Major International Business Headlines Brief::: 16 March 2021

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Major International Business Headlines Brief::: 16 March 2021

 


 

 


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

 


 

 


ü  Stripe plots European expansion after $95bn valuation

ü  Brexit: EU to begin legal action over alleged NI Protocol breach

ü  Tinder to introduce in-app background checks

ü  Bank of England governor defends self over scandal

ü  Chinese economy continues its pandemic bounce back

ü  China's tech giants fall under regulator's pressure

ü  Elon Musk changes job title to 'Technoking of Tesla'

ü  Facebook to pay News Corp for content in Australia

ü  Asian stocks follow Wall Street higher ahead of Fed meeting

ü  Purdue Pharma to use public trusts, Sackler cash to settle opioid
litigation

ü  Germany bets U.S. will make the best of 'bad deal' Nord Stream gas link

ü  Oil drops as rising stockpiles compound COVID-19 demand concerns

ü  Kenya, Tanzania Enable Multinationals Evade Taxes

ü  Rwanda: Kenol Kobil Rwanda Rebrands to Rubis Following Acquisition

ü  Rwanda: Kigali Based Entrepreneurship Hub to Invest $12 Million in
Rwanda's Start-Up Scene

ü  Nigeria: 23.18m Nigerians Jobless As Unemployment Rate Hits 33.3 Percent

 


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Stripe plots European expansion after $95bn valuation

America's most valuable start-up, Stripe, is plotting a major expansion in
Europe.

 

The firm, which is worth $95bn (£68bn), plans to add 1,000 jobs in Ireland
alone over the next five years, after raising $600m from investors.

 

That will more than triple its presence in the country.

 

Launched in the US by two Irish brothers in 2011, Stripe processes payments
for firms that range from tech giants, like Amazon, to Waitrose.

 

Its business has boomed during the pandemic as online shopping exploded.

 

Stripe, which has dual headquarters in San Francisco and Dublin, is now
active in 42 countries, including 31 in Europe, where many of its fastest
growing customers are based.

 

It estimates that three out of four UK adults have made a payment via Stripe
over the last year.

 

"The growth opportunity for the European digital economy is immense," Stripe
president and co-founder John Collison said.

 

He started the firm while barely out of his teens after moving to the US for
university.

 

Most valuable US start-up

The $95bn valuation announced on Sunday puts the firm ahead of Elon Musk's
SpaceX rocket company, which is worth an estimated $74bn.

 

It is nearly 10 times more than the valuation it fetched in a 2016
fundraising round, which vaulted Mr Collison and his brother Patrick into
the ranks of the world's youngest self-made billionaires.

 

The company helps businesses process online payments and navigate the
different regulations and systems around the world.

 

It employs roughly 3,000 people, including about 500 in Europe. It recently
added former Bank of England Governor Mark Carney to its board.

 

The company is also expanding globally, with plans to start offering its
services in countries such as Brazil, India and Indonesia this year.

 

"The pandemic taught us many things about society, including how much can be
achieved - and paid for - online," Stripe chief financial officer, Dhivya
Suryadevara, said in a statement.

 

"While Stripe already processes hundreds of billions of dollars per year for
millions of businesses worldwide, the opportunity ahead is much larger ...
than it was when the company was started 10 years ago."

 

"This is fantastic news on the jobs front and the start of a really welcome
partnership between the Irish state and Stripe," said Leo Varadkar,
Ireland's deputy prime minister.

 

"Over 1,000 new jobs will be created over the next five years. These are
really good, well-paid, professional jobs and will be a real boost to the
economy. I wish Stripe the very best with its plans".--BBC

 

 

 

Brexit: EU to begin legal action over alleged NI Protocol breach

The EU has begun legal action against the UK over its alleged breach of the
NI Protocol.

 

It could lead to the UK having to defend its actions at the European Court
of Justice.

 

The European Commission's vice president said he hopes the issue can be
resolved without further legal action.

 

Maroš Šefčovič said the EU's preference is for "collaborative, pragmatic and
constructive" political discussions.

 

The protocol is the part of the Brexit deal relating to Northern Ireland and
has led to the creation of a new trade border between Northern Ireland and
the rest of the UK.

 

Earlier this month, the UK government changed how the protocol is being
implemented without EU agreement.

 

It delayed the introduction of new sea border checks on food, parcels and
pets.

 

It also moved unilaterally to ease the trade in horticultural products
across from Great Britain to Northern Ireland.

 

The European Commission has sent a letter of formal notice to the UK saying
these actions breach the substantive provisions of the protocol as well as
the good faith obligation under the Withdrawal Agreement.

 

It has asked the UK to respond within a month before it decides on further
legal steps.

 

Bound together?

Mr Šefčovič has separately sent a "political letter" to David Frost, the UK
minister in charge of Brexit.

 

It calls for the UK to enter into good faith consultations in the Joint
Committee, the body which oversees the protocol, with the aim of reaching a
mutually agreed solution by the end of this month.

 

The BBC is not responsible for the content of external sites.

View original tweet on Twitter

Mr Šefčovič said: "The EU and the UK agreed the protocol together. We are
also bound to implement it together.

 

"Unilateral decisions and international law violations by the UK defeat its
very purpose and undermine trust between us. The UK must properly implement
it if we are to achieve our objectives."

 

Senior EU figures had previously made clear they'd be taking this legal
action, so there was no element of surprise today.

 

They felt they had to act in the face of what they claim is the UK breaking
international law for the second time in six months.

 

Triggering this sort of complaint, "an infringement procedure", is a weapon
in the armoury the commission often reaches for when it believes member
states have breached the rules.

 

The unusual element here is that the dispute with the British will be ruled
on by the European Court of Justice, even though the UK has left the EU.

 

It's one legacy of Brexit that Downing Street will not want to shout about.

 

2px presentational grey line

Speaking earlier, the prime minister said the actions taken by the UK were
"temporary and technical measures that we think are very sensible".

