Major International Business Headlines Brief::: 03 May 2021

Mon May 3 09:21:15 CAT 2021

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Major International Business Headlines Brief::: 03 May 2021

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ü  Apple to face Epic Games in court

ü  Car park operator NCP seeks rent cuts to survive

ü  'Urban flight' raises house prices in villages

ü  Banks fail in bid to share cost of refunding scam victims

ü  UK housing market 'on the boil' as prices rise

ü  EXCLUSIVE Tesla, under scrutiny in China, steps up engagement with regulators

ü  TSMC says can catch up with auto chip demand by end June -CBS

ü  Online share of retail sales jumps to 19% amid lockdowns - UN

ü  Ethereum breaks past $3,000 to quadruple in value in 2021

ü  Analysis: Berkshire Hathaway faces headwinds as shareholders look to its future

ü  Siemens Healthineers raises outlook on demand for rapid COVID-19 tests

ü  BP seeking to build wind farms off Scotland - The Times

ü  Apollo nears deal to buy Verizon's media assets - source

ü  Intel will ‘focus’ less on buying back company stock -CEO

ü  Tanzania: Bank Staff Facilitates Oxygen Machine Installation in Hospital

ü  Kenya: Top Ten African Countries With the Most Debt Owed to China

ü  Malawi Leader Announces Measures to Improve Conditions for Workers

ü  Ethiopia, Kenya Exchange Views to Deepen Ties

ü  Tanzania: Samia Speech Spells Hope

ü  Nigeria Increases Funding for Local Manufacturers to Up GDP in 2021

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Apple to face Epic Games in court

After months of hype and warring words, Epic Games is about to get its day in court with Apple.

The trial begins on Monday - and is one of the most important in Apple's history.

Apple boss Tim Cook will be giving evidence, the first time he's given testimony at a trial.

At stake is the future of the App Store and the amount it charges developers - a wildly lucrative money spinner for the company.

In August last year, Epic Games laid a trap for Apple.

Its hit game Fortnite implemented its own in-app payment - bypassing Apple's 30% charges.

Apple promptly kicked Epic Games off the App Store.

But Epic Games was waiting for just that.

It slapped Apple with a 65-page lawsuit - and had even prepared a high production video, a spoof of Apple's iconic 1984 advert for the Apple Mac.

Epic Games has for years claimed the charges imposed on it by Apple are extortionate.

Their argument is simple: that Apple's control over the App Store is anti-competitive.

It believes that developers should be able to make apps for smartphones without having to pay large sums to Apple (and to Google for Google Play purchases).

Spotify, Match and Tile are just a few of the many companies that have also claimed Apple's charges are unfair.

Apple is estimated to have made hundreds of millions of dollars from Fortnite alone in charges.

Epic Games' big argument is: if they don't want to pay, then where else do they go to sell their products?

Apple's App Store and Google's Google Play are the dominant global app stores, outside China.

Epic Games has tried to sell Fortnite away from these two stores. It tried to "sideload" the app on Android phones - to try and avoid Google's own 30% charge. However, not enough people downloaded it away from Google Play.

Epic Games' reluctant conclusion: if you want to make games for smartphones you have to be on either the App Store or Google Play.

'Apple Tax'

But unwilling to lie down and accept the charges - which it calls an "Apple Tax" - Epic Games decided to sue Apple instead.

Worryingly for Apple, many of its App Store critics come from across the political divide.

In a Senate hearing two weeks ago, Apple's Chief Compliance Officer Kyle Andeer was grilled by lawmakers. Politicians of all stripes - usually so divided on policy - were united in their attacks on Apple.

Democrats Amy Klobuchar and Richard Blumenthal and Republicans Mike Lee and Josh Hawley all took up similar lines of questioning.

Senator Klobuchar said that Apple's App Store was a "literal monopoly".

And on Friday the European Union announced that it was charging Apple for its behaviour on the App Store.

Epic Games has timed the lawsuit perfectly.

The key question the judge will have to answer is whether Apple's App Store is an "essential facility", a sort of public utility that no one company should control.

Matt Stoller, an anti-monopoly campaigner, believes so.

"Everybody knows that Apple is in charge of what should be public rights of way. It would be easiest if the judge just rules in favour of Epic [Games], that would fix it," he says.

Apple can afford good lawyers though. So what's Apple's defence?

Firstly, Apple says it invented the App Store and as a private company it can charge what it wants.

It also says the 30% charge to developers is the industry standard for gaming, and competes not just with Google Play but with Microsoft, Steam, PlayStation, Xbox and Nintendo.

'Hand wavy'

Influential tech blogger John Gruber says Apple has a point.

"In terms of the actual split, 70/30 is pretty standard across the board. One of the things that really stands out about Epic Games' argument is that they have no complaint whatsoever. It's all very hand wavy, and very much a PR argument, not a legal one."

Apple also says that its payment system is fair to smaller developers. It says 83% of apps and 76% of games on the App Store are free - developers pay no commission.

And they say that although their top rate charge is 30%, most developers pay no more than 15% in charges.

Apple argues it also oversees an App Store vetting process, making sure the Apple ecosystem isn't compromised by dodgy apps. That costs money.

However it's thought the amount that Apple spends on this process is a tiny fraction of the amount it receives from developers. Critics like Matt Stoller also question how effective Apple's vetting procedures are.

"There are all sorts of apps that have scams that Apple doesn't catch. So their arguments about safety and security are sort of nonsense," he says.

'The risk is high'

So what are Apple's chances? John Gruber thinks they're good.

"I do think that on legal grounds, Apple is in a very good position. But the risk is very high because [if they lost] it would disrupt the whole business model of the app store".

Matt Stoller says that antitrust cases are notoriously hard to predict.

"Antitrust law, as it's practiced in the US, is a complete mess. So we have no idea. The law basically depends on what the judge had for breakfast."

