Major International Business Headlines Brief::: 25 March 2021

[Bulls n Bears]

 <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::: 25 March 2021

 


 

 


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

 


 

 


ü  Twitter: Buyer defends paying $2.9m for 'Mona Lisa' of tweets

ü  China's Tencent revenues surge thanks to gaming boom

ü  Egypt's Suez Canal blocked by huge container ship'

ü  Bloomsbury sees higher profits thanks to reading 'ray of sunshine'

ü  Big investors shun Deliveroo over workers' rights

ü  Liberty Steel asks customers to pay up front

ü  Chinese tech stocks fall as U.S. SEC begins rollout of law aimed at
delisting

ü  Nike faces social media storm in China over Xinjiang statement

ü  U.S. says promoting chip cooperation with Taiwan is a priority

ü  GameStop tumbles 34% as Reddit darling mulls share sale

ü  Mastercard battles return of $19 bln UK class action

ü  SPAC trading pops deflate as 'exuberance and greed' depart

ü  Facebook, Google CEOs suggest ways to reform key internet law

ü  BlackRock, others’ risks should be studied, ‘systemic’ tag may not be
best - Yellen

ü  Rwanda Set to Rollout Second Phase of Economic Recovery Fund in June

ü  Rwandair Becomes First African Airline to Vaccinate All Staff Against
Covid-19

ü  Nigeria: Govt Backs Labour's Agitation Against Decentralisation of
Minimum Wage

ü  East Africa: Magufuli's Death Delay EAC Oil Pipeline

ü  Mozambique: Government and Total Agree On Resumption of LNG Work

 

 

 

 


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

 


 

Twitter: Buyer defends paying $2.9m for 'Mona Lisa' of tweets

The buyer of Twitter's first ever tweet by its founder Jack Dorsey for $2.9m
(£2.1m) sees it as a wise investment.

 

"It's a piece of human history in the form of a digital asset. Who knows
what will be the price of the first tweet of human history 50 years from
now," Malaysia-based Sina Estavi said.

 

Mr Estavi compared his newly-acquired tweet to Leonardo da Vinci's Mona
Lisa.

 

Experts agree that the first tweet from the Twitter founder on his own
platform is a highly valuable asset.

 

Jack Dorsey's tweet, which said "just setting up my twttr," was first
published on 21 March 2006 and was auctioned off by Mr Dorsey for Give
Directly's Africa Response charity.

 

Mr Estavi, the chief executive of cryptocurrency firm Bridge Oracle, bought
the tweet using ether, a rival currency to bitcoin.

 

It was sold as a non-fungible token (NFT), a unique digital certificate that
states who owns a photo, video or other form of online media.

 

NFTs have become hugely popular this year, with expensive digital artwork
also being sold this way.

 

"I believe it's an emerging market and it's just the beginning. All forms of
digital arts and creations such as music, photos, videos, tweets and blog
posts can be traded in the form of an NFT," Mr Estavi, a 29-year-old
Malaysian national told the BBC.

 

He added that his investors and colleagues "are really appreciative and
happy about this investment because they know the value and future price of
this particular NFT and the impact it made on social media."

 

Overpriced?

While the price paid for the tweet raised a few eyebrows, experts believe it
could be a shrewd investment.

 

"A way to explain it is that owning this first tweet can be viewed in the
future almost like the first edition of a rare book," said Cathy Hackl, a
social media expert.

 

"Twitter ushered in a new era of communication and this tweet launched it."

 

Mr Dorsey's tweet was sold via an online platform called Valuables, owned by
US-based company Cent.

 

Cameron Hejazi, co-founder of Cent, said this was the highest valued asset
sold on the platform so far.

 

"I was shocked but not surprised - the value of these assets is highly
subjective. Plus we are happy the money is going to such a good cause," he
told the BBC.

 

The NFT market is now worth $1bn and uses the same blockchain technology
that underpins digital currencies such as bitcoin to establish ownership and
authentication.

 

However, it's still early days to determine precisely how buyers will value
other online social media posts.

 

Social media history

"To be able to capture the first tweet, of the person who invented this,
makes it very important memorabilia," said Nanne Dekking, the founder of
Artory, which records artworks on blockchain technology.

 

Others think some of Donald Trump's controversial tweets as US president
might make for future investment targets.

 

As the buyer, Mr Estavi will receive a certificate, digitally signed and
verified by Mr Dorsey,

 

"If that person is a crypto investor, it makes even more sense as they will
find a way to make the investment work for them," added Ms Hackl.

 

While Mr Estavi owns the Dorsey tweet, anyone with internet access can see
and read it.--BBC

 

 

 

China's Tencent revenues surge thanks to gaming boom

Chinese tech giant Tencent has reported a 26% surge in quarterly sales,
pushed higher by its online gaming business.

 

Tencent’s Honor of Kings remained a top-ranked game in China, while PUBG
Mobile continued to do well overseas.

 

Online gaming revenues surged 29% to $6bn (£4.4bn) in the last quarter of
2020 over the same quarter in 2019.

 

However, the company faces more scrutiny from China’s regulators, who have
recently taken a tougher approach to the country’s tech giants.

 

Tencent's overall revenues rose to $20.5bn in the last quarter of 2020, with
a profit of $5.2bn.

 

Revenues from online advertising increased by 22%, while revenue from its
financial technology (fintech) and business services was up 29%.

 

“We extended our leading position in the consumer internet space with
enriched content and innovations across our products, while making notable
progress in international expansion, starting with games,” Tencent’s chief
executive Ma Huateng said.

 

Gaming competition

Although the bulk of the company’s gaming revenue still comes from China,
Tencent’s international sales increased by 43% compared to 2019.

 

In addition to the company’s two most popular titles, Peacekeeper Elite and
Moonlight Blade Mobile helped fuel sales.

 

However, Tencent is facing mounting competition from other Chinese tech
companies, such as ByteDance, the owner of TikTok, which has made inroads
into the gaming business.

 

ByteDance outbid Tencent last week to acquire Shanghai-based gaming studio
Moonton Technology, which is best known for Mobile Legends, a game which is
popular in Southeast Asia.

 

Under pressure

Despite its robust earnings, the company’s share price has taken a battering
over the past month.

 

"Tencent's share price reversal has occurred amid a broader tech rout on the
Hang Seng Index and is amplified by the prospect of tougher regulatory
scrutiny," said Michael Norris, research and strategy lead at Agency China.

