Major International Business Headlines Brief::: 01 March 2021

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Major International Business Headlines Brief::: 01 March 2021

 


 

 


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ü  Nigeria: Dangote Preps Local Engineers for Refinery

ü  Tanzania: AfDB Forecasts Strong Dar Economic Recovery

ü  Kenya: Nms Invites Tenders As Nairobi Roads Upgrade Continues

ü  Jobless rate around UK airports above average, say MPs

ü  AstraZeneca has sold its stake in Moderna for more than $1 billion: The
Times

ü  Biden urges workers to 'make your voice heard' as Amazon employees vote
on union

ü  Asian stocks rally, battered bond market tries for stability

ü  An 'industry custom' - Little-known fees help Japan trust banks dominate
profitable niche market

ü  Logitech warns on FY 2022 outlook after pandemic-boosted FY 2021

ü  Under shareholder pressure, Danone takes step to sell Chinese asset

ü  Bitcoin extends retreat from record high to hit lowest in 20 days

ü  Aramco seeks one-year extension on $10 billion loan: sources

ü  Twilio nears deal to invest up to $750 million in Syniverse: WSJ

ü  Oil prices climb after progress on huge U.S. stimulus bill

 

 

 


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Nigeria: Dangote Preps Local Engineers for Refinery

The Management of Dangote Oil Refinery said it is preparing young Nigerian
graduates to take over the management of its 650,000 barrels per day single
train refinery when it becomes operational next year.

 

President of the Dangote Group, Aliko Dangote, who made this disclosure on
Saturday during the tour of the Dangote Refinery by the Central Bank of
Nigeria (CBN) Governor, Mr Godwin Emefiele, said the outbreak of the
Coronavirus in 2020, which forced many expatriates out of the construction
site helped the company to identify great Nigerian talents.

 

"One thing that gladdens my heart is the young Nigerians we have trained to
take over the operation of the Dangote Refinery. These young Nigerians are
the ones that are going to run the refinery when it becomes operational."

 

Speaking after the tour, Emefiele said an arrangement is being made to
enable the refinery sell refined crude to Nigeria in naira when it commences
production.

 

The CBN governor noted that the $15 billion projects being constructed by
the Dangote Group would save Nigeria from expending about 41 per cent of its
foreign exchange on importation of petroleum products.

 

"Based on agreement and discussions with the Nigerian National Petroleum
Corporation and the oil companies, the Dangote Refinery can buy its crude in
naira, refine it, and produce it for Nigerians' use in naira."-Daily Trust.

 

 

Tanzania: AfDB Forecasts Strong Dar Economic Recovery

THE African Development Bank Group (AfDB) has said despite the Covid 19
pandemic ravaging the world, Tanzania remains one of the fastest growing
economies in the African continent.

 

AfDB President Dr Akinwumi Adesina spoke of Tanzania's economic resilience
over the weekend in his brief salutations to Africa during which he extended
his congratulations to President John Magufuli following his re-election in
the last October 2020 General Election.

 

"Firstly, I wish to congratulate President John Magufuli in his re-election;
your re- election as President is an excellent opportunity to continue to
build a prosperous Tanzania," he said.

President Adesina cautioned other leaders in Africa to take note that
President Magufuli is a man of action, especially when it comes to projects
implementation.

 

"Now let me warn you, President Magufuli is a doer. Now talking about
projects does not cut with him, he is a man in a hurry, he is about
finishing projects and moving on to the next one. So, you get ready.
President Magufuli and his office of investments led by State Minister, Mr
Kitila Mkumbo will vigorously engage you," he sounded the alert ahead of the
forum for project developers and investors.

 

He added: "Second, I want to commend the organisers for organising this
forum for project developers, investors, of Tanzania's boundless investment
opportunities. Now you have come to the right place... Tanzania."

 

Speaking on Tanzania's economic growth, President Adesina said the country
achieved real DGP growth of 6.9 per cent in 2019.

