Major International Business Headlines Brief::: 27 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::: 27 March 2021

 


 

 


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

 


 

 


ü  'Our customers are worried about the Suez Canal blockage'

ü  Liberty Steel boss asks government for £170m bailout

ü  Camera retailer Jessops files to appoint administrators

ü  WeWork office start up valued at $9bn in share-listing plan

ü  Asda workers win key appeal in equal pay fight

ü  Namibia: Court Set to Seal Air Namibia's Fate

ü  Nigeria: Five of 23 Nigerian Airlines Attain Top Global Safety
Certification

ü  Malawi: One-Stop Border Post to Boost Trade Between Malawi and Zambia

ü  Namibia: Air Namibia Staff Throw in Towel Over Liquidation

ü  Nigeria: TCN Restores Power to Maiduguri After 2 Months

ü  Ghana: Strictly Adhere to Mining Laws and Regulations - Minister

ü  GameStop up 13% more as ‘Reddit army’ bets on sales turnaround

ü  Wall St Week Ahead Investors weigh outlook for utilities after sector’s
run up

ü  Stellantis, Tesla’s Chinese rival Nio cut production due to chip shortage

ü  Amazon’s social media team bares its teeth in Washington

ü  U.S. seeks input on licensing rules for information tech security

ü  Deutsche Bank can sue Madoff feeder funds over $1.6 billion claims sale

 

 

 

 


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

 


 

'Our customers are worried about the Suez Canal blockage'

British businesses are getting worried as Egypt's Suez Canal continues to be
blocked by a Taiwanese mega-container ship for the fourth day in a row.

 

Seaport Freight Services, a shipping and freight-forwarding company based at
the Port of Felixstowe, has 20 containers of goods stranded on the Ever
Given.

 

"We're waiting on food goods like coconut milk and syrups, some spare parts
for motors, we've got some fork lift trucks, some Amazon goods on there, all
sorts," Steve Parks, director of Seaport Freight Services, tells the BBC.

 

"All our customers are hearing about it, and they're phoning us to ask when
it will be resolved."

 

The 400m-long (1,312ft) ship Ever Given, operated by Taiwanese transport
company Evergreen Marine, is one of the world's largest biggest container
vessels.

 

It weighs 200,000 tonnes, with a maximum capacity of 20,000 containers.

 

The ship ran aground and became lodged sideways across the waterway on
Tuesday after a gust of wind blew it off course.

 

It is blocking one of the world's busiest trade routes, causing a huge
tailback of other ships trying to pass through the Suez Canal, which
separates Africa from the Middle East and Asia.

 

There are more than 160 vessels waiting at either end of the canal,
according to tracking data from Lloyd's List.

 

At the moment, Mr Park says there is only one way to get goods through - go
round the Horn of Africa, which will add another seven days to the journey.

 

"We've had supply problems from the Far East, we've had Covid, we've had the
Brexit changes. You couldn't really make it up," he says.

 

"Things were just starting to get better. We were just starting to get over
the shortage of containers, the shortage of vessels, and then this happens."

 

'We're about to run out of stock'

Mirical Emblems is a firm specialising in heat-applied print transfers for
clothing and uniforms, based in Mansfield, Nottinghamshire.

 

It has a shipment of raw material stuck on a boat in the Red Sea that is
trying to get into the Suez Canal. The cost of the goods and the cost to
ship them comes to £16,000.

 

The shipment is already delayed due to the pandemic, as the original ship it
was meant to travel on was rerouted, and had to wait for the next vessel
bound for the UK.

 

The ship with the raw material shipment is meant to dock at the Port of
Southampton on 9 April.

 

But if the delivery continues to be delayed, Mirical Emblems will have to
pay for a second shipment of the raw material and have it flown over from
South Korea for three times the shipping cost - roughly £21,000 - because
the firm can't afford to upset its clients and affect their supply chains
too.

 

"We're about to run out of stock, and this is just another cost we could do
without," says Mirical Emblems' managing director Jonathan Tul.

 

"The pandemic has caused our turnover to fall by 20%. We've increased costs
due to Brexit and now we're having delayed shipments and having to
potentially buy materials twice."

 

'It means more stress'

Thomas O'Brien is managing director of Boxer Gifts, a toy manufacturer based
in Leeds.

 

His products are made in China, and he has six containers on ships now
queuing up to get through the Suez Canal, each containing around 50,000
toys.

 

"It means longer shipping times, less stock availability, more money tied up
on goods at sea, rather than in our warehouses, and it means more stress,"
he tells the BBC.

 

He says it will also impact his customers - retailers, who will have to wait
a little longer to get their stock.

 

Plus, Mr O'Brien recently heard that it is likely his firm will have to pay
some additional charges in order to receive the outstanding shipments, due
to the ongoing situation at the Suez Canal.

 

'It's another addition to the long list of reasons why shipping is
difficult, long and expensive at the moment, " he says.

 

"The Suez Canal situation is yet another spanner in the works that makes
dealing with international shipping a hell of a lot harder."

 

Logistics UK, which represents freight businesses, says that a lot of the
goods currently bound for the UK are likely to be for retailers who are
stocking their shelves ready for the summer.

 

There is a risk that some goods, such as perishable foods, could arrive too
late to be sold, due to ships either waiting to go through the canal, or
having to be re-routed round the southern tip of Africa, warns Alex Veitch,
general manager of policy at Logistics UK.

