Major International Business Headlines Brief::: 04 May 2021

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Major International Business Headlines Brief::: 04 May 2021

 


 

 


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ü  Investor Warren Buffett names Berkshire Hathaway successor

ü  Yahoo sold again in new bid to revive its fortunes

ü  EU unveils plans for overseas tourists to return

ü  £1bn UK-India trade deals will create 6,000 UK jobs, says PM

ü  Epic Games CEO cites Apple’s ‘total control’ over iPhones at first day of
antitrust trial

ü  Asia's share markets edge up on recovery signals

ü  Ethereum extends gains to fresh record above $3,400

ü  Sticking with remote work? Businesses are betting on it

ü  Supply chain bottlenecks amid roaring demand slow U.S. manufacturing

ü  Uber, Lyft have a California playbook to fight proposed U.S. rules on
workers

ü  'Reopening' stocks give S&P 500, Dow strong footing, tech names lag

ü  Under Armour to pay $9 million to settle SEC charges

ü  Africa: One in Two People Globally Lost Income Due to the Pandemic -
Gallup

ü  Nigeria: When Proposed Database for Livestock Stirred Heated Debate in
Senate

ü  Nigeria: Enforcing Compulsory Building Insurance

ü  Kenya: Maasai Mara University to Manufacture Reusable Sanitary Towels

ü  Kenya: We Can't Breathe - Kenyans Choke Under Cost of Living

 

 

 

 

 

 

 

 


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Investor Warren Buffett names Berkshire Hathaway successor

Investor Warren Buffett has confirmed that Berkshire Hathaway's
vice-chairman, Greg Abel, will succeed him as chief executive.

 

Mr Buffett built Berkshire Hathaway from a failing textile maker into a
$628bn (£452bn) investment juggernaut.

 

Although he is 90 years old, Mr Buffett has given no indication he plans to
step down.

 

However, there has been speculation for more than a decade about who will
succeed him.

 

"The directors are in agreement that if something were to happen to me
tonight, it would be Greg who'd take over tomorrow morning," Mr Buffett
confirmed to CNBC.

 

Mr Abel helped build Berkshire Hathaway's energy unit into a major US power
provider.

 

Since 2018, the Canadian has been a vice-chairman, overseeing Berkshire
Hathaway's non-insurance businesses.

 

Vice-chairman Charlie Munger may have tipped the company's hand by accident
at Berkshire Hathaway's annual meeting over the weekend.

 

When answering questions about the company's decentralised business model,
Mr Munger emphasised its importance and said, "Greg will keep the culture."

 

Mr Munger made no mention of Ajit Jain, another well-regarded contender for
the job who had overseen Berkshire's insurance businesses.

 

Mr Jain's age appears to have played a role in the decision.

 

At 58 years old, Mr Abel is a decade younger than Mr Jain, and Mr Buffett
told CNBC that Abel's relative youth was significant.

 

"The likelihood of someone having a 20-year runway though makes a real
difference," he said.

 

Member of an exclusive club

Mr Buffett is arguably the world's most successful investor.

 

Berkshire Hathaway owns more than 60 companies, including insurer Geico,
battery-maker Duracell and restaurant chain Dairy Queen.

 

It also has major stakes in Apple, Coca Cola, Bank of America and American
Express, among others.

 

In March, Mr Buffett joined the exclusive $100bn (£72bn) club after
Berkshire Hathaway shares hit record levels.

 

Microsoft founder Bill Gates, Amazon founder Jeff Bezos and Tesla's chief
executive Elon Musk have also passed the milestone.

 

Mr Buffett has given away billions of his wealth to charity.-BBC

 

 

 

Yahoo sold again in new bid to revive its fortunes

Two pioneering web services of the internet age, Yahoo and AOL, have been
sold again after the latest owner failed to revive their fortunes.

 

US telecoms giant Verizon is selling its media assets, which include the two
companies, to a US private equity firm in a deal worth $5bn (£3.6bn).

 

Verizon bought Yahoo in 2017 and AOL in 2015 for a combined $9bn.

 

Yahoo and AOL were once trailblazers, but were subsequently overshadowed by
firms like Google and Facebook.

 

Under the sale of the media assets to Apollo Global Management, Verizon will
retain a 10% stake in the division.

 

Verizon bought the two brands in the hope of a quick entry into the digital
advertising market, believing they still had enough resonance with
consumers.

 

Yahoo and AOL were pioneers in offering a wide range of free and informative
web services to consumers, long before Google came into existence.

 

By providing free web mail and chat messenger services, the two firms had a
cornerstone for online advertising on the market, as most internet users in
the early 2000s were accessing their websites and software on a daily basis.

 

Yahoo also provided everything from the news, weather reports, sports
results and movie release dates; to message boards, its own version of eBay
- Yahoo! Auctions - and real-time markets data.

 

But over the last decade, Yahoo and AOL have faced an uphill struggle
against more powerful rivals like Google, Bing, Facebook, Twitter, ESPN,
Fandango and Weather.com, due to a saturated internet market.

 

Verizon also made a mistake in failing to acquire Yahoo's equity stake in
Chinese e-commerce behemoth Alibaba, as well as Yahoo Japan, where Yahoo!
Auctions is still thriving.

 

'Tremendous potential'

Apollo says there is still a considerable opportunity to build the two
brands into a digital media and online advertising powerhouse.

 

"We are thrilled to help unlock the tremendous potential of Yahoo and its
unparalleled collection of brands," said Reed Rayman, private equity partner
at Apollo.

 

"We have enormous respect and admiration for the great work and progress
that the entire organisation has made over the last several years."

 

David Sambur, co-chief of Apollo, added: "We are big believers in the growth
prospects of Yahoo and the macro tailwinds driving growth in digital media,
advertising technology and consumer internet platforms."

 

Verizon bought Yahoo to combine its search, email and messenger assets, as
well as its advertising technology tools, with the AOL platform.

 

But the sale was overshadowed almost immediately after it was disclosed
Yahoo had been subject to two massive cyber-attacks. Verizon eventually
negotiated a $350m price cut for the acquisition.

 

However, today Yahoo's homepage still commands a huge audience, as
"netizens" check their Yahoo! Mail accounts.

 

The brand is considered to be one of the top news aggregators on the
internet, and is the eleventh most visited website in the world, with 3.8
billion visits over the last six months, according to web analytics platform
SimilarWeb.

 

The sale by Verizon comes after it disposed of blogging platform Tumblr in
2019 and news website HuffPost last year.--BBC

 

 

 

EU unveils plans for overseas tourists to return

The EU Commission has recommended easing restrictions on non-essential
travel from overseas.

 

Under the plans, anyone who has received the last dose of an EU-approved
vaccine at least two weeks beforehand will be permitted to travel.

 

"Time to revive EU tourism industry and for cross-border friendships to
rekindle - safely," EU Commission President Ursula von der Leyen tweeted.

 

The EU currently only allows non-essential travel from seven countries.

 

But the proposals will also contain an "emergency brake" allowing member
states to limit travel quickly in response to new variants or a
deteriorating health situation in non-EU countries. This would be reviewed
every two weeks.

 

Discussions on the plans will begin on Tuesday.

 

The EU has already announced plans for a digital certificate, which would
cover anyone who is either vaccinated against Covid-19, has a negative test
or has recently recovered.

 

Member states will be able to accept tourists from outside the EU if they
have received an approved jab, the European Commission said on Monday,
although this could be extended for vaccines that have completed the World
Health Organization's (WHO) emergency use listing process.

 

In addition, children who have not been able to receive a vaccine should be
able to travel with their parents as long as they present a negative test,
although further testing may be required on arrival.

 

Until the EU-wide pass, known as the digital green certificate, is launched,
countries "should be able to accept certificates from non-EU countries based
on national law", the European Commission added. This decision would include
"ability to verify the authenticity, validity and integrity of the
certificate and whether it contains all relevant data".

 

The plans will increase also the threshold number of cases in countries from
which all travel is allowed - subject to quarantine or testing - from 25
infections per 100,000 people to 100. This, the proposals note, is still far
below the EU average of more than 420 per 100,000.

 

The measures will not affect current rules on essential travel or EU
citizens and long-term residents and their families.

 

The recommendation will cover all EU member states, apart from Ireland, as
well as Iceland, Liechtenstein, Norway and Switzerland.

 

Which vaccines will be accepted?

So far, the EU has approved four vaccines: Pfizer-BioNTech, Moderna,
Oxford-AstraZeneca and Janssen/Johnson & Johnson. All require two injections
for maximum protection, except for the single-dose Janssen/Johnson & Johnson
vaccine.

 

The same jabs have been authorised for emergency use by the WHO, with
similar approvals for China's Sinopharm and Sinovac expected in the coming
days and weeks.

 

All three vaccines used in the UK - Pfizer-BioNTech, Oxford-AstraZeneca and
Moderna - would therefore be covered by the new EU plans.