"Now while growth slowed down in Africa to -2.1 per cent in 2020 due to the
Covid-19 pandemic we are all dealing with, Tanzania still managed to record
a growth of 2.1 per cent, that is great," he said.

 

"Now, there is a light at the end of the tunnel, the African Development
Bank forecasted strong economic recovery for Tanzania in 2021," he added.

 

He said real GDP growth is projected to rise up to 4.1 per cent in 2021 and
it will rise up to 5.8 per cent in 2022. He said Tanzania is a country that
is resilient, with strong micro economic fundamentals.

 

"Now also think of the following, last year Tanzania became a middle income
country five years ahead of their own bold and ambitious target date. That
is leadership," he intoned.

 

He said Tanzania's economic numbers clearly tell the story of a thriving and
dynamic economy.

 

"With a 17.4 per cent growth in the construction sector; 8.8 per cent growth
in the transportation sector; and 6.7 per cent growth in the agriculture
sector, Tanzania has been making impressive business and regulatory reforms
and gains in the past several years which are highly commendable," he said.

 

He added: "As investors, you want insurance of a care business preposition,
supportive business and regulatory environment, backed by stability and
predictability of government, the rule of law and commitment and
transparency, and accountability,".

 

He said Tanzania has demonstrated its strong commitment to transparency,
accountability, and has a highly commendable anti-corruption stance. "This
is therefore the place to be."-Daily News.

 

 

 

Kenya: Nms Invites Tenders As Nairobi Roads Upgrade Continues

The Nairobi Metropolitan Services (NMS) is set to continue the facelift of
roads across Nairobi with focus now turning to roads in Industrial Area.

 

Major-General Mohamed Badi's team has begun the process of rehabilitating
more than 38 roads in the area, by launching the tendering process.

 

Roads in lot one of the rehabilitation programme include Garage, Homa,
Workshop, Pate and Dar es Salaam.

 

Lot two is made up of Busia and Kampala roads while lot three covers Gilgil,
Bamburi and Changamwe roads.

Lot four has Dakar, Funzi, Athi River and Addis Ababa roads while lot five
has Catalysts, Machakos, Baricho and Wundany roads.

 

In lot six are Rangwe, Mareba, Hola, Lusingeti and Kitui roads while in lot
seven are Migwani, Isiolo, Bandari, Wajir, Chogoria and Jirore roads .

 

Lot eight covers Butere, Yarrow, Bunyala and Factory Street while lot nine
has Ndume, Nyahera, Runyenjes, Lokitaung, Mogadishu roads, as well as paths
for non-motorised transport including walking and cycling.

 

"NMS invites bids from interested and eligible tenderers ... before March
10, 2021," said NMS Deputy Director-General Kang'ethe Thuku.

 

Resources available

 

The NMS has been re-carpeting and tarmacking roads in the city centre and
surrounding areas.

 

Last September, the agency said it intends to speed up road repairs across
the capital following the completion of a new asphalt (bitumen) plant along
Kangundo Road.

The plant produces 2,400 tonnes of bitumen daily, enough to re-carpet three
kilometres of road.

 

Nairobi County has been relying on asphalt from a plant along Nanyuki Road
in Industrial Area, which produces only 150 to 300 tonnes of asphalt a day.

 

So far, NMS has re-carpeted roads in the Nairobi central business district
including City Hall way, Moi Avenue, Wabera Street with Grogon and Kirinyaga
roads, which are nearing completion.

 

Kenyatta Avenue, Wabera and Muindi Mbingu streets have also been transformed
into non-motorised transport corridors with pedestrian and cycle paths
added.

 

The goal is to ensure the safety of pedestrians and cyclists.

 

NMS and the Kenya Urban Roads Authority (Kura) have also begun constructing
408 kilometres of access roads in informal settlements in Nairobi.

 

The areas that will benefit are Kawangware, Riruta, parts of Dagoretti
North, Mathare, Kangemi, Mukuru, Kibera, parts of Githurai 44 and 45, Mwiki
and Zimmermann.

