Major International Business Headlines Brief::: 19 March 2021

Fri Mar 19 09:46:19 CAT 2021

 <https://bullszimbabwe.com/> 

 <http://www.bullszimbabwe.com> Bullszimbabwe.com
<mailto:info at bulls.co.zw?subject=View%20and%20Comments> Views & Comments
<https://bullszimbabwe.com/category/blogs/bullish-thoughts/> Bullish
Thoughts        <http://www.twitter.com/BullsBears2010> Twitter
<https://www.facebook.com/BullsBearsZimbabwe> Facebook
<http://www.linkedin.com/pub/bulls-n-bears-zimbabwe/57/577/72> LinkedIn
<https://chat.whatsapp.com/CF6wllAfScU9Wr6dXxoQnO> WhatsApp
<mailto:info at bulls.co.zw?subject=Unsubscribe> Unsubscribe

Major International Business Headlines Brief::: 19 March 2021

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

ü  Young Goldman Sachs bankers ask for 80-hour week cap

ü  Lamborghini's profits soar during Covid

ü  British Airways to continue work-from-home plan after Covid

ü  China's small tech firms step out of the shadows as giants reel from
regulatory crackdown

ü  Asia stocks unsettled by yields and oil, Nikkei hit by BOJ shift

ü  BOJ widens yield target band, pledges to buy risky assets only when
necessary

ü  Analysis: Twenty years on, EU turns cold on Mercosur trade deal

ü  Ford partly assembling some vehicles, idling two plants due to chip
shortage

ü  Swiss hacker indicted after claiming credit for breaching Nissan, Intel

ü  Oil extend losses amid gloomy demand outlook

ü  Rwanda: PM to Brief Parliament on Economic Recovery

ü  Nigeria: Eight Quick Things to Know About Port Harcourt Refinery

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

Young Goldman Sachs bankers ask for 80-hour week cap

First-year bankers at investment bank Goldman Sachs have warned that they
might quit unless their gruelling working conditions improve.

An internal survey among 13 employees showed they averaged 95 hours of work
a week and slept five hours a night.

Their personal relationships also suffered as did their physical and mental
health.

The analysts warned that they would be likely to leave within six months
unless things changed.

The survey offers a rare glimpse into the fiercely competitive work culture
of Wall Street's top firms, where junior analysts scramble for well-paid
career paths.

The survey, which began circulating on social media on Wednesday, was
conducted by a group of US-based first-year investment banking analysts
among themselves.

"The sleep deprivation, the treatment by senior bankers, the mental and
physical stress
 I've been through foster care and this is arguably worse,"
one respondent said in the survey, which has been seen by the BBC.

"This is beyond the level of 'hard-working', this is inhumane/abuse," said
another.

All of the respondents said the job had negatively affected their
relationships with friends and family, while 77% said they had been victims
of workplace abuse.

media captionDavid Velez is the founder of online lender Nubank

Before working for the firm, the analysts assessed their own mental health
at 8.8 out of 10 and their physical health at 9 out of 10.

After starting the job, they rated their mental health at 2.8 and their
physical health at 2.3.

83% said they had experienced "excessive monitoring or micromanagement",
while 17% said they frequently experienced shouting or swearing.

The survey recommended maximum 80-hour work weeks with no work on Saturday
or after 9pm on Friday.

It also urged more realistic deadlines and better work flows aimed at
reducing stress.

Employee burnout

The analysts presented their findings to Goldman Sachs' management in
February, and the bank said it has since taken steps to address employee
burnout among this small group, and wider teams.

"We recognise that our people are very busy, because business is strong and
volumes are at historic levels," the bank's spokeswoman Nicole Sharpe told
the BBC.

"A year into Covid, people are understandably quite stretched, and that's
why we are listening to their concerns and taking multiple steps to address
them."

The bank says it has been reinforcing its "Saturday Exception" policy and
moving to automate certain tasks for junior staff.

Goldman Sachs reported net revenues of $44.6bn (£32.1bn) for 2020.—BBC

Lamborghini's profits soar during Covid

Lamborghini had its most profitable year ever in 2020, despite a two-month
shutdown of its Italian factory during the pandemic.

"We were surprised," said chief executive Stephan Winkelmann.

While sales were slightly lower than the previous year, Lamborghini sold
more expensive, customised supercars, pushing profits higher.