 

Last week, European lawmakers approved plans for an EU-wide digital pass to
restart travel in time for the summer holidays.

 

Key to the certificate is a QR code - a machine-readable graphic code made
up of black and white squares - that contains personal data and the EU's
Commission says it will be safe and secure. It is working with the WHO to
ensure the certificate is recognised beyond Europe.

 

The 27 member states also want to include non-EU countries such as Norway,
Iceland and Switzerland, with officials saying earlier this week that
vaccinated travellers from the US may also be able to visit Europe this
summer.

 

However, a spokesman for the European Commission said last week that there
had been "no contacts" with the UK over the issue. The UK government, which
has indicated that foreign travel may resume from 17 May, is working on its
own digital system for international travel that would prove travellers'
vaccination status.

 

But practical concerns over the EU certificate remain, including questions
over how long immunity lasts after an infection and whether further jabs
will be needed amid the rapid spread of more contagious Covid variants.

 

Other issues include what data would be used to prove an individual was not
infected with coronavirus, privacy concerns and issues recognising
information from different countries' health authorities.

 

What have other countries done?

A number of countries have already begun unveiling their own passes as they
reopen.

 

In Denmark, the Coronapas app is being used to allow customers who have been
vaccinated or recovered from an infection to enter bars, restaurants and
museums.

 

A similar scheme in Israel, which has one of the highest levels of
vaccinations in the world, permits users to access hotels, gyms and
theatres. The "Green pass" has also created travel opportunities for Israeli
citizens, following deals with Greece and Cyprus.

 

The International Air Transport Association (IATA), meanwhile, has launched
its own app, the IATA Travel Pass, which is being trialled by a number of
airlines, including Emirates, Etihad and Qantas.-BBC

 

 

 

£1bn UK-India trade deals will create 6,000 UK jobs, says PM

The prime minister has announced new trade and investment deals with India
worth £1bn.

 

It includes more than £533m of new investment from India into the UK, which
is expected to create about 6,000 jobs.

 

Downing Street said the new partnership will "pave the way" for a future
UK-India Free Trade Agreement.

 

"The economic links between our countries make our people stronger and
safer," said Mr Johnson.

 

The deal, announced ahead of a virtual meeting with India's Prime Minister
Narendra Modi, includes a £240m investment by the Serum Institute of India,
which will support clinical trials, research and possibly the manufacturing
of vaccines.

 

Serum has already started phase one trials in the UK of a one-dose nasal
vaccine for coronavirus, in partnership with Codagenix.

 

Indian investment deals will create 1,000 new UK jobs each at health and
tech firms Infosys, HCL Technologies and Mphasis.

 

Some 667 UK jobs will be created at Q-Rich Creations, 500 jobs at Wipro and
465 at 12 Agro.

 

"Each and every one of the more than 6,500 jobs we have announced today will
help families and communities build back from coronavirus and boost the
British and Indian economies," said Mr Johnson.

 

In recent years, the UK has sold more to Belgium or Sweden than India. But
the government hopes that closer ties with one of the most populous and
fastest-growing major economies could have huge long-term potential -
especially as tensions with China mount.

 

It believes that this announcement, which boosts access to India for
producers of British fruit and medical devices - and means investment in the
UK from India's vaccine producers - is just a taste of what could be
achieved.

 

But economists warn that getting a full deal with Delhi that lowers tariff
and non-tariff barriers won't be easy. India is likely, for example, to want
UK entry visa requirements for its workers and students to be eased.

 

Attempts by the European Union, Australia and New Zealand to strike free
trade deals with India have all stalled.

 

But as that nation grapples with the economic damage caused by the pandemic
and the rising threat from China, it may now take a more pragmatic approach
to brokering an agreement.

 

Meanwhile, British businesses have secured export deals with India worth
more than £446m, which are expected to create more than 400 British jobs.

 

They include a £200m deal involving CMR Surgical, which will create 100 new
UK jobs.

 

The company's next-generation 'Versius' surgical robotic system - which
helps surgeons perform minimal access surgery - will be rolled out to
hospitals in India.

 

Trade between the UK and India is already worth around £23bn a year,
supporting more than half a million jobs, according to the government.

 

Mr Johnson said: "In the decade ahead, with the help of new partnership
signed today and a comprehensive free trade agreement, we will double the
value of our trading partnership with India and take the relationship
between our two countries to new highs."

 

Visit cancelled

Mr Johnson had been forced to cancel a planned visit to Delhi as it battles
with a brutal second wave of coronavirus cases.

 

The visit was designed to foster closer ties between the two countries and
had first been scheduled for January.

 

It was delayed after the UK's higher wave of Covid infections over winter.

 

A four-day trip was scheduled for April before being cut back to just one
day in Delhi, before being postponed indefinitely last month, with India
subsequently added to the UK's travel "red list".

 

On Monday, authorities in Delhi called for help from the army. The
government wants it to run Covid care facilities and intensive care units.

 

Across India, case numbers since the start of the outbreak are closing in on
20 million.

 

In response to India's coronavirus surge, the British Asian Trust has raised
more than £1.6m in the last week through its emergency appeal.-BBC

 

 

Epic Games CEO cites Apple’s ‘total control’ over iPhones at first day of
antitrust trial

The chief executive of “Fortnite” creator Epic Games testified on Monday
that he knew he was breaking Apple Inc’s (AAPL.O) App Store rules by putting
Epic’s own in-app payment system into the game last year but wanted to
highlight Apple’s sway over the world’s iPhone users, which now total 1
billion.

 

"I wanted the world to see that Apple exercises total control over all
software on iOS, and it can use that control to deny users' access to apps,”
Tim Sweeney said from behind layers of plexiglass in a federal courthouse in
Oakland, California, on the first day of an antitrust trial against Apple.

 

The trial, expected to run three weeks, brings to a head a lawsuit Epic
brought last year in the U.S. District Court for the Northern District of
California that centers on two Apple practices that have become cornerstones
of its business: Apple's requirement that virtually all third-party software
for the world's 1 billion iPhones be distributed through its App Store, and
the requirement that developers use Apple's in-app purchase system, which
charges commissions of up to 30%.

 

Epic broke Apple's rules in August when it introduced its own in-app payment
system in "Fortnite" to circumvent Apple's commissions. In response, Apple
kicked Epic off its App Store.

 

Epic sued Apple, alleging the iPhone maker is abusing its power over app
developers with App Store review rules and payment requirements that hurt
competition in the software market. Epic also launched an aggressive public
relations campaign to call attention to its allegations just as Apple’s
practices have come under scrutiny from lawmakers and regulators in the
United States and elsewhere.

 

In opening arguments, Epic attorney Katherine Forrest of Cravath, Swaine &
Moore laid out the gaming company's argument that Apple has "brick by brick"
built its App Store into a "walled garden" meant to extract fees from
developers who want to access Apple's 1 billion iPhone users. Forrest argued
that Apple has locked those users into its ecosystem with apps like
iMessage, which lets Apple users send messages to other devices but has
limited functionality when communicating with Android users.

 

“The most prevalent flower in the walled garden is the Venus fly trap,”
Forrest argued before Judge Yvonne Gonzalez Rogers.

 

Apple has countered Epic's allegations by arguing its App Store rules have
made consumers feel safe and secure in opening up their wallets to unknown
developers, helping create a massive market from which all developers have
benefited. Apple argues that Epic intentionally broke its contracts with
Apple because the game maker wanted a free ride on the iPhone maker's
platform.

 

In opening arguments for Apple, attorney Karen Dunn of Paul, Weiss noted
Epic is asking the judge to force Apple to let third-party software be
installed on its phones outside the App Store, similar to the "side loading"
the Android operating system already allows.

 

“Epic is asking for government intervention to take away a choice that
consumers currently have,” Dunn told the court.

 

The courtroom was closed to the public, but in the audience as a "corporate
witness" for each side were Epic's Sweeney and Phil Schiller, Apple's App
Store chief.

 

During his testimony, Sweeney said Epic does pay commissions to other
platform owners such as Sony Group Corp's (6758.T) PlayStation and Microsoft
Corp's (MSFT.O) Xbox but explained that those hardware makers use fees from
developers to subsidize the further development of their hardware.

 

Judge Gonzalez Rogers also asked her first direct questions of the trial
during Sweeney's testimony, inquiring whether Apple's original iPhones from
2007 and 2008 were sophisticated enough to run Epic's video games. Sweeney
said they were not.

 

“So Apple did have to do something to the iPhone itself in order for it to
be sophisticated enough to play your software? How is that any different
than consoles?” she asked.

 

Sweeney responded that the hardware development was similar, but the two
devices had different business models.

 

Sweeney and Schiller are expected to attend the entire trial, which will
also feature in-person testimony from Apple Chief Executive Tim Cook and
other senior executives at both firms.

 

Epic is not seeking monetary damages but is asking the court to hand down
orders that would end many of Apple’s practices.-The Thomson Reuters Trust
Principles.