 

Access roads in the areas have been upgraded to bitumen standards.-Nation.

 

 

 

Jobless rate around UK airports above average, say MPs

Analysis shows that unemployment rates are higher around major UK airports
than across the UK.

 

According to parliamentary data, the number of people claiming unemployment
benefits went up 112% across the UK between January 2020 and January 2021.

 

But analysis by a group of MPs with interest in aviation found that in
constituencies around the UK's top 20 airports, it rose 145% on average.

 

Some airports in London and the South East saw particularly high rises.

 

In Hayes and Harlington, which contains Heathrow, the number of people
claiming unemployment benefits has increased 221%. In Crawley, around
Gatwick, it has increased 224% and in Saffron Walden, the home of Stansted,
it has increased 228%.

 

Earlier this month, a learning hub was set up by the Unite union to help
workers employed at Heathrow develop new skills to improve their prospects
of finding work. The union has said that over 30,000 airport workers could
lose their job by the time the pandemic ends.

 

'Hardest hit'

Last week, the prime minister announced that a Global Travel Taskforce would
provide a report on how to return to international travel on 12 April. The
government will then decide what measures to take, although Boris Johnson
ruled out international travel until at least 17 May.

 

While many in the aviation sector were pleased to be included in the road
map out of lockdown, some people are still concerned that it will take the
industry time to recover.

 

"As these figures show, aviation communities have been some of the hardest
hit in the country," said Karen Dee, chief executive of the Airport
Operators Association.

 

"Airports are major employers in their regions and the consequences of the
near-total shutdown of aviation will be felt far and wide.

 

"Current programmes such as furlough and business rates relief for airports
should be extended for the full financial year in recognition of the
expected slow recovery in travel," Ms Dee said.

 

The All Party-Parliamentary Group (APPG) for the Future of Aviation, which
released the analysis, said this shows that airport communities are being
hit hard by the pandemic, and is calling for more support for the industry.

 

"Our aviation, travel and tourism industries have been devastated by the
near total collapse in passenger numbers and our airport communities have
borne the brunt of this," said APPG chair Henry Smith, MP.

 

"With continuing travel restrictions adding further delay to aviation's
recovery, without a continuation of the job retention scheme, we run the
very real risk that these figures will continue to increase."

 

A Treasury spokesperson said: "Our priority throughout the past year has
been to protect as many jobs as possible, which is why we've invested more
than £280bn to support jobs, businesses and our public services.

 

"We will continue to invest in protecting and creating jobs through the
remainder of the pandemic and through the recovery, and we will set out
further details via the next stage of our Plan for Jobs at the upcoming
Budget."

 

Chancellor Rishi Sunak is due to present his Budget on Wednesday.

 

 

 

AstraZeneca has sold its stake in Moderna for more than $1 billion: The
Times

(Reuters) - AstraZeneca Plc has sold its 7.7% stake in Moderna Inc for more
than $1 billion after the U.S. biotechnology company’s shares soared on the
back of its coronavirus vaccine breakthrough, The Times reported.

 

The report added that it was not clear over what period British-based
AstraZeneca sold its holding in Moderna.

 

AstraZeneca and Moderna did not immediately respond to requests for comment.

 

AstraZeneca is retaining partnership with Moderna on other disease
treatments and could sell its AstraZeneca/Oxford University COVID-19 vaccine
on a commercial basis in future if the virus becomes endemic, the report
added.

 

Moderna, whose vaccine is cleared for emergency use against COVID-19 in the
United States, said last week it was expecting sales of $18.4 billion from
its coronavirus vaccine this year.

 

 

 

Biden urges workers to 'make your voice heard' as Amazon employees vote on
union

WASHINGTON (Reuters) - President Joe Biden defended workers’ rights to form
unions and warned against intimidation of workers in a video posted on
Twitter on Sunday night, as Amazon.com Inc employees in Alabama vote on
whether to unionize.