 

And while the current industry trend for extraordinarily large vessels means
more goods can be transported in one go, the impact is much greater when
things go wrong.

 

"When they turn up late or at the wrong time, it puts a lot of pressure on
ports to offload them very quickly so that they can go off to the next
stop," he says.

 

"That then puts pressure on domestic transport operations to get them to the
shops in time, so it really does show how easy it can be to disrupt almost
and invisible network of moving goods from source to the shop."--BBC

 

 

 

Liberty Steel boss asks government for £170m bailout

The owner of Liberty Steel has asked the government for £170m in financial
support.

 

In a letter sent to the Department of Business last night, Sanjeev Gupta
said the support was required to pay day-to-day operating expenses and
absorb recent losses.

 

Concerns over the future of Liberty Steel have grown after key financial
backer, Greensill Capital, went bust.

 

Liberty Steel employs about 5,000 people in the UK.

 

"The collapse of Greensill has put financial pressure on the GFG Alliance
and our British steel operations," Mr Gupta writes in the letter.

 

"We are still refining the details with my management team and our external
advisors, but preliminary indications are that the steel manufacturing and
processing operations would need in the range of £170m to fund working
capital and some additional capital to fund operating losses in the short
term, which we are in the process of finalising."

 

Sanjeev Gupta's GFG Alliance employs a total of 5,000 people in the UK -
3,000 of them in steel and aluminium businesses across 12 UK sites.

 

There have been grave concerns for the future of Liberty Steel since its
main financial backer Greensill Capital went bust in early March.

 

Government sources told the BBC they have not yet responded and have
concerns about the "opaque" nature of Mr Gupta's empire.

 

GFG employs 35,000 worldwide and given its international footprint the
government would certainly need assurances any support would not find its
way abroad.

 

Mr Gupta said he envisaged the support "could be structured in a way that
works to ensure value for money and appropriate protections for the
taxpayer".

 

Government sources also indicated that it was unlikely government support
would be offered to the company with its current structure and management -
with any assistance likely to come after an administration process.

 

A spokeswoman for the government said: "The government is closely monitoring
developments around Liberty Steel and continues to engage closely with the
company, the broader UK steel industry and trade unions."

 

Both the Business Secretary and the Prime Minister have pledged in recent
days to look at all options to ensure the business survives.--BBC

 

 

 

Camera retailer Jessops files to appoint administrators

High Street photographic equipment chain Jessops has filed a notice to
appoint administrators.

 

The camera retailer, which employs 120 staff and has 17 stores, is owned by
Dragons' Den star Peter Jones.

 

Jessops said it had hired advisors FRP to help it restructure the business,
severely impacted by the pandemic.

 

The notice of intent provides the business with protection for 10 days from
existing or pending creditor claims.

 

The retailer said it planned to continue to trade when lockdown restrictions
lift in April.

 

It is considering a rescue deal in the form of a Company Voluntary
Arrangement (CVA), an insolvency process that allows a business to reach an
agreement with its creditors to pay off all or part of its debts.

 

"Jessops is a long-established British brand, but like many others, it has
faced growing online competition, as well as the challenges faced by all
High Street retailers in operating through the restrictions imposed during
the pandemic," said Geoff Rowley, partner at specialist business advisory
firm FRP.

 

"We are working closely with PJ Investment Group and the wider Jessops
management team to consider all options to secure a future for the
retailer."

 

This is not the first time that Jessops has been in trouble.

 

In October 2019, a similar notice was filed by the camera chain, and prior
to that, Mr Jones bought the chain from administrators in 2013 after it
collapsed under £81m of debt.

 

A CVA can mean that a retailer's landlords would have to accept a percentage
of a shop's revenue for their rent, instead of relying on a fixed lease.

 

The process is often used as an opportunity to renegotiate rents.

 

The High Street has been badly affected by the pandemic, which forced shops
to shut their doors during the crucial Christmas and Easter holidays.

 

The latest data from the Office for National Statistics show retail sales
rose 2.1% in February, but were still down by 3.7% on a year earlier, before
the impact of the coronavirus pandemic.

 

Clive Chalkley, partner at law firm Gowling WLG said: "Bricks and mortar
retailers have been heavily affected by the ongoing lockdowns.

 

"Unfortunately for Jessops, which is quite specialist, its products can now
be easily acquired online, which will have accelerated the process."--BBC

 

 

 

WeWork office start up valued at $9bn in share-listing plan

Office-sharing firm WeWork will finally see its shares start trading on the
stock market.

 

The company said the listing would occur via a purchase by the publicly
traded BowX Acquisition Corp.

 

The deal values WeWork at $9bn (£6.5bn) - roughly a fifth of the its
estimated worth in 2019, before its earlier flotation effort imploded.

 

Investors raised questions about its finances and management by founder Adam
Neumann, who quit amid the debacle.

 

After shelving its listing plans, WeWork trimmed back its business, closing
roughly 100 locations and pulling out of some of the more tangential
ventures - such as a wave pool maker - to which Mr Neumann had committed the
company. It now employs one third of the staff it did in September 2019.

 

Though the rapid increase in working from home during the pandemic hit its
business, WeWork said it expected the change in work habits to increase
demand for the short-term leases it offers in the years ahead.

