Major International Business Headlines Brief::: 03 March 2021

Wed Mar 3 09:55:35 CAT 2021

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Major International Business Headlines Brief::: 03 March 2021

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ü  Microsoft accuses China over email cyber-attacks

ü  Rio Tinto chief to step down over cave destruction

ü  Covid: Qantas launches 'mystery flights' to boost tourism

ü  Budget 2021: Furlough scheme to be extended until September

ü  Some UK arrivals 'still waiting' for quarantine Covid tests

ü  Nike exec quits after son's trainer resale firm revealed

ü  Unions fear huge job losses as 'saviour of steel' hits crisis

ü  Asian stocks perk up on economic cheer as Treasuries stabilise

ü  Samsung considering four sites in U.S. for $17 billion chip plant:
documents

ü  Exxon to cut 7% of Singapore workforce amid 'unprecedented market
conditions'

ü  Proxy adviser ISS backs shareholder proposal for Toshiba investigation

ü  Analysis: Biden's SEC chair nominee signals more regulation for
cryptocurrencies

ü  Oil rises on demand hopes after days of sell-off

ü  Nigeria: Fuel Hoarding - DPR Threatens to Shut Down Erring Filling
Stations

ü  Nigeria: Petrol Price Hits N170 Per Litre As Scarcity Persists

ü  Tanzania: Roads Unlock Kagera Region Potential to Boost Intra-Regional
Trade

ü  Tanzania: Bank's Interest Rates On Loans Plummet

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Microsoft accuses China over email cyber-attacks

Microsoft has blamed a Chinese cyber-espionage group for attacks on its mail
server software.

The tech giant said the hackers belonged to a state-backed group, which was
a "highly skilled and sophisticated actor".

In a blog post, Microsoft said the hacking campaign made use of four
previously undetected vulnerabilities in different versions of the software.

The security flaws allowed the hackers to remotely plunder email inboxes.

Microsoft's Threat Intelligence Centre attributed the attacks with "high
confidence" to Hafnium, a group assessed to be state-sponsored and operating
out of China.

It based its conclusion on "observed victimology, tactics and procedures".

Microsoft said Hafnium targets infectious disease researchers, law firms,
higher education institutions and defence contractors.

Policy think tanks and non-governmental groups have also been targeted.

This is the eighth time in the past 12 months that Microsoft has publicly
disclosed nation-state groups targeting institutions critical to civil
society.

Although Hafnium is based in China, it conducts its operations primarily
from leased virtual private servers in the US, Microsoft said.

Separately, Microsoft said it has observed Hafnium interacting with users of
its Office 365 suite.

The company has released software updates aimed at addressing the
vulnerabilities in its software.

Microsoft said the attack was in no way related to the SolarWinds attack,
which hit US government agencies late last year.

China presence

While many US tech firms have had a tumultuous relationship with the Chinese
government, Microsoft has maintained a mainland presence since 1992.

Unlike Facebook and Twitter, Microsoft's business-oriented social media
platform LinkedIn is still accessible in China.

So too is its search engine Bing, although locally-grown Baidu dominates the
search market.

The company also runs a centre for artificial intelligence research in
China.--BBC

Rio Tinto chief to step down over cave destruction

Rio Tinto's chairman and a director will step down over the destruction of
two ancient Aboriginal rock shelters.

The 46,000-year-old Juukan Gorge rock shelters were destroyed for an iron
ore mine in Western Australia last year.

A public and investor backlash led to the resignation of then-chief
executive Jean-Sebastien Jacques and two deputies.

However, last month the mining giant's remuneration committee handed large
payouts to all three executives.

Simon Thompson will step down as chairman after next year's annual general
meetings, while non-executive director Michael L'Estrange will retire from
the board after this year's meetings.

"I am ultimately accountable for the failings that led to this tragic
event," Mr Thompson said in the statement on Wednesday.

Mr Thompson came under continued pressure last month after the region's
elders accused him of breaking a personal promise.

Significant archaeological site

The caves - seen as one of Australia's most significant archaeological
research sites - had shown evidence of continuous human habitation dating
back 46,000 years.

Artefacts found at the caves include a 28,000-year-old animal bone tool and
a 4,000-year-old belt made of plaited human hair.

DNA testing had directly linked it to the Puutu Kunti Kurrama and Pinikura
(PKKP) people - the traditional owners of the land.

The shelters sat above about eight million tonnes of high-grade iron ore,
with an estimated value of £75m (A$132m; $96m).

In December, a parliamentary inquiry ordered Rio Tinto to rebuild the cave
system, and blasted their destruction as "inexcusable".

In its report - titled Never Again - the inquiry concluded Rio Tinto "knew
the value of what they were destroying but blew it up anyway".

It made seven recommendations, including a moratorium on all mining in the
local area, and changes to heritage protection laws.--BBC

Covid: Qantas launches 'mystery flights' to boost tourism

Qantas is launching "mystery flights" in a effort to boost domestic tourism
across Australia and spark nostalgia.

The day-trips, where passengers don't know the destination when boarding,
were popular in the 1990s.

Airlines across the region are coming up with different strategies to tackle
the pandemic-induced travel slump, with Thai Airways announcing this week it
will slash its workforce by 50%.

The downturn has led to government bailouts, collapses and huge job cuts.