 

Biden didn’t mention Amazon, but specifically referenced “workers in
Alabama” in the video and a tweet introducing it. He said every worker
should have a free and fair choice to join a union, and no employer could
take that away. “It’s your right...So make your voice heard,” he said.

 

“Unions lift up workers, both union and non-union, but especially Black and
Brown workers,” Biden said in the video. “There should be no intimidation,
no coercion, no threats, no anti-union propaganda. No supervisor should
confront employees about their union preferences.”

 

Amazon, America’s second-biggest private employer, has no unionized labor in
the United States, and workers at its fulfillment center in Bessemer,
Alabama, would be the first if they vote in favor. Such a decision could
encourage workers attempting to organize at other Amazon facilities.

 

A spokeswoman from the Retail, Wholesale & Department Store Union (RWDSU)
said there had been many reports of various “various intimidation tactics
used by Amazon on this campaign and during the voting period.”

 

Amazon, which has long avoided unionization, did not immediately respond to
a request for comment.

 

The company has trained managers to spot organizing activity. A website
advocating Amazon workers shun unions, doitwithoutdues.com, warned the
Bessemer employees, “why pay almost $500 in dues? We’ve got you covered*
with high wages, health care, vision, and dental benefits.”

 

The last attempt by Amazon workers to unionize was in 2014.

 

A top adviser to Biden and officials from the RWDSU discussed the union’s
drive to organize Amazon workers at the Bessemer site after the
inauguration, Reuters reported earlier this month.

 

On Sunday, RWDSU President Stuart Appelbaum welcomed what he called Biden’s
“clear message of support” for the Amazon workers seeking to bring the first
union to an Amazon warehouse.

 

“As President Biden points out, the best way for working people to protect
themselves and their families is by organizing into unions. And that is why
so many working women and men are fighting for a union at the Amazon
facility in Bessemer, Alabama,” he said in a statement.

 

Richard Trumka, head of the AFL-CIO federation of unions, also hailed
Biden’s tweet: “@POTUS is right: Every worker should have the free and fair
choice to join a union.”

 

Biden has vowed to increase union membership in the United States after
years of steady declines.

 

The Bureau of Labor Statistics reported the union membership rate in the
private sector was around 6.2% in 2019, compared to around 20% in 1983.

 

 

 

Asian stocks rally, battered bond market tries for stability

SYDNEY (Reuters) - Asian shares rallied on Monday as some semblance of calm
returned to bond markets after last week’s wild ride, while progress in the
huge U.S. stimulus package underpinned optimism about the global economy and
sent oil prices higher.

 

China’s official manufacturing PMI out over the weekend missed forecasts,
but Japanese figures showed the fastest growth in two years. Investors are
also counting on upbeat news from a raft of U.S. data due this week
including the February payrolls report.

 

Helping sentiment was news deliveries of the newly approved Johnson &
Johnson COVID-19 vaccine should start on Tuesday.

 

MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 1%,
after shedding 3.7% last Friday.

 

Japan’s Nikkei rallied 2.1%, while Chinese blue chips added 0.8%.

 

NASDAQ futures bounced 1.2% and S&P 500 futures 0.8%. EUROSTOXX 50 futures
and FTSE futures both rose 1.0%.

 

Yields on U.S. 10-year notes held at 1.40%, from last week’s peak of 1.61%.
They climbed 11 basis points last week to be up 50 basis points on the year
so far.

 

“The bond moves on Friday still feel like a pause for air, rather than the
catalyst for a move towards calmer waters,” said Rodrigo Catril, a senior
strategist at NAB.

 

“Market participants remain nervous over the prospect of higher inflation as
economies look to reopen aided by vaccine roll outs, high levels of savings
along with solid fiscal and monetary support.”

 

Analysts at BofA noted the bond bear market was now one of the most severe
on record with the annualised price return from 10-year U.S. govt bonds down
29% since last August, with Australia off 19%, the UK 16% and Canada 10%.