 

Asked on a visit to Coventry on Monday, Mr Johnson said: "The protocol is
there to uphold and guarantee, to buttress the Good Friday Agreement and the
peace process."

 

It had always been "very important [that] the wishes and consent of both
communities in Northern Ireland are properly reflected in the outcome and
that it should guarantee trade and movement not just north-south but
east-west as well", he added.

 

The UK looked forward to discussions with its EU friends on the issue, said
the prime minister.

 

The UK government had received the European Commission letters and would
respond "in due course", said a statement.

 

It described the UK's actions as "temporary, operational steps" which were
"lawful and part of a progressive and good faith implementation" of the
Northern Ireland Protocol.

 

"Low key operational measures like these are well precedented and common in
the early days of major international treaties," it continued.

 

"In some areas, the EU also seems to need time to implement the detail of
our agreements."

 

Northern Ireland First Minister Arlene Foster said the legal action was
"further proof that Brussels is closing its eyes to the serious problems the
Protocol has caused for Northern Ireland".

 

"Rather than showing concern for stability in Northern Ireland or respect
for the principle of consent, Brussels is foolishly and selfishly focused on
protecting its own bloc," said the DUP leader.

 

"Not one single unionist party in the Northern Ireland Assembly supports
this flawed Protocol, therefore Brussels' claim to be protecting peace
continues to ring hollow.

 

"Regardless of the reaction in Brussels, the Prime Minister must deliver the
unfettered flow of goods from Great Britain to Northern Ireland."

 

The Northern Ireland Protocol is part of the Brexit deal which prevents a
hardening of the land border between Northern Ireland and the Republic of
Ireland.

 

It does that by keeping Northern Ireland in the EU single market for goods.

 

That has created a new trade border with Northern Ireland and the rest of
the UK.

 

Unionists oppose the protocol, arguing that it has damaged internal trade
from GB to NI and poses a risk to the future of the UK union.

 

But anti-Brexit parties in NI say that it must be implemented in full, and
that issues should be worked out through joint UK-EU processes.--BBC

 

 

 

Tinder to introduce in-app background checks

One of the world's most popular dating apps is adding a background check
feature to its platform in the US.

 

Later this year, Tinder will allow users to view public records information
of perspective dates using their name or mobile number.

 

The move comes as user safety for digital dating has come under scrutiny.

 

Match Group, Tinder's parent company, plans to include the feature across
all of its platforms at a later date.

 

"We recognise corporations can play a key role in helping remove those
barriers with technology and true collaboration rooted in action," Tracey
Breeden, Match Group's Head of Safety and Social Advocacy, said.

 

Besides Tinder, the group also owns PlentyOfFish, OkCupid and Hinge.

 

Match has partnered with Garbo, a background checking platform, to provide
the paid service. The dating sites company has also invested a stake in
Garbo.

 

The background checks company was founded by women and collects "public
records and reports of violence or abuse, including arrests, convictions,
restraining orders, harassment, and other violent crimes" to create its
reports.

 

The checks will not include any drug charges or traffic violations.

 

In a February blog post, Garbo said: "The research continues to show that
there is no link between drug possession and gender-based violence."

 

User safety has become an important issue for digital dating companies amid
heightened awareness about their risks.

 

A 2019 investigation by ProPublica found registered sex offenders on many of
Match Group's free platforms.

 

Following ProPublica's investigation, 11 members of Congress sent a letter
to Match Group President Shar Dubey. "Dating platforms, like those owned by
Match Group, must be doing everything in their power to ensure the safety of
their users. This means vigilant enforcement of terms of service that
empower consumers in any online marketplace," the February 2020 letter said.

 

The members urged Match to "take swift action to reduce the risk of sexual
and dating violence against their users."

 

Currently, if a user reports information about someone's violent past to
Tinder, or their sister apps, the offending account is removed.

 

Apps including Tinder and rival Bumble have also added tools like photo
verification and in-app video calling to prove people are who they claim to
be.

 

In January 2020, Tinder added a panic button feature that would store
information about a date, including location data, and alert emergency
services if the button was pressed.

 

Sarah Sawrey-Cookson, communications director at Get Safe Online, praised
Match's plan to add the background checks feature.

 

She told the BBC: "we've always emphasised the need for both first-time and
experienced online daters to exercise caution and 'check the person, not the
profile'. That's why we applaud any initiative which enables people to carry
out better due diligence before they get into a relationship that could end
up being very damaging."--BBC

 

 

 

Bank of England governor defends self over scandal

Bank of England governor Andrew Bailey has defended himself after a former
appeal court judge criticised evidence he gave to MPs over a scandal in
which thousands lost their life savings.

 

Mr Bailey is the former boss of the Financial Conduct Authority (FCA).

 

He has been criticised by Dame Elizabeth Gloster for his role at the FCA in
regulating London Capital & Finance, which collapsed in 2019.

 

Mr Bailey said responsibility and culpability were not the same thing.

 

Before becoming governor, Andrew Bailey was chief executive of the FCA,
which was criticised in a report by Dame Elizabeth for failing to supervise
and regulate LCF.

 

Her report named Mr Bailey as responsible for that failure and said he had
made legal representations to prevent responsibility for the FCA's failings
being attributed to him by name.

 

Before the Treasury committee of MPs last month, Mr Bailey said he was
"angry" and "disturbed" by her criticisms, adding it was "not correct" to
say he did not want his name mentioned in the context of personal
responsibility and that his apology for the failure had been misrepresented.

 

That prompted Dame Elizabeth to write to the committee releasing extracts of
representations from Mr Bailey's legal team, revealing that they had asked
for him not to be named on a number of different grounds.

 

Savers suffered

More than 11,000 savers lost money in investing £238m in LCF, which went
bust in 2019.

