Major International Business Headlines Brief::: 15 March 2021

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Major International Business Headlines Brief::: 15 March 2021

 


 

 


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

 


 

 


ü  Covid-19: British Airways plans app-based travel pass

ü  International arms deals stay stable during pandemic

ü  Phone scammers: 'Give me £1,000 to stop calling you'

ü  Garden furniture shortage no picnic for retailers

ü  World stocks inch up on increasing bets on faster economic recovery

ü  Danone board ousts Faber as chairman after activist pressure: Le Figaro

ü  VW to cut up to 4,000 jobs via early retirement, sources say

ü  China's factory output surges as recovery accelerates

ü  Top Toshiba shareholder gets support from CalPERS, Norway fund for probe

ü  India to propose cryptocurrency ban, penalising miners, traders: source

ü  Brent crude floats near $70 on demand recovery anticipation

ü  Malawi: Industrial Hemp Growers Threaten Malawi Govt With Lawsuit

ü  Nigeria: ADF Declares Support for Boycott of Fulani Cattle Beef to South
East

ü  Kenya: Motorists to Dig Deeper Into Pockets As Petrol, Diesel Prices Rise
Again

ü  Uganda: Stanbic Sees Growth in Business Purchases

 


 <https://www.facebook.com/Hyundaizimbabwe/> 

 


 

Covid-19: British Airways plans app-based travel pass

British Airways is planning to make it easier for passengers to prove they
are safe to travel once they have been vaccinated against Covid.

 

Under the plans, people who have had both jabs will be able to register
their status on BA's smartphone app.

 

The airline's chief executive, Sean Doyle, hailed the UK's "great progress"
in tackling the pandemic.

 

Last month, BA owner IAG called for digital health passes "to reopen our
skies safely".

 

IAG's boss, Luis Gallego, said at the time that the airline group wanted
international common testing standards for travel.

 

The UK government has said it will give the go-ahead for a return to
international travel on 17 May at the earliest.

 

The announcement prompted a flood of bookings, but it remains unclear which
routes will be available.

 

BA's move comes amid heated debate about the possibility that "vaccine
passports" could become a feature of foreign travel and even be used within
the UK to allow entry to places such as pubs or sports stadiums.

 

Will I need a vaccine passport?

In his latest comments to journalists, BA's Mr Doyle said the UK should be a
global leader in reopening international travel.

 

He urged the government to "set an example" and "be ambitious" in developing
systems, including the use of digital technology to verify the vaccination
and test status of passengers.

 

"We're making great progress in Britain in dealing with the pandemic," he
said, pointing to the Oxford-AstraZeneca vaccine and the success of the UK's
vaccination programme.

 

"It's fair to say that Britain has developed a really strong leadership
position in coming out the other end of the pandemic," he said.

 

"What we want to make sure is that we also take that leadership position
into restoring travel and restoring the economy."

 

In another incentive for passengers, BA said it had already reintroduced
free water and snacks on short-haul economy flights and that this policy
would continue.

 

Virgin cash injection

In another development, rival airline Virgin Atlantic has said it is close
to finalising a £160m financing package to tide it over until travel
restrictions are lifted.

 

The money is coming from loans made by existing shareholders, including the
Virgin Group and US airline Delta.

 

A Virgin Atlantic spokesperson said: "We continue to bolster our balance
sheet in anticipation of the lifting of international travel restrictions
during the second quarter of 2021.

 

"This latest £160m financing provides further resilience against a slower
revenue recovery in 2021 and follows a $230m financing on two Boeing 787s in
January, which allowed us to pay down debt and strengthen our cash position.

 

"We remain confident that Virgin Atlantic will emerge a sustainably
profitable airline and would like to thank our creditors and shareholders,
Virgin Group and Delta, for their ongoing support and unwavering belief in
our future."--BBC

 

 

 

International arms deals stay stable during pandemic

International arms sales remained stable between 2016 and 2020 compared to
the previous five years, according to a Sweden-based research institute.

 

Increased exports by the US, France and Germany were offset by declining
Russian and Chinese exports.

 

Imports and exports remain close to their highest level since the end of the
cold war, although this may change from the impact of the pandemic.

 

The biggest growth in arms imports was seen in the Middle East.

 

"It is too early to say whether the period of rapid growth in arms transfers
of the past two decades is over," said Pieter Wezeman, a senior researcher
with the Stockholm International Peace Research Institute (Sipri) who
collected the data.