 

The rout owed much to expectations of faster U.S. growth as the House passed
President Joe Biden’s $1.9 trillion coronavirus relief package, sending it
to Senate.

 

BofA’s U.S. Economist Michelle Meyer lifted her forecast for economic growth
to 6.5% for this year and 5% next, due to the likelihood of the larger
stimulus package, better news on the virus front and encouraging data.

 

U.S. virus cases were also down 72% since a Jan. 12 peak and
hospitalisations are following closely behind, BofA added.

 

Higher U.S. yields combined with the general shift to safety helped the
dollar index rebound to 90.787 from a seven-week low of 89.677.

 

On Monday, the euro was steady at $1.2083, compared to last week’s peak of
$1.2242, while the dollar held near a six-month top on the yen at 106.60.

 

“Riskier” currencies and those exposed to commodities bounced a little after
taking a beating late last week, with the Australian and Canadian dollars up
and emerging market currencies from Brazil to Turkey looking steadier.

 

Non-yielding gold was still nursing losses after hitting an eight-month low
on Friday en route to its worst month since November 2016. It was last at
$1,750 an ounce, just above a trough around $1,716.

 

Oil prices extended their gains ahead of an OPEC meeting this week where
supply could be increased. Brent gained 4.8% last week and WTI 3.8%, while
both were about 20% higher over February as a whole.

 

Brent was last up $1.11 at $65.53, while U.S. crude rose $1.04 to $62.54 per
barrel.

 

 

 

An 'industry custom' - Little-known fees help Japan trust banks dominate
profitable niche market

TOKYO (Reuters) - When Japan’s Honda Motor Co Ltd stopped using Sumitomo
Mitsui Trust Bank Ltd as its stock transfer agent last year, the lender
slapped it with a roughly $4 million termination fee, according to two
people familiar with the matter.

 

The break fee - 2,000 yen ($19) per shareholder - is a little-known practice
among Japan’s biggest trust banks when they lose a client in the shareholder
record-keeping business, multiple insiders say.

 

The bank that takes the new client typically pays the fee. Insiders say this
arrangement keeps a profitable business in the hands of a few big trust
banks because newcomers balk at the cost. One departing client was told the
charge was an “industry custom”.

 

Japan’s three largest trust banks, Sumitomo Mitsui Trust, Mitsubishi UFJ
Trust and Banking Corp and Mizuho Trust & Banking Co Ltd, control at least
97% of the market, according to an internal bank document.

 

Details of the fees, including the amount and the expectation that the new
bank pay, as well as Honda’s experience, are reported here for the first
time.

 

Some executives at listed companies privately express frustration over the
practice, which they say illustrates banks’ abuse of their considerable
power in corporate Japan.

 

It’s not clear why banks’ break fee amounts are identical. The fees varied
until the late 1990s, when weakened lenders were consolidating, one of the
people familiar with the matter said.

 

“It’s not right to charge 2,000 yen for doing nothing. Any way you look at
it, it’s a barrier to entry and in violation of anti-trust laws,” said one
executive at a major manufacturer. He and other sources declined to be
identified because the information isn’t public.

 

Transfer agents keep records of a company’s shareholders, process dividend
payments and count votes at annual general meetings. Mitsubishi UFJ Trust
shouldered Honda’s fee when it took over records of the automaker’s roughly
210,000 shareholders, according to the two people familiar with the matter.

 

Honda said it couldn’t comment on the content of contracts.

 

Sumitomo Mitsui Trust, Mitsubishi UFJ Trust and Mizuho Trust said they
charge administrative fees when a client leaves. All declined to comment on
the amount of the fees or on specific transactions.

 

Mizuho Trust said that contracts differed from client to client, and that
there are cases in which it discusses the break fee from a former transfer
agent when negotiating a contract. It said that the fees were appropriate
and that its business complied with the law.

 

Mitsubishi UFJ Trust said there was no legal issue with the fees because the
trust banks had not agreed on them together.