 

 

 

Asia's share markets edge up on recovery signals

Asia's share markets were mostly higher Tuesday as regional equity investors
looked to signs of recovery from the coronavirus pandemic as major economies
around the world reopen.

 

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS)
was up by 0.05% on the back of a positive lead from Wall Street overnight.

 

Hong Kong's Hang Seng Index (.HSI) opened 0.3% higher at 28,441.95.

 

Australia's S&P/ASX200 (.AXJO) edged up 0.22% to 7,044.3 as the Reserve Bank
of Australia is expected to keep the official cash rate on hold at 0.1% for
May as it waits for further signs of the domestic economy's rebound from the
pandemic led downturn.

 

A statement following the decision at 0430 GMT will be monitored for
indications whether the unprecedented quantitative easing programme there
could start to be tapered.

 

On Monday, Federal Reserve chairman Jerome Powell said the U.S. economy was
doing better but was "not out of the woods yet" as the central bank prepared
to release a study on the disparate effects of the pandemic on the country's
different demographics. read more

 

"The economy is reopening, bringing stronger economic activity and job
creation," Powell said in remarks prepared for delivery at a conference of
the National Community Reinvestment Coalition.

 

"That is the high-level perspective - let's call it the 30,000-foot view -
and from that vantage point, we see improvement. But we should also take a
look at what is happening at street level."

 

Japan and mainland China's markets remained closed on Tuesday for holidays
dampening trading volumes across the region.

 

The brighter tone in Asian markets came after a stronger session on Wall
Street.

 

The Dow Jones Industrial Average (.DJI) rose 0.7% to end at 34,113.23
points, while the S&P 500 (.SPX) gained 0.27% to 4,192.66 with most of the
gains concentrated in industrial and commodity shares.

 

The Nasdaq Composite dropped 0.48%, to 13,895.12 as technology stocks lagged
stocks investors saw as beneficiaries of a pandemic recovery.

 

Energy stocks also gained on the back of higher oil prices.

 

In the Asian session, Brent crude was trading up 0.15% at $67.66 while U.S.
light crude was 0.12% higher at $64.56.

 

"Crude oil gained (in U.S. trading) as easing restrictions in the U.S. and
Europe raise hope of stronger demand. The European Union is planning to ease
restrictions on vaccinated travellers over the summer," ANZ economists said
in a note to clients.

 

"This comes as several countries emerge from lockdowns amid a fall in new
infections of the coronavirus."

 

U.S. Treasury yields fell on Monday after data showed manufacturing activity
growth slowed in April amid supply chain challenges and rising demand fueled
by the COVID-19 vaccine rollout and fiscal stimulus.

 

Focus is now expected to turn to services data due on Wednesday and non-farm
payrolls numbers on Friday.

 

The benchmark 10-year yield , which hit a session low of 1.578%, was last
down 3 basis points at 1.6011%, holding well below a 14-month high of 1.776%
reached on March 30.-The Thomson Reuters Trust Principles.

 

 

 

Ethereum extends gains to fresh record above $3,400

Cryptocurrency ether extended gains to another record peak on Tuesday, after
breaking above $3,000 for the first time a day earlier as investors bet on
its growing utility.

 

Early in Asia trade it traded as high as $3,457.64 on the bitstamp exchange
, for a session rise of about 17%.

 

Traders have attributed the gains - which amount to some 365% for the year
to date - to a catch up on bitcoin's late 2020 leap and as upgrades to the
ethereum blockchain make it more useful. read more

 

The ether/bitcoin cross rate stood at its highest in more than
two-and-a-half years on Tuesday while bitcoin was steady at $57,295.-The
Thomson Reuters Trust Principles.



 

 

Sticking with remote work? Businesses are betting on it

U.S. businesses have been spending more on technology than on bricks and
mortar for more than a decade now, but the trend has accelerated during the
pandemic, one more sign that working from home is here to stay.

 

As spending on home-building has risen, spending on nonresidential
construction has dropped, with that on commercial, manufacturing and office
space slumping to under 15% of total construction outlays in March, Commerce
Department data showed Monday.

 

Business spending on structures fell in the first quarter, data from the
Bureau of Economic Analysis showed last week. It was the sixth straight
quarterly decline, showcasing one of the few weak spots in the economy as it
regains steam amid a receding pandemic.

 

Meanwhile, spending on technology rose, with investments in software and
information processing equipment contributing more than 1 percentage point
to the economy's overall 6.4% annualized rise in economic output in the
quarter, the BEA data showed. Technology spending has added to growth in all
but two of the past 32 quarters, back to 2013. Spending on structures has
pulled GDP downward in 14 of those quarters.

 

 

The implications of the shift are broad: the economy emerging from the
depths of the pandemic will be more technology-driven and less reliant on
in-person transactions, leaving jobs permanently changed and potentially
fewer in number.

 

Accelerated by the pandemic, the divergence between the two types of
business spending is here to stay, says Stanford economics professor
Nicholas Bloom.

 

"This is the surge in (work-from-home) which is leading firms to spend
heavily on connectivity," Bloom said.

 

He and colleagues have been surveying 5,000 U.S. residents monthly, and
found that from May to December about half of paid work hours were done from
home.

 

Workers' own spending to equip their home offices with computer
connectivity, desks and other necessities comes to the equivalent of 0.7% of
GDP, their surveys found, suggesting the business investment data likely
underestimates what's actually being spent on technology.

 

Those sunk costs are one reason that on average Americans will work one day
a week from home even after the pandemic, up from about one day a month
before, Bloom says.

 

American firms' reliance on hybrid working should continue to lift business
spending on technology for the forseeable future, said ING chief
international economist James Knightley.

 

Spending on office buildings particularly will likely remain weak at least
until the end of the summer, he predicted, when the return of most kids to
school should allow more parents to return to work.

 

 

Even then, he said, businesses will need to continue to spend more than ever
on connectivity and computers to support the remote, or partially remote,
workforce.

 

"I think there’s still a lot more to do there," he said.- The Thomson
Reuters Trust Principles.

 

 

 

Supply chain bottlenecks amid roaring demand slow U.S. manufacturing

U.S. manufacturing activity grew at a slower pace in April, restrained by
shortages of inputs as rising vaccinations against COVID-19 and massive
fiscal stimulus unleashed pent-up demand.

 

The survey from the Institute for Supply Management (ISM) on Monday showed
record-long lead times, wide-scale shortages of critical basic materials,
rising commodities prices and difficulties in transporting products across
industries.

 

The pandemic, now in its second year, has severely disrupted supply chains.
The ISM noted that "companies and suppliers continue to struggle to meet
increasing rates of demand due to coronavirus impacts limiting availability
of parts and materials." It cautioned that worker absenteeism, short-term
shutdowns due to part shortages and difficulties in filling open positions
could limit manufacturing's growth potential.

 

"Manufacturing is struggling to keep up with roaring demand," said Will
Compernolle, a senior economist at FHN Financial in New York.

 

The ISM's index of national factory activity fell to a reading of 60.7 last
month after surging to 64.7 in March, which was the highest level since
December 1983. A reading above 50 indicates expansion in manufacturing,
which accounts for 11.9% of the U.S. economy. Economists polled by Reuters
had forecast the index edging up to 65 in April.

 

The White House's massive $1.9 trillion pandemic relief package and the
expansion of the COVID-19 vaccination program to all adult Americans have
led to a boom in demand, which is pushing against supply constraints.
Federal Reserve Chair Jerome Powell said last week the U.S. central bank
expected the bottlenecks would be resolved as workers and businesses adapted
and "we think of them as not calling for a change in monetary policy."

 

Inventories at factories and customers are extremely lean, which should keep
production humming.

 

"There is little reason to think conditions are softening," said Joel
Naroff, chief economist at Naroff Economics in Holland, Pennsylvania.

 

U.S. stocks rose as upbeat earnings strengthened hopes for sustained profit
growth for companies. The dollar fell against a basket of currencies. U.S.
Treasury prices were higher.

 

"CRAZY HIGH" STEEL PRICES

 

All 18 manufacturing industries continued to expand in April, with furniture
manufacturers reporting that "market capacity in most areas is oversold" and
expected that "demand will continue to strengthen, leading to more
significant disruptions." In the plastics and rubber products sector lead
times were the longest in 35 years for some factories.

 

Manufacturers also complained about steel prices, which makers of fabricated
metal products described as "crazy high." Imported steel prices have been
boosted by tariffs imposed by former President Donald Trump to protect
domestic industries from what he said was unfair competition.

 

Electrical equipment, appliances and components manufacturers reported "it's
getting much more difficult to supply production with materials that are
made with copper or steel," noting "lots of work on the floor."

 

In the automobile industry, a global semiconductor chip shortage has forced
cuts in production. Ford Motor Co (F.N) said last week the scarcity of chips
slashed production in half in its second quarter. Technology companies are
also feeling the heat. Apple (AAPL.O) warned last week that the chip
shortage could dent iPads and Mac sales by several billion dollars.