China has fuelled a lot of demand and would overtake Germany as its
second-biggest market this year.

Lamborghini's new sports utility vehicle (SUV) is called Urus and has been
hugely successful, accounting for 59% of the company's sales worldwide last
year.

Chinese car buyers have developed an appetite for ultra-luxury SUVs from the
likes of Rolls-Royce, Bentley and Lamborghini.

"Urus is giving us peace of mind in terms of return on investment and also
earnings, and the earnings are giving us the confidence to reinvest in the
future," Mr Winkelmann added.

The carmaker, which is owned by Volkswagen, sold 7,430 cars worldwide in
2020, second only to the 8,250 it delivered in 2019.

But Lamborghini saw strong income from its highly profitable "limited
special series" models.

"We have already covered with customer orders nine months of the year for
2021," Mr Winkelmann said. "So we are looking at the year 2021 in quite a
positive bent."

He told CNBC: "It's a bit like with the stock markets: the buyer's spirits
are up. They can't wait to the moment to get out again and to enjoy life."

Electric cars and China

China is expected to become the company's second-largest market this year,
replacing Germany for the first time. The US is Lamborghini's biggest
market, with delivery of 2,224 cars in 2020.

The biggest challenge for Lamborghini is the tightening of emissions
regulations around the world and the shift to electric vehicles.

Lamborghini has not announced plans for an electric supercar, although an
announcement could be coming in April.

"We have to anticipate also a change of mind of our customers and the
enthusiasts as well. This is a very crucial moment for super sports cars,
where you have to really set the marks for the future," Mr Winkelmann added.

Reacting to speculation that Volkswagen could sell-off Lamborghini, Mr
Winkelmann said that the "Volkswagen Group is the perfect match for
Lamborghini".-BBC

British Airways to continue work-from-home plan after Covid

British Airways will let staff split their working lives between the head
office and home in another example of big firms offering flexible
employment.

The airline is also exploring the sale of its huge Waterside HQ near
Heathrow Airport, where 2,000 people worked before the coronavirus lockdown.

"It's not clear if such a large office will play a part in our future," BA
said in a message to staff.

The firm is in a race to cut costs after the virus led travel to collapse.

BA, part of the IAG airline group that also owns Iberia and Aer Lingus, has
shed more than 10,000 jobs and is raising billions of pounds of extra cash
from shareholders to shore up its finances.

Stuart Kennedy, the airline's director of people, said in his message to
staff that one of the very few positives to come out of the pandemic was how
well staff had coped with working from home.

"We'll want to consider what the ideal office layout for the future will be.
Perhaps it's less fixed desks and more casual meeting areas, and we need to
consider colleague wellbeing, too," he said.

However, he emphasised that plans to sell Waterside were still at a very
early stage. It is thought the airline has only recently hired property
consultants to evaluate options.

In a separate statement to the BBC, BA said on Thursday: "The global
pandemic has shown us that many of our colleagues enjoy working remotely and
want to continue, and this has accelerated our approach to offering more
agile and flexible ways of working.

"Our aim is to find a hybrid working model that suits our business, blending
the best of office and remote working for our people. We've also
re-structured our business to emerge from the crisis and are considering
whether we still have the need for such a large headquarters building."

'It's cheaper'

The move to hybrid working after the pandemic is growing.

The Nationwide building society has indicated that it does not intend to
force people to return to the office if they have been successfully able to
work from home during the pandemic.

Oil giant BP has told office-based staff they can spend two days a week
working from home after lockdown restrictions ease.

And banks HSBC and Lloyds are among many other companies looking into split
working arrangements.

Earlier this month the boss of IWG, which provides office space across the
world, told the BBC he expected hybrid working "to become the norm" for many
companies.

Mark Dixon said: "It works for companies, because it's a lot cheaper. It's
also much, much better for the environment."--BBC

China's small tech firms step out of the shadows as giants reel from
regulatory crackdown

SHANGHAI/HONG KONG (Reuters) - One firm’s loss is another’s gain. China’s
smaller technology companies and investors are eager to seize the day as a
sweeping crackdown by anti-monopoly regulators on the country’s internet
giants creates a wealth of new opportunities.

Nasdaq-listed microlender 360 DigiTech Inc is one such firm, having seen an
increase in new business and a run-up in its share price after the
introduction of new rules designed to rein in fintech giant Ant Group and
other large rivals.