 

A spokesman for the Japan Fair Trade Commission declined to comment.

 

A representative for the regulatory Financial Services Agency (FSA) said:
“Contracts in the private sector are at the discretion of each company”.

 

‘INDUSTRY CUSTOM’

 

Trust banks came under scrutiny last year after Sumitomo Mitsui Trust and
Mizuho Trust separately revealed widespread failure to count all valid votes
at annual general meetings over the last two decades. Both have apologised
and pledged to revise practices.

 

Banks don’t always make break fees explicit in contracts, one of the people
familiar with the matter said.

 

Mitsubishi UFJ Trust said that in general, administrative fees are
determined after discussions with the client. Mizuho Trust said there are
cases where it spelled out the fees in contracts.

 

Another executive, at a midsize listed firm, said his company refused to pay
when switching transfer agents years ago.

 

“There was no clause for specific break fees in our contract but the bank
demanded it, saying it was an industry custom,” the executive said. “I told
them it doesn’t make sense.”

 

His company never paid the fee and the bank gave up trying to collect it, he
said.

 

For decades, the transfer agent business was labour intensive because stock
certificates and other records were handled manually. But digitalisation has
helped streamline it, making it more profitable, industry insiders say.

 

Sumitomo Mitsui Trust’s transfer agent business, which includes two small
subsidiaries, had a 49% profit margin in the last financial year, compared
with 39% for the bank overall, according to regulatory filings.

 

At Mitsubishi UFJ Trust, it was 60% for the business, nearly double the
bank’s overall margin of 31%. Mizuho Trust doesn’t give a breakdown for the
business.

 

ANTI-MONOPOLY LAWS

When a client moves, the banks just need to retrieve and forward their
database records, according to the two executives, one of the people
familiar with the matter and another industry insider.

 

Although the volume of data depends on the number of shareholders a company
has - some of Japan’s biggest firms have 700,000 or more - the records are
supplied electronically by the Japan Securities Depository Center, a common
platform for stock transfers.

 

Mitsubishi UFJ Trust said other data needed to be prepared and transferred,
including dividend payment records.

 

“If the break fees cannot be rationally explained and serve as an obstacle
to newcomers, the practice could be against anti-monopoly laws,” said Yasuo
Daito, a lawyer specialising in antitrust issues at Nozomi Sogo Attorneys at
Law.

 

But if larger banks’ services are simply better than those of potential
challengers, then a violation of anti-monopoly laws would be less likely,
Daito said. Investor-relations firm IR Japan Holdings in 2012 became the
first new market entrant in four decades. It now has a 1% share.

 

IR Japan said it doesn’t charge break fees. It declined to comment on the
practice.

 

($1 = 104.8600 yen)

 

 

 

Logitech warns on FY 2022 outlook after pandemic-boosted FY 2021

(Reuters) - Computer goods maker Logitech International on Monday warned
operating income for fiscal 2022 will drop back from a 2021 boom driven
stoked by demand for mice and keyboards for work and leisure at home amid
the coronavirus pandemic.

 

Operating income for fiscal 2022, measured under non-Generally Accepted
Accounting Principles (non-GAAP), is expected to be between $750 million and
$800 million, the Swiss-U.S. company said. That’s down from the $1.1 billion
it now expects for fiscal 2021, a fraction up from a previous estimate of
$1.05 billion.

 

Sales for fiscal 2022, measured in constant currency terms, will be about
flat - plus or minus 5%. For fiscal 2021, Logitech raised its sales growth
forecast to about 63% in constant currencies, up from the 57-60% range it
previously expected.

 

In January, Logitech reported a more than three-fold jump in quarterly
adjusted operating income, benefiting from the pandemic-driven boost in
demand for work-from-home products and gaming accessories.

 

Sales at the company, which makes mobile speakers, keyboards, mice and video
conferencing devices, increased 85% to $1.67 billion in the third quarter,
which has traditionally been the company’s biggest sales period.

