Major International Business Headlines Brief::: 08 May 2021

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Major International Business Headlines Brief::: 08 May 2021

 


 

 


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ü  US jobs figures fall far short of expectations

ü  Covid: Travel firms reject 'overly cautious' green list

ü  Twitter adds 'tip jar' to pay for good tweeting

ü  Covid travel rules: 'Green list' countries to be revealed

ü  British Airways owner IAG calls for action to restart flights

ü  Fund managers see value, cyclical stocks running further despite slow U.S. jobs recovery

ü  U.S. hiring takes big step back as businesses scramble for workers, raw materials

ü  Cryptocurrency ethereum is flourishing but risks linger

ü  Auto sector urges U.S. Congress to help fund its computer chip needs

ü  Amazon, union tussle over identifying witnesses as U.S. labor board starts hearing

ü  U.S. auto part makers brace for a bumpy ride as chip shortage to intensify

ü  Seychelles: President of Seychelles Focuses On Diversifying Economy, Agricultural Sector

ü  Namibia: Govt Loath to Embrace Debt Innovation

ü  Namibia: Shipanga Now Mining Operator and Car Wash Owner

ü  Ethiopia: Agency Says Diaspora Contribution to GERD Augmenting

ü  Namibia: Lufthansa Group's New Leisure Brand to Service the Germany - Namibia Flight Route

 

 

 

 

 

 

 

 


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US jobs figures fall far short of expectations

US employers hired fewer workers than expected last month despite a huge stimulus package that saw the government send $1,400 (£1,000) cheques to most Americans.

 

Just 266,000 jobs were added in April and the unemployment rate edged up to 6.1%, according to the Bureau of Labor Statistics.

 

It said a hiring spree among leisure and hospitality businesses was offset by declining courier numbers.

 

In all, 9.8 million remain unemployed.

 

In February 2020, before lockdowns forced millions into unemployment, 5.7 million people were out of work.

 

In March, the Biden administration pushed through the $1.9tn stimulus package.

 

The latest jobs figures were well below the expectations of economists, who had predicted that the gain would be anywhere from 900,000 to 2 million jobs.

 

That would have been well ahead of the 770,000 jobs that were added in March, which was considered a sign that America's economic recovery was gaining pace.

 

In a speech on Friday to "put today's jobs report in perspective," President Joe Biden said the new job numbers "show we're on the right track".

 

He defended his bailout as a "year-long effort to rescue our country" and dismissed suggestions "we should be disappointed".

 

His speech came after his Democratic party ally, Speaker of the House Nancy Pelosi, issued a statement calling the April report "disappointing" and for Congress to approve more funds for infrastructure spending.

 

US jobs figures chart

"Today's disappointing jobs numbers will heighten investor caution and raise concerns around the resilience of the US labour market - and to what extent the pace of the Covid-19 vaccination programme will boost economic activity and employment," said Richard Flynn, UK managing director at Charles Schwab.

 

"However, across economic metrics - from GDP to retail sales to job growth - boom conditions are evident," he said. "We are yet to see the full effect of this since the unemployment rate is one of the most lagging of economic indicators."

 

Despite the weaker-than-expected data, the numbers are a marked improvement compared to the same period a year ago, when lockdowns put more than 20 million people out of work.

 

"While the labour market continues to recover, today's report suggests that the jobs recovery may not be quite as rapid as many had expected," said Mike Bell, global market strategist at JP Morgan Asset Management.

 

"There was continued strong jobs growth in the leisure and hospitality sector but these gains were partially offset by declines in business services and transportation and warehousing, manufacturing and retail also saw small declines in employment."

 

In a word: "Wow". The massive economic recovery that many were expecting in America did not materialise in this latest jobs report.

 

The US economy added only 266,000 jobs in April, a far cry from estimates that ranged anywhere from 900,000 jobs to possibly even 2 million.

 

This discouraging employment report comes as coronavirus infection rates are declining and businesses are reopening.

 

Unsurprisingly, many of the gains came in the leisure and hospitality sectors as bars and restaurants reopened. But it is other sectors such as retail where hiring is stagnant.

 

Some economists had warned of a fitful economic recovery.

 

One disappointing jobs report does not mean the country's economy is in trouble.

 

But this is evidence it may take a lot longer for the US to make its economic comeback.

 

The slowdown in hiring was "very probably" not a result of weaker demand for workers, said Ian Shepherdson, chief economist at Pantheon Macroeconomics.

 

"We know from endless surveys that labour demand is very strong, but we also know from both surveys and media-reported anecdotes that firms are finding it hard to recruit people," he said.

 

He said that the data "made it much easier" to argue that putting up unemployment benefits by $300 a week in the March relief bill had "crimped labour supply".

 

Some states agree with that argument. Both South Carolina and Montana have said they will stop unemployment benefits offered by the federal government from being paid to their citizens.

 

They are worried that the extra money is more likely to persuade people to stay at home, keeping them out of the workforce. Instead, Montana is offering $1,200 to those who return to work.-BBC

 

 

 

Covid: Travel firms reject 'overly cautious' green list

The travel industry has expressed disappointment that so few countries are on the UK government's green list for travel, describing the announcement as "overly cautious".

 

The traffic light system means travel abroad from 17 May will not be illegal.

 

The 12 green list countries, which include Portugal, Gibraltar and Israel, will not require people to quarantine on return to England.

 

Firms said leaving the US off the list would risk the UK "falling behind".

 

Travel to amber or red lists countries is not advised.

 

The change in travel rules applies to England. Scotland, Wales and Northern Ireland have not said when they might ease their strict travel rules.

 

Only four of the countries on the green list are in Europe, and Portugal is the only large holiday destination from the continent on the list.

 

Israel and Singapore are also included, but Australia and New Zealand - which are approved as safe by the UK government - are not currently allowing in visitors from abroad.

 

France, Greece, Italy and Spain, normally hugely popular holiday destinations for UK travellers, are not included on the safe list.

 

Andrew Flintham, managing director of holiday firm TUI, said: "While we were expecting to see just a handful of destinations on the green list, this is an overly cautious start."

 

Airlines UK, representing UK carriers, described it as "a missed opportunity" and "a reopening of air travel in name only" which left the UK "at risk of falling behind".

 

And Easyjet chief executive Johan Lundgren said: "The decision to put so few European countries into the green tier is simply not justified by the data or the science, and is inconsistent with the approach to reopen the domestic economy."

 

UK citizens risked missing out on bookings for hotels if other European tourists were permitted to travel, he added.

 

Making the announcement, Transport Secretary Grant Shapps said the easing of restrictions was "necessarily cautious" in the light of the threat from new variants of Covid-19.