 

Demand for goods like motor vehicles and electronics has surged during the
pandemic as Americans shunned public transportation and millions worked from
home and took classes remotely. Robust consumer spending helped to lift
gross domestic product growth at a 6.4% annualized rate in the first
quarter.

 

Most economists expect double-digit GDP growth this quarter, which would
position the economy to achieve growth of at least 7%, which would be the
fastest since 1984. The economy contracted 3.5% in 2020, its worst
performance in 74 years.

 

The ISM survey's measure of prices paid by manufacturers rose last month to
the highest reading since July 2008, when the economy was in the midst of
the Great Recession. That bolsters expectations for higher inflation this
year.

 

"Yet unlike in 2008, demand is far from wavering," said Tim Quinlan, a
senior economist at Wells Fargo in Charlotte, North Carolina. "That has put
manufacturers in a better position to pass on costs than see their margins
squeezed."

 

The survey's forward-looking new orders sub-index dropped to 64.3 after
racing to 68.0 in March, which was the highest reading since January 2004.

 

Backlogs of uncompleted work increased as did export orders. Manufacturers
started drawing down on inventories last month to meet demand. Business
warehouses are almost bare.

 

The survey's manufacturing employment gauge fell to 55.1 after shooting up
to 59.6 in March, which was the highest reading since February 2018. The
index was well below the 61.5 forecast in the Reuters poll, with the
slowdown in hiring probably due to a scarcity of workers.

 

Companies across many industries are struggling to find workers, even as
employment is 8.4 million jobs below its peak in February 2020. The worker
shortage could hurt expectations for another month of blockbuster job growth
in April.

 

According to an early Reuters survey of economists, nonfarm payrolls likely
increased by 980,000 jobs last month after rising by 916,000 in March. The
government is due to publish April's employment report on Friday.

 

A separate report on Monday from the Commerce Department showed construction
spending gained 0.2% in March after falling 0.6% in February. -The Thomson
Reuters Trust Principles.



 

 

Uber, Lyft have a California playbook to fight proposed U.S. rules on
workers

Uber, Lyft and other gig-economy companies face a new challenge from the
Biden administration to their use of contract workers, but as they gear up
for a fight in Washington they could turn to a lobbying playbook that helped
them score a decisive win against California regulators last year.

 

U.S. President Joe Biden campaigned on the promise of providing legal
protections and benefits to gig workers, who as independent contractors
generally have no access to unemployment insurance, sick pay and health
insurance. U.S. Labor Secretary Marty Walsh said last week: “A lot of gig
workers should be classified as employees.”

 

In Congress, Democratic lawmakers are pushing a union-supported labor bill,
the PRO Act, that in part is modeled after a California law called AB5 that
reclassified most gig workers as employees.

 

AB5, however, is no longer the law in California for ride-hail and food
delivery workers, while it remains in effect for other freelancers. Uber
Technologies Inc (UBER.N), Lyft Inc (LYFT.O), DoorDash Inc (DASH.N) and
Instacart, whose business model relies on low-cost flexible labor, mounted a
$205 million campaign that overturned the law for the industry last
November.

 

Among the tactics honed in the California fight, the gig-work companies used
their apps to reach out to voters and drivers through messages, emails,
mailed leaflets, billboards, radio and online ads. They also urged workers
on their platforms to speak out against AB5.

 

The companies threatened an end to ubiquitous food-delivery and ride-hail
services many consumers have gotten used to during the pandemic if drivers
were classified employees.

 

The looming fight over the status of gig-economy workers comes amid a wider
debate over business regulation. The federal government exercised a light
hand in regulating Uber, DoorDash and other digital-economy companies as
they redefined traditional definitions of work, communications or retailing.
Now, Democrats and Republicans in Washington, for different reasons, are
calling for the government to exercise more control over one-time startups
that dominate significant sectors of the economy.

 

Uber, Lyft, DoorDash and Instacart so far this year have spent a combined
$1.3 million to lobby the Biden administration and members of the U.S. House
and Senate, according to data from the Center for Responsive Politics. In
2020 they spent some $5.7 million, more than half of which came from Uber.

 

LOBBYING PUSH

 

Less than two weeks after Biden won the White House in November, companies
banded together to form the App-Based Work Alliance, a Washington-based
advocacy group. The group is now promoting statements of drivers and
food-delivery workers saying they want to remain independent contractors,
and do not want the PRO Act because they fear it would deprive them of
opportunities to earn money on their own schedule for a few hours a week.

 

The companies cite surveys to argue the majority of their mostly part-time
workers do not want to be classified as employees.

 

While the surveys show massive support for remaining independent
contractors, they also follow years of threats by the companies of
eliminating work opportunities if workers become employees. Some of the
surveys are co-written by researchers with company ties, sponsored by the
companies or completed with unscientific methodologies by a blogger who sent
out emails and social media posts.

 

For example, one study by the National Bureau of Economic Research listed
Uber's chief economist, Jonathan Hall, as a co-author, and a 2020 survey of
1,000 drivers by Benenson Strategy Group and GS Strategy Group was paid for
by Uber. Uber said that while it paid for the poll, the survey was conducted
by reputable research groups.

 

In California, the gig companies did not simply oppose any changes to their
employment practices. Instead, they campaigned for compromise, advocating
changes to labor laws to allow workers to remain contractors while also
receiving more modest benefits than required for employees.

 

DoorDash said its workers on average work just four hours a week, while Uber
said 37% of its U.S. drivers and 58% of its delivery people averaged fewer
than 10 hours per week in the last quarter of 2020. The companies say those
part-time gigs would become impossible under an employment model.

 

But Uber data from the fourth quarter of 2019, before the pandemic, also
showed that California drivers working 25 hours and more per week completed
more than 60% of all trips in the state, suggesting that full-time drivers
complete the bulk of the work.

 

DRIVER ADVOCACY

 

Gig Workers Rising, a group of workers that advocates for greater benefits
and says it does not receive financial support from labor groups, in a
statement dismissed the companies' compromise proposal.

 

"(The proposal) is not a blueprint for workers' rights, it's a game plan for
gig corporations and investors looking to maximize their profits," the group
said in a statement.

 

The defeat of AB5 for app-based gig workers in California was a blow to
organized labor groups, California's Democrats and even Biden and Vice
President Kamala Harris, who had urged the state's voters to reject the gig
industry's proposal.

 

Though AB5 is gone, gig workers in California now have access to some
benefits, including healthcare subsidies, accident insurance and minimum pay
while passengers are in their car. Those benefits are significantly less
costly to the companies than employee benefits and labor groups say drivers
do not know how to access them.

 

As the fight over gig-worker rights heats up on the national level, the
companies could deploy similar measures.

 

"Right now there's no call for action, but if that became the case, for
example if a real piece of legislation or ballot measure was put forward,
we'd certainly activate our driver base," a Lyft spokeswoman said.

 

Uber and DoorDash said they had no specific plans for an outreach campaign
as of now. Uber in August sent an email to all its drivers nationwide,
outlining its proposal for a change in law to combine independent contractor
status with some benefits.

 

(This story corrects to reflect that AB5 is no longer the law in California
for ride-hail and food-delivery workers, instead of that AB5 is no longer
the law in California for anyone, paragraph 5; also corrects paragraph 20 to
reflect that AB5 was defeated “for app-based gig workers.”)-The Thomson
Reuters Trust Principles.

 

 

 

'Reopening' stocks give S&P 500, Dow strong footing, tech names lag

The S&P 500 and the Dow indexes ended higher on Monday amid a largely upbeat
earnings season, while the Nasdaq came under pressure from declines in some
high-flying growth stocks, as the rotation into cyclical and "economy
reopening" stocks continued.

 

Economy-sensitive cyclical S&P 500 sectors such as consumer staples
(.SPLRSC), energy (.SPNY), and materials (.SPLRCM) outperformed sectors
housing growth stocks, including technology (.SPLRCM) and communication
services, (.SPLRCL).

 

The largest percentage gainer on the S&P 500 was oil field services firm
Baker Hughes (BKR.N), which rose 8%. Apparel retailers also finished strong,
with Gap Inc (GPS.N) shares jumping 7.1% and Foot Locker Inc (FL.N) up 4.1%.

 

"All of those names that are having outsized gain today are as a result of
economic reopening optimism, and people getting out of the house spending
money on things," said Michael James, managing director of equity trading at
Wedbush Securities.

 

The Dow Jones Industrial Average (.DJI) rose 0.7% to close at 34,113.23
points, while the S&P 500 (.SPX) gained 0.27% to 4,192.66. The Nasdaq
Composite (.IXIC) dropped 0.48%, to 13,895.12.

 

Volume on U.S. exchanges was 10.29 billion shares, compared with the 9.86
billion average for the full session over the last 20 trading days.

 

"We've seen a slight change in the pace of value stocks outperforming growth
stocks year-to-date," said Rod von Lipsey, managing director at UBS Private
Wealth Management.

