Major International Business Headlines Brief::: 20 March 2021

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Major International Business Headlines Brief::: 20 March 2021

 


 

 


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

 


 

 


ü  Nigeria to Spend N103 Billion Monthly On Petrol Subsidy

ü  Mozambique Sets Up Special Unit for Airport Cargo Control

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

ü  Labour seeks probe over Cameron Greensill lobbying

ü  China and Taiwan face off in pineapple war

ü  UK government borrowing hits February record as virus impact continues

ü  US ratchets up pressure on Chinese telecom firms

ü  Musk says Tesla would be shut down if its cars spied in China, elsewhere

ü  U.S. Fed to let bank-leverage exemption expire this month, will review
rule

ü  Take Five: A trillion-dollar problem

ü  U.S. Justice Department probing Visa over debit practices

ü  Canadian border agent covertly gathered evidence on Huawei for FBI,
defence argues

ü  Insurer Chubb needs to pay up to bulk up with Hartford

ü  Jury tells Apple to pay $308.5 million for patent infringement

ü  U.S. DOJ accuses Google of dragging its feet in antitrust trial

ü  Tesla cars banned from China's military complexes on security concerns
-sources

 


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

 


 

Nigeria to Spend N103 Billion Monthly On Petrol Subsidy

The pricing template released by PPPRA effectively shows the government has
been paying fuel subsidy despite its denials.

 

As it has become clear the Nigerian government has continued to subsidise
the price of petrol, a PREMIUM TIMES analysis has shown the nation may be
expending a whopping N102.5 billion monthly to reduce the retail cost of
petrol.

 

The sum is higher than the N70 billion the government budgeted for the
provision of Universal Basic Education (UBEC) in the 2021 budget, as well as
the N45.19 billion allocated for immunization.

 

This is according to a PREMIUM TIMES' analysis of the revelations thrown up
by the controversial price template released by the Petroleum Products
Pricing Regulatory Agency (PPPRA) last week.

 

PREMIUM TIMES reported how the agency came under attacks last Thursday when
it released a template indicating a huge jump in the retail price of petrol
from about N160 to N212.

The decision contradicted earlier assurances by the NNPC that there will be
no increment in March, prompting the government to disown it and apologise.

 

In a statement Friday by its executive secretary, Abdulkadir Saidu, the
PPPRA said it does not "fix or announce prices", and claimed the petroleum
pricing template published on its website was not intended to cause an
increase in the price of petrol.

 

However, previous templates released by the agency formed the basis of fuel
price increase or decrease in the country.

 

Prior to latest controversial announcement, the PPPRA published its last
template in November 2020.

 

In his reaction, the Minister of States for Petroleum, Timipre Sylva, also
disowned the increment.

 

Mr Sylva said neither he nor President Muhammadu Buhari had approved the
decision to increase the retail price to N212 per litre.

The NNPC also insisted its position had not changed and the PPPRA later
deleted the post from its website.

 

New Revelation

 

Aside the controversies it generated, the new template released by the PPPRA
also revealed details of the subsidy the Nigerian government effectively
incurs.

 

In its pricing guide for March, the PPPRA put the wholesale margin at N4.03
per litre, administration charge at N1.23 per litre, transporters' allowance
(NTA) at N3.89 per litre, Bridging Fund cost at N7.51 per litre, and Marine
transport average (MTA) at N0.15 per litre.

 

The agency said the expected ex-depot price for wholesale products marketers
would be N206.42 per litre.

 

Further review of the pricing template showed the average price per ton of
the commodity was put at $561.96, or N169.22 per litre, while the average
freight rate coat (North-West Europe to West Africa) is $21.63 per ton, or
N6.51 per litre.

With a retailers' margin of N6.19, the new guide showed that the expected
retail price would be N209.61 on the lower band and N212.61 on the upper
band.

 

PREMIUM TIMES' analysis showed that the difference between the N206.42/litre
ex-depot price announced by the PPPRA and the N148/litre price petrol is
sold to marketers by NNPC reveals a subsidy of N57.82/litre.

 

The amount of petrol Nigerians consume daily has been a subject of
conjectures in recent years, as figures released by different agencies often
conflict.

 

The NNPC in its operational report said Nigeria consumes about 57.4 million
litres of petrol daily.

 

In February, the Department of Petroleum Resources, DPR, put national demand
for petrol, also known as petrol, at 38.2 millionlitres daily.

 

Last year, the nation's statistics bureau said Nigerians consumed
20.8billion litres of petrol in 2019, which comes to about 57.2million
litres every day. NBS cited data provided by the Petroleum Products Pricing
Regulatory Agency, which it said it verified.

 

However, PREMIUM TIMES adopted the NBS' conservative figure of 57.2 million
litres, spread across a 31-day period. This newspaper found that the
government through the NNPC will be spending about N102.5bn as petrol
subsidy monthly.

 

For years, the government denied it paid subsidy on petrol, yet it did so
through the NNPC, which described the cost as "under recovery".

 

Meanwhile, the cost is subject to the dynamics in the international oil
market. It means that should there be an increase in the price of oil, as
being projected by analysts, the subsidy cost is also bound to increase,
just as a slump would also lead to reduction in subsidy cost.

 

Subsidy

 

In March 2020, amid a global oil price crash, Nigeria cut its pump price and
said it had eliminated subsidies.

 

The government also announced a new price cap that maintained government
control, but said it would allow prices to move with the market.

 

Nigeria's petrol prices had been kept artificially low at N145, with subsidy
eating into a huge chunk of government revenues.

 

But by June 2020, the NNPC recorded a N5.34 billion ($14 million) cost for
fuel, raising suspicion that subsidy had not returned to the government's
books.