 

He said the UK's success in combating the virus was not matched in many other countries.

 

However he said the list would be reviewed every three weeks by the Joint Biosecurity Centre - the team set up last year to monitor the threat from the virus.

 

Some firms had hoped the rapid roll out of the vaccination programme in the US would allow summer travel to resume there more quickly.

 

"There is no reason for the US to be absent from the green list. This overly cautious approach fails to reap the benefits of the UK's successful vaccination programme," a spokesperson for Virgin Atlantic - one of the airlines which relies heavily on UK-US traffic - said.

 

"A transatlantic travel corridor is vital to deliver a much-needed boost to economic recovery," the spokesperson added.

 

But British Airways predicted that more countries would be included before the summer.

 

"What's clear is that with high levels of vaccination in the UK being matched by other countries, we should see more destinations going 'green' before the end of June," BA chief executive Sean Doyle said.

 

"We cannot stress more greatly that the UK urgently needs travel between it and other low-risk countries like the US, to re-start the economy, support devastated industries and reunite loved ones."

 

'A happy moment'

Meanwhile, Ryanair, Easyjet, Tui and British Airways all said they would be increasing their flights to Portugal and other destinations on the green list.

 

Tourist-dependent firms in Portugal were quick to welcome the news.

 

"No-one enjoys a holiday more than the British people," said Miguel Campino, owner of Maria's Restaurant - a beach venue on Praia do Garrão Poente.

 

"They bring a colourful atmosphere to all the restaurants, bars and hotels. This is a happy moment for everyone, for Portugal, for England... it's great news."

 

João Fernandes, president of the Algarve Tourism Bureau, also said the region was ready to welcome UK visitors back.

 

"We are obviously delighted with the news," he said. "It's a recognition of the remarkable work Portugal has done in reducing levels of Covid to be able to restart the economy safely."

 

However, the UK consumer body Which? warned that practical difficulties over taking a holiday abroad would remain.

 

"Travellers will have an expectation that these new government rules should protect their health and their money, yet serious issues around lengthy airport queues and a broken testing system remain unresolved," Rory Boland, editor of Which? Travel, said.-BBC

 

 

 

Twitter adds 'tip jar' to pay for good tweeting

Twitter has launched a new "tip jar" feature that lets people send money to others on the social network.

 

The company says the feature is "an easy way to support the incredible voices that make up the conversation".

 

To begin with, only a select group of people can receive tips - a group Twitter said was made up of "creators", journalists, experts, and non-profits.

 

But the feature has also been criticised for exposing personal information such as email addresses.

 

The tip jar function essentially adds a small icon to a user's profile - on mobile devices only for now - with a drop-down menu for other payment providers such as PayPal, Venmo, or the Cash App, the latter two of which are popular in the United States.

 

But because the payment is made through those external systems, some Twitter users noticed that tipping a PayPal account lets the recipient know the postal address of the tip sender.

 

In other cases, the recipient's email address could be seen, whether or not any money was sent.

 

After security expert Rachel Tobac highlighted the issue, Twitter product lead Kayvon Beykpour thanked her for the "good catch" - but said Twitter could not control how PayPal handled that information.

 

Instead, Twitter said it was updating the information around the tip jar to make clear that some details might be shared.

 

PayPal, meanwhile, said the issue arose because the Twitter tip jar was using its "goods and services" payment option - which shares details for shipping those goods. It said people can toggle to the "friends and family" option during payment to avoid the issue.

 

The tip jar function also has support for Bandcamp - widely used by musicians - and Patreon, used by all sorts of independent digital creators such as YouTubers and podcasters.

 

Twitter says the addition was inspired by people who added payment links or Patreon ads in replies to viral tweets.

 

"We $ee you - sharing your PayPal link after your Tweet goes viral, adding your $Cashtag to your profile so people can support your work, dropping your Venmo handle on your birthday or if you just need some extra help," wrote Twitter's senior product manager Esther Crawford in the blog post announcing the feature.

 

It said more people would be able to add the function to their profile "soon".

 

But there are some concerns about the way the function will be used.

 

Journalists, in particular, are often banned from accepting gifts - and it's not clear how "tips" will be treated by news organisations.

 

"Seems like Twitter's tip jar feature is going to raise some issues for newsrooms," tweeted Ryan Lizza, Politico's Washington correspondent.

 

"Should reporters at your favourite [publications] and networks be allowed to accept money from anyone on the internet?" he asked.

 

Another reporter writing for a US-based newspaper wrote: "On the one hand... seems ripe for creating unethical situations.

 

"On the other hand... I don't make a lot of money and it's a tough world out there."

 

The tip jar is the latest in a string of experiments from the social network, which has seen user growth slow in recent years.

 

Earlier this month, it acquired Scroll, a subscription service that removes adverts from participating news websites - and announced it would be part of Twitter's upcoming subscription service.

 

As part of that deal, Twitter also pitched paying Twitter as a way of supporting journalism.

 

"As a Twitter subscriber, picture getting access to premium features where you can easily read articles from your favourite news outlet or a writer's newsletter from Revue, with a portion of your subscription going to the publishers and writers creating the content," it said.-BBC

 

 

 

Covid travel rules: 'Green list' countries to be revealed

Holidaymakers in England are to find out which "green list" countries they can visit without quarantining on their return later this afternoon.

 

Transport Secretary Grant Shapps will unveil details of new travel rules at a coronavirus briefing at 17:00 BST.

 

Rules will be based on a traffic light system, with countries rated green, amber or red based on their Covid risk.

 

Currently, people in England face fines for holidaying abroad, and must have a valid reason for foreign travel.

 

Scotland, Wales and Northern Ireland have not said when they might ease their strict travel rules.

 

The list of green countries with the fewest travel restrictions is expected to be small when the rules come into effect on 17 May.

 

Travellers to countries rated green will not need to isolate on their return, but they will need to take a Covid test before and after their trip.

 

Arrivals from amber countries will need to quarantine, while red-list countries have the strictest rules, with only UK or Irish nationals, or UK residents, allowed to return - and they must pay for a 10-day stay in a government quarantine hotel.

 

Graphic showing how the traffic light system for arrivals will work

Countries will be categorised based on their number of Covid cases and the success of vaccine rollouts.

 

At the moment, the UK has fewer cases and a higher rate of vaccinations than many popular destinations, including France, Spain, Greece and Turkey.

 

Infections in Portugal are at a similar level to that in the UK, with 27 confirmed virus cases per 100,000 people per week compared with 21 in the UK, according to figures from Our World in Data from 4 May.

 

The UK government previously said the travel rules will be reviewed again on 28 June to see whether any measures can be relaxed further.

 

The chief executive of Booking.com warned that travel prices would rise due to pent-up demand and fewer planes in service.