The trial is expected to conclude in the last week of May. However, even if Apple wins, the fight over how Apple runs its App Store will rage on.-BBC

Car park operator NCP seeks rent cuts to survive

The UK's largest car park operator NCP has started a court process to help it cut rents and exit contracts for unprofitable parking facilities.

NCP says it has been "deeply impacted" by the Covid pandemic, which has seen revenues drop by 80%.

Its Japanese owner Park24 has told the firm that it will withdraw funding if NCP's restructuring is unsuccessful.

NCP said the court process was a "last resort" to safeguard the future of its business and 1,000 staff.

The firm said it had tried to agree deals with the landlords to reduce its rent burden on the 500 sites it operates. A withdrawal of funding from its owner could cause NCP to become insolvent.

"NCP has been deeply impacted since last year due to the pandemic - sales during the full lockdowns have typically been about 80% below normal levels; outside lockdown they have not grown beyond about 50% for any length of time," the firm said.

It added that the pandemic had "rapidly accelerated the pace of societal change", citing a combination of increased flexible working, traffic control measures and the rapid growth of online shopping as the reasons why fewer people were visiting cities and town centres.

"This is not a short-term problem ‒ many high streets and train stations are unlikely to ever recover their pre-pandemic footfall," NCP said.

The British Retail Consortium estimates that non-essential retail stores lost around £22bn in sales in 2020 due to lockdown measures, as footfall declined by 40%.

However, after lockdown restrictions on non-essential shops lifted on 12 April, footfall across all UK shopping destinations was up 87.8% week-on-week, according to analyst Springboard, as consumers decided to treat themselves, after months of being unable to go shopping.

NCP said that it had tried to make deals with its landlords to reduce its rent burden, but "sufficient agreements" to make the business viable had "not been forthcoming".

The court process is different from a company voluntary arrangement (CVA), in that landlords can be compelled to accept changes in contracts, even if they do not agree, following new insolvency legislations introduced in June.

NCP estimates that 85% of its landlords support its restructuring proposal.

"Park24, NCP's major shareholder, remains supportive of its restructuring plan, but given the UK operation's ongoing losses, has stated that it will only continue funding the business if the restructuring plan is successful," the firm said.

"NCP remains committed to working constructively with its landlords and all of its creditors and delivering a long-term mutually beneficial outcome for them through this restructuring plan."-BBC

'Urban flight' raises house prices in villages

Evidence of urban flight - with workers moving out of cities to towns and villages - is among the reasons for house price rises in rural areas, a think tank has said.

Property values in less densely-populated areas have risen almost twice as fast as in urban hubs, the Resolution Foundation has said.

The pandemic has prompted a search for space, both inside and outside homes.

But the think tank said many people were still living in overcrowded homes.

Various surveys have shown increases in demand for properties in areas such as Cornwall, and rises in prices as a result.

High demand from buyers has led to accelerating price growth in general across the UK.

The Resolution Foundation said that since February 2020, prices had gone up by more than 10% in the least densely populated 10th of local authorities in the UK, compared to rises of 6% for the most populous deciles.

Its housing outlook report also suggested smaller, more limited properties - such as flats - had become less attractive to buyers when compared to more spacious homes.

Temporary stamp duty holidays had boosted the purchasing power of movers rather than first-time buyers, allowing them to look to buy larger properties.

But the think-tank, which focusses on people on lower incomes, said it was too early to tell whether these trends seen during the pandemic would continue in the long-term.

It warned that there were one-in-five children in low-income households who spent the first lockdown in an overcrowded home, and people of all age groups were more likely to live in overcrowded conditions now than they were 20 years ago.

Cara Pacitti, economist at the Resolution Foundation, said: "For many families, escaping to the country is no more than a pipe dream, and the overcrowding that they have faced during the pandemic must be addressed."

Chancellor Rishi Sunak has told MPs that the government's intervention in the housing market during the pandemic supported the wider UK economy.

He said the extension to the stamp duty holiday announced in the Budget was "to smooth the transition back to normal".-BBC

Banks fail in bid to share cost of refunding scam victims

Negotiations between banks to create a permanent, central pot of money to refund scam victims have collapsed.

Seven banks and building societies had signed up to an interim, shared arrangement, but will now pay for refunds individually.

The pot was being used to fund repayments when neither the bank nor customer were to blame for fraudsters stealing money.

An ongoing code means victims should not lose out on refunds.

Fraud epidemic 'is now national security threat'

In so-called authorised push payment scams, victims are often duped into transferring money to a fraudster in the belief they are a legitimate trader or service.

Thousands of people become victims each year, and millions of pounds are stolen.

A code agreed between banks, affecting customers of 19 financial brands, was signed in 2019 to ensure the victims of these scams are refunded if they have done nothing wrong.

Research has suggested a varying degree of success between different banks in compensating victims.

Central fund

Alongside the code, a plan was drawn up for banks to contribute to a central pot of money. After refunding a victim, the banks could then claim that money from the central pot.

Only seven banks signed up. They were Barclays, HSBC, Lloyds Banking Group, Metro Bank, Nationwide Building Society, NatWest and Santander.

Others - with low fraud levels- deemed it unfair, while TSB decided it would refund victims independently, in all cases.

The signatories, and the banking trade body UK Finance, had hoped others would contribute to a permanent pot, including organisations - such as mobile phone providers - which fraudsters may have taken advantage of to trick victims.

Plans for a permanent central pot of money have now been dropped after months of talks, and various extensions to the interim arrangements.

Katy Worobec, managing director of economic crime at UK Finance, said: "The interim funding pot was originally set up because we had asked that government and regulators work with industry to find a long-term solution to funding of 'no blame' cases, involving other sectors like online platforms, which are used by criminals to perpetrate the fraud, contributing to reimbursing the customer. Sadly, that is yet to happen."

Vim Maru, from one of the original signatories, Lloyds Banking Group, said: "There will be no change for our customers. When the central funding arrangement was first put in place, it was expected that those organisations in the wider ecosystem would also contribute.