 

Tencent was among a dozen companies to face fines from China's State
Administration for Market Regulation earlier this month for violations of
anti-monopoly rules.

 

E-commerce giant Alibaba has faced the most pressure from China's regulators
so far, and investors are nervous that Tencent could be next.

 

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

 

Ant Group operates China’s biggest digital payments service, which competes
directly with Tencent’s WeChat Pay.--BBC

 

 

 

Egypt's Suez Canal blocked by huge container ship

A giant container ship the length of four football pitches has become wedged
across Egypt's Suez Canal, blocking one of the world's busiest trade routes.

 

Dozens of vessels are stuck, waiting for rescue boats to free the 400m-long
(1,312ft) ship, which was knocked off course by strong winds.

 

Egypt has reopened the canal's older channel to divert some traffic until
the grounded ship can move again.

 

The blockage sent oil prices climbing on international markets.

 

About 12% of global trade passes through the Suez Canal, which connects the
Mediterranean to the Red Sea and provides the shortest sea link between Asia
and Europe.

 

The Ever Given, registered in Panama and operated by the shipping company
Evergreen, was bound for the port city of Rotterdam in the Netherlands from
China and was passing northwards through the canal on its way to the
Mediterranean.

 

The 200,000 tonne ship, built in 2018 and operated by Taiwanese transport
company Evergreen Marine, ran aground and became lodged sideways across the
waterway at about 07:40 local time (05:40 GMT) on Tuesday.

 

At 400m long and 59m wide, the ship has blocked the path of other vessels
which are now trapped in lines in both directions.

 

The company that manages the container ship, Bernhard Schulte Shipmanagement
(BSM), has denied earlier reports that the ship had already been partially
refloated.

 

In a statement, it said its "immediate priorities are to safely re-float the
vessel and for marine traffic in the Suez Canal to safely resume".

 

Experts have warned the process could take several days.

 

Reuters, quoting local sources, says there are at least 30 ships blocked to
the north of the Ever Given, and three to the south.

 

Evergreen Marine said the ship was "suspected of being hit by a sudden
strong wind, causing the hull to deviate... and accidentally hit the bottom
and run aground".

 

BSM confirmed on Wednesday that all crew were "safe and accounted for", with
no reports of injuries.

 

Eight tug boats are working to refloat the ship, and diggers on the ground
have been removing sand from where it is wedged into the side of the canal
bank.

 

Dr Sal Mercogliano, a maritime historian based in the US state of North
Carolina, told the BBC that incidents such as this were rare, but could have
"huge ramifications for global trade".

 

Fears that the blockage could tie up shipments of crude oil caused prices to
rise by 4% on international markets on Wednesday, Reuters reported.

 

The Kpler energy intelligence service said that more than 20 oil tankers
carrying crude and refined products were affected by the jam.

 

"This is the largest vessel ever to go aground in the Suez Canal," he said,
adding that the ship got lodged in the embankment and would have lost power
and its ability to steer.

 

"If they are unable to pull her free... in a high tide, they are going to
have to start removing cargo."

 

Julianna Cona, who says she is on board another ship located directly behind
the Ever Given, wrote on Instagram: "Ship in front of us ran aground while
going through the canal and is now stuck sideways looks like we might be
here for a little bit..."

 

The Suez Canal is an artery of world trade, connecting the Mediterranean
with the Red Sea, and providing an avenue for vessels to pass between Asia
and the Middle East and Europe. The main alternative, a passage round the
Cape of Good Hope at the southern tip of Africa, takes considerably longer.

 

On average, nearly 50 vessels per day pass along the canal, although at
times the number can be much higher - accounting for some 12% of world
trade. It is particularly important as an avenue for oil and liquified
natural gas, enabling shipments to get from the Middle East to Europe.

 

The nightmare scenario, then, is for this crucial route to be blocked -
which is exactly what has now happened with the stranding of the Ever Given.
The question now is how long the route remains impassable, as a long delay
would create serious problems for shippers, delaying consignments of goods
and fuel.

 

On this occasion, reports suggest traffic could be flowing again relatively
quickly, in which case the impact will be limited, although there has been a
rise in the oil price.

 

But the incident has shown what can go wrong when the new generation of
ultra-large vessels like the Ever Given have to pass through the relatively
tight confines of the canal. Although parts of it were expanded as part of a
major modernisation programme in the middle of the last decade, it remains
tricky to navigate - and accidents can happen.

 

The ship has the capacity to carry 20,000 20-ft shipping containers,
according to Reuters news agency.

 

Nearly 19,000 ships passed through the canal in 2020, according to the Suez
Canal Authority - an average of 51.5 ships per day.

 

In 2017, a Japanese container vessel blocked the canal after it ran aground
following reported mechanical issues. The Egyptian authorities deployed tug
boats and the ship was refloated within hours.

 

The Suez Canal crosses the Suez Isthmus in Egypt - a strip of land between
the Mediterranean and Red Sea. The canal is 193km (120 miles) long and
incorporates three natural lakes.

 

In 2015, Egypt's government opened a major expansion of the canal that
deepened the main waterway and provided ships with a 35km (22 mile) channel
parallel to it.--BBC

 

 

 

Bloomsbury sees higher profits thanks to reading 'ray of sunshine'

Bloomsbury Publishing has revised up its profit forecast for the second time
this year, thanks to reading providing a "ray of sunshine" during lockdown.

 

Investors had been expecting profits of £14.8m after the previous statement
in January, but the company says profits will be significantly ahead of
that.

 

Shares rose 12% in early trading.

 

Bloomsbury singled out the latest Sarah Maas book, A Court of Silver Flames,
along with Outlawed, We Are Bellingcat and strong sales of Harry Potter.

 

The publisher said its focus on developing digital academic content had
brought rewards through higher demand for remote access to learning
materials by academic institutions.

 

Nigel Newton, chief executive, said: "The popularity of reading during
lockdown is a ray of sunshine in an otherwise very dark last year. February,
the final month of our financial year, saw an exceptional sales performance
for Bloomsbury as the surge in reading continued."

 

 

Mr Newton warned that it was unclear whether reading habits had changed
permanently, but that he was confident in the underlying strength of the
business.

 

The statement also said Bloomsbury had repaid £63,000 of UK government
furlough funding and had not had any other government support.

 

The publisher's full year results are due out in June.--BBC

 

 

 

Big investors shun Deliveroo over workers' rights

Two of the UK's biggest investors say they will not buy Deliveroo shares
because of concerns over workers' rights.