Carriers are dealing with a severe drop in passengers amid "the uneven
roll-out of vaccinations across the world which will only delay the full
reopening of borders", according to the Association of Asia Pacific Airlines
(AAPA).

AAPA figures released this week showed that passenger numbers for January
were just 4% compared to the same month last year, when 33.5 million
passengers flew across the region.

On Tuesday, Thai Airways International said it planned to cut its staff
numbers in half in the next few years, as part of the troubled national
carrier's rehabilitation plan.

The airline plans to have 13,000 to 15,000 employees on its books by 2025,
having announced last month it will also slash hundreds of management
positions and supervisors.

Flights to nowhere

Qantas was one of the first airlines to offer flights to nowhere, which take
off and land at the same airport after low-level fly-bys of iconic
Australian landmarks.

The mystery flights are the Australian airline's latest tactic to woo more
passengers into flying.

Flights will be on one of three Qantas Boeing 737 planes from Brisbane,
Melbourne or Sydney with economy fares beginning at A$737 (£413, US$577).

The all-day package includes activities that range from wine-making and
gourmet lunches, to snorkelling on tropical islands.

With international borders unlikely to reopen until 2022, Qantas has asked
the government for certainty over domestic travel now that Australia's
Covid-19 vaccine rollouts are under way.

"What we are looking for is an assurance that at a point in time, or at a
point in the vaccine rollout, further border closures will be ruled out,"
Qantas group executive Andrew Parker said.

"Travellers are confused by a patchwork of rapidly changing restrictions and
are understandably worried about being locked out of their own home state or
intended destination," he said.-BBC

Budget 2021: Furlough scheme to be extended until September

The chancellor will extend the furlough scheme until the end of September
when he makes his Budget speech later.

Rishi Sunak said the scheme - which pays 80% of employees' wages for the
hours they cannot work in the pandemic - would help millions through "the
challenging months ahead".

Some 600,000 more self-employed people will also be eligible for government
help as access to grants is widened.

But Labour said the support schemes should have been extended "months ago".

Mr Sunak will outline a three-point plan to support people through the
coming months, rebuild the economy and "fix" the public finances in the wake
of the pandemic when he delivers his statement to the Commons at around
12:30 GMT.

But he has warned of tough economic times ahead and there are reports that
he plans to raise some taxes.

The Coronavirus Job Retention Scheme has protected more than 11 million jobs
since its inception and had been due to close at the end of April.

Employers will be expected to pay 10% towards the hours their staff do not
work in July, increasing to 20% in August and September, as the economy
reopens.

Speaking ahead of the Budget, the chancellor said: "Our Covid support
schemes have been a lifeline to millions, protecting jobs and incomes across
the UK.

"There's now light at the end of the tunnel with a roadmap for reopening, so
it's only right that we continue to help business and individuals through
the challenging months ahead - and beyond."

Further support for self-employed workers will also be announced by Mr
Sunak.

A fourth grant from the Self-Employment Income Support Scheme will be
available to claim from April, worth 80% of three months' average trading
profits up to £7,500, while the chancellor will set out details of a fifth
grant.

The Treasury said that hundreds of thousands more people will be eligible
for the grants this time, as tax return data for 2019-20 is now available.

Mr Sunak previously faced criticism that newly self-employed people were
unable to benefit from the scheme previously.

It is incredible to think that last year's Budget did not even contain the
word "furlough". Official confirmation of a pandemic came hours after its
publication, swiftly rendering most of its numbers obsolete.

But so far in this crisis, unemployment has gone up only modestly. Furlough
and the separate support scheme for the self-employed have prevented mass
unemployment.

These extensions now aim to prevent a rapid rise in joblessness at the end
of the schemes. The BBC understands that unemployment forecasts will be
revised down on Wednesday as the chancellor promises to deploy his "full
fiscal firepower" to "protect livelihoods" - the theme of the Budget red
book.

At more than £10bn, this intervention is almost worthy of a Budget in and of
itself.

But the full document will reveal whether the chancellor's borrowing spree
is limited to the "rescue phase" of this crisis, or if his confidence in a
jobs bounce-back means the economy does not need further stimulus and could
even sustain some business-focussed tax rises.

After the jabs, the jobs are the great hope.

'Moment of crisis'

The chancellor will pledge to use the government's full "fiscal firepower"
to protect jobs and livelihoods, vowing to do "whatever it takes" to help
businesses and people.

He is expected to tell MPs: "First, we will continue doing whatever it takes
to support the British people and businesses through this moment of crisis.

"Second, once we are on the way to recovery, we will need to begin fixing
the public finances - and I want to be honest today about our plans to do
that.

"And, third, in today's Budget we begin the work of building our future
economy."

He is set to extend the £20-a-week top-up to universal credit for six months
to help struggling households, a government source told the BBC.

Mr Sunak has already promised more money for the vaccination rollout, a £5bn
scheme to help High Street businesses reopen, and a mortgage guarantee
scheme to help first-time buyers.

Other support is expected to include:

£408m for museums, theatres and galleries in England to help them reopen
when Covid restrictions ease

£150m to help communities take over pubs in danger of closing

£300m summer sports recovery package, including cash for English cricket

It has also been reported that the stamp duty holiday, which is due to end
on 31 March, could be extended.

But Mr Sunak faces a potential row with some Conservative MPs if he imposes
tax increases to tackle the huge hole in the government's balance sheet,
amid warnings they could stifle economic growth.