 

The Nasdaq index fell as megacap technology stocks, including Amazon.com Inc
(AMZN.O), Alphabet Inc (GOOGL.O), Facebook Inc (FB.O) and Microsoft Corp
(MSFT.O), traded lower despite largely upbeat results.

 

A trader walks outside the New York Stock Exchange in New York City, U.S.,
April 26, 2021. REUTERS/Shannon Stapleton

The stocks have struggled to maintain the upward trajectory coming into
reporting season. Chipmakers also fell, with the Philadelphia SE
Semiconductor index (.SOX)down by 1.2%.

 

With more than half of S&P 500 companies having reported so far, profits are
now seen rising 46% in the first quarter, compared with forecasts of 24%
growth at the start of April, according to IBES data from Refinitiv. About
87% of the companies have come also reported earnings per share ahead of
analysts' estimates. read more

 

"This is now the fourth straight quarter of earnings just absolutely
crushing estimates," said Ross Mayfield, investment strategy analyst at
Baird. "I think there just continues to be an underestimation of how strong
this rally and how strong the economy is rebounding."

 

Strong earnings, improving economic data, fiscal stimulus and the Federal
Reserve's ultra accommodative stance have supported markets, pushing the S&P
500 and the Nasdaq indexes to record levels last week.

 

U.S. manufacturing activity grew at a slower pace in April, likely
constrained by shortages of inputs amid pent-up demand due to rising
vaccinations and massive fiscal stimulus. read more

 

The Labor Department's non-farm payrolls data, slated to be released on
Friday, is expected to show a rise in job additions in April.

 

The largest decliner was Estee Lauder (EL.N), which dropped 7.9% after the
cosmetics maker missed analysts' estimates for third-quarter sales. read
more

 

The largest gainer on the Nasdaq 100 was Ebay Inc , which rose 4.2% after
the e-commerce firm says it is open to accepting to cryptocurrencies in
future.

 

T-Mobile (TMUS.O), Uber , Lyft (LYFT.O), Square (SQ.N), Peloton (PTON.O) and
Pfizer (PFE.N) are poised to report results later this week.-The Thomson
Reuters Trust Principles.

 

 

 

Under Armour to pay $9 million to settle SEC charges

U.S. sports apparel maker Under Armour Inc (UAA.N) has agreed to pay $9
million to settle Securities and Exchange Commission (SEC) charges that it
misled investors about its revenue growth, the agency said on Monday.

 

The SEC found that Under Armour failed to disclose to investors that it
employed a sales tactic to accelerate or "pull forward" a total of $408
million in existing orders in the second half of 2015 after a warm winter
began to hurt sales of the company's higher-priced cold weather apparel that
customers had requested be shipped in future quarters.

 

Maryland-based Under Armour did not admit to or deny the SEC's charges, the
regulator said in its order.

 

"This settlement relates to the company's disclosures and does not include
any allegations from the SEC that sales during these periods did not comply
with generally accepted accounting principles," Under Amour said in a
statement.

 

 

For six consecutive quarters beginning in the third quarter of 2015, the SEC
found that Under Armour misleadingly attributed its revenue growth to
various factors without disclosing to investors material information about
the impacts of its pull forward practices. It also found that the company's
use of pull forwards raised significant uncertainty as to whether it would
meet its revenue guidance in future quarters.

 

The company has agreed to cease and desist the practice, which is a
violation of U.S. antifraud provisions, the SEC said.

 

"When public companies describe how they achieved financial results, they
must not misstate any information that is material to investors," said Kurt
Gottschall, who leads the SEC's Denver regional office.

 

"By using pull forwards for several consecutive quarters to meet analysts'
revenue targets while attributing its revenue growth to other factors, Under
Armour created a misleading picture of the drivers of its financial results
and concealed known uncertainties concerning its business," he added.-The
Thomson Reuters Trust Principles.

 

 

 

Africa: One in Two People Globally Lost Income Due to the Pandemic - Gallup

Nairobi — The COVID-19 crisis has hit workers across the world, particularly
women, who are over-represented in low-paid precarious sectors

 

One in two people worldwide saw their earnings drop due to the coronavirus,
with people in low-income countries particularly hard hit by job losses or
cuts to their working hours, research showed on Monday.

 

U.S.-based polling company Gallup, which surveyed 300,000 people across 117
countries, found that half of those with jobs earned less because of
COVID-19 pandemic disruptions. This translated to 1.6 billion adults
globally, it said.

 

"Worldwide, these percentages ranged from a high of 76% in Thailand to a low
of 10% in Switzerland," said researchers in a statement.

 

In Bolivia, Myanmar, Kenya, Uganda, Indonesia, Honduras and Ecuador, more
than 70% people polled said they took home less than before global health
crisis. In the United States, this figure dropped to 34%.

 

The COVID-19 crisis has hit workers across the world, particularly women,
who are over-represented in low-paid precarious sectors such as retail,
tourism and food services.

A study by the international charity Oxfam on Thursday said the pandemic had
cost women around the world $800 billion in lost income.

 

The Gallup poll found that more than half of those surveyed said they
temporarily stopped working at their job or business - translating to about
1.7 billion adults globally.

 

In 57 countries including India, Zimbabwe, the Philippines, Kenya,
Bangladesh, El Salvador, more than 65% of respondents said they stopped
working for a time.

 

Countries where people were least likely to say they stopped working were
predominantly developed, high-income countries.

 

Fewer than one in 10 of those who had jobs in Austria, Switzerland and
Germany said they had stopped working temporarily. In the U.S., the figure
was 39%, research showed.

 

The poll also showed that one in three people surveyed lost their job or
business due to the pandemic - translating into just over one billion people
globally.

 

These figures also varied across nations with lower income countries such as
the Philippines, Kenya and Zimbabwe showing more than 60% of respondents
lost their jobs or businesses, compared to 3% in Switzerland and 13% in the
United States.-Thomson Reuters Foundation.

 

 

 

 

Nigeria: When Proposed Database for Livestock Stirred Heated Debate in
Senate

Members of the Senate were divided during debate on a Bill seeking to create
database for cows and other livestock.

 

The Senate at the plenary on April 20th were divided during the
consideration of a Bill for an Act to provide for the National Livestock
Bureau to ensure protection, control and management of livestock,
traceability registration and cattle rustling in the country.

 

The proposed legislation which scaled through second reading is sponsored by
Senator Bima Enagi (APC, Niger South).

 

Benefits of the Bill

 

According to the Bill's draft, when passed into law, it will address the
following objectives, "Creation of a National Livestock Identification Data
base; Ensure management, traceability, and control of movement of livestock;
Ensure livestock health and disease management through disease surveillance,
prevention and quick response to disease outbreaks; Food safety through the
traceability of animal products; Enhance transparency and information in the
food chain; Deter animal theft, especially as it affects the incessant
cattle rustling crisis; Aid intelligence gathering by security agencies
towards mitigating the incessant conflicts between herders and farmers.

The Bill will further aid, "International market access and trade, thereby
diversifying the economy; The Bureau when created will facilitate and ensure
the operationalization of a national system of livestock identification,
registration and traceability through developing strategies, mechanisms and
scheme for the implementation of the system and in particular, evolve a
standard national uniform procedure. The National Data base would serve as a
guide for policy formulation by Government. It would also ensure the
regulation of participants in the livestock business."

Overview of the Clauses of the Bill

 

The Bill contains Twenty-Eight (28) clauses with a schedule. Clauses 1-6
deals with the establishment, objectives and functions of the Bureau.
Clauses 7-8 provides for appointment of staff and pension matters while
clauses 9 -12 contains provisions for funds of the Bureau, annual estimates
and report. Clauses 13-17 deals with the establishment and functions of
Zonal offices.

 

The Debate

 

Leading the debate on its general principles, the Bill's sponsor, Enagi said
the Bill's objective is to safeguard the national livestock and sanitize the
livestock industry.

 

He said the legislation is aimed at solving the challenge of animal
identification, management and aid intelligence gathering by security
agencies towards mitigating the incessant conflicts between herders and
farmers.

 

 

He also said it will help in checking cattle rustling, address the diseases
and other threats to human lives caused by the movement of livestock.

 

He said, "It should be noted that, despite Nigeria having about 40 percent
of the entire cattle population of West Africa, the country cannot
participate in the export of meat and other dairy products, due to the
absence of a functional Animal Identification and Management System in
Nigeria. Furthermore, the movement of livestock and their products has
increased the spread of diseases, increased the threat to human health and
reduced consumer confidence in animal products.

 

"The Bureau when created will facilitate and ensure the operationalization
of a national system of livestock identification, registration and
traceability through developing strategies, mechanisms and scheme for the
implementation of the system and in particular, evolve a standard national
uniform procedure. The National Data base would serve as a guide for policy
formulation by Government. It would also ensure the regulation of
participants in the livestock business."