 

"The economic impact of the Covid-19 pandemic could see some countries
reassessing their arms imports in the coming years.

 

"However, at the same time, even at the height of the pandemic in 2020,
several countries signed large contracts for major arms."

 

The US remains the largest exporter, supplying arms to 96 states, and
increasing its global share of arms exports to 37% during the five year
period.

 

France increased its exports of major arms by 44%, while Germany expanded
its exports by 21%.

 

The Middle East was the fastest growing market for arms, importing 25% more
in 2016-20 compared to the previous five year period.

 

The biggest increases came from Saudi Arabia (61%), Egypt (136%) and Qatar
(361%).

 

Israel and South Korea both significantly increased their exports, although
both remain relatively small players in arms exports.

 

Asia and Oceania was the largest importing region for major arms, receiving
42% of global arms transfers.

 

India, Australia, China, South Korea and Pakistan were the biggest importers
in the region.

 

Declining Russian and Chinese imports

Russia and China both saw their arms exports falling, although the two
countries remained major suppliers to countries in sub-Saharan Africa.

 

Arms exports by Russia dropped by 22%, most of it attributable to a 53% drop
in arms exports to India.

 

"Although Russia has recently signed new large arms deals with several
states and its exports will probably gradually increase again in the coming
years, it faces strong competition from the USA in most regions," said Sipri
researcher Alexandra Kuimova.

 

Exports by China, the world's fifth largest arms exporter fell 7.8%.

 

Pakistan, Bangladesh and Algeria were the largest recipients of Chinese
arms.--BBC

 

 

 

Phone scammers: 'Give me £1,000 to stop calling you'

When my landline rings (yes, I still have a landline), it is only ever going
to be either my mum, my mother-in-law or a scam caller.

 

These days, the mum chats are far outnumbered by the scams.

 

Last week, fed up with their frequency, I asked the caller, who claimed to
be from Microsoft's technical department, where she had got my number. "Take
me off the list," I asked.

 

"Give me £1,000 and I will," she replied.

 

It felt like an audacious new low for an industry that already seems to be
getting out of hand.

 

And for some, such calls are a lot more than just a nuisance.

 

One woman had a mobile call telling her that there was an ongoing court case
against her over an unpaid tax bill. The judge and jury were on the line,
the scammer told her, but if she immediately transferred payment of £999,
the case would go better for her.

 

She panicked and paid but was told it was not enough. So she went to the
bank, with the scammer still on the line, and sent another £4,000.

 

"As soon as she had done it, she realised it was a scam," said Louise
Baxter-Scott, head of the national Trading Standards scam team.

 

According to Trading Standards, there has been a surge in such calls during
lockdown.

 

"Everyone is at home so they are easy prey," said Ms Baxter-Scott.

 

And the scams are getting more sophisticated and more threatening.

 

One currently doing the rounds, purporting to be from the National Crime
Agency, claims there is a warrant out for your arrest for "serious
offences".

 

Another common claim is that National Insurance numbers have been stolen,
which might seem plausible given the number of data thefts.

 

Although the request to immediately send money to the tax office should ring
alarm bells.

 

Increasingly the calls are coming through to people's mobile phones, often
appearing as a UK number to add another layer of legitimacy.

 

The top three problems Trading Standards identified were:

 

Some of these are defined as nuisance calls because they are actually
selling something - albeit it something you probably do not need. Others are
out-and-out scams.

 

People are thought to receive an average of seven scam or nuisance calls per
month.

 

Scammers are particularly targeting the elderly.

 

Blocking calls

Trading Standards provided 2,000 call-blocking devices to people's homes to
test their effectiveness at preventing the calls and to provide intelligence
about the perpetrators.

 

The trial suggested such technology blocked more than 90% of unwanted calls.

 

Stevie Corbin-Clarke, a research assistant at Bournemouth University, worked
on the project to understand the effect scams have on the public.

 

Her research concluded that receiving scam and nuisance calls had a
significant effect on people's wellbeing.

 

All regular landline users were likely to benefit from having a call blocker
and they should also be made available to vulnerable individuals, the
research suggested.

 

Robocalls

Similar blockers such as YouMail exist in the US, where automated calls, or
robocalls, are getting out of hand.

 

A Business Insider survey suggested that half of Americans reported
receiving scam phone calls on their mobiles every day, with another quarter
receiving them several times per week.

 

During February, 4.6 billion were made, according to YouMail's chief
executive Alex Quilici.