 

The delivery company hopes to be valued at up to £8.8bn when it lists its
shares in April.

 

But Aberdeen Standard and Aviva Investors, which manage over £800bn
combined, said they were put off by the working conditions of its riders.

 

Deliveroo responded by saying riders had "freedom" to choose their hours.

 

Deliveroo riders are self-employed, meaning they are not entitled to earn a
minimum wage from the company, or holiday and sick pay.

 

Andrew Millington, head of UK Equities at Aberdeen Standard, told the BBC's
Today programme that the conditions were a "red flag", adding: "We wouldn't
be comfortable that the way in which its workforce is employed is
sustainable."

 

He went on to compare Aberdeen Standard's recent decision to sell off Boohoo
shares, following allegations of worker exploitation at the online clothing
company.

 

Large institutional investors like Aberdeen Standard manage money on behalf
of organisations, including pension funds. When they invest in a company,
they can try to influence the way it is run - such as through relationships
with managers and shareholder votes.

 

But Mr Millington said that sometimes "disinvesting or not investing in the
first place is our only option".

 

He added that it would be interesting to see whether Deliveroo can attract
investors over the longer term "without making progress" on worker rights.

 

David Cumming, chief investment officer at Aviva, told the Today programme
investors were taking social responsibilities "a lot more seriously".

 

"A lot of employers could make a massive difference to workers' lives if
they guaranteed working hours or a living wage, and how companies behave is
becoming more important."

 

He pointed out that Deliveroo workers are "currently classed as riders
[which means] they don't necessarily get basic rights for minimum wage, sick
leave or holidays".

 

"We won't be investing in Deliveroo for a number of reasons but that is one
of them," he said.

 

Investment risk

Mr Cumming also warned of the risk that drivers will have to be reclassified
as workers, which would entitle them to rights such as sick and holiday pay.

 

"It's an investment risk if the legislation changes," said Mr Cumming.

 

Uber recently chose to reclassify its drivers as workers after a landmark UK
supreme court case last month.

 

Since losing a five-year legal battle with drivers who claimed it had
wrongly classified their employment status, Uber has offered holiday pay, a
guaranteed minimum wage, and pensions benefits to its drivers.

 

Other gig economy companies have been looking closely at the Supreme Court's
verdict in February, although it does not directly apply to Uber Eats - the
food delivery arm of the business.

 

Deliveroo has set aside more than £112m to cover potential legal costs
relating to the employment status of its delivery riders.

 

'Punctured profits'

It warned potential investors of the risk of litigation around the world in
documents setting out its plans for a stock market debut published on
Monday.

 

"The European Commission is set to draw up new legislation governing how the
gig economy model works across the bloc," pointed out Susannah Streeter, an
analyst at Hargreaves Lansdown.

 

"If Deliveroo is forced to change the way it classifies its riders in the
future, it is likely to puncture its profits prospects, and could even
derail the delivery giant."

 

Mr Cumming said there was a "combination of investment risk and social
issues that affect our judgment whether the shares are a buy or not".

 

Deliveroo, which was founded in 2013, said it will hand its riders bonuses
of between £200 and £10,000 when it floats, depending on the number of
orders they have delivered.

 

A spokesman said: "Deliveroo riders are self-employed because this gives
them the freedom to choose when and where to work.

 

"We are confident in our business model, which has been upheld by UK courts
three times, including the High Court twice."--BBC

 

 

 

Liberty Steel asks customers to pay up front

The UK's third-largest steelmaker is asking some customers to pay up front
as it struggles with cash flow.

 

Liberty Steel is under pressure after its main financial backer Greensill
Capital went bust two weeks ago.

 

The problems are most acute in its specialty steel division, which supplies
big aerospace customers hit by the coronavirus crisis, among others.

 

Liberty said demand for some products in that division had fallen by almost
two thirds.

 

The company is in a fragile financial position, and the government is
standing by to intervene, if necessary, to put it on public life support.

 

So the idea of paying up front may be unattractive to many customers who
might reasonably fear their money and their deliveries could get frozen in
any future insolvency process.

 

However, sources close to the company insisted that the specialist products
Liberty produces - particularly at its Stocksbridge plant near Sheffield -
are hard to source from other suppliers at short notice.

 

Liberty owns 12 steel plants in the UK, including at Rotherham, Motherwell
and Newport, and employs 5,000 people.

 

The collapse of Greensill Capital earlier this month sparked grave concerns
about the future of those jobs.

 

Responding to House of Commons questions, Prime Minister Boris Johnson
revealed on Wednesday that Business Secretary Kwasi Kwarteng had met with
Liberty's management three times in the last few days. That is on top of
three prior meetings in the two weeks before that.

 

Mr Johnson said the government was engaging with the company and that it was
committed to buying more steel made in the UK for a major infrastructure
building programme over the next few years.

 

He mentioned HS2, Hinkley Point nuclear power station and an expansion of
the UK's offshore wind sector.

 

Mr Kwarteng will answer an urgent question on the future of Liberty in the
House of Commons on Thursday.--BBC

 

 

 

Chinese tech stocks fall as U.S. SEC begins rollout of law aimed at
delisting

Shares in dual-listed Chinese companies fell sharply on Thursday in Asia
after the U.S. securities regulator adopted measures that would kick foreign
companies off American stock exchanges if they do not comply with U.S.
auditing standards.

 

The move by the Securities and Exchange Commission (SEC) adds to the
unprecedented regulatory crackdown in China on domestic technology
companies, citing concerns that they have built market power that stifles
competition.

 

 

The Holding Foreign Companies Accountable Act, signed into law by
then-President Donald Trump in December, is aimed at removing Chinese
companies from U.S. exchanges if they fail to comply with American auditing
standards for three years in a row. read more

 

The rules also require firms prove to the SEC they are not owned or
controlled by an entity of a foreign government and to name any board
members who are Chinese Communist Party officials, the SEC said in a
statement Wednesday.

 

The China Securities and Regulatory Commission (CSRC) did not immediately
respond to a Reuters request for comment.

 

In Hong Kong, the news prompted a sharp sell-off of the U.S.-listed Chinese
companies which have listed on the city's exchange in the past two years.

 

 

Baidu Inc (9888.HK) shares - which debuted on Tuesday - dropped 8.85% in
early Thursday trade, Alibaba Group Holding Ltd (9988.HK) slipped 4.2%,
JD.Com Inc (9618.HK) fell 4.45% and Netease Inc (9999.HK) was down 3%.