The extension to the furlough scheme was welcomed by business organisations,
with the CBI's chief economist, Rain Newton-Smith, saying it will keep
"millions more in work and give businesses the chance to catch their breath
as we carefully exit lockdown".

Economic think tank the Resolution Foundation's chief executive, Torsten
Bell, said the phased tapering off of the scheme will avoid a "risky
cliff-edge" for employers, but warned that the "peak of unemployment is
ahead rather than behind us".

However, Bridget Phillipson, Labour's shadow chief secretary to the
Treasury, said the changes to support schemes "could have been made months
ago" - accusing Mr Sunak of focusing on "getting his moment in the sun
rather than protecting jobs and livelihoods".

And Len McCluskey, general secretary of Unite, said that while the extra
months of furlough support offer "some stability in the rocky months ahead",
the scheme should be extended until 2022.--BBC

Some UK arrivals 'still waiting' for quarantine Covid tests

Some international arrivals to the UK have waited nine days for Covid test
kits that should be taken on day two of a 10-day quarantine period.

Travellers from countries not on the UK's "red list" must purchase a £210
testing kit, with a test taken on day two and day eight of isolation.

Those who do not take the tests may face penalties of up to £2,000.

A government spokesman said there were "no specific issues" with the
deliveries or fulfilment of test kits.

They advised that customers should receive the test kits, providing the
correct details are given at the point of booking.

However, several passengers have told the BBC that despite ordering the
tests, they never arrived.

The social media pages for the testing provider, Corporate Travel Management
(CTM), contain other comments complaining about delivery delays.

'Very frustrating'

Yury Babin travelled to the UK from Moscow for work. He purchased the test
kit on Friday on his arrival. Although he received an email confirming his
order, he is still waiting for his tests four days later.

"When I called the line said: 'We are experiencing high volumes of calls',
before dropping,' says Mr Babin. "I have emailed too, but had no response. I
can't go to the pharmacy to buy the test, what are my options?"

Mr Babin describes the situation as "very frustrating".

"Of course I'm concerned that I might get a fine, but if I do I will
challenge it. Why are the government making policies that they can't
administer?"

He has now been told by the test provider, CTM, that his kit will be resent.

Lorenzo Calonghi lives in France, but returned to the UK in February to
study engineering. He booked his tests on 20 February, but became worried
when he hasn't received the first test by his second day in quarantine at
home.

"On day three (of home quarantine), I called the company multiple times and
was unable to reach them," says Mr Calonghi. 'I continued to call every day
but still never received a call back - nor was my call ever picked up."

He eventually found out by contacting the company on Twitter that his order
had been declined, although he had already received a confirmation email and
been able to go through UK border controls.

He says that the company did not tell him that there was an issue with his
payment and nine days on, he still has not received the tests.

Others have had similar problems. Tasadaq Hussain booked the testing package
for his wife who was returning from Pakistan. When the tests did not arrive,
they tried to reach the company.

"I was on hold for an hour and a half without an answer," he says. "We kept
trying every day."

Mr Hussain eventually created a Twitter account and eventually received a
response from the firm after eight days.

Anyone experiencing a delay in their test kit being delivered is advised to
call 119.--BBC

Nike exec quits after son's trainer resale firm revealed

A top Nike executive in the US has resigned from the company after 25 years
after her son's booming sneaker resale business became public.

Ann Hebert, Nike's general manager for North America, stepped down following
the Bloomberg Businessweek article.

It reported the son used a credit card in her name to purchase shoes for his
business, which he resold for a profit.

Nike defended Ms Hebert's conduct, saying she had disclosed her son's West
Coast Streetwear firm in 2018.

"There was no violation of company policy, privileged information or
conflicts of interest, nor is there any commercial affiliation between WCS
LLC and Nike, including the direct buying or selling of Nike products," the
company told Bloomberg.

The article describes how 19-year-old Joe Hebert used bots to swarm online
sale sites, overcoming systems meant to restrict purchases, to buy up
popular, limited edition sneakers.

In one case, he bought $132,000 (£94,780) worth of shoes, which he resold
for a profit of $20,000.

He told Bloomberg he never received information from his mother, who worked
for the firm for more than 25 years.

West Coast Streetwear is part of a broader resale market for sneakers, which
Cowen analysts in July estimated at $2bn in North America alone.

Nike holds a delicate place in that market. While the brand benefits from
the hype that comes with sky-high prices, limiting shoes too much risks
angering customers - and losing out on possible sales.

The firm's decision to release some shoes via its own SNKRS app - opening it
up to manipulation by the bots used by Mr Hebert and others - has fuelled
debate about its role.

UK-based reseller Tahsin Sabir said Nike and other companies haven't done
enough to crack down on such activity, which can lead releases to sell out
nearly instantly.

"I think they don't actually mind people doing it because it sort of drives
the hype," he said. "They're multi-billion pound companies. At the end of
the day, they could do a lot more with their technology to try to stop it."

Nike in a statement said Ms Hebert, who oversaw that app, had made the
decision to resign.

On social media, where West Coast Streetwear promoted its trainer finds, the
younger Hebert was also hit with criticism, as commentators said the reports
of the familial ties cast the business hustle he portrayed in a new light.

"Thanks mom", one commentator posted under one of the firm's pictures.--BBC

Unions fear huge job losses as 'saviour of steel' hits crisis

Union sources have told the BBC that they are very concerned about the
potential risk to thousands of UK steel and engineering jobs.

