Major International Business Headlines Brief::: 14 March 2021

Sun Mar 14 09:10:27 CAT 2021

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Major International Business Headlines Brief::: 14 March 2021

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ü  Bitcoin surges past $60,000 for first time

ü  Grab seeks US listing with $40bn valuation: report

ü  Carnival Corp CEO sees minimum of two more tough years for cruise industry: FT

ü  India's draft e-commerce policy calls for equal treatment of sellers

ü  British Airways calls for vaccinated people to travel without restrictions

ü  LG Energy Solution suggests building EV battery factory in Georgia

ü  Wall Street Week Ahead: Energy shares look for next spark as investors eye recovering economy

ü  China's Ant Group CEO leaves after failed IPO prompts revamp

ü  Uganda: New Uganda Electricity Connection Applications Go Online

ü  Uganda: Passenger Figures Increasing Steadily - UCAA

ü  Nigeria: Supreme Court Orders EFCC to Return N9 Billion to Ex-First Bank Director, Dauda

ü  Ethiopia: Visa Affirms Commitment to Digitise Payments in Ethiopia During Inaugural Visa Payments Forum

ü  Zambia: Nationalizing Zambia's Copper Mines

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Bitcoin surges past $60,000 for first time

Cryptocurrency Bitcoin has risen for the first time above $60,000 (£43,100), continuing its record-breaking run.

Bitcoin - which has more than tripled in value since the end of last year - has been powered on by well-known companies adopting it as a method of payment.

But some analysts said this latest surge came in part due to the huge US stimulus package approved this week.

Bitcoin's total market value last month exceeded $1tn.

However, Bitcoin has a track record of wild price swings and has fallen sharply a number of times since it was created in 2009.

Bitcoin hits new record of $50,000

Man has two guesses to unlock bitcoin fortune

Bitcoin consumes 'more electricity than Argentina'

The recent spikes have been fuelled by big companies.

In February, Elon Musk revealed that his electric carmaker Tesla had bought $1.5bn worth of Bitcoin and would be accepting it as payment for its cars in future.

Mastercard also plans to accept certain cryptocurrencies as a form of payment while BlackRock, the world's largest asset manager, is exploring ways it can use the digital currency.

The Covid-19 pandemic has also played its part in Bitcoin's price rise, as more people go online for shopping, moving further away from physical coins and notes.

Critics argue Bitcoin is less of a currency and more of a speculative trading tool that is open to market manipulation.

There is also concern over its environmental impact, with huge amounts of energy needed to conduct transactions.

--BBC

Grab seeks US listing with $40bn valuation: report

Grab is reportedly in talks about a stock market listing that could value the company at $40bn (£28.6bn).

The Singapore-based firm started as a ride-hailing app and is one of South East Asia’s best known tech companies.

Grab is discussing a deal with a special-purpose acquisition company (Spac), the Wall Street Journal reported.

Spacs are set up with the purpose of buying a private firm to merge with and then take public on the stock market.

Spacs, also called "blank cheque companies", have seen a surge of popularity in recent years, and are seen as a faster route to taking a company public with less scrutiny.

The parties could reportedly announce a deal in the next few weeks, with the goal of listing in the US.

Grab is expected to raise between $3bn and $4bn from private investors, according to the report.

Leader in South East Asia

Grab includes Japanese conglomerate Softbank and Toyota among its key backers, and has most recently been valued at around $15bn.

Since the company was established in 2012, it has emerged as the dominant ride-hailing app across much of South East Asia.

Grab bought out Uber’s South East Asian operations in 2018, in a deal which left the US ride-hailing giant with a stake in the company.

The deal caused monopoly concerns among regulators, who fined the two companies more than $4.8m each.

Grab has further expanded its services to become one of South East Asia’s emerging super-apps, after branching out into restaurant and grocery deliveries and financial services for merchants.

Grab and its Indonesian rival Gojek were until recently considering a merger.

However, it now appears Gojek is seeking a tie-up with Indonesian e-commerce leader Tokopedia ahead of its own listing in Jakarta and the US.

Grab declined to comment when contacted by the BBC about its listing plans.

Grab's founder Anthony Tan has always had big ambitions for the super-app.

