Dollar off to firm start as focus shifts to jobs data

(Reuters) - The dollar held firm on Monday as investor focus shifted to the
U.S. labour market, following softer-than-expected inflation data last week
that has done little to soothe concerns about the Federal Reserve dialling
down its monetary stimulus.

 

The dollar's index against six other major currencies rose 0.1% to 91.870 ,
having recovered from Friday's low of 91.524 hit in the wake of the
inflation readings.

 

The euro fell 0.1% to $1.1923 , as it struggled to recover the $1.20 level,
while the dollar hovered at 110.67 yen , not far from Wednesday's 15-month
high of 110.105.

 

The U.S. personal consumption expenditures (PCE) price index, excluding the
volatile food and energy components, increased 0.5%, short of expectations
for a 0.6% rise. read more

 

"Nonetheless the rise in core PCE to 3.4% year-on-year in May was the
biggest jump since 1992 and markets remain cautious if the Fed will
normalise (policy) earlier," analysts at Maybank in Singapore said in a note
on Monday.

 

Signs of a tight labour market have also kept many investors fretting over
wage-driven price pressures. Among a raft of economic indicators this week,
Friday's payroll data is a key focus - with economists expecting an increase
of 675,000 jobs.

 

"Depending on the outcome of the payroll's data, the market could start
pricing in more chances of a rate hike next year," said Yukio Ishizuki,
senior currency strategist at Daiwa Securities.

 

December 2022 Fed funds rates futures are almost fully pricing in a 0.25
percentage point rate hike by the end of next year and speculators had cut
the value of bets against the dollar, or short bets, by the most in six
months last week.

 

The general mood around an ongoing economic recovery is also solid, as
Republican Senate negotiators on an infrastructure deal were optimistic
about a $1.2 trillion bipartisan bill after President Joe Biden withdrew his
threat to veto the measure unless a separate Democratic spending plan also
passes Congress. read more

 

That has some reckoning on the dollar falling back into a downtrend if the
jobs data passes without surprise.

 

"Now that the dust has settled, the reality is that U.S. rate hikes are
still not close enough to trigger a sustained reversal of reflation trades
and (a) stronger dollar," MUFG analysts Derek Halpenny and Lee Hardman said
in a note.

 

"The latest non-farm payrolls report will provide insight into how long it
will take for the labour market to fully recover," they said. "Absent a
significant upside surprise, recent dollar gains should reverse further."

 

Elsewhere, cryptocurrencies hung on to a bounce from weekend lows, but were
tracking towards a second consecutive monthly loss. Bitcoin last traded at
$34,281, while ether fetched $1,973, not far from Tuesday's three-month low
of $1,700.

 

Britain's financial regulator said last week that Binance, one of the
world's largest cryptocurrency exchanges, cannot conduct any regulated
activity and issued a warning to consumers about the platform.  

 

The Thomson Reuters Trust Principles.

 

 

UBS CEO sees Archegos hit as one-off, plays down job cuts - Blick

(Reuters) - UBS Group (UBSG.S) Chief Executive Ralph Hamers sees the hit
from collapsed investment fund Archegos as a "unique event", he told Swiss
newspaper Blick.

 

"Archegos is not a systemic failure, but rather a unique event that can
hardly find comparisons. In this case, there was a lack of transparency. We
will no longer accept that. In any case, we have learned our lessons from
it," he said in the interview.

 

UBS, the world's largest wealth manager, unveiled a $774 million revenue hit
in the first quarter from the default of Archegos, which detracted from
results that included record high client activity levels. read more

 

Hamers also played down reports that Switzerland's biggest bank was cutting
hundreds of jobs.

 

"In order to reduce costs, we need to cut jobs in certain areas. In others,
however, we are creating new jobs. The bottom line is that the number of our
employees will remain more or less the same," he was quoted as saying.

 

The Thomson Reuters Trust Principles.

 

 

Kenya: Jubilee Health Taps M-Tiba to Extend Mobile Micro-Insurance

Nairobi — Jubilee Health Insurance is today announcing a collaboration deal
with CarePay to roll out digital insurance products on the M-TIBA platform.
They are currently developing a new range of affordable mobile-first health
policies for groups, saccos and chamas.

 

Under the new deal, Jubilee Health Insurance customers will be able to sign
up and manage their health policies through M-TIBA's mobile interface.
CarePay is also providing digital services through M-TIBA, including new
member outreach, onboarding, claims handling and payments integration.

 

The partners are predicting that the rollout of convenient and
cost-effective digital capabilities will support the growth of Kenya's
retail insurance segment by enabling more seamless product bundling and much
wider access.

Jubilee Health Insurance Dr. Patrick Gatonga noted that there exists a lot
of unexploited opportunities for insurers to tap into the area that is
micro-insurance but with the right partners and mindset, more Kenyans will
be able to reap the benefits of affordable insurance.