 

"The 2020 pandemic closed call centres so there were fewer, but now
everything is opening up and robocalls are back," he told the BBC.

 

So-called robodiallers, often located overseas, make millions of calls per
hour.

 

"It costs almost nothing to make these phone calls and they don't need a lot
of people to respond to make a profit," said Mr Quilici.

 

He described how one New York-based woman in her 60s lost her life savings -
some $350,000 - to a tax office scam. A student in her twenties lost $40,000
to a language school fraud scheme.

 

YouMail is a free app, although the firm offers a premium paid-for service
to small businesses, and so far 10 million have signed up.

 

In the long run, Mr Quilici believes the problem will become rather like
email spam - it will reach a certain level of intolerability, forcing both
technological solutions and consumers to change behaviour.

 

"That combination will work but it will take a long time," he said.

 

As part of the fightback, last year the US Department of Justice launched
cases against five companies they alleged were gateway carriers - allowing
hundreds of millions of robocalls into the US phone system.

 

Meanwhile in the UK last month, the Information Commissioner's Office issued
fines amounting to £270,000 to two separate companies for making unlawful
marketing calls to numbers registered with the Telephone Preference Service
(TPS).

 

Just a month earlier it handed out £480,000 worth of fines to four other
companies.

 

Despite the fines, which are not always paid, similar firms keep popping
back up.

 

Ms Baxter-Scott thinks phone companies could do more "to block calls on
their networks".

 

And she is hoping that the trial with call blockers can be extended to local
authorities.

 

"It is proven that having a £100 call blocker reduces anxiety, insomnia and
wellbeing so it make sense to fund this," she said.--BBC

 

 

 

Garden furniture shortage no picnic for retailers

People hoping to spruce up their gardens, ready for when we can socialise in
them again, may face problems with their seating plans due to a lack of
outdoor furniture.

 

A combination of high demand and shipping problems is being blamed for the
shortages.

 

Furniture giant Ikea is among the retailers experiencing supply issues.

 

Companies say that shipping costs to import goods from countries such as
China have risen dramatically.

 

The Leisure and Outdoor Furniture Association, which represents 70
manufacturers and wholesalers, said all of its members are having problems
with garden furniture supply.

 

Gina Hinde from the association said that last year its members were being
charged about $1,200 to get a container over from China and Indonesia. This
year, they're being charged anywhere between $7,000 and $10,000.

 

 

"Some have even been quoted up to $17,000 to bring one container over," she
told BBC Radio 5 Live's Wake Up To Money programme.

 

Ikea says the shortages have been caused by both a huge rise in demand
through the pandemic, as people spend more time at home, and problems with
its global supply chain.

 

However, the retail giant says it hopes to have things back to normal by the
time its stores re-open.

 

Sky high shipping

Rob Mead is a consultant at White Stores, which sells garden furniture
online and from its six shops. The company also has a wholesale arm, Nova,
which sells to other retailers.

 

He said that his company spent a month negotiating with freight forwarders
last November.

 

"We did it to get something in place because we can't afford to ship
containers at $8,000 to $10,000 a go," he said.

 

Problems with supply could have a knock-on effect on prices, he added.

 

"The problem it causes is that it increases the cost price of a product,"
said Mr Mead.

 

"You can't just increase your price due to the fact that you're paying more
to ship the product - that doesn't improve the quality of the item
itself."--BBC

 

 

 

World stocks inch up on increasing bets on faster economic recovery

TOKYO (Reuters) - Global stock prices inched higher while U.S. bond yields
hovered near a 13-month peak on Monday as investors bet U.S. economic growth
will accelerate after the $1.9 trillion stimulus bill President Joe Biden
signed into law last week.

 

A rollout of COVID-19 vaccinations in the United States and some other
countries stoked a bullish mood on risk assets even as investors become wary
of key central bank policy meets later in the week, including the U.S.
Federal Reserve’s.

 

“The U.S. is now vaccinating more three million people a day, with President
Biden now saying all adults will be able to get a shot by May 1. It could
soon achieve a herd immunity and an economic normalisation,” said Norihiro
Fujito, chief investment strategist at Mitsubishi UFJ Morgan Stanley
Securities.

 

U.S. S&P500 futures rose 0.2% in early Asian trade, trading just below a
record high level touched last week, while Japan’s Nikkei ticked up 0.3%.

 

Mainland Chinese shares buckled the trend to trade lower despite data
showing a quickening in industrial output and a rise in retail sales.

 

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.2%, with
Hong Kong leading the gains.