 

BBC Radio 4 Today programme host Martha Kearney asked Mr Bailey about LCF
during a wide-ranging interview.

 

He replied: "I never said that I was not responsible for everything that
went on at the FCA. That was my role as CEO.

 

"The particular issue… was that the first draft of the report introduced
responsibility and culpability together in an inseparable way and they're
not the same thing."

 

Separately, Mr Bailey has come under new criticism following a report that
he failed to declare a potential conflict of interest in a scandal that saw
thousands of bank customers mistreated.

 

The Royal Bank of Scotland (RBS) was accused of benefiting as it left some
of its customers in financial ruin.

 

Now it is reported that Mr Bailey did not reveal his role in the scandal.

 

The Bank of England said there was no interest to declare.

 

'New tools'

During the same BBC Today interview, Mr Bailey said he was "not out of
firepower" in defending the UK economy as it recovers from the pandemic.

 

He said he was looking at "new tools" to deal with the UK's biggest economic
shock in 300 years.

 

These could include negative interest rates, but "that's not a view on
whether we will use them or not".

 

"The economy will actually get back at the end of this year to where it was
at the end of 2019," he said.

 

However, that was "not much more than getting back to where we were
pre-Covid".

 

Mr Bailey said the Bank expected inflation to start rising towards its 2%
target in "the next two or three months".

 

But he added that the Bank's rate-setting Monetary Policy Committee would
need to see "a lot more evidence" that the inflationary trend was
sustainable before acting, given the "huge uncertainty" over the economic
effects of Covid.

 

"We are not out of tools, we are not out of firepower," Mr Bailey said.

 

Although he did not commit one way or the other on the use of negative
interest rates, he said it was "appropriate to have that tool in the box".

 

The Bank governor's comments follow months of public speculation about the
possibility of negative rates, with several former and current Bank
policymakers weighing in with their views.

 

What are negative interest rates?

At the same time, other commentators have been warning that the economy
could overheat as the end of lockdown unleashes pent-up consumer demand,
with a surge in inflation as a result.

 

Mr Bailey said he had seen "no evidence" to support fears that inflation
could hit 4% or 5% as the recovery gathered pace.

 

He said the UK's vaccination campaign had been "a great achievement" and he
was now "more positive" about the recovery, but he wanted to add "a large
dose of caution".

 

Mr Bailey warned that new variants of the virus could still pose a risk to
the recovery.

 

He also said the economic effects of the pandemic had been "very unequal".

 

"Covid has affected the low-paid more. There are more women in that section
of the labour force," he said.

 

Ethnic minorities were also disproportionately affected, he added.

 

But he said it was "very helpful" that the furlough scheme was now projected
to extend beyond the lifting of Covid restrictions, which should "help to
smooth that transition".--BBC

 

 

 

Chinese economy continues its pandemic bounce back

Key economic data in China surged dramatically in the first two months of
2021, pointing to a continued recovery for the world's second largest
economy.

 

China's industrial output grew 35.1% in January and February compared to the
same months last year.

 

The strong numbers are distorted because they are compared to 2020, when
most of China's factories were in pandemic lockdown.

 

But Monday's slew of economic data still beat analysts' expectations.

 

Looking back to 2019 before the pandemic hit may give a more accurate
picture of what is happening to economic activity in China.

 

Industrial output was up 16.9% compared with the first two months of 2019,
highlighting the stronger output.

 

A rebound in foreign demand has helped push export growth higher for China,
often called the world's factory.

 

The Chinese government has set a modest annual economic growth target for
2021, at above 6%, even though analysts are tipping growth of around 8%.

 

China was the only major economy last year to report positive growth, with
an expansion of 2.3%.

 

A spokeswoman for China's statistics bureau Liu Aihua told reporters the
economy should continue its recovery.

 

However, she said there are still imbalances in the economic recovery and
that China needs to step up support for consumption.

 

Retail sales, another key economic indicator, climbed 33.8% in the period,
although the jobless rate was 5.5% at the end of February, up from 5.2% in
December.

 

Economists have pointed to a two-speed track for China, with strong
industrial output and export demand but a lagging consumer recovery.

 

The government imposed travel restrictions before the Chinese New Year
holidays, which fell in February this year. This suppressed spending on
travel, restaurants and leisure activities.

 

However, retail sales data showed the top growth items were jewellery (up
99%) and cars (up 78%).

 

"These items tell us that Chinese consumers spent lavishly during the
Chinese New Year holiday," said Iris Pang, Chief Economist for Greater
China, at ING bank.--BBC

 

 

China's tech giants fall under regulator's pressure

China's tech giants are coming under increasing pressure from regulators
worried about their growing influence.

 

By Monday, Tencent had shed more than $60bn (£42bn) from its market value as
its share price slid over concerns of greater regulator scrutiny.

 

Media reports suggest that rival tech giant Alibaba may have to sell some of
its media assets under the crackdown.

 

Chinese regulators have signalled a tougher approach towards tech firms.

 

China's State Administration for Market Regulation (SAMR) on Friday said it
had fined 12 companies over 10 deals that violated anti-monopoly rules.

 

The companies included Tencent, Baidu, Didi Chuxing, SoftBank and a
ByteDance-backed firm, the SAMR said in a statement.

 

Investors appear to be worried that Tencent could be the next company in the
crosshairs of China's regulators, who have taken an increasing interest in
how major tech companies operate.

 

According to state broadcaster CCTV, China's President Xi Jinping ordered
regulators on Monday to step up their oversight of internet companies, crack
down on monopolies and promote fair competition.

 

Blocked launch

In October, Chinese regulators stepped in to block the share market launch
of Alibaba-backed Ant Group, which was tipped to be the year's biggest.

 

Alibaba founder Jack Ma is revered in China as one of the country's
most-successful entrepreneurs. However, his fortunes have suffered since he
spoke out against China's regulatory approach to the finance technology
sector.

