Major International Business Headlines Brief::: 09 May 2021

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Major International Business Headlines Brief::: 09 May 2021

 


 

 


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ü  Justice Department probing Kabbage, fintechs over PPP loan calculations
-sources

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

ü  Tough U.S. jobs report shows Biden’s rocky road to full economic recovery

ü  After shock U.S. jobs data, Republicans and Democrats spar over benefits

ü  Investors back off view that Fed could raise rates in late 2022

ü  Dogecoin tumbles after Elon Musk calls it a ‘hustle’ on ‘SNL’ show

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

ü  Africa: Reflecting on the Needs of Africa's Working Mothers

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

ü  Africa Goes Digital

ü  Namibia: Govt Loath to Embrace Debt Innovation

ü  Fresh Del Monte Produce reports lower sales, higher profits in Q1 2021
financial results

ü  Kenya Airways Partners With South Africa’s Airlink

 

 

 

 

 

 

 

 


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Justice Department probing Kabbage, fintechs over PPP loan calculations
-sources

The U.S. Department of Justice is investigating whether financial technology
companies including Atlanta-based Kabbage Inc may have erred while
distributing billions of dollars in pandemic aid to struggling small
businesses, three people with knowledge of the matter told Reuters.

 

The investigation, led by the Justice Department's civil division, is
examining whether Kabbage and other fintech companies miscalculated how much
aid borrowers were entitled to from the Paycheck Protection Program (PPP)
due to confusion over how to account for payroll taxes, the three people
said.

 

A fourth person with direct knowledge of the matter said a number of
fintechs were being probed over the PPP tax issues but declined to provide
names.

 

A probe does not necessarily indicate wrongdoing and it was unclear if the
investigation will result in penalties against the companies, two of the
three sources said.

 

A spokesperson for the Justice Department declined to comment.

 

Kabbage Inc., which manages Kabbage's PPP loans and also goes by the brand K
Servicing, did not respond to multiple calls and emails seeking comment.
Spokespeople for American Express Co. (AXP.N), which in August bought most
of Kabbage's assets other than its loan portfolio, declined to comment.

 

The previously unreported probe underscores how the unprecedented $780
billion program, which was launched by the Small Business Administration
(SBA) on April 3, 2020, to mitigate the fallout from COVID-19 shutdowns, has
created legal and reputational risks for some lenders.

 

Reuters reported in November that a handful of federal agencies were
scrutinizing lenders over a range of PPP issues, including failing to
properly vet borrowers' payroll expense calculations and potentially
discriminatory lending policies.

 

Under the PPP, big banks, community lenders and fintechs have dispensed
millions of government-backed loans to small businesses hurt by the pandemic
lockdowns. If borrowers spend the money on payroll and other business
expenses, the government repays the lender on behalf of the borrower.

 

While the program has been hailed as a lifeline for small businesses, its
launch was rushed and many of its rules were initially unclear. One
challenge lenders faced in April 2020 was how to account for federal, state
and local taxes when calculating a company's overall payroll costs, which
determined their maximum allowable loan.

 

Some lenders over-accounted for taxes, potentially inflating loans, while
others under-accounted for taxes, potentially denying borrowers aid they
were entitled to, the two sources said.

 

Fintechs have attracted government scrutiny because they processed loans at
high speed using software that in some cases had glitches, causing errors in
applications, one of the sources said. Other industry sources also said that
fintechs' use of automated lending platforms with few manual checks caused
errors to be replicated across thousands of loans.

 

SBA data showed fintechs have issued around $26.5 billion worth of PPP
loans. Kabbage made nearly 300,000 PPP loans worth $7 billion between April
3, 2020, and Aug. 8, 2020, according to its website.

 

Lenders have said they were under enormous pressure to lend vast sums of
money to millions of businesses quickly, while having to keep up with
ever-changing PPP rules.

 

A spokeswoman for the SBA declined to comment.-The Thomson Reuters Trust
Principles.

 

 

 

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.-The Thomson Reuters Trust
Principles.