"As this has not happened, the arrangement is no longer needed. Protecting our customers from fraud remains our priority and we are committed to reimbursing victims of scams in line with the voluntary code."-BBC

UK housing market 'on the boil' as prices rise

UK house prices rose by 7.1% compared with a year ago, the Nationwide has said, prompting one analyst to suggest the market is "on the boil".

The building society said the average property price had risen by £15,916 in the last year, to reach £238,831.

The Nationwide said increased savings during lockdown meant some first-time buyers would be better placed to afford a home.

But prices could continue to rise as homes available did not match demand.

Lucy Pendleton, from independent estate agents James Pendleton, said: "This market is on the boil.

"Silly season might be just around the corner. That's when a seller's market becomes entrenched against a backdrop of very high demand and you start to see open houses for properties that are nothing special and a return of gazumping."

The Nationwide said that prices rose sharply in April, up by 2.1% compared with March.

Year-on-year price growth accelerated as well, driven in part by the extension in stamp duty holidays in England, Wales and Northern Ireland.

house prices

The pandemic has led some people to reassess their domestic set-up, with demand for more space coming to the fore.

"Our research suggests that while the stamp duty holiday is impacting the timing of housing transactions, for most people it is not the key motivating factor prompting them to move in the first place," said Nationwide's chief economist, Robert Gardner.

The state of the market saw some people queuing overnight outside an estate agent in Wales as homes for a new development went onto the market.

Nationwide's figures are based on its own mortgage data, and it suggests that the market is likely to continue to be busy for the next six months, owing to the stamp duty relief.

Price growth was also likely to accelerate, it said, with demand expected to exceed the supply of homes on the market.

Savings boost

That is generally bad news for first-time buyers, but the building society said some - with the help of their families - would be in a better position having had the opportunity to save money during the pandemic.

A typical first-time buyer would need to save £19,500, or around 50% of their gross earnings, for a 10% deposit on a mortgage, Mr Gardner said.

"The fact that around a third of first time buyers in England in 2018-19 said that friends or family helped them to raise a deposit through a loan or gift suggests that the recent surge in savings will help some, but that the impact won't be spread evenly," he said.

On the same day, Barclays boss Jes Staley said that built-up savings would help to create the biggest economic boom since the aftermath of World War Two in the UK.

The Nationwide said that the longer-term outlook for the housing market was more "uncertain".

"If unemployment rises sharply towards the end of the year as most analysts expect, there is scope for activity to slow, perhaps sharply," Mr Gardner said.

Nicky Stevenson, managing director at estate agent Fine & Country, said: "Numbers like this won't last forever but the market may not begin to unwind until the busy summer season is out of the way."-BBC

EXCLUSIVE Tesla, under scrutiny in China, steps up engagement with regulators

Electric vehicle maker Tesla Inc (TSLA.O), facing scrutiny in China over safety and customer service complaints, is boosting its engagement with mainland regulators and beefing up its government relations team, industry sources said.

Tesla's change of strategy leading to more behind-the-scenes interaction with policymakers in Beijing compared to relatively little previously shows the seriousness with which the U.S. automaker views the setbacks in its second-biggest market.

It also comes at a time when China is trying to regulate large and powerful private companies, especially in the technology sector, on concerns about their market dominance. 

Tesla did not immediately respond to a request for comment on Monday, a public holiday in China.

As they do elsewhere, regulators in China, the world's biggest auto market, discuss industry policies and standards with global and local companies, industry associations and think tanks.

Manufacturers typically join such meetings in China, but unlike rivals including Toyota Motor (7203.T) and General Motors Co (GM.N), Tesla officials were largely absent from the closed-door gatherings, according to four people familiar with the matter.

Instead, Tesla officials regularly speak at high-profile industry conferences. Outside China, Tesla's outspoken chief executive Elon Musk regularly takes to Twitter to comment on or criticise regulators or rules.

But in past weeks, Tesla executives attended at least four policy discussions, on topics including auto data storage, vehicle-to-infrastructure communication technologies, car recycling and carbon emissions, the people said.

California-based Tesla, which makes electric Model 3 sedans and Model Y sport-utility vehicles at its own plant in Shanghai, did not make major commitments at the meetings, but participated in some discussions, they said.

RECRUITMENT ADS

Tesla is also expanding its government relationship team in China, one of the sources said.

According to two recruitment advertisements in April on its WeChat account, Tesla is hiring managers to update a policy database and maintain relationships with government and industry associations to "build a harmonious external environment to support Tesla's business development in the regional market."

It was not immediately clear how many managers Tesla was planning to hire for government relations.

Accounting for roughly 30% of Tesla's global sales, China is the automaker's second biggest market after the United States and helped it post record first-quarter vehicle deliveries. 

Pressure has been building over the past few months on Tesla's mostly excellent relations with Beijing.

In February, Chinese regulators summoned it over consumer reports of battery fires, unexpected acceleration and failures in over-the-air software updates. 

And in March, Tesla came under scrutiny when the military banned its cars from entering its complexes, citing security concerns over vehicle cameras, sources told Reuters at the time. Days later, Musk appeared by video at a high-level forum, saying that if Tesla used cars to spy in China or anywhere, it would be shut down. 

Last month, Tesla was targeted by state media and regulators after a customer, angry over the handling of her complaint about malfunctioning brakes, climbed on top of a Tesla car in protest at the Shanghai auto show. Videos of the incident went viral. 

Grace Tao, a Tesla vice president who heads its government relations effort in China, was criticised in state media last month after she was quoted in a media interview questioning whether the aggrieved customer was acting on her own. 

In response to the different complaints, Tesla has said it would set up a China data center, launch self-inspection to improve services and work with regulators. 

Our Standards: The Thomson Reuters Trust Principles.

TSMC says can catch up with auto chip demand by end June -CBS

Taiwan Semiconductor Manufacturing Co Ltd (TSMC) (2330.TW), expects to be able to catch up with the "minimum requirement" of customer demand for auto chips by the end of June, its chairman told U.S. broadcaster CBS.