 

'Substantial growth'

The firm has roughly 850 locations in 152 cities around the world and the
majority of its renters today are big companies, who have turned to the firm
for more flexibility with property commitments, it said. It reported $3.2bn
in revenue last year - the same as in 2019.

 

"Today, WeWork is a more focused company built around a core flexible space
business that is poised for substantial growth," the company said in its
announcement of the deal, which is expected to be completed by the third
quarter of 2021.

 

WeWork, which is backed by Japanese investment giant SoftBank, said it will
receive about $1.3bn in cash from the deal, allowing it to fund future
growth.

 

BowX is a a so-called special purpose acquisition company, a shell firm that
uses proceeds from a public listing to buy a private firm.

 

The firm, led by the owner of the NBA's Sacramento Kings and affiliated with
basketball legend Shaquille O'Neill, raised $420m when it started trading
shares last August. Its shares rose more than 7% following the announcement.

 

BowX will be joined by private investors, including Starwood Capital Group
and Fidelity, who have committed about $800m to the transaction.--BBC

 

 

 

Asda workers win key appeal in equal pay fight

Thousands of Asda supermarket workers have won a major victory at the
Supreme Court in their battle for equal pay.

 

The court upheld an earlier court ruling that lower-paid shop staff, who are
mostly women, can compare themselves with higher paid warehouse workers, who
are mostly men.

 

The judge stressed the ruling did not mean the 44,000 claimants had won the
right to equal pay.

 

However, they are now free to take further action.

 

'Wasted money'

Lauren Lougheed, a Leigh Day lawyer representing Asda store staff, said: "We
are delighted that our clients have cleared such a big hurdle in their fight
for equal pay.

 

"Already an employment tribunal, the employment appeal tribunal and the
Court of Appeal ruled that these roles can be compared, and now the Supreme
Court has come to the same conclusion.

 

"It's our hope that Asda will now stop dragging its heels and pay their
staff what they are worth."

 

The GMB union has members involved in the case. Its legal director, Susan
Harris, said: "Asda has wasted money on lawyers' bills chasing a lost cause,
losing appeal after appeal, while tens of thousands of retail workers remain
out of pocket.

 

"We now call on Asda to sit down with us to reach agreement on the back pay
owed to our members - which could run to hundreds of millions of pounds."

 

Wendy Arundale, who worked for Asda for 32 years, said: "I loved my job, but
knowing that male colleagues working in distribution centres were being paid
more left a bitter taste in my mouth.

 

"It's not much to ask to be paid an equal wage for work of equal value."

 

But an Asda spokesman said there was a long way to go before the issues were
finally settled: "This ruling relates to one stage of a complex case that is
likely to take several years to reach a conclusion.

 

"We are defending these claims because the pay in our stores and
distribution centres is the same for colleagues doing the same jobs
regardless of their gender. Retail and distribution are very different
sectors with their own distinct skill sets and pay rates."

 

It said it remained confident in its case.

 

'Watershed moment'

Lawyers say the ruling will have implications for supermarkets and other
retailers.

 

"It would be difficult to underestimate the significance of this judgment
which will send shockwaves far beyond Asda," said Anne Pritam, partner and
employment lawyer at Stephenson Harwood.

 

"It is a watershed moment for the rest of the retail industry, particularly
those defending their own equal pay claims - such as Sainsbury's, Tesco,
Morrisons and Next - and which have similar staffing models and pay
structures."

 

"Ultimately, if all of the retailers lose their equal pay claims, it is
estimated they could face £8bn in compensation payments to employees."

 

Asda store workers argued they were paid less because most store workers are
women, while most distribution depot staff are men.

 

Lawyers representing the store workers say depot workers were paid between
£1.50-3.00 an hour more.

 

Asda said it had always paid the correct rate for the job, whether male or
female, and pointed out that both men and women worked in both supermarkets
and the warehouses.

 

Asda store workers may have won this battle in their long running equal pay
claim - but the war is far from over.

 

The Supreme Court has ruled that for the purposes of equal pay the work of
the mainly male distribution workers can be compared to the mainly female
shop floor workers.

 

But next they need to prove their work is of equal value - in terms of
skills and training.

 

And finally that gender is the key reason that their pay is different.

 

The stakes here are high. Supermarkets could find themselves on the hook for
more than £8bn in back pay.

 

And it could reverberate around other businesses too - where a majority of
women carry out a certain role.

 

In 2016, an employment tribunal decided that Asda store workers were
entitled to compare themselves to distribution staff and that decision was
upheld by Court of Appeal judges in 2019.

 

Asda bosses then appealed to the Supreme Court.

 

Lawyers say litigation could run on for years.

 

There are three stages in equal pay action:

 

Are the jobs comparable?

If the jobs are comparable, are they of equal value?

If they are of equal value, is there a reason why the roles should not be
paid equally?

Following the Supreme Court ruling, lawyers say the next stage would involve
an employment tribunal deciding whether specific store and distribution jobs
were of "equal value".

 

If judges decided that different jobs were of "equal value", the litigation
would then enter a third stage.

 

Under this, a tribunal would then consider whether there were reasons -
other than gender - why people working in stores should not get the same pay
rates as people working in distribution centres.--BBC

 

 

 

Namibia: Court Set to Seal Air Namibia's Fate

The Windhoek High Court is today expected to grant a final order for Air
Namibia's liquidation after the embattled national airline was placed under
provisional liquidation in late February.