 

 

 

Tough U.S. jobs report shows Biden’s rocky road to full economic recovery

President Joe Biden reacted on Friday to a disappointing April jobs report
by saying the U.S. economy has a “long way to go” before recovering from its
pandemic slump, and he urged Washington to do more to help the American
people.

 

U.S. job growth unexpectedly slowed last month, likely restrained by
shortages of workers and raw materials. Nonfarm payrolls increased by only
266,000 jobs, well below the nearly 1 million jobs economists expected and a
sharp contrast to steady increases in growth from January to March.

 

Biden and his team have said his $1.9 trillion pandemic relief package, the
Democratic president's first major legislative accomplishment, is helping to
bring the economy back from its pandemic plummet, and they are pushing for
another $4 trillion in new investments.

 

"Today's report just underscores in my view how vital the actions we're
taking are," Biden said in remarks at the White House. "Our efforts are
starting to work. But the climb is steep and we still have a long way to
go."

 

Stock indexes still climbed to record highs despite the news, as fewer
investors feared the Federal Reserve would reduce its massive stimulus
program anytime soon, and bet Biden’s investment plans would succeed.

 

The jobs report highlighted an intractable political divide in Washington
over government spending. Republicans and business groups blasted generous
unemployment benefits in the relief package, contending they were stopping
lower-wage Americans from going back to work. Critics object to the high
price tag of Biden’s plans and warn they could bring inflation.

 

Biden said he did not believe government benefits were hindering a return to
work, and his economists backed him up.

 

"It's clear that there are people who are not ready and able to go back into
the labor force," Treasury Secretary Janet Yellen told reporters, citing
parents whose children are still learning remotely. "I don’t think the
addition to unemployment compensation is really the factor that is making a
difference.”

 

Jared Bernstein, a member of the president's Council of Economic Advisers,
told Reuters that Biden's COVID relief and stimulus, known as the American
Rescue Plan, had helped generate an average of more than half a million jobs
per month, April not withstanding.

 

"Those are big numbers, and the fingerprints of the American Rescue Plan are
all over those additions," he said.

 

Bernstein and other officials said no course correction is required from the
White House. But the U.S. Chamber of Commerce business lobby said the
government should end the $300 weekly supplemental unemployment benefits to
ease a labor shortage.

 

Some states, including Arkansas, Montana and South Carolina, have decided on
their own to end the special federal unemployment payments for their
residents, refusing federal cash in the hope that helps businesses find
workers faster.

 

"Why is anyone surprised that the jobs reports fell short of expectations?,"
said Republican Senator Marco Rubio of Florida on Twitter. "I told you weeks
ago that in #Florida I hear from #smallbusinesses every day that they can't
hire people because the government is having them not go back to work."

 

The share of Americans who are either working or looking for work rose last
month, and the number of people who said they are not looking for jobs
because of COVID-19 fell by 900,000 in April, Bernstein said.

 

"What we do see is a lot of people who are still hesitant to go back to work
because of safety concerns, care issues, schooling issues, and we'll
continue to watch this very closely," he said.

 

(This story corrects language in tweet by Rubio to “paying them” instead of
“having them” in paragraph 12)- The Thomson Reuters Trust Principles.

 

 

 

After shock U.S. jobs data, Republicans and Democrats spar over benefits

What did the disappointing U.S. jobs report on Friday say about the state of
the world’s biggest economy?

 

As is true for many things in Washington, the answer differs radically
depending on which political party you ask.

 

The Labor Department reported 266,000 new jobs were created in April, a
fraction of the nearly 1 million jobs that were expected by a Reuters poll
of economists. A drop in temporary help positions put a fresh focus on the
generous unemployment benefits that the White House has championed as
necessary to keep Americans financially whole as the country recovers from
the impact of the coronavirus pandemic.

 

 

Many Republicans say the disappointing employment report signals that
governments at the federal and state levels are being too generous with
unemployment benefits, discouraging people from working. Democrats say
companies aren't offering high-enough wages, or programs like subsidized
childcare to encourage people to go back to work.

 

"The government pays people big bucks NOT to work so they don’t!," U.S.
Representative Mo Brooks, a Republican from Alabama, wrote on Twitter. "DUH!
Socialism seems nice but in fact is destructive. America: learn or lose!"