Their fears follow the emergence of financial problems for the owner of
plants at Rotherham, Stocksbridge, Newport and Hartlepool.

Called the "saviour of steel", Sanjeev Gupta's Liberty Group bought up the
struggling UK steel businesses.

His GFG Alliance company said it had "adequate funding".

There are 3,000 direct steel employees and a further 2,000 in engineering
businesses within the group.

Serious trouble

One of Mr Gupta's primary sources of finance is a group called Greensill
Capital, run by former investment banker Les Greensill who counts former
Prime Minister David Cameron among his paid advisers.

Greensill's exposure to Mr Gupta's business prompted the Swiss investment
bank Credit Suisse to freeze withdrawals from up to £10bn worth of funds
held as security.

Sources close to the situation told the BBC that Greensill was in serious
financial trouble and that it would "not be wrong to surmise that it was
likely to go into administration".

The sources added that there was a direct link between Mr Gupta's financing
difficulties and risks to thousands of industrial jobs in the UK.

A spokesperson for steel union, Community, said: "There's no doubt these
reports are concerning and, on behalf of our members, we are pressing the
company for answers. Liberty Steel UK is a crucial strategic business and we
are ready to work with the company and the government to secure the business
and protect jobs."

Billions in loans

Mr Gupta was hailed as saving thousands of UK jobs when he stepped in to buy
up plants and processing facilities that seemed on the brink of going bust.

But his financial arrangements have always been shrouded in secrecy and
controversy.

Connections between Greensill Capital and international money manager GAM
saw a senior manager at GAM forced to resign over allegations of poor risk
management and due diligence over billions in loans to Mr Gupta's empire.

GFG Alliance is a collection of global businesses and investments owned by
Sanjeev Gupta and his family. A spokesman said: "GFG Alliance has adequate
funding for its current needs and its refinancing plans to broaden its
capital base and obtain longer term funding are progressing well.

"Our global efficiency drive means that our core businesses are
operationally strong. We are benefiting from a recovery in steel and
aluminium markets which means that most of our businesses are running at
near full capacity to meet high demand and are generating positive cash
flows."

Harish Patel from Unite told the BBC what many in the industry have feared
for some time: "Unite has always been concerned about the financial basis
that Liberty Steel is based on.

"The latest concerns about the future of Greensill and Sunjav Gupta's
refinancing difficulties are deeply alarming and Unite will be seeking
urgent reassurances about the health of the business units in the UK."--BBC

Asian stocks perk up on economic cheer as Treasuries stabilise

TOKYO/NEW YORK (Reuters) - Asian shares edged higher on Wednesday as
investors shrugged off concerns that stocks may have rallied too far too
fast in the past year, and focused instead on optimism that more imminent
U.S. stimulus will energise the global economic recovery.

MSCI’s broadest index of Asia-Pacific shares outside Japan was up 1.12%.
Australian shares were up 0.82%, while Japan’s Nikkei stock index rose
0.45%. Shares in China gained 1.27%.

E-mini S&P futures were up 0.36%.

The pan-region Euro Stoxx 50 futures were up 0.35%, German DAX futures were
up 0.36%, and FTSE futures were up 0.55%.

Wall Street retreated overnight after beginning March with a bang, with the
S&P 500 staging its best one-day rally in nine months on Monday.

But some analysts warned that worries that stock prices may be frothy, a
fear echoed by a top Chinese regulatory official on Tuesday, may make it
harder for equity markets to hang on to gains. Fears that last week’s
sell-off in U.S. Treasuries, which rattled stock markets, could resume may
also put a lid on stock prices, they said.

“While markets have stabilised..., the tone remains tenuous as investors
continue to fear a further sell-off in rates,” analysts at TD Securities
said in a note.

The cautious mood weighed on the U.S. dollar, which has benefited in recent
days from investor hopes that the United States will enjoy a faster economic
recovery, and that the U.S. central bank will be more tolerant of higher
bond yields.

The U.S. dollar index stood at 90.787, nursing a 0.2% loss from the previous
session.

The Australian dollar, which has benefited from bets on an acceleration in
global trade, was supported after stronger-than-expected economic growth in
the fourth quarter fuelled hopes for a V-shaped recovery from the
coronavirus pandemic.

Benchmark U.S. government bond yields dipped again for the third consecutive
day as investors paused a recent sell-off ahead of a slew of U.S. economic
data that will be released later this week. The yield on 10-year Treasury
notes stood at 1.4086%, down from last week’s high of 1.614%.

The U.S. stock market was roiled last week when benchmark yields spiked to a
one-year high on investor bets that a strong U.S. economic rebound amid
ultra-loose monetary conditions could fuel inflation.

U.S. Federal Reserve officials have said that inflation concerns are
premature, however, and warned that rising yields could tighten financial
conditions and constrain an economic recovery.

MSCI’s broadest index of global stocks edged up by 0.19%.

Oil prices bounced slightly from a two-week low overnight on expectations
that OPEC+ producers will ease supply curbs at their meeting later this week
as economies start to recover from the coronavirus crisis.

U.S. West Texas Intermediate crude rose 0.15% to $59.85 a barrel, while
Brent futures rose 0.33% to $62.91.