“Since December, we’ve seen clients whose credit lines have been reduced or
restricted by lending giants transfer to our services,” 360 DigiTech Chief
Financial Officer Alex Xu told Reuters.

“We can grab the market share that’s being abandoned by leading players.”

The regulatory heat began with the scuppering of Ant’s $37 billion IPO in
November and has rapidly spread across the tech sector. That’s marked an end
to an era of laissez faire treatment that had seen companies including Ant,
Alibaba Group Holding Ltd and Tencent Holdings Ltd grow to dominate many
aspects of Chinese consumer life.

In fintech, draft rules published in November require online platforms like
Ant to put up sizable capital for co-lending. Regulations updated last month
also now mean caps on lending that an online lender can conduct with an
individual bank.

Hopes for a more level playing field have seen 360 DigiTech’s shares almost
triple for the year to date, valuing it at nearly $5 billion. Rival
LexinFintech Holdings has seen its share price more than double, valuing it
at around $2.4 billion.

Both firms are online loan facilitators which recommend clients to
commercial banks using credit-risk screening technologies and big data and
do not commit their own capital for loans.

“Previously, the market was worried about whether they can survive... now
the uncertainty lies in how much they can grow,” said Richard Xu, an analyst
at Morgan Stanley who has lifted his price targets for both 360 DigiTech and
Lexin.

For the broader tech sector, regulators have flagged that new rules for
online transactions are in the works and have announced a probe into Alibaba
over its practice of demanding that its merchants not sign up with rival
platforms.

And in the past week alone, live streaming e-commerce and “deepfake”
technology have come under scrutiny while 12 companies, including Baidu Inc,
Tencent, and Didi Chuxing have been fined over 10 deals that violated
anti-monopoly rules.

Roby Chen, founder of DaoCloud, a Shanghai-based startup that provides cloud
computing services to companies, said he expects the anti-monopoly campaign
to drive more clients his way.

“Previously, big companies liked to boast of strategic partnerships with
Alibaba Cloud or Tencent Cloud,” he said. “Now, there’s an obvious shift in
attitude.”

The crackdown has prompted New York-based investor Tom Masi to slash his
holdings in Alibaba to 3.3% of his fund’s portfolio from 9.9% previously.

That’s allowed him to double down on bets in smaller payment company Yeahka
Ltd and online health service provider Meinian Onehealth Healthcare Holdings
Co Ltd.

“We’re realising ... that (the crackdown) opens up the window for other
companies to have a very nice growth rate overall,” said Masi, portfolio
manager for the Emerging Wealth Strategy fund at GW&K Investment Management.

Yeahka’s shares have more than doubled this year while Meinian Onehealth’s
stock has shot up 30%.

Ming Liao, founding partner of Beijing-based Prospect Avenue Capital, noted
that Chinese authorities were also sending a clear message to deep-pocketed
tech giants to sharply rein in investment that had too often crowded out
others.

“This is good news for the whole venture capital industry because
negotiations will become much easier for other investors,” he said.

Asia stocks unsettled by yields and oil, Nikkei hit by BOJ shift

SYDNEY (Reuters) - Asian share markets slipped on Friday after a spike in
global bond yields soured sentiment toward richly priced tech stocks, while
a stampede out of crowded positions may have put an end to the bull run in
crude oil.

Having plunged 7% overnight, Brent crude futures managed a feeble bounce of
just 11 cents to $63.39 a barrel, while U.S. crude added 6 cents to $60.06.
[O/R]

The retreat wiped out four weeks of gains in a single session amid worries
world demand would fall short of high expectations.

Markets were also unsettled by the Bank of Japan’s (BOJ) decision to
slightly widen the target band for 10-year yields and tweak its buying of
assets.

The bank portrayed the changes as a “nimble” way to make easing more
sustainable, though investors seemed to take it as a step back from all-out
stimulus.

A decision to confine purchases to only TOPIX-linked ETFs knocked the Nikkei
down 1.6%, while South Korea lost 1%. MSCI’s broadest index of Asia-Pacific
shares outside Japan followed with a fall of 1.5%.

Chinese blue chips shed 1.9%, perhaps unnerved by a fiery exchange between
Chinese and U.S. diplomats at the first in-person talks of the Biden era.

Nasdaq futures went flat, after a sharp 3% drop overnight, while S&P 500
futures added 0.1%. European futures followed the overnight fall with the
EUROSTOXX 50 off 0.8% and FTSE futures 0.6%.