 

Congresswoman Elise Stefanik, an ally of former President Donald Trump who
is jockeying to replace fellow Republican Liz Cheney in the party's
leadership in the House of Representatives, blamed the jobs figure on
"socialist unemployment benefits," saying many small businesses in her New
York state district had told her they could not find enough workers.

 

In a move that could be replicated in other Republican-led states, Montana
and South Carolina are ending federal pandemic unemployment benefits pushed
by Democratic President Joe Biden for residents next month, saying they are
stopping people from working.

 

Representative Ro Khanna of California and other Democrats blamed companies
for not offering to pay workers more.

 

"Wages have not risen yet and part of the reason people aren't getting back
in is that wages haven't adjusted," Khanna told MSNBC, calling on Congress
to pass legislation that would more than double the federal minimum wage to
$15 an hour.

 

Khanna also said more support for child care was needed to get women back
into the workforce.

 

"The disappointing April jobs report highlights the urgent need to pass
President Biden’s American Jobs and Families Plans," House Speaker Nancy
Pelosi, a California Democrat, said in a statement, referring to the White
House's proposals for about $4 trillion in additional spending on
infrastructure, education and other priorities.

 

The Biden administration’s new spending proposals include adding more
government-funded childcare, and free universal pre-Kindergarten
nationwide.-The Thomson Reuters Trust Principles.

 

 

Investors back off view that Fed could raise rates in late 2022

U.S. investors who had been betting the Fed would raise rates as early as
the end of next year abruptly retreated from those positions on Friday after
a disappointing April employment report and now see the earliest the Fed
might tighten roughly two years away.

 

The push back in expectations for when the Fed might start raising rates
also means any reduction in the pace of its bond buying - which the Fed has
said will begin first - may also occur later than some investors had been
betting.

 

April’s employment growth came in far short of expectations, probably
restrained by a shortage of workers and raw materials even as demand
improved rapidly. It would be hard to argue it stands as “substantial
further progress” toward maximum employment, the test the Fed has said it
must achieve before it begins dialing back its massive support for the
economy.

 

"It was a rude awakening. It could be what the Fed is worried about, that
we're going to continue to see uneven numbers and it's not just going to be
smooth sailing," said George Goncalves, head of U.S. macro strategy at MUFG.

 

Following April's meeting, investors were betting the Fed would raise rates
in late 2022 or early 2023 and would offer clues about tapering its $120
million in monthly asset purchases as soon as June 2021.

 

U.S. interest rate futures on Friday, however, showed that traders pushed
out expectations of a rate hike by roughly three months after Friday
morning's payrolls report. Eurodollar futures, a proxy for interest rate
expectations, showed a 90% chance of an interest rate hike in March 2023,
and fully priced in a hike in June 2023. Prior to the report, investors were
betting there was a 90% chance of a hike in December 2022, and a 100% chance
in March 2023.

 

Goncalves said that "we would probably need two to three more months like
this to push back tapering."

 

Investors still see the Fed needing to lay out a roadmap to tapering. Rick
Rieder, BlackRock’s chief investment officer of global fixed income, said in
a note that conditions "argue for at least beginning to lay out a plan for
asset purchase tapering, even if the Fed is more likely to hold off on this
transition for now."

 

The change in interest rate expectations brings the market more in line with
the Fed's dovish approach to the coronavirus pandemic recovery. Though
economic data has been improving, the Fed has said it has no plans to raise
rates until maximum employment is achieved.

 

"I don't believe this report changes the calculus of Powell or the core
FOMC," said Gregory Whiteley, portfolio manager at DoubleLine Capital.

 

"The Fed is looking for maximum employment. They've said it will take quite
a while to get there. Today reinforces that idea - although a lack of strong
GDP growth does not appear to be behind today's disappointment."

 

TD Securities strategist Penglu Zhao wrote in a note on Friday that
speculators had last week piled into bearish bets on Treasury prices, on the
expectation of a stellar payrolls print.