 

Until recently, the government has not come out clean on how much it injects
into subsidy payment, even as the item is not contained in recent budgets.

 

Some Nigerians have called for the removal of subsidy, in order to enable
the government invest the fund into other developmental projects. Others
have however condemned calls for its removal, citing it as perhaps one of
the most significant "benefits" the masses enjoy from the government. Those
in the later category, such as the organised labour, have advised the
government to fix the refineries before removing fuel subsidy.

 

Many have also expressed worry over the government's sincerity, and wondered
whether the government would indeed commit funds generated from subsidy
removal into actual developmental projects.

 

Nigerians typically use petrol to power their vehicles, tricycles, and
motorcycles, and in a country with poor electricity supply, other Nigerians
in their millions power their generators with petrol.

 

A study supported by the British government estimated that Nigeria spent N10
trillion on subsidies from 2006 to 2018, more than the budgets for health,
education or defence.-Premium Times.

 

 

 

Mozambique Sets Up Special Unit for Airport Cargo Control

Maputo — Mozambique has become the first Southern African Development
Community (SADC) country to set up a Special Unit for Airport Cargo Control,
intended to strengthen the capacity to spot and seize drugs and other
illicit products that may be transported through these entry posts.

 

The unit, virtually commissioned on Wednesday in Maputo International
Airport, consists of the Mozambique Tax Authority (AT), the National
Criminal Investigation Service (SERNIC) and the National Administration of
Conservation Areas (ANAC) who will share the same office to ensure strict
control of cargo at the country's main airport terminals.

 

With the unit performing its duties, Mozambique expects to make national
borders safer and less used for illicit trafficking of products such as
drugs, firearms, body parts, minerals and wildlife products such as ivory
and rhino horns..

The initiative, which comes under efforts to combat cross-border illicit
activities, binds together the Mozambican government, represented by the Tax
Authority, and the United Nations Office on Drug and Crime (UNDOC).

 

At the ceremony, the Director of the AT Office for Planning, Studies and
International Cooperation, Augusto Tacarindua, thanked the partners for
their technical and logistical support and entreated them for further
assistance and training for members of the team.

 

He said it is part of AT strategy to boost the fight against smuggling and
improve staff capacities so that import and export procedures can be carried
out safely, thus ensuring revenue for the Mozambican state.

The United States Ambassador, Dennis Hearne, also present at the ceremony,
said the Special Unit for Airport Cargo Control is a victory against the
trafficking of illicit products.

 

Hearne pointed out that the US Government with other partners has been
assisting Mozambique in capacity building to enforce the law, and to nurture
peace and stability.

 

"The US Government supports efforts for border security in Mozambique,
though regular training especially airport security. The new unit stresses
our commitment to a trustworthy partner and for all those who want a
prosperous and peaceful country," he said.

 

Cesar Guedes, the UNDOC country representative, said cooperation with
Mozambique is part of the UN Agency's global project, named Containers
Control Project, which has existed for over 20 years in the ports and
airports of 55 countries.

 

At the launch, the AT and UNDOC signed a Memorandum of Understanding that
establishes a cooperation framework for the implementation of the project,
according to a press release issued by the AT.

 

 

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, is
presented on Goldman Sachs-branded slides that note they were produced
within the investment banking division.

 

But the BBC understands that the survey was conducted by a "self-selected"
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.

 

It's not just those in the world of finance who endure long days and little
sleep.

 

David works in software development. Before the pandemic he would travel
from his home in Torquay in Devon to London on a Sunday night and only
return on Friday evening - sometimes not getting through the door before
midnight.

 

On top of his full-time job, he always has a side project that can keep him
up until 02:00 and intrudes on weekends.

 

He says his wife would describe him as a workaholic but he doesn't use the
term himself.

 

"I'm definitely the kind of person who would sleep less if I could," David
says. "It's wasted time."

 

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.

media captionWhite boys' club? New tales from the City

"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

 

 

 

Labour seeks probe over Cameron Greensill lobbying

Labour has called for an investigation following reports former Prime
Minister David Cameron met Treasury officials to lobby for Greensill
Capital.

 

The Financial Times reports that Mr Cameron, an adviser to Greensill, tried
to increase the specialist bank's access to government-backed Covid-19
emergency loan schemes.

 

Greensill collapsed last week. It is a key backer of UK giant Liberty Steel.

 

The Treasury said it had had a meeting but decided not to take things
further.

 

Anneliese Dodds, Labour's shadow chancellor, said "Taxpayers and businesses
deserve answers about why it appears Greensill was given so much access to
the Treasury.

 

"The government must leave no stone unturned with a full and thorough
investigation into this."

 

A Treasury spokesperson said: "Treasury officials regularly meet with
stakeholders to discuss our economic response to Covid.

 

"The meetings in question were primarily about broadening the scope of CCFF
[Covid Corporate Financing Facility] to enable access for providers of
supply chain finance, which - following a call for evidence and discussions
with several other firms within the sector - we decided against and informed
the businesses concerned."

 

The former UK prime minister criticised the role of lobbyists while
campaigning to become Prime Minister in 2010. He said at that time that
"secret corporate lobbying" was undermining public confidence in the
political system.

 

He became an adviser to Greensill in 2018.

 

The FT says public records show Greensill representatives had 10 virtual
meetings between March and June last year with the two most senior officials
at the Treasury as they sought access to a Bank of England loan scheme.

 

Greensill Capital is the main financial backer of Liberty Steel, which
employs 5,000 people in steel plants around the country and its collapse has
sparked grave concerns about the future of their jobs.

 

Liberty owns 12 steel plants in the UK, including at Rotherham, Motherwell
and Newport.