 

The falls were in contrast to a 0.2% increase in the broader Hong Kong Hang
Seng Index (.HSI) and a 1% fall in the Hang Seng Tech Index (.HSTECH). The
tech index has fallen 11.3% in March.

 

"A lot of investors thought the U.S. and the Biden administration would be
more amicable towards China and things would be easier, but this news shows
that it is going to be just as tough," Wealthy Securities Managing Director
Louis Tse said.

 

DailyFX strategist Margaret Yang said the Chinese-listed stocks were also
under pressure after it was reported that China was considering creating a
state-backed joint venture with domestic tech firms to oversee user datathey
collect.

 

 

"The latter probably marks a further tightening of government control over
the technology sector," she said.

 

But shares in Hong Kong Exchanges and Clearing Ltd (0388.HK), operator of
the city's stock exchange, rose 3.35% which Kingston Securities director
Dickie Wong said was the result of investors expecting more homecoming
listings from China's U.S.-listed stocks.

 

"There's never a dull moment in equity markets. There has been a major
reaction in the American Depositary Receipts in the U.S., but I think it's
too early to tell what the exact impact will be," a Hong Kong-based capital
markets banker said. The banker declined to be identified because of the
sensitive nature of the topic.

 

The SEC fast-tracked the rules around how companies should submit
documentation because it was required to issue them within 90 days of the
Act becoming law.

 

The SEC is now seeking public comments on a process for identifying
companies that fail to meet the standards.

 

Some analysts said U.S.-listed Chinese firms may be unable to comply with
U.S. accounting requirements because they could risk violating Chinese law.

 

"It is quite difficult for China to open the accounting of all U.S.-listed
companies to U.S. regulatory agencies, especially for some listed companies
that involve national security or national data," Everbright Sun Hung Kai
strategist Kenny Ng said.

 

"After the introduction of the final amendments, it is expected that China
and the United States will continue to negotiate for a period of time, and
the uncertainty during this period will continue to affect the share
performance of U.S.-listing Chinese companies."

 

The new rules come amid simmering tensions between the United States and
China, with bipartisan support for a tough U.S. approach.

 

Last week in Alaska the two countries held their first high-level meeting
under President Joe Biden's administration, with both sides leveling sharp
rebukes of the others' policies. read more

 

A flurry of 11th-hour efforts under the Trump administration led to dozens
of Chinese companies being delisted from U.S. exchanges and over-the-counter
trading platforms in recent months due to allegations of Chinese military
affiliations.

 

The SEC said it was still assessing how to roll out the rest of the law's
requirements, including the identification process and trading prohibition
requiremen

 

 

 

Nike faces social media storm in China over Xinjiang statement

Anger with Nike Inc (NKE.N) erupted on Chinese social media late on
Wednesday after China's netizens spotted a statement from the sporting goods
giant saying it was "concerned" about reports of forced labour in Xinjiang
and that it does not use cotton from the region.

 

Topics around the Nike statement were among the highest trending on China's
Twitter-like social media Weibo on Thursday, and the social media backlash
had a wider fallout.

 

 

Popular Chinese actor Wang Yibo terminated his contract as a representative
for Nike in response to social media criticism over the company's Xinjiang
statement, his agency said on Weibo on Thursday.

 

It was unclear when Nike had put out the statement, which did not have a
date on it. Nike did not immediately respond to a request for comment.

 

"We are concerned about reports of forced labor in, and connected to, the
Xinjiang Uyghur Autonomous Region (XUAR)," Nike said in the statement.

 

"Nike does not source products from the XUAR and we have confirmed with our
contract suppliers that they are not using textiles or spun yarn from the
region."

 

 

The social media fallout comes as relations between the United States and
China have deteriorated in recent years.

 

In the latest development, the United States, the European Union, Britain
and Canada on Monday imposed sanctions on Chinese officials for alleged
human rights abuses in Xinjiang. China retaliated with sanctions on European
lawmakers and institutions. read more

 

Earlier this week, at least one Chinese online retailer appeared to drop
H&M's (HMb.ST) products amid social media attacks on the Swedish company for
saying it was "deeply concerned" about reports of forced labour in Xinjiang.

 

Activists and some Western politicians accuse China of using torture, forced
labour and sterilisations in Xinjiang. China has denied these claims and
says it is providing vocational training, and that its measures are needed
to fight extremism.

 

 

Hu Xijin, editor-in-chief of the state-run Global Times urged Western
companies on Wednesday to be "highly cautious" and not to "suppress China's
Xinjiang" in a social media post.

 

To do so would "undoubtedly arouse the anger of the Chinese public," he
added. He did not single out any companies.

 

 

 

 

U.S. says promoting chip cooperation with Taiwan is a priority

The United States and Taiwan are natural partners when it comes to
semiconductors and promoting this cooperation is a U.S. priority, the de
facto U.S. ambassador in Taiwan said on Thursday.

 

Washington has increasingly viewed tech-powerhouse and democratically ruled
Taiwan as a key part of its strategy to shift global supply chains away from
China, especially when it comes to technology and chip companies.

 

 

Speaking at the groundbreaking ceremony for a new chip fabrication plant for
Powerchip Semiconductor Manufacturing Corp (6770.TWO) in central Taiwan,
Brent Christensen, director of the American Institute in Taiwan (AIT), said
he was there "to restate the U.S. government's focus on supply chain
security".

 

"Both President Biden and President Tsai have rightly identified the
semiconductor industry as a key strategic priority, not only for economic
innovation, but also national security," he said, according to a transcript
of his comments provided by his office.

 

Christensen pointed to last year's launch of the U.S.-Taiwan Economic
Prosperity Partnership Dialogue as a way the two can "build a coalition to
counter the PRC's unfair economic and investment policies", referring to the
People's Republic of China.

 

"The United States and Taiwan are the globe's most natural partners in the
semiconductor supply chain with an abundance of companies across the value
chain, and it will continue to be an AIT priority to support this
cooperation."

 

 

Taiwan President Tsai, attending the same event, said she would guarantee
that the government will fully support the development of the semiconductor
industry, describing it as a "mountain range protecting the country".

 

Taiwan's central role in producing chips has shot into focus during the
COVID-19 pandemic, with soaring demand for laptops, tablets and other
equipment to power the work-from-home trend benefiting firms like Taiwan
Semiconductor Manufacturing Co Ltd (TSMC) (2330.TW), , the world's largest
contract chipmaker.