 

The company also said on Monday its expectations of long-term sales growth
in constant currency have increased to 8% to 10%, up from high-single digits
and that its non-GAAP operating margin target has improved to between 14%
and 17%, up from 11% to 14%.

 

 

 

Under shareholder pressure, Danone takes step to sell Chinese asset

PARIS (Reuters) - Danone said on Sunday it was taking a first step towards
selling off its stake in its Chinese dairy partner as the French food group
faces pressure from shareholders to improve its performance and governance.

 

Danone said in a statement that following a review of its portfolio it had
reached an agreement to convert its indirect stake in China Mengniu Dairy
Company Limited into a 9.8% direct holding in the Hong Kong-listed group.

 

A sale of the direct stake could follow this year in one or in several
transactions and depending on market conditions, Danone said, adding that
most of the gains would be used to buy back its own shares.

 

The French group said the indirect stake currently had a book value of about
850 million euros ($1.03 billion) and contributed 57 million euros to its
income in 2019.

 

“Today’s announcement is an example of our commitment to deliver portfolio
optimisation and improve returns to shareholders through disciplined capital
allocation,” Chief Financial Officer Juergen Esser said in an emailed
statement.

 

Chairman and Chief Executive Emmanuel Faber has come under growing pressure
recently as shareholders push for changes at the group, which has lagged
some rivals during the COVID-19 pandemic.

 

U.S. investor Artisan Partners joined BlueBell Capital Partners on Friday in
urging Danone to find a new CEO to improve its governance practices and
speed up efforts to boost returns. They have called for the role of CEO and
chairman to be split into two separate positions.

 

French media reported that Danone’s board of directors was due to meet on
Monday to discuss governance issues.

 

($1 = 0.8282 euros)

 

 

 

Bitcoin extends retreat from record high to hit lowest in 20 days

(Reuters) - Bitcoin dropped 6.39% to $43,165.78 on Sunday, losing $2,944.20
from its previous close.

 

Bitcoin, the world’s biggest and best-known cryptocurrency, has fallen 26%
from the year’s high of $58,354.14 on Feb. 21 when it soared amid increasing
confidence that it will become a mainstream investment and payments vehicle.

 

Major firms such as BNY Mellon, asset manager BlackRock Inc and credit card
giant Mastercard Inc have backed cryptocurrencies. Tesla Inc, Square Inc and
MicroStrategy Inc have invested in bitcoin.

 

Ether, the coin linked to the ethereum blockchain network, dropped 8.88% to
$1,329.46 on Sunday, losing $129.57 from its previous close.

 

 

 

Aramco seeks one-year extension on $10 billion loan: sources

DUBAI (Reuters) - Saudi Aramco has asked banks to extend by a year a $10
billion loan it raised last May, two sources familiar with the matter said,
suggesting that rebounding crude prices are not pushing the oil giant to
reduce debt for the time being.

 

The sources confirmed a report by Loan Pricing Corporation, a fixed-income
news provider owned by Refinitiv.

 

It is at the banks’ discretion whether to extend the loan, but lenders will
likely agree in order to maintain a good relationship with Aramco in the
hope of receiving future business, LPC said citing a banker.

 

One of the sources, who confirmed the report, echoed that, saying: “It’s
Aramco. Why not?”

 

Aramco declined to comment.

 

LPC cited a banker as saying it was possible Aramco would try to push down
pricing by arguing that market conditions have improved since May, when oil
prices were much lower and there was much uncertainty about the pandemic.

 

The loan started at 50 basis points over LIBOR, a rate that steps up as more
money is drawn from the facility, one of the sources told Reuters, adding
Aramco could try to reduce pricing by 10 to 15 bps.

 

Brent crude futures settled at $66.13 a barrel last week. In May last year
they were trading at around $30 a barrel, as global demand plunged due to
the coronavirus crisis.