 

Commodity Futures Trading Commission data released on Friday showed that
speculative positioning in U.S. 10-year Treasury futures flipped from a net
long of 55,759 contracts to a net short of minus 7,245 contracts in the week
through May 4.

 

Shorter-dated Treasury yields, which move with expectations of interest
rates, fell in the wake of the report. The two-year yield , dropped to its
lowest level since March, before recovering somewhat, last down 1 basis
points to 0.147%.

 

Yields at the long end of the Treasury curve initially fell following the
report, but quickly recovered. The 10-year yield , after hitting the lowest
level since March 4, retraced the move to last trade at 1.579%, flat on the
day.

 

Goncalves argued that the recovery in longer-dated yields was in
anticipation of auctions of new 10- and 30-year bonds next week.-The Thomson
Reuters Trust Principles.

 

 

 

Dogecoin tumbles after Elon Musk calls it a ‘hustle’ on ‘SNL’ show

The value of dogecoin dropped sharply in early U.S. hours on Sunday, after
Tesla chief and cryptocurrency supporter Elon Musk called it a ‘hustle’
during his guest-host spot on the “Saturday Night Live” comedy sketch TV
show.

 

Dogecoin was quoted as low as $0.47 on crypto exchange Binance, down 28%
from levels around $0.65 before the show.

 

The billionaire Tesla Inc (TSLA.O) chief executive hosted the show at 11:30
p.m. EDT on Saturday (0330 GMT on Sunday).

 

Cryptocurrency enthusiasts had for days been eager to see what he would say,
after his tweets this year turned the once-obscure digital currency into a
speculator's dream.

 

Asked 'what is dogecoin', Musk replied, "It's the future of currency. It's
an unstoppable financial vehicle that’s going to take over the world."

 

When a show cast member Michael Che countered, "So, it's a hustle?", Musk
replied, "Yeah, it's a hustle." And laughed.

 

Musk is the rare business mogul to have been asked to host the venerable
comedy TV show. The timing puts Musk back in the spotlight just as Tesla's
stock is losing steam following last year's monster rally. read more

 

The unconventional CEO has posted numerous comments about cryptocurrencies
on Twitter and criticized regular old cash for having negative real interest
rates.

 

"Only a fool wouldn't look elsewhere," he said in February.

 

His cryptic tweets "Doge" and "Dogecoin is the people's crypto" that month
kicked off a rally in dogecoin - created as a parody on the more mainstream
bitcoin and ethereum . read more

 

On Thursday, Musk tweeted: "Cryptocurrency is promising, but please invest
with caution!" with a video clip attached in which he said, "it should be
considered speculation at this point. And so, you know, don't don't go too
far in the crypto speculation ..."

 

But he also said, in the video, that cryptocurrency has a "good chance" of
becoming what he called "the future currency of the Earth."

 

On crypto data tracker CoinGecko.com, dogecoin has jumped more than 800%
over the last month and is now the fourth-largest digital currency, with a
market capitalization of $73 billion. It hit a record high Thursday above
$0.73.

 

It has overtaken more widely used cryptocurrencies such as litecoin and
tether.

 

Tesla said in February it bought $1.5 billion worth of bitcoin and would
soon accept it as a form of payment for its electric cars, a large stride
toward mainstream acceptance that sent bitcoin soaring to a record high of
nearly $62,000. read more

 

Tesla shares closed 1.3% higher at $672.37 on Friday.-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.

 

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.-The
Thomson Reuters Trust Principles.

 

 

 

Africa: Reflecting on the Needs of Africa's Working Mothers

Balancing work and family obligations has long been a reality for women. In
the past year however, the COVID-19 pandemic has upset this delicate
juggling act, reminding us just how fragile the work-life dynamic can be and
how many sacrifices women must make to succeed in either sphere of our
lives.

 

Across Africa, the pandemic is forcing female health care workers and
community volunteers - many of them working mothers - to either leave the
workforce or double up under rapidly deteriorating working conditions. On a
continent with the world’s highest proportion of people living on less than
USD1.90 per day, the reduced participation of women in meaningful and fairly
paid work not only threatens to drive more families deeper into poverty, it
also reduces our chances of ascending to positions of leadership and
influence within critical sectors, health included.