Automakers around the world are shutting assembly lines due to the shortage of chips for the industry, which in some cases have been exacerbated by the former U.S. administration's actions against Chinese chip factories.

Taiwan, home to a booming semiconductor industry, is front and centre of efforts to resolve that problem, and its chipmakers have vowed to ramp up capacity.

Speaking to CBS' 60 Minutes in comments broadcast on Sunday, TSMC Chairman Mark Liu said they first heard about the shortages in December and the following month began trying to squeeze out as many chips as possible for automakers.

"Today, we think we are two months ahead, that we can catch up the minimum requirement of our customers, before the end of June," he said.

Asked he meant the auto chip shortage would end in two months, he said "no".

"There's a time lag. In car chips particularly, the supply chain is long and complex. The supply takes about seven to eight months," Liu added.

TSMC is the world's largest contract chipmaker.

While the chip shortage began first being felt by automakers, it has since spread to other sectors like consumer electronics.

Our Standards: The Thomson Reuters Trust Principles.

Online share of retail sales jumps to 19% amid lockdowns - UN

Online sales accounted for nearly a fifth of total retail turnover last year as lockdowns to combat the spread of the coronavirus pandemic fuelled a boom in e-commerce, a United Nations study released on Monday showed.

Online sales accounted for 19% of overall retail sales in 2020, up from 16% a year earlier, according to estimates from the UN Conference on Trade and Development (UNCTAD) based on national statistical offices in major economies.

South Korea reported the highest share at 25.9%, up from 20.8% the year before. China had a 24.9% share, Britain 23.3% and the United States 14.0%.

Global e-commerce sales rose 4% to $26.7 trillion in 2019, according to the latest estimates available, UNCTAD said. This included business-to-business (B2B) and business-to-consumer (B2C) sales, and was equivalent to 30% of global economic output that year.

The pandemic led to mixed fortunes for leading B2C e-commerce companies in 2020, according to the report.

Data for the top 13 e-commerce firms, 11 of which are from China and the United States, showed a notable reversal of fortunes for platform companies offering services such as ride hailing and travel, which saw sharp declines in gross merchandise volume (GMV).

"For instance, Expedia (EXPE.O) fell from 5th place in 2019 rankings to 11th in 2020, Booking Holdings (BKNG.O) from 6th to 12th and Airbnb (ABNB.O), which launched its initial public offering in 2020, from 11th to 13th," it said.

China's Alibaba (9988.HK) remained atop the rankings by GMV, followed by Amazon (AMZN.O) in the United States.

Despite the drop at services companies, total GMV for the top 13 B2C e-commerce companies rose by 20.5% to $2.9 trillion in 2020, outpacing the 17.9% gain in 2019.

Our Standards: The Thomson Reuters Trust Principles.

Ethereum breaks past $3,000 to quadruple in value in 2021

Cryptocurrency ether broke past $3,000 on Monday to set a new record high in a dazzling rally that has outshone the bigger bitcoin, as investors bet that ether will be of ever greater use in a decentralised future financial system.

Ether , the token transacted on the ethereum blockchain, rose 3% on the Bitstamp exchange to $3,051.99 by lunchtime in Asia. It is up more than 300% for the year so far, easily outpacing a 95% rise in the more popular bitcoin.

In part, the big rally is a catch-up to late 2020 gains in bitcoin, said James Quinn, managing director at Q9 Capital, a Hong Kong cryptocurrency private wealth manager.

It also reflects improvements to the ethereum blockchain, he said, and a growing shift towards "DeFi", or decentralised finance, which refers to transactions outside traditional banking for which the ethereum blockchain is a crucial platform.

"At first, the rally was really led by bitcoin because as a lot of the institutional investors came into the space, that would be their natural first port of call," Quinn said.

"But as the rally has matured over the last six months, you have DeFi and a lot of DeFi is built on ethereum."

The launch of ether exchange-traded funds in Canada and surging demand for ether wallets to transact non-fungible tokens such as digital art have also pushed up the price.

The ether/bitcoin cross rate has soared more than 100% this year and hit a 2.5-year high on Sunday, pointing to a degree of rotation into the second-biggest cryptocurrency as investors diversify their exposure.

"Surging DeFi volumes continue to push ethereum prices higher as investors gain confidence in crypto and see ethereum as a safe second-place asset," said Jehan Chu, managing partner at Hong Kong blockchain venture capital firm Kenetic Capital.

Illustrating the momentum for such new transactions, Bloomberg reported last week that the European Investment Bank plans on issuing a digital bond over the Ethereum blockchain, while JP Morgan plans a managed bitcoin fund. 

Bitcoin , the world's biggest crypto asset with more than $1 trillion in market capitalisation, regained the $50,000 mark last week and hovered around $58,000 on Monday, up about 3% but well below its record high at $64,895.22.

The U.S. dollar was broadly steady.

Our Standards: The Thomson Reuters Trust Principles.

Analysis: Berkshire Hathaway faces headwinds as shareholders look to its future

Some Berkshire Hathaway shareholders are grappling with how Warren Buffett’s conglomerate will handle a thicket of post-pandemic challenges, including looming inflation, a dearth of acquisitions and demands for more environmental and social disclosures.

Making money at Berkshire used to be like "shooting fish in a barrel, but that's gotten harder," Buffett's long-time business partner Charlie Munger said at the conglomerate's annual meeting on Saturday. 

Investors have long been happy to bet on Buffett outperforming markets, and many remain confident Berkshire's growth will pick up if the U.S. economy continues roaring back from its pandemic-induced slump. Still, some worry the last year may have exacerbated Berkshire's difficulties delivering faster growth.

"We have been reducing our position in Berkshire for a number of years because it appears that we can make more money than he can," said Bill Smead, whose firm, Seattle-based Smead Capital Management has reduced its Berkshire holdings to about 2.2% of its $2.5 billion portfolio, from 5% a decade ago.

With unprecedented government stimulus and rock bottom interest rates threatening to lift inflation, Berkshire may be too big to pivot heavily to companies that could benefit from rising consumer prices, Smead said.