 

The Senate Spokesman, Senator Ajibola Bashiru, opposing the Bill, while
relying on the provisions of the 1999 Constitution, as amended, Senator
Bashiru, said no aspect of the Exclusive and Concurrent components of the
Constitution gives the National Assembly the powers to legislate on
Livestock.

 

He said such matters, according to the Constitution, should be handled by
State Houses of Assembly.

 

According to him, proceeding with the consideration and passage of the Bill
will be unconstitutional.

 

His position was opposed by a Senator from Kebbi State, Bala Ibn N'Allah,
who contended that the National Assembly could legislate on the matter.

 

He insisted that it was the duty of the Federal Government to ensure food
security in the country.

 

Na'Allah said: "I read in person the debate on the issue as to whether the
senate has legal capacity to legislate on issue of agriculture last week. It
is by providence that today the same issue is being raised, based on my
limited understanding of the constitution, the sectorialzation of powers of
National Assembly under what is called exclusive, the concurrent list, one
if it was under a system of confederate nature , then you can religiously
say that we don't have the power, but because the system is federal in
nature the constitution anticipates a situation might arise where the
overriding National interest will be tabled for consideration and that's why
the constitution says if an issue is presented in the concurrent list, both
the National and state assemblies have powers to make laws. And that where
the laws made by the states becomes inconsistent with the one made by the
federal then ours shall prevail so that the provision.

 

"With due respect to position held by Senator Bashiru , the senate has
legislative competence to legislate on issue of agriculture. This is one of
the best legislation to be presented for the intervention of the senate. In
view of the current crisis we are having, regarding cattle rustling extra
ordinary situation requires extraordinary actions and this is the reason why
we find justification by the senate to legislate on issue of agriculture. If
the contents of this Bill is implemented movement of cattle will be strictly
monitored, it means it will make it almost impossible to have access to
illegal livestock and sell them elsewhere. It's better for us to err on the
side of action that will bring peace to the country than for us to err on
what we can conveniently refer to as legislative convenience".

 

Contributing, Senate Deputy Whip, Senator Sabi Abdullahi recalled that the
Bill was brought before the Eighth Senate but "unfortunately it never went
through.

 

"This Bill is timely and should be supported. We are talking about
diversifying the economy, the livestock sector is key to this effort."

 

Corroborating Na'Allah's position, the Senate President said it was within
his powers to interpret the Constitution and the Senate rules.

 

He recalled that in February, 2010, the National Assembly, without recourse
to the 1999 Constitution, as amended, passed the Doctrine of Necessity
motion which ushered in Goodluck Jonathan as acting President, adding that
national interest was more important.

 

His words: "I believe that in this Senate, we even had a resolution or
intervention that was based on the Doctrine of necessity, because there was
need for the National Assembly to intervene even when it was clear that
there was no provision for such a situation.

 

"Sitting here, I believe that we will be doing this country good, we will be
doing justice and a great deal of service to our people that we legislate on
this. The identification is just one side of it, but the protection and
management of this sector of our economy that is so huge and massive is
critical to our economy.

 

"It is not something that we will leave to the states to do whatever they
want to do. Let the states also try to legislate to compliment whatever the
National Assembly will do.

 

"So, based on Standing Order 25(h) which gives me the authority to
interprete both our standing orders - the rules and constitutional point of
orders - I rule that this Senate and, indeed, the National Assembly has the
legislative competence to legislate on this matter".

 

Lawan said the livestock sector generated between N5 to N10 trillion
annually for the country.

 

"Any government or any parliament will try to do anything possible to ensure
that such an industry is protected, promoted to ensure that people earn
their livelihood and people have food reserve in the country."

 

The Senate President thereafter, ruled in favour of the passage for a second
reading of the Bill and referred it to the Senate committee on Agriculture
and Rural Development which is to report back to plenary within two weeks.

 

Views of Some Nigerians

 

At a time the country is battling poverty, insecurity, agitations and so on,
some Nigerians believe that such move should be the least attention of the
lawmakers.

 

Nigerians on social media flayed the Senate for considering such bill,
describing it as irrelevant.

 

Dr Olufunmilayo wrote: "Twitter to open Africa HQ in Ghana. Amazon to put
Africa HQ in South Africa. Germany to open Global Pandemic Prevention Centre
in Ghana. Guess what Nigeria is doing? Nigeria to have National Database for
Cows. Pls don't laugh. This is a true life story from the Giant of Africa."

 

Another user, Sodiq Tade wrote: "Serious Countries are putting in place
policies to attract huge Investors, but in Nigeria we are working on
creating National database for cows. Sigh".

 

Only time will tell, if the Bill will scale through third reading or get the
support of stakeholders at the public hearing.

 

QUOTE 1

 

I believe that we will be doing this country good, we will be doing justice
and a great deal of service to our people that we legislate on this. The
identification is just one side of it, but the protection and management of
this sector of our economy that is so huge and massive is critical to our
economy. It is not something that we will leave to the states to do whatever
they want to do. Let the states also try to legislate to compliment whatever
the National Assembly will do. So, based on Standing Order 25(h) which gives
me the authority to interprete both our standing orders - the rules and
constitutional point of orders - I rule that this Senate and, indeed, the
National Assembly has the legislative competence to legislate on this
matter.

 

QUOTE 2

 

The Senate has legislative competence to legislate on issue of agriculture.
This is one of the best legislation to be presented for the intervention of
the senate. In view of the current crisis we are having, regarding cattle
rustling extra ordinary situation requires extraordinary actions and this is
the reason why we find justification by the senate to legislate on issue of
agriculture. If the contents of this Bill is implemented movement of cattle
will be strictly monitored, it means it will make it almost impossible to
have access to illegal livestock and sell them elsewhere. It's better for us
to err on the side of action that will bring peace to the country than for
us to err on what we can conveniently refer to as legislative convenience.
Contributing, Senate Deputy Whip, Senator Sabi Abdullahi recalled that the
Bill was brought before the Eighth Senate but "unfortunately it never went
through-This Day.

 

 

 

Nigeria: Enforcing Compulsory Building Insurance

Ebere Nwoji writes on recent efforts by the National Insurance Commission to
enforce compulsory building insurance

 

The National Insurance Commission (NAICOM) and the Federal Fire Service
recently held a joint meeting targeted at enforcing compulsory public
building liability insurance.

 

The resolution has been described by insurance industry stakeholders as a
welcome development and a step in the right direction.

 

But to the insurance industry observers, there is the question on the actual
modalities and the force the commission and the Federal Fire Service would
use to ensure that the enforcement this time works out.

 

This question came to the fore because this is not the first time the
Commission is making this type of move concerning this policy.

 

In October 2010, the Commission, under the leadership of Mr. Fola Daniel, as
the commissioner for insurance, had staged a major launch of this same
policy in Abuja.

The manner the Commission staged the launch, reeling out strategies it will
use to ensure that the implementation and the enforcement was made effective
raised great hope in the minds of insurers to the extent that the insurers,
projected then that the policy was capable of yielding minimum of N10
billion every year to their accounts.

 

After the launch, nothing was heard again about the enforcement of the
policy while most buildings in the country still existed without insurance
cover.

 

Again in October 2017, NAICOM, inaugurated a technical committee that would
drive the enforcement of public building insurance in Nigeria.

 

The committee was made up of representatives of NAICOM, the Federal Fire
Service representatives of states fire service from the six geo-political
zones and the Nigeria Insurers Association (NIA).

 

Since then nothing has been heard about the work or achievement of the
committee

When THISDAY enquired on why the compulsory building insurance along with
other five compulsory insurances have not been enforced using security
agencies, the response was that inadequate and ineffective framework for the
insurance industry have remained major challenge militating against such
enforcement and must be tackled for the industry to make headway in critical
issues like enforcement of the compulsory insurances.

 

The 2003 insurance Act, defines a public building as one to which members of
the public have access to for educational, recreational, medical and
commercial purposes. The penalty for non-compliance is a maximum fine of
N100, 000 or one-year imprisonment or both according to insurance Act 2003.

 

Section 65, sub-section 3 of the Insurance Act 2003, requires the owner or
occupier of every public building to be insured against liability for loss
or damage to property or death or bodily injury caused by collapse, fire,
earthquake, storm or flood.

The public building liability insurance, is one of the five compulsory
insurances stipulated by the insurance Act 2003 but which has been dormant
without implementation. Yet, cases of collapse buildings and destruction of
lives and properties for which it is meant to protect occur every day.

 

This, according to the industry stakeholders indeed, made the latest
decision by both NAICOM and the Federal Fire Service to move towards
enforcement of the building insurance a good development and a course that
must be pursued with vigor.

 

This is because in recent years, there has not been a rainy season that
passed without record of cases of building collapses in one part of the
country or the other.

 

Against this backdrop, as this year's rainy season is fast approaching, the
Commission's latest effort concerning the implementation and enforcement of
the compulsory building insurance has become necessary to cushion against
effects of impending losses from building collapses.