Investors are still reflecting on the U.S. Federal Reserve’s pledge to keep
rates near zero out to 2024 even as it lifted forecasts for economic growth
and inflation.

Fed Chair Jerome Powell seems likely to drive home the dovish message next
week with no less than three appearances lined up.

“Stronger growth and higher inflation but no rate hikes is a potent cocktail
for risk assets and equity markets,” said Nomura economist Andrew Ticehurst.

“The message for bonds is more mixed: while the anchoring of the short end
is a positive, market participants may come to worry that the forecast rise
in inflation might not be temporary and that the Fed risks ‘overcooking
it’.”

Yields on U.S. 10-year notes spiked to the highest since early 2020 at
1.754% and were last at 1.71%. If sustained, this would be the seventh
straight week of increases worth a huge 64 basis points in total.

The drastic bearish steepening of the yield curve reflects the risk the Fed
is serious about keeping short-term rates low until inflation accelerates,
so requiring longer-term bonds to offer fatter returns to compensate.

The latest BofA survey of investors showed that rising inflation and the
bond “taper tantrum” had replaced COVID-19 as their number one risk.

While still very bullish on economic growth, company earnings and stocks,
respondents feared a sharp setback for equities should 10-year yields cross
2%.

The jump in Treasury yields provided some support to the U.S. dollar, though
analysts fret that faster U.S. economic growth will also widen the current
account deficit to levels that will ultimately drag on the currency.

For now, the dollar index had bounced to 91.853, from a low of 91.30 to
leave it slightly firmer for the week.

It steadied on the low-yielding yen at 108.91, just off the recent 10-month
top of 109.36. The euro eased back to $1.1914, having repeatedly failed to
crack resistance at $1.1990/1.2000.

The rise in yields has weighed on gold, which offers no fixed return, and
left it down 0.2% at $1,731 an ounce.

BOJ widens yield target band, pledges to buy risky assets only when
necessary

TOKYO (Reuters) - The Bank of Japan on Friday widened the band at which it
allows long-term interest rates to move around its target, as part of a raft
of measures to make its ultra-easy policy more sustainable amid a prolonged
battle to fire up inflation.

Following its two-day policy meeting, the central bank also removed its
explicit guidance to buy exchange-traded funds (ETF) at an annual pace of
roughly 6 trillion yen ($55 billion), which gives it more room to wind back
its market stimulus.

Instead of buying at a set pace, the BOJ said it would buy ETFs only when
necessary while maintaining a 12-trillion-yen ceiling for annual purchases.

“We judged that it was necessary to maintain monetary easing at a
sustainable form to achieve our 2% inflation target,” the BOJ said in a
statement announcing the outcome of its review.

As widely expected, the BOJ kept intact its target of -0.1% for short-term
rates and 0% for the 10-year bond yield under its yield curve control (YCC)
policy.

In a review of its policy tools announced on Friday, the BOJ said it would
allow long-term rates to move up and down by 0.25% around its target,
instead of by 0.2%.

The BOJ will not apply the rule rigidly when yields move below the band
temporarily, it said, stressing the near-term priority was to keep borrowing
costs stably low to support an economy hit by the COVID-19 pandemic.

“It’s a very minor change. The difference between 0.25% and 0.2% is quite
small,” said Masaaki Kanno, chief economist at Sony Financial Holdings in
Tokyo. “There’s a long way to go before we even get close to 2% inflation,”
he added.

In December, the BOJ unveiled a plan to conduct a review of its tools in
March to make them more “sustainable and effective” as the COVID-19 pandemic
prolongs its battle to spur growth and inflation with massive monetary
support.

Nodding to calls its huge buying was distorting prices, the BOJ said it will
buy ETFs only when markets destabilise and confine buying to those linked to
TOPIX. At present, it targets both ETFs linked to TOPIX and the Nikkei stock
average.

The decision sent the Nikkei average down 1.6% and the Topix to a new
30-year high. The benchmark 10-year Japanese government bond (JGB) yield
rose 1.5 basis points to 0.115% after the announcement.

The BOJ said it will also offer incentives for financial institutions that
tap its loan programmes, as part of efforts to mitigate the side-effects of
additional interest rate cuts.

Specifically, the BOJ will pay interest to financial institutions that
borrow from its various lending schemes.