 

“Most market participants and policy-makers have been surprised by the speed
of the recovery. On our estimates, the U.S. economy will reach pre-COVID-19
output levels by the current quarter,” said Chetan Ahya, global head of
economics at Morgan Stanley in New York, in a note.

 

“Fiscal policy is doing much more than fill the output hole. Transfers to
households have already exceeded the income lost in the recession. As
reopening gathers pace, the labour market is poised for a sharp rebound.”

 

The U.S. House of Representatives gave final approval last week to the
COVID-19 relief bill, giving Biden his first major victory in office.

 

Some investors speculate part of $1,400 direct payments to households could
find its way to stock markets, as seemed to be the case with similar direct
payments made last year for coronavirus relief.

 

Investors also suspect the $1.9 trillion package, which amounts to more than
8% of the country’s GDP, could stoke inflation - to the detriment of bonds,
especially when their yields are so low.

 

Rising inflation expectations could prompt the Federal Reserve to signal it
will start raising rates sooner when it announces its latest economic
projections at the end of Federal Open Market Committee (FOMC) meeting on
Wednesday.

 

“Following the fiscal stimulus packages it is inevitable that Fed GDP
forecasts will be revised up, and some FOMC members might think rates will
have to move higher sooner than they anticipated last December,” wrote
economists at ANZ.

 

The 10-year U.S. Treasuries yield stood at 1.628%, having risen to as high
as 1.642% on Friday, a high last seen in February last year.

 

On top of continued U.S. economic optimism and increased debt supply
expectations after the stimulus, uncertainties about whether the Fed will
extend an emergency regulatory easing in the so-called “supplementary
leverage ratio” (SLR) added to the sense of unease.

 

Higher U.S. bond yields saw the dollar rising against other major
currencies.

 

The euro slipped to $1.1947 from last week’s high of $1.1990 while the
dollar held firm at 109.12 yen, near nine-month high of 109.235 set last
Tuesday.

 

The British pound slipped 0.25% to $1.3934.

 

Bitcoin briefly slipped to $58,742, off a record high of $61,781 hit on
Saturday, after Reuters reported a senior Indian government official said
Delhi will propose a law banning cryptocurrencies, fining anyone in the
country trading or even holding such digital assets.

 

Oil prices were supported by production cuts by major oil producers and
optimism about a demand recovery as the global economy recovers from the
pandemic-induced recession.

 

U.S. crude futures traded at $66.23 per barrel, up 0.9% on the day.

 

 

 

Danone board ousts Faber as chairman after activist pressure: Le Figaro

PARIS (Reuters) - The board of French food group Danone on Sunday voted to
oust Emmanuel Faber as chairman, Le Figaro newspaper reported, as the group
tries to draw a line under a management crisis and growing pressure from
shareholders.

 

Faber, who had recently said he would relinquish his role as CEO but stay on
as chairman to try to appease critics, will be replaced by recently
appointed director Gilles Schnepp in the top job, Le Figaro said.

 

Danone and Faber could not immediately be reached for comment.

 

Danone had come under pressure in recent months from several shareholders
including investment fund Artisan Partners and activist investor Bluebell
Capital, who called for Faber to leave and for the group to improve returns.

 

They had also championed Schnepp, who used to run electrical firm Legrand
and was named to Danone’s board in December, as a desirable candidate as
chairman.

 

The abrupt shake-up now leaves Danone under pressure to find a new CEO
quickly.

 

“Of course the ‘job’ starts now with the Board due to appoint a top-class
CEO,” Bluebell said in a statement late on Sunday, adding it was happy with
the outcome so far.

 

“We are confident that under the leadership of Mr Schnepp, a profitable
growth trajectory will be restored at Danone whist also keeping focus on
sustainability.”

 

The investors had pointed to Danone’s sluggish stock market performance and
weaker sales growth than some peers over the past year, and criticised some
strategy decisions and Danone’s low level of investment in areas such as
marketing.

 

Problems at the world’s largest yoghurt-maker, which also makes Evian
bottled water, were exacerbated by the COVID-19 pandemic, which hit its
sales to the restaurant sector for example.

 

Faber, who had been CEO since 2014 and later took on the chairman role, has
advocated for environmental issues and more sustainable ways of doing
business, winning him followers among some staff.

 

But recent management changes and an organisational overhaul had caused
divisions among board members, people close to the matter have previously
said.