 

While the UK's largest tour operator, Tui, has said it will subsidise the cost of Covid testing for its customers, offering test packages for between £20 and £90.

 

Ahead of the transport secretary's announcement, airline giant IAG, which owns British Airways, said it was "ready to fly" but urged the government to introduce affordable, simple and proportionate testing to replace quarantine.

 

Meanwhile, a coronavirus variant first detected in India has been escalated to a "variant of concern" by Public Health England, as scientists believe it is at least as transmissible as the Kent variant.

 

India is currently on the red list of countries, with people only able to enter the United Kingdom from there if they are a British or Irish national, or UK resident.-BBC

 

 

British Airways owner IAG calls for action to restart flights

British Airways owner IAG has said it is "ready to fly" and has called for government action to restart international travel.

 

Citing a "high level" of pent-up demand, the airline group called for "travel corridors without restrictions" between certain countries.

 

Some foreign holidays could be allowed when England's lockdown rules ease.

 

Details of a "green list" of countries with the fewest travel rules are expected soon.

 

Covid impact

The airline group has been hit hard by the coronavirus crisis, with revenue plunging as many of its planes have been grounded.

 

IAG reported revenues of €968m (£840m) for the first three months of the year, down from €4.6bn for the same period last year, and an operating loss of €1,07bn.

 

It repeated its call for digital health passes "to enable a safe re-opening of our skies".

 

There will be some "opening up" of foreign travel on 17 May, Prime Minister Boris Johnson has said.

 

IAG - which also owns Iberia, Aer Lingus and Vueling - is "doing everything in our power to emerge in a stronger competitive position," said Luis Gallego, IAG chief executive.

 

"We're absolutely confident that a safe re-start to travel can happen as shown by the scientific data."

 

But the aviation industry is anxiously awaiting details of the government's travel traffic light system, which is expected to be announced shortly.

 

The traffic light system of rules will see countries classed as green, amber or red.

 

Travellers to green countries will not need to isolate on their return, but they will need to take a Covid test.

 

Arrivals from amber countries will need to quarantine, while red-list countries have the strictest rules, with only UK or Irish nationals allowed to return and they must pay to stay in a government quarantine hotel.

 

"We're ready to fly, but government action is needed through four key measures," said Mr Gallego.

 

The measures the airline group demanded were:

 

·         Travel corridors without restrictions between countries with successful vaccination rollouts and effective testing such us the UK and the US

·         Affordable, simple and proportionate testing to replace quarantine and multi-layered testing

·         Well-staffed borders using contactless technology including e-gates to ensure a safe, smooth flow of people and frictionless travel

·         Digital passes for testing and vaccination documentation to facilitate international travel.

Meanwhile IAG increased its number of cargo-only flights in the three months to 1,306, up from 969 in the previous quarter.

 

"Cargo has enabled us to operate a more extensive passenger long-haul network," said Mr Gallego. "It generated €350m in revenue, a record for quarter one."

 

Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, said that cargo offered "relief" to the airline, but the "pain of lost passenger bookings is severe".

 

"British Airways owner IAG is still in emergency mode, battening down the hatches as global travel remains in limbo pushing bookings to a fraction of usual levels," she said.

 

But the airline group "can do little but hold on tight through the continued turbulence and hope government policy will allow it navigate out of the crisis".

 

"But there are still threatening grey skies ahead, not least with the spiralling of cases in India which could knock confidence in the travelling public," Ms Streeter added.

 

Richard Hunter, head of markets at Interactive Investor, said the airline sector was "challenging" even in normal circumstances.

 

"Volatile fuel costs, industrial action, geopolitical tensions, terrorism and the usual economic cycle are all headwinds which the industry faces.

 

"The pandemic has for some brought an existential crisis. Yet the company is one which has dealt with an impossible situation as best it could," he said.

 

The Intercontinental Hotel with LED lights switched on in some windows Frankfurt am Main, western Germany.

 

Intercontinental Hotels Group is another travel industry firm banking on international travel reopening.

 

The hotel chain reported a 33.7% fall in first quarter revenue per available room compared to the same period last year, and a 50.6% slump compared to 2019.

 

But chief executive Keith Barr was upbeat about the group's prospects.

 

He said there "was a notable pick-up in demand in March, particularly in the US and China, which continued into April".

 

"As the rollout of vaccines becomes more established, travel restrictions lift, and economic activity rebuilds, traveller demand will continue to grow and generate further momentum in an industry recovery over the course of the year," he said.-BBC

 

 

 

Fund managers see value, cyclical stocks running further despite slow U.S. jobs recovery

While some technology stocks got a boost Friday after a disappointing U.S. jobs report, some portfolio managers say that blow-out earnings from several large technology companies over the last few weeks are not enough to keep making outsized bets on the sector.

 

Instead, those fund managers say that they are continuing to rotate into value and cyclical stocks - whose fortunes are closely tied to economic conditions - in anticipation that the economic recovery will be longer and more gradual than originally anticipated.

 

The notion that the U.S. jobs recovery has not yet peaked was reinforced by data from the Labor Department on Friday that showed U.S. employers hired far fewer workers than anticipated. The lower-than-expected job gains are likely to keep the Federal Reserve's accommodative measures in place for an extended period, economists said.

 

The transition between the stay-at-home economy and a full reopening will likely take at least a year, leaving value stocks more attractive than technology shares over that time, said Barry James, a portfolio manager at James Investment Research, who remains underweight in technology.

 

"In the short run, it may bounce back and forth but we think we are in for at least another year or more of this transition," he said.

 

Large technology stocks rallied Friday after the jobs report tampered concerns about inflation and pushed the yield of the 10-year Treasury near a 2-month low, but the direction of the economy regains intact and should continue to favor cyclical stocks over defensive stocks, said Sameer Samana, senior global market strategist at Wells Fargo Investment Institute.

 

"We would not read too much into any one jobs report, and continue to think the labor market remains on track and will be more than enough to underpin consumer confidence and consumption," he said.

 

Despite Friday's gains, large-cap technology companies continue to lag the broad market. Apple Inc (AAPL.O) is down nearly 2% for the year-to-date, Amazon.com Inc (AMZN.O) is up less than 2%, and Netflix Inc (NFLX.O) is down 6.5%. Overall, the technology sector is up 6.8% for the year-to-date, about half of the 12.6% gain in the broad S&P 500 (.SPX).

 

Instead, value companies in such cyclical areas such as financials, energy, and consumer discretionary are surging. The Russell 1000 Value index (.RLV) is up 18% for the year to date, including a 0.7% gain Friday, while the Russell 1000 Growth index (.RLG) is up 6.3%, and gained 0.6% Friday.