“In practical terms, there is not much for the Japanese economy in these
policy tweaks,” said Joseph Capurso, currency analyst at Commonwealth Bank
of Australia.

“One thing that the central bank did do is they made some tweaks to their
various bank lending facilities. But these are just tweaks and I don’t think
that they’re going to change the trajectory of the Japanese economy.”

The BOJ had already been “stealth” tapering risky asset purchases by sharply
reducing buying after ramping it up last year to calm markets jolted by the
pandemic.

The challenge for the BOJ would be to convince markets that by making its
policy framework sustainable, it can eventually push up inflation to its
elusive 2% target.

Japan’s core consumer prices fell 0.4% in February from a year earlier, data
showed on Friday, dropping at a slower pace than in January but remaining
distant from the BOJ’s goal.

($1 = 108.9000 yen)

Analysis: Twenty years on, EU turns cold on Mercosur trade deal

BRUSSELS (Reuters) - As the European Union looks forward to a fresh start
with the United States under a new president, it is riddled with doubts over
another transatlantic relationship.

A trade pact struck in 2019 with the Mercosur bloc of Argentina, Brazil,
Paraguay and Uruguay after two decades of talks promised to be the EU’s
largest deal, with the removal of 4 billion euros ($4.8 billion) of import
tariffs on its products.

But two years later, it is unclear when - or whether - it will enter force
due to Europe’s concerns over Amazon deforestation and scepticism about
Brazil’s commitment to tackling climate change under President Jair
Bolsonaro.

The doubts are amplified by a new EU trade strategy unveiled in February
that says would-be partners of the world’s richest trade bloc should uphold
standards on the environment and labour rights.

While few noticed when the EU began talks with Mercosur in 1999, scrutiny of
trade deals has since intensified, particularly after the bloc launched
Transatlantic Trade and Investment Partnership (TTIP) negotiations with the
United States in 2013, drawing mass protests.

The EU seeks greater cooperation with the United States on trade now U.S.
President Joe Biden has replaced Donald Trump, but TTIP talks, suspended in
2016, will not be revived.

The Mercosur saga is being closely watched by other potential partners,
aware that an investment accord agreed with China in December also faces
close inspection.

“Trade is hard enough as it is. These extra issues just make it more
difficult for the EU to do deals with anyone else,” said David Henig, a
director at pro-free trade think tank ECIPE.

Apart from Australia and New Zealand, there were no “easy deals” left on the
horizon for the EU, Henig said, noting potentially tough negotiations to
come with ASEAN countries, including Indonesia and the Philippines.

AUSTRIA’S “NO TO MERCOSUR”

Portugal, with close ties to South America, made concluding the deal a
priority of its presidency of EU affairs in the first half of 2021, saying
Europe’s credibility was at stake.

A trade accord needs backing from the European Parliament and EU members to
enter force and far from all are convinced.

France and Ireland, both beef producers wary of meat imports, threatened to
block the deal months after it was agreed, as fires ripped through Brazil’s
rainforest.

Austria has since taken the lead. “No to Mercosur” is written into its new
government accord and Vice Chancellor Werner Kogler, a Green, wrote to
Portugal’s prime minister this month, saying Austria would “do its utmost”
to oppose the deal.

Brazil’s agriculture minister Tereza Cristina Dias and the vice president
Hamilton Mourao say environmental concerns are a mask for European
protectionism. But both sides recognise the agreement will not pass in its
current form.

Brazil, the fifth-biggest emitter of greenhouse gases, has aggressive
long-term plans to cut emissions and curb deforestation, but Bolsonaro’s
weakening of environmental enforcement has shaken confidence they can be
reached.

Critics say 15 pages in the existing Mercosur text on labour and the
environment lack teeth. The European Commission now proposes securing
clearer commitments.

It won broad support from EU countries for the idea this month. Mercosur
countries say they are awaiting a text on climate change and deforestation.

One Mercosur diplomat, asking not to be named, cautioned it should be
balanced, not just list EU demands.

FRANCE, BRAZIL ELECTIONS IN 2022

The European Parliament wants a commitment to monitoring and enforcement of
universal standards and clear consequences for violations.

“Without this, then it would be problematic. There are some critical voices
in more or less every political group,” Bernd Lange, chair of the
parliament’s trade committee, said.

The parliament rejected a multi-country anti-counterfeiting trade agreement
on counterfeiting in 2012, but Lange said the parliament preferred to
improve than to reject deals.