When I interviewed him in 2018, he was trying to carve out a name for the company, taking an Asian company global.

In the last three years, he and his team have achieved much of that - expanding across Indonesia, Vietnam and the Philippines, turning into a financial app from a transport firm.

But running a business like this takes money, and by some estimates, Grab won't break even until 2023.

The company maintains it is profitable in some divisions, but Mr Tan also needs access to funds to continue his expansion plans. So far he's relied on the largesse of investors with big pockets.

Grab may be betting that the timing for an IPO is right - several Asian tech companies that aren't making much in the way of profits have listed successfully recently, partly because there's a lot of liquidity in stock markets.

But a listing would also give investors an insight into how much profit Grab is actually making - which could prove to be far less advantageous for the firm.--BBC

Carnival Corp CEO sees minimum of two more tough years for cruise industry: FT

(Reuters) - Carnival Corp Chief Executive Arnold Donald anticipates at least two more tough years for the cruise industry, which is unlikely to return to pre-pandemic levels until at least 2023, the Financial Times reported on Sunday.

The cruise company’s full fleet might be sailing by the end of this year but it will take longer to recover to pre-crisis revenues, Donald told the newspaper in an interview.

Carnival in January reported a bigger-than-expected preliminary fourth-quarter net loss as business was brought to a virtual standstill by the coronavirus outbreak.

India's draft e-commerce policy calls for equal treatment of sellers

NEW DELHI (Reuters) - India will require e-commerce firms to treat sellers equally on their platforms and ensure transparency, according to a draft policy seen by Reuters on Saturday that follows criticism against business practices of big online companies.

India has been deliberating a new e-commerce policy for months amid complaints from brick-and-mortar retailers who allege online giants like Amazon and Walmart’s Flipkart flout federal regulations. The companies have denied the allegations.

A Reuters special report last month revealed that Amazon has for years given preferential treatment to a small group of sellers on its India platform and used them to circumvent the country's foreign investment rules. To read the special report click reut.rs/2OCOT2W

The latest draft of the policy document says operators should be impartial in their dealings with sellers.

“E-commerce operators must ensure equal treatment of all sellers/vendors registered on their platforms and not adopt algorithms which result in prioritizing select vendors/sellers,” it says.

A spokesman for the commerce ministry declined to comment.

The policy will apply to Amazon and Flipkart - two top e-commerce players in India - as well as domestic players like Reliance Industries, which has plans to expand its JioMart online platform. All three firms did not immediately respond to a request for comment.

Separately, India is also considering changes to foreign investment rules that could prompt players including Amazon to restructure their ties with some major sellers, Reuters reported in January.

Government officials are set to hold talks next week with industry executives on such rules, according to people with direct knowledge.

On Saturday, top government officials from various departments, including the commerce ministry, met to discuss the e-commerce policy. The timeline of publication and whether it will be subject to further changes were not immediately clear.

Indian traders have also complained about steep discounts offered by online companies which smaller retailers have not been able to match. Amazon and Flipkart have said they comply with all laws.

E-commerce firms must “bring out clear and transparent policies” on online discounts, the draft document says.

The Reuters special report last month - based on internal Amazon documents dated between 2012 and 2019 - showed the company helped a small number of sellers prosper on its India platform, giving them discounted fees and helping one cut special deals with big tech manufacturers.

Amazon has said it “does not give preferential treatment to any seller on its marketplace,” and that it “treats all sellers in a fair, transparent, and non-discriminatory manner.”

British Airways calls for vaccinated people to travel without restrictions

LONDON (Reuters) - British Airways’s new boss said vaccinated people should be allowed to travel without restriction and non-vaccinated people with a negative COVID-19 test, as he set out his ideas for a travel restart a month before the UK government finalises its plans.

Holidays will not be allowed until May 17 at the earliest, the government has said, but before that, on April 12, Britain will announce how and when non-essential travel into and out of the country can resume.

Sean Doyle, appointed BA’s chief executive last October, called on Britain to work with other governments to allow vaccines and health apps to open up travel, after a year when minimal flying has left many airlines on life support.

“I think people who’ve been vaccinated should be able to travel without restriction. Those who have not been vaccinated should be able to travel with a negative test result,” he said.