 

But even for those who remain within the workforce, challenges such as
working while shouldering the load of unpaid care persist. Before the
pandemic it was estimated that women were doing 2.6 times as much unpaid
caregiving and domestic work than men, and up to 11 times more in countries
like Mali. The challenges of balancing paid work and childcare are felt most
acutely by low-income women working in the informal sector, which comprises
over 74% of non-agricultural employment for women in Africa. The impact of
this on women’s prospects for career advancement, against the backdrop of
the pandemic and its decimation of social safety nets, has now come to the
fore.

Workplace inequalities and cultural restrictions and obligations mean that
working mothers must often make a choice between staying home with the
children or fully showing up to work. For many of us, the compromise usually
involves decelerating career growth or shying away from additional
responsibilities that we fear may prevent us from fully carrying out our
duties as wives, partners, mothers and caregivers. No wonder the gender gap
at senior levels across sectors remains so wide.

For example, in health globally, a sector that has been thrust into the
spotlight during the pandemic, the disparities between the number of women
who make up the workforce (70%) versus their representation in leadership
(25%) has come into sharp focus. It’s a fact that has resulted in uninformed
decisions about health care, which has in turn negatively affected women’s
health and access to reproductive and other health services, further
hampering our ability to work and progress in the workplace. This imbalance
has sparked conversation on why gender equality in the workplace, and in
particular in leadership positions, is so important - especially in the
health field right now.

 

Research has proven that diversity in leadership (including having
representation along gender, racial and ethnic lines, among other
dimensions) is good for all of us, and that the meaningful participation of
women drives better health and economic outcomes. When we lack diversity in
health leadership, we lack the ability to provide holistic, sustainable and
inclusive solutions to the most pressing health challenges we face. This
could be why for example, only 4 out of 113 gender-sensitive COVID-19
response measures in Africa have tackled unpaid care for working mothers,
failing to address a significant barrier to women’s ability to ascend to
leadership.

We cannot close the gaps in health leadership if we continue to ignore this
and many other barriers faced by women in the workplace, including working
mothers.

 

This Mother’s Day we owe it to all working mothers across all sectors,
informal and formal, to make workplaces work for them. We need to push the
needle on equality at work and in leadership by addressing the barriers that
mothers face in the workplace. Where applicable this involves putting in
place the institutional changes required to address organizational
marginalization and exclusion. This includes structures and considerations
that allow new mothers to transition back into work and grow into leadership
positions through, for example, flexi-time and paid-for childcare.

 

In the informal sector, empowering women through policies, knowledge and
opportunities that allow them to transition into the formal sector where
they can improve their incomes, and investing in public services and
infrastructure that support dignified employment, are key steps toward
equipping women to lead.

 

We need to do the hard work of chipping away at the historically
male-modeled ideas of what it means to be an effective leader; to embrace
new ways of working that allow mothers to flourish at work and at home - and
to lead.

 

That’s why WomenLift Health is working with partners around the world to
advance talented women into senior leadership positions in health. But this
can only happen if we explicitly talk about our contributions to Africa’s
health, growth and development, and push for more inclusive government
policies and workplaces that accommodate mothers.

 

We have an opportunity coming out of the COVID-19 pandemic to build back
better. Now is the time to go beyond the “normal” we were accustomed to and
empower Africa’s working mothers for shared prosperity, which can only be
achieved if we, among other things, make room for more women at the health
leadership table.

 

Dr. Namwinga Chintu, is the Africa Partnership Director, for WomenLift
Health

 

 

 

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.

 

 

 

Africa Goes Digital

United Nations — In rebuilding after COVID-19, policymakers must invest in
innovative technology to leapfrog obstacles to inclusive development. Africa
has enjoyed strong economic growth for most of the 21st century, mainly
because of robust global demand for primary commodities.

 

But the "Africa Rising" narrative that accompanied this growth is mostly a
story of rising GDP, which is overly one-dimensional. In fact, Africa's
economic growth has failed to generate many good jobs--postponing, once
again, the benefits of the demographic dividend of a large working-age
population.