 

"The threat that out-of-pocket expenditures pose to households' living
standards is increasingly recognized as a major consideration in financing
health care. This is so because 75 percent of the world's population is not
adequately protected by insurance, and 40 percent have no coverage at all.
We are therefore coming in to plug the deficit by giving Kenyans an
alternative that enables them to contribute a small percentage of their
income towards unforeseen medical expenditures," Dr. Gatonga noted.

Jubilee Health Insurance currently has close to 5,000 customers under this
program and seeks to reach 20,000 customers by the end of 2021. The
arrangement will see the insurer roll out products that are simple,
affordable, and convenient while health care providers will have access to
real-time communications and transparency of clinic expenditures and
revenues through M-TIBA.

 

CarePay Kenya Managing Director, Moses Kuria, noted that COVID-19 has
changed people's priorities on how they work, live, and seek care. As legacy
infrastructure and business models were challenged during the pandemic, the
leading insurers are seeing digitisation as the key for improving
efficiencies, growth, and customer experience.

 

"We need to work together across the digital health ecosystem to achieve the
universal healthcare coverage vision for Kenya. M-TIBA enables Jubilee
Health Insurance to reach new underserved customers more cost effectively
via mobiles and to improve accountability across the healthcare system. We
also work with a panel of over 3,000 healthcare providers to streamline
client access. Together, we are solving a trilemma of barriers to getting
more people affordably insured; access, financial sustainability, and
trust," Kuria noted.- Capital FM.

 

 

Nigeria: Unilag Test-Runs Zero Emission Vehicle

The vehicle was designed to eliminate carbon emissions associated with
internal combustion engines, as well as minimise acoustic noise when in
operation.

 

The University of Lagos is test-running its Zero Emission Vehicle (ZEV) it
initiated in 2018.

 

The institution's Deputy Vice-Chancellor, (Academics and Research), Oluwole
Familoni, disclosed this in an interview with the News Agency of Nigeria
(NAN) on Sunday in Lagos.

 

According to him, the production is an invaluable addition to the
university's efforts at preventing the release of toxic emissions to the
environment.

 

He said the initiative was also to encourage indigenous engineering
innovation.

 

According to Mr Familoni, UNILAG ZEV is a 63 per cent hardware and 100 per
cent software home-made (Akoka content) mechatronics automobile device.

He noted that the Vice-Chancellor of the university, Oluwatoyin Ogundipe,
had inaugurated the UNILAG Zero Emission Vehicle team in 2018.

 

The team is led by Samson Adeosun, a professor in the Department of
Metallurgical and Materials Engineering.

 

Mr Familoni, a professor pf Chemistry, told NAN that in line with the
universal drive to minimise global warming, the vehicle was designed to
eliminate carbon emissions associated with internal combustion engines, as
well as minimise acoustic noise when in operation.

 

"In concept, the UNILAG ZEV team developed an adaptive and reprogrammable
power train (drive) system.

 

"Although the drive train functionality is presently exhibited with
six-passenger Sport Utility Shuttle Van platform, it can be reconfigured to
support 18-seater commuter bus.

 

"In its exhibition form, the drive train Energy Management System (EMS) is
programmed to deliver ultra-low-power supply to realise maximum range per
battery charging cycle at campus shuttling speed of less than 20km//hour

"On highways, during intra or inter-city transits, the EMS is programmed to
adaptively overwrite the shuttling mode and still minimise energy
consumption.

 

"These user-specific features are absent on assembled imported Completely
Knocked Down (CKD) components of electric vehicles that have been reported
in Nigeria to date," Familoni told NAN.

 

He added that the UNILAG ZEV came with an on-board auxiliary power supply
system.

 

The professor of chemistry said the energy backup was available to the
driver via a 'please take me home switch' on the dashboard.

 

According to him, the vehicle runs on an improvised refurbished Nickel
Hydride battery that delivers up to five-kilometre range per charging cycle
when operated in Campus Shuttle mode.

 

"The range is extendable to 350km at optimum average speed of 110k/hour at
highway mode, when appropriate lithium ion battery is installed."

 

Commenting on the development, the Vice-Chancellor of the institution, Mr
Ogundipe, said the product was proof that the institution was neck-deep into
demand-driving research.

 

He said that if given more support, the university would do more.

 

"We need more support for funding research," he said.

 

Other members of the team that assembled the ZEV include Akinfenwa Fashanu
of the university's Systems Engineering Department, Mohammed Usman (Chemical
Engineering), and Adeola Balogun (Electrical and Electronics Engineering.
(NAN)-Premium Times.

 

 

 

 

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2021

 


Company

Event

Venue

Date & Time

 


Edgars

AGM

virtual

June 30, 8:45am

 


GetBucks

2019  AGM

Conference Room 1, Monomotapa Hotel, 54 Parklane

July 1, 8:30am

 


GetBucks

2020 AGM

Conference Room 1, Monomotapa Hotel, 54 Parklane

July 1, 10:30am

 


Companies under Cautionary

 

 

 


 

 

 

 


ART

PPC

Dairibord

 


Starafrica

Fidelity

Turnall

 


Medtech

Zimre

Nampak Zimbabwe

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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

 


 

 


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