 

Foreign governments and companies have also beseeched Taiwan to help resolve
a shortage of auto chips which have idled factories around the world. read
more

 

U.S. companies are not standing still either, and this week Intel Corp
(INTC.O) announced a $20 billion plan to expand its advanced chip
manufacturing capacity.

 

 

GameStop tumbles 34% as Reddit darling mulls share sale

Shares of Reddit-favorite GameStop Corp (GME.N) slumped 34% on Wednesday, a
day after the videogame retailer said it might cash in on a meteoric rise in
its share price to fund its e-commerce expansion.

 

GameStop shares remain up over 500% this year, benefiting from a push by
retail investors on Reddit forums to drive up prices of heavily shorted
stocks.

 

 

The company said on Tuesday after reporting quarterly results that it has
been considering since January whether to increase the size of the $100
million share sale that it originally announced in December.

 

GameStop had previously decided against the move as it was restricted under
U.S. financial regulations from selling shares because it had not yet
updated investors on its earnings. read more

 

The stock sale program was assigned to Jefferies, whose research arm on
Wednesday raised its price target by a whopping $160 to $175, but kept its
rating at "hold".

 

That is much higher than the median price target of $25, according to
Refinitiv data, and marks the first time a Wall Street brokerage matched its
price projections with GameStop's current trading levels.

 

 

Reddit's WallStreetBets forum buzzed about another potential short squeeze.
Such a short squeeze sent GameStop's shares as high as 2,300% in January to
a record high of $483.

 

A short squeeze occurs when investors who have bet against a stock need to
buy it at much higher levels to cover losing positions.

 

Short interest in GameStop has since fallen to about 15% of the stock's
float as of Wednesday from a peak of 141% in the first week of 2021,
according to data from financial analytics firm S3 Partners.

 

The shares closed at $120.34 on Wednesday before falling an additional 4% in
extended trade. The company on Tuesday reported a ninth straight decline in
quarterly sales and said it would close more retail stores and exit
unprofitable businesses, underscoring Wall Street's concerns about its
business.

 

 

GameStop also skipped a question-and-answer session after the results.

 

Wedbush analysts downgraded the stock to "underperform" from "neutral",
saying the short squeeze had boosted the share price to levels that were
completely disconnected from the fundamentals of business.

 

Billionaire investor and Chewy.com co-founder Ryan Cohen, who is on
GameStop's board, plans to transform the retailer into an e-commerce firm
that can take on big-box players Target Corp (TGT.N) and Walmart Inc (WMT.N)
and technology firms such as Microsoft Corp (MSFT.O) and Sony Corp (6758.T).

 

"We continue to be very skeptical on GME's efforts to address ... the fact
that its core market in new and pre-owned physical console gaming is
shrinking at a rapid pace," Curtis Nagle, an analyst at Bank of America's
research arm, said in a client note.

 

Nagle has a $10 price target and an "underperform" rating on GameStop's
stock.

 

Of the seven analysts covering GameStop, none has a "buy" or a higher rating
on the stock.

 

 

Mastercard battles return of $19 bln UK class action

A specialist London court will this week re-consider allowing an historic 14
billion pound ($19 billion) class action against Mastercard (MA.N) to
proceed, which could entitle adults in Britain to about 300 pounds each if
successful.

 

Former financial ombudsman Walter Merricks, who alleges that Mastercard
overcharged more than 46 million people in Britain over nearly 16 years,
hopes the Competition Appeal Tribunal (CAT) will certify the case after the
UK Supreme Court overruled objections to it proceeding in December. read
more

 

 

A two-day court hearing will kick off on Thursday and will determine the
fate of Britain's first mass consumer claim -- and clarify the rules for a
string of other competition class actions that have stalled in its wake.

 

Merricks, who is being advised by U.S.-headquartered law firm Quinn Emanuel,
alleges Mastercard charged excessive "interchange" fees – the fees retailers
pay credit card companies when consumers use a card to shop - between May
1992 and June 2008 and that those fees were passed on to consumers as
retailers raised prices.

 

Mastercard says the claim should not be brought, that people received
valuable benefits from its payments technology and that the lawsuit is
driven by U.S. lawyers and backed by organisations focused on making money
for themselves.

 

"We fundamentally disagree with this claim...," it said.

 

 

THE DECEASED, COMPOUND INTEREST IN FOCUS

 

Legal arguments this week are expected to revolve in part around whether
estates of the deceased should have a claim and whether compound interest
should accrue, which are "significant" for the ultimate size of the claim,
Mastercard says.

 

The case was filed in 2016, one year after the CAT was nominated to oversee
Britain's U.S.-style "opt-out" class action regime for breaches of UK or EU
competition law -- and 12 years after the European Commission ruled that
Mastercard had charged unlawful cross-border interchange fees over the
period.

 

 

In such cases, UK-based members of a defined group are automatically bound
into legal action unless they opt out.

 

But the CAT blocked the lawsuit in 2017 because it thought it unsuitable for
collective proceedings, triggering drawn-out appeals and causing a
bottleneck for other class actions.

 

If the case proceeds, Merricks is expected to need to prove that
Mastercard's domestic fees were illegal -- and to quantify the costs passed
on to consumers.

 

Litigation funder Innsworth Capital has stumped up 60.1 million pounds to
cover the legal costs of the case, including 15 million pounds for
Mastercard's legal costs if the claim fails. It will be paid from any
unclaimed damages awarded, after agreement from the CAT.

 

Typically, take-up by claimants is low in such claims. The U.S. Federal
Trade Commission found in 2019 that only about 9% made a claim after
successful consumer class actions.

 

($1 = 0.7189 pounds)

 

 

 

 

SPAC trading pops deflate as 'exuberance and greed' depart

Wall Street's appetite for new special purpose acquisition companies (SPACs)
shows signs of waning.

 

First-day trading pops, or share price rises, for SPACs were commonplace
earlier this year with gains rising to over 30% but have faded in March amid
a broader selloff in many companies that have agreed to go public through a
SPAC merger.

 

All but one of the 15 SPACs that started trading this week closed below
their initial public offering (IPO) price of $10 per unit on their first day
of trading, according to financial markets platform Dealogic and market
data. Many other deals are also trading below their IPO prices.

 

SPACs are shell companies with no operating business and that raise money
with the purpose of merging with an operating company to take public.