 

Acting High Court Judge Kobus Miller had postponed the matter to today in
which the Namibia Airports Company (NAC) petitioned the court for Air
Namibia's compulsory liquidation.

 

Air Namibia ended its operations in early February after government opted
for its voluntary liquidation following uninterrupted operations spanning
for some 75 years, leaving over 600 without jobs.

 

Miller had issued an order to show cause to allow interested parties to give
reasons why Air Namibia should not be liquidated and placed in the hands of
the Master of the High Court on or before 26 March.

 

In his affidavit, NAC CEO Bisey /Uirab says the airports company, as well as
Challenge Air, should receive preference over other creditors in the
winding-up process. He further said the airline owes NAC close to N$714
million for aeronautical services, ground handling service and rental at
various aerodromes across Namibia.

 

 

According to /Uirab, Belgian liquidators of Challenge Air are in a position
to gobble up all of the proceeds of a sale in execution of Air Namibia's
assets should the airline be allowed to go down the road of voluntary
liquidation, leaving the rest of its creditors high and dry.

 

Belgian liquidators have already attached movable assets of Air Namibia for
failing to pay about N$103.2 million earlier this year as per agreement
reached on 29 January. The national airline was due to pay the first
instalment of 5.8 million euros (N$103.2 million) two weeks following an
out-of-court settlement that was made an order of the court in January.

 

The remaining amount of 4 million euros (N$72.3 million) would have been
paid in monthly instalments, with the final payment due in January next
year, according to the agreement.

 

 

On 20 February, Anicet Baum, the sole liquidator of Challenge Air, made a
submission to Windhoek's deputy sheriff for the airline's movable properties
to be attached and publicly auctioned to raise N$103.2 million that is due
for payment.

 

The dispute between Air Namibia and Challenge Air started from a leasing and
maintenance agreement of a Boeing 767-33 aircraft, dating back to 1998.

 

Emotional farewell

 

Meanwhile, the Namibia Cabin Crew Union (NCCU) yesterday reflected on the
national airline's closure ahead of today's ruling. The union said it was
hurting to see innocent employees suffering as a result of actions
undertaken by a few individuals.

 

"It hurts that innocent employees who had nothing to do with the
mismanagement, corruption, financial incompetence and malfeasance at the
company must bear the most brutal brunt from the liquidation and pay with
their jobs and livelihoods," the union said.

 

"These were breadwinners, single parents, people who had dependents and
children to support who are out on the street and as usual, the executive
management delinquents will not be held to account for collapsing Air
Namibia and holding accountability and good corporate governance to ransom,
in cahoots with certain politicians. It will be easy for the executive
delinquents to get other jobs compared to the lowly skilled workers."

 

According to the union, their fight was to save Air Namibia. "We fought the
good fight, but due to financial constraints we decided to reluctantly
abandon this mission. Our aim now is to secure all the monies owed to our
members by Air Namibia and making sure they are not left at the wayside in
this liquidation process."-New Era.

 

 

 

Nigeria: Five of 23 Nigerian Airlines Attain Top Global Safety Certification

Azman Air, suspended last week over safety issues, is ironically one of
those cleared globally.

 

Only five of Nigeria's 23 airlines have currently completed and passed the
global safety certification by the International Air Transportation
Association (IATA), a review by PREMIUM TIMES has shown.

 

The IOSA certification audit is an internationally recognised and accepted
evaluation that assesses the operational management and control systems of
an airline. IOSA uses stringent audit principles that sees airlines
evaluated every two years.

 

The IATA on its webpage said Air Peace Limited, Allied Air Ltd, Arik Air
Ltd, Azman Air services and Overland Airways Ltd are the certified airlines
in Nigeria as of Friday. Nigeria has 23 operational commerical airlines,
according to the Nigerian Civil Aviation Authority, NCAA.

 

The certification of all five airlines will expire in 2021. While the
registration for Air Peace will expire on December 2, Allied Air will expire
on August 14. Azman Air service will expire on September 13, and Overland
Airways' certification will expire on October 25.

IATA said Arik's re-evaluation could not be conducted in 2020 due to
COVID-19, so the airline will remain on the registry till April 2021.

 

In 2018, Arik Air, Aero Contractors, Allied Air, and Cargo services,
Overland Airways, Medview, Dana Air and Air Peace were certified. But three
years after, Dana Air, Medview and Aero contractors are not on the list.

 

"Not Mandatory"

 

Registering for IOSA certification and auditing is not mandatory. An airline
that does not have IOSA certification may have chosen not to participate, or
failed the audit.

 

Small budget and regional airlines often do not do the IOSA audit mainly
because of the cost to have the audit conducted and to implement the
recommended changes.

The report of global aviation safety for 2020 released on Thursday by the
IATA showed that IOSA certified airlines had a crash rate three times less
than airlines not on the IOSA registry.

 

Also, the 2016-2020 average of IOSA airlines versus non-IOSA airlines was
more than twice as good.

 

There are currently 438 airlines on the IOSA registry of which 142 are
non-IATA Members.

 

Suspended at Home

 

Nigeria's airlines that achieved the IOSA are some of the country's most
active.

 

Ironically, one of them, Azman Air, recently came under local regulatory
sanctions over safety concerns.

 

The Nigerian Civil Aviation Authority, NCAA, two weeks ago suspended the
airline, saying its aircraft had been involved in multiple incidents that
could have serious consequences if not addressed.