Doyle said the roll-out of vaccines made him optimistic BA would be back flying this summer, but added the recovery depends on what is said on April 12.

He wants government to give its backing to health apps that can be used to verify a person’s negative COVID-19 test results and vaccination status.

Apps will be key to facilitating travel at scale, the industry has said. Airline staff checking paperwork takes 20 minutes per passenger and is not practical if large numbers of passengers return.

Britain has rapidly rolled out vaccinations and 44% of the adult population, mostly people over 60, have now had their first shot.

The government has said any return to travel must be fair and not unduly disadvantage those who have not been vaccinated.

Doyle expects Britain to bring in a tiered framework with destinations put into categories depending on risk, and that will determine BA’s summer schedule.

Beyond saying there was “huge pent up demand”, Doyle declined to forecast how strong the season could be.

Budget rival Ryanair, Europe’s biggest airline, has said it hopes to fly up to 70% of 2019 passenger numbers this summer.

BA has struck a deal with a testing kit provider giving its passengers 33 pound ($46) tests to take abroad.

Travel commentators expect most European airlines to focus on short-haul leisure routes this summer, and Doyle noted France, Greece, Portugal, Cyprus and Spain had all sounded positive about welcoming British holidaymakers.

But he said BA was also looking further afield.

“We’re already looking at new destinations over the summer that we haven’t flown to before, and that could be across both long haul and short haul,” Doyle said.

($1 = 0.7196 pounds)

LG Energy Solution suggests building EV battery factory in Georgia

SEOUL (Reuters) - South Korean battery maker LG Energy Solution suggested that it could build a factory in the U.S. state of Georgia to manufacture batteries for electric vehicles, an official at LG Energy Solution said on Saturday.

In a letter to U.S. Senator Raphael Warnock, LG Energy Solution CEO Kim Jong-hyun said that “the company is prepared to do whatever we can help the people and workers of Georgia,” according to The Atlanta Journal-Constitution.

LG Chem’s wholly owned battery division, LG Energy Solution, confirmed that the company had recently sent the letter to the senator, but declined to confirm the details.

Kim also said in the letter that if an outside investor acquires a separate SK Innovation plant in Georgia, LG could partner with it to run the facility, the Atlanta Journal-Constitution reported.

“(The letter) was intended to clearly address the current situation that has been caused by SK’s misappropriation of our trade secrets as well as to alleviate concerns about jobs in Georgia,” an official at LG Energy Solution said in a statement to Reuters.

An official at SK Innovation rejected the idea of LG taking over its plant.

“LG’s statement regarding acquiring the plant does not make any sense as automakers do not allow contract and suppliers to change in a separate manner. With that being said, it’s unreasonable for LG to say it could take over the plant and replace us,” the official told Reuters.

LG’s letter came as Georgia’s governor, Brian Kemp, on Friday repeated his request for U.S. President Joe Biden to overturn the U.S. International Trade Commission (ITC)’s ruling against SK Innovation to save thousands of jobs in the state directly tied to SK’s battery factory.

LG Energy Solution has been in a legal feud with SK Innovation over allegations that SK stole trade secrets. The ITC sided with LG Chem in February and issued a 10-year order prohibiting most U.S. imports of SK lithium-ion batteries.

SK Innovation has lobbied the White House to overturn the decision, which could also be negated if SK and LG reach an independent settlement.

On Thursday, LG announced its plans to invest more than $4.5 billion in its U.S. battery production business over the next four years, including plans to build at least two new plants.

Wall Street Week Ahead: Energy shares look for next spark as investors eye recovering economy

NEW YORK (Reuters) - Investors betting on U.S. energy shares have enjoyed a blistering rally, as the sector leads a move into value and economically sensitive stocks that has gripped the equity market. How much further that run continues could hinge on the success of the economic recovery, supply dynamics in oil markets and whether companies can stay disciplined on spending.

The near doubling in the price of crude has helped make shares of oil and gas companies - for years a losing bet - one of the best performing areas of the market, with outsized gains in the stocks of companies such as oil major Exxon Mobil Corp and Diamondback Energy Inc, which have surged 89% and 231%, respectively, since early November.