“It’s now up to the negotiation process to find a solution.”

What awaits are renewed talks with an unclear end date.

French Trade Minister Frank Riester has said France wants, for example, to
see what Brazil will do at the United Nations climate change conference in
November, giving France the chance to push the deal in early 2022 when it
has the EU presidency.

However, that would coincide with French President Emmanuel Macron’s
campaign for re-election in a potentially tight race, in which a Mercosur
deal could cost him support.

Some advise waiting even further into next year, with Brazil’s presidential
election due in October.

A diplomat of one would-be partner said the Mercosur experience had shown
the European Union had become a challenging partner with which to do a trade
deal. The lesson drawn was to try to resolve all issues up front to avoid
being dragged into a second round of “quasi-negotiations”.

Ford partly assembling some vehicles, idling two plants due to chip shortage

DETROIT (Reuters) - Ford Motor Co said on Thursday it will for now assemble
its flagship, highly profitable F-150 pickup trucks and Edge SUVs in North
America without certain parts and idle two assembly plants due to the global
semiconductor chip shortage.

The U.S. automaker said the chip shortage, combined with the shortage of a
part caused by the central U.S. winter storm, is prompting it to build the
vehicles and then hold them “for a number of weeks” until they can be
completed and shipped. The affected vehicles number in the “thousands,” a
spokeswoman said.

Ford said it is also idling production at plants in Louisville, Kentucky,
and Cologne, Germany.

The costs associated with these actions are covered in the Dearborn,
Michigan-based company’s previous forecast that profits this year could be
hit by $1 billion to $2.5 billion due to the chip shortage.

The shortage, which has hit automakers globally, stems from a confluence of
factors. Car makers shut plants for two months during the COVID-19 pandemic
last year and canceled chip orders. Meanwhile, demand for chips surged from
the consumer electronics industry as people worked from home and played
video games. Now car makers must compete for chips.

Last month, Ford cut shifts at two plants that build the full-size F-150
trucks, a move that followed production cuts of other vehicles. Ford, like
other automakers, has said it will prioritize and allocate chips to its
highest-margin vehicles when it can.

Also on Thursday, Japan’s Nissan Motor Co said the chip shortage has led it
to cut production at its plants in Smyrna, Tennessee, Canton, Mississippi,
and Aguascalientes, Mexico. It did not disclose how much volume would be
lost for the action.

On Monday, General Motors Co said it was building some light-duty full-size
pickups without a fuel management module, shaving a mile per gallon from
fuel economy. GM previously said the chip shortage could cut up to $2
billion from this year’s profits.

The Ford trucks and SUVs being assembled without certain parts include some
electronic modules, Ford said. It did not identify suppliers of the affected
parts, but a spokeswoman said the parts needed for the F-150 and Edge
vehicles are tied to basic functions, such as windshield wiper motors and
infotainment systems.

Ford is canceling the late shift on Thursday and both shifts on Friday at
its Louisville Assembly Plant, which builds the Ford Escape and Lincoln
Corsair SUVs. Production is expected to resume on short shifts on Monday and
full production the following day.

In Cologne, where the Fiesta car is built, the plant is being idled March
1-16 and March 22. The company did not say what volume was being lost due to
that action.

Swiss hacker indicted after claiming credit for breaching Nissan, Intel

(Reuters) - A Swiss computer hacker who has claimed credit for helping steal
or distribute proprietary data from Nissan Motor Co, Intel Corp and most
recently security camera startup Verkada was indicted on Thursday, U.S.
prosecutors announced.

Till Kottmann, 21, remains in Lucerne and has been notified about the
pending charges, the U.S. attorney’s office in Seattle said in a statement.

Kottmann did not immediately respond to a request for comment following the
announcement of the indictment, which came after midnight in Lucerne.

Kottmann over the last year allegedly working with a group accessed internal
files belonging to at least eight parties, including six unnamed companies,
the Washington State Department of Transportation and an undisclosed federal
agency, according to the indictment.

“Kottmann, and others, accessed protected computers, including ‘git’ and
source code repositories as well as internal infrastructure, through use of
stolen access keys, credentials and exploits,” the indictment said.

It added Kottmann overall hacked dozens of businesses and government
agencies and purportedly published leaked data from over 100 entities.

In social media posts and on a website, Kottmann allegedly shared some of
the information and took credit for breaches, the document said.