 

 

 

VW to cut up to 4,000 jobs via early retirement, sources say

BERLIN (Reuters) - Carmaker Volkswagen plans to cut up to 4,000 jobs at its
plants in Germany by offering early or partial retirement to older employees
in a move that could cost several hundred million euros, company sources
said on Sunday.

 

Volkwagen said in a statement it had agreed a plan with the works council to
open partial retirement to those born in 1964, while offering early
retirement to those born from 1956 to 1960.

 

Volkswagen said it expected up to 900 workers to opt for early retirement,
while a low number in the thousands would choose partial retirement, without
giving a precise figure.

 

Two company sources told Reuters 3,000-4,000 positions would be cut in
connection with the programme to be implemented at the six German plants of
the main VW brand, which now employ about 120,000 people.

 

Handelsblatt newspaper, which earlier reported on the plan, had said the
company would cut up to 5,000 jobs.

 

Volkswagen declined to comment on the cost, which will depend on how many
employees accept the offer. One source estimated it at close to 500 million
euros ($598 million).

 

As the 83-year old automaker tries to become more of a tech company modelled
on Tesla, Volkswagen said it was raising the training budget by 40 million
euros to 200 million.

 

Volkswagen said it was also extending a hiring freeze until the end of 2021.
It had previously only been in place until the first quarter. External hires
can only be made in areas like electric cars, digitalisation and battery
cell development.

 

The Volkswagen Group said in January it would cut overhead.

 

 

China's factory output surges as recovery accelerates

BEIJING (Reuters) - China’s industrial output growth quickened in
January-February, beating expectations, as the vast manufacturing sector
started 2021 on a firm footing and the economy consolidated its brisk
recovery.

 

Retail sales in the period also rose in a boost to domestic demand, giving a
strong lift to business activity on top of the recent upsurge in exports
growth.

 

Industrial output rose 35.1% in the first two months from a year earlier, up
from a 7.3% on-year uptick seen in December, data from the National Bureau
of Statistics on Monday. That was stronger than a median forecast of a 30.0%
surge in a Reuters poll of analysts.

 

China’s ability to contain the coronavirus pandemic before other major
economies were able to do so has allowed it to rebound faster, with the
recovery helped by robust exports, pent-up demand and government stimulus.

 

While the impressive numbers are in part due to distortions from last year’s
massive slump in activity, other measures show the recovery is broad-based
with industrial output up 16.9% compared with the first two months of 2019,
before the pandemic struck.

 

An NBS official said that positive factors for China’s economy are
increasing but the foundation for the recovery is not yet solid.

 

A rebound in foreign demand drove export growth in February to a record
pace, while factory gate prices posted the biggest expansion since November
2018.

 

China’s economic activity is normally distorted and volatile in the first
two months because of the week-long Lunar New Year holiday, which fell in
February this year.

 

Retail sales increased 33.8% from a year earlier in the first two months,
compared with a rise of 32% tipped by analysts, marking a significant jump
from 4.6% growth in December and after a 20.5% contraction for
January-February of 2020.

 

Fixed asset investment increased 35% in the first two months from the same
period a year earlier, slower than a forecast 40.0% jump. That compared with
2.9% on-year growth in 2020, and a 24.5% plunge in January-February last
year.

 

Investment grew 3.5% compared with the first two months of 2019.

 

Private-sector fixed-asset investment, which makes up 60% of total
investment, rose 36.4% in January-February, versus a 1.0% increase for the
full year of 2020.

 

China has set a modest annual economic growth target, at above 6%, well
below analysts’ consensus forecast of more than 8% this year. It was the
only major economy last year to report positive growth, with an expansion of
2.3%.

 

Chinese Premier Li Keqiang said the focus for growth this year is on
consolidating the economic recovery.

 

 

 

Top Toshiba shareholder gets support from CalPERS, Norway fund for probe

TOKYO (Reuters) - California Public Employees’ Retirement System (CalPERS)
and Norges Bank Investment Management (NBIM) voted in favour of a proposal
by a top Toshiba Corp shareholder for an independent probe into the Japanese
conglomerate, according to voting records.

 

Singapore-based Effissimo, which is Toshiba’s largest shareholder with a
9.9% stake, is calling for an independent investigation into allegations
that shareholders were pressured about how to vote on director nominations
ahead of last year’s annual general meeting.

 

CalPERS and NBIM, the largest U.S. public pension fund and the world’s
largest sovereign wealth fund, respectively, voted in favour of the
independent probe ahead of an extraordinary shareholders’ meeting on March
18.