 

"You had some people saying, that is as good as it gets across the board. Peak momentum, peak growth, peak earnings, but the market is misperceiving the backdrop here. You are going to end up with robust levels of growth for the remainder of this year," said Jack Janasiewicz, portfolio strategist and portfolio manager at Natixis Advisors.

 

Funds that have remained heavy in growth stocks jumped Friday, with the ARK Innovation ETF (ARKK.P)adding 1.4% by mid-afternoon. Yet the fund remains down more than 10% for the year.

 

At the same time, the stretched valuation of large technology companies makes them less attractive than cyclical stocks that will most likely see the greatest economic boost over the next year, said George Young, a portfolio manager at Villere & Co.

 

The S&P 500 technology sector, for example, trades at 33.8 times trailing earnings, more than double that of the S&P 500 financial sector, which trades at 16.2 times trailing earnings.

 

Young has been adding to his position in cyclical companies like casino company Caesars Entertainment Inc (CZR.O), a position he called "the opposite of the stay-at-home trade."

 

"People are turning the corner and saying 'We can see the light at the end of the tunnel and we don't have to say at home anymore,' so investors are looking for what's the next thing," he said.

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

 

U.S. hiring takes big step back as businesses scramble for workers, raw materials

U.S. job growth unexpectedly slowed in April, likely curbed by shortages of workers and raw materials as rapidly improving public health and massive government aid fueled an economic boom.

 

The Labor Department's closely watched employment report on Friday, which showed a plunge in temporary help jobs - a harbinger for future hiring - as well as decreases in manufacturing, retail and courier services employment, sparked a heated debate about the generosity of unemployment benefits.

 

The enhanced jobless benefits, including a government-funded $300 weekly supplement, pay more than most minimum wage jobs. The benefits were extended until early September as part of a $1.9 trillion COVID-19 pandemic relief package approved in March. Montana and South Carolina are ending government-funded pandemic unemployment benefits for residents next month.

 

Economists say some workers could still be fearful of returning to work even as all adult Americans are now eligible to receive COVID-19 vaccinations. Others also cited problems with child care as in-person classes remain limited in many school districts. Labor and input shortages have been well documented by business surveys.

 

 

"The employment gain is understated in part because of the generous largess from Washington," said Sung Won Sohn, a finance and economics professor at Loyola Marymount University in Los Angeles. "Short-staffed restaurant owners are working overtime, truck drivers are impossible to find even after a hefty increase in hourly wages and loading docks at warehouses are keeping trucks idle as there aren't enough workers."

 

Nonfarm payrolls increased by only 266,000 jobs last month. Data for March was revised down to show 770,000 jobs added instead of 916,000 as previously reported. Economists polled by Reuters had forecast payrolls would advance by 978,000 jobs.

 

That left employment 8.2 million jobs below its peak in February 2020. The U.S. Chamber of Commerce urged the government to scrap the weekly unemployment subsidy, but the White House dismissed complaints the generous unemployment checks were causing worker shortages.

 

“It’s clear that there are people who are not ready and able to go back into the labor force,” Treasury Secretary Janet Yellen said. “I don’t think the addition to unemployment compensation is really the factor that is making a difference.”

 

Twelve months ago, the economy purged a record 20.679 million jobs as it reeled from mandatory closures of nonessential businesses to slow the first wave of COVID-19 infections. That plunge could have thrown off the model that the government uses to adjust the data for seasonal fluctuations, resulting in the April payrolls number being below forecasts.

 

Unadjusted payrolls increased by 1.089 million jobs after rising by 1.176 million in March.

 

"We have warned frequently that the COVID-19 shock last spring would echo through the seasonally adjusted data and cause significant volatility," said Scott Ruesterholz, portfolio manager at Insight Investment in New York. "That is likely what is happening with this report."

 

 

The report did not change expectations that the economy entered the second quarter with strong momentum and was on track for its best performance this year in almost four decades. Timely labor market indicators, like new claims for jobless benefits, which last week dropped below 500,000 for the first time since the pandemic started, suggest payrolls will pick up.

 

Construction workers wait in line to do a temperature test to return to the job site after lunch, amid the coronavirus disease (COVID-19) outbreak, in the Manhattan borough of New York City, New York, U.S., November 10, 2020. REUTERS/Carlo Allegri

Stocks on Wall Street were trading higher. The dollar (.DXY) was weaker against a basket of currencies. Prices of longer-dated U.S. Treasuries fell.

 

ROBUST DEMAND

 

With more Americans vaccinated, many states have lifted most restrictions on businesses. That, together with $1,400 stimulus checks sent to qualifying households in March, unleashed pent-up demand. Supply chains were already strained by the shift in demand toward goods from services during the pandemic.

 

The burst in demand contributed to the economy's 6.4% annualized growth pace in the first quarter, the second-fastest since the third quarter of 2003. With households sitting on at least $2.3 trillion in excess savings, economists were steadfast in their expectations for double-digit growth this quarter.

 

"The only thing keeping job gains down is supply, not demand," said Joel Naroff, chief economist at Naroff Economics in Holland, Pennsylvania. "The economy is racing forward and that is what we should focus on."

 

Leisure and hospitality gained 331,000 jobs in April, with hiring at restaurants and bars accounting for more than half of the increase. Government employment picked up as some school districts hired more teachers for in-person learning.

 

But temporary help services employment dropped by 111,400 jobs. Manufacturing employment fell by 18,000 jobs, with payrolls at motor vehicle manufacturers dropping 27,000. A global semiconductor chip shortage has forced production cuts.

 

In the transportation and warehousing industry, employment for couriers and messengers fell by 77,000. Retail employment dropped by 15,300 jobs. Construction payrolls were flat. With workers scarce, employers boosted wages and increased hours for employees. Average hourly earnings jumped 0.7% after dipping 0.1% in March. The average workweek rose 0.1 hour to 35 hours.

 

The unemployment rate rose to 6.1% in April from 6.0% in March as 430,000 people entered the labor force. The jobless rate has been understated by people misclassifying themselves as being "employed but absent from work."

 

Without this misclassification, the unemployment rate would have been 6.4% in April. The labor force participation rate, or the proportion of working-age Americans who have a job or are looking for one, climbed to 61.7% from 61.5% in March. It was, however, lifted by men. Women, who account for most of the at least 4 million people still outside the labor force, dropped out.

 

That could bolster President Joe Biden's plan to spend another $4 trillion on education and childcare, middle- and low-income families, infrastructure and jobs. It also supports the Federal Reserve's ultra-easy monetary policy stance.

 

“The road to full employment may be a bit longer than we all thought,” said Scott Anderson, chief economist at Bank of the West in San Francisco.