 

 

 

China and Taiwan face off in pineapple war

It could be the world’s most heated dispute over pineapple, even eclipsing
the interminable debate about whether or not it belongs on pizza.

 

Last month, China banned Taiwanese pineapple imports, citing the risk of
“harmful creatures” that could affect its own crops.

 

The move infuriated Taiwan’s leaders, who said the move had nothing to do
with bugs, and was instead an example of China ramping up political pressure
on the island, which Beijing considers a province of China.

 

In response, Taiwan’s leaders sought out new customers overseas, and asked
locals to eat what Chinese consumers no longer could.

 

“Taiwanese pineapples are stronger than fighter jets. Geopolitical pressures
cannot squeeze their deliciousness,” declared Taiwan’s Vice President Lai
Ching-te, in a tweet.

 

According to Taiwan’s Council of Agriculture, the island produces 420,000
tonnes of pineapple annually, and exported a little over 10% of that last
year, with almost all of it going to China.

 

Without mainland sales, Taiwanese growers face a possible glut of
pineapples, and with it a danger that prices might fall.

 

President Tsai Ing-wen launched a “pineapple challenge” on social media,
aimed at getting Taiwanese consumers to buy more of the fruit.

 

Taiwan’s Foreign Minister Joseph Wu used his Ministry’s Twitter account to
“urge like-minded friends around the globe to stand with #Taiwan & rally
behind the #FreedomPineapple".

 

The de facto embassies of the US and Canada in Taiwan were happy to oblige.

 

The American Institute in Taiwan posted a number of pictures to its Facebook
page, including one of its director Brent Christensen with three pineapples
on his desk.

 

The Canadian Trade Office in Taipei posted a photo of staff posing around a
pineapple pizza, with a polite reminder that it was Canada’s idea rather
than Hawaii’s.

 

“We in the Canadian Office like pineapple pizza, especially pineapples from
Taiwan!” the post said.

 

Japanese consumers might have made the biggest difference, with orders for
5,000 tonnes coming from Japan, Ms Tsai said.

 

Many Japanese Twitter users also expressed their support.

 

“I will definitely buy some. I tried it last year and realized that even its
core is eatable. Now I love its juicy sweet taste,” one user wrote.

 

Within just a few days the Taiwanese government’s campaign led to enough
orders to cover the pineapples that would have been exported to China.

 

That still leaves the 90% of pineapples growers usually sell domestically,
so they will be hoping that consumers don’t get sick of the taste.

 

Yang Yufan, a well-known organic pineapple grower from Southern Taiwan, has
become known as the "pineapple prince".

 

He told BBC Chinese that in recent years Taiwanese growers had gravitated to
the Chinese market, because inspections were easier and faster than in other
markets like Japan.

 

But he said Taiwan's agriculture sector needed to diversify because too much
of its exports go to mainland China.

 

"The pineapples we hope to harvest next year will [have been] sown last
year, so the problems we will face next year may be even greater," he said.

 

China insists the pineapples were blocked because its customs authorities
had repeatedly detected pests on fruit coming from Taiwan.

 

Ma Xiaoguang, spokesman for the Taiwan Affairs Office of the State Council,
described it as a normal biosafety precaution measure.

 

However, over the past 12 months China has been accused of using ambiguous
and opaque trade policies to punish its rivals.

 

Australian agricultural producers in particular worry that their products
have been subject to unofficial bans or unreasonable new standards, as
retribution for Australian government policies.

 

Ms Tsai flatly dismisses China’s claims, pointing out that 99.97% of
imported pineapple batches passed inspection.

 

Biosecurity is an unusually tricky area, because introduced species can
cause real economic damage, but there is a long history of using it as a
weapon in trade disputes.

 

“Some of these concerns are genuinely driven by legitimate worries over the
possible introduction of foreign pests and diseases against which most
native species may have no defences at all,” said Deborah Elms from the
Asian Trade Centre.

 

“But rules over what are called sanitary and phytosanitary (SPS) issues can
also be a fairly easy way to block foreign trade.”

 

The United Nations Conference on Trade and Development’s (Unctad) database
shows that China has 1,642 SPS restrictions, which is more than any country
except for India, the US, Panama and Peru.

 

But those numbers should be treated with caution, said Ms Elms, as they are
not qualitative. One poorly framed rule might be more restrictive than
dozens of less onerous restrictions.--BBC

 

 

 

UK government borrowing hits February record as virus impact continues

Government borrowing levels continued to set new records last month,
reflecting the cost of supporting the UK's economy during the pandemic.

 

The government borrowed £19.1bn in February, the highest figure for that
month since records began in 1993.

 

Measures such as furlough payments have hit government finances hard.

 

However, February's borrowing figure - the difference between spending and
tax income - was not as high as some economists had forecast.

 

Borrowing for the financial year to date - between April and February - has
now reached £278.8bn, the Office for National Statistics said, a record for
that period.

 

The Chancellor, Rishi Sunak, said: "Coronavirus has caused one of the
largest economic shocks this country has ever faced, which is why we
responded with our £352bn package of support to protect lives and
livelihoods.

 

"This was the fiscally responsible thing to do and the best way to support
the public finances in the medium term."

 

Christine Jardine, Treasury spokesperson for the Liberal Democrats, said
that while the latest figures showed scale of the challenge posed by the
pandemic, "they can not be used as an excuse by the government to end
support prematurely, and leave behind people and businesses struggling
across the UK".

 

"Thousands of small businesses are due to stay closed for months to come,
and millions of people are still worried about their jobs. Yet the
chancellor failed to provide them with long-term certainty and direct
support in the Budget."