 

CalPERS owns 0.45% of Toshiba and NBIM has 1.32%, according to data from
Refinitiv.

 

Even though their stakes are small, backing from such prominent
institutional investors could add to momentum for Effissimo and other
activist shareholders who have been deeply dissatisfied with Toshiba’s
management over its governance and business strategy.

 

However, Blackrock Inc - the world’s biggest asset manager - has voted
against Effissimo’s proposal, a source familiar with the matter said. A
representative for BlackRock in Japan declined to comment.

 

 

 

India to propose cryptocurrency ban, penalising miners, traders: source

NEW DELHI/MUMBAI (Reuters) - India will propose a law banning
cryptocurrencies, fining anyone trading in the country or even holding such
digital assets, a senior government official told Reuters in a potential
blow to millions of investors piling into the red-hot asset class.

 

The bill, one of the world’s strictest policies against cryptocurrencies,
would criminalise possession, issuance, mining, trading and transferring
crypto-assets, said the official, who has direct knowledge of the plan.

 

The measure is in line with a January government agenda that called for
banning private virtual currencies such as bitcoin while building a
framework for an official digital currency. But recent government comments
had raised investors’ hopes that the authorities might go easier on the
booming market.

 

Instead, the bill would give holders of cryptocurrencies up to six months to
liquidate, after which penalties will be levied, said the official, who
asked not to be named as the contents of the bill are not public.

 

Officials are confident of getting the bill enacted into law as Prime
Minister Narendra Modi’s government holds a comfortable majority in
parliament.

 

If the ban becomes law, India would be the first major economy to make
holding cryptocurrency illegal. Even China, which has banned mining and
trading, does not penalise possession.

 

The Finance Ministry did not immediately respond to an email seeking
comment.

 

‘GREED’ OVER ‘PANIC’

 

Bitcoin, the world’s biggest cryptocurrency, hit a record high $60,000 on
Saturday, nearly doubling in value this year as its acceptance for payments
has increased with support from such high-profile backers as Tesla Inc CEO
Elon Musk.

 

In India, despite government threats of a ban, transaction volumes are
swelling and 8 million investors now hold 100 billion rupees ($1.4 billion)
in crypto-investments, according to industry estimates. No official data is
available.

 

“The money is multiplying rapidly every month and you don’t want to be
sitting on the sidelines,” said Sumnesh Salodkar, a crypto-investor. “Even
though people are panicking due to the potential ban, greed is driving these
choices.”

 

User registrations and money inflows at local crypto-exchange Bitbns are up
30-fold from a year ago, said Gaurav Dahake, its chief executive. Unocoin,
one of India’s oldest exchanges, added 20,000 users in January and February,
despite worries of a ban.

 

ZebPay “did as much volume per day in February 2021 as we did in all of
February 2020,” said Vikram Rangala, the exchange’s chief marketing officer.

 

Top Indian officials have called cryptocurrency a “Ponzi scheme”, but
Finance Minister Nirmala Sitharaman this month eased some investor concerns.

 

“I can only give you this clue that we are not closing our minds, we are
looking at ways in which experiments can happen in the digital world and
cryptocurrency,” she told CNBC-TV18. “There will be a very calibrated
position taken.”

 

The senior official told Reuters, however, that the plan is to ban private
crypto-assets while promoting blockchain - a secure database technology that
is the backbone for virtual currencies but also a system that experts say
could revolutionise international transactions.

 

“We don’t have a problem with technology. There’s no harm in harnessing the
technology,” said the official, adding the government’s moves would be
“calibrated” in the extent of the penalties on those who did not liquidate
crypto-assets within the law’s grace period.

 

JAIL TERMS?

A government panel in 2019 recommended jail of up to 10 years on people who
mine, generate, hold, sell, transfer, dispose of, issue or deal in
cryptocurrencies.

 

The official declined to say whether the new bill includes jail terms as
well as fines, or offer further details but said the discussions were in
their final stages.

 

In March 2020, India’s Supreme Court struck down a 2018 order by the central
bank forbidding banks from dealing in cryptocurrencies, prompting investors
to pile into the market. The court ordered the government to take a position
and draft a law on the matter.

 

The Reserve Bank of India voiced its concern again last month, citing what
it said were risks to financial stability from cryptocurrencies. At the same
time, the central bank has been working on launching its own digital
currency, a step the government’s bill will also encourage, said the
official.

 

Despite the market euphoria, investors are aware that the boom could be in
danger.