With a gain of over 80% in that time, the S&P 500 energy sector is back to levels last seen in February 2020, when the stock market began its plunge as the COVID-19 outbreak took its toll on the economy.

“Shares are being bid up because there are expectations for greater demand,” said Michael Arone, chief investment strategist for State Street Global Advisors. “We need to see the follow-through.”

The outlook for energy shares is at the center of a number of market themes, including how long the economic “reopening” trade can last, whether energy and other value stocks can continue outperforming tech and growth shares and if the market is primed for a potential rise in inflation.

With the benchmark S&P 500 nearing the 4,000 level for the first time, the health of the economy, the pace of inflation and a recent rise in bond yields are expected to be hot topics when the U.S. Federal Reserve meets on Tuesday and Wednesday.

Ample crude supply that weighed on global oil prices and concerns over a push toward “green energy” were among the factors pulling down energy stocks for most of the past decade. Oil prices plummeted in the coronavirus-fueled downturn amid global travel restrictions and shutdowns but roared higher in recent months, buoyed by breakthroughs in vaccines against COVID-19.

Recent data has shown signs of an economic recovery continuing to gain momentum. The number of Americans filing new claims for jobless benefits dropped to a four-month low last week, while U.S. consumer sentiment improved in early March to its strongest in a year.

Prices for U.S. crude are up 35% year-to-date.

Investors are watching supply dynamics as another catalyst for crude prices and energy stocks.

The Organization of the Petroleum Exporting Countries and its allies last year cut output substantially as demand collapsed due to the pandemic. The group earlier this month agreed to extend most output cuts into April.

Any efforts by President Joe Biden’s administration to regulate U.S. drilling could support prices by keeping supply in check, investors said. “There is more likely to be an aggressive regulatory regime, which would rein in supply, which would be a positive for commodity prices,” said Burns McKinney, portfolio manager at NFJ Investment Group.

Investors said they want to see whether companies are spending on new drilling, which could oversupply the market and eventually weigh on prices, or pay down debt and bolster dividends.

Five international oil majors cut their capital spending by about 20% on average last year to $80 billion and are expected in aggregate to generally maintain that spending level in 2021, according to Jason Gabelman, senior energy equity research analyst at Cowen.

Energy companies “need to maintain their discipline, they need to stick to capital budgets that are constrained and not drill as much and give investors confidence that this is not going to be a short-lived cycle,” said Christian Ledoux, director of investment research at CAPTRUST.

Setbacks in fighting the virus could undercut the reopening trade and energy shares along with it. Such a scenario risks playing out in Europe, where a more contagious variant of the coronavirus has pushed Italy and France to impose fresh lockdowns.

Another factor is how quickly travel might rebound to pre-pandemic levels.

“You may see reopening and people driving more and spending more on commerce, but ... if people are traveling less globally, that is going to result in oil demand not fully recovering to where it was,” Gabelman said.

China's Ant Group CEO leaves after failed IPO prompts revamp

(Reuters) - China’s Ant Group Chief Executive Officer Simon Hu has unexpectedly resigned amid a regulatory-driven overhaul of the financial technology giant’s business, the first top management exit since a scuppered $37 billion initial public offering.

Hu, who was named chief executive of the Alibaba Group Holding affiliate in 2019, will be replaced by company veteran and Executive Chairman Eric Jing, Ant said in a statement on Friday.

Hu’s exit from the company comes as Ant is working on plans to shift to a financial holding company structure following intense regulatory pressure to subject it to rules and capital requirements similar to those for banks.

That pressure abruptly scuttled Ant’s IPO last year, which would have been the world’s biggest.

Hu resigned for personal reasons, Ant said in a statement, without elaborating.

“Following the board’s thorough discussions, we have decided to respect Simon’s personal request and support him fully in his new mission,” Jing said in an internal memo, an excerpt of which was seen by Reuters.

Jing will continue in his current role as chairman, he said.

U.S.-listed shares in billionaire Jack Ma’s Alibaba dropped as much as 3.9% in the morning trade on Friday.

Hu’s departure is the first major management change since the IPO was scrapped. He was one of the key executives responsible for managing the company’s mega dual-listing in Hong Kong and Shanghai.