 

The NCAA said its inspectors found an Azman Air maintenance engineer
carrying out replacement of a landing gear wheel assembly of a Boeing
737-500 without referring to the manufacturer's maintenance manual.

 

Also, it said in February, a component of an Azman's aircraft was observed
to have fallen off during takeoff, and despite being notified by the air
traffic control, the pilot continued the flight to Lagos. Upon arrival, the
pilot failed to make entry in the aircraft technical logbook.

 

Five days later, the same aircraft suffered burst tyres during landing, with
resultant severe damage to the aircraft engine and fuselage.

 

The Accident Investigation Bureau is currently investigating the incident.

 

Azman Air denied an earlier statement attributed to the company accusing the
regulator of unprofessionalism and taking a hasty decision.-Premium Times.

 

 

 

Malawi: One-Stop Border Post to Boost Trade Between Malawi and Zambia

Malawi High Commissioner to Zambia Warren Gunda says the newly-constructed
one-stop border-post at Mchinji/Mwami border will boost trade between the
two countries.

 

The diplomat made the remarks on Monday during an inspection tour of the new
facility in Mchinji.

 

"The project, although long overdue, will ease business transactions between
the two neighbouring countries," said Gunda.

 

He cautioned the institutions manning the one-stop border-post to serve
people crossing into either country professionally.

 

On his part, roads and highway engineer Peter Kabalata, who is also the
project's acting team leader, said the facility, whose construction started
in September 2018, will be operational soon after the current defects and
liability period ends.

Malawi Revenue Authority station manager Lucy Chikhawo said the facility
will reduce inconveniences that traders from either side experience when
clearing their goods.

 

She said: "The one-stop border-post is unlike the current set-up where
traders and travellers from Malawi and Zambia have to do repetitive paper
work and engage with agencies such as Immigration from both countries
separately.

 

"The new facility will lessen redundancy as it will accommodate agencies
from both countries in one roof, lessening the time taken for travellers and
goods to be cleared."

 

Mchinji Border Post Immigration Department public relations officer
Madalitso Banda said the one-stop border-post will be user-friendly.

 

The facility is expected to open in June this year.

 

The Mchinji/Mwami one-stop border-post project was funded by the African
Development Bank.-Nyasa Times.

 

 

 

Namibia: Air Namibia Staff Throw in Towel Over Liquidation

About 636 employees of Air Namibia whose fate is most likely to be finally
sealed by the High Court on Friday have finally accepted the national
carrier's fate.

 

In a statement Namibia Cabin Crew representative Reginald Kock said they
were disheartened and dejected that their fight to save the airline is
finally crumbling.

 

He mentioned several of the employees' gripes.

 

"Firstly, the indignity and inconsiderate manner in which the affected
employees were given the news, secondly, consultations that were found
wanting, and due processes that were flouted advertently or inadvertently,
and thirdly, the general collective cluelessness to justify liquidation when
prompted by opposition members in parliament, some even intellectually
stooping low as to blame apartheid, " he said.

 

Kock said: "The general collective cluelessness and negligence in handling
the liquidation process could not be any clearer when Sisa Namandje moved in
on an oversight, particularly, deregistration papers that could not be
processed in the absence of board members and attached the company's assets
when it defaulted on the first payment."

 

He said they feel the decision was made without consulting them.

 

"Whether liquidation was the right move is neither here nor there at this
juncture, but what is clear is that Cabinet decided to forge ahead with the
liquidation process. It is clear that there was a strong conviction to close
down the company from as early as last year by any means, even going as far
as lying that unions were informed about the decision to liquidate in
July/August last year and/or they should have known. But we are not
surprised because some are convincing and unrehabilitated spin doctors," he
said.-Namibian.

 

 

 

Nigeria: TCN Restores Power to Maiduguri After 2 Months

The Transmission Company of Nigeria (TCN) said bulk power has been restored
to Maiduguri, the Borno State capital, and its environs as at Wednesday.

 

This is nearly two months after insurgents attacked the 330 kilovolts (kV)
Damaturu to Maiduguri transmission line on January 26, 2021, cutting off the
capital from the national power grid.

 

TCN restored the power using temporary 33kV high tension poles as a by-pass
transmission line while its engineers continue to reconstruct the three
vandalised towers.

 

According to the TCN spokesperson, Mrs Ndidi Mbah, in a statement, the
Managing Director/CEO of TCN, Engr. Sule Abdulaziz, said while work was
ongoing on the temporary transmission line in the month of February 2021,
five out of the TCN engineers working on the line were rushed to the
hospital after their vehicle stepped on a buried explosive device by
insurgents.

 

Despite the incident, he said TCN engineers re-mobilized to site and
completed the temporary transmission line. Presently, work is still ongoing
on the towers.

 

Engr. Abdulaziz was grateful to Governor Babagana Zulum for his assistance
so far, and commended the team of TCN engineers who consistently put their
lives on the line to ensure that the 330kV Damaturu-Maiduguri by-pass is
completed.-Daily Trust.

 

 

 

Ghana: Strictly Adhere to Mining Laws and Regulations - Minister

Obuasi — The Minister of Lands and Natural Resources, Samuel Abu Jinapor,
has asked small-scale miners at Obuasi in the Ashanti Region to strictly
adhere to mining laws and regulations in their operational activities.