 

“If the ban is official we have to comply,” Naimish Sanghvi, who started
betting on digital currencies in the last year, told Reuters, referring to
existing concerns about a potential ban. “Until then, I’d rather stack up
and run with the market than panic and sell.”

 

 

 

Brent crude floats near $70 on demand recovery anticipation

SINGAPORE (Reuters) - Oil prices edged up on Monday, with Brent drifting
near $70 a barrel, propped up by output cuts from major producers and
optimism about global economic and fuel demand recovery in the second half
of the year.

 

Brent crude futures for May gained 23 cents, or 0.3%, to $69.45 a barrel by
0102 GMT while U.S. West Texas Intermediate crude for April was at $65.90 a
barrel, up 29 cents, or 0.4%.

 

Top oil exporter Saudi Arabia has cut the supply of April-loading crude to
at least four north Asian buyers by up to 15%, while meeting the normal
monthly requirements of Indian refiners, refinery sources told Reuters on
Friday.

 

The supply cuts come as the Organization of the Petroleum Exporting
Countries (OPEC) and its allies, a group known as OPEC+, decided earlier
this month to extend most of its supply cuts into April.

 

Investors are expecting China to release positive economic data on Monday,
supporting forecasts of stronger growth at the world’s second largest oil
consumer.

 

“China data due today could be highly influential,” Michael McCarthy, chief
market strategist at CMC Markets in Sydney, wrote.

 

“Both industrial production and retail sales are expected to show very
strong bounces, largely due to the year on year compassion with a Lunar New
Year holiday and lockdown affected period last year.”

 

In the United States, oil refiners’ weekly capacity were seen up 1.6 million
barrels per day, research company IIR Energy said on Friday, as more plants
resume operations following outages during the severe winter storm in Texas
last month.

 

Separately, U.S. energy firms have cut the number of oil and natural gas
rigs operating by one in the first weekly drop since November, according to
Baker Hughes Co.

 

 

 

Malawi: Industrial Hemp Growers Threaten Malawi Govt With Lawsuit

Some industrial hemp growers in Mzimba are threatening the government with
legal action for failure to issue them with licences.

 

The prospective cannabis farmers claim they have invested K30 million in the
industrial hemp farming.

 

M'mbelwa Investment Limited spokesperson Rev. William Mumba said Saturday n
Mzuzu that delays to issue licenses are frustrating.

 

He said the government should issue them with the licences.

 

"We are extremely concerned as famers because we have invested a lot into
this venture. We had all the trust in our government that they would fulfill
what was promised because it is about the country's economy and the economy
of individuals. The minimum investment by a single individual is about
K700,000.00 while the maximum is 30 million Kwacha.

 

"It's very unfortunate that government does not seem to be concerned and
this is where we think we might consider mobilizing ourselves to force
government to refund the money. If government issued the licences, farmers
from Mzimba alone would bring into the country approximately $2 billion.
This would certainly help to boost the economy of the country," explained
Mumba.

 

Another concerned farmer, Martin Kumwenda, wondered why an initiative
conceived by government itself was also being hindered by the same
government.

 

"We were asked by the same government to get organized to grow cannabis. We
underwent trainings, paid licence fees and got down to prepare land. We are
very concerned that government does not bother the time frame that was
agreed upon," lamented Kumwenda.

 

Last Thursday, agriculture authorities updated farmers that they were
waiting for Ministry of Justice to gazzette names of board members by this
week.- Nyasa Times.

 

 

 

Nigeria: ADF Declares Support for Boycott of Fulani Cattle Beef to South
East

Abakaliki — THE Alaigbo Development Foundation, ADF, weekend declared its
support for the boycott of Fulani cattle beef in the South East, and indeed
all over Igboland.

 

ADF, Abia Onyike who stated this in Abakaliki, explained that the reason for
the boycott was a way for the Foundation "to register our protest against
the impunity and viciousness of the AK-47 wielding Fulani Herdsmen and the
tendency to protect them by some sections of Nigeria's security agencies."

 

READ ALSONNL: Vandrezzer FC threatens to abandon fixture over broadcasting
dispute

 

According to him, "the Alaigbo Development Foundation, after a critical
appraisal of the unrepentant violent attitude of the rampaging Fulani
Herdsmen which has led to the killing of innocent people, rape of
women/girls, kidnapping and destruction of crops in the farmlands in
Igboland, do hereby proclaim our support for the boycott of Fulani cattle
beef in the South East, and indeed all over Igboland.