 

Borrowing chart

The latest ONS figures showed the government spent £3.9bn last month on job
support measures alone.

 

They also revealed a fall in tax income, notably from lower VAT, business
rates and fuel duty, although they also showed money coming in from
self-employed tax payments rose by £900m from last year.

 

Where does the government borrow billions from?

Total public sector debt has risen to £2.13 trillion, according to the ONS.
The figure almost exceeds the size of the UK's economy, with debt having
reached 97.5% of annual economic output.

 

Debt levels as high as this have not been seen since the early 1960s.

 

Ultimately, if it's consistently spending much more than it has in the past,
the state has to raise more money in taxes. But the key word there is
"ultimately". There is no urgency to repaying the government's debt. More
urgent are the debts of small businesses and poorer households.

 

Ordinary households rightly fear getting into too much debt because if
interest rates rise, lenders can close in and deploy lawyers and bailiffs
with all the attendant unpleasantness.

 

But it is profoundly wrong and misleading to infer that it's like that for
governments who issue their own sovereign currency.

 

Unlike households, governments controlling their own currency can borrow
without limit money that they have freshly created.

 

They therefore can't go bankrupt. Because almost all of the money borrowed
by the government in this financial year (by issuing gilts) will be owed to
another public sector body, the Bank of England, it's nothing like a
household borrowing from a bank.

 

And in fact, as the government tacitly acknowledged in its recent Budget, it
makes sense in the midst of an economic contraction for the government to
spend more, not less - not least because other parts of the economy
(households and businesses) aren't spending anything like what they normally
would.

 

Without the additional government spending the economic contraction would,
without a shadow of a doubt, be worse.

 

Ruth Gregory, senior UK economist at Capital Economics, said that despite
the high level of borrowing, the government's increased spending was the
only sensible course at this time.

 

"Today's figures are pretty terrible but it is important to take in to
account the economy as well. The chancellor is doing the right thing in
continuing to support the economy," she told the BBC's Today programme.

 

"His action in the Budget to extend many of the existing schemes means the
rug will not pulled out from under the feet of households and businesses.

 

"If we can limit the damage to the economy now, when the crisis ends it
means the country will be stronger amore able to cope with that debt."

 

Separately, the government said it would receive £1.1bn from selling part of
its stake in NatWest Group.

 

The sale will cut the size of the government's stake in the bank - which was
previously called Royal Bank of Scotland - from almost 62% to 59.8%.

 

The government bought shares in the bank to help keep it afloat during the
2008 financial crisis.

 

The value of those shares has since fallen, meaning the government has made
an overall loss of £1.84bn excluding dividend payments.

 

The Treasury said "its ambition is to return the bank to private ownership
once the original goal of preserving financial stability has been
achieved".—BBC

 

 

US ratchets up pressure on Chinese telecom firms

The Federal Communications Commission (FCC) is looking to strip three
Chinese telecom firms of their US operating licenses.

 

China Unicom Americas, Pacific Networks and ComNet had failed to explain
their links to Beijing, the FCC said.

 

The US communications watchdog has long argued those links could pose a
national security risk.

 

The move signals that US president Joe Biden is likely continue Donald
Trump's tough approach on Chinese tech firms.

 

The FCC voted unanimously on Wednesday to revoke the licenses of the three
companies, a move that could see them expelled from the US market.

 

The companies were asked in April last year to address concerns over the
their links to the Chinese government, which the FCC claimed could leave
them vulnerable to its "exploitation, influence, and control".

 

But while the companies have tried to address the FCC's concerns, it has not
accepted their explanations.

 

"The threat to our networks from entities aligned with Communist China is
one that we must address head on, and I am pleased that the FCC continues to
show the strength and resolve necessary to meet this menace," FCC
Commissioner Brendan Carr said in a statement.

 

China Unicom is a unit of one China's three major telecommunications
networks.

 

Pacific Networks resells international voice and data services to US
operators, while its subsidiary ComNet provides a variety of mobile
services, including SIM cards and international calling cards.

 

The FCC granted approvals for the three companies to operate in the US more
than a decade ago, when there was less concern in the US about Chinese
technology companies.

 

More scrutiny

Separately, the Commerce Department said it had served subpoenas on multiple
Chinese firms which operate in the US, to see if they pose a national
security risk.

 

The move followed a Trump-era executive order, which sought to secure
telecommunications and technology supply chain.

 

The subpoenas will gather information to "allow us to make a determination
for possible action that best protects the security of American companies,
American workers, and US national security," Commerce Secretary Gina
Raimondo said.

 

"Beijing has engaged in conduct that blunts our technological edge and
threatens our alliances," she added.

 

The department did not name any companies.

 

 

 

 

Musk says Tesla would be shut down if its cars spied in China, elsewhere

BEIJING (Reuters) - Tesla Inc chief executive Elon Musk said on Saturday his
company would be shut down if its cars were used to spy, his first comments
on news that China’s military has banned Teslas from its facilities.

 

“There’s a very strong incentive for us to be very confidential with any
information,” Musk told a prominent Chinese forum during a virtual
discussion. “If Tesla used cars to spy in China or anywhere, we will get
shut down.”

 

Sources told Reuters on Friday that the Chinese military has banned Tesla
cars from entering its complexes, citing security concerns over cameras
installed on the vehicles.

 

Those restrictions surfaced as the top Chinese and U.S. diplomats were
holding a contentious meeting in Alaska, the first such in-person
interaction since U.S. President Joe Biden took office in January.

 

Musk urged greater mutual trust between the world’s two biggest economies,
in his remarks to the China Development Forum, a high-level business
gathering is hosted by a foundation under the State Council.