 

Since then, regulators have launched an anti-monopoly investigation against
Jack Ma's Alibaba, which is China's largest e-commerce platform.

 

Additonal rules introduced last month were aimed at stopping China's
e-commerce market leaders from abusing their dominant market position.

 

Pony problems

Tencent is one of China's biggest tech companies, with more than a billion
users on its WeChat messaging platform. Its founder Pony Ma is among China's
wealthiest men.

 

Tencent is also a major player in China's market for digital payments, with
its payments app WeChat Pay competing against Ant Group's AliPay for market
share.

 

Media reports suggest both Ant and Tencent may be required to set up
separate holding companies to include their banking, insurance and payments
services.

 

Gaming is one of Tencent's most profitable businesses, and the company also
has investments in music and movies.--BBC

 

 

 

Elon Musk changes job title to 'Technoking of Tesla'

Elon Musk has dropped his chief executive job title and crowned himself
"Technoking of Tesla".

 

Mr Musk will still retain his position of chief within the company, the US
Securities and Exchange Commission (SEC) filing said.

 

Tesla's chief financial officer, Zach Kirkhorn, has the new title of Master
of Coin.

 

This may refer to the company's $1.5bn (£1.1bn) purchase of Bitcoin this
year.

 

Neither Mr Musk or Mr Kirkhorn have elaborated on the meanings of the new
titles.

 

'Erratic and unlawful'

It comes just days after a Tesla investor sued Mr Musk and the company over
a series of "erratic" and "unlawful" tweets.

 

Lawyers for Chase Gharrity accused Mr Musk of issuing false statements about
Tesla's finances to his tens of millions of followers.

 

In May last year, Mr Musk shared a tweet claiming that Tesla's stock value
was "too high".

 

His comments caused the company's market value to decrease by $13bn at the
time.

 

 

The BBC is not responsible for the content of external sites.

View original tweet on Twitter

It was not the first time Mr Musk's social media persona has landed him in
trouble.

 

Mr Musk and Tesla each paid $20m in fines after he falsely claimed in a
tweet in 2018 that he had "secured funding" of $72bn to take Tesla private.

 

The tweet also sparked an ongoing lawsuit claiming that his claims
"defrauded shareholders".

 

Mr Musk recently lost his title as the richest man in the world after Tesla
shares tumbled.--BBC

 

 

 

Facebook to pay News Corp for content in Australia

Facebook has agreed to pay Rupert Murdoch's News Corp Australia for
journalism from its local mastheads.

 

The deal has been secured just weeks after Australia passed a controversial
world-first law aimed at making tech platforms pay for news content.

 

News Corp has not disclosed the value of the three-year contract in
Australia. Last month, it clinched a global deal with Google.

 

Mr Murdoch's media empire began with his Australian newspapers.

 

The deal covers all of News Corp's content in the country - which is a
significant amount.

 

News Corp Australia controls about 70% of newspaper circulation in Australia
with mastheads including The Australian, The Daily Telegraph and The Herald
Sun. It also owns news.com.au.

 

What happened after Facebook blocked news in Australia?

Facebook v Australia: Two sides to the story

It also owns the Fox News-modelled conservative TV network Sky News
Australia, which has grown to become the most-shared Australian news brand
on Facebook.

 

News Corp already has a different deal with Facebook for its US media
titles. It involves the platform paying for stories to include in its
Facebook News tab - a product not available in Australia.

 

The Australian deal is far more broad - it covers all News Corp Australia
content shared on Facebook.

 

How has this been achieved?

Like other publishers globally, Australian media outlets have lost revenue
in the past decade as advertisers turned to internet giants such as Facebook
and Google.

 

Murdoch shuts 112 Australia print papers in digital shift

News Corp spearheaded a lobbying campaign in Australia - with support from
its traditional rivals - to get politicians to make the tech firms pay for
news content from its sites.

 

The Australian government then drew up legislation it said aimed to enshrine
"fairer" contract negotiations between media and tech companies.

 

Both Google and Facebook had been strongly resistant to the media bargaining
code.

 

It encourages tech firms to strike their own commercial deals with media
outlets, such as this one between Facebook and News Corp.

 

Without such deals, the law would potentially force tech firms into forced
arbitration with publishers over the value of content.

 

Battles over the law's design led Facebook to suddenly block all access to
Australian news content on its site last month.

 

The news ban lasted for about a week before the Australian government made
concessions and passed the law on 25 February.

 

On Tuesday, News Corp chief executive Robert Thomson praised the Facebook
deal as a "landmark in transforming the terms of trade for journalism".

 

"Rupert and Lachlan Murdoch led a global debate while others in our industry
were silent or supine as digital dysfunctionality threatened to turn
journalism into a mendicant order," said Mr Thomson.

 

"This digital denouement has been more than a decade in the making."

 

Analysts looking at Australia's media law have long suggested that it is
primarily designed to help big firms like News Corp as opposed to smaller
media titles.

 

Another one of Australia's top three media companies - Seven West - also
signed a deal with Facebook last month.

 

The Facebook-News Corp deal comes as a parliamentary inquiry in Canberra
examined News Corp's media dominance and influence in domestic affairs.

 

It was sparked by an anti-Murdoch petition from former Prime Minister Kevin
Rudd which received over 500,000 signatures.--BBC

 

 

 

Asian stocks follow Wall Street higher ahead of Fed meeting

TOKYO/NEW YORK (Reuters) - Asian stocks rose on Tuesday, tracking an advance
by Wall Street’s main indexes to record highs, as investors looked to key
central bank meetings this week, starting with the U.S. Federal Reserve.

 

An index of the region’s share markets excluding Japan strengthened 0.7%,
led by a 1.2% jump in Australia’s benchmark S&P/ASX 200 index.

 

Japan’s Nikkei 225 gained 0.6% to just below the closely watched 30,000
mark, while the broader Topix added 0.5%.