 

"The Fulani Cattle Boycott Campaign is to register our protest against the
impunity and viciousness of the AK-47 wielding Fulani Herdsmen and the
tendency to protect them by some sections of Nigeria's security agencies.

 

"We therefore commend and congratulate the people of Afikpo Community in
Ebonyi State for their resolve to boycott the consumption of Cow Meat as a
result of the unwarranted violence and deaths visited on the people of the
area by the Fulani Marauders without commensurate intervention by law
enforcement agencies to punish the Fulani criminals.

 

"ADF would be willing to collaborate with other patriotic groups such as
Afenifere and the Middle Belt Coalition to ensure the abolition of open
grazing of cattle in Nigeria."-Vanguard.

 

 

 

Kenya: Motorists to Dig Deeper Into Pockets As Petrol, Diesel Prices Rise
Again

Consumers will pay more for fuel from March 15 to April, following an
increase in the prices of super petrol, diesel and kerosene

 

The prices of super petrol, diesel and kerosene have all increased
significantly in the latest review by the Energy and Petroleum Regulatory
Authority (Epra).

 

In a statement Sunday, the Epra's acting Director-General Daniel Bargoria
said the costs of a litre of super petrol, diesel and kerosene rose by
Sh7.63, Sh5.75, and Sh5.41 per litre, respectively.

 

The new prices take effect on Monday and will remain until the next review
on April 14.

 

In Nairobi, a litre of petrol will retail at Sh122.81, diesel at Sh107.66,
and Kerosene at Sh97.85.

 

In Mombasa, the three products will cost Sh120.41, Sh105.27, and Sh95.46,
respectively, while in Kisumu, motorists will pay Sh123.36, Sh108.46, and
Sh98.68, respectively.

 

In Nakuru, motorists will pay Sh122.44 for a litre of super petrol, Sh107.55
for diesel and Sh97.76 for kerosene.

 

In Eldoret, Uasin Gishu County, that amount of super petrol will cost
Sh123.36, diesel Sh108.46 and kerosene Sh98.68.

 

According to Epra, the price increases are a consequence of an increase in
the average landed costs of fuel products.

 

The cost of imported super petrol rose from $391.24 per cubic metre in
January to $449.82 in February.

 

The cost of diesel increased by $12.29 per cent, from $ 377.55 per cubic
metre to $423.95, while that of Kerosene increased by $13.26, from $347.19
per cubic metre to $393.23.

 

"Over the same period, the mean monthly US dollar to Kenya shilling exchange
rate appreciated by 0.20 per cent, from Sh109.89 per dollar in January, to
Sh109.67 per dollar in February," the regulator said.-Nation.

 

 

 

Uganda: Stanbic Sees Growth in Business Purchases

Stanbic bank has witnessed growing confidence in the business community to
invest more, two months after the market showed strong signs of uncertainty
and pessimism.

 

According to the bank's Purchasing Managers' Index (PMI), "Private sector
optimism picked up during February ending a two-month sequence of job cuts
and leading to an improvement in the Stanbic Purchasing Managers' Index
(PMI) to 51.2 from 49.8 in January. The index is now above 50.0 signifying a
positive outlook compared to the same period in January."

 

In a statement, Stanbic says the end of the election season and the partial
reopening of schools had spurred demand. Ronald Muyanja, the head of trading
at Stanbic Bank Uganda, in statement, said "preparations for a wider
reopening of schools is supporting a return to growth. This new business has
led to a rise in output in February (the eighth in as many months)
particularly in the agriculture and industry sectors. We however continue to
see decline in activity elsewhere."

"The downturn in business conditions that came with the election period has
subsided and the health of the private sector has improved. New orders,
staffing hires and output continued to rise in February. Business conditions
have now strengthened in seven of the past eight months, even though the
latest reading is still below the series average of 52.9."

 

The PMI is a index that offers an outlook of the operating conditions in
Uganda. Stanbic bank sponsors this monthly survey, which is produced by IHS
Markit.

 

The survey covers the sectors of agriculture, industry, construction,
wholesale & retail and service sectors. The statement also noted that there
were more job hirings in the month of February.

 

"The return to growth seen last month has ended a two-month sequence of job
cuts. And subsequently an increase in staffing levels means an increase in
employee expenses, purchase costs of goods and services thus good business,"
Muyanja said.-Observer.

 

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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Alt. Email:       <mailto:info at bulls.co.zw> info at bulls.co.zw  

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Skype:         Bulls.Bears 



 

 

 


 

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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