 

He was holding a discussion panel with Xue Qikun, a Chinese quantum
physicist who heads the Southern University of Science and Technology.

 

In China, the world’s biggest car market and a key battleground for electric
vehicles (EVs), Tesla sold 147,445 vehicles last year, 30% of its global
total. However, it is facing more competition this year from domestic rivals
from Nio Inc to Geely.

 

Musk has made several high-profile appearances in China, where Tesla makes
as well as sells EVs. In 2019, he discussed Mars and artificial intelligence
with Alibaba’s outspoken founder Jack Ma.

 

At a delivery event last year for China-made Model 3 sedans, Musk danced
enthusiastically on stage, stripping off his jacket in what became a social
media storm.

 

 

U.S. Fed to let bank-leverage exemption expire this month, will review rule

WASHINGTON (Reuters) - Big U.S. banks will have to resume holding an extra
layer of loss-absorbing capital against U.S. Treasuries and central bank
deposits from next month after the Federal Reserve said on Friday it would
not extend a temporary pandemic regulatory break due to expire this month.

 

The Fed said it would, however, launch a formal review of the capital rule,
known as the “supplementary leverage ratio,” due to concerns it is no longer
functioning as intended as a result of the central bank’s emergency COVID-19
monetary policy measures.

 

While the Fed’s decision to review the rule is a win for Wall Street banks,
which have long argued the leverage ratio is fundamentally flawed, its
refusal to extend the exemption, as many analysts had expected, came as a
disappointment.

 

Shares of the largest U.S. banks fell after the news, with JPMorgan Chase &
Co losing as much as 4% before closing down 1.6% on the day. Bank of America
Corp’s and Citigroup Inc lost 1% and 1.1%, respectively.

 

“Wall Street bank stocks will get punished because now they will have to put
more money aside,” Edward Moya, senior market analyst at foreign exchange
brokerage Oanda, said in an email.

 

He added, however, that the planned review of the leverage ratio “should
alleviate concerns that this is a final decision.”

 

To ease Treasury market stress and encourage banks to lend to Americans
struggling amid lockdowns, the Fed last April excluded Treasuries and
central bank deposits from the leverage ratio until March 31.

 

Uncertainty over whether it would stick to that expiration date has
compounded anxiety in fixed income markets. Banks have warned that allowing
the rule to expire could push them to pull back from buying government debt
and from lending, potentially sparking another bout of market turmoil.

 

The issue has become a political hot potato, with powerful Democrats
pressuring Fed Chair Jerome Powell to deny Wall Street what they say is an
unwarranted break that could increase systemic risks. They point out that
big banks have plenty of cash to buy back shares and issue dividends.

 

“This is a victory for lending in communities hit hard by the pandemic, and
for the stability of our financial system,” said Democratic Senator Sherrod
Brown, who had previously warned the Fed that extending the exemption would
be a “grave error.”

 

Benchmark 10-year Treasury yields jumped around five basis points on the
announcement to 1.750%, nearing Thursday’s the one-year high of 1.754%.

 

But Fed officials said they were confident that allowing the exemption to
expire would not impair Treasury market liquidity or cause disruption
because the market had stabilized and big banks are flush with capital.

 

BALLOONING BALANCE SHEET

The leverage ratio was adopted after the 2007-2009 financial crisis as a
safeguard to prevent big banks from manipulating other capital rules. It
requires them to hold additional capital against assets regardless of their
risk.

 

But the ratio is rapidly becoming the primary limit on banks’ balance sheets
which have swelled as a result of the Fed pumping cash into the economy amid
the pandemic.

 

In the last year, the Fed has nearly doubled its balance sheet to more than
$7.7 trillion through around $3.4 trillion in bond purchases. That
extraordinary intervention, along with near-zero interest rates, aims to
keep money flowing through the banking system.

 

As a result, bank deposits at the Fed, known as reserves, have sky-rocketed
to $3.9 trillion since the pandemic began, according to Fed data from
Thursday, and are expected to increase by another $2 trillion before the Fed
pares back stimulus efforts.

 

“That pressure is pretty significant,” said Gennadiy Goldberg, interest rate
strategist at TD Securities, adding it may cause banks to step away from
“market supporting roles.”

 

Some banks might have to issue preferred shares to add enough capital in the
near term to handle the increasing deposits, which would dilute common stock
by 1% to 2%, Glenn Schorr of Evercore ISI wrote in a note.

 

Banks say reserves and U.S. Treasuries are effectively risk-free and it
makes little sense to penalize them. 



The Fed indicated on Friday that it had heeded those complaints. Due to the
continued growth in reserves and Treasury issuance, it said it may
recalibrate the ratio “to prevent strains...that could both constrain
economic growth and undermine financial stability.”

 

However, it added that any changes to the rule would not erode the overall
strength of bank capital requirements.

 

While the Fed’s decision appears to be a neat compromise to appease both
Wall Street and progressive Democrats, the rule review, which will be
subject to public consultation, is likely to be a fraught and lengthy
process, said analysts.

 

Progressives, who say Powell is inclined to be too friendly to Wall Street
on regulatory issues, are generally skeptical of any attempt to crack open
post-crisis rules and may fight changes. That could leave the market in an
uncomfortable limbo, said analysts.

 

“Unless there is a fix relatively quickly, I think there’s going to be a lot
of caution in the market and a lot of concerns about volatility,” said
Goldberg.

 

 

 

Take Five: A trillion-dollar problem

It’s tough being the Swiss National Bank: After months of battling
safe-haven inflows, markets want to know what the SNB will do with its 914
billion-Swiss franc ($984 billion) foreign exchange pile at its March 25
meeting.