 

SPAC stocks have traditionally traded close to their $10 IPO price until
they announce a merger. However, exuberance over the last few months
resulted in many being bid up on speculation that the SPAC would ultimately
merge with a company that would be well-received by the market.

 

So far this month, the biggest first-day pop has been a 3.5% gain for
Supernova Partners Acquisition Co II Ltd (SNII_u.N) on March 1, compared
with a January high of 32.5% for Altimeter Growth Corp 2 (AGCB.N) and a
February high of 24.9% for CM Life Sciences II Inc (CMIIU.O).

 

 

The decline in enthusiasm has set in a week after news that SPACs had
surpassed the $83.4 billion through IPOs the sector raised in all of 2020,
which had been a record year. read more

 

Some 294 SPACs have raised $95.7 billion so far this year, with a further
229 seeking a little over $58 billion in the pre-IPO stage, according to
information provider SPAC Research.

 

"We're seeing so many SPACs. There's a finite amount of capital at the IPO
level that is available for SPACs and there's not an endless pool of
capital," said Harris Arch, SPAC Portfolio Manager at asset management firm
DuPont Capital.

 

The rocky performance of new deals has the potential to slow the pace of new
IPOs given that investors can buy existing SPACs below $10 instead of
purchasing new SPACs at a $10 price.

 

 

Investors have also voiced concerns over the market reaction to SPACs when
they announce merger targets. The likes of Thoma Bravo Advantage (TBA.N) and
Jaws Spitfire Acquisition Corp (SPFR.N) have seen their shares fall after
confirming merger targets.

 

"The market has sold off tech, a lot of the SPACs are tech-focused. People
are also beginning to question the euphoria and retail investors are unable
to keep up with all these names," said Barry Sternlicht, chairman of
Starwood Capital Group and of Jaws Spitfire.

 

This is in stark contrast to double-digit gains on many announcements only
weeks ago.

 

"The frenzy and the exuberance and greed we saw a couple months ago have
quickly left the market," Arch said.

 

 

 

Facebook, Google CEOs suggest ways to reform key internet law

Facebook Chief Executive Mark Zuckerberg laid out steps to reform a key
internet law on Wednesday, saying that companies should have immunity from
liability only if they follow best practices for removing damaging material
from their platforms.

 

In testimony prepared for a joint hearing before two House Energy and
Commerce subcommittees on Thursday, Zuckerberg acknowledged the calls from
lawmakers for changes to a law called Section 230 of the Communications
Decency Act, which gives companies like Facebook immunity from liability
over content posted by users.

 

 

The hearing titled 'Disinformation Nation: Social media's role in promoting
extremism and misinformation' is designed to address concerns Democrats have
had about the spread of misinformation during the coronavirus pandemic and
the presidential election.

 

It is also likely to discuss ways to hold tech platforms accountable by
reforming the internet law. The chief executives of Google and Twitter will
also testify at the hearing.

 

Google's Sundar Pichai will make suggestions to reform the law but, unlike
Zuckerberg, will not advocate for adoption of a set of best practices,
according to his testimony. Twitter's Jack Dorsey will lay out steps the
platform has taken to tackle misinformation.

 

Zuckerberg and Pichai will also urge caution as Congress considers reforming
the law.

 

 

"Platforms should not be held liable if a particular piece of content evades
its detection -- that would be impractical for platforms with billions of
posts per day," Zuckerberg wrote in his testimony.

 

Google's Pichai also struck a similar note saying "without Section 230,
platforms would either over-filter content or not be able to filter content
at all."

 

Pichai instead proposed solutions such as developing content policies that
are clear and accessible, notifying people when their content is removed and
giving them ways to appeal content decisions.

 

There are several pieces of legislation from Democrats to reform Section 230
that are doing the rounds in Congress. Several Republican lawmakers have
also been pushing separately to scrap the law entirely.

 

 

 

BlackRock, others’ risks should be studied, ‘systemic’ tag may not be best -
Yellen

Treasury Secretary Janet Yellen said on Wednesday it is important to “look
carefully” at systemic risks posed by asset managers, including BlackRock
Inc (BLK.N), but said designating them as systematically important financial
institutions may not be the right approach.

 

Yellen's remarks came in response to questions from Senator Elizabeth
Warren, a longtime Wall Street critic, who demanded to know why BlackRock
and other large asset managers had not been added to the list of designated
institutions.

 

 

"I believe it is important to look very carefully at the risks posed by the
asset management industry, including BlackRock and other firms," Yellen, who
as Treasury secretary, chairs the Financial Stability Oversight Council
(FSOC), which is charged with making such designations.

 

"FSOC began to do that, I believe, in 2016 and 2017, but the risks it
focused on were ones having to do with open-end mutual funds that can
experience massive withdrawals and be forced to sell off assets that could
create fire sales. That is actually a risk we saw materialize last spring in
March," she said.

 

In 2014, BlackRock and other asset managers won a battle in their fight
against tighter regulation when a panel of top financial regulators agreed
to revamp their review of asset-management firms to focus on potentially
risky products and activities rather than individual firms.

 

"I think that with respect to asset management, rather than focus on
designation of companies, I think it is important to focus on an activity
like that and consider what the appropriate restrictions are," Yellen said.

 

"The past two administrations in the US, and numerous global regulators,
have studied our industry for a decade and concluded that asset managers
should be regulated differently from banks, with the primary focus being on
the industry’s products and services," BlackRock said in a statement.

 

"BlackRock is not a bank, and as an asset manager, we are a heavily
regulated company," the firm said.

 

A SIFI designation for BlackRock would bring up more regulation and
compliance costs and result in potential restrictions on share buybacks,
said Kyle Sanders, an analyst with St. Louis-based financial services firm
Edward Jones.

 

"On the margin, it could incrementally dampen profitability ... overall, I
don't think it impacts their strategy," Sanders said.

 

 

BlackRock's shares were up 1% in mid-afternoon trading.

 

Yellen, however, said it is appropriate to apply the SIFI designation to
institutions whose failure would pose a systemic risk to the economy. She
said the FSOC has begun working on a program, and the risk from asset
managers is on the list of issues to be looked into.

 

BlackRock manages about $8.7 trillion in assets on behalf of institutional
and individual clients worldwide, across equity, fixed income, liquidity,
real estate, alternatives, and multi-asset strategies. It has deep reach
into markets and its clients include pension plans, endowments, foundations,
charities, official institutions, insurers and other financial institutions
around the world.