Several Berkshire shareholders expressed frustration that Buffett did not snap up more shares of companies at the beginning of the pandemic, a missed opportunity given the S&P 500's nearly 90% surge from last year's low.

Steve Haberstroh, a partner at Berkshire shareholder CastleKeep Investment Advisors, said it was "frustrating" Berkshire didn’t swoop in to buy distressed companies sooner.

Yet, he was gratified when the company announced share buybacks and new stakes in Verizon Communications Inc (VZ.N) and Chevron Corp (CVX.N) . 

Another issue hampering Berkshire's ability to generate money is historically low interest rates, which the Federal Reserve has pledged to leave at near-zero for years.

Berkshire now earns about $20 million annually on its more than $100 billion in Treasury bills, compared with about $1.5 billion before the pandemic, Buffett said.

"Imagine your wage is going from $15 an hour to $0.20 an hour," Buffett said.

Still, Berkshire has outperformed the S&P 500 year to date, gaining 18.6% versus the index’s 11.84% gain. But it has trailed over the past decade, returning nearly 236% compared with just over 277% for the index.

As the economy improves, Berkshire is poised to benefit, said James Shanahan, an analyst at Edward Jones & Co.

"If it has a challenge, it relates to capital deployment," he said. Berkshire's $145.4 billion cash hoard could swell by $25 billion by year end, he said.

Buffett said he would like to put $70 billion to $80 billion to work through acquisitions.

But the growth of special purpose acquisintion companies, which take private companies public, has made buying whole companies pricey for Berkshire, Buffett said. 

EYE ON SUCCESSION

As in previous years, investors have also been focused on Berkshire's guidance regarding succession.

Among the biggest reasons for Berkshire's success is the relationship between Buffett, 90, and Munger, 97, and the business culture they cultivate.

Both expressed confidence in Berkshire's ability to stay on course once they're gone, and had possible Buffett successors, Vice Chairmen Greg Abel and Ajit Jain, join them on stage at the annual meeting.

"This decentralization won't work unless you have the right kind of culture accompanying it," Buffett said about Berkshire.

"Greg will keep the culture," Munger said of Abel.

Robert Miles, a shareholder who teaches a class on Buffett and Berkshire at The University of Nebraska, called Abel and Jain's presence "a real value-add," in that they fielded several questions and were more visible than in most prior years.

Jain said he and Abel talk every quarter about businesses they oversee.

Abel addressed Berkshire's efforts around environmental, social and governance (ESG) issues topics that were on the meeting's agenda, with two shareholder proposals asking the company's board to publish annual reports on how each of its units addressed them.

Berkshire opposed the proposals, citing its decentralized business model.

Both proposals were rejected, but received support from around one quarter of the votes cast, suggesting greater discontent than Berkshire shareholders historically have demonstrated.

"These are complex topics that warrant ongoing dialogue," said Caitlin McSherry, Director of Investment Stewardship at Neuberger Berman, a Berkshire shareholder that backed the proposals.

Smead, of Smead Capital Management, looks forward to when Berkshire will again become a frequent buyer of choice for companies looking to sell.

"We would (add) where they are back to shooting fish in a barrel," he said.

Our Standards: The Thomson Reuters Trust Principles.

Siemens Healthineers raises outlook on demand for rapid COVID-19 tests

German health technology company Siemens Healthineers (SHLG.DE) raised its full-year sales and profit forecast on Monday, as the COVID-19 pandemic continues to drive demand for its rapid antigen tests.

The group now expects sales to grow 14% to 17% in the year to September, up from a previous forecast for 8% to 12% rise. Adjusted basic earnings per share are seen at 1.90 euros to 2.05 euros versus an earlier forecast of 1.63 euros to 1.82 euros.

The upbeat outlook is helped by booming demand for the company's COVID-19 rapid tests, which are mainly sold in Germany and generated sales of 190 million euros ($228 million) in the second quarter alone.

Siemens Healthineers said it now expects rapid antigen test revenue of around 750 million euros for its full fiscal year, up from 300 million to 350 million forecast previously.

Comparable sales in the January-March period, Siemens Healthineers' fiscal second quarter, rose almost 13% to 3.965 billion euros. Net income increased by 8% to 447 million euros.

Makers of medical-imaging gear are also benefiting from pent-up demand from hospitals, which delayed ordering in the earlier stages of the pandemic. Dutch rival Philips (PHG.AS) posted a hefty jump in quarterly profit last week. 

Healthineers said sales in its imaging business were up 7%, driven by double-digit growth in its computed tomography and X-ray products.

The company aims to become a world leader in cancer care therapy with the $16.4 billion acquisition of U.S. peer Varian , which it completed last month.

($1 = 0.8319 euros)

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BP seeking to build wind farms off Scotland - The Times

BP Chief Executive Officer Bernard Looney told The Times the firm was looking at bidding in the forthcoming Crown Estate Scotland auction to lease the seabed off Scotland for offshore wind projects.

Bids for the ScotWind process, offering 17 areas spanning 8,600 square km (3,320 square miles) of seabed, are yet to be finalised with a deadline of July 16, The Times reported.

BP is working on bidding jointly for the Scottish leases with EnBW Energie Baden Wuerttemberg AG (EBKG.DE), the German regional utility it partnered with on its first move into Britain's offshore wind market in February in the Irish Sea, The Times report said.

In February, BP won two sites representing a total of 3 gigawatts (GW) jointly with EnBW, in what Bernstein analysts called a "highly contested race". 

It aims to ramp up renewable power generation from 3.3 GW at present to 50 GW by 2030, while slashing oil output to reduce greenhouse gas emissions. 

Our Standards: The Thomson Reuters Trust Principles.

Apollo nears deal to buy Verizon's media assets - source

Apollo Global Management Inc (APO.N) is close to buying the media assets of Verizon Communications Inc (VZ.N) in a deal that could be valued close to $5 billion, a source familiar with the matter told Reuters.

Bloomberg had reported earlier on Sunday the announcement could come 'as soon as Monday.'