 

With the franc depreciating 5% and 2.5% versus the dollar and the euro
respectively year-to-date, there is no pressure to stem inflows. The pace of
interventions has already fallen sharply.

 

Some of the franc weakness can be traced to recovery bets, but it comes at a
time when Swiss bond yields are trading unusually above their German peers,
global conditions are still uncertain and vaccine rollouts bumpy. Signalling
a reduction in its balance-sheet size could trigger a rise in the franc,
something policymakers would be careful to avoid.

 

The SNB is expected to keep rates unchanged -0.75%, the lowest in the world,
and maintain its interventionist stance.

 

Following a rather muted response to rising Treasury yields so far, the
dollar could be woken from its slumber if yields close in further on the 2%
threshold.

 

The U.S. currency is up around 2% year-to-date, while yields on the
benchmark 10-year have risen from around 0.90% at the start of the year to
1.75% in recent days. Higher yields typically make the dollar more
attractive to income-seeking investors.

 

A series of upcoming Treasury auctions will provide important clues on how
much further the recent surge in yields can run. The Treasury will auction
$60 billion of two-year notes and $61 billion of five-year notes. A $62
billion offering of seven-year notes on March 25 follows last month’s
disappointing auction in that maturity, which helped fuel the bond selloff.

 

The euro area March flash purchasing managers index on Wednesday could give
markets a fresh steer on the economic outlook.

 

Europe, off to a slow start in the COVID-19 vaccination race, faces new
hurdles that risk further slowing the post-pandemic recovery.

 

Brussels is at loggerheads with AstraZeneca over supplies; a number of
countries suspended its vaccine on reports of unusual blood disorders.

 

Germany, France and others will now resume its use, but the stop-and-start
are a blow to a faltering inoculation campaign while many countries are
fighting a third COVID wave.

 

Deutsche Bank cut its 2021 euro zone growth forecast to 4.6% from 5.6%;
Morgan Stanley warns Europe could be looking at another lost summer tourist
season.

 

Reddit investors’ darling GameStop reports fourth-quarte and full-year
earnings on Tuesday and stakes are pretty high given the parabolic 1,200%
gain since their December earnings report.

 

Estimates show the U.S. video game retailer is set to report a loss for the
fiscal year, the first one in a really long time.

 

Will that discourage the Reddit crowd?

 

The buying frenzy is still on, despite analysts predicting losses for months
and none of those covering the stock rating it “buy”.

 

At $200, the stock is trading more than six times the most bullish price
target on Wall Street and no analyst thinks the planned e-commerce offering
would justify such high valuations.

 

After emerging-market central banks in Brazil, Turkey and Russia delivered
surprise cumulative rate increases of 300 basis points, focus shifts to
policy makers in South Africa and Mexico meeting on Thursday.

 

Both central banks are seen on hold while grappling with sluggish growth,
rising inflation pressures and climbing global yields. Mexico is poised to
enjoy some benefit from the U.S. stimulus package.

 

Meanwhile, Monday should see China confirm that its banks will leave its
lending benchmark, the one-year-loan prime rate (LPR), unchanged at 3.85%
for an 11th month as higher producer prices, leftover deflation in consumer
prices and rising bond yields in late 2020 preclude the need for policy
tightening.

 

($1 = 0.9285 Swiss francs)

 

 

 

U.S. Justice Department probing Visa over debit practices

(Reuters) - The Justice Department is looking at Visa Inc’s debit practices,
the company said on Friday, after reports the United States was
investigating whether the credit card company uses anticompetitive practices
in the debit-card market.

 

“The U.S. Department of Justice has informed Visa of its plans to open an
investigation into Visa’s U.S. debit practices,” the company said in a
securities filing. “We have received a notice to preserve relevant documents
related to the investigation.”

 

The Justice Department is probing whether Visa uses anticompetitive
practices in the debit-card market, a source familiar with the matter said
on Friday. The Wall Street Journal, which first reported the news, said the
Justice Department’s antitrust division was looking in to whether Visa
limited merchants’ ability to route debit-card transactions over card
networks that are often less expensive.

 

“We believe Visa’s U.S. debit practices are in compliance with applicable
laws,” the company said. “Visa is cooperating with the Department of
Justice.”

 

Visa shares fell sharply on Friday, sinking 6.2% to close at $206.90.

 

The Justice Department declined comment on Friday.

 

Merchants have long complained about the high cost of network fees, or
interchange fees, which can be 2% or more of each transaction and go to the
financial institutions behind the transactions.

 

 

Industry group the Merchants Payments Coalition, which fights so-called
swipe fees, called the probe good news. “The MPC has been concerned about
these practices to limit debit routing for years and it’s great to see the
Department of Justice looking in to it,” said spokesman Craig Shearman.

 

While such investigations are not unusual, this one comes amid a greater
interest in the digital marketplace.

 

Earlier this year, Visa and fintech startup Plaid called off a $5.3 billion
merger after the government sued to stop the deal and called Visa a
“monopolist in online debit transactions.”

 

The Justice Department has previously investigated the credit card payments
industry but settled with Visa and Mastercard Inc in 2010 when they agreed
to allow merchants to offer consumers incentives to use a low-cost credit
card.

 

American Express refused to settle. It took its battle with the Justice
Department all the way to the Supreme Court, which ruled in 2018 that it was
legal for American Express to forbid merchants from trying to steer
consumers to cheaper cards.

 

 

 

Canadian border agent covertly gathered evidence on Huawei for FBI, defence
argues

VANCOUVER (Reuters) - The Canadian border agent who questioned Huawei Chief
Financial Officer Meng Wanzhou before her arrest at Vancouver airport in
2018 went beyond the scope of his jurisdiction, in an effort to gather
evidence for the FBI, Meng’s legal team said on Friday.