Dates and descriptions in the indictment related to two of the alleged hacks
match Kottmann’s past statements about Intel and Nissan.

Intel declined to comment. Nissan and Verkada did not immediately respond to
requests for comment.

This month, Kottmann shared with Reuters recordings of live and archived
surveillance footage Kottmann obtained from inside a Tesla factory, an
Alabama jail and other facilities by gaining access to Verkada’s
administrative system.

Prosecutors accused Kottmann of wire fraud, aggravated identity theft and
conspiracy to commit computer fraud and abuse.

It was not immediately clear if or when Kottmann would be brought to the
U.S. to face charges. Swiss authorities raided Kottmann’s residence last
week.

Oil extend losses amid gloomy demand outlook

SINGAPORE (Reuters) - Oil prices fell on Friday for a sixth day in a row,
down nearly 9% for the week, as a new wave of COVID-19 infections in
particular across Europe spurred fresh lockdowns and dampened hopes for an
imminent recovery in fuel demand.

U.S. West Texas Intermediate (WTI) crude fell 4 cents, or 0.07%, to $59.96 a
barrel by 0552 GMT.

Brent crude was down 10 cents, or 0.16%, to $63.18 a barrel.

Oil had edged up in Asia’s morning trading after a 7% drop on Thursday as
physical buyers leapt at the chance to load up on cheap oil, said Jeffrey
Halley, senior market analyst at OANDA, in a Friday note.

But the market remains increasingly worried about fuel demand outlook amid
rising coronavirus cases, fresh restrictions and slowing vaccination
rollouts in some countries, analysts said.

Goldman Sachs said headwinds related to European Union demand and Iran
supply would slow the oil market rebalancing by 0.75 million barrels per day
(bpd) in the second quarter, although it expects OPEC+ will act to offset
that.

Safety concerns about the side effects of the AstraZeneca vaccine had led
several European countries to stop administering the shot.

Although Germany, France and other countries have announced the resumption
of inoculations after regulators declared the AstraZeneca vaccine safe, the
programme halt has made it harder to overcome resistance to vaccines among
some of the population.

Britain will have to slow its COVID-19 vaccine rollout next month due to a
supply delay.

Several French regions badly hit by the COVID-19 epidemic, including the
Ile-de-France region around Paris, will start a new four-week lockdown from
Friday.

“The market is becoming increasingly nervous around some countries in Europe
imposing COVID-19-related restrictions once again and, in doing so, raising
concerns for the demand outlook,” ING Economics said in a note.

In other parts of the world, Brazil registered its second deadliest day in
its COVID-19 pandemic, with 2,724 deaths, while India on Friday reported its
highest daily increase of new COVID-19 cases in more than three months.

Supplies of oil are plentiful as well, with Saudi Arabia’s crude exports
increasing in January for a seventh straight month to the highest since
April 2020, according to the Joint Organisations Data Initiative website on
Thursday.

Shipments from the world’s biggest oil exporter increased to 6.582 million
barrels per day in January from 6.495 million the previous month.

Rwanda: PM to Brief Parliament on Economic Recovery

Prime Minister Édouard Ngirente is expected to appear in parliament on
Thursday next week where he will shed light on the national economic
recovery.

In a letter written earlier this month, Ngirente requested both speakers of
parliament to allocate him time to present the government's activities with
regard to economic recovery.

"I am happy to request you to allocate me time to enable me to present to
both chambers of parliament the government's activities aimed at reviving
the economy with a focus on industrialisation," he wrote.

His attendance was initially scheduled for Thursday, March 18 before it was
postponed to March 25 due to other commitments.

Ngirente's briefing is expected to shed light on the progress of the
Rwf100bn economic recovery fund which was rolled out in June last year.

In late 2020, the government reviewed the terms and conditions for local
firms eligible to receive the fund to increase the number of local
businesses eligible for the support after reports of low uptake.

He is expected to address challenges the industrial sector is facing despite
being considered a key driver to economic growth and transformation.

These include lack of skilled labour, low production, high cost of raw
materials and access to capital.

Statistics from RDB indicate that local manufacturers only supply 11 per
cent of the sugar market, 4 per cent of wood, 10 per cent of garments, and
18 per cent of plastics markets.

The maize and rice markets are supplied at 35 per cent and 45 per cent
respectively.