FINANCIAL PROBLEMS

Ma’s business empire has been at the centre of a crackdown following an Oct. 24 speech in which he blasted China’s regulatory system.

Regulators have since been tightening scrutiny of the country’s technology sector, with Alibaba taking much of the heat. The regulator launched an official anti-trust probe into Alibaba in December.

Ma, who is not known for shying away from the limelight, disappeared from the public eye for about three months, prompting frenzied speculation about his whereabouts. He re-emerged in January in a 50-second video appearance.

Ant’s financial holding structure is expected to weigh on its valuation, as the fintech firm was valued as a technology firm in its previous fundraising rounds. Typically, valuations are much higher on technology firms than on financial companies.

The change in management also comes days after some Ant staff expressed frustration on social media for not being able to sell the company shares they own after Chinese regulators abruptly halted the company’s market debut.

Jing told Ant employees that the company would review its staff incentive programmes and roll out some measures starting from April to help solve their financial problems, according to two people who saw the messages.

The listing in November of Ant, whose businesses include consumer lending and insurance products distribution, would have made some of the company’s employees millionaires or billionaires.

Although Ma has stepped down from corporate positions and earnings calls, he retains significant influence over Alibaba and Ant and promotes them globally at business and political events.

Hu joined Ant in 2005 and has worked in various roles in the group as well as at Alibaba, according to his LinkedIn profile.

Jing has been Ant’s executive chairman since 2018 and before that he held various positions at the company including president and chief operating officer, according to his profile on the World Bank website. He joined Alibaba in 2007.

Uganda: New Uganda Electricity Connection Applications Go Online

Intending customers who want to connect to the electricity grid no longer have to trek to the Umeme offices following the launch of an online application portal by power distributor Umeme. The platform dubbed "myumemeonline" will enable one to apply from anywhere, at any time on a computer, a tab, a laptop or the iPad. This comes in handy as entities generate convenient solutions amidst the current global health situation.

One will be able to use the platform on their mobile device phone if they download the Umeme App. An applicant can track the progress of their application with the tracking number provided after submission of the application.

Umeme's Managing Director Selestino Babungi said over the years Umeme has contributed significantly towards the improvement in distribution and the electricity sector of Uganda. "We introduced prepayment billing (Yaka) and as we speak 97 percent of our customers are on Yaka prepaid metering.

We also established a 24/7 contact centre to deal with customers' challenges. We have now automated the customer application process which allows customers to be served digitally without going through the trouble of coming to our offices," Babungi said.

"The network has more than doubled. At the start of this Company, we were operating 5,000 transformers, now we have more than 14,000 transformers operating. The number of substations has moved from 49 to 60 plus 9 switching stations.

The sector has continued to grow and become more commercially viable. We have improved efficiencies of the customer touch points by continuously innovating to eliminate congestion at the offices and through use of technology and going cashless so customers can pay us 24/7."

State Minister for Energy Simon D'Ujang unveiled the portal recently at Serena Hotel, Kampala urging the public to utilize the platform because it is user -friendly, cheaper and efficient. "This timely innovation by Umeme will complement the Government's efforts in improving service delivery of the energy sector. I thank Umeme for championing this initiative. We expect a further increase in the number of applications with the launch of this portal," D'Ujang said.

He said Government has adopted a strategy to build cheaper power generation plants in order to lower the tariffs which are function of increased consumption. Ms Florence Nsubuga, Umeme's Chief Operations Officer, said Umeme has 46 offices with an average distance of 60 kilometres.

"Our aim is to improve the customer experience. That is what technology is here for, giving you the power in your hands to control everything that you do as far as interfacing with Umeme is concerned," Nsubuga said.

Ms Nsubuga said Umeme continues to improve the customer experience by introduction of self service options through our digital self-help channels.

"Therefore, in a bid to further boost the customer experience Umeme has introduced an Online New Connection Application portal which is an online portal that will enable our customers apply for an electricity connection at their convenience using any internet - enabled device anytime anywhere without visiting the Umeme offices."

Julius Wandera, the Director Public and Consumer Affairs at the Electricity Regulatory Authority reiterated the Regulator's commitment to support innovations in the energy sector. Umeme has increased the number of customers to 1.6 million from 350,000 in 2005.-CIO.