 

China’s blue chip CSI 300 index climbed 0.7%, and Hong Kong’s Hang Seng
gained 0.7%.

 

On Monday, the S&P 500 and Dow Jones Industrial Average both soared on gains
in travel stocks as mass vaccinations in the United States and congressional
approval of a $1.9 trillion aid bill fueled investor optimism.

 

E-mini futures for the S&P 500 edged up 0.06%.

 

Investors are focused on the Fed’s two-day policy meeting, which will
conclude on Wednesday, as bond yields have surged this year on investors
betting central bankers will need to raise rates sooner than they have so
far signaled to contain inflation. Fed policymakers are expected to forecast
that the U.S. economy will grow in 2021 by the fastest rate in decades.

 

The Bank of England also meets this week on Thursday, while the Bank of
Japan wraps up a two-day gathering on Friday.

 

“Markets are likely to be in a holding pattern ahead of this...heavy central
bank-laden week,” write analysts at TD Securities.

 

On Wall Street, the Dow Jones Industrial Average rose 174.82 points, or
0.53%, to 32,953.46, the S&P 500 gained 25.6 points, or 0.65%, to 3,968.94
and the Nasdaq Composite added 139.84 points, or 1.05%, to 13,459.71.

 

Airline shares rose as the companies pointed to concrete signs of an
industry recovery as vaccine rollouts help spur leisure bookings.

 

Germany, France and Italy hit pause on AstraZeneca COVID-19 shots after
several countries reported possible serious side effects.

 

The development will be watched in Australia, where the vaccine is also
administered.

 

The pan-European STOXX 600 index was flat on Monday, after touching its
highest level since February 2020.

 

Longer-term U.S. Treasury yields slipped further on Tuesday, as the market
looked ahead to the Fed meeting and the latest government debt auctions.

 

The benchmark 10-year yield, which reached a more than one-year high of
1.642% last week, was back at 1.595%

 

Rising inflation expectations could prompt the Federal Open Market Committee
to signal it will start raising rates sooner than expected.

 

In currencies, the U.S. dollar held small gains from overnight in muted
price action ahead of the central bank meetings.

 

The greenback was largely flat at 109.165 yen, after rising as high as
109.365 on Monday for the first time since June.

 

The euro was little changed at $1.19320, languishing for an eighth session
below the closely watched $1.20 level.

 

Bitcoin continued its slide from a record high of $61,781.83 reached on
Saturday, last trading 3% weaker on the day at around $53,915.

 

U.S. West Texas Intermediate crude for April changed hands at $64.79 a
barrel, down 60 cents. Brent crude futures for May stood at $68.21 a barrel,
losing 67 cents.

 

 

 

Purdue Pharma to use public trusts, Sackler cash to settle opioid litigation

(Reuters) - Purdue Pharma LP filed a bankruptcy plan on Monday that would
resolve thousands of opioid lawsuits by restructuring the OxyContin maker
into an entity that would steer profits to plaintiffs and require the
company’s Sackler family owners to contribute nearly $4.3 billion to the
settlement.

 

The plan is intended to serve as Purdue’s roadmap out of bankruptcy, which
it filed in September 2019 in the face of nearly 3,000 lawsuits accusing the
company of fueling the national opioid crisis through deceptive marketing.

 

The plan, which Purdue says is worth more than $10 billion, sets up trusts
that would indirectly control the new entity to distribute money to states,
local governments and tribal organizations for opioid abatement programs.

 

The Sacklers’ contributions would be paid out over nine years.

 

“With drug overdoses still at record levels, it is past time to put Purdue’s
assets to work addressing the crisis,” Purdue board Chairman Steve Miller
said in a statement. “We are confident this plan achieves that critical
goal.”

 

The plan also establishes trusts to pay out to private entities and
individuals that have brought opioid-related lawsuits against Purdue, such
as hospitals, insurance carriers and legal guardians of children born with
addiction-related issues.

 

The various trusts would be funded with an initial cash infusion of $500
million immediately after the company emerges from bankruptcy and another $1
billion generated from the new entity’s assets and operations through 2024.
The trusts would also receive funding from the Sacklers’ contribution. The
company also expects to contribute from insurance policies.

 

The new entity will be overseen by a board comprising independent managers
selected by states and local governments in consultation with Purdue and its
unsecured creditors’ committee. The Sacklers will not be part of that
selection process.

 

Purdue said the new entity will not promote opioid products to healthcare
providers.

 

Additionally, the plan would create a publicly available repository for
documents related to the government’s investigation into alleged misconduct
in the marketing of opioids, which would become available once the plan is
approved in bankruptcy court.

 

Purdue initially had support from about half of the U.S. states and other
governmental entities for its proposed settlement. Many other states have
opposed Purdue’s plan, taking issue with the public trust arrangement and
the size of the initial $3 billion contribution from the Sacklers, which
they said should be larger.

 

“The Sacklers became billionaires by causing a national tragedy. Now they’re
trying to get away with it,” Massachusetts Attorney General Maura Healey
said in a statement. “We’re going to keep fighting for the accountability
that families all across this country deserve.”

 

The plan must receive approval from U.S. Bankruptcy Judge Robert Drain in
White Plains, New York.

 

The Sacklers have also agreed to pay $225 million to settle a civil
investigation from the U.S. Department of Justice. They have not been
criminally charged.

 

“Today marks an important step toward providing help to those who suffer
from addiction, and we hope this proposed resolution will signal the
beginning of a far-reaching effort to deliver assistance where it is
needed,” members of the Sackler family said in a statement.

 

Purdue itself struck a deal with the Justice Department to pay $225 million
toward a $2 billion criminal forfeiture. The Justice Department agreed to
forgo the rest if the company developed a reorganization plant that would
establish a public benefit company or similar entity that would dedicate the
remaining $1.775 billion to U.S. communities battling the opioid crisis.