Verizon Communications and Apollo Global Management did not immediately respond to Reuters request for comment.

Last week, Wall Street Journal reported that Verizon was exploring a sale of its media assets, which include Yahoo and AOL.

Verizon has struggled to grow its media properties, declaring them nearly worthless with a $4.6 billion write-down in 2018.

In 2019, it divested blogging platform Tumblr for an undisclosed sum and last year sold news website HuffPost to BuzzFeed. Verizon also tested the market for potential buyers of Yahoo Finance, according to Reuters reporting, but had ultimately ended that search.

Our Standards: The Thomson Reuters Trust Principles.

Intel will ‘focus’ less on buying back company stock -CEO

The chief executive of the biggest U.S. chip-maker, Intel Corp (INTC.O), said the company is going to curb its focus on buying back its own stock.

"We will not be anywhere near as focused on buybacks going forward as we have in the past," Intel Chief Executive Officer Pat Gelsinger said in an interview on the CBS news magazine "60 Minutes" to air on Sunday night.

Gelsinger's comments were in response to a question comparing how much Intel has spent buying its own stock compared to its investment in research and development.

A global shortage of semiconductor chips, critical in cars, laptops and other major consumer products, has put a spotlight on Intel, the only major U.S. chip manufacturer.

In the first quarter, Intel spent $2.3 billion on share repurchases, according to Bloomberg, which first reported Gelsinger's comments.

The new CEO said in March that Intel will spend up to $20 billion to build two new factories in Arizona, greatly expanding its advanced chip manufacturing capacity. The majority of chips are currently produced in Asia.

According to a transcript of the "60 Minutes" interview, Gelsinger said Intel is also planning to reconfigure some factories to make chips for cars. Ford Motor Co (F.N), General Motors Co (GM.N) and other automakers have cut production due to the shortage.

Intel’s board of directors support the move to curtail stock buybacks, Gelsinger said.

Our Standards: The Thomson Reuters Trust Principles.

Tanzania: Bank Staff Facilitates Oxygen Machine Installation in Hospital

NMB bank, through its Treasury Department staff, has handed 3.8m/- to the management of Chanika Hospital in Ilala, Dar es Salaam, to facilitate the installation of the Oxygen System in the hospital.

Speaking at the handover ceremony at the hospital over the weekend, NMB Treasury Representative Samira Saleh said the amount formed part of the staff contribution on individual basis to install the machine that would save lives, especially to pregnant mothers and their babies during deliveries.

"In support of the government's efforts to reduce maternal and child mortality, as President Samia Suluhu Hassan has been urging us to contribute for the safe delivery of mothers and their babies, we have decided to contribute this amount to install the Oxygen system here, to support approximately 30 mothers giving birth here every day.

"We believe this support is going to create a safe medical environment for patients in need of intensive care (ICU), Neonatal Care Unit (NCU) and Emergency Unit, thus reducing the need for referrals to Amana and Muhimbili National Hospital," said Samira.

On receiving the support, Chanika Hospital Chief Physicians Dr. Willy Sangu, said the institution receives a large number of patients, mainly due to the increase in population and mushrooming residential areas, hence, the Oxygen installation will save several lives in various Wards, especially in this period when respiratory ailments pose challenges.

Meanwhile, the bank also donated 60 tables and their chairs to Mtambani and Mgeule Primary Schools in Tabata, Ilala in Dar es Salaam, worth 14 m/- as well as 170 iron sheets valued at 5m/- to Mnauka High School in Newala District, Mtwara Region over the weekend.

Speaking before handing over the items, bank's Dar es Salaam Regional Manager, Donatus Richard, said the donation was part of their Community Responsibility (CSR) program that is continuous especially through their 1 percent annual profit deduction as plough back to the community to support the citizens' education, health and disaster sectors.

"We have provided 30 tables and 30 chairs for each school, believing that this support will now improve the teaching environment by increasing the morale of the Mtambani and Mgeule teachers for the well-being of the children studying here," said Richard-Daily News.

Kenya: Top Ten African Countries With the Most Debt Owed to China

China's business dealings in Africa are raising eyebrows.

The Asian giant has in the past decade or so been involved in several multi-billion shillings projects, amid reports of kickbacks, a lack of accountability to a certain level, and high interest rates.

This has left many African countries in debt.

Kenya has not been spared, following a recent debate on whether the Standard Gauge Railway (SGR) project which was facilitated by the Chinese has been value for money thus far.

Here are some of the African countries that heavily owe China.

1. Angola - It is the most indebted African country, as per the African insider, with an estimated debt of $25 billion (about Sh2.5 trillion). The Southern African nation has appeared to struggle to pay off this debt, with reports most of the sales from its oil are channeled towards repayment.

2. Ethiopia - The Eastern Africa country comes in a distant second on this list, with a reported $13.5 billion debt. Most of this debt was used to fund infrastructure projects.

3. Kenya - Kenya is third, with about $7.9 billion (about Sh800 billion). Most of these lessons were accessed during President Uhuru Kenyatta's regime amid reports a huge chunk of it was lost to corruption. Further reports suggest the country, considered an economic giant in East Africa has in recent times struggled to pay off these debts.

4. Republic of Congo - Next is the republic of Congo with a $7.5 billion (Sh750 billion) bill. It is reported that corruption has played a major role in the escalation of the debt to such egregious levels.

5. Sudan - Makes to the list in fifth place. The conflict-torn country has an estimated debt of over $6.4 billion (Sh640 billion).

6. Zambia - Just like Kenya, China has sponsored a lot of projects in the landlocked country which has left it with a whopping $6.5 billion (Sh650 billion).

7. Cameroon - The West African nation's $5.5 billion (Sh550 billion) bill places it 7th on the list. It was however recently revealed that China was in talks to cancel part of this debt.

8. Nigeria - Nigeria owes China $4.8 billion (Sh480 billion) with the ties between the two countries so deep that the African nation has accepted the Chinese Yuan as a reserve currency.