 

He has, therefore, warned thatactivities of illegal mining, popularly known
as galamsey, would be resisted using all means, adding that "there would be
no space for any illegal small-scale mining."

 

He said the government would continue to ensure the strict regulation of the
mining sector to prevent illegal mining activities.

 

The Minister said this yesterday when engaged members of the Small-scale
Miners Association fromDunkwa, Fomena, Obuasi and other places.

The engagement was part of the Minister's two-day working visit to the
Ashanti Region.

 

MrJinapor said the Ministry was opened to collaboration, deliberations and
inputs from all stakeholders in addressing challenges and improving outcomes
in the sector.

 

"Let's 'jaw jaw' and find the best solutions to the problems impeding
progress in the sector. It is important we work together to stop illegal
mining and protect the environment.The current wanton degradation of the
environment is a threat to our survival," he said.

 

He said the government was counting on the support of the Association
towards permanently eradicating illegal mining from the sector.

 

Interacting with the Minister, Chairman of the Small-scale Miners
Association, Kofi Adams,asked the government to engage Anglogold Ashanti on
their behalf to give them access to some parts of their restricted lands for
small-scale mining.

 

He said the lands located at Abompe, Juabosoand EsasoNsuekyir, all in the
Obuasi Municipality, were supportive of the rock mining, which the
small-scale miners are familiar with.

 

He noted that such a gesture would ensure peace and cooperation between them
and the mining firm and lead to the creation of jobs for the teeming youth
of the area.- Ghanaian Times.

 

 

 

GameStop up 13% more as ‘Reddit army’ bets on sales turnaround

"Meme" stock-in-chief GameStop (GME.N) swung between gains and losses on
Friday, with the shares reversing course after rising 19% earlier in the
session.

 

Shares of the video game retailer were last down 4.1% at $176.18 in late
afternoon trading. The stock, which had hit a record high of $483 in
January, tumbled 34% the day after the company's Tuesday earnings report
only to roar back more than 50% on Thursday. read more The shares are on
track for a 10.9% weekly loss.

 

Retail investors on forums such as Reddit’s WallStreetBets have helped send
the company’s shares, which are up 849% year-to-date, on a wild ride in
2021.

 

The stock's gyrations have also attracted traders seeking to benefit from
its outsize price moves.

 

"I have no problem whatsoever ... trading the volatility that is going on in
GameStop right now," said Jeff Tomasulo, CEO of Vespula Capital. "We're not
even looking at this fundamentally anymore because it's just gotten so
insane."

 

Chewy Inc (CHWY.N) co-founder Ryan Cohen is seeking to transform the
retailer into an e-commerce firm that can take on big-box store rivals such
as Target Corp (TGT.N) and Walmart Inc (WMT.N).

 

Chief Financial Officer Jim Bell has departed and the company said this week
it had appointed former Amazon.com (AMZN.O) executive Jenna Owens as chief
operating officer. read more

 

"It's fascinating because it seems that the Reddit army is doubling down and
believing that the company is going to be able to shift their business and
pivot to e-commerce," said Edward Moya, senior market analyst at OANDA.

 

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

 

A swarm of buying in late January forced bearish investors to unwind their
bets against the stock, resulting in a surge of more than 1,600% that month.

 

GameStop, which added three new directors including Cohen to its board in
January as part of a settlement, said in its annual regulatory filing on
Tuesday it expects eight incumbent board members to retire at its 2021
annual meeting in June.

 

 

 

Wall St Week Ahead Investors weigh outlook for utilities after sector’s run
up

Investors looking for ways to protect themselves from a potential market
downturn and rising inflation have been warming to utilities, sometimes seen
as bond substitutes, as attractive alternatives.

 

The S&P 500 utilities index (.SPLRCU) has outperformed the broader market
this month, rising 9.3% so far compared with a 4.3% gain in the benchmark
index (.SPX) and leading gains among sectors for March.

 

Driving the gains may be a defensive move by investors to position
themselves against a potential slide in equities, with worries mounting over
higher inflation as seen in the jump in 10-year Treasury yields and over
pricey stock valuations, some strategists say.

 

Utilities tend to do better in a downturn because they pay dividends and
offer stability.

 

"It's a little defensive positioning," said Joseph Quinlan, head of CIO
market strategy for Merrill and Bank of America Private Bank in New York.

 

"We have some clients who want to be more defensive but want to stay in the
market."

 

While the economy is expected to rebound sharply this year from the impact
of the coronavirus, that optimism may be dampened by next year if
unemployment remains elevated and growth slows more than expected.

 

Some investors say utilities also may be benefiting from hopes that there
will be a bigger push toward green energy under the Biden Administration.
President Joe Biden is expected to unveil next week a multitrillion-dollar
plan to rebuild America's infrastructure that may also tackle climate
change. read more

 

"If you get any acceleration of the decarbonization rhetoric, that's a
positive for utilities," said Shane Hurst, managing director and portfolio
manager at ClearBridge Investments.

 

But whether the recent surge in utilities has further room to run is a
matter of debate, and many strategists and investors, including Quinlan,
still favor cyclicals that benefit from economic growth over
defensive-leaning groups such as utilities.

 

The gains in utilities have come amid a rotation from technology and other
growth stocks into so-called value stocks. The Nasdaq Composite (.IXIC) has
fallen in March after four straight months of gains.