 

The opioid abuse and addiction crisis has claimed nearly 450,000 lives in
the United States between 1999 and 2018, according to the U.S. Centers for
Disease Control and Prevention.

 

 

 

Germany bets U.S. will make the best of 'bad deal' Nord Stream gas link

BERLIN/WASHINGTON (Reuters) - Germany is betting the U.S. administration
will take a pragmatic approach to the Nord Stream 2 project to ship Russian
gas to Europe and is pushing for the pipeline’s completion in defiance of
U.S. opposition, officials and diplomats said.

 

To try to block the $11 billion project, led by Russia’s Gazprom, successive
U.S. administrations have imposed sanctions on some entities and warned
other companies involved in the project about the sanctions risk.

 

President Joe Biden thinks the pipeline under the Baltic Sea to Germany is
“a bad idea for Europe,” the White House has said.

 

Nord Stream 2 will bypass Western ally Ukraine, potentially depriving it of
valuable transit fees. It will also increase European energy dependency on
Russia and compete with shipments of U.S. liquefied natural gas.

 

Berlin is calculating the best strategy is to present the United States with
a done deal in the form of a finished project, diplomats and officials said.

 

The pipeline is already around 95% built, and could be finished by
September, analysts who monitor tracking data say, leaving the Biden
administration little time to come up with more measures to thwart it.

 

“Berlin is trying to buy time and make sure that the construction is
finished, because they think that once the pipeline is onstream, things will
look differently (to the United States),” a senior EU diplomat briefed on
the issue said.

 

Like other officials who spoke to Reuters, the diplomat declined to be named
because of the sensitivity of the issue.

 

Although Washington has publicly said it will keep working against Nord
Stream 2, German officials and EU diplomats believe there is room for
negotiation.

 

“Berlin believes there’s a willingness in Washington to talk about this and
find a solution,” a second EU diplomat also briefed on German thinking said.

 

Berlin has yet to begin substantive discussions with the Biden
administration on Nord Stream 2, and does not definitively know the U.S.
position.

 

‘GERMAN PROBLEM’

 

Washington continues to engage the German government at multiple levels to
make the sanctions risk clear, a senior U.S. State Department official said.

 

While Biden opposes the project, however, he is also attempting to repair
relations with Europe.

 

“We don’t see this as something where the U.S. has to come to the table with
options. This is a German problem that the Germans actually created,” the
official said.

 

Germany has no plans to make proposals either.

 

“We are not presenting a list of offers – nor has the U.S. government
demanded anything,” a senior German government official said.

 

German Foreign Minister Heiko Maas is waiting for his first face-to-face
meeting with U.S. Secretary of State Antony Blinken, possibly at the end of
this month if Blinken attends a meeting of NATO foreign ministers in
Brussels, German diplomats said.

 

Maas has defended Nord Stream 2 as a private, not a political enterprise and
the companies involved have repeatedly said the justification for the link
is commercial.

 

Germany also says the pipeline will give Europe greater security from gas
supply disruptions, and that it has protected Kyiv by ensuring Russia
continues to export some of its gas via Ukraine.

 

But the United States, and some European countries, say the project is part
of a Kremlin plan to manipulate European countries and undermine neighbours,
such as Ukraine, that seek to withdraw from Moscow’s orbit.

 

‘DIFFICULT INHERITANCE’

 

Some Biden administration officials, while repeating their opposition to
Nord Stream 2, say Washington needs to be pragmatic about what it can
realistically do after two previous U.S. administrations failed to stop the
pipeline.

 

“The context here is important too, I mean, it’s a difficult inheritance,”
said one of two State Department officials that spoke to Reuters.

 

Some senior U.S. officials, recognising that the pipeline is nearly
complete, have urged the Biden administration to consider easing pressure on
Germany and focus instead on how to leverage Nord Stream 2 in the event of
future crises.

 

“If we can’t stop the pipeline, then how can we make the best of it once it
is done,” one of the senior U.S. officials said.

 

Last month, a former German ambassador to the United States floated the idea
of a compromise between Washington and Berlin that would have given the
completed pipeline a use as political leverage.

 

Under the plan, Germany’s energy grid regulator could be empowered to stop
gas flowing if Russia crossed a line.

 

Triggers for what the former envoy, Wolfgang Ischinger, called an “emergency
brake” might include a flare-up in violence between Ukraine and Russia,
which annexed Ukraine’s Crimea peninsula in 2014, or if Moscow sought to
undermine Kyiv’s existing gas transit infrastructure.

 

Designed to ease U.S. concerns, the proposal garnered interest among senior
European officials and diplomats outside Germany, and in parts of the German
government.

 

But it did not gain traction with the German government as a whole, because
of practical problems implementing it, and because Berlin did not feel a
pressing need to offer a compromise to Washington.

 

 

 

Oil drops as rising stockpiles compound COVID-19 demand concerns

TOKYO (Reuters) - Oil prices fell for a third straight day on Tuesday as
rising stockpiles in the United States added to concerns about risks to
demand as countries including Germany and France halt COVID-19 vaccinations.

 

Brent crude was down 49 cents, or 0.7%, at $68.39 by 0433 GMT, having
dropped 0.5% on Monday. U.S. crude was down 47 cents, or 0.7%, at $64.92 a
barrel, after declining 0.3% in the previous session.

 

Germany, France and Italy plan to suspend AstraZeneca PLC COVID-19
injections after reports of possible serious side effects, although the
World Health Organization said there was no established link to the vaccine.

 

These moves are deepening concerns over a slow pace of vaccinations in the
region, which may delay any economic recovery from the pandemic in one of
the hardest-hit areas.

 

The pandemic eviscerated demand for oil but prices have recovered to levels
before the global health crisis, only to be capped as vaccination rollouts
have been slow in most countries.

 

In the United States, stockpiles are also rising because of last month’s
“big freeze” which halted refining operations that have taken time to fully
return.