 

Among the questions the agent asked was whether Huawei had an office in
Iran, defence lawyer Mona Duckett told the judge, a line of questioning that
she argued had nothing to do with immigration and her admissibility into
Canada.

 

“It was an attempt to gather evidence for one audience,” the Federal Bureau
of Investigation, Duckett said as the hearing for Meng’s extradition entered
the last phase of arguments.

 

Meng, 49, is accused by the United States of misleading HSBC about Huawei
Technologies Co Ltd’s business dealings in Iran, causing the bank to break
U.S. sanctions.

 

The Canadian government has called the defence team’s argument an unfounded
“conspiracy,” and stated that officials on both sides of the border followed
due processes.

 

If extradited, Meng will face trial for bank fraud in the United States.
Meng, who says she is innocent, is fighting her extradition from house
arrest in Vancouver. Her legal team wants the case to be dismissed, arguing
abuses of process took place during her arrest and her rights were violated.

 

Canadian border officials questioned Meng for three hours before the
Canadian police arrested her on a U.S. warrant.

 

Meng’s legal team allege Canadian and U.S. authorities coordinated to use
the additional investigative powers of the Canadian Border Services Agency
(CBSA) to question her without a lawyer present.

 

CBSA Superintendent Sanjit Dhillon, one of the officers who interrogated
Meng, testified in November 2020 that the Canadian police did not give him
any instructions about what to ask Meng, however.

 

Another CBSA officer who was involved testified last year that border
officials were concerned about keeping their investigation separate from the
police’s extradition arrest.

 

On Friday, Duckett was skeptical about what she called Dhillon’s “excuse”
for bringing up Iran, which was that he read a Wikipedia article about
Huawei which mentioned that country.

 

Meng’s defence has accused several police and border witnesses of
“untruthful” testimony in their submissions about alleged abuses of process.

 

Meng’s arrest has caused a breakdown in diplomatic relations between Ottawa
and Beijing. Shortly after she was detained, China arrested Canadians
Michael Spavor and Michael Kovrig on espionage charges. Spavor faced trial
on Friday; Kovrig’s trial is set for Monday.

 

Meng’s case is expected to wrap up in May, although a decision could be
appealed, which would delay the final outcome.

 

 

 

Insurer Chubb needs to pay up to bulk up with Hartford

NEW YORK (Reuters) - Chubb Ltd’s $23.4 billion bid for Hartford Financial
Services Group Inc would catapult it well up the rankings of U.S. property
and casualty insurers, if it is willing to sweeten its offer enough to
clinch the deal, equity analysts said.

 

Chubb on Thursday offered to buy Hartford for $65 per share in cash and
stock, a premium of about 13% to its stock price the previous day.

 

In combining forces, Chubb would significantly boost its footprint among
small commercial businesses, where Hartford is a leader. Building scale in
that sector is critical, because small businesses tend to pay small
premiums, said analyst Paul Newsome at Piper Sandler in Chicago.

 

Hartford Financial or “The Hartford” as it is known, dates back to 1810 when
it was founded as the Hartford Fire Insurance Co.

 

Some analysts said the offer undervalued Hartford and suggested the price
could rise to more than $29 billion. Other acquisitions in the sector have
fetched prices that were 151% to 176% of book value, compared with Chubb’s
bid at 144% of Hartford’s book value.

 

“We view the $65 per share as too low,” Wells Fargo analyst Elyse Greenspan
said in a note, arguing Hartford could command more than $80 a share.

 

The combined company could book about $51 billion in net premiums earned in
2022, a key revenue metric for insurers, Greenspan estimated.

 

That would make Chubb bigger than Progressive Corp, which analysts expect
will report about $48 billion in net premiums earned in 2022, according to
Refinitiv.

 

The P&C insurance market has been hit by claims associated with the COVID-19
pandemic, including payouts to some business for losses caused by lockdown
measures.

 

This comes on top of terrible wildfires in western states, the most active
Atlantic hurricane season on record, and civil unrest, which have all raised
claims by policyholders, and pushed losses onto insurers.

 

While a potential deal would be the largest in the P&C space since Chubb was
created by ACE Ltd’s $28.5 billion purchase of Chubb in January 2016, this
part of insurance has seen a steady flow of smaller acquisitions.

 

Transactions such as MetLife Inc selling its car and home insurance business
to Farmers Group, part of Zurich Insurance Group AG, reflect how those with
smaller operations are exiting the sector in the face of fierce competition.

 

The deal is unlikely to encounter regulatory challenges given how fragmented
the P&C industry is, Newsome said. Chubb has a narrow advantage as the
largest writer of commercial lines policies ahead of Travelers Companies,
according to S&P Global Market Intelligence. Adding eighth-ranked Hartford
would give the combined entity an 8.4% market share overall.

 

In personal lines insurance, a joint Chubb-Hartford would be the
11th-largest writer, S&P Global figures show. Ranking by net premiums
written would put Chubb-Hartford just below fifth-ranked Liberty Mutual
Insurance Co, based on 2020 results, according to AM Best.

 

If Chubb does not pay up for Hartford, others might be more willing. William
Hawkins at Keefe, Bruyette & Woods wrote in a note that Allianz SE and
Zurich could offer $87 and $84 a share, respectively, while still accruing
benefits to earnings.

 

Allianz and Zurich declined to comment.

 

The deal also appeared likely to spur more activity.