 

Its market expertise made it the go-to place for the Fed to get urgent help
with parts of its multitrillion-dollar coronavirus rescue package last year.

 

 

 

Rwanda Set to Rollout Second Phase of Economic Recovery Fund in June

Rwanda is in the process of mobilising funds and designing the second phase
of the Economic Recovery Fund.

 

The fund's second phase is expected to be launched in June this year and
follows the Rwf100 billion fund launched in June last year.

 

Sources with insights on the matter say that the second phase of the fund
could increase the fund to about Rwf350 billion.

 

Richard Tusabe, the Minister of State in charge of the National Treasury in
the Ministry of Finance and Economic Planning, said that efforts are
underway to prepare rollout mechanisms of the fund to ensure impact and
relevance to beneficiaries as well as timely disbursement.

Having experience from the disbursement of the previous fund which is still
underway, he said that they expect more uptake in the oncoming fund and
possibly shortfalls.

 

Among the features of the soon to be launched fund, he said, is that it will
be more tailor-made to address market concerns and economic turmoil
experienced in the local market.

 

So far, of the Rwf100 billion economic recovery fund, Rwf50 billion was
allocated to refinance hotels loans restructuring while Rwf50 billion was
allocated for working capital.

 

Of the hotel refinancing fund, Rwf43 billion has since been disbursed while
the balance has been redirected to support transport sector operators.

 

However, there has been relatively poor uptake of the working capital
allocation with about Rwf13 billion so far disbursed.

 

Tusabe said the relatively poor uptake of the working capital could be out
of economic uncertainty and pessimism which was fast changing as economic
activity resumed as well as country vaccination progress.

He however noted that in response to the limited uptake, they were
customizing interventions to support the sectors worst hit such as
transport, Meeting and conference operators, private education players to
brace them for recovery. For instance, about Rwf12 billion is going to
transport which has been affected as measures to curb the pandemic's spread
were implemented including reduced capacity in public buses which saw a drop
in revenue for public transporters.

 

The minister also mentioned that there are efforts to ensure that funds are
accessed by Micro enterprises and Small and Medium Enterprises as they were
also being disbursed via Saccos. 412 Saccos countrywide are currently
involved.

 

World Bank Rwanda Country Manager, Rolande Pryce said that they are involved
in the ongoing preparatory process for the new recovery fund adding that
they were using lessons from the current fund on aspects such as
eligibility.

She said that among the bank's expectations from the process is an approach
that drives economic recovery sustainably and without adverse effects to the
economy in the medium term.

 

Tusabe also noted that in response to about 500,000 people across the
country slipping into poverty as a result of the pandemic and measures to
curb it, the government was rolling out social protection programmes as well
as implementing projects and programmes that would create jobs across the
country.

 

In November last year, the government reviewed the terms and conditions for
local firms eligible to receive the Economic Recovery Fund to increase the
number of local businesses eligible for the support.

 

Economic recovery is top on the agenda as senior government officials and
development partners commenced a 2 day meeting on March 24, the 17th Annual
Development Partners Retreat (DPR).

 

At the meeting, the parties are taking stock of the key impact of Covid-19
pandemic on the economy and Rwandan society and mull strategies to pivot the
economy to regain momentum.

 

"The government's health and socio-economic response has been commendable.
Together, we can do more to recover stronger. Partners stand ready to
continue supporting Rwanda to build a more inclusive, gender-responsive,
green and resilient economy, for the benefit of all people," Fodé Ndiaye, UN
Resident Coordinator said.-New Times.

 

 

 

Rwandair Becomes First African Airline to Vaccinate All Staff Against
Covid-19

RwandAir has become the first African airline to vaccinate its entire staff
against Covid-19.

 

A press statement issued on Wednesday said Kigali based airline began its
vaccination rollout programme earlier this month targeting all staff and
crew who received their first shot to position itself as one of the safest
on the continent.

 

The exercise included non-airline staff at Kigali International Airport, the
airline's hub, to ensure a safe and secure environment for all passengers.

 

In April, this year, RwandaAir announced that it had become the first
carrier in Africa to start trailing the IATA Travel Pass to enable the safe
resumption of international travel.

 

"Rwanda's rapid roll-out of the first consignment of vaccines to arrive in
the country prioritized all frontline workers, including RwandAir's staff
and crew. The vaccination programme has been designed to ensure we provide a
safe and secure environment for travellers, both in the air and on the
ground," Yvonne Manzi Makolo, CEO of RwandAir, said.

 

She added: "We have carefully considered every customer touch point at
Kigali International Airport and on board our aircraft, as the world resumes
travelling in the post-Covid era. "We look forward to welcoming our
customers back to RwandAir. As an airline, the health and safety of our
customers and staff is our number one priority and we have been working hard
to restore our customers' confidence to fly."-Daily News.

 

 

 

Nigeria: Govt Backs Labour's Agitation Against Decentralisation of Minimum
Wage

The organised labour yesterday secured a major ally in the federal
government in its battle against the National Assembly over a bill seeking
to decentralise national minimum wage negotiations.

 

Minister of Labour and Employment, Senator Chris Ngige, at the inaugural
meeting of the newly-constituted National Labour Advisory Council (NLAC) in
Owerri, Imo State capital, said the government's position was based on the
need to comply with the International Labour Organisation (ILO) Convention
144 to which Nigeria is a signatory, and which seeks to promote tripartite
dialogue in the resolution of national minimum wage agitation.

 

According to the ILO Convention 144, the right of employers and workers to
establish free and independent organisations to promote effective
consultation and tripartite dialogue at the national level between public
authorities and employers' and workers' organisations as a means of
resolving the industrial dispute is a global standard.

Ngige stated that the federal government would support labour in its
agitation against national minimum wage decentralisation because it believed
in the principle of tripartite social dialogue.

 

Apparently responding to the call by organised labour on the federal
government to help stand down the bill proposing to move national minimum
wage from the exclusive list to the concurrent list, Ngige said: "Mr.
President of NLC, you didn't need to thank me for what I said about the
minimum wage bill because I was reechoing what the Nigerian government stood
for by adopting the ILO Convention 28, the Minimum Wage Fixing Machinery
Convention of 1928 (No.26) and the Minimum Wage Fixing Convention of 1970
(No131). From these conventions, the Minimum wage Act was signed in 1981.
So, I am with you 100 per cent but I don't want you to go on strike on
that."