 

Because there are fewer old and young people that require support than
people of working age, the dividend is supposed to free up resources that
can be devoted to inclusive development.

Instead, African policymaking continued its now nearly half-century belief
that achieving "development" is limited to managing poverty--in other words,
equating the business of development to poverty reduction.

 

The shift from the industrialization agenda of the early post-independence
period to one of poverty reduction is a major reason for the continent's
economic malaise. As the African Innovation Summit (2018) put it, the
development agenda shifted from socioeconomic transformation to the lowest
common denominator, managing poverty.

 

To generate economic growth that leads to sustainable development, Africa
must shift its focus to retaining and creating wealth, better managing its
resources, fostering inclusiveness, moving up on global value chains,
diversifying its economies, optimizing the energy mix, and placing human
capital at the center of policymaking.

For this to happen, African policy must foster investment in research,
development, and innovation (R&D&I) to reboot the continent's economic
structures and catch up technologically with the rest of the world.
Innovation, and the digital information technology that accompanies it, has
become a necessary component of any effort to address such challenges as
food security, education, health, energy, and competitiveness.

 

The world is driven by innovation: unless African policymakers reap the
potential benefits of R&D&I, the global divide will keep growing. The
problem is that innovation is talked about and debated, but not strategized.

 

It is here, paradoxically, that the COVID-19 pandemic, despite all the
economic and social devastation it has caused, provides an opportunity for
African countries to innovate and go digital. African countries will have to
rebuild their economies. They should not merely repair them; they should
remake them, with digitalization leading the way.

So far, civil societies seem to be more ready than policymakers to embrace
digital technology. With no help from government, the digital technology
industry has grown in Africa--through incubators and start-ups, tech hubs
and data centers.

 

Information and communication technology (ICT) activities are spreading
across the continent, and young Africans are responding with digital
technology to the challenges posed by COVID-19.

 

For example, at an ICT hub in Kenya, FabLab created Msafari, a
people-tracking application that can trace the spread of infections. A
similar application, Wiqaytna6, was developed in Morocco. In Rwanda, the
government is demonstrating what enlightened policies can achieve.

 

The country has invested heavily in digital infrastructure--90 percent of
the country has access to broadband internet, and 75 percent of the
population has cell phones. Early in the pandemic Rwanda parlayed that
technological prowess into developing real-time digital mapping to track the
spread of COVID-19, expanded telemedicine to reduce visits to clinics, and
created chatbots to update people on the disease.

 

These are promising endeavors, but digitalization is not widespread in
Africa. Rwanda is the exception. Only 28 percent of Africans use the
internet, a digital divide that prevents the continent from taking full
advantage of digital technology's ability to mitigate some of the worst
effects of the pandemic.

 

That slow spread of internet technology also makes it difficult for the
continent to leapfrog obstacles to sustainable development. To generate
transformative growth, digitalization cannot be left mainly to civil society
and the private sector.

 

The socioeconomic divide in Africa feeds the digital divide, and vice versa.
Digitalization needs to be scaled up forcefully by policymakers to unlock
structural transformation.

 

Digital divide

 

When assessing the digital divide, it is important to remember that the
issue is about more than access to the internet. How internet usage benefits
the user is also a factor. The goal of digitalization should not just be
greater consumption; it should enhance civil societies' resilience, which
demands a clear regulatory framework and an educated population.

 

In Africa, it's not just internet connectivity that's missing. So are other
basics--including electricity, literacy, financial inclusion, and
regulations. The result is that people are unable to use the digital
solutions that are available.

 

Furthermore, a good share of African populations still struggles with such
life-threatening problems as conflict and food insecurity, which make daily
survival their only goal.

 

Millions of Africans are not only on the wrong side of the digital divide,
they are on the wrong side of many divides--lacking basic health and public
necessities such as electricity, clean water, education, and health care.
COVID-19 has exacerbated their plight because lockdowns and social
distancing have made many public services accessible only online.