 

But the Commission has got an onerous task of ensuring that its current zeal
in the policy enforcement this time, does not go the way of the previous
moves.

 

A flash back at cases of building collapses in different parts of the
country with the attendant destruction of lives and properties brings to the
fore, the relevance of enforcement of this particular policy.

 

For instance, in March 2019, a three-story building housing a primary school
with pupils and other occupants in the Ita-Faji area of Lagos Island Local
Government, collapsed, killing many people including the proprietress of the
school and school children.

 

When THISDAY visited the collapsed building site, it was discovered that the
building had no insurance cover and none of the dead or injured victims had
any form of insurance. Indeed, one of the land owners in the area told
THISDAY that houses in the area had no insurance and that most landlords in
the area have no knowledge of insurance.

 

Shortly after that, in Apo Mechanic village Abuja, a story building
collapsed, trapping six people. Also, after that, there was report of
another similar case in Ibadan.

 

Similar to this in recent times, fire outbreaks in markets which also
constitutes public building have become more frequent.

 

The latest was the recent fire outbreak in Katsina State main market in
which properties worth millions of naira were destroyed.

 

Unfortunately, when these happened, with the exception of the Ita -Faji case
where the Lagos State government took care of the hospital bills of the
victims, especially the school children, both the dead and surviving victims
were often left to their fate.

 

For the dead victims, their dependents are often left without any form of
compensation mainly because in most cases, owners of the building ran away
for fear of facing the wrath of the law.

 

In Nigeria, it is fast becoming the custom to expect government to take
responsibility of certain things common knowledge should teach people to do
to stay safe especially insurance cover.

 

Insurers themselves often lament that instead of encouraging people to take
insurance cover, government in few cases resort to giving out paltry gifts
to the victims.

 

The former president, Nigeria Council of Registered Insurance Brokers and
Managing Director Scib insurance Brokers, Mr. Shola Tinubu, said this is not
the right solution to ameliorate problems faced by people when the
unforeseen happens.

 

According to him, Nigerians ought to embrace insurance so that anytime the
unforeseen happens, they will be entitled to more valuable compensation that
will restore them to the position they were before the unfortunate event
happened.

 

Government, after the 2012 flood that rendered many people homeless, had
mandated that people who built their houses near canals and other flood
passages should remove such houses and look for safer places, but till date,
people are still living in such areas and have not cared or planned for the
unexpected.

 

Presently, people are still occupying houses with shaky foundations while
developers still use fragile materials and substandard ones to erect new
buildings despite cases of collapse of new buildings with faulty foundations
around the country.

 

Section 64 of insurance Act 2003, stipulates that for insurance of buildings
under construction, every owner or contractor of any building under
construction with more than two floors must take an insurance policy to
cover liability against construction risks caused by his negligence or that
of his servants, agents or consultants which may result in death, bodily
injury or property damage to workers on site or members of the public.

 

This insurance policy also covers liability for collapse of buildings under
construction. Failure to comply with this provision is an offence punishable
with a fine of N250,000 or three years imprisonment or both.

 

Despite these laws, house owners and owners of building under construction
care less about insuring their houses.

 

But insurers have stressed that this is not supposed to be as insurance
firms are set up for the purpose of mitigating risks.

 

According to them, if Nigerians can take insurance covers especially the
compulsory building insurance when there is collapse of this nature,
insurance companies would be there to compensate them.

 

To the Managing Director, Consolidated Hallmark Insurance Plc, Eddie
Efekoha, if there is time Nigerians should embrace of this nature, it is now
that insurers are focusing on retail insurance that covers individual
policies like building, life, and motor insurances as the corporate
insurance has been saturated and over marketed.

 

While encouraging Nigerians to protect their personal belongings through
insurance cover, he urged insurers to look critically into retail insurance
areas that take care of such policies.

 

The Lagos State Government in pushing its compulsory building insurance law,
said it would synergise with a consortium of insurance companies and NAICOM
to achieve this.

 

It was of the view that if residents in Lagos embraced building insurance
policy, it would save them from untold hardship, losses and the hopelessness
associated with emergency situations.

 

It also stressed that insurance companies have the financial capabilities to
compensate and pay claims to victims of disasters than government.

 

This decision by the state government then, was in line with long standing
crusade by both the insurance industry regulator, NAICOM, the umbrella body
of insurance underwriters, the Nigeria Insurers Association (NIA) and other
stakeholders in the industry on enforcement of compulsory insurance
nationwide.

 

They have for many years been agitating for implementation of sections 64
and 65 of the 2003 insurance Act. Its enforcement has been lying low until
when NAICOM in collaboration with the industry operators kicked off campaign
on the enforcement in the six geopolitical zones of the country.

 

The expectation was that by now, everybody would have embraced this policy
and a significant number of buildings in Nigeria covered by the insurance
policy.

 

But this has not happened because according to the commissioner for
insurance, Sunday Thomas, the prevailing 2003 insurance Act did not vest on
NAICOM necessary powers for enforcements.

 

He said this is why the industry needs accelerated passage of the new bill
which it has been waiting for.

 

insurance expert, Mr. Kola Adedeji, had said the inadequate and ineffective
framework for the insurance industry are challenges that must be tackled.

 

In the case of compulsory building insurance, he said there is no separate
enactment for compulsory insurance of public buildings.

 

He noted that this inadequate legal framework makes it completely difficult
to enforce the provisions.

 

Pointing out its other pitfalls, Adedeji said: "The policy is meant to cover
legal liabilities of either owner or occupier at what point in time does the
occupier have legal liabilities or insurable interest in the building he or
she is occupying?

 

"Despite these pitfalls, Lagos State government in 2017, took the bull by
the horns to enforce the law by ensuring that owners of buildings in the
state put in place insurance cover for the third party."

 

On the question of the insurance operators themselves especially NAICOM
using its workforce to enforce the policy, insurance industry observers
argued that using insurance operators for enforcement would not yield much
result because the insurers had often said they were handicapped in
enforcing the policy because they find it difficult going into any standing
building or building under construction and to ask for insurance policy
paper.

 

The insurers have always wished the law enforcement agents would be assigned
to act on their behalf.

 

But the Managing Director NEM Insurance, Mr. Tope Smart, said Nigerians
should learn to be safety conscious and to be sincere to themselves
especially on things that affect their lives like the building insurance.

 

According to him, if a Nigerian can have money to erect five story
buildings, the person was supposed to think about the safety of the workers
and users of such building.

 

Industry observers are of the view that given rising cases of building
collapses and damages it cause in different parts of the country, where they
fail willingly to do that, government through the proposed Insurance Bill,
whose passage the industry is earnestly waiting for, should empower the
Commission to use the law enforcement agents to compel people to insure
their buildings.-This Day.

 

 

 

Kenya: Maasai Mara University to Manufacture Reusable Sanitary Towels

Menstrual hygiene is a national problem worsened by the taboos and stigma
that surround menstruation. It is a conversation that every Kenyan,
including men, should be involved in

 

A lack of information about menstruation leads to damaging misconceptions
and discrimination, and can cause girls to miss out on normal childhood
experiences and activities. Stigma, taboos and myths prevent adolescent
girls and boys from the opportunity to learn about menstruation and develop
healthy habits. - Unicef

 

Maasai Mara University has launched a project to manufacture reusable
sanitary towels that will benefit numerous girls in Narok County and beyond
who cannot afford the towels. The Acting Vice-Chancellor, Prof Kitche Magak,
discusses the one of a kind project which he refers to as a "silent
revolution and a game-changer" that will transform the university, which is
situated in a region that has one of the highest numbers of teen pregnancies
in Kenya.

 

Where did the idea of manufacturing sanitary towels come from?

 

Before I joined Maasai Mara University, I was heading a reproductive health
project for seven years with the African Medical and Research Foundation
(AMREF), one of the continent's leading research organisations in health
development. I realised lack of sanitary towels was affecting the lives of
many girls, who would drop out of school due to pregnancy and early
marriage. I was convinced that Maasai Mara University, being the centre of
knowledge and innovation in the region, was perfectly placed to run with
this project, which would keep girls going to school, therefore ensuring
that they performed better in their studies.

What is your impression regarding menstrual hygiene among girls and young
women here in Narok from the brief time you have been here?

 

Menstrual hygiene is not just a Narok problem. It is a national and global
problem. My experience here just like in other villages I visited across the
country while working as a reproductive health expert is disturbing. It is
sad that due to poverty and lack of awareness and sensitisation, some of the
girls resort to very unhygienic ways of dealing with their monthly periods,
such as using old blankets, tattered clothes, cows skin and even leaves.

 

You have done a lot of research and written papers on reproductive health,
what is your game plan to alleviate this situation in the region?

 

Besides the reusable pads, the university will also produce herbal medicine
that can go a long way to reduce menstrual pain. We have, in our botanical
gardens, a herb that can reduce period pain drastically - we have this
knowledge and plan to share it. It is sad that many girls in Kenya cannot
afford to have a period.