Many domestic factories produce at 30-50 per cent on average of their
capacity. Some even go below 30 per cent, take rice, with 25 factories
across the country that produce at around 25 per cent.

As the country was still grappling with these challenges, the Covid-19
pandemic hit, taking a huge toll on industry, with estimates showing that
the sector contracted at the rate of 19 per cent in the first half of 2020.

This set back the initial target that was estimated to see the sector grow
from 17 per cent in 2014 to 37 per cent by 2024.

Solange Uwimana recently started a soap-making business. She says that she
is employing about 60 people but challenges with regard to raw materials and
high energy costs are her biggest challenge.

"I would like the government to really invest resources in manufacturers
especially the ones whose businesses have improved greatly over the years. I
started off with five people. I am employing 60. How many do you think I
would employ if I had the resources?" she wondered.

Andrew Kanyonya, the Business Development Manager at the New Kigali
Designers and Outfitters, a local garment company, recently told The New
Times that the skills gap is his biggest challenge.

"Where we are right now is at the level where we need technical transfer
because there's a skills gap and it's a huge challenge to any manufacturing
subsector," he said.

In a garment subsector, for instance, he proposed a need to establish a
'textile college', where individuals offer skills and teach techniques of
the industry.

When the Covid-19 pandemic hit, many industries closed temporarily while
others with limited capacity, particularly emerging firms like small and
medium enterprises, permanently shut down.-New Times.

Nigeria: Eight Quick Things to Know About Port Harcourt Refinery

Analysts have criticised the latest move to repair the refinery at a huge
sum of $1.5 billion.

The Federal Executive Council on Wednesday approved a fresh $1.5 billion for
the rehabilitation of the Port Harcourt Refinery Company.

This is coming after the federal government said it would no longer spend
money on Nigeria's four ailing refineries.

Nigeria has in the past voted billions of dollars for the turnaround
maintenance of its refineries with no success.

Analysts have criticised the latest move as another wasteful exercise as
they have advised the government in the past to privatise the refineries to
make them effective.

With concerns about the endless spendings on the refineries, here are things
you should know about the PHRC:

Before the coming of the Dangote Refinery, the Port Harcourt refinery was
the largest refining company in Nigeria.

It is located at Alesa Eleme, Port Harcourt

PHRC is made up of two units, the old refinery commissioned in 1965 and the
new one commissioned in 1989.

The old one has a capacity of 60,000 barrels per day and the new refinery
has a capacity of 150,000 barrels per day, bringing its combined crude
processing capacity to 210,000 barrels per day.

According to the NNPC, PHRC's total comprehensive loss recorded in 2014
stood at N27.2 billion; N35.8 billion in 2015; N43.4 billion in 2016; N53.8
billion in 2017, and N45.6 billion in 2018.

In 2018 alone, the refinery recorded a total revenue of N1.45 billion and
recorded an expense of N240 billion in the same period.

After a series of on and off operation and rehabilitation, PHRC last
operated in 2016.

According to NNPC, its full operation was shut down due to crude supply
challenges arising from recent attacks on vital crude oil pipelines.-Premium
Times.

Invest Wisely!

Bulls n Bears 

Cellphone:      <tel:%2B263%2077%20344%201674> +263 77 344 1674

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

Website:         <http://www.bullszimbabwe.com> www.bullszimbabwe.com 

Blog:
<https://bullszimbabwe.com/category/blogs/bullish-thoughts/>
www.bullszimbabwe.com/blog

Twitter:         @bullsbears2010

LinkedIn:       Bulls n Bears Zimbabwe

Facebook:
<http://www.google.com/url?q=http%3A%2F%2Fwww.facebook.com%2FBullsBearsZimba
bwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA>
www.facebook.com/BullsBearsZimbabwe

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

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20210319/bccd7674/attachment-0001.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.png
Type: image/png
Size: 9458 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20210319/bccd7674/attachment-0003.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.jpg
Type: image/jpeg
Size: 31039 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20210319/bccd7674/attachment-0002.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image003.png
Type: image/png
Size: 228006 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20210319/bccd7674/attachment-0004.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image004.png
Type: image/png
Size: 34378 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20210319/bccd7674/attachment-0005.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image005.jpg
Type: image/jpeg
Size: 22328 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20210319/bccd7674/attachment-0003.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: oledata.mso
Type: application/octet-stream
Size: 65578 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20210319/bccd7674/attachment-0001.obj>