 

Ngige also spoke on the effects of the global economic crisis and the
resultant unemployment challenge in the country, saying that the federal
government is tackling the issue, especially job losses.

According to him, as part of efforts to ensure industrial peace, through
regular and timely social dialogue, the government has reconstituted the
membership of NLAC.

 

Ngige added that the importance of NLAC include ensuring mutual dialogue
between government, private sector employers and workers.

 

Also, NLAC has a critical role to play in promoting and ensuring best
practices of labour administration in line with the international standards.

 

On the fallout of the current economic and unemployment crises, the minister
said: "This government is committed to stemming the current negative effects
of the global financial and economic crisis on employment by strengthening
the machinery of tripartism and social dialogue in the world of work."

 

Ngige said the ministry was pushing for the passage of the Labour
Institutions Bill to enhance the status of NLAC and reposition it to
effectively discharge its responsibilities.

Earlier, the President of the Nigeria Labour Congress (NLC), Dr. Ayuba
Wabba, had welcomed the position of the federal government not to accept
moves to remove the national minimum wage from the exclusive list.

 

He said: "The national minimum wage has been in operation in the last 40
years and has always been mutually renewed by social partners. We consider
it an act of great irresponsibility for a state governor to impugn on this
long-standing instrument of law for narrow and self-conceited objective."

 

Wabba and his Trade Union Congress (TUC) counterpart, Mr. Quadiri Olaleye,
used the opportunity to warn against what they described as rising human and
trade union rights violations in the country.

 

They urged the government to widen the social security net for workers and
the people in view of the current economic difficulties.

 

While welcoming participants at the event, the Permanent Secretary of the
Federal Ministry of Labour and Employment, Mr. Yerima Tarfa, said the
meeting of the council was part of government's strategy to strengthen
collaboration between social partners and government at federal and state
levels to achieve solutions to labour disputes and enthrone lasting
industrial harmony in the country.-This Day.

 

 

 

East Africa: Magufuli's Death Delay EAC Oil Pipeline

Uganda has suspended the launch of the East African Crude Oil Pipeline
(EACOP) in order to mourn the death of the fallen President John Magufuli
who played a big role during the conception of the project.

 

The Petroleum Authority of Uganda (PAU) said in a statement the launching
project will be resume next month. Authorities hailed Magufuli's leadership
that set a strong foundation for the EACOP project.

 

Some of the milestones registered includes the Inter-Governmental Agreement
of 2017, and the Tanzania and Uganda Government Agreement of 2020.

 

Ugandan President, Yoweri Museveni and President Magufuli signed the
agreement on 13th September last year, paving way for the construction work
on the 3.5billion US dollars Hoima-Chongoleani pipeline to take off.

 

In Tanzania the pipeline will pass through eight regions, 24 districts and
132 wards. It is projected to affect more than 90,000 people who are to be
compensated around 21bn/-.-Daily News.

 

 

 

Mozambique: Government and Total Agree On Resumption of LNG Work

Maputo — The Mozambican government and the French oil and gas company Total
have announced that construction work will soon resume on natural gas
liquefaction plants on the Afungi Peninsula, in the northern province of
Cabo Delgado, thanks to additional security measures now being taken in that
area.

 

Work on the "Mozambique LNG" project, run by a consortium headed by Total,
was interrupted at the end of December 2020, due to security threats in the
immediate vicinity.

 

The worst incident was a clash between the police and terrorist infiltrators
on 1 January in the resettlement town of Quitunda. This is a new town built
to house people resettled from the areas of the Afungi Peninsula where the
two planned gas liquefaction plants will be built.

 

"The terrorists tried to introduce their informants into Palma district, in
order to create an attack situation", the local police commander told
reporters. "The police became aware that they were in three houses in
Quitunda. The police organised their teams to deal with the situation, and
when they reached the place, they were received with gunshots. The police
felt obliged to open fire, and a supposed terrorist informant was killed".

This exchange of gunfire occurred about three kilometres from Total's Afungi
camp. Because of security fears, Total evacuated many of its staff from
Afungi. Some were flown to the provincial capital, Pemba, while others were
withdrawn to Palma town.

 

Since then the government and Total have been working to draw up a plan of
action to strengthen security around the site including the neighbouring
villages.

 

"The Government has declared the area of the Mozambique LNG Project as a
special security zone", said a press release from the Ministry of Mineral
Resources and Energy. "A road map has been drawn up with measures and
actions seeking to restore and strengthen security".

These measures include increasing the size of the contingent of the
Mozambican defence and security forces stationed at Afungi. They will allow
the gradual return of the workers who had been evacuated, and the resumption
of construction activities.

 

Control over the Afungi special security area "continues to be guaranteed
exclusively by the public security forces under the Memorandum of
Understanding signed between the government and Total", said the release.
The special security area covers the zone within a 25 kilometre perimeter
around the LNG project.

 

"The Government of Mozambique is committed that the personnel assigned to
the protection of Mozambique LNG shall act according to the Voluntary
Principles on Security and Human Rights (VPSHR) and international human
rights standards", said a Total statement on the resumption of activities,
insisting that the project itself "does not use the services of any armed
private security suppliers".

 

Total added that "Mozambique LNG has satisfied all the conditions precedent
and complied with all relevant statutory requirements for the first debt
drawdown of the project financing signed on 15th July 2020 with eight export
credit agencies, 19 commercial banks and the African Development Bank. This
first drawdown will take place at the beginning of April 2021".

 

Total remains optimistic that the project will be able to deliver its first
shipment of LNG in 2024.

 

Total operates the project with a shareholding of 26.5 per cent. The other
partners in the consortium are the Japanese company Mitsui (20 per cent),
Mozambique's own National Hydrocarbon Company, ENH (15 per cent), PTTEP of
Thailand (8.5 per cent), and the three Indian companies, ONGC Videsh, Beas
Rovuma energy and BRPL Ventures (10 per cent each).

 

 

 

 

 

 

 

 

 


 


 


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

 


 

 

 

 

 


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/20210325/7bd887de/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/20210325/7bd887de/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/20210325/7bd887de/attachment-0002.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image003.png
Type: image/png
Size: 227947 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20210325/7bd887de/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/20210325/7bd887de/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/20210325/7bd887de/attachment-0003.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: oledata.mso
Type: application/octet-stream
Size: 65557 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20210325/7bd887de/attachment-0001.obj>