Uganda: Passenger Figures Increasing Steadily - UCAA

Entebbe International Airport has registered an increase in the number of daily passengers with an average of 2,194 per day in February up from 1,868 in January 2021.

"The daily average of 2,194 in February 2021 is, therefore, the highest that the airport has recorded since the resumption of commercial passenger operations. While the figure of 2,194 is still low in comparison to the daily average of about 5,400 in 2019 prior to the advent of Covid-19, it's certainly worth clapping about in light of the global situation in the Aviation industry," the Ag. Director-General Uganda Civil Aviation Authority (UCAA), Mr Fred Bamwesigye, said while receiving 31500 masks from the management of Kapeeka Industrial Park at Entebbe Airport this week.

Mr Bamwesigye added that: "In specific terms, in relation to February 2021, Entebbe airport recorded 26904 arriving passengers, 31,084 departing passengers, 3448 in transit, 1738 metric tonnes of imports, and 3028 metric tonnes of exports. While in January 2021, the airport handled 24,095 arriving passengers, 29,409 departing passengers and 4,279 transit passengers."

The 42,000 metric tonnes of cargo were handled at Entebbe international airport in 2019 compared to 58000 metric tonnes of cargo handled in 2020 in spite of Covid-19 pandemic. This is partly because cargo operations were sustained during the lockdown.

At the resumption of operations in October 2020, the daily average per month was about 1,600 in October 1,700 in November, and 1,900 in December 2020.

Mr Bamwesigye further noted that while some cases of forgery of Covid- 19 PCR test certificates were registered during the first two months after the resumption of flights, stringent measures to curb the vice were employed and this no longer happens.

"Safety of passengers and users of Airport facilities is important, especially now that the passenger figures are starting to steadily increase. The standard operating procedures in place include a requirement of Covid-19 PCR test obtained within 120 hours from the time of sample collection to boarding of aircraft leaving the country of origin and the same PCR negative Covid-19 test certificate apply on departure," he said.

The Managing Director Kapeeka Industrial Park, Mr Zhang Hao, said: "We are trying and surviving in this country and also trying to help people at the gate of Uganda who are facing the problems directly and still working. We try helping to boost Uganda's local production; therefore, these masks donated to UCAA are real products from Uganda. Local production is very important and we need these local factories. 31,500 facemasks donated for the first time but we are going to continue giving support to people who are in need."-Monitor.

Nigeria: Supreme Court Orders EFCC to Return N9 Billion to Ex-First Bank Director, Dauda

The Supreme Court upholds the decision of the Court of Appeal in Appeal No: SC.212/2020, EFCC v. Dauda Lawal.

The Supreme Court on Friday ordered the Economic and Financial Crimes Commission (EFCC) to release the N9 billion it seized from a former Executive Director of First Bank, Dauda Lawal.

In a unanimous judgement, the five-man panel, led by Justice Muhammad Lawal Garba, dismissed the appeal filed by the EFCC against the judgement of the Court of Appeal which, among other things, ordered that:

"The decisions of the Federal High Court, Coram Judice: Hassan, J. delivered in Suit No: FHC/L/CS/13/2017 on 16th February 2017 are hereby set aside. The order of final forfeiture of the sum of N9,080,000,000.00 (Nine Billion and Eighty Million Naira) to the Federal Government of Nigeria is hereby set aside. It is hereby ordered that the said sum of N9,080,000,000.00 (Nine Billion and Eighty Million Naira) be returned to the Appellant forthwith."

The above judgment, delivered by the Court of Appeal, Lagos Division, was in Appeal No CA/LAG/CV/480/2019 DAUDA LAWAL V. EFCC & ANOR dated March 25, 2020.

The Supreme Court judgement, which unanimously affirmed and upheld the above decision of the Court of Appeal in Appeal No: SC.212/2020, EFCC v. DAUDA LAWAL.

In its judgment Friday, the Supreme Court upheld affirmed and determined that the order of final forfeiture of the sum of N9,080,000,000.00 made against Mr Lawal be set aside and rescinded; and that the said sum of N9,080,000,000.00 be returned to Mr Lawal forthwith.