Cryptocurrency bitcoin erased early losses and rose 0.96% to $48,979. The
digital asset is up 69% so far this year as it gains more acceptance in
mainstream financial circles.

Samsung considering four sites in U.S. for $17 billion chip plant: documents

SEOUL (Reuters) - Samsung Electronics Co Ltd is considering two sites in
Arizona and another site in New York in addition to Austin, Texas, for a new
$17 billion chip plant, according to documents filed with Texas state
officials.

The tech giant also said in the documents dated Feb. 26 that it is seeking
combined tax abatements of $1.48 billion over 20 years from Travis County
and the city of Austin, up from the $805.5 million mentioned in a previous
document.

A Samsung spokesman told Reuters on Wednesday it is considering a number of
possibilities in terms of expansion but declined to elaborate.

Exxon to cut 7% of Singapore workforce amid 'unprecedented market
conditions'

SINGAPORE (Reuters) - Exxon Mobil Corp plans to cut its workforce in
Singapore, home to its largest oil refining and petrochemical complex, by
about 7% amid the “unprecedented market conditions” resulting from the
COVID-19 pandemic, it said on Wednesday.

About 300 positions out of 4,000 current jobs will be impacted by the end of
2021, the company said in a statement.

The Singapore layoffs come weeks after Exxon announced its plan to close its
72-year-old Altona refinery in Australia and convert it to an import
terminal. The top U.S. oil producer, once America’s most valuable company,
posted a historic annual loss for 2020 after the coronavirus pandemic
slashed energy demand.

Exxon’s announcement also follows European major Royal Dutch Shell’s
decision in November to cut 500 staff and halve its crude processing
capacity in Singapore as part of a global strategy to reduce carbon
emissions.

Exxon Mobil’s Singapore complex has the capacity to refine about 592,000
barrels per day of oil and includes its biggest integrated petrochemical
production site.

The city-state will remain a strategic location for the company, it said.

“This is a difficult but necessary step to improve our company’s
competitiveness and strengthen the foundation of our business for future
success,” said Geraldine Chin, chairman and managing director, ExxonMobil
Asia Pacific Pte Ltd.

Last year, Exxon said it remained committed to a multi-billion dollar
expansion at the Singapore complex amid an ongoing review of its projects
globally.

Proxy adviser ISS backs shareholder proposal for Toshiba investigation

TOKYO (Reuters) - Toshiba Corp shareholders should vote in favour of a
proposed independent investigation into allegations that investors were
pressured ahead of last year’s annual general meeting, an influential proxy
adviser has recommended.

The recommendation has the potential to tip the balance of power towards
Effissimo Capital Management and other activist shareholders in their
long-standing row with Chief Executive Nobuaki Kurumatani and management of
the scandal-hit industrial conglomerate.

The vote will take place at a shareholders’ meeting on March 18 and activist
investors are estimated to hold about 25% of Toshiba’s shares.

Singapore-based Effissimo, which is Toshiba’s biggest investor with a 9.9%
stake, made the proposal after investor complaints about the last AGM.
Reuters has reported the Harvard University endowment fund had been told by
a Japanese government adviser that it could be subject to a regulatory probe
if it voted against management.

As a result, the fund abstained from voting and later learnt there was no
basis for any probe, sources have said.

Toshiba has conducted its own investigation into the matter and found it was
not involved in any effort to pressure the Harvard fund. It did not reach a
conclusion as to whether there had been any pressure.

Effissimo has also asked that allegations of miscounting of votes at the AGM
be further looked into. Sumitomo Mitsui Trust Bank Ltd has acknowledged it
made mistakes in the counting but Effissimo says some irregularities have
not been accounted for.

In a report seen by Reuters, Institutional Shareholder Services Inc (ISS)
called that probe “one-sided” and said it was difficult to escape the
impression that Toshiba conducted a perfunctory investigation.

Toshiba declined to make immediate comment. ISS also declined to comment.

At the last annual general meeting, Kurumatani kept his job with just 57% of
the vote. That compared with 99% the previous year in a country where CEOs
usually get overwhelming support.

Toshiba has been dogged by years of scandals including accounting misdeeds
and a huge writedown for its U.S. nuclear business that it eventually
withdrew from.

In its report, ISS, however, recommended against a different proposal from
Farallon Capital Management, Toshiba’s second largest shareholder, which
seeks to force the board to present a five-year capital policy plan or make
certain returns to shareholders.

It said the U.S hedge fund’s proposal was “overly prescriptive, particularly
given its five-year duration, to warrant support.”

Analysis: Biden's SEC chair nominee signals more regulation for
cryptocurrencies

WASHINGTON (Reuters) - The U.S. Securities and Exchange Commission appears
likely to work on its first guidelines for cryptocurrencies after President
Joe Biden’s nominee to lead the agency promised to provide “guidance and
clarity” to the rapidly evolving market.

Speaking during his confirmation hearing before the Senate Banking Committee
on Tuesday, Gary Gensler offered the first thoughts on handling
cryptocurrencies if he is confirmed to lead the top U.S. markets regulator.

“Bitcoin and other cryptocurrencies brought new thinking to payments but
raised new issues of investor protection we still need to attend to,”
Gensler told lawmakers, describing them as “catalysts for change.”

As SEC chairman, he would promote the new technology while ensuring investor
protections, he said. The SEC has not adopted rules specifically tailored to
cryptocurrencies and how they should be treated by people and companies,
which some argue has created an unclear rulebook.