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

 

Cryptocurrency ethereum is flourishing but risks linger

Ethereum has outperformed major digital currency rivals this year, bolstered by the surge in decentralized finance (DeFi) and the anticipation of a technical adjustment this summer, but it faces hurdles that could stall its rise.

 

With a jump of more than 350% in its price this year, ethereum has the second-largest market capitalization after bitcoin, but not as much cache and perhaps more operational challenges that could prevent it from eclipsing its major rival.

 

In the crypto world, the terms "ethereum" and "ether" have become synonymous. Technically, ethereum is the blockchain network in which decentralized applications are embedded, while ether is the token or currency that enables or drives the use of these applications.

 

Ethereum's market cap on Friday was $410 billion, second to bitcoin's at more than $1 trillion, according to data tracker CoinGecko.com. It hit a record high of $3,610.04 on Thursday and was last up 1% at $3,524.

 

 

Bitcoin, meanwhile, has risen a more modest 97% this year. Since hitting an all-time high of just under $65,000 in mid-April, bitcoin has actually fallen roughly 18%.

 

A rise in institutional interest has increased ethereum demand, but supply has been limited. The token's supply in exchanges in April hit its lowest in nearly 2-1/2 years, according to Kraken Intelligence, a research blog from cryptocurrency exchange Kraken.

 

"It's more than just a coin. It's a whole ecosystem that allows other applications to be built," said Bradley Kam, chief executive officer of blockchain domain provider, Unstoppable Domains.

 

At the heart of ethereum's ascendancy is DeFi, which refers to peer-to-peer cryptocurrency platforms that facilitate lending outside traditional banking institutions. Many sites run on the ethereum network, using an open-source code with algorithms that set rates in real time based on supply and demand.

 

 

The value locked - the total number of loans on DeFi platforms - was $79 billion as of Friday, DeFi Pulse data showed, up nearly 600% from $11 billion in October.

 

DeFi, however, has its problems. Dune Analytics research showed 2%-5% of transactions on ethereum-based decentralized exchanges failed due to complications such as slippage or insufficient "gas" prices, which are the fees required to successfully conduct a transaction on the ethereum blockchain.

 

Between April 15 and April 21, for instance, roughly 1.1 million transactions were made on Uniswap, a DeFi protocol used for exchanging cryptocurrencies. Of those, 241,262 failed, representing the largest number of transaction failures across the entire ethereum network, data from analytics platform Etherscan and Dune Analytics showed.

 

"DeFi is destined for meteoric growth, but that growth inherently comes with risk," said Alex Wearn, chief executive officer at crypto exchange IDEX.

 

 

"Issues such as failed transactions and front-running are not subtle, costing users millions of dollars every day," he said, referring to the practice of getting a transaction first in line in the execution queue right before a known future contract. "These major ... problems limit the appeal of these products for a wider audience and ultimately hinder the ecosystem's growth."

 

Wearn estimates that more than $285 million were lost in DeFi hacks so far this year.

 

Proponents say DeFi sites represent the future of financial services, providing a cheaper, more efficient and accessible way for people and companies to access and offer credit.

 

TECHNOLOGY BUMPS

 

Ethereum has also been plagued by the network's inability to scale to meet demand without incurring high transaction fees as well as slow execution of transactions, market participants said.

 

The first phase of an upgrade called Ethereum 2.0 launched last year is aimed at addressing the network's tech issues on speed, efficiency, and scalability.

 

However, John Wu, president of AVA Labs, an open-source platform for financial applications, pointed out that the planned migration to Ethereum 2.0 has been in the works for years.

 

"The timelines have consistently been delayed, so it's hard to feel comfortable with that unknown," he said.

 

Ethereum also faces stiff competition from networks such as AVA Labs' Avalanche and Binance Smart Chain, which are also compatible with ethereum's assets and applications.

 

Data from AVA Labs showed users have transferred more than $170 million to Avalanche from ethereum since February.

 

ANOTHER TECHNICAL ENHANCEMENT

 

Still, hopes of a technical adjustment called EIP (ethereum improvement proposal) 1559, which is expected to go live in July and is seen reducing the supply of ethereum, has provided a lift for the digital currency.

 

EIP-1559 aims to reduce the volatility of ethereum's fees by introducing a mechanism to burn some of those transaction fees, which should slow the token's issuance, analysts said.

 

The impact on ethereum's price could be similar to a bitcoin halving event, in which an adjustment cut bitcoin's supply and propelled its price to record highs, analysts said.

 

"There's a lot of numbers going around the market about the potential impact that has like a halving-type magnitude with bitcoin," said Richard Galvin, co-founder and chief executive officer of crypto fund Digital Asset Capital Management.

 

"They're all pretty positive drivers that have, I guess, seen a pretty strong revaluing."

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

Auto sector urges U.S. Congress to help fund its computer chip needs

The U.S. auto industry and United Auto Workers union on Friday urged Congress to tie billions of dollars in government funding to boost semiconductor production to help fill the needs of automakers forced to slash production because of chip shortages.

 

Congress "should prioritize production of the semiconductors necessary to assemble vehicles here in the United States. This will ensure that motor vehicle manufacturers have a fair share of chips needed to meet consumer demand," said the American Automotive Policy Council, Motor & Equipment Manufacturers Association and UAW on Friday in a joint statement.

 

Tech companies and other industries have repeatedly urged the administration not to pick "winners and losers" or attach conditions to funding to address the chip shortage.

 

The Bureau of Labor Statistics said the U.S. motor vehicle and parts sector lost 27,000 jobs in April.

 

The letter seen by Reuters said the U.S motor vehicle industry is estimated to have lost over 330,000 production units as a result of the chip shortage.

 

Carmakers across the world curbed output, hampering attempts to recover from the pandemic, due to a shortage of chips used in everything from computer management of engines to driver assistance systems.

 

The global chip shortage hit automakers hard after many canceled orders when plants were idled during the coronavirus pandemic. At the same time, demand for chips boomed from consumer electronics makers churning out premium devices for people spending more time at home.

 

Automakers have warned the chips crisis could last until 2022 and have pressed the U.S. government to act.

 

Ford Motor Co (F.N) last week warned the shortage may slash second-quarter production by half and for 2021, cost it about $2.5 billion and about 1.1 million units of lost production.

 

President Joe Biden has proposed $50 billion to boost U.S. semiconductor production.

 

The letter urged the government to "include specific funding for semiconductor facilities that commit to dedicating a portion of their capacity to motor vehicle-grade chip production."

 

On Friday, the National Electrical Manufacturers Association, Association of Home Appliance Manufacturers and Air-Conditioning, Heating and Refrigeration Institute urged Commerce Secretary Gina Raimondo to ensure chip supplies are "fairly allocated across industry sectors."