 

“Prices are pressured by expectations that last month’s winter storm in
Texas could keep boosting crude inventories,” said Avtar Sandu, senior
manager commodities at Phillip Futures in Singapore.

 

The American Petroleum Institute, an industry group, will report crude stock
pile levels later on Tuesday, followed by official numbers from the
Department of Energy on Wednesday, with analysts expecting another week of
gain. [API/S]

 

Crude inventories increased by 12.8 million barrels in the week to March 5,
against analysts’ expectations for a rise of less than 1 million barrels.

 

 

 

Kenya, Tanzania Enable Multinationals Evade Taxes

Kenya and Tanzania are among the world's 70 countries notorious in helping
multinational corporations to underpay corporate income tax, leading to
lower revenue collections and persistent budget deficit, according to the
latest Corporate Tax Haven Index (CTHI 2021) by Tax Justice Network Africa
(TJNA), a Pan-African research and advocacy organisation.

 

The findings of the study which were made public last week show that Kenya
is responsible for 0.1 percent of the world's corporate tax abuse with CTHI
of 0.14 percent, haven score of 50 percent and Global Scale weight of 0.013
percent.

The CTHI measures how complicit countries are in helping multinational
corporations underpay corporate income tax while a haven score measures how
much scope of corporate tax abuse the jurisdiction's tax and financial
system allow, with zero meaning no scope while 100 percent meaning
unrestrained scope.

 

On the other hand the Global Scale weight measures how much of the financial
activity conducted by multinational corporations around the world is hosted
by the jurisdiction.

 

CTHI value is calculated by combining a jurisdiction's Haven Score and
Global Scale Weight.

 

According to the report, Tanzania is also responsible for 0.1 percent of the
World's corporate tax abuse, with a CTHI, haven score and Global Scale
weight of 0.11 percent, 48 percent and 0.01 percent respectively.

 

Kenya, Uganda and Tanzania issued their transfer pricing regulations in
2006, 2011 and 2014 respectively to deal with Transfer pricing -- one of the
biggest tax rip-offs impacting many nations-- where large multinationals
shift costs between items and avoid paying huge amounts of corporate tax
within their borders.

 

 

It is estimated that about 60 percent of international trade happens within
multinational entities.

 

According to the United Nations Conference on Trade and Development (UNCTAD)
Illicit financial flows -- cross border exchanges of value, monetary or
otherwise, which are illegally earned, transferred or used -- cost African
countries around $50 billion per year, dwarfing the amount of official
development assistance the continent receives annually.

 

In Kenya, it is estimated that the country been losing on average Ksh40
billion ($366.97 million) every year since 2011 through illicit financial
flows as government, local firms and multinationals engage in deceitful
schemes to avoid paying taxes.

It is argued that multinationals manipulate loopholes of the existing
transfer pricing legislation to repatriate profits in their home countries.

 

The Kenya Revenue Authority (KRA) has identified transfer pricing as a major
area of tax revenue leakage and has been conducting transfer pricing audits
of multinational companies with a view of curbing corporate tax underpayment
in the country.

 

According to the CTHI British Virgin Islands is responsible for the highest
share of the world's corporate income tax abuse at 6.4 percent, followed by
Cayman Islands (6 percent), Bermuda (5.7 percent), Netherlands (5.5
percent), Switzerland (5.1 percent), Luxembourg (4.1 percent), Hong Kong
(4.1 percent), Jersey (3.9 percent), Singapore (3.9 percent) and United Arab
Emirates (3.8 percent).

 

The countries with the least contribution to corporate income tax abuse by
multinationals include Montserrat (0.007 percent), Gambia (0.029 percent),
Argentina (0.082 percent), San Marino (0.093 percent) and Ecuador (0.097
percent).

 

Kenya and Tanzania occupy positions 63 and 65 respectively.

 

Other African countries helping multinational to abuse corporate income tax
include Mauritius (2.3 percent), South Africa ( 0.45 percent), Liberia (0.42
percent), Seychelles ( 0.37 percent ), Botswana ( 0.18 percent ) and Ghana (
0.15 percent).

 

According to UNCTAD the African continent is exposed to trade misinvoicing
of between $30 and $52 billion contributing to a capital flight of $88.6
billion from the continent

 

The CTHI is a ranking of jurisdiction most complicit in helping
multinational corporations underpay corporate income tax.

 

The Index thoroughly evaluates each jurisdictions tax and financial systems
to create a clear picture of the world's greatest enablers of global
corporate tax abuse, and to highlight the laws and policies that
policymakers can amend to reduce their jurisdiction's enabling of corporate
tax abuse.-East African.

 

 

 

Rwanda: Kenol Kobil Rwanda Rebrands to Rubis Following Acquisition

Kenol Kobil Rwanda fuel outlets will henceforth be known as Rubis Energie
Rwanda following a move to rebrand outlets across the country.

 

Kenol Kobil, a regional firm with presence in Rwanda involved in the
storage, distribution and sale of petroleum and liquefied petroleum gas is
in the process of rebranding to RUBIS following acquisition French energy
firm Rubis Energie in 2019.

 

Rubis Energie is part of a French firm with specialized operations in the
storage, distribution and sale of petroleum, liquefied petroleum gas, food
and chemical products.

 

The rebranding in Rwanda which is currently underway follow similar
rebranding across the region where the firm has presence.

In other markets, Rubis has commenced acquiring other players as they seek
to be a market leader across the bloc.

 

In Kenya, Rubis announced a partnership with Brioche, a Rwandan coffee shop
and bakery to set up cafés at their service stations nationwide.

 

Kenol Kobil has over 50 service stations in Rwanda and in 2018 acquired 10
service stations previously operated by Delta Petroleum Rwanda.

 

Faith Irungu, the Country Manager of the firm said that rebrand is part of
ongoing integration of Kenol Kobil subsidiaries across the region as the new
management seeks to improve outlook of outlets.