“It’s important for the SEC to provide guidance and clarity,” Gensler said.
“Sometimes that’s a clarity that will be a thumbs up, but even if it’s
thumbs down, it’s important to provide that.”

As a decentralized asset created by users, Bitcoin is likely exempt from
securities laws. But there is a “strong case” that digital currencies
created and issued by companies have likely violated securities law, Gensler
said at a conference in 2018. These include the second and third most widely
used virtual currencies, which were created by Ripple Labs and Ethereum.

The SEC has said Bitcoin is not a security and is suing Ripple alleging it
broke laws with an unregistered digital-asset securities offering. The
agency has previously said Ethereum’s Ether is not a security, a view that
diverges from Gensler’s.

Bitcoin hit record highs last month after companies including car-maker
Tesla and Mastercard said they were embracing the cryptocurrency.

Globally, the highly volatile cryptocurrency market was worth roughly $1.45
trillion as of Tuesday afternoon, up from around $200 billion two years ago,
according to data from CoinMarketCap.

The crypto industry as well as some SEC officials have for years been
calling for clarity over how cryptocurrencies fit into securities laws.
Previous SEC chief Jay Clayton took the view that most coin offerings, a
cryptocurrency fundraising mechanism, appeared to run afoul of securities
laws.

Oil rises on demand hopes after days of sell-off

SINGAPORE (Reuters) - Oil prices rose on Wednesday, boosted by demand hopes
on progress made in U.S. vaccine rollouts, while uncertainty over how much
supply OPEC+ will restore to the market at its Thursday meeting and a big
build in U.S. crude stocks capped gains.

U.S. West Texas Intermediate (WTI) crude futures rose 18 cents, or 0.3%, to
$59.93 a barrel by 0356 GMT, recovering from three days of losses.

Brent crude futures rose 29 cents, or 0.46%, to $62.99 a barrel, up from
four days of losses.

Both futures had dipped in Asia’s early morning trading.

Demand recovery hopes thanks to the rollouts of vaccine kept oil prices
supported, analysts said.

The U.S. will have enough COVID-19 vaccine for every American adult by the
end of May, President Joe Biden said on Tuesday after Merck & Co agreed to
make rival Johnson & Johnson’s inoculation.

Meanwhile, the market’s attention is on a forthcoming Thursday meeting by
the Organization of the Petroleum Exporting Countries (OPEC) and allies,
together called OPEC+, at a time when they are generally positive on the oil
market outlook compared with a year ago when they slashed supply to boost
prices.

The market widely expects them to ease production cuts, which were the
deepest ever, by about 1.5 million barrels per day (bpd), with OPEC’s
leader, Saudi Arabia, ending its voluntary production cut of 1 million bpd.

However, a JTC document, seen by Reuters, called “for cautious optimism,”
citing “the underlying uncertainties in the physical markets and macro
sentiment, including risks from COVID-19 mutations that are still on the
rise”.

Reinforcing concerns of potential oversupply, the American Petroleum
Institute industry group reported U.S. crude stocks rose by 7.4 million
barrels in the week to Feb. 26, in stark contrast to analysts’ estimates for
a draw of 928,000 barrels. [API/S]

“The recent selloff may help reinforce Saudi’s cautious stance and delay any
production increase,” said Stephen Innes, global market strategist at Axi.

“It’s probably something that could sway the OPEC+ increase more back toward
the 500,000 bpd as opposed to the 1.5 million bpd,” he said.

Nigeria: Fuel Hoarding - DPR Threatens to Shut Down Erring Filling Stations

Lagos — The Department of Petroleum Resources (DPR) has said it will not
hesitate to shut down filling stations that are found to be hoarding fuel.

Director, DPR, Mr Sarki Auwalu, in a statement yesterday, said, sanctions
await fuel marketers engaging in hoarding of petroleum products in their
outlets.

Stating that the warning was necessitated by the emergence of queues in
retail outlets in some states of the federation, he said, "From available
records, there is product sufficiency in the country and there is no need
for hoarding by any marketer. The DPR will not hesitate to apply appropriate
sanctions on any outlet found wanting in this regard.

"The regulatory agency has set up a special taskforce to intensify
surveillance and monitoring of all retail outlets and depots nationwide to
check the anomaly."

While advising the general public against panic buying, Auwalu assured them
that the DPR would continue to provide its regulatory focus of quality,
quantity, integrity and safety for the effective operations of the
downstream sector.

The Nigerian National Petroleum Corporation (NNPC), has already clarified
that the federal government is not contemplating any pump price upward
adjustment this March, thus dismissing rumours and anxiety of such move.

The corporation has equally warned marketers and depot owners against
illegal adjustment of petrol price and hoarding of products to create
artificial scarcity.

The corporation dismissed speculations of imminent increase in the price of
Premium Motor Spirit (petrol) in the country, ruling out any increment in
the ex-depot price of petrol in March, 2021.-Leadership.

Nigeria: Petrol Price Hits N170 Per Litre As Scarcity Persists

Despite assurances, many oil marketers, yesterday, continued to sell petrol
at an average of N170 per litre in different parts of the country, according
to Vanguard investigation.

Our Correspondents, who went out to monitor developments at filing stations
across the nation, said those mainly owned by independent marketers, sold
the product at N167 per litre, while others, especially on the outskirts of
cities such as Lagos, Abuja and Port Harcourt sold in excess of N170 per
litre.