 

The terrible truth is that these hundreds of millions of people have been
left behind, and unless African policymakers realize that access to digital
technologies is a critical tool for socioeconomic inclusion, progress will
be confined to those with electricity and telecom services--further
isolating the vast majority without such access. The divide will widen.

 

The deep disruptions generated by the pandemic have opened up opportunities
to remake society that are subtle. These are times that test policymakers'
vision and leadership.

 

As McKinsey & Company (2020) noted, the "COVID-19 crisis contains the seeds
of a large-scale reimagination of Africa's economic structure, service
delivery systems and social contract.

 

The crisis is accelerating trends such as digitalization, market
consolidation and regional cooperation, and is creating important new
opportunities--for example, the promotion of local industry, the
formalization of small businesses and the upgrading of urban
infrastructure."

 

As Africa rebuilds from COVID-19 disruptions it must not return to a
pre-pandemic reality. The moment is now.

 

As Africa rebuilds from COVID-19 disruptions it must not return to a
pre-pandemic reality; it must build a better reality that recognizes the
need for innovation, particularly digital technologies.

 

This is the prerequisite for victory over its myriad development
challenges--such as poverty, health, productivity, competitiveness, economic
diversification, food security, climate change, and governance.

 

Receptive to change

 

Over the past five years, change has occurred in Africa, suggesting that the
continent may be receptive to building better rather than merely rebuilding.
Liu (2019) identified three major African initiatives that signal such
receptivity to change:

 

The African Continental Free Trade Area (AfCFTA), which aims to create a
single market with a combined GDP that exceeds $3.4 trillion and includes
more than 1 billion people;

 

The South African government's new Centre for the Fourth Industrial
Revolution of the World Economic Forum (WEF), for dialog and cooperation on
the challenges and opportunities presented by advanced technologies;

 

The WEF's Africa Growth Platform, which aims to help companies grow and
compete internationally, leveraging Africa's entrepreneurial activity--13
percent higher in its initial stage than the global average.

 

These ongoing initiatives could become game changers, breathing life into
the top-down dimension of going digital. So far, the change has been almost
only from the bottom up. More than 600 technology hubs--places designed to
help start-up companies--have emerged across the continent.

 

Three have achieved international recognition: Lagos in Nigeria, Nairobi in
Kenya, and Cape Town in South Africa. These tech hubs host thousands of
start-ups, incubators, technology parks, and innovation centers driven by
the private sector and young people who, despite adversity, are aware of how
self-employment is linked to innovation.

 

Public policy lacking

 

Things are less promising from the top down. According to a 2018 WEF report,
22 of 25 countries analyzed had no public policies focused on an ecosystem
for innovation.

 

Investing in broad-based digitalization, from a geographic and sectoral
point of view, is crucial not only to address socioeconomic problems but
also to deal with peace and security challenges.

 

And it boosts economic growth. A study by the International
Telecommunication Union found that 10 percent greater mobile broadband
penetration would generate a 2.5 percent rise in Africa's GDP per capita.

 

But digital solutions cannot be achieved in a vacuum. Policymakers must make
implementation of digital technologies an element of an ecosystem of
innovation, and there's no time to lose. Well-calibrated regulatory
frameworks, investment in infrastructure, digital skills, and financial
inclusion must take priority.

 

Most research shows that digital technologies are essential to addressing
socioeconomic challenges. They are often described as the single ingredient
Africa needs to leapfrog to sustainable and inclusive economic development.

 

>From an economic standpoint, better information and communication technology
democratizes information crucial to production and market agents, which
makes for more efficient value chains and more affordable products and
services. And the most vulnerable people will benefit.

 

However, the massive adoption of digital technologies also means that
policymakers must be aware of and address the complex legal and ethical
impact of technology in society, including privacy, data, and tax evasion.

 

This is especially true in Africa, where weak institutions might not be
strong enough to uphold the rights and interests of their people against
those of the market.

 

Source: Finance and Development, International Monetary fund (IMF),
Washington DC

 

 

 

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.

 

 

 

Fresh Del Monte Produce reports lower sales, higher profits in Q1 2021
financial results

Fresh Del Monte's net sales for the first quarter of 2021 decreased $29.7
million, compared with the prior year period, which was primarily due to
lower net sales in the company's fresh and value-added and banana business
segments, partially offset by higher sales in the company's other products
and services business segment.