9. Ghana - Its debt to China sits at $3.5 billion (about Sh350 billion).

10. The Democratic Republic of Congo - Completes the top-ten lists of countries that owe China at $3.4 billion (Sh340 billion). China has reportedly asked for precious natural resources and minerals in exchange for the cash.-Nairobi News.

Malawi Leader Announces Measures to Improve Conditions for Workers

Blantyre, Malawi — Malawian President Lazarus Chakwera has announced reforms his administration will take to create better conditions and rights for workers in his country. Presiding over a commemoration for Internationals Workers Day Saturday at his State House in Blantyre, Chakwera noted that a decent work environment and workers' rights are compromised in Malawi.

Chakwera started the event by leading a solidarity walk within the State House premises with various representatives of workers' unions in Malawi.

In his speech, Chakwera said he is aware of labor-related challenges which have come about because of the impact of the COVID-19 pandemic.

"The fact is that the pandemic has been hard for all workers, costly for most workers, life threatening for many, devastating and fatal for some. And we must tailor our assistance to workers regarding these things without creating a false equivalence between the various scenarios. It makes sense to treat those workers as priority for personal and social protection," he said.

Chakwera, who came into power in June following a rerun vote, announced reforms his administration will make to safeguard good working conditions for Malawian workers.

"In the new Malawi we are building, no worker should be paid below the new minimum wage ($62 per month) we have put into effect since I took office. In the new Malawi we are building, tenancy labor, forced labor and child labor will all be abolished. In the new Malawi were building, no foreign person who employs Malawians and mistreats them, will continue to have the privilege of living here," Chakwera said.

Luther Mambala, president of the Malawi Congress of Trade Union, says the government should also address salary gaps between expatriate workers and local employees.

"If you have got the same qualification or even higher qualification than somebody coming from foreign countries, he will actually be getting more salary than you because you are a Malawian. We said it's not a sin to be a Malawian. So, Malawians should be treated equality to that particular person and not all expatriates have got the expertise that Malawians don't have," he said.

Mambala added that the government should consider enacting legislation that would protect workers who are laid off because of situations like COVID-19. Employees from various industries within the private sector also shared difficulties they encounter in the workplace.

Gladys Gondwe, who works for a manufacturing company in Blantyre, complained about working conditions.

"Workers like me from the private sector are exploited. They will give you work that they know you can't finish at the specific time. So, you do the work and you add some hours, but they will say, 'We don't have that overtime policy.' To me that's exploiting workers," she said.

Another concern, Gondwe said, is a lack of medical insurance for most workers in the private sector.

"It's pathetic that workers will work hard but by the end of the day they will find it difficult to get medical help, so, if government could, make it mandatory for all private sectors [employers] to offer medical insurance to their workers," she said.

Chakwera said the government is working on new labor laws that will address concerns raised by workers.- VOA.

Ethiopia, Kenya Exchange Views to Deepen Ties

The Ambassador Extraordinary and Plenipotentiary of the Federal Democratic Republic of Ethiopia, ambassador Meles Alem paid a courtesy call on the Cabinet Secretary for Foreign Affairs of the Republic of Kenya, Raychelle Omamo at her office on Saturday .

During the meeting, Ambassador Meles briefed CS Omamo the tripartite negotiations on the GERD, Arkebe Eqoubay's candidate as the Director General of the UNIDO, the Ethio-Sudan border issue, the situation in Tigray as well as the upcoming national elections in Ethiopia.

The Cabinet Secretary said Kenya is keen to deepen the traditional ties with Ethiopia and expressed her confidence that the parties would solve the GERD and border issues peacefully under the rubric of the pan-African philosophy of "African Solutions for African Problems. "

CS Omamo noted borders should be areas of cooperation rather than sources of confrontation between and among the contiguous States. Regarding the general elections she expressed Kenya's firm belief in the capacity of the Government of Ethiopia to ensure that the transition to democracy is undertaken smoothly.

As an African Union endorsed Ethiopian candidate for the seat of the Director General of the UNIDO, CS Omamo reiterated Kenya's unwavering support to the candidature of Arkebe Eqoubay (Ph.D)for the post.

She also expressed Kenya's desire to take the longstanding diplomatic ties of Kenya and Ethiopia a notch higher through continued engagements and revitalization of the plethora of strategic bilateral agreements.

Ambassador Meles, on his part, reiterated Ethiopia's firm commitment to the guiding principles and philosophies of the African Union - "African Solutions for African Problems"- to effect a peaceful resolution of the issues surrounding the GERD and the Ethio-Sudan border.

He said the Nile belongs to all riparian countries and that it requires to institute mechanisms geared towards fair and equitable share of the waters to ensure that both Ethiopia and the low riparian countries of Egypt and the Sudan benefit accordingly.

The border between Ethiopia and Sudan, Ambassador Meles noted, should not have been a source of conflict rather cooperation as the two countries share not only common borders but also common people since time immemorial. In this regard, the Ambassador underscored Ethiopia's firm commitment to bring about a peaceful solution to the matter through negotiations once status quo is restored.

In light of the upcoming national elections in Ethiopia due to take place in June 2021, Ambassador Meles, told CS Omamo that the GoE is working tirelessly to ensure that the elections are conducted in a free, fair and peaceful manner as this year's elections mark a watershed moment in shaping Ethiopia's future for the better .

Appreciating the Government of Kenya for its unwavering support to the Ethiopian candidate running for the post of the DG of UNIDO, the Ambassador noted that, Ethiopia and Kenya as strategic partners for over six decades need to work closely to further enhance their multifaceted diplomatic ties that have been chiefly characterized by stability and consistency, among other things.-Ethiopian Herald.

Tanzania: Samia Speech Spells Hope

THE government has outlined various measures to be taken in the next financial year 2021/2022 to improve the welfare of workers, including reducing Pay as You Earn (PAYE) charged on salaries by 1 per cent and scrap other charges that afflict the employees.