 

Cyclicals, which investors dumped during the early part of the pandemic,
have benefited the most from the rotation. An end-of-quarter rebalancing of
investment portfolios by institutional investors may be adding to the recent
rotation from growth into value.

 

While utilities still sharply lag gains for the year compared with many
cyclical sectors, including energy (.SPNY), they are also considered
inexpensive at this point by some investors.

 

After a weak performance in 2020, utilities "are just really, really cheap
at the moment," Hurst said. "And that is an attractive place to be when
you're in a market that's very much earnings driven."

 

The utilities sector is trading at 18.3 times forward earnings compared with
a price-to-earnings ratio of 22.1 for the S&P 500 index and 26 for
technology (.SPLRCT), according to Refinitiv's data.

 

David Bianco, Americas chief investment officer for DWS, which has an
overweight rating on utilities, said interest rates are still low, but
utilities offer inflation protection because they would be able to raise
their prices.

 

As of Friday, the S&P 500 utilities sector had a dividend yield of 3.3%, the
second-highest among S&P sectors after consumer staples, and well above the
1.5% yield for the S&P 500, according to data from S&P Dow Jones Indices.

 

Benchmark 10-year note yields were at 1.660% on Friday after reaching a
one-year high of 1.754% the week before.

 

"Utilities is our most preferred bond substitute," said Bianco.

 

 

 

Stellantis, Tesla’s Chinese rival Nio cut production due to chip shortage

Stellantis NV (STLA.MI) and Chinese electric vehicle maker Nio (NIO.N)
became the latest carmakers to announce new production cuts as a result of a
global semiconductor chip shortage.

 

Stellantis said on Friday it will temporarily halt production at five North
American plants next week because of the global microchip shortage: two
assembly plants in Canada, one in Mexico and two in the United States. The
production halts will start next week through early to mid-April.

 

The plants affected are the company's Toluca, Mexico facility, where it
produces the Jeep Compass; Windsor Assembly in Ontario where it builds
Chrysler Pacifica minivans; a plant in Illinois that builds the Jeep
Cherokee SUV; a Michigan plant that builds the Ram 1500 Classic pickup and
another Ontario plant that builds the Chrysler 300, Dodge Charger and Dodge
Challenger.

 

Stellantis did not specify how long the shutdowns would last, but a union
local in Windsor said the minivan plant would halt production for four weeks
starting on Monday.

 

Nissan Motor Co (7201.T) said Friday it will halt production for two days
starting April 1 at its Smyrna Vehicle and Canton Vehicle Assembly Plants
and Mexico Aguascalientes plant. Normal production will resume April 6.

 

Nio, one the main challengers to Tesla (TSLA.O), which dominates the
electric vehicle (EV) market in China, said it would halt production for
five working days at its Hefei plant and cut its first-quarter delivery
forecast by as much as 1,000 vehicles.

 

Shares of Nio, which makes the ES8 and ES6 electric sport-utility vehicles,
ended the day down 4.8% on the New York Stock Exchange.

 

Ford Motor (F.N), Honda Motor (7267.T), General Motors (GM.N) and Volkswagen
(VOWG_p.DE) were among the automakers caught off guard by the shortage,
forcing many to hold back production even as car demand picked up during the
pandemic.

 

Chip shortages have cost the global auto industry 130,000 vehicles in lost
production, research firm AutoForecast Solutions estimates, with the
heaviest impact in North America, with 74,000 units lost, and Western
Europe, with 35,000 lost.

 

The chip scarcity is also a result of an increased demand from the consumer
electronics industry as people worked from home and played more video games
during the crisis. Sanctions against Chinese technology companies have also
played a role.

 

Nio, which also faces competition from homegrown rivals such as Xpeng Inc
(XPEV.N), now expects to deliver 19,500 vehicles in the first quarter, down
from a 20,000 to 20,500 range previously.

 

Ford had warned the shortage could hit its 2021 profit by up to $2.5
billion, while larger U.S. automaker GM expects the crisis to shave up to $2
billion off its full-year profit.

 

Ford, which was until now assembled its highly profitable F-150 without
certain parts, said on Thursday it would idle production of the trucks at a
plant in Michigan through Sunday.

 

GM and Japan's Honda both said this week they would continue production
suspension at plants in North America for the coming weeks. read more

 

Swedish truck maker Volvo AB (VOLVb.ST), meanwhile, said on Tuesday the chip
shortage would have a "substantial" impact on its second-quarter earnings,
and it would implement stop days across its sites globally beginning in
April. 

 

 

 

Amazon’s social media team bares its teeth in Washington

Amazon.com’s social media team bared its teeth this week to go after two big
critics in Congress: Senators Bernie Sanders and Elizabeth Warren.

 

Amazon (AMZN.O) first struck out Wednesday with tweets by Dave Clark, chief
executive of Amazon’s worldwide consumer business, who criticized Sanders
for pushing for a $15 minimum wage and supporting Amazon workers in Alabama
who are considering unionizing.

 

On Friday, the day that Sanders met with Amazon workers in Alabama, Amazon
News tweeted that Sanders' home state of Vermont's minimum wage was $11.75.
"Sanders would rather talk in Alabama than act in Vermont," the company
tweeted.

 

In his meeting, Sanders urged Amazon workers to vote for the union: "When
you stand up and fight, you are taking on here not only one of the most
powerful corporations in this country you are taking on the wealthiest
individuals in the world. And you're doing it in an anti-union state."