 

She said that the new management has significantly higher standards in
aspects such as outlook, brand positioning and customer service.

 

She said that the rebrand and change of ownership will not affect standing
engagement with employees, service providers and others.

She however noted that employees are currently undergoing training in line
with the firm's service delivery protocols.

 

Petroleum is one of the most lucrative industries in Rwanda, based on
official trade statistics. While petroleum products are one of the country's
leading imports, in volume and value, they are also one of its top
re-exports.

 

In 2020, Rwanda spent $348.7 million on the importation of 691,400 tonnes of
fuel and lubricants.

 

Petroleum products are also one of Rwanda's re-exports with 2020 values
standing at $75.9 million down from $135.7 million in the previous year,
central bank statistics indicate.

 

The country has about twenty active oil-marketing companies involved in the
importation, transportation, storage, distribution and wholesale of
petroleum products.

 

Before the Covid-19 lockdown, Rwanda was estimated to consume about 20
million litres of fuel per month, according to official data which reduced
during the measures to curb the pandemic.

 

The demand for petroleum is estimated to have surpassed 640,000m3/per annum
as of last year, up from 360,000m3/per annum in 2016, reflecting growing
opportunities for investors.

 

The Government has been seeking for private sector investments in oil
storage to cater for growing demand.

 

Increased investment would also raise the country's fuel storage capacity
and cushion the economy against any shocks.

 

The current level of demand is expected to require 198 million litres in
reserves by 2024.-New Times.

 

 

 

Rwanda: Kigali Based Entrepreneurship Hub to Invest $12 Million in Rwanda's
Start-Up Scene

Norrsken, a global Entrepreneurship hub has earmarked $12m for investment
into the local and regional entrepreneurship scene through their Kigali
Campus.

 

The campus which is expected to commence operations in September 2021.

 

Norrsken purchased the plot of the former Belgian school in the city center
to build what will become the biggest hub for entrepreneurs in East Africa.

 

The hub will house a mix of start-ups, incubators, accelerators, investors,
lawyers, accountants and other corporates, forming an ecosystem that enables
entrepreneurs to build strong companies that solve local and global
challenges.

Norrsken announced its debut in Rwanda in 2019 which is its second global
hub after Stockholm (Sweden) hub and is expected to boost Rwanda's vision to
become a regional entrepreneurship and innovation hub.

 

Pascal Murasira, the Managing Director for Norrsken in East Africa said that
their involvement in the local and regional scene is among other things
informed by challenges in the entrepreneurial scene.

 

"Local entrepreneurs have been working on great ideas with potential to
solve some of the world's toughest challenges. However, they face
scalability challenges due to limited resources and lack of powerful
networks. Norrsken will provide an opportunity for such entrepreneurs to not
only build useful products but also be able to reach as many people as
possible in East Africa and beyond," he said.

 

Among the opportunities in the local ecosystem easing entry and operations,
the firm says includes the legal ecosystem making it easier for the firm to
accelerate growth of start-ups.

 

"The legal ecosystem is evolving rapidly to become one of the most conducive
for entrepreneurs across Africa. This will make it even easier for Norrsken
to accelerate the growth of local startups towards unicorn status," he said

 

"Evolving legal environment, the creation of Kigali International Finance
Centre, and top universities such as ALU and Carnegie Mellon starting to
release highly qualified graduates - just to name a few," he added.

 

Murasira said that they are seeking to work with like-minded partners from
corporations to nonprofits to boost the local and regional entrepreneurship
scene.- New Times.

 

 

 

Nigeria: 23.18m Nigerians Jobless As Unemployment Rate Hits 33.3 Percent

Nigeria's unemployment rate rose to 33.3 per cent in the fourth quarter of
2020 (Q4 2020) compared to 27.1 per cent in Q2, according to the National
Bureau of Statistics (NBS).

 

This implies that 23.18 million of the country's labour force either did
nothing or worked for less than 20 hours a week, making them unemployed by
the country's definition of unemployment.

 

It also meant that there was an additional 1.42 million people added to the
country's unemployment portfolio when compared to 21.77 million unemployed
persons in Q2.

 

The total number of people with jobs stood at 46.48 million out of which
30.57 million were full-time employed (worked 40+ hours per week), while
15.91 million were underemployed (working between 20-29 hours per week).

However, the NBS stated that the underemployment rate decreased from 28.6
per cent to 22.8 per cent in the period under review.

 

According to the 'Labour Force Statistics: Unemployment and Underemployment
Report (Q4 2020),' which was released by the statistical agency, a
combination of both unemployment and underemployment rates stood at 56.1 per
cent for the reference period.

 

The NBS, however, said using the international definition, Nigeria's
unemployment rate stood at 17.5 per cent.

 

The number of persons in the economically active or working-age population
(15-64 years of age) in Q4 stood at 122,049,400 or 4.3 per cent higher than
the 116.87 million recorded in Q2.

 

The labour force, or people within ages 15-64, who are able and willing to
work) stood at about 69.67 million, or 13.22 per cent lower than the 80.29
million recorded in Q2.

The unemployment rate among rural dwellers increased to about 34.5 per cent,
from 28.2 per cent in Q2 while urban dwellers reported a rate of 31.3 per
cent compared to 26.4 per cent.

 

The NBS stated that underemployment among rural dwellers declined to 26.9
per cent from 31.5 per cent, while the rate among urban dwellers decreased
to 16.2 per cent from 23.2 per cent in Q2.

 

It said the unemployment rate among young people (15 to 34 years) increased
to 42.5 per cent from 34.9 per cent, while the rate of underemployment for
the same age group declined to 21.0 per cent from 28.2 per cent in Q2.

 

The agency, however, explained that a rise in the unemployment rate is not
entirely equivalent to an increase in job losses.

 

It said rather, an increase in unemployment could occur as a result of
several reasons, of which a job loss is just one.-This Day.

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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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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