Nevertheless, the Nigerian National Petroleum Corporation, NNPC, sold the
product at N162 in most filling stations visited yesterday.

In a statement obtained by Vanguard, NNPC stated that it was not
contemplating any rise in the price of petrol in March in order not to
jeopardize ongoing engagements with organized labour and other stakeholders
on an acceptable framework that will not expose the ordinary Nigerian to
hardship.

It stated: "NNPC has enough stock of petrol to keep the nation well supplied
for over 40 days and urged motorists to avoid panic buying.

"We, therefore, call on relevant regulatory authorities to step up
monitoring of the activities of marketers with a view to sanctioning those
involved in products hoarding or arbitrary increase of pump price."

DPR threatens sanction

However, the Department of Petroleum Resources, DPR has threatened to
sanction marketers caught perpetrating irregularities, including hoarding
and profiteering.

Mr. Paul Osu, Head, Public Affairs, said in a statement: "The Department of
Petroleum Resources (DPR) has issued warning to marketers against hoarding
of Petroleum products in their outlets.

"The Director/CEO DPR Sarki Auwalu, gave this warning following the
emergence of queues in retail outlets in some states of the federation.

"He stated that from available records, there is product sufficiency in the
country and that there was no need for hoarding by any marketer. He
emphasized the the Department will not hesitate to apply appropriate
sanctions on any outlet found wanting in this regard.

"He further stated that the agency has set up a special taskforce to
intensify surveillance and monitoring of all retail outlets and depots
nationwide to check the anomaly and advised the general public against panic
buying.

"He assured that DPR will continue to provide its regulatory focus of
quality, quantity, integrity and safety, QQIS, for the effective operations
of the downstream sector."

Why price is high

Meanwhile, Kano Branch Chairman of the Independent Petroleum Marketers
Association of Nigeria, Bashir DanMalam, has said that though the state had
no shortage of product, marketers were buying at exorbitant rate.

Speaking in a telephone chat, DanMalam said the marketers bought at ex-depot
price of N165 per litre rather than N148 per litre.

The price hike is mainly attributed to the latest rise in oil price,
according to figures obtained from the international market.

Specifically, crude oil prices witnessed a marginal increase, as traders
focused on the upcoming OPEC+ talks and US inventories data.

Brent, the International benchmark, surged by 0.19% to $63.81 while the West
Texas Intermediate (WTI), rose by $0.24 or 0.40% to $60.88 while Nigeria's
grade of crude, Bonny Light witnessed a decline of 0.37 cent or 0.58% to
$63.96 per barrel.

Labour threatens

Organised Labour, yesterday threatened a massive picketing and disruption of
business operations of marketers if the current hoarding and artificial
scarcity of premium motor spirit, PMS, continued nationwide.

Labour called on relevant regulatory agencies of government to rise to the
protection of the interests of the majority of Nigerians from the
exploitative hands of market forces bent on making maximal profits from the
sufferings of fellow citizens.

In communiqué by President and Acting General Secretary of Nigeria Labour
Congress, NLC, Ayuba Wabba, and Bello Ismail, respectively, at the end of
the National Executive Council, NEC, meeting, Labour said: "NEC also
condemned in very strong terms the current hoarding and ensuing artificial
scarcity of the Premium Motor Spirit, PMS, commonly known as 'petrol' in
fuel stations in major cities in Nigeria.

"The NEC also observed that most of the Fuel Stations only use one pump to
dispense petrol in the affected cities.

"The NEC called on relevant regulatory agencies of government to rise to the
protection of the interests of the majority of Nigerians from the
exploitative hands of market forces who are bent on making maximal profits
from the sufferings of fellow citizens.

"NEC warned that should the current artificial scarcity persist, the various
leadership structures of the NLC should picket petrol stations found to be
inflicting pains on Nigerians."-Vanguard News Nigeria

Tanzania: Roads Unlock Kagera Region Potential to Boost Intra-Regional Trade

KAGERA Region boasts of good road network that have boosted the potential of
the strategically positioned lake zone region to serve the East African
region.

The region located at the extreme North-Western corner of Tanzania Mainland,
borders Uganda, Burundi and Rwanda. Kenya can also be directly reached
through Lake Victoria. It is also a gateway to South Sudan and the
Democratic Republic of Congo (DRC).

Due to its strategic geographical location, Kagera Region is in proximity of
the entire East African Community (EAC) market of population about 190
million, which means that goods and services produced in Kagera Region have
a potential market within the EAC region and beyond.

The government was keen to link all border regions with tarmac roads to
hasten people's development. During the past five years (2015- 2020) the
government had constructed 2,624.7 kmroad network which was about 600km per
year, while 4,856km-road network was under feasibility study.

Kagera Regional Manager of the Tanzania National Roads Agency (Tanroads),
Andrea Kasamwa said that the region has a total of 7,505km roads network.
About 925km equivalent of 48.2 per cent of roads are in good condition, and
849.6km (about 44.3 per cent) are in average condition. Some 143.4km roads
(about 7.5 per cent) were in poor condition.

Some of the completed projects include the 154km Mutukula-Kagoma-Lusahunga
road, which cost 160bn/- on completion and the 59.1km Kyaka-Bugene road
which cost a total of 65bn/- on completion.