What are some of the cultural beliefs regarding menstruation that continue
to keep girls out of school?

 

In more remote and rural areas, taboos play a stronger role. For example,
menstruating women and girls are not allowed to enter goat pens or milk cows
for fear they will contaminate the animal. There is also this common
discriminatory practice that menstruating women and girls are "dirty", there
is also a restriction on the type of food they can eat and are prevented
from interacting with men and boys. These beliefs discriminate against girls
and women, and the university is carrying out a social engineering campaign
within the campaign, the aim to do away with these misconceptions.

 

Have you encountered resistance as you carry out this project?

 

When I floated this idea for the first time, some laughed it off and many
thought I was joking, wondering what business men have with sanitary towels.
Interestingly, even some of the educated women we presented the idea to were
sceptical about a man heading such a project. However, I was determined to
get it going because from experience, I knew there was a need that we could
fill. I want this project to define this university, such that when people
talk of eco-friendly reusable towels that are affordable and user friendly,
they will mention Maasai Mara University.

 

What opportunities are there in this project?

 

The project will create job opportunities for the locals. There will be many
value addition opportunities along the supply chain, such as distribution
networks, but most importantly, girls from poor families, those that live in
the streets and other vulnerable members of the society who cannot afford
the towels will get them free. The impact will be huge. I see a boost in the
girls' hygiene and in return reduced pressure on the health system. They
will also instil self-confidence and dignity, and the girls will be proud as
they will relieve parents from the huge burden of buying sanitary towels.
The project will also increase social cohesion and men and boys will no
longer feel embarrassed while interacting with girls and young women during
their menstrual cycles. Eventually, we hope to launch a study to establish
whether the region can support the growth of cotton, a critical raw material
used to make reusable towels. The sustained sensitisation and awareness
campaigns will also ensure that this will no longer be a women or girls'
problem, it will be a collective responsibility as men will also be brought
on board. At the moment, however, physical campaigns have been put on hold
due to Covid-19, but social media campaigns are going on.

 

We have partnered with others to make this project a success, for instance,
we are working with businessman and industrialist Chris Kirubi, Dr Jennifer
Riria of Echo Network Africa who is also the Group CEO of Kenya Women
Holding and one of Africa's leading women entrepreneurs who has, for a long
time, been committed to transform girls' education. Another partner is Bedi
Investments, which is one of the leading manufacturers of textiles and
garments - they have donated 10 industrial sewing machines worth Sh20
million to this project.

 

With the environment in mind, what plans have you put in place in regard to
waste disposal?

 

The towels are made out of cotton and are therefore biodegradable, so there
are no ecological issues, besides, these sanitary towels can be used between
three to six months unlike normal ones which are for one-time use, and
therefore a big concern to the environment.

 

What is your long-term plan for this project?

 

I intend to commercialise the project and expand it because we cannot depend
on donation forever.-Nation.

 

 

 

Kenya: We Can't Breathe - Kenyans Choke Under Cost of Living

Wangare Kang'ethe, a greengrocer in Nairobi's sprawling Pipeline Estate,
jokes that she is rich because her small kiosk is the only one selling
healthy-looking tomatoes.

 

A spot check vindicates her, as most estate greengrocers are barely able to
stock tomatoes on their shelves.

 

"A case of tomatoes now goes for around Sh15,000. We used to get it at
Sh10,000 or even Sh5,000. Right now one tomato retails at Sh10 at the
market. Or two for Sh25, or even more," said Ms Wangare in an interview.

 

Many Kenyans have had to adjust their lifestyles after the cost of basic
items rose beyond their reach in recent months.

Essential food items like tomatoes and cooking oil are fast becoming luxury
commodities, with most households having to seek alternatives or do without
them.

 

As if the rising prices of green vegetables are not enough to make Kenyans
hold tightly onto the few coins they come by, the taxman delivered worse
news by reinstating value-added tax (VAT) on liquefied petroleum gas (LPG).
This means that, from July 1, households will pay at least Sh350 more for
cooking gas.

 

Cutting household budget

 

"I had to effect a 360-degree change to my household budget. I did not go
for drastic measures such as telling members of my family that we will be
skipping a meal, but I had to find ways of making sure food was on the table
without drilling a huge hole in my pocket," said Ms Carole Kimutai, a city
resident.

One of the things she had to do was start a kitchen garden outside her
house. She started by growing her own vegetables including onions, lettuce,
rosemary, kales and chillies to supplement her vegetable requirements.

 

What she does not grow at her kitchen garden she sources directly from
farmers, effectively doing away with exploitative middlemen. She says she
has devised a way of sourcing other food items such as cereals.

 

Her saving grace is the high number of wholesale stores tucked in the busy
streets of Eastleigh, from which she and her friends jointly buy foodstuffs.

 

"I used to do all my shopping at the supermarkets, but this has helped cut
my budget by 15 per cent," said Ms Kimutai.

 

The rise in the cost of basic commodities pushed inflation from 5.78 percent
in February to 5.9 percent in March 2021. Inflation has been rising steadily
over the past seven months, from 4.2 percent in September last year to the
current 5.9 percent.

This is, however, still within the government's target range of between 2.5
percent and 7.5 percent. Kenya National Bureau of Statistics (KNBS)
Director-General Macdonald Obudho said the month-on-month food and
non-alcoholic drinks' index increased by 0.35 per cent between February 2021
and March 2021.

 

Read: Most Kenyans think country headed in wrong direction, new poll shows

 

Also read: More pain as petrol prices to hit historic high Wednesday

 

Increase in prices

 

"This food inflation was mainly attributed to an increase in prices of some
food items, which outweighed the decrease in prices of other foodstuffs," Mr
Obudho said.

 

KNBS said the prices of mangoes, green grams and tomatoes increased by 1.97,
1.58 and 1.58 percent, respectively. On the other hand, prices of onions
(leeks and bulbs), maize grain-loose and fortified maize flour decreased by
2.98, 1.96 and 1.94 percent, respectively. The year-on-year food inflation
rose by 6.65 percent between March 2020 and March 2021.

 

The housing, water, electricity, gas and other fuels' index increased by
0.59 percent between February 2021 and March 2021. This was mainly
attributed to the increase in prices of kerosene and electricity by 5.79
percent and 5.19 percent respectively.

 

Over the same period, the month-on-month transport index increased by 1.49
percent mainly due to a rise in the prices of diesel and petrol by 5.58
percent and 6.57 percent, respectively. For Mr Barasa Kizito, feeding a
family of five is increasingly becoming difficult.

 

"I had to cut on so many things. A loaf of bread is now Sh55. This means
Sh100 is no longer enough to buy milk and bread," he lamented. Bread is a
common food item on breakfast tables across the country and any price
increase hits many hard.

 

Mr Kizito says when the going gets tough, he has to walk to his place of
work in Industrial Area, Nairobi, to save money for milk.

 

The price of petroleum products has been on a steady increase, affecting bus
fares and the cost of various items on account of rising cost of production.

 

Read: Bread prices rise on higher wheat costs

 

Survival for the fittest

 

Bus fares have been increased owing to the Covid-19 containment measures
that dictate that PSVs can only carry 60 percent of their capacity.

 

"When analysing prices, we have to look beyond supermarkets. Prices are
largely dictated by manufacturers, who supply supermarkets. They are also
influenced by market forces. For example, flour prices will be determined by
the farm-gate prices of maize and international wheat prices. You will also
note that sugar prices are always volatile. That's because manufacturers'
sugar prices change every week," said Mr Adrian Kibai from Bei ya Ukweli, a
popular research platform that compares prices of key items from various
supermarkets.

 

"Unfortunately, it has come to a point where survival will be for the
fittest. The pandemic has brought about many things, people losing jobs and
businesses collapsing. Some people had emergency funds and were able to
survive for some time. However, we all had to have honest conversations with
ourselves and figure out what is essential and what is not," Ms Felista
Wangari, a financial literacy champion and leader of an online personal
finance community on Facebook called 52-week Savings Challenge Kenya,
opined.

 

And the situation has not been helped by excessive borrowing by most people
due to the ease of accessing quick loans offered by mobile loan apps.
Another factor that is making it hard for people to feed their families is
carelessness.

 

Ms Wangari argues that, instead of carefully budgeting for their money, most
Kenyans spend it on frivolous things. Another factor, she says, is "black
tax".

 

"I think we are all guilty of this; lending money beyond our income, whether
it is to friends, close family members and other relatives. And sometimes it
can be difficult to say no because maybe it is a friend who has lost a job
and is borrowing from you to buy food for their family," she says.-Nation.

 

 


 


 


Invest Wisely!

Bulls n Bears 

 

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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

 


 

 

 

 


 <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.

 


 

 


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<mailto:info at bulls.co.zw> info at bulls.co.zw Tel: +263 4 2927658 Cell: +263 77
344 1674

 


 

 

 

 

 

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