The above judgment given by the Supreme Court of Nigeria brings to a close the case by EFCC against Mr Lawal which began in May 2016 when the EFCC accused him of money laundering and of obtaining monies suspected to be proceeds of unlawful activities.

On October 7, 2020, the Federal High Court, Lagos Division discharged and acquitted Mr Lawal of the offences of money laundering, obtaining monies suspected to be proceeds of unlawful activities and the other charges brought against him by the EFCC in Charge No FHC/L/419C/2018 FEDERAL REPUBLIC OF NIGERIA V. DAUDA LAWAL.-Premium Times.

Ethiopia: Visa Affirms Commitment to Digitise Payments in Ethiopia During Inaugural Visa Payments Forum

Visa Inc, the leading global payments technology company, has affirmed its commitment to expanding digital payments in Ethiopia by working closely with the financial ecosystem to bring the benefits of digital commerce and money movement to consumers, merchants, financial institutions and government partners.

Marking a one-year anniversary since opening its Addis Ababa office, the company announced a series of partnerships during its inaugural Ethiopian Visa Payments Forum. The event brought together key stakeholders from the digital payments industry to explore opportunities to further advance Ethiopia's growing payments ecosystem.

Over the past year, Visa has been building and strengthening partnerships and agreements that will accelerate digital payments, including:

- An agreement with Ethiopian Airlines to launch a co-branded card to ShebaMiles members across the Continent.

- An agreement and introduction with Bank of Abyssinia and Dashen Bank/Moneta (Amole) Technologies focused on supporting eCommerce growth and enabling wider acceptance of digital payments.

- A partnership with leading fintech Kifiya Financial Technology, providing local digital payments across mobile and online payments.

- Partnership with BelCash Technologies that will support the development of cross-border payment solutions for the East-African financial institutions and helping grow eCommerce to unlock the country's digital potential.

- Licensing partnership with Cooperative bank & Oromia International Bank.

In addition to partnerships, Visa outlined two previously announced initiatives to drive financial inclusion and job creation within Ethiopia with STEMPower, and to support the development of innovative fintechs with its Visa Everywhere Initiative.

"At Visa, we are extremely pleased to have a local presence in one of the most exciting countries in Africa, and to have established strong partnerships to help enable digital commerce. We are excited to support the goals of the Ethiopian economy, where financial inclusion will play an important part in the overall growth journey. We see great tremendous opportunity and are committed to playing our part in bringing more people into the financial system and supporting economic progress," said Aida Diarra, Senior Vice President & Head of Visa in Sub Saharan Africa.

As a sign of commitment to the digital transformation agenda, the Ethiopian government outlined Ethiopia's first Digital Transformation Strategy, in June 2020, followed by a series of regulations for its implementation including the proclamation on Electronic Transactions.

"Fast-tracking digitization of payments has multiple benefits for Ethiopians. Enhanced digital infrastructure enables support to local people and small businesses to enjoy the fast, seamless and secure payment experiences that we know are so important. Digitizing payments can also play an important part in driving economic inclusion, which underpins sustained economic growth," added Diarra.- CIO.

Zambia: Nationalizing Zambia's Copper Mines

The Zambian government has taken over operations at a major copper mining company in what is seen as a move towards increasing its direct control of the key mining sector. Economists are urging Lusaka to tread carefully.

Economists in Zambia paid close attention when the government announced that it would acquire Mopani Copper Mines Limited. The copper and cobalt exporting firm is jointly operated by companies based in Switzerland and Canada. The Zambian government owns only 10% of the company.

There had been a string of conflicts with the Swiss-based Glencore plc and Canada-based First Quantum Minerals Limited over a temporary shutdown of its mines in the northern Copperbelt Province. The points of contention were due to the COVID pandemic and retrenchments, taxes, and electricity pricing.

For John Tembo, a resident in Lusaka, the government's Mopani mine takeover could be a double-edged sword. "The people who are going to retire, where is the money going to come from?" Tembo posed. "If the government is taking over, they have to do it in the quickest way by paying off the retirees," Tembo told DW.