 

The groups said they were "dismayed" Raimondo said she was seeking to prioritize automakers. "We simply ask for fairness so that the health, safety, comfort, productivity, and other needs of Americans can be met," they wrote.

 

The department did not immediately comment. Raimondo told MSNBC Friday that the auto chip crisis was a factor in April's jobs report. The auto sector shed 27,000 jobs in April.

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

Amazon, union tussle over identifying witnesses as U.S. labor board starts hearing

Amazon.com (AMZN.O) lost a tussle on Friday over whether it could learn the names of witnesses before they testify at a hearing investigating claims that the company illegally interfered with a vote on unionizing an Alabama facility.

 

Amazon.com warehouse workers outside Birmingham, Alabama, voted against forming a union by a more than 2-to-1 margin in early April, a major win for the retailer.

 

The Retail, Wholesale and Department Store Union asked the National Labor Relations Board to set aside the vote because Amazon allegedly interfered by threatening layoffs or closure of the facility if the union won.

 

Harry Johnson, a lawyer who spoke for Amazon at the first day of the hearing on Friday, said it would be a "trial by ambush" if his side did not know who would speak before each session.

 

"We wouldn't be interested in finding out the email address and telephone number," he said. "But the identity of the witness and what objections they would address ... is actually some fundamental notice that we think should be given."

 

Speaking for the union, Richard Rouco opposed giving a witness list in advance. "Protecting and guarding the identity of witnesses, employee witnesses in particular, until the moment that they're prepared to testify is something that's very important," he said.

 

Hearing officer Kerstin Meyers denied Amazon’s request but indicated that she would accept a briefing on the matter. The hearing is expected to continue at least another week.

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

 

U.S. auto part makers brace for a bumpy ride as chip shortage to intensify

U.S. auto parts suppliers warned of more production cuts at major automakers as a global semiconductor chip shortage worsens before easing in the second half of the year and aiding in a partial recovery of lost sales.

 

The chip shortage came at an inopportune time for automakers as demand rebounded from pandemic lows due to low interest rates and consumers' preference for personal transport amid the health crisis.

 

"We've embedded a 3% reduction in industry production to factor in what we're anticipating and expecting as further announced downtime that hasn't been publicly announced at this point," Lear Corp (LEA.N) Chief Financial Officer Jason Cardew said on Friday.

 

"We have line of sight on a more meaningful reduction (in production) in the second quarter than IHS Markit and others are projecting," Cardew said.

 

Ford Motor Co (F.N), a major customer for Lear and peers including BorgWarner (BWA.N) and Magna International (MG.TO), has said the chip shortage would halve its vehicle output in the second quarter.

 

Europe's Volkswagen (VOWG_p.DE), another customer for the three suppliers, has said it is in "crisis mode" over the lack of badly needed automotive chips, with the shortage intensifying and hitting its profits in the second quarter.

 

Lear, which makes automotive seating, cut its global vehicle production forecast to a 9% rise, from up to 12% it had predicted at the beginning of the year, while also expecting second-quarter revenue to fall 9% from the first.

 

Auto suppliers also cautioned that the pain from the shortage could linger at least until the next year.

 

 

"We don't expect the supply/demand imbalance to fully recover to normalized levels until 2022," said Joseph Massaro, chief financial officer of Aptiv (APTV.N), a maker of advanced driver assistance systems, vehicle computers and high-voltage cabling.

 

Auto suppliers are also grappling with pressure on their margins from rising costs of key inputs such as steel and copper.

 

However, many expect to offset some of those costs as automaker customers focus on building higher margin, more profitable pickup trucks and sport utility vehicles.

 

"On the biggest raw material purchases, we have about 60% pass through with our customers," BorgWarner Chief Executive Officer Frederic Lissalde said.

 

Still, most suppliers have raised or reaffirmed their full-year financial outlooks, thanks to the better-than-expected performance in the first quarter.

 

Analysts highlighted risks associated with the production outlooks from some suppliers as chip demand rises from other sectors such as enterprise, cloud and consumer electronics following speedy COVID-19 vaccinations and economies reopening.

 

"The question in my mind is can this (production loss) be made up later on in the year. And that's really an unknown," Magna Chief Financial Officer Vincent Galifi said.

 

Our Standards: The Thomson Reuters Trust Principles.

 

 

 

Seychelles: President of Seychelles Focuses On Diversifying Economy, Agricultural Sector

Diversifying the economy with an emphasis on the agricultural sector remains a priority of Seychelles' government, the head of state said in a live presidential press conference held over the conferencing platform Zoom on Thursday.

 

The development of the island nation's fisheries and agriculture sector is something that Ramkalawan said he is following closely.

 

"On the diversification of the economy, we are doing a lot of work. In terms of fisheries, we have a big area where we are doing all installations so that we can do a fish processing area and I hope by the end of this year or next year we would have finished with its set-up," said the president in his second news conference since his election in October.

 

Ramkalawan added that for agriculture - especially on the outer islands - there is huge potential not only for crops but livestock as well.

 

"I am following closely the development of agriculture on Coetivy. For example on Coetivy we would be able to return to the position where we are producing a parent stock so that we can produce eggs that can be hatched so that we can get one-day-old chicks that we currently do not have in the country and that we need to import," he said.

 

The president added that Islands Development Company which manages the outer islands is also looking at the production of pork, vanilla and prawns though only for local consumption.

 

On the issue of COVID-19, the president said that the virus is a real obstacle, however, he noted that the government is committed to its containment and treatment.

 

"At the coast guard's base we are building a centre where we can admit people. We are doing all the improvements and hope that in the next week we can establish same as another facility," explained Ramkalawan, adding that a medical oxygen plant is also being commissioned in the next day or two to ensure ample supply for patients in need. The head of state also appealed to all Seychellois to take their responsibility and to show solidarity in the fight against the pandemic.

 

The president explained that the government currently has a deficit of $200 million in its national budget and that discussions are still ongoing with friendly countries and the International Monetary Fund.

 

It was with a great sense of pride that Ramkalawan said that the island nation has regained ownership of Air Seychelles - the national airline. However, the head of state said money is still owed to shareholders.

 

"Yes, we have debt with Etihad. As of today we owe them $20 million, we are negotiating to see how we can pay this and with the bondholders, they are not interested to negotiate any big discounts, and we are negotiating," explained the head of state.

 

The president also spoke on the ongoing restructuring within the government and the need for the public sector to adopt the result-based management approach.-Seychelles News Agency.

 

 

Namibia: Govt Loath to Embrace Debt Innovation

The government is stuck in traditional methods of borrowing, even for this fiscal year, although there are innovative ways that could help it create a sustainable debt portfolio.