President Samia Suluhu Hassan said yesterday when addressing workers during the commemoration of the International Workers' Day held at national level in Mwanza that the measures will provide relief to workers.

"I am aware that workers' salaries have not been increased for approximately six years in the public sector and eight in the private sector, I personally wish that your salaries are increased this year, but unfortunately I have failed to fulfill your expectations," Samia said.

The Head of State explained that there were various factors which contributed to the government failure to raise workers' salaries, including the outbreak of coronavirus pandemic which has slowed the country's economic growth from 6.9 per cent to 4.7 per cent.

She added that apart from the outbreak of the pandemic, the measures intended to be taken by the government to scrap nuisance taxes and other charges will also affect revenue collections.

"Therefore based on these factors, it has been difficult for me to increase the salaries this year, but the government intends to take various steps to improve the welfare of workers," President Samia said.

She said that in the coming financial year, the government intends to promote between 85,000 and 91,000 employees who will cost 449bn/-, pay 60bn/- as salary arrears to civil servants, changing the civil service structure which will cost the state 120bn/-, and employ 40,000 workers to reduce the workload to employees, especially in health and education sectors.

Ms Samia further said that the government has also reduced PAYE charged on salaries from 9 to 8 per cent.

Previously, the fifth phase government reduced income tax by 2 per cent, from 11 per cent to 9 per cent, and the deduction becomes effective at the begging of this financial year expected to end in June this year.

She added that in addition to the measures, the government will also control inflation. "It is my expectation that these steps will provide relief to workers... but I assure you (workers) that next year I will come up with a good package of salary increment," she said.

She added that the salary increment will also include review of minimum wage for public and private sectors.

President Samia therefore directed respective authorities to speed up the formation of wage boards so that they can start working over the matter and recommend the minimum wage.

Meanwhile, on delays in payment of retirement benefits, President Samia directed social security schemes to make sure all retired employees are paid their dues.

She added that the government will start paying the workers their terminal benefits this month and continue in the following months until all of them are covered.

On other workers 'claims, Ms Samia said that the government has been clearing the debts as it accomplishes the verification.

She said that between July last year and April this year, the government paid workers' claims worth 74bn/- to 36,126 civil servants, of which 32,669bn/- was paid to 11,272 teachers.

"During the same period, the government also paid non-salary arrears worth worth18,220bn, and verification of salary arrears for 8,334 workers is in progress," Ms Samia noted.

She further warned public institutions to stop generating unnecessary debts, such as transferring workers without having a budget for transfer allowance, and also presenting false claims because they have been delaying the payment process.

"Some institutions have been presenting fake claims, therefore government has to verify them in order to ascertain their validity before effecting the payments," she said.

Trade Union Congress of Tanzania (TUCTA) Acting Secretary General, Said Wamba said that workers' salaries have not been increased for eight years in the private sector and six years in the public sector, a situation which has affected the morale of employees.

He said that the cost of living has continued to rise while employee's payments have not changed.

The SG said that the minimum wage for workers in the country has continued to be low over the past six years compared to the rising cost of living.

In private sector, the minimum wage is between 40,000 and 60,000 for domestic workers, while the wage for industrial and farm workers is 100,000/-.

These rates were announced in Government Notice 196/2013. In the public sector the minimum wage is 300,000/- which was announced in 2015.

He said that the wages are too low to enable workers meet their basic needs, taking into account the high cost of living Mr Wamba called on the government to review the wages to enable workers meet the cost of living.-Daily News.

Nigeria Increases Funding for Local Manufacturers to Up GDP in 2021

The Nigerian government is increasing financial support and tax reliefs for local manufacturers to bolster the country's gross domestic product (GDP).

The GDP measures national income and output for a given country's economy. It is equal to the total expenditures for all final goods and services produced within the country in a stipulated period of time.

In 2020, Nigeria's GDP amounted to 152,32 trillion Naira, over 400 billion U.S.dollars. Between October and December 2020, the gross domestic product of Nigeria reached 43,56 trillion Naira.

The federal government said increasing local manufacturing is essential for Nigeria's local firms to become Africa's preferred manufacturing hub and a dominant force in the African Continental Free Trade Area regime.

The Managing Director, NEXIM Bank , Abubakar Abba Bello; Executive Secretary, Nigerian Investment Promotion Commission (NIPC), Ms Yewande Sadiku, and the Director-General, Nigerian Export Promotion Council (NEPC), Mr Segun Awolowo, stated this yesterday after inspecting facilities at the Halibiz Industries in the Idu Industrial Layout, Abuja.

President of the firm, Qs Adamu Aliyu, had earlier in his presentation said a Fast-Moving Consumer Goods (FMCG) manufacturing firm like Halibiz Industries that is creating jobs and adding value to the FMCG eco -system would need Pioneer Status to expand.

According to him, the company has come up with innovative solutions for scaling up inclusive business in the fast moving consumer goods sector.

Aliyu said the company is also making use of technology to beat longstanding challenges and build on emerging opportunities in an evolving marketplace, adding that it has completely automated its manufacturing process.

He further stated that the company's business approach is to retail quality goods at competitive prices.

He added that the Pioneer Status he is seeking, would provide a buffer to enable the timely recoupment of capital investments incurred by the company at the start-up stages,

As part of the company's ambitious growth and expansion plans, Aliyu told the chief executives that he was eyeing the export market, specifically the AfCFTA with the company's top quality product lines.

Also to accommodate the vision of the company, he disclosed that more structural expansion is presently ongoing in the company.

He also said there are ample opportunities if the country can produce what it consumes, as it would not only create jobs but also feed the world.-Vanguard News Nigeria

Invest Wisely!

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INVESTORS DIARY 2021

Company

Event

Venue

Date & Time

FCB

AGM 

virtual

06/05/21 : 3pm

NMB

AGM

virtual

1205/21 :  3:30pm

Africa Day

25/05/21

Companies under Cautionary

ART

PPC

Dairibord

Starafrica

Fidelity

Turnall

Medtech

Zimre

Nampak Zimbabwe

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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.

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