 

The company also went after Warren, who pledged on Twitter that she would
"fight your union-busting. And fight to break up Big Tech so you’re not
powerful enough to heckle senators with snotty tweets."

 

 

She had initially called for Amazon to be broken up, along with other Big
Tech giants, in 2019 when she was running for president.

 

Amazon called her tweet "extraordinary and revealing."

 

"One of the most powerful politicians in the United States just said she's
going to break up an American company so that they can't criticize her
anymore," Amazon tweeted.

 

Amazon did not immediately respond to a request for comment. Neither
Sanders' nor Warren's offices immediately replied to a request for comment.

 

It may not be just Amazon losing patience with pressure from Washington.

 

At a congressional hearing on Thursday, Twitter (TWTR.N) Chief Executive
Jack Dorsey apparently got frustrated with lawmakers pressing for yes or no
answers to questions. During the hearing, Dorsey tweeted “?” with a poll
asking Twitter users to vote “yes” or “no.”

 

 

Democratic Representative Kathleen Rice asked: "Mr. Dorsey, what is winning,
yes or no, on your Twitter account poll?"

 

Dorsey told her that “yes” was winning, to which she replied: “Your
multitasking skills are quite impressive.”

 

 

U.S. seeks input on licensing rules for information tech security

The Biden administration said Friday it wants new public input on
establishing licensing or other procedures to help companies comply with a
sweeping new rule targeting Chinese technology firms.

 

On Monday, the U.S. Commerce Department allowed a regulation issued under
then President Donald Trump in January to take effect over objections from
U.S. business groups.

 

Days before Trump left office in January, the Commerce Department issued
interim final rules aimed at addressing information and communications
technology supply (ICTS) chain concerns posed by China, Russia, Iran, North
Korea, Cuba and Venezuela

 

The regulation said Commerce would adopt licensing or other pre-clearance
procedures by May 19.

 

"It has become apparent additional public input is needed," the Commerce
Department said Friday, adding it "is seeking input into several aspects of
a potential voluntary licensing or pre-clearance process."

 

The rule stemmed from a 2019 Trump executive order that said foreign
adversaries were "creating and exploiting vulnerabilities in information and
communications technology and services 
 in order to commit malicious
cyber-enabled actions, including economic and industrial espionage."

 

"It gives me some comfort they’re going to take their time and do it in a
very thoughtful and methodical way," said Washington-based lawyer Judith
Lee, who specializes in international trade. "It’s extremely broad and
that’s what makes it very scary for any type of internet or communications
technology company."

 

The U.S. Chamber of Commerce and other business groups said the regulation
gives the U.S. government "nearly unlimited authority to intervene in
virtually any commercial transaction between U.S. companies and their
foreign counterparts that involves technology, with little to no due
process."

 

In a letter Monday, the U.S. Chamber had urged the Biden administration to
suspend the rule, calling it "highly problematic" and added it impose
"enormous costs."

 

The Chamber said licensing was a good idea but "the enormous number of
transactions each year... will limit the ability of this program to review
transactions in a timely manner."

 

Last week, the Commerce Department disclosed it served subpoenas on multiple
Chinese companies that provide ICTS services in the United States to see if
they pose national security risks.

 

 

 

Deutsche Bank can sue Madoff feeder funds over $1.6 billion claims sale

A U.S. judge said on Friday Deutsche Bank AG (DBKGn.DE) may sue two offshore
funds for allegedly reneging on an agreement to sell the German bank $1.6
billion of claims in the bankruptcy of swindler Bernard Madoff's namesake
firm.

 

Deutsche Bank had accused the Kingate Global Fund and Kingate Euro Fund,
which funneled client money to Madoff before his Ponzi scheme collapsed in
2008, of having "sellers' remorse" for agreeing to sell the claims at 66
cents on the dollar in 2011, only to see their value later rise
substantially.

 

In refusing to dismiss the lawsuit, U.S. District Judge Edgardo Ramos in
Manhattan pointed to language that the agreement was "firm, irrevocable and
binding," though a formal contract was never signed and much time had
passed.

 

"Here, two sophisticated parties agreed of their own free will to be bound,"
Ramos wrote.

 

Ramos said Deutsche Bank can also pursue a claim that the Kingate funds
acted in bad faith by filing for protection under Chapter 15 of the U.S.
bankruptcy code in September 2019 to escape possible litigation by the bank.

 

Lawyers for the Kingate funds did not immediately respond to requests for
comment. A spokesman for Deutsche Bank declined to comment.

 

In June 2019, the Kingate funds agreed to return $860 million in a
settlement with Irving Picard, the court-appointed trustee liquidating
Madoff's former firm, Bernard L. Madoff Investment Securities LLC.

 

Madoff, 82, is serving a 150-year prison term.

 

The case is Deutsche Bank Securities Inc v. Kingate Global Fund Ltd et al,
U.S. District Court, Southern District of New York, No. 19-10823.

 

 

 

 

 

 


 


 


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

 


 

 

 

 

 


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/20210327/777e05c8/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/20210327/777e05c8/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/20210327/777e05c8/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/20210327/777e05c8/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/20210327/777e05c8/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/20210327/777e05c8/attachment-0003.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: oledata.mso
Type: application/octet-stream
Size: 65558 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20210327/777e05c8/attachment-0001.obj>