 

Fresh Del Monte said the overall decrease in net sales was driven by:

 

·         The continued negative effect of the COVID-19 pandemic on the
company's foodservice distribution channel, which reduced net sales by an
estimated $19.4 million in the first quarter of 2021.

·         The negative impact on fruit supply due to hurricanes Eta and Iota
that drastically impacted the company's production areas in Guatemala in the
fourth quarter of 2020.

·         “Despite slightly lower net sales resulting from the continued
impact of COVID-19 restrictions on our foodservice customers, and the
reduced supply of fruit due to the two hurricanes in Guatemala in the fourth
quarter of 2020, we generated strong results,” said Mohammad Abu-Ghazaleh,
chairman and chief executive. “We remained focused on creating greater
efficiencies and controlling costs throughout our operations.”

 

KEY POINTS:

 

·         Gross profit was $105.0 million for the first quarter of 2021,
which represents an increase of 53%, compared with the prior year period,
and gross profit margin increased to 10% in the first quarter of 2021,
compared with 6% in the prior year period;

·         FDP net income for the first quarter of 2021 was $42.7 million,
compared with $13.0 million in the prior year period, and Diluted EPS(2) was
$0.90 for the first quarter of 2021, compared with $0.27 in the prior year
period;

·         Adjusted Diluted EPS was $0.88 for the first quarter of 2021,
compared with $0.34 in the prior year period; and

·         Adjusted EBITDA was $82.3 million for the first quarter of 2021,
compared with $51.0 million in the prior year period.

 

 

 

Kenya Airways Partners With South Africa’s Airlink

Kenya Airways is teaming up with South Africa’s Airlink in the form of an
interline agreement. This agreement will allow for a combination of Kenya
Airways/Airlink itineraries, allowing passengers from one airline to connect
to additional destinations on the other carrier’s network.

 

 

“These new routes will positively impact the flow of trade and tourism
across the region by offering our customers convenient travel around the
continent,” -Julius Thairu, Acting Chief Commercial Officer, Kenya Airways
via The Star

 

Broadening networks

Through this agreement, Kenya Airways customers will be able to access a
number of new destinations in the Southern Africa region via Airlink hubs at
Johannesburg and Cape Town.

 

At the same time, Airlink customers from across the Southern Africa region
(includes South Africa, Namibia, Zimbabwe, and more) will be able to access
Kenya Airways’ destinations across Africa. Let’s look at some example
destinations:

 

One interesting thing to note about this agreement is that it does not
include Kenya Airways’ broader intercontinental network and overseas
destinations. In Europe, Kenya Airways flies to Amsterdam, London, and
Paris, while also going as far as Guangzhou, Bangkok, and Mumbai in the
East. The carrier has also been operating service to New York in recent
years.

 

Unfortunately for Airlink customers across the Southern Africa region, this
new agreement is limited to Kenya Airways destinations within Africa.

 

Stay informed: Sign up for our daily and weekly aviation news digests.

 

This limitation makes sense, however, when you consider SA Airlink’s
existing interline agreements with Air France, British Airways, KLM,
Emirates, Lufthansa, United, and more. To include Kenya Airways’ European
and Asian destinations would certainly conflict with the destinations of
these other airlines.

 

 

While this new partnership will see the airlines working together, it’s not
quite the same as a codeshare. In fact, this “interline agreement” is a more
basic form of partnership than a codeshare, which will allow each airline to
have the other carrier’s flights booked on the same itinerary. This will
allow for smoother check-in, seamless connections, and included baggage
transfer.

 

Codeshare agreements would take this to the next level, with one airline
operating a flight on behalf of the other using their flight code. This
typically allows for frequent flyers on one airline to collect points/miles
and redeem flights on the other carrier while at the same time benefitting
from other loyalty status perks.

 

What do you think of this new partnership? Have you flown on either carrier
before? Let us know in the comments.

 

 

 

 

 

 

 

 

 

 

 

 

 


 


 


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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