 

Experts at the International Monetary Fund and other international lenders have called for innovation in fiscal funding instruments, including introducing hybrid instruments.

 

For Namibia, the Bank of Namibia, as a government borrowing agency through government securities, seems reluctant to go beyond the usual and bring to the market new securities that would help reduce the billion-dollar government interest rate bill.

 

According to the central bank's annual report from last year, the treasury is expected to spend about N$25,37 billion by the 2022/23 fiscal year just on servicing its debt, which is expected to be at about N$143,4 billion then.

 

Despite this ballooning interest payment, the Bank of Namibia is not changing the type of assets and securities it advises the central government to use to lower the interest bill.

 

The only innovation they seem to be stuck on is rolling over, switches and setting up a sinking fund.

 

Instead, the central bank uses the same high-yielding securities that include treasury bills, inflation-linked bonds and fixed-rate bonds in the capital and money markets, as a result fuelling the interest bill.

 

As part of domestic market development, the government added a similar new fixed-rate bond on the yield curve last year. By the end of March 2022, the government would have borrowed more than N$32,5 billion from internal and external sources to fund its budget deficit through the three types of interest-bearing government securities.

 

Fixed-rate bonds constituted 86% of this amount, while 14% was denominated in

 

inflation-linked bonds, coupled with other borrowings from continental and international lenders.

 

In its defence, the central bank explained that sticking to the same securities as their 2015 assessment showed them that additional securities in the form of zero-coupon bonds were not viable.

 

In line with the aspirations of the Namibia Financial Sector Strategy, the debt management team explored potential new instruments that could be rolled out in the domestic market.

 

As far back as 2015, the viability of introducing various instruments including retail bonds, inflation-linked bonds and zero-coupon bonds, was assessed, the central bank said.

 

"At the time, only inflation-linked bonds made economic sense and were practical to roll out as was successfully done during the FY2015/16," the central bank responded.

 

The bank also told The Namibian that their debt management team continues to review the available instruments in the market periodically and weigh that against investor demand for other instruments in the domestic market.

 

The Namibian challenged the central bank to prove if there is no appetite for government securities that can reduce the country's overall interest payment bill, such as a zero-coupon bond.

 

This can be done through roadshows to potential investors, especially long-term investors.

 

The central bank said it is customary during the crafting of the annual borrowing strategy for the debt management team to consult all active investors in the market to gauge their appetite for various government instruments.

 

This is done "to determine their point of interest along the yield curve", said the central bank.

 

During these consultations, market participants also suggest the instruments they would like to be made available in the market.

 

"To this end, the team has never received any expressions of interest for zero-coupon bonds from the domestic market," revealed the central bank.

 

The central bank also highlighted that it is not only about market appetite but also that the zero-coupon bonds are heavily discounted instruments.

 

"The cash flow derived from these transactions (zero-coupon bond) is relatively lower in comparison to other instruments, while the debt levels increase by the principal amount only," said the bank, adding that in the short-term, the discount factor on the zero-coupon bond is deeper than what you would pay on fixed-income bonds of the same maturity and volume.

 

Thus, they are expensive to issue and simultaneously do not offer any unique value to the government as an issuer.

 

In the same vein, the discounted price on zero-coupon bonds will have a pricing effect on the yields on other bonds, potentially resulting in higher debt costs for the government.

 

Therefore, the central bank will continue to fund the budget deficit by issuing the same fixed-rate bonds and inflation-linked bonds, which could see the country's interest bill to continue its upward trajectory, crowding out other sectors as government priorities fight for funding - given the constrained fiscal space.

 

The central bank and treasury are finalising the FY2021/22 Borrowing Strategy, the update revealed.

 

Last year, the traditional borrowing strategy was used to fund the N$16 billion budget deficit.-Namibian.

 

 

 

Namibia: Shipanga Now Mining Operator and Car Wash Owner

Aaron Shipanga made headlines as the young barefooted long-distance runner from Tsumeb who outclassed seasoned runners during the mid-80s and 90s.

 

He entered the local athletics scene like a house on fire in 1985 and even obtained his junior South West Africa colours in the same year when he went to compete in the under-15 marathon championship in Durban, South Africa.

 

Shipanga competed in the cross country, 10 000m, 15km and the 21km kilometre races but it was not long before he started to specialise in the 42km run.

 

He started running at Opawa Primary School under the tutelage of one Nico Kaiyamo before he took his talent to Oshikoto Secondary School where he was trained by the seasoned athletics coach Adios Auchamub.

 

However, his school career was abruptly cut short in 1998 after he was offered a job by the then Ongopolo Mine, an offer he took up without any hesitation.

 

"The offer sounded like manna from heaven and it didn't take long for me to make up my mind because of the situation at home. I came from a humble and very poor background and my parents struggled to make ends meet during that time.

 

"The only difficult part was to convince my parents to let me drop out from school and to go work at the mine. It was common practice that the big mines used to recruit top athletes around the country during that time as employees," Shipanga noted.

 

Subsequently he joined the Tsumeb Corporation Limited Mine long distance runners' team that participated in the Inter-Mines Athletics Championships against other big mines like Rossing Uranium Limited, CDM Mine and Rosh Pinah Mine.

 

He rubbed shoulders with the likes of Frank Kayele, Moses Tsam, Lisias Hangula, Gotty Ndjendjela, who is now the councillor of Tsumeb and the two late former veteran runners Lucas Halweendo and Mario Hailonga.

 

"I was still very young at the time but training and running against those big guns made me a better runner and soon I started winning races of my own from 1989 until 1999. I started representing Namibia in Africa after independence.

 

"I have seen countries I only dreamt about because of athletics and I trained very hard to be on top of my game. I went to compete against the very top athletes from around the continent and I also went to run in Italy," Shipanga says.

 

The three-time Junior Sportsman of the Year award nominee, dominated the Dolphin Marathon at Swakopmund from 1987 to 1999 and he describes the 4th place finish in the Moroccan Marathon in a time of 2 hours and six minutes in 2000 as one of his best races ever.

 

He also competed in Angola, Botswana, Zimbabwe and South Africa where he raced regularly and also clinched his only race on foreign soil when he won the Namaqualand Marathon in 1989.

 

"Important to mention the fact that we were a very tight group of athletes before independence and we didn't endure any signs racial discrimination among us because some of us were also invited to participate in events like the duathlon and the triathlon.

 

"I was not strong in middle distances and I only participated because of the prize money and it was also good to help me build my speed. I had a brilliant coach in (Adios) Aochamub and we had a wonderful time together," he enthused.

 

He says it was an uphill battle to compete against athletes from East Africa because they train the whole day whereas Namibians only trained for about three hours after work, except for the 45 minutes run before work.