He said rehabilitation of Lusahunga-Nyakanazi and Nyakanazi-Rusumo road
would cost about 5bn/- while negotiations between Tanzania and the African
Development Bank (ADB) were in advanced stages to get funds for the
reconstruction of the Isaka-Ushirombo, Ushirombo- Lusahunga and Lusahunga-
Rusumo road.

The road's life-span has expired after being in use for almost 34 years.
Both roads align to the Central Corridor identified by Programme for
Infrastructure Development in Africa - Priority Action Plan (PIDA-PAP) to
modernise the third priority African Regional Transport Integration Network
(ARTIN) corridor in East Africa and facilitate travel for people and goods
across the borders between Tanzania, Uganda, Rwanda, Burundi and DRC.

In addition, these roads were given high priority by the 2nd EAC Heads of
States Retreat on Infrastructure Development held in 2012 in Nairobi, Kenya
as crucial links in promoting regional integration and easing of access to
the sea for the two landlocked countries, in line with the Almaty Programme
of Action (APOA).

TARURA Regional Manager, Engineer Avith Theodory revealed that TARURA has a
total of 5,536.8km regional roads network. About 41.2km are tarmac roads
while 5,238.4km are gravel roads. About 457.5km are in Biharamulo District,
Bukoba Rural (812km), Karagwe (1,370.7km), Kyerwa (882km), Missenyi
(724.9km), Bukoba Municipal ( 176.1km), Muleba ( 1,405km) and Ngara
(717.9km).

Several border roads had already been earmarked and a budget had been set
aside for that purpose. The envisaged roads include the 55.6km
Mutukula-Kakunyu road along beacon number 29 to beacon number 35, Bubale-
Misssenyi Ranch-Kakunyu (32.5km) and Nsunga-Byeju- Mutukula (20.5km) road.
Others are Bubale-Kamwena (17.8km), Missenyi Ranch-Bugango (17km), in
Missenyi District and Nyabishenge-Nyakanoni- Ibanda Game Reserve (25km ) in
Kyerwa District. Kagera Regional Commissioner (RC) Brig Gen Marco Gaguti
tasked TARURA to hasten completion of border roads for security purposes.
Border roads are of paramount importance.

Security issues include illegal immigrants, smuggling of crops and goods and
invasion of unvaccinated livestock. While neighbouring countries have border
roads, Tanzania lacks the facility. He said the government was committed to
pay contractors undertaking various public works on time directed Muleba,
Bukoba, Biharamulo, Ngara, Karagwe, Kyerwa and Missenyi district councils to
set aside funds for roads maintenance instead of solely depending on the
central government budget.

"We must change the attitude of depending solely on the central government
and donors because the budget was very tight. Mr Gaguti said he was
confident that the roads projects would enhance social and economic growth,
reinforce regional integration within the East African region.-Daily News.

Tanzania: Bank's Interest Rates On Loans Plummet

THE banks' interest rates on loans and deposits declined in the year ending
December last year albeit at a sluggish pace.

According to Bank of Tanzania (BoT) monthly economic review for January,
overall- and one-year lending interest rates averaged at 16.74 per cent and
15.72 per cent, decreasing from 16.76 per cent and 16.28 per cent recorded
in December 2019, respectively.

Meanwhile, overall- and one-year time deposits rates averaged 7.09 per cent
and 8.41 per cent, compared to 6.79 per cent and 8.90 per cent in the
corresponding period in 2019, respectively.

Accordingly, the spread between one-year lending and deposit interest rates
narrowed to 7.31 percentage points from 7.38 percentage points, registered
in December 2019.

The narrowing in spread reflects a gradual decline in cost of funds to both
customers and banks.

During the year ending December 2020, domestic credit by the banking system
recorded an annual growth of 17.8 per cent, compared to 7.1 per cent in
December 2019 and 20.0 per cent in November last year.

The credit extended to the central government through purchase of government
securities grew by 48.7 per cent, a decrease from 49.6 per cent in the
preceding month.

The private sector credit maintained a positive growth rate, increasing by
596bn/-, equivalent to an annual growth of 3.0 per cent, compared to 5.2 per
cent registered in November last year.

The subdued growth of credit to the private sector was partly attributable
to the adverse impact of Covid-19 on some businesses.

The decomposition of credit by economic activities shows that during the
year ending December last year, growth was more evident in personal
activities (largely micro, small and medium enterprises), transport and
communication, and mining and quarrying whose credit growth recovered from a
slump that was sustained from February last year.

Meanwhile, personal activities continued to account for the largest share of
the total outstanding credit, followed by trade and manufacturing activities
accounting for 34.3 per cent, 15.4 per cent and 8.7 per cent, respectively.

The extended broad money supply recorded an annual increase of 1.60tri/- to
29.9tri/-in December last year, a year-on-year growth of 5.7 per cent
compared with a growth of 5.2 per cent that was registered in the preceding
month.

Meanwhile, broad money supply that excludes foreign currency deposits grew
by 8.2 per cent compared to 8.7 per cent in November 2020.

The growth of money supply continued to be supported by increase in domestic
credit.

The growth in these monetary aggregates was partly a reflection of the
accommodative monetary policy stance pursued by the Bank to support growth
of economic activities.- Daily News.

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.

(c) 2021 Web: <http://www.bullszimbabwe.com>  www.bullszimbabwe.com Email:
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