 

Sources told Reuters last year that Aramco would use the loan to back its
acquisition of a 70% stake in Saudi Basic Industries Corp (SABIC) from Saudi
Arabia’s Public Investment Fund, a deal worth almost $70 billion.

 

LPC had previously reported, citing a banker, that the loan would be repaid
with the proceeds from a bond sale by the fourth quarter of 2020. That did
not happen, even though Aramco raised $8 billion in a multi-tranche bond
deal in November.

 

Saudi Aramco’s profits plummeted last year, but it stuck to a promised $75
billion annual dividend, most of which goes to the Saudi government.

 

HSBC said this month that Aramco’s prospects look more positive and
promising for 2021, hinting at declining net debt and a possible dividend
hike.

 

 

 

Twilio nears deal to invest up to $750 million in Syniverse: WSJ

(Reuters) - Cloud-communications firm Twilio Inc is in talks to invest as
much as $750 million in Syniverse Technologies LLC, the Wall Street Journal
reported on Sunday.

 

The investment will be announced on Monday, which could be followed by a
merger between telecommunications services company Syniverse and a
special-purpose acquisition company to take it public, the report said,
citing people familiar with the matter.

 

The deal values Syniverse at around $2 billion to $3 billion including debt.

 

There is no guarantee that Syniverse, backed by private-equity firm Carlyle
Group Inc will go public, either through a SPAC deal or an IPO, the Journal
added.

 

For Syniverse, the Twilio deal involves a commercial arrangement that would
send a significant amount of business its way, the newspaper said. Syniverse
may also use proceeds from a SPAC deal to make acquisitions, it said.

 

Both Twilio and Syniverse did not immediately respond to a Reuters request
for comment.

 

 

 

Oil prices climb after progress on huge U.S. stimulus bill

SINGAPORE (Reuters) - Oil prices rose more than $1 on Monday on optimism in
the global economy thanks to progress in a huge U.S. stimulus package and on
hopes for improving oil demand as vaccines are rolled out.

 

Brent crude futures for May rose $1.07, or 1.7%, to $65.49 per barrel by
0042 GMT. The April contract expired on Friday.

 

U.S. West Texas Intermediate (WTI) crude futures jumped $1.10, or 1.8%, to
$62.60 a barrel.

 

“Oil prices are recovering this morning in line with most risk assets on the
back of the U.S. stimulus bill passing the House and as central banks
continue to sabre rattle to ward off market-implied financial tightening,”
Stephen Innes, chief global markets strategist at Axi, wrote in a note on
Monday.

 

U.S. House of Representatives passed a $1.9 trillion coronavirus relief
package early Saturday. Democrats who control the chamber approved the
sweeping measure by a mostly party-line vote of 219 to 212 and sent it to
the Senate, where Democrats planned a legislative manoeuvre to allow them to
pass it without the support of Republicans.

 

More positive news on the coronavirus vaccination front and signs of an
improving Asian economy also boosted prices.

 

A U.S. Centers for Disease Control and Prevention advisory panel voted
unanimously on Sunday to recommend Johnson & Johnson’s COVID-19 shot for
widespread use, and U.S. officials said initial shipments would start on
Sunday.

 

J&J expects to ship more than 20 million doses by the end of March and 100
million by midyear, enough to vaccinate nearly a third of Americans.

 

Over in Japan, a private survey showed factory activity expanding at the
fastest pace in over two years in February, adding to signs of a rebound in
Asian growth.

 

On the flip side, investors are betting that this week’s meeting of the
Organization of the Petroleum Exporting Countries (OPEC) and allies, a group
known as OPEC+, will result in more supply returning to the market.

 

“More supply needs to come onto the market to ensure OPEC+ meets incremental
demand and keeps internal discipline ducks in a row,” Innes added.

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2021

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


ART

PPC

Dairibord

 


Starafrica

Fidelity

Turnall

 


Medtech

Zimre

Nampak Zimbabwe

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


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

 


 

 


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344 1674

 


 

 

 

 

 

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