 

“Every significant-size insurance company is going to ask themselves, ‘If
Chubb thinks they need scale, what about me?’” Newsome said. (This story
corrects name of company to S&P Global Market Intelligence instead of S&P
Global Intelligence, paragraph 13)

 

 

 

Jury tells Apple to pay $308.5 million for patent infringement

(Reuters) - A federal jury in Texas said Apple Inc must pay about $308.5
million to Personalized Media Communications LLC (PMC) for infringing a
patent associated with digital rights management.

 

The jurors late no Friday directed Apple to pay a running royalty to PMC,
which is generally based on the amount of sales of a product or service.

 

PMC, a licensing firm, had originally sued Apple in 2015 alleging the tech
giant’s iTunes service infringed seven of its patents.

 

Apple successfully challenged PMC’s case at the U.S. patent office, but an
appeals court in March last year reversed that decision, paving the way for
the trial.

 

The iPhone maker did not immediately respond to Reuters’ request for comment
but told Bloomberg that it was disappointed with the ruling and would
appeal.

 

"Cases like this, brought by companies that don't make or sell any products,
stifle innovation and ultimately harm consumers," Apple was quoted as saying
by Bloomberg here.

 

Sugarland, Texas-based PMC has infringement cases pending against companies
including Netflix Inc, Alphabet Inc’s Google and Amazon.com Inc.

 

The case is Personalized Media v. Apple Inc.

 

 

 

U.S. DOJ accuses Google of dragging its feet in antitrust trial

WASHINGTON (Reuters) - The U.S. Department of Justice accused Google of
dragging its feet in providing documents in preparation for a trial on
allegations that it broke antitrust law while the search and advertising
giant said the government was being unreasonable.

 

In a joint filing late Thursday, the Justice Department said that Alphabet’s
Google had balked at some search terms that the government wanted it to use
to locate relevant documents. The Justice Department estimated the request
to Google would produce 4.85 million documents.

 

It also said that Google had refused to agree to dozens of additional
“custodians,” essentially people whose emails and other documents would be
searched as part of pre-trial document production.

 

Google, for its part, said that they had reviewed more than 12 million
documents for the government’s case, and expressed concern at the growing
number of custodians whose documents were sought.

 

“The DOJ Plaintiffs’ proposal is unreasonable and not proportional to the
needs of this case,” Google said in the filing.

 

The cases under discussion are the federal government and one of the state
lawsuits against Google. Those actions are two of the five antitrust
lawsuits filed against Big Tech last year.

 

 

 

Tesla cars banned from China's military complexes on security concerns
-sources

(Reuters) - The Chinese military has banned Tesla cars from entering its
complexes, citing security concerns over cameras installed on the vehicles,
two people who have seen notices of the directive told Reuters.

 

The move is the latest sign of China’s growing scrutiny of the U.S. electric
carmaker amid tensions with Washington. Analysts said it resembled
Washington’s measures against Chinese telecoms firm Huawei citing national
security.

 

Chinese military restrictions on Tesla surfaced as senior Chinese and U.S.
officials held a contentious meeting in Alaska, the first such interaction
since U.S. President Joe Biden took office.

 

“I presume the timing of the announcement surely linked to the fireworks
planned for Anchorage,” said Ian Bremmer, president at Eurasia Group
consulting firm.

 

Tesla shares ended up 0.3% after falling as much as 4.4% during trade.

 

The U.S. electric car maker won strong backing from Shanghai when it built
its first overseas factory there in 2019. Tesla’s sleek Model 3 sedans were
the best-selling electric vehicle in the country before being overtaken by a
much cheaper micro EV.

 

The directive advises owners to park Teslas outside military property, and
residents were notified this week, the two sources said, declining to be
named due to the sensitivity of the issue.

 

Bloomberg News earlier reported the move.

 

Pavel Molchanov, an analyst at Raymond James & Associates, said the latest
restrictions on Tesla were a close parallel to the U.S. government’s
hostility toward Huawei on concerns Beijing could have access to U.S.
telecoms infrastructure.

 

“Even if such concern is exaggerated, it can create dislocation for the
companies directly affected,” he said.

 

Separately, the Wall Street Journal reported that China's government was
restricting use of Tesla cars by personnel at military, state-owned
enterprises in sensitive industries and key agencies. (on.wsj.com/3r2NnVe)

 

It was not immediately clear whether the measure applied to all such
facilities. The move came after a government security review of Tesla’s
vehicles, the report said, citing people familiar with the effort.

 

Tesla sold 147,445 cars in China last year, or 30% of its total deliveries,
though competition is growing from domestic rivals such as Nio Inc and
Geely.

 

China’s State Council Information Office and Tesla did not immediately
respond to requests for comment. China’s defence ministry could not
immediately be reached for comment.

 

CARS AND CAMERAS

Automakers have been equipping more vehicles with cameras and sensors that
capture images of a car’s surroundings. Control of how those images are used
and where they are sent and stored is a fast-emerging challenge for the
industry and regulators around the world.

 

Tesla cars have several external cameras to assist drivers with parking,
changing lanes and other features. Chief Executive Elon Musk has often
spoken about the value of the data Tesla vehicles capture that can be used
to develop autonomous driving.

 

Tesla’s Model 3 and Model Y also have cameras in the rear view mirror for
driver safety that are disabled by default.

 

“China has an array of tools - some direct, some indirect - for putting the
heavy on foreign companies like Tesla. The pressure can come from any
direction, for any reason at any time,” said Michael Dunne, chief executive
of consultancy ZoZo Go.

 

A Chinese state regulator said in February that government officials had met
representatives from Tesla over consumer reports of battery fires,
unexpected acceleration and failures in over-the-air software updates.

 

Musk is scheduled to speak online on Saturday at a state-hosted annual
global economic gathering in Beijing called the China Development Forum. The
event includes Chinese officials.

 


 


 


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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