More than 73,000 people are employed in Zambia's extractive industry, representing 2.4% of the workforce in the southern African nation of nearly 18 million people.

"The mines need to belong to the government and not foreigners. The opposite means the country's minerals only benefit foreigners," Emmanuel Chisala, a Lusaka resident, told DW.

Vague takeover details

Little about the deal valued at $1.5 billion (€1.2 billion) has been made public. Still, speculation is swirling over the government's end game and the effect it could have on Zambia's bid to win a desperately-needed International Monetary Fund (IMF) bailout loan.

"The Mopani mine takeover is a good idea because Zambia needs to be in charge of its assets," Jerice Anosis, who resides in the capital, told DW. "My worry is how Zambia will pay back the debt because right now we owe a lot. We have a lot of debt to pay."

The Mopani deal will be financed through a loan to be serviced via its future sales, according to economist Professor Oliver Saasa. Zambia, he said, plans to repay that loan by giving Glencore creditors 3% of the mine's revenue. That would transpire over the next three years, after which the creditors will receive between 10% and 17.5%, he said.

If big companies slow down on big investments because of Mopani Copper Mines' fate, mining consultant Ron Smit said that developments in the sector are likely to stall.

"These actions by government that look like they are unilateral, are never, never good in any country," Smit told DW. "You would really hope for a sector where government and the industry are in better conversations with each other so that these issues can be avoided."

Are gold mines next?

Zambia's government appears to have its eye on the gold mining sector too. Lusaka reportedly plans to start buying gold directly from miners to bolster foreign reserves, which it says will speed up economic recovery.

But Smit said this places any government in the impossible position of being both a player and a referee on the same field.

"I am very much in favor of very strong governance over the mining sector, but I' am not in favor of government ownership of mines or any other industry for that matter."

President Edgar Lungu is pushing for Zambians to secure majority stakes in selected strategic mines to benefit from their country's mineral wealth beyond taxes.

Mining accounts for 77% of Zambia's total exports, nearly 28% of government revenues also come from the sector, according to the Zambia Extractive Industries Transparency Initiative (EITI).

Zambia's debt challenges

Professor Saasa is just one of several experts warning the government to consider the effects that the deal could have on the country facing a hard fiscal crisis and the liquidity challenges it could bring to the copper mining company. "It is sending another signal, whether real or perceived, that Zambia is a difficult environment in which to do business." Chibamba Kanyama, a Zambian economist, told DW.

According to Kanyama, the acquisition of more debt might make the IMF question Zambia's seriousness about debt sustainability. Zambia entered negotiations with the global financial institution for a loan after it became the first country in Africa to default on its debt since the pandemic started. Experts say that loan is unlikely to come by election time in August 2021.

"It makes us get very concerned as to whether we have understood all the risks that pertain to mining and whether we have put adequate measures to control that," Kanyama said. 

Invest Wisely!

Bulls n Bears 

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INVESTORS DIARY 2021

Company

Event

Venue

Date & Time

Old Mutual

analysts briefing

24/03/21 | 2:30pm

Willdale

AGM

Boardroom, Willdale Administration Block, Teneriffe, 19.5km peg Lomagundi Road, Mt Hampden

25/03/21 | 11am

TSL

AGM

Virtual | https://eagm.creg.co.zw/eagmzim/ Login.aspx | in the Auditorium, Ground Floor, 28 Simon Mazorodze Road, Southerton

25/03/21 | 12pm

CFI

AGM

Farm & City Boardroom, 1st Floor Farm & City Complex, 1 Wynne Street

31/03/21 | 11am

Good Friday

02/04/21

Easter Sunday

04/04/21

Easter Monday

05/04/21

Independence Day

18/04/21

Public Holiday in lieu of Independence Day falling on a Sunday

19/04/21

Companies under Cautionary

ART

PPC

Dairibord

Starafrica

Fidelity

Turnall

Medtech

Zimre

Nampak Zimbabwe

 <mailto:info at bulls.co.zw> 

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

(c) 2021 Web: <http://www.bullszimbabwe.com>  www.bullszimbabwe.com Email:  <mailto:info at bulls.co.zw> info at bulls.co.zw Tel: +263 4 2927658 Cell: +263 77 344 1674

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