 

Shipanga took charge as the chairperson of Benfica FC in 2002, the year he retired from running, until 2018 before the leagues were suspended across the country.

 

The football leagues have resumed now and he was tasked again to chair the former Metropolitan Champions whom he helped to regain their Namibia Premier League status during the 2014-2015 season.

 

Benfica are languishing in the second division and they have asked Shipanga, to lead them again.

 

Shipanga married Veronica Shipanga in 2002 and they have three boys. Aaron, the eldest, is 16 and he plays football for his school team at Otjiwarongo.

 

The second, Matthew, is 12 while the youngest Shipi, is four years old.

 

The former Tsumeb whirlwind is employed as a plant operator by Dundee Precious Metal and works at the smelter at Tsumeb.

 

Says Shipanga: "First the operators use heat and a chemical reducing agent to break the ore, driving off other elements as gasses or slag and leaving just the metal. Smelting is a form of extractive metallurgy to produce a metal from its ore.

 

"My duty is to filter the copper concentrate from the water and we process it into a cake form. We then send the processed copper to the other plant where the operators melt it before they export it, mainly to Bulgaria and Canada."

 

The biggest challenges he faces in his job, is that like at any other mine in the country, Dundee also has to adhere to the Covid-19 protocols.

 

Shipanga, who started working at Dundee in 2000, is however quick to add that the safety aspect of the workers is definitively top priority for the mine management with the renowned Ali Kasete at the helm.

 

In the smelling process, either hot calcine from the roaster or raw unroasted concentrate is melted with siliceous flux in a smelting furnace to produce copper matte.

 

The required heat comes from partial oxidation of the sulphide charge and from burning external fuel.

 

He said that he owes his athletics success to former Namibian marathon champion Frank Kayele who pushed him in order to get the best out of him and Abraham Jockey Baseko, who was the sports officer of TCL at the time.

 

In addition to his work at the mine, the former Highlands Park striker also owns two car wash ventures: one at the Pick n Pay shopping complex and the second one near Cymot.

 

"I am not sleeping on my bread," he says. I am farming with goats, sheep and cattle on a farm situated on the Tsintsabis road as well. I am also planning to start chicken farming by August."

 

He admits that he misses his old grueling training regimen and he is happy he was success driven and he made sure he was 100% fit before every race.

 

He explained that their will to succeed was evident from the fact that he and his teammates never drank too much alcohol but only a single glass of beer after a race.

 

Shipanga confirms that he is currently living his dream: "This is exactly how I wanted my life to be. I mean really, I am married, have three boys and I even have my own car. I have two businesses and a few farm animals.

 

"I am living a responsible and respectable life and I have a stable job. More so, I am proud I didn't end up drinking tombo on the streets like some of my friends from my neighborhood did."

 

Are you still in touch with some of your former national and club teammates?

 

Shipanga says he is still in touch with former running-mates like Joseph Tjitunga, Esther Haixwema, Laina Petrus, Bertha Naigambo and the selfless Kayele who used to invite him and the other less fortunate runners to his house for food.

 

His advice to young runners is to be passionate with what they do in order to climb the ladder of success.

 

"Remember success goes hand in hand with discipline. You can only be a good runner for at least 10 years but with no discipline and determination to succeed, you won't go far," he says.-Namibian.

 

 

 

Ethiopia: Agency Says Diaspora Contribution to GERD Augmenting

ADDIS ABABA - Ethiopian Diaspora residing in various countries of the globe donated over 136 million Birr for the construction of Grand Ethiopian Renaissance Dam (GERD) over the past nine months and 30 million Birr for the accomplishment of 'Dine for Ethiopia,' projects, announced Ethiopian Diaspora Agency. Agency Director General Selamawit Dawit said that the Diaspora have contributed the stated amount of currency through buying bonds, giving different gifts and extending their hand to different fundraising programs.

 

She underscored that the contribution of the Diaspora exceeds by 50 percent compared to last year . As to her, the agency has planned to collect 200 million Birr for GERD and 50 million Birr for 'Dine for Ethiopia' projects from Diaspora in this Ethiopian Fiscal year.

She further said that the Diaspora donated 53, 000 USD and vowed to donate 100,000 USD during the meeting that was recently held in Washington DC. Likewise, the Diaspora who live in Minnesota and Central North American states contributed 40,000 USD to the GERD.

 

She stressed that the first phase of GERD filling is the major decisive factor for the motivation of the Diaspora to contribute the aforesaid amount. She also indicted that apart from providing financial supports, the Diaspora have been contributing a lion's share to well aware the international community and organizations about Ethiopian firm stance regarding the GERD.

 

She noted that the agency has been promoting the 'Dine for Ethiopian' projects to enhance the contribution of the Diaspora for the successful accomplishment of the projects . In her final message , she called on the Diaspora to continue supporting development activities well underway throughout the country.-Ethiopian Herald.

 

 

 

Namibia: Lufthansa Group's New Leisure Brand to Service the Germany - Namibia Flight Route

The Lufthansa Group has announced their flight operations to and from Namibia will be operated by new leisure brand, Eurowings Discover, from the beginning of August 2021.

 

Launching with eight routes, the plan is to use a repurposed A330 aircraft. Eurowings' existing long-haul on-board product is expected to be used initially but may be developed to suit customer requirements and different travel behaviour in the mid- and post-pandemic world.

 

Dr André Schulz, Lufthansa Group General Manager for Southern Africa and East Africa, said Lufthansa will also introduce a fifth weekly flight between Namibia and Germany in April, which signified the importance of Namibia in the group's global route network strategy. He said the group would continue with five weekly frequencies throughout 2021.

Furthermore, there will be some adjustments to schedules to maintain the frequencies. Until the end of May, the existing Windhoek schedule is unchanged and will be operated by Eurowings. LH5434 departs Frankfurt at 20h20 on Sundays, Tuesdays, Thursdays, Fridays and Saturdays, arriving in Windhoek at 06h50 the next day. LH5435 departs Windhoek at 08h50 on Sundays, Mondays, Wednesdays, Fridays and Saturdays, arriving in Frankfurt at 19h40.

 

>From the beginning of June until the end of July, the Windhoek-Frankfurt route will be serviced by Lufthansa, moving its Windhoek departure to the evening.

 

LH5434 will depart Frankfurt at 21h50 on Sundays, Tuesdays, Thursdays, Fridays and Saturdays, arriving in Windhoek at 08h20 the next day. LH5435 will depart WDH at 18h45 on Sundays, Mondays, Wednesdays, Fridays and Saturdays, arriving in Frankfurt at 05h35 the next day.-Namibia Economist.

 

 

 

 


 


 


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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